Investment Rating - Industry rating: Outperform the market (maintained rating) [9] Core Insights - The pet industry is experiencing significant growth, with the Asia Pet Expo showcasing over 2,600 exhibitors and 20,000 brands, indicating a thriving market driven by globalization and innovation [2][13] - China's pet food exports have shown continuous growth, with 201,000 tons exported from January to July 2025, reflecting a year-on-year increase of 6.64% [14] - The pig farming sector is facing challenges, with the average pig price at 13.82 yuan/kg, a decrease of 3.63% from the previous week, and the average weight of pigs reaching a historical high [15][16] - The dairy sector is poised for a recovery, with the original milk price expected to rebound as production capacity decreases after a prolonged period of losses [17][18] - The poultry sector is focusing on breeding gaps, with a significant decline in the import of breeding chickens due to avian influenza concerns, which may impact future supply [19][20] - The planting sector emphasizes food security and the importance of biotechnology, with a focus on high-yield and resilient crop varieties [25] - The feed sector is recommended for investment, particularly in companies like Haida Group, which is expected to benefit from market recovery and increased market share [26] Summary by Sections Pet Sector - The Asia Pet Expo has reached a record scale of 310,000 square meters, highlighting the industry's vitality and innovation potential [2][13] - Pet food exports from China have increased, with a total of 201,000 tons exported in the first seven months of 2025, showing a year-on-year growth of 6.64% [14] - Recommended companies include pet food brands like Guibao Pet, Zhongchong Co., and Petty Co. [14] Pig Sector - The average pig price is currently at 13.82 yuan/kg, with a year-to-date low in profitability for pig farming [15][16] - The average weight of pigs is at a historical high, indicating supply pressures [15] - Recommended companies include leading pig farming firms such as Wens Foodstuffs Group and Muyuan Foods [16] Dairy Sector - Yuran Dairy reported stable performance with a revenue of 10.3 billion yuan, showing a year-on-year growth of 2.3% [17] - The dairy industry is expected to see a recovery as production capacity decreases [18] - Recommended companies include Yuran Dairy and China Shengmu Organic Milk [18] Poultry Sector - The poultry sector is facing challenges with breeding imports, particularly for white chickens, due to avian influenza [19][20] - Recommended companies include Shennong Development and Yisheng Livestock [20] Planting Sector - The focus is on food security and biotechnology, with an emphasis on high-yield and resilient crop varieties [25] - Recommended companies include Longping High-Tech and Dabeinong Technology Group [25] Feed Sector - Haida Group is highlighted as a key investment opportunity due to its increasing market share and performance [26] - The animal health sector is also recommended, particularly companies like Kexin Biological [27]

Group 1 - The agricultural comprehensive sector experienced a decline of 0.94% on August 22, with Dayu Irrigation leading the drop [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] - Key stocks in the agricultural sector showed varied performance, with Huilong Co. down 0.34%, Runong Irrigation down 0.82%, and Dayu Irrigation down 1.65% [1] Group 2 - The net outflow of main funds in the agricultural sector amounted to 46.43 million yuan, while retail investors saw a net inflow of 27.91 million yuan [1] - Detailed fund flow data indicates that Huilong Co. had a main fund net outflow of 13.18 million yuan and a retail net inflow of 3.57 million yuan [1] - Dayu Irrigation experienced a main fund net outflow of 33.25 million yuan, with a significant retail net inflow of 24.34 million yuan [1]

Group 1 - The agricultural comprehensive sector increased by 0.82% on August 21, with Hui Long Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3771.1, up 0.13%, while the Shenzhen Component Index closed at 11919.76, down 0.06% [1] - Hui Long Co., Ltd. closed at 5.85 with a gain of 1.21%, while Da Yu Irrigation and Run Nong Irrigation had closing prices of 5.47 and 8.58, with gains of 0.37% and a slight decline of 0.12% respectively [1] Group 2 - The net inflow of main funds in the agricultural comprehensive sector was 10.81 million yuan, while retail investors experienced a net outflow of 19.80 million yuan [1] - Hui Long Co., Ltd. had a main fund net inflow of 8.14 million yuan, but a net outflow from retail investors of 5.01 million yuan [1] - Da Yu Irrigation saw a main fund net inflow of 2.67 million yuan and a retail net outflow of 14.79 million yuan [1]

Group 1 - The agricultural sector index increased by 0.78% on August 20, with Dayu Irrigation leading the gains [1] - The Shanghai Composite Index closed at 3766.21, up 1.04%, while the Shenzhen Component Index closed at 11926.74, up 0.89% [1] - Dayu Irrigation's stock price rose by 1.30% to 5.45, with a trading volume of 580,500 shares and a transaction value of 313 million yuan [1] Group 2 - The net inflow of main funds in the agricultural sector was 10.68 million yuan, while retail funds experienced a net outflow of 3.85 million yuan [1] - Dayu Irrigation had a main fund net inflow of 24.34 million yuan, accounting for 7.78% of its total, while retail funds saw a net outflow of 1.49 million yuan [1] - Huolong Co. experienced a net outflow of main funds amounting to 13.65 million yuan, with retail funds showing a net inflow of 14.88 million yuan [1]

Summary of Key Points - The core point of the article is that Dayu Water-saving (300021) announced that August 20 is the last conversion day for its convertible bonds, after which unconverted bonds will be forcibly redeemed at a price of 100.2 yuan per bond, including tax [1]. Group 1 - Dayu Water-saving's convertible bonds can still be converted by investors until the market closes on August 20 [1]. - After the market closes on August 20, any unconverted Dayu convertible bonds will cease to be convertible [1]. - The remaining convertible bonds will be redeemed at a price of 100.2 yuan per bond, which includes tax [1].

| 证券代码：300021 | 证券简称：大禹节水 | 公告编号：2025－130 | | --- | --- | --- | | 债券代码：123063 | 债券简称：大禹转债 | | 大禹节水集团股份有限公司 关于大禹转债即将停止转股暨赎回前最后半个交易日的重要提示性 公告 本公司及其董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 1、 最后转股日：2025 年 8 月 20 日 2025 年 8 月 20 日是大禹转债最后一个转股日，当日收市前，持有大禹转债 的投资者仍可进行转股；2025 年 8 月 20 日收市后，未转股的大禹转债将停止转 股，剩余可转换公司债券（以下简称"可转债"）将按照 100.20 元/张（含税） 的价格被强制赎回。 2、 特提醒大禹转债投资者注意在限期内转股。投资者如未及时转股， 可能面临损失，敬请投资者注意投资风险。 3、 投资者若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能将所持大禹转债转换为股票，特提请投资者关注不能转 股的风险。 4、 特提醒大禹转债投资者仔细阅读本公告内容，关注相关 ...

| 证券代码：300021 | 证券简称：大禹节水 | 公告编号：2025－129 | | --- | --- | --- | | 债券代码：123063 | 债券简称：大禹转债 | | 大禹节水集团股份有限公司 关于大禹转债即将停止转股暨赎回前最后一个交易日的重要提示性 公告 本公司及其董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 1、 最后转股日：2025 年 8 月 20 日 2025 年 8 月 20 日是大禹转债最后一个转股日，当日收市前，持有大禹转债 的投资者仍可进行转股；2025 年 8 月 20 日收市后，未转股的大禹转债将停止转 股，剩余可转换公司债券（以下简称"可转债"）将按照 100.20 元/张（含税） 的价格被强制赎回。 2、 截至 2025 年 8 月 19 日收市后，距离大禹转债赎回日（2025 年 8 月 21 日）仅剩 1 个交易日。特提醒大禹转债投资者注意在限期内转股。投资者如 未及时转股，可能面临损失，敬请投资者注意投资风险。 3、 投资者若转股，需开通创业板交易权限。投资者不符合创业板股票 适当性管理要求的，不能 ...

Group 1 - The agricultural comprehensive sector increased by 0.1% on August 19, with Runong Water Saving leading the gains [1] - The Shanghai Composite Index closed at 3727.29, down 0.02%, while the Shenzhen Component Index closed at 11821.63, down 0.12% [1] - Runong Water Saving's closing price was 8.58, with a gain of 0.59%, and a trading volume of 87,700 shares [1] Group 2 - The main funds in the agricultural comprehensive sector experienced a net outflow of 18.99 million yuan, while retail investors saw a net inflow of 26.75 million yuan [2] - The trading volume for Huilong Co. was 184,600 shares, with a closing price of 5.76 and a gain of 0.35% [1] - Dayu Water Saving's closing price was 5.38, with a decrease of 0.19% and a trading volume of 496,500 shares [1]

| 证券代码：300021 | 证券简称：大禹节水 | 公告编号：2025－128 | | --- | --- | --- | | 债券代码：123063 | 债券简称：大禹转债 | | 大禹节水集团股份有限公司 关于大禹转债赎回实施暨即将停止转股的重要提示性公告 本公司及其董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 1、 最后转股日：2025 年 8 月 20 日 2025 年 8 月 20 日是大禹转债最后一个转股日，当日收市前，持有大禹转债 的投资者仍可进行转股；2025 年 8 月 20 日收市后，未转股的大禹转债将停止转 股，剩余可转换公司债券（以下简称"可转债"）将按照 100.20 元/张（含税） 的价格被强制赎回。 2、 截至 2025 年 8 月 18 日收市后，距离大禹转债赎回日（2025 年 8 月 21 日）仅剩 2 个交易日。特提醒大禹转债投资者注意在限期内转股。投资者如 未及时转股，可能面临损失，敬请投资者注意投资风险。 10、 根据安排，截至 2025 年 8 月 20 日（赎回登记日）收市后仍未转股 的大禹转债，将按 ...

| 证券代码：300021 | 证券简称：大禹节水 | 公告编号：2025－127 | | --- | --- | --- | | 债券代码：123063 | 债券简称：大禹转债 | | 大禹节水集团股份有限公司 关于大禹转债赎回实施暨即将停止转股的重要提示性公告 本公司及其董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 1、 最后转股日：2025 年 8 月 20 日 2025 年 8 月 20 日是大禹转债最后一个转股日，当日收市前，持有大禹转债 的投资者仍可进行转股；2025 年 8 月 20 日收市后，未转股的大禹转债将停止转 股，剩余可转换公司债券（以下简称"可转债"）将按照 100.20 元/张（含税） 的价格被强制赎回。 2、 截至 2025 年 8 月 15 日收市后，距离大禹转债赎回日（2025 年 8 月 21 日）仅剩 3 个交易日。特提醒大禹转债投资者注意在限期内转股。投资者如 未及时转股，可能面临损失，敬请投资者注意投资风险。 3、 投资者若转股，需开通创业板交易权限。投资者不符合创业板股票适 当性管理要求的，不能将所持大禹转债 ...