Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The agricultural sector is experiencing a marginal improvement in investment logic for live pigs, driven by both fundamental and policy factors, with expectations of a price increase in the second half of 2025 [26] - The pet sector is witnessing a rise in domestic brands, supported by consumption upgrades and tariff barriers, with a projected market size growth of over 10% annually from 2025 to 2027 [28][29] Summary by Sections Weekly Observation - The national pig price is under pressure due to group weight reduction and increased market supply, with an average price of 14.02 CNY/kg as of August 3, 2025, down 0.57% from the previous week [5][14] - The average weight of pigs sold has decreased to 127.98 kg, reflecting a downward trend due to weight reduction policies and slow growth in high temperatures [16] Weekly Insights - The investment logic for live pigs is improving, with expectations of price support in the second half of 2025 due to a combination of fundamental and policy factors [26] - The feed sector is benefiting from a recovery in domestic livestock and poultry production, with a total feed output expected to reach 1.4 trillion CNY in 2023 [26] Market Performance - The agricultural sector underperformed the broader market by 2.03 percentage points, with the agricultural index declining by 2.97% during the week [30][31] - The animal health sector showed the highest gains, with stocks like Shenlian Biological and Huisheng Biological leading the performance [30] Price Tracking - As of August 1, 2025, the average price for live pigs was 14.33 CNY/kg, with a slight increase of 1.27% from the previous week [42] - The average price for corn was 2,296 CNY/ton, down 0.78% week-on-week, while soybean meal was priced at 3,004 CNY/ton, down 0.69% [60] Key News - The overall situation in China's livestock industry is stable and improving, with a reported production increase of 2.8% in meat output during the first half of 2025 [38] - The number of breeding sows has decreased slightly, indicating a potential reduction in pig supply, which may stabilize prices [38]

Summary of Key Points Core Viewpoint - On August 1, two listed companies had their restricted shares unlocked, with a total market value of approximately 6.144 billion yuan [1] Company Specifics - **Huadong Holdings (华统股份)**: - Stock Code: 002840 - Type of Restricted Shares: Issuance of A-shares for institutional placement - Number of Shares Unlocked: 132 million [1] - **Beilu Zhikong (北路智控)**: - Stock Code: 301195 - Type of Restricted Shares: Pre-issuance share restrictions - Number of Shares Unlocked: 82.4264 million [1]

Group 1 - On August 1, a total of 14 companies had their restricted shares unlocked, with a total unlock volume of 685 million shares, amounting to a market value of 9.427 billion yuan based on the latest closing price [1] - Five companies had an unlock volume exceeding 10 million shares, with Li New Energy, Huaton Co., and Beilu Zhikong leading the unlock volume at 465 million shares, 132 million shares, and 38.068 million shares respectively [1] - In terms of unlock market value, five companies had an unlock value exceeding 100 million yuan, with Li New Energy, Boshijie, and Beilu Zhikong leading at 3.28 billion yuan, 1.759 billion yuan, and 1.393 billion yuan respectively [1] Group 2 - Five companies had an unlock ratio exceeding 10% of their total share capital, with Li New Energy, Beilu Zhikong, and Boshijie having the highest unlock ratios at 49.78%, 28.82%, and 24.87% respectively [1]

Group 1 - The core viewpoint of the news is that Zhejiang Huatong Meat Products Co., Ltd. is experiencing a decline in stock price and has a relatively low PE ratio compared to the industry average, indicating potential investment concerns [1][3]. - As of July 31, the closing price of Huatong shares was 10.4 yuan, down 2.44%, with a rolling PE ratio of 31.65 times and a total market value of 8.373 billion yuan [1]. - The average PE ratio for the food and beverage industry is 40.67 times, with a median of 30.70 times, placing Huatong at the 74th position in the industry ranking [1][3]. Group 2 - Huatong's main business includes feed processing, poultry farming, slaughtering, and deep processing of meat products, with key products being fresh pork, fresh poultry, and Jinhua ham [2]. - The company has received multiple awards over the years, including the "Gold Award" at the Zhejiang Agricultural Expo in 2011 and the "National Science and Technology Progress Second Prize" in 2019 [2]. - In the first quarter of 2025, Huatong reported revenue of 2.079 billion yuan, a year-on-year increase of 4.15%, and a net profit of 342.042 million yuan, up 121.74%, with a sales gross margin of 7.90% [2].

Group 1 - The company Zhejiang Huaton Meat Products Co., Ltd. has announced the lifting of restrictions on the sale of 132,200,000 shares, which were issued to Shanghai Huajian Food Technology Co., Ltd. as part of a private placement approved by the China Securities Regulatory Commission [1][2] - The total share capital of the company has changed due to various factors, including the conversion of convertible bonds and the repurchase of restricted stock, resulting in a total share capital of 805,062,893 shares as of the announcement date [1] - The lifting of the share restrictions will result in a change in the company's shareholding structure, with the proportion of restricted shares decreasing from 38.17% to 21.75% after the release [8] Group 2 - Shanghai Huajian has committed to minimizing or avoiding related party transactions with the company and ensuring that any unavoidable transactions adhere to normal commercial practices and fair market pricing [2][3] - The company has confirmed that it will not engage in any competitive activities or investments that could conflict with the business of Zhejiang Huaton Meat Products Co., Ltd. [3][4] - The lifting of the share restrictions is in compliance with relevant regulations and the commitments made during the private placement, as confirmed by the sponsor, China Merchants Securities Co., Ltd. [8][9]

Group 1 - The core point of the article is that Huadong Co., Ltd. announced the release of restrictions on the sale of shares, with a total of 132,200,000 shares being released, which accounts for 16.42% of the company's total share capital [2] - The released shares will be available for trading starting from August 1, 2025 [2]

Group 1 - The company Huadong Holdings (002840.SZ) announced a notice regarding the lifting of restrictions on the non-public issuance of shares [1] - A total of 132 million shares will be released, accounting for 16.42% of the company's current total share capital [1] - The shares will be available for trading starting from August 1, 2025 [1]

Group 1 - The company Huadong Holdings (002840.SZ) announced a notice regarding the lifting of restrictions on the non-public issuance of shares [1] - A total of 132 million shares will be released, accounting for 16.42% of the company's current total share capital [1] - The shares will be available for trading starting from August 1, 2025 [1]

证券代码：002840 证券简称：华统股份 公告编号：2025-089 特别提示： 1、本次解除限售的股份数量为 132,200,000 股，占公司目前总股本的 16.42%。 2、本次解除限售的股份上市流通日期为 2025 年 8 月 1 日。 一、本次解除限售股份的基本情况及公司股本变动情况 经中国证券监督管理委员会《关于核准浙江华统肉制品股份有限公司非公开 发行股票的批复》（证监许可〔2022〕1036 号）核准，浙江华统肉制品股份有限 公司（以下简称"公司"或"本公司"）向特定对象上海华俭食品科技有限公司 （以下简称"上海华俭"）非公开发行人民币普通股（A 股）股票 132,200,000 股， 本次发行新增股份于 2022 年 8 月 1 日在深圳证券交易所上市。限售期为自本次 发行结束新股上市之日起三十六个月。 本次发行后至本公告披露日，公司因限制性股票激励计划授予、可转换公司 债券转股、限制性股票回购注销、向特定对象发行等导致总股本数量发生变动， 具体变动情况如下： | | | 变动时间 | | | 总股本变动原因 | | 变动数量（股） | | --- | --- | --- | --- | ...

招商证券股份有限公司关于浙江华统肉制品股份有限公司非公开发 行限售股份解除限售上市流通的核查意见 1、截至本核查意见出具日，上海华俭的承诺事项及履行情况如下： | 承诺方 | 承诺类型 | 承诺内容 | 承诺时间 | 承诺期限 | 履行情况 | | --- | --- | --- | --- | --- | --- | | | | 在本公司作为浙江华统肉制品股份有限公司（以下简 称"上市公司"）关联方期间，本公司及其控制的其他 | | | | | | | 企业、一致行动人将尽最大努力减少或避免与上市公 | | | | | | 关于规范 | 司的关联交易行为。对于无法避免的关联交易，则此 | | | 上海华俭 | | | 关联交易 | 种关联交易须遵循正常商业行为准则，遵循公开、公 | 2021 年 12 | 长期 | 遵守所作 | | | | 平、公正的市场定价原则，不要求或接受上市公司以 | 月 27 日 | | 出的承 | | | 的承诺 | 低于市场价或上市公司给予其他任何第三方的价格向 | | | 诺。 | | | | 本公司及其控制的其他企业销售货物或提供劳务，不 | | | | | | | 以高于 ...