Investment Rating - The investment rating for the company is "Buy" [14] Core Insights - Huadong Co., Ltd. is a leading player in the pig farming industry in Zhejiang Province, benefiting from high regional pig prices. The company focuses on developing a building-based farming model and improving management efficiency through breeding systems, feeding systems, and expanding contract farming models. The approval of the capital increase application by the China Securities Regulatory Commission in February 2025 is expected to support the company's continuous expansion of farming capacity, making it a key recommendation [4][8]. Company Overview - Established in 2001, Huadong Co., Ltd. is a dual leader in pig farming and slaughtering in Zhejiang Province, with main operations covering pig farming, slaughtering, and meat processing. The company has expanded into feed processing and poultry farming. Initially focused on slaughtering, it has since developed upstream and downstream operations, becoming a significant player in the pig industry chain [9][23]. Farming Model and Cost Management - The majority of Huadong's pig farming operations are located in Zhejiang Province, where the average selling price is higher than that of most competitors. In 2024, the pig price in Zhejiang is expected to exceed the national average by approximately 0.8 CNY/kg. The company has adopted a highly intensive building-based farming model to address environmental issues and continuously improve farming efficiency. As of December 2024, the company's latest total cost is approximately 15.2 CNY/kg, significantly improved from 18.6 CNY/kg in 2022 [10][68]. Capital Increase and Capacity Expansion - In November 2024, Huadong's capital increase application was approved, which will add a total of 448,000 pigs in new farming capacity and 180,000 tons in feed capacity. The company has successfully completed three rounds of refinancing since its listing, with each round leading to significant growth in operational scale. The capital increase is expected to facilitate high-quality expansion of farming capacity, with a target of approximately 3.2 million pigs to be slaughtered by 2025 [11][29]. Financial Performance - The company's revenue has shown fluctuations, with a rise from 7.706 billion CNY in 2019 to 9.452 billion CNY in 2022, followed by a slight decline in 2023. In the first three quarters of 2024, the revenue reached 6.485 billion CNY, a year-on-year increase of 5.21%. The net profit attributable to shareholders has also varied, with significant losses in 2021 and 2023 due to declining pig prices. However, the company anticipates a recovery in 2024, projecting a net profit of approximately 112.5 million CNY, a year-on-year increase of 118.6% [29][30].

Core Viewpoint - Recent environmental violations by several listed companies have raised concerns about their operational risks and responsibilities in environmental protection [2][3]. Group 1: Environmental Violations and Penalties - Jindalai's subsidiary, Jincen Water Co., was fined 280,000 yuan for discharging wastewater into the external environment due to improper modifications to drainage systems [3][4]. - Northern Rare Earth's subsidiary, Baotou Green Source, was fined 109,092 yuan for exceeding air pollutant discharge limits, specifically carbon monoxide [4][5]. - Chifeng Gold's subsidiary, Wulong Mining, was fined 246,000 yuan for commencing production without the necessary environmental protection facility approvals [7]. - Huadong's subsidiary, Quzhou Minxin Food Co., was fined 296,000 yuan for exceeding pollutant discharge limits and evading regulatory oversight [8]. Group 2: Impact on Shareholders and Market Perception - The environmental risks associated with these companies could potentially affect 1.2548 million shareholders, raising concerns about investment risks [3]. - The report highlights that environmental risks are becoming a significant aspect of operational risks for listed companies, impacting their development and public image [3].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights the potential for increased planting area due to the approval of the third batch of genetically modified crops, which includes 97 corn and 2 soybean varieties [5][15] - The report indicates that domestic companies focusing on high-yield genetically modified soybeans may benefit from reduced overseas supply due to trade tensions between China and the U.S. [6][17] - The report emphasizes the recovery potential in the pig farming sector, with rising prices supported by increased demand and reduced imports of meat [20][26] Summary by Sections Weekly Observation - The third batch of genetically modified crops has been approved, which is expected to increase the planting area significantly, with projections suggesting that the planting area for genetically modified corn may exceed 5 million acres by 2025 [5][15] - The approval of genetically modified crops aligns with national policies aimed at strengthening food security and promoting agricultural innovation [15][35] Weekly Viewpoint - The pig farming sector shows low valuation and recovery potential, with recommendations for companies such as Muyuan Foods and Wens Foodstuffs [26] - The pet food market is expected to grow significantly, driven by rising consumer spending and domestic brands gaining market share [29] Market Performance - The agriculture index outperformed the market by 6.38 percentage points, with significant gains in the planting sector [30][33] - Key stocks such as Western Animal Husbandry and Shennong Technology saw substantial increases in their share prices [34] Price Tracking - As of April 11, the average price of live pigs was 14.66 yuan/kg, reflecting a slight increase from the previous week [37] - The average price of beef also saw an increase, reaching 67.21 yuan/kg [43]

每经记者 刘志远 每经编辑 杨夏 | | 有色金属 | 内蒙古自治区 | | --- | --- | --- | | | 石油石化 | 北京市 | | 环境违法违规 | 医药生物 | 江苏省 | | | 电子 | 福建省 | | | 环保 | 江西省 | | | 食品饮料 | 浙江省 | | | 煤炭 | 陕西省 | 一周绿鉴：北方稀土控股公司超标排放大气污染物被罚 在企业管理能力、财务状况、行业竞争等因素之外，环境风险日渐成为上市公司重要的经营风险之一。环境风险关乎企业发展，也关乎企业形象。 环境风险榜涉及上市公司分布情况（4月第2周） | | 有色金属 | 内蒙古自治区 | | --- | --- | --- | | | 石油石化 | 北京市 | | 环境违法违规 | 医药生物 | 江苏省 | | | 电子 | 福建省 | | | 环保 | 江西省 | | | 食品饮料 | 浙江省 | | | 煤炭 | 陕西省 | 本期数据显示，生态环境领域违法违规等风险信息共关联到9家上市公司。其中，4家属于国资控制的企业。 《每日经济新闻》记者梳理发现，9家上市公司背后有125.48万户的股东，投资标的登上环境风险榜 ...

Group 1 - The poultry concept sector experienced a decline of 3.89%, ranking among the top losers in the market, with notable declines in companies such as Xiaoming Co., Xiangjia Co., and Huaying Agriculture [1] - The top gaining sectors included automotive chips with a rise of 6.04%, while the top losing sectors included genetically modified crops down by 5.96% and corn down by 5.84% [1] - The poultry sector saw a net outflow of 656 million yuan from major funds, with 21 stocks experiencing outflows, and 8 stocks seeing outflows exceeding 30 million yuan [1] Group 2 - The stock with the highest net outflow was Juxing Agriculture, with a net outflow of 116 million yuan, followed by Wens Foodstuffs and Tiankang Biological with outflows of 111 million yuan and 55.98 million yuan respectively [1] - Other companies in the poultry sector that faced significant net outflows included Tangrenshen, Lihua Co., and Yisheng Co. [1][2] - On the contrary, Yike Food and Chunxue Food were among the few stocks that saw net inflows, with 2.23 million yuan and 14,100 yuan respectively [1]

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector in light of the recent tariff increases on U.S. imports [1][5][4]. Core Views - The imposition of a 34% tariff on all U.S. imports is expected to benefit the domestic agricultural sector, particularly in the areas of feed, livestock, and seed industries [1][2][3]. - The report highlights that the increase in tariffs will likely lead to price hikes in key agricultural products such as soybean meal, corn, and beef, thereby enhancing the profitability of domestic producers [2][24][3]. Summary by Sections Tariff Impact Analysis - The Chinese government announced a 34% tariff on all U.S. imports effective April 10, 2025, which is expected to raise the import costs of key agricultural products [1][15][16]. - Major U.S. agricultural imports to China include sorghum, soybeans, cotton, beef, and corn, with soybeans and corn being particularly affected by the tariff [1][24]. Feed and Livestock Sector - The report is optimistic about companies like Haida Group and leading pig and poultry farming enterprises, which are expected to see enhanced profit margins due to better raw material management amid rising feed prices [2][3]. - The report suggests that the cost of feed, which constitutes a significant portion of livestock production costs, will rise, potentially accelerating the cycle of livestock production and benefiting leading companies in the sector [2][3]. Seed and Crop Sector - The seed industry is anticipated to benefit from a favorable price cycle and advancements in genetically modified crops, with corn prices expected to rise due to increased import costs from the U.S. tariffs [2][3]. - Companies with land resources in the planting sector are also expected to gain from rising grain prices [2][3]. Beef Industry Outlook - The domestic beef industry is projected to experience a turnaround as domestic supply decreases and U.S. beef imports shrink due to the new tariffs [3][24]. - The report indicates that the valuation of related beef companies is currently at a low point, suggesting potential for growth as market sentiment improves [3][24]. Investment Recommendations - The report recommends investments in the following sectors: 1. Pig farming: Mu Yuan, Hua Tong, Wen's, Shen Nong Group, Xin Wu Feng, Ju Xing Agricultural, Tang Ren Shen, Tian Kang Biological 2. Poultry farming: Li Hua, Yi Sheng, Sheng Nong Development 3. Feed: Haida Group 4. Seed: Quan Yin Gao Ke, Long Ping Gao Ke, Feng Le Seed Industry, Deng Hai Seed Industry, Da Bei Nong [3][4].

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights that the recent increase in tariffs imposed by the US on Chinese imports, along with China's retaliatory measures, is expected to positively impact domestic agricultural product prices, particularly pork prices [5][15] - The average price of live pigs in China as of April 6, 2025, is 14.60 yuan/kg, showing a week-on-week increase of 0.05 yuan/kg, indicating a gradual upward trend in pork prices supported by improved demand and reduced supply pressure [6][18] - The report recommends actively allocating investments in the pig farming sector due to its defensive attributes amid macroeconomic shocks and the strengthening investment logic [6][28] Summary by Sections Weekly Observation - The US has imposed a 34% tariff on Chinese imports, leading to a cumulative tariff rate of 54% on Chinese goods, which is expected to benefit domestic agricultural prices [5][15] - The report notes that the dependency of key agricultural products on imports from the US is significant, with soybeans and beef having high foreign dependency rates of 81.49% and 25.22%, respectively [16][17] Weekly Market Performance - The agricultural index outperformed the market by 1.79 percentage points, with the agricultural index rising by 1.51% during the week [32][34] - Key stocks such as Huisheng Biological and Jinhai Biological saw significant gains, with increases of 39.96% and 18.80%, respectively [32][36] Price Tracking - As of April 4, 2025, the average price of live pigs is 14.60 yuan/kg, with a slight increase from the previous week, while the price of piglets has risen to 37.08 yuan/kg [39][40] - The report indicates that the price of beef has also increased, reaching 66.38 yuan/kg, reflecting a positive trend in meat prices [43][46] Recommendations - The report suggests focusing on the pig farming sector, with specific recommendations for companies such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [7][28] - In the feed sector, companies like Haida Group and New Hope are recommended due to their potential benefits from the recovery in livestock and poultry production [28]

浙江华统肉制品股份有限公司（以下简称"公司"）于2024年8月19日召开第 五届董事会第十次会议，审议通过了《关于回购公司股份方案的议案》，同意公 司使用自有资金或自筹资金以集中竞价交易方式回购公司部分人民币普通股（A 股）股票，用于后期实施员工持股计划或股权激励计划。本次回购股份的资金总 额不低于人民币5,000万元（含）且不超过人民币10,000万元（含），回购股份价 格不超过人民币21.31元/股（含）。本次回购具体的回购数量及占公司总股本比例 以回购结束时实际回购的股份数量为准。回购股份的实施期限为自公司董事会审 议通过本次回购股份方案之日起十二个月内。具体内容详见公司于2024年8月20 日、2024年8月23日在巨潮资讯网（www.cninfo.com.cn）上披露的《关于回购公 司股份方案的公告》、《回购报告书》。 根据《上市公司股份回购规则》、《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，回购期间，公司应当在每个月的前 3 个交易日 内披露截至上月末的回购进展情况。现将公司截至上月末的回购进展情况公告如 下： 一、回购公司股份进展情况 截至 2025 年 3 月 31 ...

证券代码：002840 证券简称：华统股份 公告编号：2025-034 浙江华统肉制品股份有限公司 （一）担保基本情况 公司与浙江天台农村商业银行股份有限公司于 2025 年 3 月 21 日签订了《最 高额保证合同》，同意为公司全资子公司天台华统食品有限公司（以下简称"天 台华统"）自 2025 年 3 月 21 日至 2027 年 3 月 20 日融资期间内最高融资限额为 折合人民币 3,000 万元的所有融资债权提供最高额连带责任保证担保。保证期间 为债务清偿期限届满之日起三年。保证担保范围为本合同项下所产生的债权人的 所有债权，包括但不限于本金、利息、融资过程中发生的垫付款、违约金、损害 赔偿金、应付费用和实现债权及担保权利的费用等。实现债权及担保权利的费用 包括诉讼费、律师代理费、催讨差旅费和其他合理费用。 关于对外担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、浙江华统肉制品股份有限公司（以下简称"公司"）实际对外担保余额 为 352,085 万元，超过最近一期经审计净资产的 100%，敬请投资者充分关注担 保风险。 ...

证券代码：002840 证券简称：华统股份 公告编号：2025-033 浙江华统肉制品股份有限公司 关于控股股东质押部分股份的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、 股东股份质押基本情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： 股东 名称 持股数量 （股） 持股比 例 本次质押前 质押股份数 量（股） 本次质押后 质押股份数 量（股） 占其所 持股份 比例 占公司 总股本 比例 已质押股份情况 未质押股份情况 已质押股份 限售和冻 结、标记数 量（股） 占已质 押股份 比例 未质押股份 限售和冻结 数量（股） 占未质 押股份 比例 上海 华俭 食品 科技 有限 公司 132,200,000 20.88% 79,320,000 79,320,000 60.00% 12.53% 79,320,000 100% 52,880,000 100% | 华统 | 191,503,705 | 30.25% | 105,800,000 | 120,800,000 | 63.08% | 19.08% | 0 | 0.00% | 0 | ...