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].

本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演APP, 参与本次互动交流，活动时间为2025年9月19日（星期五） 14:00-17:00。届时 公司高管将在线就公司2024年至2025年半年度业绩、公司治理、发展战略、 经 营状况、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流， 欢迎广大投资者踊跃参与！ 特此公告。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，湖南湘佳牧业股份有限公司（以下简称 "公司"）将参加由湖南证监局、湖南省上市公司协会与深圳市全景网络有限公 司联合举办的"资本聚三湘 楚光耀新程--2025年湖南辖区上市公司投资者网上 集体接待日暨半年度业绩说明会"活动，现将相关事项公告如下： | 证券代码：002982 | 证券简称：湘佳股份 | 公告编号：2025-057 | | --- | --- | --- | | 债券代码：127060 | 债券简称：湘佳转债 | | 湖南湘佳牧业股份有限 ...

Group 1 - The core point of the article is that Xiangjia Co., Ltd. announced the convening of its fifth board meeting on September 12, 2025, to discuss adjustments to the board's specialized committee members [1] - For the first half of 2025, the company's revenue composition is entirely from the aquaculture industry, accounting for 100.0% [1] - As of the report, Xiangjia Co., Ltd. has a market capitalization of 3.2 billion yuan [1]

关于董事辞职暨选举职工代表董事、调整董事会专门 委员会成员的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、关于非独立董事辞职情况 湖南湘佳牧业股份有限公司（以下简称"公司"）董事会近日收到非独立董 事、副总裁、董事会秘书何业春先生递交的书面辞职报告，因公司内部工作调整， 何业春先生申请辞去公司第五届董事会非独立董事职务，辞去上述职务后，何业 春先生将继续担任公司副总裁、董事会秘书职务，其辞职报告自送达公司董事会 之日起生效。 | 证券代码：002982 | 证券简称：湘佳股份 | 公告编号：2025-056 | | --- | --- | --- | | 债券代码：127060 | 债券简称：湘佳转债 | | 湖南湘佳牧业股份有限公司 湖南湘佳牧业股份有限公司 董事会 公司董事会对何业春先生在任职董事期间对公司董事会工作做出的贡献表 示衷心的感谢！ 二、关于选举职工董事的情况 根据《公司法》《深圳证券交易所上市公司自律监管指引第 1 号——主板上 市公司规范运作》等法律法规、规范性文件及《公司章程》的相关规定，公司于 2025 年 9 月 12 日 ...