Core Viewpoint - The performance of A-share listed companies in Henan province for the first half of 2025 shows resilience and growth, with nearly 80% achieving profitability and record high revenue and net profit levels [8][9]. Group 1: Traditional Industries - Muyuan Foods has transformed traditional pig farming through technology, achieving a revenue of 76.463 billion yuan, a year-on-year increase of 34.46%, and a net profit of 10.53 billion yuan, up 1169.77% [10]. - The company’s growth is attributed to increased pig sales and reduced breeding costs, positioning it favorably in the market after the elimination of inefficient production capacity [10]. - Other leading companies in Henan, such as Shuanghui Development and Yuguang Gold Lead, also reported strong revenue figures, reinforcing the stability of the local economy [12]. Group 2: Green Industries - JinDan Technology is focusing on the circular economy by converting corn starch into biodegradable materials, achieving a revenue of 0.777 billion yuan, a 5.43% increase, and a net profit of 0.096 billion yuan, up 56.31% [13][14]. - The green industry in Henan is experiencing significant growth, with sales in ecological protection and environmental governance increasing by 16.1% and in energy-saving and environmental protection by 21.9% [15]. - Companies like Jinguang Electric and Chengfa Environment are also seeing revenue growth due to their focus on new energy products and innovative business models [15]. Group 3: New Quality Industries - Zhongchuang Zhiling reported a total revenue of 19.982 billion yuan, a 5.42% increase, and a net profit of 2.515 billion yuan, up 16.36% [16]. - The company is investing in AI and digital systems to enhance its operations, indicating a shift towards high-quality production and innovation [16][17]. - R&D investment among Henan A-share companies reached 10.861 billion yuan, with Muyuan Foods leading at 0.921 billion yuan [17]. Group 4: Mergers and Acquisitions - The Henan provincial government has introduced policies to support mergers and acquisitions, aiming to enhance the quality and innovation capabilities of listed companies [18]. - This strategy is expected to facilitate the transformation and sustainable development of enterprises, aligning with the province's economic goals [18]. Group 5: Overall Economic Outlook - The performance of Henan A-share companies reflects a transition from manufacturing to intelligent manufacturing and from homogeneous to differentiated products, indicating a proactive approach to innovation [19].

证券日报网讯牧原股份（002714）9月1日在互动平台回答投资者提问时表示，目前公司生产经营情况一 切正常。公司已对包括非瘟在内的主要疾病实现全面、常态化的防控管理，围绕健康管理研发各类智能 装备，不断优化疫病防控标准化流程，同时加强对一线员工的培训赋能，完善人员管理机制，实现对疫 病的全流程闭环管理，提升生猪健康水平。 ...

Market Overview - The market showed strong performance on September 1, with a total trading volume of 2.8 trillion yuan, and the Shanghai Composite Index rose by 0.46% [1] - The ChiNext Index increased by over 2%, and the STAR 50 Index rose by over 1%, marking a positive start for September [1] Fund Performance - The Consumption ETF (159928) experienced a slight decline of 0.23%, with a trading volume exceeding 1.1 billion yuan [1] - The fund saw a significant net subscription of 570 million units, indicating a strong demand, with a cumulative "capital absorption" of over 3.2 billion yuan in the last ten days [1] Economic Indicators - China's economic sentiment continues to expand, with the official manufacturing PMI at 49.4%, non-manufacturing PMI at 50.3%, and composite PMI at 50.5%, showing slight month-on-month increases [5] - Industries such as general equipment and aerospace are showing strong production expectations, with indices above 58% [5] Consumer Sector Insights - The consumer sector is experiencing a recovery in demand supported by liquidity, with the large consumption sector outperforming the broader market [6] - The liquor industry, particularly leading brands, has shown resilience despite market pressures, with Moutai reporting a 7% growth rate, outperforming the industry [6][7] - The China Securities White Liquor Index rose by 11.22% in August, indicating positive market feedback on liquor performance [6] Sector Differentiation - Within the consumer sector, there is a notable divergence among sub-sectors, with functional beverages and snacks showing high growth potential [7] - The dairy sector is expected to improve as raw milk prices decline, leading to a potential recovery in profitability for leading dairy companies [7] - The restaurant supply chain is stabilizing, with sectors like condiments and frozen foods beginning to recover from previous lows [7] New Consumption Trends - The consumer landscape is evolving with new demands for emotional and personalized products, particularly in categories like trendy toys and beauty products [8] - Domestic brands are leveraging innovative business models and channel efficiencies to build strong user ecosystems [8] ETF Composition - The Consumption ETF (159928) has a significant allocation to leading liquor stocks, which account for 32% of the top ten holdings, alongside major players in the agricultural and food sectors [10]

行业概览 年初以来饲料价格持续处于下降通道，整体驱动养殖成本持续改善。从养殖品种来看，生猪价格同比去年基本持平， 但是饲料成本的下降以及规模场出栏量的提升驱动盈利改善；禽养殖板块来看，年初以来禽类价格表现相对低迷，但 是全产业链角度看实现稳定利润。农产品方面，今年大宗农产品整体供需格局走向宽松，主要农产品价格已经跌至底 部区间，原材料成本的下降驱动养殖板块的利润提升。2025H1 农林牧渔板块实现营业收入为 6148 亿元，同比+6.12%， 板块营收端增长主要系养殖企业规模增长推动；实现归母净利润 270 亿元，同比+198%，主要系生猪养殖板块扭亏为 盈带动整体利润好转。2025Q2 板块实现营业收入 3240 亿元，同比+7.66%，实现归母净利润 136 亿元，同比+27.50%， 养殖成本的下降带动养殖板块盈利同比大幅好转。 生猪养殖 2024 年生猪供给减少，全年生猪价格表现出较强的季节性且行业实现较好盈利，虽然 10 月份以后生猪价格持续下行， 但是行业整体处于盈利状态，产能持续增加。2025 年初以来生猪价格整体呈现底部震荡趋势，虽然中间生猪价格短时 出现反弹，但是在供给较为充足的背景下，生猪 ...

正大集团资深董事长谢国民、董事长谢吉人，牧原集团董事长秦英林、董事钱瑛及双方高层管理团队共同出席并见证了签约仪式。正大集团资深副董事长 谢毅，牧原股份首席财务官高曈代表双方签署协议。 日前，牧原集团与正大集团在泰国曼谷True大厦正式签订了战略合作协议。双方将围绕战略规划、业务整合与全球化布局等方面开展全方位合作，推动在 饲料、生猪养殖、屠宰与食品深加工、人才、资本等领域的深度协同。 上证报中国证券网讯（记者 王乔琪）日前，牧原集团与正大集团在泰国曼谷True大厦正式签订了战略合作协议。双方将围绕战略规划、业务整合与全球 化布局等方面开展全方位合作，推动在饲料、生猪养殖、屠宰与食品深加工、人才、资本等领域的深度协同。 牧原表示，此次合作旨在充分整合双方资源，实现资源共享、优势互补，推进全球化战略布局，共同发展，服务所在国国民经济，创造可持续的商业与社 会价值。 正大集团作为全球农牧业龙头，深耕农牧、零售、电讯及食品等多个行业，布局遍及全球100多个国家和地区。 牧原集团30余年专注养猪，形成覆盖饲料加工、育种、生猪养殖、屠宰加工的为一体的生猪全产业链。 ...

正大集团资深董事长谢国民、董事长谢吉人，牧原集团董事长秦英林、董事钱瑛及双方高层管理团队共 同出席并见证了签约仪式。正大集团资深副董事长谢毅，牧原股份首席财务官高曈代表双方签署协议。 8月28日，牧原集团与正大集团在泰国曼谷True大厦正式签订了战略合作协议。 根据加拿大加裕公司每年在全球范围内收集和整理的数据，正大集团2023年母猪存栏为111.5万头，仅 次于牧原股份和温氏股份，在全球排名第三。 而牧原股份最新能繁母猪为二季度末的343万头，合作双方能繁母猪合计高达454.5万头，全球第一和全 球第三养猪巨头的合作将擦出怎样的"火花"，显然有着深刻的含义。 1 牧原集团与正大集团签订战略合作协议 8月28日，牧原集团与正大集团在泰国曼谷True大厦正式签订了战略合作协议。双方将围绕战略规划、 业务整合与全球化布局等方面开展全方位合作，推动在饲料、生猪养殖、屠宰与食品深加工、人才、资 本等领域的深度协同。 2 牧原股份正全力推进国际化布局 正大集团所在地东南亚，猪肉需求旺盛。比如越南猪肉产量占牲畜肉类总产量的60%左右，每年生猪需 求约为4500-5000万头规模，猪肉消费量排名全球前五。但当前东南亚地区， ...

生猪养殖专题系列：一个时代的结束，一个新时代的到来 20250831 未来生猪养殖行业将不再以成长和周期性波动为主线，而是进入稳产保价、减 产提价的新常态。在这一新常态下，大型规模企业将继续扩张，并且其产能调 控将更加稳定。例如，以牧原股份为例，其长期公输价格假设为 14 元每公斤， 成本已降至 11.8 元每公斤。考虑到折旧水平，其长期平均成本约为 11.5 元每 公斤，每公斤盈利 2.5 元，每头猪盈利 300 元，公司年利润预计超过 250 亿元， 自由现金流可达 350 亿至 500 亿元。因此，目前市值 3,000 亿元被认为明显 低估。 当前生猪养殖行业发生了哪些重大变化？ 生猪养殖行业目前经历了显著的结构性变化。十年前，行业中出栏量在 500 头 以下的散户占比约为 60%，而现在规模以上主体的占比已达到 70%，散户主 体降至 30%。这种转变意味着传统的猪周期模式，即散户在有利润时进入市场、 亏损时退出市场的周期性波动，已经发生了变化。此外，散户现在更多从事育 肥环节，而非持有母猪，这进一步减少了产能波动。2024 年，前 35 大养猪企 业的市场占比约为 36%，这些企业产能波动幅度较小。 ...

Core Insights - A total of 5424 A-share listed companies disclosed their semi-annual reports, achieving a combined operating income of approximately 34.9 trillion yuan, a year-on-year growth of 0.03%, and a net profit attributable to shareholders of about 2.99 trillion yuan, a year-on-year increase of 2.45% [1] Financial Performance - Among the 5424 listed companies, 2908 reported a year-on-year increase in net profit, accounting for approximately 53.61%, while 4178 companies had positive net profits, representing about 77.03% [1] - 661 companies reported a net profit increase of over 100% year-on-year, with 109 companies achieving a doubling of revenue [3] - Notable performers include: - Han's Laser with a revenue of approximately 28.81 billion yuan, a year-on-year increase of 4347.82%, and a net profit of about 1.038 billion yuan, turning from loss to profit [3] - Wancheng Group with a revenue of approximately 225.83 billion yuan, a year-on-year increase of 106.89%, and a net profit of about 4.72 billion yuan, a significant increase of 50358.8% [3] Industry Performance - Industries showing significant recovery include agriculture, forestry, animal husbandry, fishery, steel, building materials, computers, non-ferrous metals, media, electronics, and non-bank financials [5][6] - The electronic industry, particularly in consumer electronics and semiconductors, showed outstanding performance [6] - In the agriculture sector, companies involved in breeding and animal health reported notable improvements [7] Dividend Distribution - As of now, 813 A-share listed companies have announced their mid-term dividend plans for 2025, an increase from 704 companies in the same period last year [10] - Companies with strong performance are planning substantial dividends, such as Yunnan Baiyao, which reported a revenue of 21.257 billion yuan and a net profit of 3.633 billion yuan, proposing a cash dividend of 10.19 yuan per 10 shares [11] - A total of 326 companies plan to distribute cash dividends exceeding 100 million yuan, with 157 companies proposing over 300 million yuan [11]

Group 1 - The core viewpoint of the article highlights the significant changes in stock holdings by securities firms during the second quarter, with a focus on industries such as basic chemicals, machinery, automotive, and pharmaceuticals [1] - Securities firms collectively increased their positions in 63 stocks during the second quarter, with notable additions including Zhongke Titanium White, New Mileage, Jiangzhong Pharmaceutical, and Yuntianhua [1] - Several companies, including Chuanheng Co., Furan Energy, Ruida Futures, and Zhejiang Huaye, received attention from at least three securities firms, indicating strong interest [1] Group 2 - In terms of holding scale, data from Choice shows that Jiangsu Bank, Yong'an Futures, CITIC Securities, and Sinopec have the highest total shareholdings among securities firms [1] - As of the closing price on June 30, 2025, Jiangsu Bank leads with a holding market value of 11.026 billion yuan, followed by CITIC Securities and Yong'an Futures with 9.208 billion yuan and 6.507 billion yuan respectively [1] - Other companies such as Muyuan Foods, Cangge Mining, Sinopec, and Guangqi Technology also have significant market values in securities holdings [1]

Core Insights - The report maintains a positive outlook on the agricultural sector, particularly in the pig farming industry, with a focus on the potential for value reassessment of pig farming companies [2][5] - The agricultural sector has shown a mixed performance recently, with the overall index up by 2.02% week-on-week, while the pig farming segment has seen a notable increase of 4.39% [11][12] Livestock Farming Data Tracking - Pig prices have slightly declined this week due to sufficient supply and market sentiment being buoyed by government stockpiling efforts [7][16] - The number of breeding sows has shown a slight decrease, with July figures indicating a 0.02% month-on-month decline [20][22] - The average price for market pigs as of August 28 is 13.70 CNY/kg, reflecting a week-on-week decrease of 1.51% [30][36] - Profitability in pig farming remains positive for self-bred pigs, with a profit of 32.24 CNY per head, while purchased piglets show a loss of 148.41 CNY per head [38][41] Poultry Farming Data Tracking - The price of white feathered chickens remains stable, with an average price of 7.33 CNY/kg as of August 29 [39][42] - The ongoing avian influenza outbreaks in Europe and the U.S. create uncertainty in the supply of breeding chickens, which may benefit the white feathered chicken industry [39][40] Animal Health Data Tracking - The demand for animal health products is expected to rebound, driven by the recovery in livestock numbers and the introduction of new products [47] - Significant growth in the issuance of veterinary vaccine approvals has been noted, particularly for African swine fever vaccines, which may enhance market interest [47][51] Seed Industry Data Tracking - The average prices for wheat, soybean meal, and corn have decreased slightly, with wheat at 2429 CNY/ton, soybean meal at 3071 CNY/ton, and corn at 2365 CNY/ton as of August 29 [52][53] - The USDA's August report indicates a decrease in global corn stocks for the 2025/26 season compared to the previous year, while soybean stocks are also projected to decline [54][56] Pet Industry Data Tracking - Pet food exports have seen a decline, with July figures showing a 3.0% year-on-year decrease, amounting to 930 million CNY [58][60] - Domestic sales in the pet food market continue to grow, with notable increases in sales for brands like Guai Bao and Pei Di [60][61] - The recent Asia Pet Expo showcased over 2600 exhibitors and more than 20000 brands, indicating a robust growth in the pet industry [61][62]