| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600965 | 福成股份 | 5.16 | -0.96% | 13.88万 | 7099.00万 | | 300967 | 膀鸣股份 | 26.13 | -0.65% | 20.94万 | - 5.36 Z | | 002458 | 益生股份 | 8.86 | -0.23% | 8.85万 | 7786.48万 | | 002746 | 仙坛股份 | 6.31 | -0.16% | . 12.14万 | 7617.91万 | | 002234 | 民和股份 | 8.71 | -0.11% | 6.76万 | 5869.63万 | | 002982 | 湘佳股份 | 15.13 | 0.07% | 3.70万 | 5549.10万 | | 603477 | 巨星农牧 | 20.69 | 0.24% | 13.17万 | 2.69亿 | | 002124 | 天邦食品 | 3.01 | 0.33% | 38.18万 | 1.14亿 | | 30031 ...

证券研究报告 行业研究|行业专题研究|农林牧渔 如何看待 2025 年 7 月生猪产能数据？ 请务必阅读报告末页的重要声明 glzqdatemark1 2025年09月05日 证券研究报告 |报告要点 据农业农村部数据，7 月份全国规模猪场母猪淘汰数量环比+2.1%，7 月末全国能繁母猪存栏 量 4042 万头，环比下降 1 万头。2025 年 7 月 23 日，农业农村部召开推动生猪产业高质量发 展座谈会：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。重点推荐成本优势明显，出栏兑现度高的优秀养殖 企业。推荐牧原股份、温氏股份等；同时推荐后周期动保及饲料板块，如海大集团等。 |分析师及联系人 王明琦 涂雅晴 SAC：S0590524040003 SAC：S0590524110004 请务必阅读报告末页的重要声明 1 / 9 行业研究|行业专题研究 glzqdatemark2 2025年09月05日 农林牧渔 如何看待 2025 年 7 月生猪产能数据？ 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 -20% -3% 13% ...

Performance Summary - In H1 2025, the company reported revenue of 49.85 billion yuan, a year-on-year increase of 5.9%, and a net profit attributable to shareholders of 3.48 billion yuan, a significant increase of 195.1% [1] - In Q2 2025, the company achieved revenue of 25.54 billion yuan, a year-on-year increase of 1.2%, but the net profit attributable to shareholders decreased by 42.83% to 1.473 billion yuan [1] Operational Analysis - The company has made significant progress in reducing costs and increasing efficiency in pig farming, with H1 2025 pig output reaching 17.93 million heads, a year-on-year increase of 24.75%, and an average selling price of 14.93 yuan/kg. The comprehensive cost of pig farming was 12.4 yuan/kg in H1 2025, which is expected to decrease to below 12 yuan/kg by the end of the year [2] - The company sold 598 million yellow feathered chickens in H1 2025, a year-on-year increase of 9.2%. Despite a decline in prices leading to losses, there is an expectation of profitability for the full year as prices have started to recover [2] - The company's debt ratio has been decreasing, with a debt ratio of 50.57% as of Q2 2025, down 2.6 percentage points from the previous quarter. This indicates a stable operational performance and potential for continued cost reduction [2] Profit Forecast, Valuation, and Rating - The company is expected to achieve net profits attributable to shareholders of 8.63 billion yuan, 13.26 billion yuan, and 15.29 billion yuan for the years 2025 to 2027, with year-on-year changes of -6.5%, +53.7%, and +15.2% respectively. Corresponding EPS is projected to be 1.3 yuan, 2.0 yuan, and 2.3 yuan [3] - The current stock price corresponds to a PE valuation of 14X, 9X, and 8X for the years 2025, 2026, and 2027, respectively, with a maintained "buy" rating [3]

智通财经APP获悉，国泰海通发布研报称，养殖板块养殖成本有所下降，从而带动利润改善。往后看， 该行预计低成本公司现金流状况将进一步改善。另预期行业分红公司逐步增加，分红率逐步增长。基于 行业盈利能力改善，继续看好生猪养殖行业。推荐标的：牧原股份(002714.SZ)、温氏股份 (300498.SZ)、巨星农牧(603477.SH)、神农集团(605296.SH)、天康生物(002100.SZ)。 分红增加 国泰海通主要观点如下： 2025年中报养殖行业现金流改善、负债率下降、养殖利润向好，其中牧原、神农、京基智农进行中报分 红，未来随着借款和负债率进一步下降，该行预期行业分红公司逐步增加，分红率逐步增长。 利润表：营收利润双增 利润表来看，2025Q2营业收入1205.60亿元，同比增加15.20%，环比增加9.85%。从成本的角度来看， 基于养殖效率改善、存活率提升等原因，该行预计养殖成本有所下降，从而带动利润改善，归母净利润 方面，单二季度归母净利润87.15亿，同比上升23.4%，环比一季度上升7.85亿。 资产负债表：降负债，慢资本开支 从资产负债表可以看到，利润的增厚主要投向降负债，资本开支没有大幅 ...

国泰海通发布研报称，养殖板块养殖成本有所下降，从而带动利润改善。往后看，该行预计低成本公司 现金流状况将进一步改善。另预期行业分红公司逐步增加，分红率逐步增长。基于行业盈利能力改善， 继续看好生猪养殖行业。推荐标的：牧原股份（002714）(002714.SZ)、温氏股份（300498） (300498.SZ)、巨星农牧（603477）(603477.SH)、神农集团（605296）(605296.SH)、天康生物 （002100）(002100.SZ)。 从资产负债表可以看到，利润的增厚主要投向降负债，资本开支没有大幅提升，该行看到二季度资本开 支环比下降约7亿，在建工程同比下降39.65%，板块平均资产负债率在二季度降到56.27%，环比Q1下降 约2个百分点。现金流量表：现金流的改善。单二季度的经营活动现金流净额为201.94亿，环比增加 66.16亿，并且是在二季度负债率明确改善的情况下，现金流逐步充裕。往后看，该行预计低成本公司 现金流状况将进一步改善。 国泰海通主要观点如下： 利润表：营收利润双增 利润表来看，2025Q2营业收入1205.60亿元，同比增加15.20%，环比增加9.85%。从成本 ...

Core Viewpoint - The ChiNext ETF by Ping An has shown strong performance, with a notable increase in both its index and constituent stocks, indicating a positive market sentiment towards the ChiNext sector [2][3]. Group 1: Performance Metrics - As of September 5, 2025, the ChiNext Index (399006) rose by 4.03%, with leading stocks such as QianDao Intelligent (300450) up by 15.99% and Shenghong Technology (300476) up by 14.40% [2]. - The ChiNext ETF Ping An (159964) increased by 3.94%, with a latest price of 1.87 yuan, and has accumulated a 6.88% rise over the past two weeks [2]. - Over the past three years, the net value of the ChiNext ETF Ping An has increased by 13.98%, ranking it among the top two comparable funds [2]. Group 2: Return and Risk Metrics - The ChiNext ETF Ping An has achieved a maximum monthly return of 37.37% since its inception, with an average monthly return of 7.06% and an annual profit percentage of 60.00% [2]. - The fund's Sharpe ratio for the past year is 1.78, indicating a favorable risk-adjusted return [3]. - The fund's relative drawdown over the past six months is 0.07%, with a recovery time of 99 days, which is relatively quick compared to similar funds [3]. Group 3: Fee Structure and Tracking Accuracy - The management fee for the ChiNext ETF Ping An is 0.15%, and the custody fee is 0.05%, making it one of the lowest in its category [3]. - The tracking error for the past three months is 0.015%, demonstrating the fund's close alignment with the ChiNext Index [3]. Group 4: Top Holdings - As of August 29, 2025, the top ten weighted stocks in the ChiNext Index account for 55.15%, with Ningde Times (300750) holding the highest weight at 18.77% [3][5].

Core Viewpoint - The company, Wens Foodstuff Group, is successfully progressing with its share repurchase plan and has reported significant growth in its operating performance for the first half of 2025, despite challenges in its poultry business [3][4]. Financial Performance - For the first half of 2025, Wens Foodstuff Group achieved a revenue of approximately 498.75 billion yuan, representing a year-on-year increase of 5.92% [4]. - The net profit attributable to shareholders reached about 34.75 billion yuan, marking a substantial year-on-year growth of 159.12% [4]. - The company's pork business generated a profit of around 51 billion yuan, while the poultry business incurred a loss of approximately 12 billion yuan [6]. Cost Management - The comprehensive cost of pork farming decreased to 6.2 yuan per jin, down by about 1.2 yuan per jin year-on-year, with market factors influencing around 40% and non-market factors about 60% [6]. - The total cost for broiler chickens was reduced to 5.6 yuan per jin, a decrease of 0.6 yuan per jin compared to the previous year [6]. Investment and Growth Strategy - Wens Foodstuff Group plans to invest approximately 5 billion yuan annually in fixed assets, focusing on the construction and upgrading of pig farming facilities, breeding farms, and slaughterhouses [8]. - The company aims to maintain an annual growth rate of 5% to 10% in its poultry business, particularly in fresh meat processing and cooked food sectors [8]. Family Succession - The third generation of the Wens family has begun to take on management roles within the company, indicating a structured transition in leadership [11][12]. - The adjustment in the controlling shareholder team aims to ensure continuity while adapting to new company developments, injecting new vitality into corporate governance [12].

Key Points - Zhonghuan Hailu terminated the planning of the change of company control and resumed trading [1][2] - Shida Shenghua plans to establish a subsidiary with an investment of 25 million yuan to build a 53,000 tons/year calcium chloride project [1] - Southeast Network Frame won a bid for approximately 1.686 billion yuan for the Pujiang Street Five Villages joint planning and development project [1] - Roman Co. intends to acquire 39.2308% equity of Wutong Gaoxin for 196 million yuan [1] - Torch Electronics completed a share repurchase, having repurchased shares worth 49.9907 million yuan [1] - Jiangling Motors reported cumulative sales of 226,500 vehicles from January to August, a year-on-year increase of 5.67% [1] - Wen's Co. reported August sales revenue of 2.956 billion yuan for broilers and 4.825 billion yuan for live pigs [2] - Some directors and senior management of Shanghai Caishi plan to increase their holdings by no less than 6 million yuan [1] - Actual controller of Gongdong Medical, Shi Huiyong, plans to reduce holdings by no more than 4.4099 million shares through block trading [1] - Shida Shenghua's subsidiary establishment and investment in the calcium chloride project indicates growth in the chemical industry [1]

Group 1: Overall Performance of Listed Companies - The total operating revenue of listed companies in Shanghai and Shenzhen reached 34.92 trillion yuan, with a net profit of 2.99 trillion yuan for the first half of 2025 [1] - Shenzhen companies achieved a total operating revenue of 10.24 trillion yuan, a year-on-year increase of 3.64%, and a net profit of 595.46 billion yuan, up 8.88% [1] - Shanghai companies reported operating revenue of 24.68 trillion yuan, a slight decrease of 1.3%, with a net profit of 2.39 trillion yuan, an increase of 1.1% [1] Group 2: Sector Performance - Emerging industries such as semiconductors, electronics, pharmaceuticals, and new energy are rapidly rising, while traditional industries like steel and machinery are seeking transformation [2] - The electronics sector in Shenzhen saw 253 companies generate 984.76 billion yuan in revenue, a 14.1% increase, and a net profit of 454.57 billion yuan, up 24.59% [3] - The computer industry in Shenzhen reported 501.25 billion yuan in revenue, a 13.74% increase, and a net profit of 122.85 billion yuan, up 26% [5] Group 3: R&D Investment - Shenzhen companies invested a total of 352.97 billion yuan in R&D, with significant contributions from companies like BYD and ZTE [9] - The R&D investment in strategic emerging industries in Shenzhen reached 92.46 billion yuan, a year-on-year increase of 22.36% [9] - Shanghai's R&D investment also hit a record high of 432.6 billion yuan, growing by 1% [9] Group 4: International Expansion - Over 830 manufacturing companies in Shanghai achieved overseas revenue of 1.1 trillion yuan, a 5% increase [11] - Shenzhen's strategic emerging industries reported overseas income of 434.66 billion yuan, a 23.59% increase, with a 29.22% share of total revenue [11] - Companies are diversifying their overseas markets, with significant growth in exports from firms like Huayou Cobalt and Quectel [12] Group 5: Dividend and Shareholder Returns - A total of 794 listed companies in Shanghai and Shenzhen announced mid-term dividends amounting to 643.81 billion yuan [12] - Shenzhen companies saw an 18.04% increase in the number of mid-term dividends declared, with a 49.51% increase in dividend amounts [12] - Companies are also increasing share buybacks, with Shenzhen firms announcing 230 buyback plans totaling 68.21 billion yuan [13]

Group 1 - Guoxin Technology successfully tested a new generation of automotive electronic BLDC motor drive control high-performance chip "CBC2100B," which is based on 130nm BCD process and aims to address the MCU chip shortage in China's automotive industry, especially in new energy vehicles [1] - The chip is applicable in automotive electronic fields such as water pumps, oil pumps, and air conditioning fans, as well as in industrial control for BLDC motor drives and electrified equipment [1] Group 2 - Hangzhou High-tech experienced a change in control with the resignation of multiple key executives, including the chairman, vice chairman, and general manager, which may lead to a temporary reduction in the board's member count below the minimum required [2] - The resigning executives will continue to perform their duties until new appointments are made to ensure the company's normal operations [2] Group 3 - Zhonghuan Hailu decided to terminate the planning of a change in control due to disagreements with the trading party regarding future development arrangements [4] - The stock and convertible bonds of the company will resume trading on September 5, 2025 [4] Group 4 - ST Tianmao plans to voluntarily withdraw its A-shares from trading on the Shenzhen Stock Exchange and apply for transfer to the National SME Share Transfer System after the termination of listing [5] - The decision has been approved by the company's first temporary shareholders' meeting in 2025 [5] Group 5 - Beijing Lier signed a strategic cooperation agreement with SenseTime and Xiwang to explore AI computing power collaboration and the development of industrial manufacturing and decision-making AI vertical models [6] - Hunan Baiyin adjusted its share repurchase price ceiling from 5 yuan to 7 yuan per share due to the stock price exceeding the original limit [6] Group 6 - Dongnan Network won the bid for the "Pujiang Street Five Villages Joint Development Project" with a bid amount of 1.686 billion yuan, accounting for 15% of the company's audited revenue for 2024 [8] - Wens Foodstuff reported sales of 3.2457 million pigs in August 2025, generating revenue of 4.825 billion yuan, with a year-on-year price change of 37.88% [8] - Jiangling Motors sold 30,003 vehicles in August 2025, representing a year-on-year increase of 8.92% [8] Group 7 - Hubei Yihua completed the construction of a 200,000 tons/year caustic soda energy-saving renovation project, which has been put into production [9] - Satellite Chemical announced routine maintenance for its polyethylene and ethylene oxide/ethylene glycol facilities, expected to last 45 days [9] Group 8 - Shida Shenghua plans to establish a subsidiary for a 53,000 tons/year calcium chloride project with an investment of 25 million yuan, aimed at enhancing its resource advantages in the new energy materials sector [11] - Roman Co. intends to acquire a 39.2308% stake in Wutong Technology for 196.154 million yuan, which will make Wutong a subsidiary of Roman [11] Group 9 - Shanghai Laishi's executives plan to increase their shareholdings in the company with a total investment of no less than 6 million yuan [13]