农林牧渔 2025 年 09 月 07 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -12% 0% 12% 24% 36% 48% 2024-09 2025-01 2025-05 农林牧渔 沪深300 相关研究报告 《2025H1 养殖链盈利高增，宠物板 块景气延续 — 行 业 点 评 报 告 》- 2025.9.4 《养殖链盈利修复驱动 2025H1 农业 板块利润同比高增 —行业周报》- 2025.8.31 《收储助推猪价见底回升，宠物食品 出口及国内消费高景气延续—行业周 报》-2025.8.24 10 我国对欧盟进口猪肉反倾销初步裁定落地，生猪板 块迎配置良机 ——行业周报 | 陈雪丽（分析师） | 王高展（分析师） | | --- | --- | | chenxueli@kysec.cn | wanggaozhan@kysec.cn | | 证书编号：S0790520030001 | 证书编号：S0790525070003 | wanggaozhan@kysec.cn 证书编号：S0790525070003 周观察：我国对欧盟进口猪肉反倾销初步裁定落地，生猪板块迎配置良机 商务部对原产于 ...

截至9月4日收盘，养鸡概念上涨1.89%，位居概念板块涨幅第5，板块内，22股上涨，晓鸣股份、春雪 食品、益生股份等涨幅居前，分别上涨8.19%、3.30%、3.26%。 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 300498 | 温氏股 份 | 1.26 | 1.08 | 8813.49 | 7.73 | | 300999 | 金龙鱼 | -0.24 | 2.93 | 1256.31 | 2.41 | | 000876 | 新希望 | 1.15 | 1.04 | 842.74 | 1.86 | | 002840 | 华统股 份 | 2.73 | 4.41 | 764.45 | 2.46 | | 603668 | 天马科 技 | 2.48 | 4.63 | 524.83 | 1.58 | | 002746 | 仙坛股 份 | 2.10 | 2.88 | 265.52 | 2.07 | | 002234 | 民和股 ...

Market Overview - On September 2, the food processing sector declined by 0.3% compared to the previous trading day, with Xianle Health leading the decline [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - The following stocks in the food processing sector showed notable performance: - ST Chuntian (600381) closed at 5.48, up 4.98% with a trading volume of 242,300 shares and a turnover of 132 million yuan [1] - Gai Shi Food (836826) closed at 14.23, up 4.10% with a trading volume of 157,300 shares and a turnover of 223 million yuan [1] - Huadong Co. (002840) closed at 11.39, up 3.17% with a trading volume of 348,600 shares and a turnover of 395 million yuan [1] - Xianle Health (300791) closed at 24.77, down 2.94% with a trading volume of 49,100 shares and a turnover of 123 million yuan [2] Capital Flow - The food processing sector experienced a net outflow of 77.54 million yuan from institutional funds, while retail investors saw a net inflow of 127 million yuan [2]

Market Overview - The Shanghai Composite Index closed at 3858.13 points, slightly down by 0.45%, with a total trading volume of 29,124.23 billion yuan [1]. Stocks Breaking Through Annual Line - A total of 17 A-shares have surpassed their annual line, with notable stocks including: - Sanwei Co., Ltd. (603033) with a deviation rate of 6.83% - Jing Shan Light Machinery (000821) at 4.52% - Jidian Co., Ltd. (000875) at 4.45% [1]. Deviation Rate Rankings - The following stocks have the highest deviation rates from their annual lines: - Sanwei Co., Ltd. (603033): Today's price increased by 10.02% with a turnover rate of 3.44%, latest price at 12.96 yuan [1]. - Jing Shan Light Machinery (000821): Increased by 5.32%, turnover rate of 14.82%, latest price at 12.68 yuan [1]. - Jidian Co., Ltd. (000875): Increased by 6.18%, turnover rate of 7.79%, latest price at 5.50 yuan [1]. Other Stocks with Minor Deviations - Stocks with smaller deviation rates include: - Xiangjiang Holdings (600162) with a minor increase of 1.52% [2]. - Lihu Co., Ltd. (300694) with a deviation rate of 0.07% [1].

截至发稿，崔蕾累计任职时间6年301天，现任基金资产总规模949.76亿元，任职期间最佳基金回报 141.17%， 任职期间最差基金回报-15.93%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，南方基金旗下1只基金位居华统股份十大流通股东。南方中证1000ETF（512100）二季度新 进十大流通股东，持有股数297.1万股，占流通股的比例为0.6%。根据测算，今日浮盈赚取约172.32万 元。 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模649.53亿。今年以来收益27.2%，同类 排名1652/4222；近一年收益63.58%，同类排名1166/3781；成立以来收益12.57%。 南方中证1000ETF（512100）基金经理为崔蕾。 9月2日，华统股份涨5.25%，截至发稿，报11.62元/股，成交2.92亿元，换手率4.10%，总市值93.55亿 元。 资料显示，浙江华统肉制品股份有限公司位于 ...

证券研究报告：食品饮料 | 公司点评报告 发布时间：2025-09-01 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 10.98 | | --- | --- | | 总股本/流通股本（亿股）8.05 / 6.30 | | | 总市值/流通市值（亿元）88 / 69 | | | 52 周内最高/最低价 | 14.46 / 9.89 | | 资产负债率(%) | 72.4% | | 市盈率 | 91.50 | | 第一大股东 | 华统集团有限公司 | 研究所 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 华统股份(002840) 养殖成本下降，屠宰产能增长 ⚫ 事件： 公司发布 2025 年中期报告，实现营业收入 42.44 亿元，同比增 1.89%；归母净利 0.76 亿元，同比大幅扭亏为盈。其中二季度单季， 实现收入 21.65 亿元，同比下降 0.19%，归母净利 0.42 亿元，同比增 长 9.75%。公司业绩改善主因养殖成本下降。 ⚫ 点评：养殖成本下降，屠宰产能增长 养殖：成本下降，头均维 ...

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 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The agricultural sector's profit growth in H1 2025 is driven by the recovery of the breeding chain, with a revenue of 569.91 billion yuan, up 9.28% year-on-year, and a net profit of 25.79 billion yuan, up 193.46% year-on-year [12][19] - The pig price is expected to rise in H2 2025, supported by both fundamental and policy factors, improving the investment logic for pig farming [21] - The pet food sector continues to thrive, with domestic brands gaining market share due to consumption upgrades and tariff barriers [22] Summary by Sections Weekly Observation - The recovery of the breeding chain has driven significant profit growth in the agricultural sector for H1 2025, with a notable increase in net profit and revenue [12][19] - The average price of pigs in H1 2025 was 14.81 yuan/kg, down 4.00% year-on-year, but profitability improved due to lower breeding costs and increased output from leading companies [12][19] Weekly Viewpoint - The investment logic for pig farming is improving, with expected price increases in H2 2025 due to supply and demand dynamics [21] - The feed sector benefits from strong domestic and overseas demand, with recommendations for companies like Haida Group and New Hope [21] - The pet food market is projected to grow significantly, with domestic brands strengthening their position [22] Market Performance (8.25-8.29) - The agricultural index outperformed the market by 1.18 percentage points, with a 2.02% increase in the agricultural index compared to a 0.84% rise in the Shanghai Composite Index [24][27] - Leading stocks included Aonong Biological (+22.67%), Yuanfei Pet (+15.71%), and Xiaoming Co. (+10.86%) [24][29] Price Tracking (8.25-8.29) - The average price of pigs was 13.66 yuan/kg, with a slight decrease from the previous week, while the average price of beef increased to 65.05 yuan/kg [31][39] - The price of corn futures rose by 1.39% to 2187.00 yuan/ton, while soybean meal futures fell by 2.04% to 2496.00 yuan/ton [46] Key News (8.25-8.29) - The Ministry of Agriculture held a meeting to promote strict variety management, emphasizing the importance of new varieties and resource management [30] - The total output of aquatic products from January to July 2025 increased by 4.37% year-on-year, indicating a positive trend in the aquaculture sector [30] Subsector Financial Data - In H1 2025, the breeding, feed, poultry, and animal health sectors saw significant year-on-year profit growth, with breeding profits increasing by 668.38% [20][19] - The pet food sector also experienced a profit increase of 17.92% year-on-year, reflecting strong market demand [20][19]

Group 1: Zhujiang Beer (002461.SZ) - Zhujiang Beer is the leading regional beer brand in Guangdong Province, with a strong market foundation and high consumer recognition. The flagship product, 97 Pure Draft, is leading product upgrades and capturing market share from competitors [6][7]. - The company has experienced continuous revenue and profit growth, with a CAGR of 7.8% in revenue and 9.2% in net profit from 2020 to 2024. The proportion of high-end products has increased significantly from 49.1% in 2019 to 70.8% in 2024 [6][7]. - The new management team, including a newly appointed chairman and general manager, is expected to drive further growth and innovation. The company has a solid reserve of high-end products and aims to expand its market presence outside Guangdong [7]. Group 2: Hanshuo Technology (301275.SZ) - Hanshuo Technology's revenue for the first half of 2025 was 1.974 billion yuan, a year-on-year decrease of 7%, with a net profit of 222 million yuan, down 42% year-on-year. The company is focusing on the North American market, which shows significant growth potential [16][17]. - The global demand for retail digitalization continues to grow, with electronic shelf label (ESL) module shipments reaching 248 million units in the first half of 2025, a 56% increase year-on-year. The demand from major retailers like Walmart is expected to drive further digital upgrades in the retail sector [16][17]. - The company has established a comprehensive business system centered on electronic shelf label systems and SaaS cloud platform services, with international operations in over 70 countries [17]. Group 3: Guoci Materials (300285.SZ) - Guoci Materials reported a revenue of 2.154 billion yuan in the first half of 2025, a year-on-year increase of 10.29%, with a net profit of 332 million yuan, up 0.38% year-on-year. The company is experiencing growth in electronic materials and new energy materials [18][19]. - The company’s six major business segments are developing synergistically, with a projected net profit of 774 million yuan, 886 million yuan, and 1.058 billion yuan for 2025-2027, respectively [19][20]. - The company is focusing on strategic investments and acquisitions to enhance its capabilities in clinical materials and digital equipment, particularly in the biomedical materials sector [20]. Group 4: Yuhua Software (300339.SZ) - Yuhua Software achieved a revenue of 1.747 billion yuan in the first half of 2025, a year-on-year increase of 10.55%, while the net profit decreased by 29.43% to 60 million yuan. The company is actively promoting its innovative business [22][23]. - The company’s gross margin was 23.72%, down 2.36 percentage points year-on-year, but it has optimized its expense ratios, leading to improved operational efficiency [23][24]. - The revenue from innovative business segments reached approximately 368 million yuan, accounting for 21.07% of total revenue, indicating a growing contribution from new business areas [24]. Group 5: New Dairy Industry (002946.SZ) - New Dairy Industry reported a revenue of 5.526 billion yuan in the first half of 2025, with a net profit of 397 million yuan, reflecting a year-on-year increase of 33.8%. The company’s low-temperature strategy is showing significant results [48][49]. - The direct-to-consumer (DTC) model has driven growth, with revenue from this channel increasing by 23% to 3.39 billion yuan, representing 66.3% of total revenue [48][49]. - The company is focusing on core markets and has achieved stable growth in key regions, with a notable increase in high-end fresh milk sales [48][49].

公司点评 | 华统股份 25H1 生猪出栏量同比增长，养殖成本下降助力业绩扭亏 证券研究报告 2025 年 08 月 28 日 华统股份（002840.SZ）25 年半年报点评 事件：公司发布 25 年半年报。25H1 公司实现营收/归母净利润 42.44/0.76 亿元，同比+1.89%/+163.98%，基本 EPS 为 0.11 元。25Q2，公司实现营 收/归母净利润 21.65/0.42 亿元，同比-0.19%/+9.75%。 25H1 业绩同比扭亏，养殖成本下降助力生猪养殖业务实现盈利。25H1/25Q2 公司生猪销量为 127.12/60.9 万头，同比+15.91%/+9.79%。其中仔猪销量 3.3/0 万头，25H1 仔猪销量同比-75.16%，仔猪占生猪比重为 2.60%，同比 -7.37pct。公司发力重点是提升育肥端产能利用率，生猪出栏量同比上升， 仔猪外销量同比明显下滑。25H1/25Q2 公司加权生猪销售均价约为 14.8/14.5（元/公斤），同比-3.61%/-11.93%。尽管销售均价同比小幅下滑， 但公司提升养殖效率，降低生猪养殖成本，使得生猪业务实现盈利。 25H1 屠 ...