Group 1 - The agricultural sector saw a significant rise on the 15th, with notable performance from pork stocks, including companies like Delisi (002330) and Aonong Biological (603363) hitting the daily limit, while Lihua (300761) and Tiankang Biological (002100) rose over 8% [1] - The average weight of pigs sold last week was 128.32 kg per head, with a slowdown in the selling pace due to falling prices and cooler weather, which may lead to a temporary rebound in pig prices [1] - Since May, piglet prices have been declining as the corresponding selling time falls into the off-season next year, leading to decreased purchasing enthusiasm [1] Group 2 - Current pig prices have led to losses for companies with poor cost structures, prompting them to reduce production capacity, while supply pressure remains significant [2] - If the industry can orderly adjust capacity, a decrease in the number of breeding sows is expected, potentially raising the mid-term profitability of the industry [2] - After a period of adjustment, valuations of pig farming companies are at a bottom range, with leading companies still achieving good profitability and improving balance sheets [2] - The industry is expected to stabilize at a low point, with leading firms benefiting from cost advantages and increasing market share despite supply pressures [2] - The pig farming industry still has a promising mid-term profit margin, with many companies having expanded capacity poorly post-African swine fever, leading to significant cost variances [2]

Group 1 - The poultry industry is experiencing a price recovery, with prices for fast, medium, and slow chickens rising by 39%, 36%, and 22% respectively from June lows, driven by supply clearance and demand recovery [1] - A specific company's yellow chicken business achieved a breakeven cost of 5.6 yuan per pound in August, marking a turnaround in monthly performance [1] - The pig farming market is facing increased supply pressure, leading to price declines, with a target of 2 million pigs to be marketed by 2025, representing a 54% growth [1] Group 2 - The cost of pig farming in August was reported at 6.3 yuan per pound, with the cost of piglets dropping below 280 yuan per head [1] - As of September 15, 2023, the livestock ETF (159867.SZ) rose by 0.87%, and the related index, the CSI Livestock Index, increased by 1.01% [1] - Key stocks in the sector, such as Haida Group, Muyuan Foods, and Tiankang Biological, saw price increases of 2.62%, 1.95%, and 5.78% respectively [1] Group 3 - The pig farming industry is under pressure from declining prices due to supply release, with potential long-term risks from feed ingredient price fluctuations [3] - Major feed companies are expected to see significant sales growth in the first half of 2025, benefiting from a recovery in downstream farming volumes [3] - Haida Group reported a 26% year-on-year increase in feed sales, with a 40% increase in overseas sales, supporting its performance [3]

Group 1 - The core viewpoint of the news is that the livestock sector is experiencing a positive trend due to capacity regulation policies, leading to a rise in related stocks and ETFs [1] - The Ministry of Agriculture and Rural Affairs, along with the National Development and Reform Commission, is holding a meeting on September 16 to discuss pig production capacity regulation with 25 companies, including major players like Muyuan, Wens, and New Hope [1] - Recent policies aimed at controlling new production capacity are helping the industry move away from low-price competition, guiding pig prices into a reasonable profit range [1] Group 2 - The livestock ETF is currently trading at a low price-to-earnings ratio (PE-TTM) of 14.95, which is below 80.76% of the time over the past three years, indicating a high safety margin [2] - There is potential for the livestock sector to experience a rebound if funds shift from high-performing technology stocks to lower-valued sectors [2]

Investment Rating - The report maintains a "Positive" outlook on the pig farming industry, emphasizing the importance of the "anti-involution" process and the potential for value reassessment of quality pig enterprises [4][5]. Core Insights - The report highlights that the recent acceleration in pig price declines may lead to increased regulatory measures, urging investors to focus on the value reassessment of leading pig farming companies. The report suggests that the industry is nearing the end of its current production cycle, with a high probability of production capacity stabilizing and declining in the second half of 2025 [4][5]. - The report also notes that the overall performance of the agricultural sector is improving, with the Shenwan Agricultural, Forestry, Animal Husbandry, and Fishery Index rising by 4.8% compared to a 1.4% increase in the CSI 300 Index [4][5]. Summary by Sections Pig Farming - The report indicates that the average selling price of external three-yuan pigs was 13.27 yuan/kg as of September 14, 2025, reflecting a week-on-week decline of 2.5%. The average selling price of weaned piglets was 294 yuan/head, down 29 yuan/head, marking a new low for the year [4][5]. - The report emphasizes the expectation of upgraded production capacity regulation, suggesting that the industry is entering a phase of stable and high-quality development, which could enhance profitability and stability for quality pig enterprises [4][5]. Poultry Farming - For broiler chickens, the report notes a return to weak pricing across the industry, with the average selling price of white feather broiler chicks at 3.26 yuan/chick, down 1.21% week-on-week. The average selling price of white feather broiler meat was 3.45 yuan/kg, also down 1.15% [4][5]. - The report highlights the seasonal rebound in the yellow feather chicken market, with prices rebounding nearly 45% from the lowest point in late June [4][5]. Pet Food - The report provides insights into the pet food market, indicating that online sales in August 2025 reached 2.34 billion yuan, a year-on-year increase of 8% and a month-on-month increase of 19%. Cumulatively, sales from January to August 2025 totaled 19.21 billion yuan, up 11% year-on-year [4][5]. - Specific companies such as Guai Bao Pet and Zhong Chong have shown significant growth in their online sales, with Guai Bao Pet's GMV increasing by 15% year-on-year in August [4][5].

Core Viewpoint - The 2025 Guangdong Rural Singer Competition for the Yunfu-Jiangmen division successfully concluded, showcasing local talent and promoting cultural heritage through music [6][82]. Group 1: Event Overview - The competition took place on September 12-13 at the cultural square in Xinxing County, featuring 30 contestants performing various genres including Cantonese classics, Hakka songs, and original folk music [3][4][6]. - The event attracted significant attention, with over a hundred rural music enthusiasts participating [18][19]. Group 2: Winners and Prizes - The top three contestants were Yang Xiuhun (champion), Su Weihua (runner-up), and Liang Jie (third place), winning cash prizes of 9,800 yuan, 6,800 yuan, and 3,800 yuan respectively, and advancing to the provincial semi-finals [7][70][119]. Group 3: Cultural Significance - The competition aimed to use music as a means to discover rural musical talent and support the "Hundred Million Project" for rural revitalization, providing cultural backing for development [82][83]. - The event featured a variety of performances that highlighted local culture and traditions, fostering community engagement and pride [34][66]. Group 4: Sponsorship and Support - The event was organized by several entities including the Southern Media Group, Guangdong Provincial Office of Spiritual Civilization Construction, and the Guangdong Provincial Department of Agriculture and Rural Affairs, with sponsorship from Wens Food Group [84][86][110]. - Wens Food Group, a leading enterprise in the region, has been instrumental in promoting rural development and agricultural modernization [108][112]. Group 5: Community Engagement - The event included local product stalls, allowing attendees to experience regional specialties while enjoying the performances, thus enhancing community interaction and support for local businesses [88][90]. - The competition not only entertained but also educated the audience about local culture and industries, contributing to a sense of belonging and community pride [66][104].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [9] Core Viewpoints - The report emphasizes the importance of the pig sector, highlighting the expected decline in production capacity due to policy guidance amid strong supply and weak demand conditions [1][2][13] - The dairy and beef sectors are noted for potential recovery, with the beef super cycle possibly starting, and the report suggests focusing on companies with mother cow resources or those adopting a "milk-meat linkage" model [3][15] - The pet sector is experiencing rapid growth of domestic brands and a positive trend in pet food exports, indicating a robust pet economy [3][16] - The poultry sector is advised to focus on the white chicken breeding gap and the marginal improvement in demand for yellow chickens, with recommendations for specific companies [4][17][19] - The planting sector is encouraged to wait for a turnaround in conventional seed industries while emphasizing opportunities in biological breeding [5][21] - The feed sector highlights Hai Da Group as a key recommendation due to its market share increase and consistent performance [6][23] Summary by Sections Pig Sector - Current pig prices are under pressure, with an average price of 13.50 CNY/kg, down 2.67% from the previous week, and the industry is facing a narrowing profit margin [1][13] - The report suggests focusing on undervalued companies with strong profitability, with specific recommendations for leading firms like Muyuan Foods and Wens Foodstuffs [2][14] Beef Sector - The report indicates that the dairy cow capacity reduction is nearing its end, with potential price recovery for raw milk and beef [3][15] - Recommended companies include Youran Dairy and China Shengmu Organic Milk [3][15] Pet Sector - The domestic pet economy is thriving, with significant growth in sales and exports of pet food [3][16] - Key recommendations include Guibao Pet Food and Zhongchong Co., Ltd. [3][16] Poultry Sector - The report highlights the need to focus on the breeding gap for white chickens and the improving demand for yellow chickens [4][17][19] - Recommended companies include Shengnong Development and Lihua Stock [4][17][19] Planting Sector - The report emphasizes the importance of improving yield through advanced breeding techniques and the integration of agricultural practices [5][21] - Key recommendations include Longping High-tech and Dabeinong Technology Group [5][21][22] Feed Sector - Hai Da Group is highlighted as a key player in the feed sector, with expectations of market recovery and increased market share [6][23]

从抖音平台上看，本周宠物类目品牌中，麦富迪、卫仕及弗列加特 日均销售额排名前三，中宠股份的领先和顽皮分别位列第 27 和 35 名。此外，本周乖宝宠物的麦富迪微信公众号上新原生鲜肉粮，产 品突出减油卖点；中宠股份的顽皮品牌获得"美团闪购唯一宠物品 牌"最佳增长奖"。总体来看，宠物品牌创新从取悦宠物主越来越向 关注宠物健康方向瞄准，国产品牌创新力整体更强。 种植：秋收在即，关注"秋讯"。 股票研究 /[Table_Date] 2025.09.14 金秋九月，关注种、养殖业 [Table_Industry] 农业 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 王艳君(分析师) | 021-38674633 | wangyanjun2@gtht.com | S0880520100002 | | 林逸丹(分析师) | 021-38038436 | linyidan@gtht.com | S0880524090001 | | 巩健(分析师) | 021-23185702 | gongjian@gtht.com | S08805250 ...

Core Viewpoint - Domestic pig prices have unexpectedly dropped to a new low during the traditional consumption peak season, reflecting severe overcapacity pressures in the industry [1][2] Group 1: Price Trends - As of September 14, domestic pig prices reached 13.32 yuan/kg, marking a year-low and below the cash breeding costs for some listed pig companies [1] - In September, pig prices fell to 13.23 yuan/kg, a year-on-year decrease of 31.2% and a month-on-month decrease of 3.62%, down 20.1% from the year's peak [2] - The current pig cycle is characterized by less pronounced price fluctuations, with prices not showing significant increases since hitting a low point [2] Group 2: Sales Performance - Major listed pig companies reported increased sales in August, with Muyuan Foods selling 7.001 million pigs (up 27.1% year-on-year) and Wens Foodstuffs selling 3.2457 million pigs (up 37.88% year-on-year) [3] - Smaller listed companies also saw significant sales growth, with Zhenghong Technology and Dongrui Co. reporting increases of 63.31% and 21% respectively [3] Group 3: Supply and Demand Dynamics - The supply-demand imbalance, with strong supply and weak demand, is a primary reason for the low pig prices [4] - The Ministry of Agriculture has implemented policies to reduce the breeding sow population, aiming to decrease it by approximately 1 million heads [4] - Despite a slight increase in the breeding sow population in August, the ongoing price decline indicates that adjustments may not be sufficient to change the supply-demand dynamics [4] Group 4: Industry Adjustments - Muyuan Foods has reduced its breeding sow population and plans to lower the average weight of pigs being sold, indicating a direct response to current supply pressures [5] - The reduction in breeding sow numbers will take about 10 months to significantly impact the market supply [5] - The industry is expected to see a gradual adjustment in production efficiency, which may not yield noticeable results until early 2026 [5] Group 5: Market Sentiment - Despite the ongoing price decline, the A-share market for pig farming stocks has shown resilience, reflecting market expectations of a price bottom [5] - The pig industry index rose by 5.89% in September, marking the highest monthly increase of the year, with most stocks performing well [6] - The current valuation of the pig farming sector is at a near 10-year low, which may attract investment as the market anticipates accelerated capacity reduction [6]

Core Points - The event is a rural singer competition held in Xinxing County, showcasing local talent and culture [2][4] - The competition aims to promote local specialties from Yunfu and Jiangmen, creating a dual feast of music and cuisine [12][7] - The final competition will take place on the evening of September 13, featuring various local products [10][11] Group 1 - The event features singers from 30 enterprises in regions such as Xinxing, Yunan, and Enping [8] - The competition is supported by sponsors like Wens Food Group, which aims to enhance the performance of the singers [16][17] - Local delicacies include high-quality soybeans, spring water-made tofu, and various regional specialties [21][29] Group 2 - The event also highlights local agricultural products, such as passion fruit and purple rice from Xinxing [33][35] - Traditional foods like Yunan yellow skin mooncakes are promoted in conjunction with the competition, aligning with the upcoming Mid-Autumn Festival [37] - The event serves as a platform for community engagement, inviting citizens to enjoy the exhibition and performances [31][11]

携手八大畜牧协 会庆丰收！云浮 打造生猪种 业"硅谷"、畜牧 产业高地_南方 +_南方plus 金秋时节，丰收 气息弥漫南粤大 地。 今年丰收节之 时，一场关乎广 东畜牧产业高质 量发展的盛会， 将在云浮新兴举 办。云浮携手广 东畜牧业八大协 会，开展庆丰收 活动，共商"媒 体＋"生猪种业 产业"硅谷"、畜 牧产业高地建设 大计，期间，云 浮市猪种业全产 业链招商大会同 步召开。 受访者供图 打造生猪种业高地，为什么是云浮？ 在乡村振兴战略 深入推进的背景 下，云浮市立足 自身资源，聚焦 畜牧产业核心领 域，以生猪种业 创新发展为抓 手，走出了一条 特色鲜明的畜牧 产业升级之路。 种子是农业 的"芯片" 。2025 年中央一号文件 提出，以科技创 新引领先进生产 要素集聚，因地 制宜发展农业新 质生产力。深入 实施种业振兴行 动，发挥重大农 业科研平台作 用，加快攻克一 批突破性品种。 继续推进生物育 种产业化。 面对种源"卡脖 子"难题，近年 来，云浮市联合 温氏等当地龙头 企业，全力推进 种业创新攻关。 温氏育种公司现 代化育种基地。 温氏育种公司现代化育种基地。 作为广东生猪种 业发展的中坚力 量，温氏 ...