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东方证券农林牧渔行业周报:肥猪、仔猪均进入亏损区间,关注去产能演绎-20250928
Orient Securities· 2025-09-28 07:46
投资建议与投资标的 农业行业 行业研究 | 行业周报 肥猪、仔猪均进入亏损区间,关注去产能 演绎 ——东方证券农林牧渔行业周报(20250922-20250926) 核心观点 投资建议:(1)看好生猪养殖板块,优质公司持续盈利和分红率提升依然是推动板块长 期业绩和估值提升的核心驱动;近期政策与市场合力推动生猪养殖行业产能去化,助力 未来板块业绩长期提升,相关标的:牧原股份(002714,买入)、温氏股份(300498,买 入)、神农集团(605296,未评级)、巨星农牧(603477,未评级)等。(2)后周期板块,生 猪存栏量回升提振饲料、动保需求,若本轮生猪去产能顺畅,产业链利润有望逐步向下 游传导,驱动动保板块上行,相关标的:海大集团(002311,未评级)、瑞普生物 (300119,未评级)等。(3)种植链,当前粮价上行趋势已确立,种植&种业基本面向好, 大种植投资机会凸显,相关标的:苏垦农发(601952,未评级)、北大荒(600598,未评 级)、海南橡胶(601118,未评级)、隆平高科(000998,未评级)等。(4)宠物板块,宠食 行业正处于增量、提价逻辑持续落地的阶段,海外市场增量不断,国产 ...
行业周报:生猪能繁去化逻辑加强,牛肉牛奶或于2026年实现联动向上-20250928
KAIYUAN SECURITIES· 2025-09-28 06:07
Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The logic of breeding sow reduction is strengthening, and beef and milk are expected to achieve upward linkage in 2026. As of September 26, 2025, the average price of live pigs in China is 12.50 yuan/kg, with a week-on-week decrease of 0.20 yuan/kg and a year-on-year decrease of 5.51% [11][16] - The investment logic for live pigs is marginally improving, driven by both fundamental and policy factors. The price of live pigs is expected to rise in the second half of 2025 due to strong support from previous breeding sow reductions and winter piglet losses [29][32] Summary by Sections Weekly Observation - The logic of breeding sow reduction is strengthening, and beef and milk are expected to achieve upward linkage in 2026. The average price of live pigs is 12.50 yuan/kg, with a week-on-week decrease of 0.20 yuan/kg and a year-on-year decrease of 5.51% [11][16] - The average price of beef is 66.27 yuan/kg, with a month-on-month increase of 2.10% and a year-on-year increase of 7.74% [23] Weekly Market Performance (September 22-26) - The agricultural index underperformed the market by 2.18 percentage points, with the Shanghai Composite Index rising by 0.21% and the agricultural index falling by 1.97% [34][36] - Leading stocks include ST Jinggu (+15.68%), Huaying Agriculture (+5.76%), and Biological Shares (+3.78%) [34][40] Price Tracking (September 22-26) - The average price of live pigs is 12.45 yuan/kg, down 1.81% from the previous week. The average price of piglets is 21.29 yuan/kg, down 4.87% [46] - The average price of beef is 65.90 yuan/kg, with a week-on-week increase of 0.30 yuan/kg [54] Recommendations - Recommended stocks in the pig sector include Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [20][29] - In the feed sector, recommended stocks include Haida Group and New Hope [29] - In the pet food sector, recommended stocks include Guibao Pet, Zhongchong Shares, and Petty Shares [32]
农林牧渔行业月报:畜禽价格分化,猪价旺季不旺-20250926
Zhongyuan Securities· 2025-09-26 06:50
农林牧渔 zhangmz@ccnew.com 13681931564 畜禽价格分化,猪价旺季不旺 ——农林牧渔行业月报 证券研究报告-行业月报 强于大市(维持) 盈利预测和投资评级 | 公司简称 | 24EPS 25EPS | | 25PE | 评级 | | --- | --- | --- | --- | --- | | 牧原股份 | 3.30 | 4.37 | 11.48 | 增持 | | 普莱柯 | 0.27 | 0.52 | 28.70 | 增持 | | 乖宝宠物 | 1.56 | 2.03 | 48.59 | 增持 | | 中宠股份 | 1.34 | 1.48 | 36.11 | 增持 | | 佩蒂股份 | 0.75 | 0.91 | 15.46 | 增持 | | 秋乐种业 | 0.31 | 0.33 | 58.86 | 增持 | 农林牧渔相对沪深 300 指数表现 0% 6% 13% 19% 26% 32% 39% 45% 2024.09 2025.01 2025.05 2025.09 农林牧渔 沪深300 相关报告 《农林牧渔行业点评报告:种业产业链分析 之河南概况》 2025-09-09 《农林 ...
佩蒂股份涨2.02%,成交额5341.61万元,主力资金净流出28.03万元
Xin Lang Zheng Quan· 2025-09-26 05:15
佩蒂股份所属申万行业为:农林牧渔-饲料-宠物食品。所属概念板块包括:出海概念、小红书概念、小 盘、宠物经济等。 截至9月19日,佩蒂股份股东户数1.75万,较上期减少4.28%;人均流通股9232股,较上期增加4.47%。 2025年1月-6月,佩蒂股份实现营业收入7.28亿元,同比减少13.94%;归母净利润7910.26万元,同比减 少19.23%。 分红方面,佩蒂股份A股上市后累计派现2.10亿元。近三年,累计派现8473.18万元。 责任编辑:小浪快报 9月26日,佩蒂股份盘中上涨2.02%,截至13:09,报17.68元/股,成交5341.61万元,换手率1.90%,总市 值43.99亿元。 资金流向方面,主力资金净流出28.03万元,特大单买入105.48万元,占比1.97%,卖出0.00元,占比 0.00%;大单买入415.51万元,占比7.78%,卖出549.03万元,占比10.28%。 佩蒂股份今年以来股价涨1.67%,近5个交易日跌1.89%,近20日跌3.18%,近60日涨8.93%。 资料显示,佩蒂动物营养科技股份有限公司位于浙江省温州市平阳县水头镇工业园区宠乐路2号,成立 日期200 ...
佩蒂股份:截至9月19日收市公司股东总户数为17545户
Zheng Quan Ri Bao· 2025-09-25 14:07
证券日报网讯佩蒂股份9月25日在互动平台回答投资者提问时表示,截至2025年9月10日、9月19日收 市,持有本公司股票的股东总户数分别为18,330户、17,545户。 (文章来源:证券日报) ...
农林牧渔行业投资策略报告:生猪养殖盈利收窄,宠物食品延续增长-20250924
CAITONG SECURITIES· 2025-09-24 08:07
Core Insights - The report indicates a narrowing profitability in pig farming while the pet food sector continues to grow [1][5] - The investment rating is maintained as "positive" for the sector [1] Pig Farming - Supply pressure has led to a decline in pig prices, with the average price in July-August 2025 at 14.63 CNY/kg, down from 14.96 CNY/kg in Q2 2025 [5] - The average profitability for self-breeding and purchased piglets in the industry has shifted to losses, with figures of 53.0 CNY/head for self-breeding and -106.7 CNY/head for purchased piglets as of September 19 [5] - The outflow of pigs from listed companies has shown a growth rate of 26.2% in Q2 2025 and 20.0% in July-August 2025 [5] - The report suggests that the ongoing policy guidance for capacity adjustment and weight reduction will likely elevate the price center of pigs in the future [5] - Recommended companies for investment include Muyuan Foods, Wens Foodstuff, Dekang Agriculture, Juxing Agriculture, Shennong Group, Tiankang Biological, and Tangrenshen [5] Animal Health - Demand for animal health products is on the rise, with significant year-on-year growth in various vaccines, such as a 30% increase for swine fever vaccines in July-August 2025 [5] - Companies like Keqian Biological and Ruipu Biological are highlighted for their strong internal growth potential due to new product launches [5] Poultry Farming - The price of white feather chickens has rebounded due to seasonal demand and tighter supply, with an average price of 6.92 CNY/kg as of September 19, 2025 [5] - The report notes a 17.66% year-on-year decrease in the number of breeding chickens updated in the first eight months of 2025, indicating potential long-term benefits for the white feather chicken industry [5] - Recommended companies include Shennong Development and Yisheng Livestock [5] Pet Food Sector - Domestic sales of pet food are driven by consumption upgrades and domestic substitution, with a reported growth rate of 11% across major e-commerce platforms from January to August 2025 [5] - The report highlights the introduction of new products and the strengthening of brand power among leading companies [5] - Recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co. [5]
如何看生猪板块持续性:——农林牧渔行业周报-20250922
Guohai Securities· 2025-09-22 14:03
Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [1] Core Viewpoints - The report emphasizes the ongoing adjustment in the pig industry, highlighting the potential for value reassessment due to production capacity control and low-cost performance realization [3][16] - The poultry sector is expected to see improvements in fundamentals, with a focus on the white feather chicken breeding segment and price trends [4][29] - The animal health sector is witnessing a competitive landscape improvement and technological innovation, with several new products receiving clinical approval [5][37] - The pet economy is thriving, with domestic brands rapidly emerging, indicating sustained profitability improvements in the sector [9][59] Summary by Sections Pig Industry - Continuous deepening of pig price control measures is noted, with a focus on maintaining prices within a reasonable range [3][16] - Current average pig price is 13.15 yuan/kg, with a slight weekly decline [15] - Recommended companies include Muyuan Foods and Wens Foodstuffs, with ongoing recommendations for Juxing Agriculture and Shennong Group [3][16] Poultry Industry - The white feather chicken breeding segment shows potential for improvement, with significant updates in breeding stock [4][29] - Current prices for white feather chicken and related products are stable, with slight fluctuations noted [27][28] Animal Health Industry - The competitive landscape is improving, with notable profit differentiation among leading companies [5][36] - Several new vaccines have received clinical approval, marking significant advancements in the sector [5][37] Planting Industry - Prices for corn and soybean meal have shown a week-on-week decline, with ongoing commercialization of genetically modified seeds benefiting early adopters [7][42] Feed Industry - Feed prices are experiencing fluctuations, with a noted increase in production volume [8][48] - Recommended companies include Haida Group, with a focus on rising industry concentration [8][49] Pet Industry - The pet market is projected to reach 300.2 billion yuan in 2024, with a notable increase in consumer spending on pets [9][58] - Recommended companies in the pet food sector include Guobao Pet and Zhongchong Co., with a focus on the growing pet medical segment [9][59]
农林牧渔行业周报:生猪板块回调继续积极配置,宠物食品出口量同比延续增长-20250921
KAIYUAN SECURITIES· 2025-09-21 09:51
Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The investment logic for the pig industry continues to strengthen due to dual catalysts from policies and diseases, with a recommendation for long-term positioning despite current price lows [3][5] - The pet food export volume continues to grow year-on-year, indicating a sustained positive trend in the pet food market [4][28] Summary by Sections Weekly Observation - The pig price is running at a low level, with the national average price at 12.71 yuan/kg as of September 21, 2025, down 0.50 yuan/kg week-on-week and down 5.73 yuan/kg year-on-year [3][13] - The average weight of pigs sold is 128.45 kg, showing a slight increase week-on-week and year-on-year [3][13] - The pig industry is expected to see a strong execution of policies aimed at capacity reduction, which will enhance the expectations for substantial capacity reduction [3][13] Weekly Viewpoint - The investment logic for the pig industry is marginally improving, with a recommendation for companies such as Muyuan Foods, Wens Foodstuff Group, and others [5][24] - The domestic feed market is benefiting from the post-cycle of poultry and livestock, with strong overseas demand supporting prices [5][25] - The pet food sector is experiencing a rise in domestic brands due to consumption upgrades and tariff barriers [5][28] Market Performance (September 15-19) - The agricultural index underperformed the market by 1.40 percentage points, with the agricultural index down 2.70% [6][29] - Leading stocks included Shennong Biotechnology (+9.36%), Xuelong Biotechnology (+7.64%), and Tianma Technology (+3.90%) [6][29] Price Tracking (September 15-19) - The average price of pigs was 12.68 yuan/kg, down 0.66 yuan/kg from the previous week [7][37] - The average price of piglets was 22.38 yuan/kg, down 1.57 yuan/kg week-on-week [7][37] - The average price of beef was 65.60 yuan/kg, showing a slight increase [44][37] Key News (September 15-19) - Notification regarding the central reserve frozen pork storage auction scheduled for September 23, 2025, with 15,000 tons available for auction [35]
饲料板块9月19日涨0.29%,天马科技领涨,主力资金净流出8064.96万元
Zheng Xing Xing Ye Ri Bao· 2025-09-19 08:42
Market Overview - The feed sector increased by 0.29% on September 19, with Tianma Technology leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Key Performers in the Feed Sector - Tianma Technology (603668) closed at 15.20, up 4.83% with a trading volume of 321,600 shares and a turnover of 486 million yuan [1] - Jin Xin Nong (002548) closed at 5.22, up 4.19% with a trading volume of 1,024,900 shares and a turnover of 521 million yuan [1] - Tian Kang Biological (002100) closed at 7.68, up 1.86% with a trading volume of 563,400 shares and a turnover of 427 million yuan [1] Capital Flow Analysis - The feed sector experienced a net outflow of 80.65 million yuan from institutional investors, while retail investors saw a net inflow of 5.61 million yuan [2] - The main capital inflow was observed in Jin Xin Nong, with a net inflow of 55.77 million yuan from institutional investors [3] - Hai Da Group (002311) had a net inflow of 18.08 million yuan from institutional investors, indicating positive sentiment [3]
佩蒂股份(300673) - 关于2022年限制性股票激励计划首次授予第三个归属期和预留授予第二个归属期归属结果的公告
2025-09-18 08:46
证券代码:300673 证券简称:佩蒂股份 公告编号:2025-045 债券代码:123133 债券简称:佩蒂转债 2、归属股票数量:本次合计归属729,650股,占公司当前股本总额的0.29%,其 中首次授予第三个归属期归属532,650股,预留部分第二个归属期归属197,000股。 授予第二个归属期归属结果的公告 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。 重要内容提示: 1、归属完成日:2025年9月18日,本次归属的首次授予部分和预留授予部分的 归属完成日相同。 佩蒂动物营养科技股份有限公司 关于 2022 年限制性股票激励计划首次授予第三个归属期和预留 3、归属人数:227人,其中首次授予归属人数184人,预留授予归属人数59人, 16名激励对象同时持有首次授予和预留授予限制性股票。 4、归属股票来源:自二级市场回购的本公司人民币A股普通股股票。 5、本次归属的限制性股票不设限售期,激励对象为董事、高级管理人员的按照 相关规定执行。 2025年8月25日,佩蒂动物营养科技股份有限公司(以下简称公司或者佩蒂股份) 召开第四届董事会第十四次会议和第四届 ...