Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The report highlights that the investment logic for live pigs is marginally improving, supported by both fundamental and policy factors, with expectations of rising prices in the second half of 2025 [25] - The domestic pet consumption market remains stable, but trade tensions have put pressure on exports, with a notable decline in sales and export figures [20][29] Summary by Sections Weekly Observation - Short-term supply increases have led to a decline in pig prices, but after market adjustments, prices may rise further [4][13] - As of July 18, the average price of live pigs was 14.19 yuan/kg, down 3.34% from the previous week [13][14] Weekly Market Performance - The agriculture index underperformed the market by 0.83 percentage points, with the Shanghai Composite Index rising by 0.69% [30][32] - The animal health sector showed the highest gains among sub-sectors [30] Price Tracking - The average price of live pigs decreased to 14.27 yuan/kg, while the price of piglets increased slightly to 31.96 yuan/kg [41] - The price of corn decreased to 2473 yuan/ton, while soybean meal prices rose to 2928 yuan/ton [15][56] Key News - As of the end of Q2 2025, the number of breeding sows was reported at 40.43 million, with overall meat production showing a slight increase [38] - The report indicates a stable trend in domestic pet food sales, with a total of 31.87 billion yuan in sales for June, down 7.98% year-on-year [20][23] Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff Group, and others, while in the feed sector, Hai Da Group and New Hope Liuhe are highlighted [25][29]

Investment Rating - The report maintains an investment rating of "Outperform" for the agricultural, forestry, animal husbandry, and fishery industry [1][9]. Core Insights - The agricultural, forestry, animal husbandry, and fishery industry is currently experiencing weak market demand and low prices for livestock and poultry, particularly in the pig farming sector, which has seen a significant price drop [9][12]. - The report highlights that the industry is currently undervalued, with price-to-earnings (P/E) and price-to-book (P/B) ratios below historical averages, suggesting potential for valuation recovery [9][12]. Summary by Sections Market Review - In June 2025, the agricultural, forestry, animal husbandry, and fishery index rose by 1.13%, underperforming the CSI 300 index, which increased by 2.50%, resulting in a relative underperformance of 1.37 percentage points [9][12]. - The planting sector showed the highest gains, while the animal health processing sector experienced the largest declines [12]. Livestock Farming Data Tracking - **Pig Farming**: The average trading price for pigs in June 2025 was 14.28 yuan/kg, down 2.16% month-on-month and 21.81% year-on-year. The market shifted to a surplus situation, leading to price declines [9][17]. - **Broiler Chickens**: The average price for broiler chicks in June 2025 was 2.15 yuan/chick, reflecting a slight decrease. The cautious replenishment of chicks due to declining prices further pressured the market [9][27]. Pet Food Sector - In May 2025, pet food exports totaled 28,900 tons, a year-on-year decrease of 5.52%. The cumulative export value for the first five months was $581 million, up 4.59% year-on-year [9][34]. Major Agricultural Product Price Tracking - The report includes tracking of key agricultural product prices, indicating fluctuations in corn, wheat, and soybean meal prices during June 2025 [9][39]. Industry Dynamics and Company News - The report outlines significant events in the industry, including a decrease in grain imports and ongoing developments in the seed industry aimed at enhancing agricultural productivity [9][46]. - Key announcements from listed companies in the sector include various asset restructuring and financing activities [9][48].

Investment Rating - The industry investment rating is maintained as "Outperform the Market" [2][51]. Core Insights - The pet industry is experiencing a significant shift from "basic subsistence" consumption to "quality upgrade" consumption, with a notable 73% year-on-year increase in sales of pet products in live streaming sessions [4][11]. - The 618 shopping festival saw total sales in the pet food sector reach 7.5 billion yuan, indicating resilience in demand and structural upgrades within the industry [5][19]. - The rise of domestic brands is evident, with a substantial increase in the number of new products launched during the 618 festival, reflecting a strong response to consumer demand for quality and innovation [16][19]. Summary by Sections Live Streaming Sales - Sales of pet products in Li Jiaqi's live streaming room increased by 73% year-on-year, with essential items like staple food, snacks, and cat litter making up 92% of total sales [10][11]. - The new generation of pet owners (67% being post-90s and post-00s) is shifting their purchasing criteria from "having food" to "prioritizing ingredient lists," emphasizing the importance of quality and health in pet food [4][10]. 618 Shopping Festival Insights - The 2025 618 shopping festival saw pet food sales reach 7.5 billion yuan, showcasing the industry's robust demand and structural upgrades [5][19]. - The competition landscape is evolving, with platforms like Taobao and Tmall shifting focus from price wars to long-term value, promoting a healthier growth model based on brand loyalty and consumer engagement [5][19]. Offline Marketing Strategies - Brands are increasingly adopting experiential marketing strategies to enhance consumer engagement and drive premiumization, with examples including themed pop-up stores and integrated service models [6][32][41]. - The "4S model" by Chaoyun Group integrates various pet services, creating a comprehensive service ecosystem that enhances customer experience and brand loyalty [41]. Investment Recommendations - The report suggests focusing on domestic brands that are rapidly emerging in the pet economy, particularly those aligned with the dual themes of "domestic substitution" and "consumption upgrade." Recommended stocks include: Guibao Pet, Petty Co., Zhongchong Co., and Lusi Co., with a watch on Chaoyun Group [6].

Investment Rating - The report upgrades Gambol from Neutral to Buy, with a revised target price (TP) of Rmb120, indicating a 25% upside from the closing price on July 10 [9][33]. Core Insights - The pet food industry is experiencing significant growth, with Gambol's domestic sales expected to rise by 32% year-on-year in 2Q25, while the overall market remains fragmented, presenting opportunities for market share gains [2][9]. - The report anticipates a 19% year-on-year growth in Gambol's topline for 2Q25, driven by strong domestic performance despite challenges in overseas markets due to tariffs [1][11]. - New product development and domestic margin expansion are critical for future growth, with Gambol's innovative product offerings expected to capture market share from long-tail brands [3][8]. Summary by Sections Company Performance - Gambol's stock price has declined by 25% since the downgrade to Neutral, but the report suggests this correction is overdone, providing a favorable entry point for investors [2]. - The company is expected to achieve a net profit (NP) growth of -2% year-on-year in 2Q25, primarily due to increased expenses related to staff incentives and new factory depreciation [1][11]. Market Dynamics - The pet food market is characterized by a trend towards premiumization, with established brands like Gambol and China Pet Foods leading in sales growth [8][13]. - The report notes that long-tail brands represent 70% of the market share, indicating a potential for consolidation as consumers increasingly focus on food quality and functionality [2][9]. Financial Projections - For 2025E, Gambol's domestic revenue is projected to grow by 34% year-on-year, with a domestic net profit margin (NPM) expansion of 1.2 percentage points [32]. - The report revises the net income estimates for covered pet food companies by 0-5% to account for tariff impacts, while maintaining a positive outlook on Gambol and China Pet Foods [9][32].

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery sector [4] Core Viewpoints - Recent policy guidance has led to a rapid decline in post-slaughter weight, allowing for a rebalancing of volume and price, with positive expectations for pig prices [3] - The long-term perspective indicates that the bottom of the production capacity cycle is becoming clearer, suggesting a potential long-term profit upturn for the sector [3] - The report highlights investment opportunities in various segments, including pig farming, feed, and planting chains, as well as the pet food sector [3] Summary by Sections Pig Farming Sector - In June, 13 listed pig companies collectively slaughtered 16.2681 million pigs, a month-on-month increase of 2.65% and a year-on-year increase of 47.55% [2][13] - The average selling price of pigs decreased by approximately 3% month-on-month and about 20% year-on-year, with prices ranging from 13.23 to 15.57 yuan/kg [14][15] - The average weight of slaughtered pigs in June was 125.06 kg, down 0.77 kg from May, indicating a trend towards reducing weight [17] Market Dynamics - The national average price for live pigs was 14.81 yuan/kg as of July 11, reflecting a week-on-week decline of 3.52% [28] - The demand for pork is weakening due to high temperatures affecting consumption and rising storage costs, leading to a gradual loosening of supply-demand dynamics [28] Investment Recommendations - The report recommends focusing on leading companies such as Muyuan Foods, Wens Foodstuff, and Juxing Agriculture, as well as companies in the feed and animal health sectors like Haida Group and Ruipu Biological [3] - In the planting chain, opportunities are highlighted for companies like Suqian Agricultural Development and Beidahuang [3] Other Segments - The pet food industry is experiencing growth, with increasing recognition of domestic brands and continuous growth of leading companies [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The pig price has retreated from its high, with the latest price at 14.94 CNY/kg and the average weight at 128.64 kg. The complete cost for leading enterprises has decreased to around 12 CNY/kg, indicating a potential for profit maintenance and valuation recovery [6][17][18] - The report emphasizes a shift from cyclical thinking to focusing on financial performance, suggesting that investment should transition from "cyclical thinking" to "quality and price" [18] - The report recommends focusing on companies with a "platform + ecosystem" model, highlighting DeKang Agriculture and Livestock as a representative, along with leading pig farming companies such as Muyuan Foods and Wens Foodstuff Group [18] Summary by Sections 1. Pig Industry - The latest pig price is 14.94 CNY/kg, with a slight increase in average weight to 128.64 kg. The price of 15 kg piglets remains stable at around 530 CNY/head. The industry is experiencing a short-term rebound in prices after a slight decline [6][17] - The official number of breeding sows in May was 40.42 million, a year-on-year increase of 1.15%, indicating a stable production capacity [7][17] - The report suggests that the government's commitment to stabilizing pig prices is strong, and capacity regulation may continue to increase [7][17] 2. Poultry Industry - The price of parent stock chicks remains high, with the latest price at 47.93 CNY, a week-on-week increase of 5.25%. The price of broilers is 2.95 CNY/kg, down 12% week-on-week and 18% year-on-year [19] - The industry faces a "high capacity, weak consumption" contradiction, leading to a reduction in production capacity among breeding farms [19] - The report highlights two main lines of focus: quality imported breeding stock leaders and fully integrated industry leaders [19] 3. Feed Industry - The report recommends Hai Da Group, noting a cash flow turning point and high overseas growth potential. The demand for aquaculture feed is expected to recover in 2025 [20][22] - The report indicates that the domestic capital expansion phase has ended, and leading companies are entering a new phase of stable cash flow [21][22] 4. Pet Industry - The report discusses the impact of potential tariffs on the pet industry, suggesting that the actual impact will be limited due to high profit margins and overseas factory layouts [23] - Companies with strong performance in their own brands, such as Guibao and Zhongchong, are highlighted as key focuses [23] 5. Agricultural Products - The USDA report indicates a slight reduction in soybean planting area for 2025, with a forecast of 83.4 million acres, a year-on-year decrease of 4% [24] - The report emphasizes that agricultural products are less affected by tariffs, and a reduction in imports may help prices rise from low levels [24] 6. Market and Price Situation - The Shanghai and Shenzhen 300 Index closed at 3982 points, up 1.54% from the previous week. The Agricultural and Forestry Index closed at 2729 points, up 2.55% [25][28] - The report notes that the aquaculture sector performed the best with a 5.13% increase [25]

Investment Rating - The report maintains a recommendation for the food and beverage industry, indicating a positive outlook for structural growth opportunities [20][21]. Core Insights - The report highlights a stabilization in the price of Moutai, suggesting a potential improvement in sentiment within the liquor sector. It notes that while short-term demand fluctuations may lead to a slowdown in the liquor sector in Q2 2025, leading companies are working to maintain price stability, and smaller companies are adapting to consumer trends [20][21]. - The snack segment is experiencing stable performance in traditional channels, with rapid growth in membership supermarket channels. New products are expected to be launched in the second half of 2025, and the pet food sector is also showing good growth [20][21]. - The report emphasizes the importance of product quality enhancement, channel expansion, and innovative marketing strategies as key methods for companies to navigate current market challenges [20][21]. Summary by Sections Core Company Tracking - Luzhou Laojiao is improving market inventory and plans to expand its distribution network to four million terminals over the next five years. The company is also developing lower-alcohol products [11][12]. - Yanghe Co. has appointed new leadership, which is expected to drive organizational adjustments and enhance operational dynamics. The company continues to innovate its product line [12]. - Jiugui Liquor is focusing on channel adjustments and has partnered with a retail chain to explore new growth avenues [13]. - New Dairy is benefiting from cost advantages, leading to stronger profit release capabilities, with a focus on low-temperature milk products [14]. - Jinzai Food is in a cautious operational phase, with stable performance in traditional and snack channels [15][16]. - Zhongchong Co. is seeing continued growth in its self-owned brands, despite some export challenges [17]. - Petty Co. is expanding its product offerings in both snacks and staple foods, with a focus on New Zealand's production capacity [18]. - Anji Food has successfully listed its H shares, raising approximately 2.302 billion HKD [19]. Investment Recommendations - The report suggests focusing on growth sectors influenced by changing consumer trends, with specific recommendations for companies like Zhongchong Co., Guobao Pet Food, and Nongfu Spring [21]. - It also highlights structural growth opportunities in the restaurant chain recovery, recommending companies such as Zhujiang Beer and Yanjing Beer [21]. - For traditional consumer goods, it advises investing in leading liquor companies and dairy products, with a focus on companies like Yili and New Dairy [21]. Industry Overview - The food and beverage industry is characterized by a total of 143 listed companies with a total market capitalization of 478.1 billion RMB [4]. - The industry has shown a mixed performance, with a 1-month absolute performance of -4.7% and a 12-month performance of 28.2% [6].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The supply contraction and macroeconomic catalysts are expected to provide strong support for pig prices in Q3 2025. The average selling price of pigs on July 4 was 15.37 yuan/kg, reflecting a week-on-week increase of 0.71 yuan/kg and a 4.84% rise [12][13] - The central economic committee's recent meeting emphasized the need to promote high-quality development of the marine economy, which is expected to benefit the aquaculture sector [21][36] - The agricultural index outperformed the market by 1.14 percentage points during the week of June 27 to July 4, with the agricultural index rising by 2.55% compared to a 1.40% increase in the Shanghai Composite Index [32][34] Summary by Sections Supply and Demand Dynamics - The average daily slaughter volume of pigs was 133,800 heads, a decrease of 7,300 heads from the previous week, indicating a seasonal decline in demand due to rising temperatures [12] - The supply side continues to contract due to previous over-culling and losses from piglets after the Spring Festival, which is expected to support prices [12] Price Trends - The average price of pigs increased to 15.35 yuan/kg, with a week-on-week rise of 0.63 yuan/kg. The price of piglets decreased to 31.33 yuan/kg, down by 0.27 yuan/kg [6][39] - The price of corn increased to 2,511 yuan/ton, reflecting a week-on-week increase of 8 yuan/ton, while soybean meal prices decreased to 2,926 yuan/ton, down by 27 yuan/ton [4][16] Investment Recommendations - The report recommends investing in companies such as Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe, which are expected to benefit from the improving investment logic in the pig sector [27] - In the feed sector, companies like Haida Group and New Hope are recommended due to domestic market benefits and strong overseas demand [27] Market Performance - The aquaculture sector led the market gains, with stocks like Guolian Aquatic Products rising by 12.22%, Shennong Technology by 7.31%, and Dongrui Co. by 6.92% during the week [32][35]

Investment Rating - The report rates the agricultural, forestry, animal husbandry, and fishery industry as "Overweight" due to expected overall profit improvement in the sector [3][4]. Core Insights - The report highlights that the profitability of pig farming is expected to improve, with a stable pig price and a significant increase in average profit per head for self-bred pigs [4]. - Poultry farming shows a mixed outlook, with white chicken prices bottoming out and yellow chicken profitability declining, while egg-laying chicks continue to experience high demand [4]. - The pet food sector is projected to maintain high growth, with leading companies showing strong online sales growth, despite a decline in exports to the U.S. due to tariffs [4]. - Animal health is recovering, with increased demand for vaccines and improved sales of veterinary preparations [4]. - The seed industry faces challenges with declining corn prices and increased competition, leading to pressure on the performance of leading seed companies [4]. Summary by Sections Pig Farming - The average price of pigs in H1 2025 is expected to be 14.80 CNY/kg, a decrease of 4.2% year-on-year, while the average profit for self-bred pigs is projected at 69.04 CNY/head, recovering from a loss of 24.82 CNY/head in H1 2024 [4]. Poultry Farming - White chicken prices are under pressure due to oversupply, with the average price for commodity broiler chicks at 2.4 CNY/bird, down 21% year-on-year. Yellow chicken prices are also declining, with the average price for Qingjiao chicken at 8.9 CNY/kg, down 19% year-on-year [4]. Pet Food - The domestic pet food market is experiencing a growth rate of 17% in online GMV for the first five months of 2025, compared to 14% in the same period of 2024. Leading companies like Guibao Pet and Zhongchong Co. show growth rates of 51% and 26%, respectively [4]. Animal Health - The demand for veterinary vaccines has increased, with a 15.8% year-on-year rise in vaccine approvals in the first five months of 2025. Prices for veterinary preparations like Tylosin and Tiamulin have increased by 39.8% and 9.3%, respectively [4]. Seed Industry - The corn seed market is under pressure due to falling corn prices and high competition, leading to a decline in seed prices and performance expectations for leading seed companies [4].

证券代码：300673 证券简称：佩蒂股份 公告编号：2025-037 债券代码：123133 债券简称：佩蒂转债 佩蒂动物营养科技股份有限公司 2025 年第二季度可转换公司债券转股情况公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或者重大遗漏。 特别提示： 一、可转换公司债券发行上市情况 经深圳证券交易所审核同意，中国证监会《关于同意佩蒂动物营养科技股份有限 公司向不特定对象发行可转换公司债券注册的批复》（证监许可〔2021〕3596号）同 意注册，公司可向不特定对象发行面值不超过人民币72,000.00万元的可转换公司债 券。 1 1. 债券代码：123133； 2. 债券简称：佩蒂转债； 3. 转股期起止日期：自2022年6月28日起至2027年12月21日止； 4. 当前有效转股价格：17.57元/股； 5. 2025年第二季度，共有360张佩蒂转债（票面金额合计36,000.00元）完成转 股，合计转换成本公司股票（股票名称：佩蒂股份，股票代码：300673）2,048 股； 6. 自开始转股始至2025年6月30日止，共有2,224张佩蒂转债完成转股，票面 ...