Core Viewpoint - The company, Wen's Foodstuffs Group Co., Ltd. (300498.SZ), has received a registration notice from the trading association for a short-term financing bond, indicating a strategic move to raise funds through bond issuance [1] Group 1 - The registered amount for the short-term financing bond is 5 billion yuan, valid for two years from the date of the notice [1] - The Industrial and Commercial Bank of China Limited will act as the lead underwriter for the bond issuance [1] - The company can issue the short-term financing bonds in installments during the registration validity period, and must file with the trading association prior to any issuance [1]

温氏食品集团股份有限公司 关于短期融资券获准注册的公告 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。 温氏食品集团股份有限公司 | 证券代码：300498 | 证券简称：温氏股份 | 公告编号：2025-108 | | --- | --- | --- | | 债券代码：123107 | 债券简称：温氏转债 | | 温氏食品集团股份有限公司（以下简称"公司"）第五届董 事会第四次会议及2024年度股东大会审议通过了《关于申请注 册发行短期融资券的议案》，同意公司向中国银行间市场交易 商协会（以下简称"交易商协会"）申请注册发行不超过人民币 50亿元（含50亿元）的短期融资券。 公司将根据上述通知要求，严格按照《非金融企业债务融资 工具注册发行规则》、《非金融企业债务融资工具注册工作规 程》和《非金融企业债务融资工具信息披露规则》及有关规则指 引规定，履行信息披露义务。 特此公告。 温氏食品集团股份有限公司董事会 2025年9月12日 2 近日，公司收到交易商协会出具的《接受注册通知书》（中 市协注〔2025〕CP92号），交易商协会接受公司短期融资券注 册，并 ...

政策频出，产能调控进行时 今年5月底以来，生猪养殖行业指导&调控政策频出。据智通财经，5月30日多家头部猪企接相关部门要 求集团场暂停能繁母猪扩产，出栏体重也需要控制在120公斤左右，同时限制出售商品猪至二次育肥。6 月有关部门召开生猪生产调度会，将对全国能繁母猪存栏量在现有基础上调减100万头左右，降至3950 万头；7月农业农村部召开推动生猪产业高质量发展座谈会，会议指出要严格落实产能调控举措，合理 淘汰能繁母猪，适当调减能繁母猪存栏，减少二次育肥，控制肥猪出栏体重，严控新增产能。 智通财经APP获悉，华西证券发布研报称，据农业农村部畜牧兽医局，9月16日农业农村部畜牧兽医局 将召开生猪产能调控企业座谈会，牧原股份(002714.SZ)和温氏股份(300498.SZ)等25家生猪养殖企业参 会。今年5月底以来，生猪养殖行业指导&调控政策频出，其中多措并举限制出售商品猪至二次育肥。 尽管目前仔猪价格仍在成本线以上，若未来价格持续下跌，有望引发新一轮主动去产能，叠加政策引导 下的被动去产能，未来生猪供需格局将改善，看好猪价中枢上移。 华西证券主要观点如下： 事件概述：据农业农村部畜牧兽医局，9月16日农业农村 ...

Investment Rating - The report maintains a "Positive" investment rating for the agricultural products industry [13]. Core Insights - The swine breeding industry is transitioning from a rapid growth phase to a stable phase, with medium to long-term capacity control becoming the new norm, positively impacting the industry. Profits for quality enterprises are expected to significantly increase, with a favorable long-term outlook for the sector [4][21]. - Key recommendations include Muyuan Foods, Wens Foodstuff Group, Dekang Agriculture, Shennong Group, and Juxing Agriculture in the swine breeding sector. In the pet food segment, the report highlights the rapid growth of domestic brands such as Guibao Pet and Zhongchong Co., Ltd. The feed industry is also experiencing a recovery, with Haida Group's domestic market share increasing and overseas business growing rapidly [4][21]. Summary by Sections Swine Breeding - In the first half of 2025, the revenue of listed companies in the swine breeding sector increased by 19% year-on-year, with a non-recurring net profit growth of 512%. The average swine price decreased by 4% year-on-year, but profits surged due to improved breeding costs. The industry's free cash flow improved significantly, totaling approximately 18.3 billion yuan, compared to a negative 3.7 billion yuan in the same period last year [8][23]. - The average profit for self-breeding and self-raising was about 73 yuan per head, a significant improvement from a loss of 25 yuan per head in the previous year [23]. Feed Industry - The feed sector saw a revenue increase of 13% year-on-year in the first half of 2025, with a 70.9% increase in non-recurring net profit. The total feed production reached 159 million tons, up 8% year-on-year. Haida Group's feed sales volume grew by 26% year-on-year, and the company is expected to see further growth in shrimp and crab feed in the third quarter [9][22]. Pet Food - The pet food sector's revenue grew by 22.4% year-on-year in Q2 2025, with a 19.2% increase in non-recurring net profit. Domestic sales for Guibao Pet and Zhongchong Co., Ltd. are expected to grow by over 40% in Q2. However, exports of pet snacks faced a decline due to tariffs, with a 52% drop in exports to the U.S. [10][22].

Group 1 - The pork concept sector leads the market with an increase of 2.74% [1] - Bangji Technology saw a rise of 6.39% [1] - Lihua Co., Ltd. increased by 4.81% [1] - Wens Foodstuff Group rose by 4.21% [1] - Muyuan Foods and Tianbang Foods both experienced gains of over 3% [1] - Huatong Foods also saw a significant increase [1]

Group 1 - New Chang Wen's Poultry Industry Co., Ltd. has been established with a registered capital of 20 million yuan [1] - The company is fully owned by Wen's Food Group Co., Ltd. (stock code: 300498) [1] - The business scope includes poultry farming, live poultry sales, feed production, fresh meat wholesale, and fresh egg retail and wholesale [1] Group 2 - The company is located in Xinchang County, Zhejiang Province, and was registered on August 29, 2025 [2] - The legal representative of the company is Cai Yishi [2] - The company operates under the agricultural, forestry, animal husbandry, and fishery industry classification [2]

Investment Rating - Industry rating: Recommended [4] Core Viewpoints - The Ministry of Agriculture and Rural Affairs will hold a meeting on September 16 to discuss the current situation of pig production and measures for capacity regulation among 25 pig farming enterprises [1] - Since late May, there have been frequent policies regarding capacity regulation in the pig farming industry, including a reduction of 1 million breeding sows to a target of 39.5 million [2] - The average slaughter weight of pigs has been steadily decreasing, with a decline of 3.65% as of the first week of September [2] - The current pig prices are low, with August's average price below 14 yuan/kg and recent prices in Guangxi dropping to under 12.5 yuan/kg [3] Summary by Sections Policy and Regulation - The government has implemented strict measures to control the breeding sow population and reduce the weight of pigs for slaughter [2] - Major enterprises like Muyuan Foods have committed to reducing their breeding sow population, with a planned reduction of 3.82% by the end of the year [2] Market Dynamics - The breeding sow population is currently at 40.42 million, slightly above the normal level, indicating potential for further reductions [3] - The pig price is expected to rise in the future due to a combination of active and passive capacity reductions, improving the supply-demand balance [3] Investment Opportunities - The pig farming sector is currently undervalued, with a recommendation to focus on companies like Lihua Stock, which is expected to benefit from rising chicken prices and a growing pig farming business [6] - The company plans to achieve a pig output of over 1 million heads in 2024, with a projected increase to 2 million heads in 2025 [6]

Group 1 - The aquaculture sector increased by 4.16% on September 11, with Lihua Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3875.31, up 1.65%, while the Shenzhen Component Index closed at 12979.89, up 3.36% [1] - Key stocks in the aquaculture sector showed significant price increases, with Lihua Co., Ltd. rising by 13.96% to a closing price of 23.92 [1] Group 2 - The main capital flow in the aquaculture sector showed a net outflow of 583 million yuan from institutional investors, while retail investors had a net inflow of 660 million yuan [1] - Specific stock performances included New Hope with a net inflow of 4.11 million yuan from institutional investors, but a net outflow of 43.15 million yuan from speculative funds [2] - Other notable stocks included Dongrui Co., Ltd. with a net inflow of 1.49 million yuan from institutional investors and a net outflow of 17.04 million yuan from speculative funds [2]

Group 1 - The China Livestock Breeding Index (930707) has shown a strong increase, with key stocks such as Lihua Co. (300761) rising by 13.96%, Jinxinnong (002548) by 10.00%, and Tiankang Bio (002100) by 9.94% [1] - The Livestock ETF (159867) increased by 2.69%, with a latest price of 0.69 yuan and a net subscription of 136 million units today [1] - As of September 5, the national average price of live pigs was 13.79 yuan/kg, reflecting a week-on-week increase of 0.17 yuan/kg [1] Group 2 - The top ten weighted stocks in the China Livestock Breeding Index (930707) account for 65.57% of the index, including Muyuan Foods (002714) and Wens Foodstuff Group (300498) [2]

Core Viewpoint - The A-share market shows a strong upward trend, with significant gains in sectors such as computing hardware, semiconductors, and liquid-cooled servers, while sports and precious metals sectors remain sluggish [3][4]. Market Performance - The Shanghai Composite Index rose by 1.12%, the Shenzhen Component Index increased by 2.63%, and the ChiNext Index surged by 4.31% [3]. - The total trading volume in the Shanghai and Shenzhen markets reached 1.48 trillion yuan, an increase of 193.8 billion yuan compared to the previous trading day, with over 3,300 stocks rising [4]. Sector Highlights - Notable sectors with significant gains include: - Components: +6.54% - Co-packaged optics (CPO): +6.13% - AI 50 Index: +4.83% - PCB concept: +4.40% - Fiber optic concept: +4.11% [4]. - Semiconductor stocks, particularly computing chips, experienced a notable surge, with companies like Haiguang Information nearing a 20% limit up [6][13]. Individual Stock Movements - Industrial Fulian reached a new historical high, increasing by 8.78% to 58.38 yuan [9]. - In the pork sector, stocks such as Bangji Technology and Lihua Shares saw significant increases, with Bangji Technology hitting the daily limit up [11][12]. International Market Influence - OpenAI reportedly signed a deal to purchase $300 billion worth of computing power from Oracle over five years, leading to a 36% surge in Oracle's stock, which added approximately $250 billion to its market capitalization in a single day [13].