| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-07-29 | 300498 | 温氏股份 | 21.57 | 45.61 | 983.81 | 粤开证券股份有限 | 东方财富证券股份 | | | | | | | | 公司深圳分公司 | 有限公司拉萨东环 | | | | | | | | | 路第一证券营业部 | 7月29日，温氏股份大宗交易成交45.61万股，成交额983.81万元，占当日总成交额的0.98%，成交价21.57元，较市场收盘价 17.63元溢价22.35%。 ...

截至7月29日收盘，猪肉概念下跌1.35%，位居概念板块跌幅榜前列，板块内，神农集团、牧原股份、 龙大美食等跌幅居前。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | CRO概念 | 4.00 | 猪肉 | -1.35 | | 重组蛋白 | 2.90 | 养鸡 | -1.12 | | 创新药 | 2.79 | 草甘膦 | -1.10 | | 减肥药 | 2.76 | 粮食概念 | -1.00 | | F5G概念 | 2.43 | 芬太尼 | -0.88 | | 细胞免疫治疗 | 2.42 | PEEK材料 | -0.85 | | 仿制药一致性评价 | 2.30 | 预制菜 | -0.85 | | 共封装光学(CPO) | 2.23 | 生态农业 | -0.78 | | 特钢概念 | 2.08 | C2M概念 | -0.78 | | 先进封装 | 1.91 | 人造肉 | -0.76 | 资金面上看，今日猪肉概念板块获主力资金净流出7.65亿元，其中，28股获主力资金净流出，5股主力 资金净流出超3000万元， ...

Group 1 - The poultry concept sector experienced a decline of 1.12%, ranking among the top losers in the market, with notable declines in companies such as Wens Foodstuffs, Xiaoming Co., and Shennong Development [1][2] - The poultry sector saw a net outflow of 299 million yuan from major funds today, with 19 stocks experiencing net outflows, and 11 stocks seeing outflows exceeding 10 million yuan [2][3] - Wens Foodstuffs led the net outflow with 69.59 million yuan, followed by Tiankang Biological, Tangrenshen, and Lihua Co., with net outflows of 33.68 million yuan, 27.93 million yuan, and 26.47 million yuan respectively [2][3] Group 2 - The top stocks with net outflows in the poultry sector included Wens Foodstuffs (-2.06%), Tiankang Biological (-1.66%), and Tangrenshen (-0.81%), with respective turnover rates of 0.95%, 2.15%, and 2.93% [3][4] - Other companies in the poultry sector that experienced declines include New Hope (-1.00%), Giant Star Agriculture (-1.26%), and Xiaoming Co. (-1.94%), with varying turnover rates [3][4] - Conversely, stocks such as Huaying Agriculture, Chunxue Food, and Hefeng Co. saw net inflows of 6.70 million yuan, 5.44 million yuan, and 4.36 million yuan respectively, indicating some positive movement within the sector [2][4]

Core Insights - The ChiNext ETF Ping An (159964) has shown a significant increase in value, with a recent rise of 0.72% and a weekly increase of 3.16% as of July 28, 2025 [1] - The ETF has achieved a net value increase of 15.66% over the past six months, with a maximum monthly return of 37.37% since its inception [2] - The ETF's management fee is 0.15%, and its tracking error over the past two months is 0.016%, indicating strong performance in tracking the ChiNext Index [4][5] Performance Metrics - As of July 28, 2025, the ChiNext ETF Ping An has a year-to-date relative drawdown of 0.13%, with a recovery period of 101 days, which is relatively quick compared to similar funds [3] - The ETF's average monthly return is 6.56%, with an annualized profit percentage of 60.00% [2] - The Sharpe ratio for the past month is 1.96, placing it in the top 3 out of 16 comparable funds, indicating higher returns for the same level of risk [2] Fund Composition - The ChiNext Index, which the ETF closely tracks, consists of 100 stocks with high market capitalization and liquidity, reflecting the performance of the ChiNext market [6] - As of June 30, 2025, the top ten weighted stocks in the ChiNext Index account for 51.16% of the index, with Ningde Times (300750) holding the highest weight at 18.77% [6][8]

Group 1 - The third China International (Foshan) Prepared Food Industry Conference was held in Foshan, Guangdong, attracting over 1,000 companies and buyers from nearly 40 countries, focusing on high-quality development and innovation in the prepared food industry [1] - The conference featured the release of the "Top 100 Prepared Food Companies in China 2025" by iiMedia Research, providing a benchmark for industry standards [1][5] Group 2 - In March 2024, a joint notice from six departments, including the State Administration for Market Regulation, defined prepared food and implemented stricter regulations, marking a turning point for the industry [2] - The prepared food market growth rate decreased from 33.8% in 2023 to 27.3% in 2024, indicating a shift from quantity expansion to quality selection as low-quality companies exit the market [2] Group 3 - The prepared food market in China reached a scale of 485 billion yuan in 2024, with a projected growth to 749 billion yuan by 2026 [3] - The demand for cold chain logistics in China increased from 302 million tons in 2021 to 365 million tons in 2024, highlighting the importance of supply chain capabilities [4] Group 4 - The "Top 100 Prepared Food Companies" list includes leading brands such as Shuanghui Group, Haidilao, and Wen's Food, with Shuanghui Group scoring 84.36, ranking first [6][7] - The list reflects the dominance of food processing companies, which account for 58% of the industry, indicating a focus on industrial production [16] Group 5 - Guangdong province leads in the prepared food industry, with 21% of the top companies located there, benefiting from a complete industrial chain and innovative product offerings [13] - The industry is characterized by regional clusters, with companies leveraging local resources for differentiated development, such as Hesheng Aquatic Products and Yihua Food [18]

Investment Rating - Investment rating: Positive (maintained) [4] Core Viewpoints - The report emphasizes the high-quality development of the pig industry, recommending "platform + ecological" service-oriented enterprises like Dekang Agriculture and Animal Husbandry [4][18] - The Ministry of Agriculture held a meeting on July 23 to promote high-quality development in the pig industry, focusing on reducing breeding capacity, controlling new production capacity, and enhancing the competitiveness of the entire industry chain [6][60] - The report indicates that the pig price is currently at 14.1 CNY/kg, with a slight decrease in average weight to 128.48 kg, and a 15 kg piglet priced at 542 CNY/head, reflecting weak demand and a slight price drop [5][17] Summary by Sections 1. Pig Industry - The latest pig price is 14.1 CNY/kg, with a slight decrease in average weight to 128.48 kg, and a 15 kg piglet priced at 542 CNY/head. Weak demand has led to a slight price drop, with a 0.8% decrease in the national pig inventory in June, indicating a potential reduction in pig output in July and August [5][17] - The Ministry of Agriculture's meeting emphasized high-quality development, including reducing breeding capacity, strengthening disease prevention, and promoting resource utilization [6][18] - The report suggests that companies with cost advantages and strong connections with farmers may enjoy excess profits and valuation premiums, recommending Dekang Agriculture and Animal Husbandry and leading pig farming companies like Muyuan Foods and Wens Foodstuffs [18] 2. Poultry Industry - The price of chicken seedlings in Yantai is 2.5 CNY/chick, up 39% month-on-month but down 28% year-on-year. The price of broiler chickens is 3.43 CNY/kg, up 3.9% month-on-month but down 11.4% year-on-year. Demand pressure is easing, and if supply contracts in Q3, prices may rebound [19] - The report highlights the ongoing contradiction of "high capacity, weak consumption" in the white feather chicken industry, with losses forcing breeding farms to reduce capacity [19] 3. Feed Industry - The report recommends Haida Group due to the recovery of the industry, improved management effects, and increased capacity utilization, which is expected to lead to growth in volume and profit [21] 4. Pet Industry - In June, exports of dog and cat food decreased by 13.8% year-on-year, totaling 29,000 tons, with revenue of 820 million CNY (approximately 110 million USD), down 20.2% year-on-year [22][24] - The report notes that while there are concerns about export fluctuations due to tariff uncertainties, long-term prospects remain positive for domestic brands like Guibao and Zhongchong [24] 5. Agricultural Products - The report discusses uncertainties in soybean imports for Q4 and the upward trend in rubber prices, with natural rubber prices breaking through 15,000 CNY/ton [28]

金融界7月28日消息，上证指数高开震荡，中证中国内地企业全球主要消费综合指数(CN消费综合， H30379)报8671.19点。 从指数持仓来看，中证中国内地企业全球主要消费综合指数十大权重分别为：贵州茅台（26.08%）、 五粮液（6.78%）、伊利股份（4.97%）、牧原股份（3.67%）、温氏股份（2.71%）、泸州老窖 （2.63%）、山西汾酒（2.59%）、农夫山泉（2.29%）、海天味业（1.85%）、东鹏饮料（1.69%）。 从中证中国内地企业全球主要消费综合指数持仓的市场板块来看，上海证券交易所占比53.35%、深圳 证券交易所占比35.01%、香港证券交易所占比11.16%、北京证券交易所占比0.31%、纽约证券交易所占 比0.14%、纳斯达克证券交易所(Consolidated Capital Market)占比0.01%、纳斯达克全球精选市场证券交 易所(Consolidated Issue)占比0.00%、纳斯达克股票市场证券交易所(Consolidated Large Cap)占比0.00%。 从中证中国内地企业全球主要消费综合指数持仓样本的行业来看，酒占比48.53%、食品占比20 ...

Group 1 - The Chinese pig farming industry has experienced significant capacity expansion since 2020, leading to oversupply and sustained low prices, resulting in continuous losses for most pig farming companies, with only Zhengbang Technology remaining profitable in 2023. However, overall profitability is expected to improve in 2024, with net profits turning positive for most companies [1] Group 2 - Since March 2021, the net profit level of large-scale pig farming in China has fluctuated significantly, remaining in a loss state from early 2023 until September 2023, when it turned profitable. It is projected that net profits will decline again until April 2025, reaching 86 yuan per head [2] Group 3 - The net profit of free-range pig farming in China has shown a similar trend to that of large-scale farming. The lowest net profit was recorded in June 2021 at -665 yuan per head, while the highest was in October 2022 at 1246 yuan per head. By April 2025, the net profit for free-range farming is expected to be 50 yuan per head [4] Group 4 - The cost of large-scale pig farming in China has been on a downward trend since March 2021, decreasing from 2884 yuan per head to 2033 yuan per head by April 2025, indicating effective cost control [8] Group 5 - Similarly, the cost of free-range pig farming has also decreased from 2971 yuan per head in March 2021 to 2123 yuan per head by April 2025, reflecting good cost management [9]

Investment Rating - The report maintains an "Overweight" rating for the agricultural sector, indicating a positive outlook compared to the overall market performance [4][5]. Core Insights - The report highlights the ongoing "de-involution" process in the pig farming industry, recommending high-quality pig farming companies as key investment opportunities. The Ministry of Agriculture and Rural Affairs has emphasized the need for capacity control measures in the industry, which is expected to enhance profitability and stability for leading companies [4][5]. - The report notes a rebound in the prices of yellow feathered chickens, suggesting a potential turnaround in profitability as the traditional consumption peak approaches [4][5]. - The pet food sector is experiencing mixed performance, with export figures showing a decline due to trade tensions, but domestic growth remains promising [4][5]. Summary by Sections Agricultural Stock Market Performance - The Shenwan Agricultural Index rose by 3.6%, outperforming the CSI 300 Index, which increased by 1.7%. The top five gainers included ST Tianshan (39.8%), Dayu Water-saving (36.2%), and Shennong Group (15.4%) [4][5]. Pig Farming Industry - The report emphasizes the importance of the "de-involution" process in the pig farming sector, with a focus on capacity control measures. The average price of live pigs was reported at 14.10 yuan/kg, a decrease of 2.0% week-on-week [4][5]. Poultry Farming - White feather chicken prices have shown a seasonal rebound, with the average sales price for broiler chicks at 1.60 yuan/chick, up 28.0% week-on-week. Yellow feather chicken prices have also increased, indicating a potential for profitability as the consumption season approaches [4][5]. Pet Food Industry - In June 2025, China's pet food export value was 824 million yuan, down 10.0% month-on-month and 20.2% year-on-year. The cumulative export value for the first half of 2025 was 4.999 billion yuan, showing a slight increase of 0.4% year-on-year [4][5].

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report emphasizes the need for high-quality development in the pig farming industry, focusing on improving efficiency and quality. It highlights the importance of capacity control and the encouragement of large enterprises to collaborate with smaller farms to share industry benefits [2][12] - In the planting industry, the report discusses the promotion of new varieties and technologies to enhance crop yields, particularly in the context of food security. It predicts a continued acceleration in the commercialization of genetically modified crops [1][11] Summary by Sections Planting Industry - The Ministry of Agriculture and Rural Affairs is working on a directory for superior crop varieties by 2025, focusing on enhancing yields and meeting current production needs [1][11] - The report identifies potential beneficiaries in the planting sector, including Beidahuang and Su-Kun Agricultural Development, and recommends companies with strong advantages in seed development such as Longping High-Tech and Denge Seed Industry [1][11] Pig Farming - The average price of external three-way cross pigs is 14.29 CNY/kg, showing a week-on-week decrease of 1.20%. The overall supply exceeds demand, leading to a forecast of continued price declines [2][12] - The report notes a decrease in the number of breeding sows, with a total of 40.43 million as of June 2025, down by 370,000 from the previous year [2][12] - Recommended companies in the pig farming sector include Dekang Agriculture, Jingji Zhino, Muyuan Foods, and Wens Foodstuff [2][12] Feed and Animal Health - The average price of pig feed is 2.72 CNY/kg, with no change from the previous week. The report also provides insights into the prices of various feed types for poultry and livestock [50][52]