9月27日，湘佳股份（002982）与温氏股份（300498）、立华股份（300761）、德康集团、力源集团五家农业产业化企业在北京居庸关长城共同举办"中华土 鸡长城夜宴暨产业高质量发展论坛"。论坛期间，湘佳股份董事长喻自文在接受证券时报记者采访时表示，几家企业将共同推动"中华土鸡"成为高品质、能 代表中国美食文化的全球性产品。 在本次论坛上，五家企业联合发布了《中华土鸡产业高质量发展行动纲领》，标志着中华土鸡产业从"单打独斗"正式迈向"协同发展"的新阶段。据了解，论 坛以"产业协同与消费提振"为核心议题，聚焦中华土鸡产业当前面临的"有品类无品牌、有标准无合力"等关键痛点，探讨破局路径。此次产业协同旨在通过 统一品质标准、共享渠道资源，提升整个产业的价值链水平。 近年来，湘佳股份持续推动从传统食材供应商向现代食品企业的战略转型。公司加大熟食与预制菜领域的研发投入，已完成从养殖到加工、销售的全产业链 布局。在技术创新方面，公司培育的"湘佳黑鸡"配套系在肉质特性和抗病性方面取得显著进展。财务数据显示，2025年上半年公司营业收入稳健增长，实现 金额21.34亿元，较去年同期增长15.13%。 "我们的最终目标，是 ...

Core Viewpoint - The first "927 Chinese Native Chicken Festival" was launched by five leading poultry companies, aiming to promote Chinese native chicken as a cultural and culinary symbol, enhancing its market presence and consumer recognition [1][42]. Group 1: Event Overview - The event took place at the foot of the Great Wall in Beijing, featuring a unique "Chinese Native Chicken Great Wall Night Feast" that combined seasonal aesthetics with national banquet skills [2][39]. - The theme of the festival is "Cultural Empowerment of Industry," showcasing the evolution of Chinese native chicken from a mere ingredient to a cultural symbol [1][42]. Group 2: Culinary Highlights - Renowned chef Lin Shuwei designed a menu inspired by the 24 solar terms, featuring 24 chicken dishes that reflect seasonal flavors, using high-quality chicken breeds supplied by the participating companies [9][24]. - Each dish corresponds to a specific solar term, emphasizing the traditional Chinese wisdom of eating according to the seasons [24][40]. Group 3: Cultural Significance - The event included traditional cultural performances and rituals, enhancing the immersive experience for attendees, such as the lighting of lanterns and a "chicken dance" performance [32][35]. - The festival aims to elevate the status of Chinese native chicken from a food item to a cultural symbol, thereby increasing brand value and consumer acceptance [47][50]. Group 4: Industry Development - A forum on high-quality development of the Chinese native chicken industry addressed key challenges such as lack of branding and standards, proposing collaborative solutions among the leading companies [40][45]. - The release of the "Action Plan for High-Quality Development of the Chinese Native Chicken Industry" outlines goals for establishing standards, enhancing value, and promoting brand development [45][50]. Group 5: Economic Impact - The initiative is expected to positively impact rural revitalization by linking the chicken industry to the livelihoods of millions of farmers, fostering growth in breeding, processing, and logistics sectors [48][50].

本报讯 （记者肖伟）9月28日，湖南湘佳牧业股份有限公司（以下简称"湘佳股份（002982）"）在公司 官方微信公众号上发布消息，该公司联合行业领军企业一道在北京举办中华土鸡产业高质量发展论坛， 并组织中华土鸡长城夜宴活动，意在践行"养鸡富农强产业"理念。湘佳股份高层管理人士在论坛上就团 体标准建立、食品安全保障、品牌战略推进、渠道拓展创新等议题，向与会企业代表分享了"湘佳经 验"。论坛期间，《中华土鸡产业高质量发展行动纲领》正式发布，为产业未来指明方向。 近年来，湘佳股份为推动中华土鸡产品走向世界，正在努力做好多方面工作，包括推动标准化建设，建 立一套从育种、养殖到屠宰加工、运输的全链条、可追溯、国际认可的标准化体系；打造文化品牌，通 过将中华土鸡与中华传统文化IP结合，将其从食材升华为可体验、可感知的文化符号；采取差异化策 略，优先瞄准海外华人市场及高端亚洲餐厅，作为文化认同和品质消费的切入点。同时，湘佳股份还与 大型跨国供应链企业合作，逐步进入主流商超渠道。 作为活动的核心推动方与产品提供者，湘佳股份以石门土鸡、湘佳黑鸡为原料精心烹制多道经典菜肴， 橘香石门土鸡、贵妃东安鸡、牡丹鸡片等菜品，让现场嘉宾大 ...

Investment Rating - The report maintains an "Overweight" rating for the agricultural, forestry, animal husbandry, and fishery industry [42] Core Viewpoints - Recent declines in pig prices and continuous profit decreases for breeding companies will force upstream breeding sows to reduce stock. The current stock of breeding sows remains relatively high, indicating significant potential for future reduction. The valuation of pig breeding companies is still at a historically low level, presenting an opportunity for investment based on capacity reduction expectations. In the chicken breeding sector, overall capacity is relatively high, and profitability remains under pressure. There is a potential for capacity reduction in the future, with attention to marginal profit improvement opportunities. In the feed sector, opportunities arise from increased market concentration and overseas expansion. The domestic pet market still has expansion potential, with leading domestic companies expected to maintain rapid growth [42][43] Summary by Sections 1. Market Review - The SW agricultural, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, declining by 5.07% from September 12 to September 25, 2025, lagging behind the index by approximately 6.07 percentage points [10] - All sub-sectors recorded negative returns during this period, with declines of 2.89% in planting, 3.59% in animal health, 4.36% in feed, 5.32% in agricultural product processing, 5.95% in breeding, and 6.73% in fisheries [13][14] 2. Industry Key Data - **Pig Farming**: The average price of external three-way cross pigs fell from 13.31 CNY/kg to 12.51 CNY/kg during the reporting period. The cost of corn was 2365.1 CNY/ton, and soybean meal was 3002 CNY/ton, both showing slight declines. As of September 26, 2025, the profit for self-bred pigs was -74.11 CNY/head, and for purchased piglets, it was -236.57 CNY/head, indicating a decrease in profitability [22][24][27] - **Poultry Farming**: The average price of broiler chicks was 3.29 CNY/chick, showing a slight increase, while the average price of white feather broilers was 6.9 CNY/kg, reflecting a slight decline. The profit for white feather broilers was -2.22 CNY/chick, also indicating a decrease [29][33] - **Aquaculture**: The average wholesale prices for crucian carp and carp were 21.09 CNY/kg and 14.2 CNY/kg, respectively, both showing slight declines [35] 3. Industry News - Argentina announced a temporary zero-export tax on agricultural products, effective from September 23, 2025, until October 31, or until exports reach 7 billion USD. This measure aims to address domestic foreign exchange pressures and currency devaluation, significantly lowering export costs and enhancing competitiveness in the global market [37]

Macro Economic Overview - The "14th Five-Year Plan" emphasizes the use of more proactive fiscal policies to support employment and foreign trade, and to improve people's livelihoods [3][4] - Recent policies focus on industrial internet applications and the development of new energy sectors, indicating a shift towards digitalization and innovation [3][4] Fixed Income Market - As of August 2025, the total bond custody amount reached 174.54 trillion yuan, with a net increase of 15,060.06 million yuan, indicating a slight decrease in growth compared to previous months [9][10] - The leverage ratio in the bond market slightly increased to 106.88%, reflecting a cautious optimism in the market [13][14] Pharmaceutical Industry - The pharmaceutical sector is entering a new growth phase driven by innovation and optimization of centralized procurement, with major companies like Heng Rui Pharmaceutical and China Biologic Products showing robust revenue growth [17][18] - The recent adjustments in the national medical insurance directory are expected to benefit innovative drugs, leading to potential rapid growth for companies involved [18][19] Non-Bank Financial Sector - The performance of non-bank financial companies is primarily driven by property and equity investments, with significant contributions from the property insurance sector [21][22] - The net profit growth of listed insurance companies improved in the first half of 2025, largely due to the profitability of property insurance [21][24] Agricultural Sector - The price of white feather chicken increased due to supply disruptions and rising demand, with the average selling price reaching 7.17 yuan/kg in August 2025 [30][31] - The egg market faces pressure from high production capacity, limiting the potential for price increases despite some upward movement in prices [32][33] Machinery Industry - The valuation of global robotics companies is being redefined, with Figure's recent funding round valuing the company at 39 billion USD, indicating a bullish outlook for the robotics sector [37][38] - Key components in robotics are expected to see significant valuation increases, with potential PE ratios reaching 200 times as the industry matures [38][39] Consumer Services Sector - The upcoming National Day holiday is expected to boost travel bookings, with a steady increase in pre-booking trends observed [42][45] - The tea and coffee sector continues to show strong performance, with leading brands expanding their market presence despite some overall industry slowdowns [43][45] Real Estate and Construction - China Overseas Property is experiencing growth in both scale and profitability, with projected net profits increasing from 16.1 billion yuan in 2025 to 19.6 billion yuan by 2027 [47][48] - The company is focusing on high-quality expansion and has seen a significant increase in managed area and new contract signings [49][50] Electronics Industry - The domestic high-power server power supply market is growing, with companies like Oulu Tong positioned as leaders in this space, benefiting from the rise of AI applications [51][52] - The demand for higher power server supplies is expected to increase, with new products in development to meet the needs of advanced AI servers [53]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The upward trend in chicken prices is driven by import disruptions and improved demand, while high egg-laying hen capacity may limit the upward potential of egg prices [4][14] - The white feather chicken price increased in August due to supply constraints and demand from back-to-school stocking, with an average selling price of 7.17 yuan/kg, up 0.64 yuan/kg month-on-month [4][14] - The yellow feather chicken price also rose in August, reaching an average of 12.39 yuan/kg, a month-on-month increase of 19.57%, supported by seasonal demand [5][27] - Egg supply pressure remains high, with the average wholesale price of eggs at 6.22 yuan/kg, up 2.30% month-on-month, but the capacity of laying hens continues to limit price increases [36] Summary by Sections White Feather Chicken - In August, the average selling price was 7.17 yuan/kg, with a profit of 0.86 yuan/chicken, marking a recovery from losses [4][14] - The total stock of white feather breeding chickens was 2.1421 million sets, up 2.6% month-on-month [15] Yellow Feather Chicken - The average selling price in August was 12.39 yuan/kg, with a month-on-month increase of 19.57% [5][27] - The total stock of yellow feather breeding chickens was 2.8539 million sets, up 2.11% month-on-month [27] Egg Production - The average price of egg chicks was 3.00 yuan/chick, down 22.08% month-on-month, while the total stock of laying hens reached 1.317 billion, up 1.93% month-on-month [36] Company Performance - Yisheng shares sold 57.9185 million chicks in August, with a selling price of 3.69 yuan/chick, up 1.93% month-on-month [39] - Wen's shares sold 117 million chickens in August, with a revenue of 2.956 billion yuan, reflecting a month-on-month increase of 27.63% [58] - Lihua shares sold 52.5549 million chickens, with a revenue of 1.32 billion yuan, also showing a month-on-month increase of 27.66% [59]

Company Overview - Xiangjia Co., Ltd. is located in Shimen County, Hunan Province, and was established on April 8, 2003. The company was listed on April 24, 2020. Its main business includes breeding of poultry, raising and selling poultry, poultry slaughtering and processing, and production and sales of feed and bio-fertilizers [2]. Financial Performance - For the first half of 2025, Xiangjia Co., Ltd. achieved operating revenue of 2.134 billion yuan, representing a year-on-year growth of 15.13%. However, the net profit attributable to the parent company was 5.8479 million yuan, a decrease of 59.95% year-on-year [2]. - Since its A-share listing, the company has distributed a total of 105 million yuan in dividends, with 63.9177 million yuan distributed over the past three years [3]. Stock Performance - As of September 18, the stock price of Xiangjia Co., Ltd. was 14.97 yuan per share, with a market capitalization of 3.042 billion yuan. The stock has increased by 19.42% year-to-date but has seen a decline of 4.47% in the last five trading days and 8.05% over the last 20 days [1][2]. - The company has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on April 7, where it recorded a net buy of -20.2126 million yuan [2]. Shareholder Information - As of June 30, 2025, the number of shareholders of Xiangjia Co., Ltd. was 22,400, an increase of 40.48% from the previous period. The average circulating shares per person were 5,802, a slight decrease of 0.34% [2]. - Among the top ten circulating shareholders, the Guotai Zhongzheng Livestock Breeding ETF (159865) ranked as the ninth largest shareholder, holding 1.443 million shares, an increase of 457,900 shares from the previous period [3]. Market Position - Xiangjia Co., Ltd. operates within the agricultural sector, specifically in the livestock industry focusing on chicken farming. Its main revenue sources are fresh chicken (58.53%), other products (20.74%), and live poultry (20.72%) [2]. - The company is categorized under several concept sectors, including micro-cap stocks, small-cap stocks, e-commerce, chicken farming, and cold chain logistics [2].

Core Insights - Xiangjia Co., Ltd. has officially launched its fresh poultry products in Hong Kong's largest supermarket chain, Wellcome Supermarket, marking a significant expansion into the Hong Kong market [2] - The Hong Kong Food and Environmental Hygiene Department recognized Xiangjia's quality management and food safety monitoring systems during an inspection in August, supporting the brand's growth in the region [2] Company Expansion - Wellcome Supermarket, established in 1945, has over 240 stores and is a leading choice for food and daily necessities among Hong Kong residents, providing a strong platform for Xiangjia's products [2] - Xiangjia's products, including "San Huang Chicken" and "Farm Chicken," have received positive feedback for their tender meat and rich flavor, indicating strong consumer acceptance [2] Market Response - Sales of Xiangjia's products exceeded expectations shortly after being listed at Wellcome Supermarket, reflecting a robust market response [2] - The company plans to leverage its "farm-to-table" advantage to expand its range of quality products, including chicken, duck, pigeon, pork, eggs, and oranges, aiming to deliver safe and healthy food to more consumers [2]

Market Overview - The aquaculture sector experienced a decline of 1.27% on September 17, with Tianyu Biological leading the drop [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Key stocks in the aquaculture sector showed varied performance, with 京基智农 (Jingji Zhino) closing at 17.21, up 0.35%, and 温氏股份 (Wens Foodstuff) remaining unchanged at 19.66 [1] - Tianyu Biological (天域生物) saw a significant decline of 5.73%, closing at 9.38 [2] - Other notable declines included 牧原股份 (Muyuan Foods) down 2.02% at 56.19 and 立华股份 (Lihua Agricultural) down 1.77% at 23.80 [2] Capital Flow - The aquaculture sector experienced a net outflow of 742 million yuan from institutional investors, while retail investors saw a net inflow of 643 million yuan [2] - The table of capital flow indicates that 民和股份 (Minhe Livestock) had a net inflow of 5.90 million yuan from institutional investors, while 京基智农 (Jingji Zhino) had a net inflow of 4.58 million yuan [3]

Core Viewpoint - Xiangjia Co., Ltd. has experienced fluctuations in stock price and trading volume, with a notable year-to-date increase of 23.40% in stock price, despite recent declines in the short term [2]. Group 1: Stock Performance - As of September 16, the stock price of Xiangjia Co., Ltd. was 15.47 CNY per share, with a trading volume of 30.68 million CNY and a market capitalization of 3.143 billion CNY [1]. - The stock has seen a 0.72% increase over the last five trading days, a 4.39% decrease over the last 20 days, and a 2.04% increase over the last 60 days [2]. Group 2: Financial Performance - For the first half of 2025, Xiangjia Co., Ltd. reported a revenue of 2.134 billion CNY, representing a year-on-year growth of 15.13%, while the net profit attributable to shareholders was 5.8479 million CNY, a decrease of 59.95% year-on-year [2]. - The company has distributed a total of 1.05 billion CNY in dividends since its A-share listing, with 63.9177 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Xiangjia Co., Ltd. was 22,400, an increase of 40.48% from the previous period, with an average of 5,802 circulating shares per person, a slight decrease of 0.34% [2]. - Among the top ten circulating shareholders, the Guotai Zhongzheng Livestock Breeding ETF held 1.443 million shares, an increase of 457,900 shares compared to the previous period [3].