Investment Rating - The industry is rated as "Maintain Increase" [4] Core Views - The price of yellow chickens continues to rise, with average prices for fast, medium, and slow-growing yellow feathered chickens at 10.84 CNY/kg, 12.68 CNY/kg, and 15.24 CNY/kg respectively, showing year-on-year increases of 5.9%, 5.0%, and 5.0% [13][14] - The supply side is experiencing a significant reduction in the supply of medium and fast-growing chickens, leading to market shortages, while high-end products are selling well [13] - Demand is being driven by seasonal factors such as graduation banquets and preparations for the Mid-Autumn Festival and National Day, which is boosting overall sales [13] - The current cycle of prosperity in the industry is expected to last about one quarter, with a recovery in the fundamentals of the sector [13] Summary by Sections Livestock Farming - The average price for lean pigs is 13.71 CNY/kg, down 0.2% from last week, indicating a relatively low valuation [14][16] - The average wholesale price of pork is 20.1 CNY/kg, up 0.2% from last week [16] - Self-breeding pigs show a profit of 33.95 CNY per head, while purchased piglets show a loss of 151.8 CNY per head [18][19] Poultry Farming - The average price for white feathered chickens is 7.33 CNY/kg, up 1.8% from last week, while the average price for chicken products is 8.75 CNY/kg, down 0.6% [30] - The price of meat chicken chicks remains stable at 3.58 CNY each [25] - The yellow chicken production capacity is being adjusted, with a focus on seasonal price elasticity opportunities [14] Planting and Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, with potential growth for industry companies [14] Supporting Industries - The volatility of agricultural product prices is increasing, and leading feed companies are expected to replace smaller companies due to their advantages in procurement, scale, and capital [14]

Group 1 - The core viewpoint of the article indicates that the price of yellow chickens has been continuously rising, with average prices for fast, medium, and slow-growing yellow feathered chickens reaching 10.84 CNY/kg, 12.68 CNY/kg, and 15.24 CNY/kg respectively, showing year-on-year increases of 5.9%, 5.0%, and 5.0% [1] - The article notes that yellow chicken prices have risen for five consecutive weeks, with a profit of 3.7 CNY per chicken based on a weight of 2.2 kg and a cost of 11 CNY/kg for Lihua Co [1] - Supply-side analysis reveals a significant reduction in the supply of medium and fast-growing chickens, leading to market shortages, while high-end products are selling well, and there is a strong sentiment for price increases [1] Group 2 - On the demand side, consumption is being driven by events such as graduation parties, and there is positive market demand in preparation for the Mid-Autumn Festival and National Day, leading to a gradual resumption of industry breeding [1] - The overall sales volume is expected to improve, and despite considering the industry's restocking cycle, the current economic cycle may last for about one quarter, with the sector likely to see a recovery in fundamentals [1] - The article suggests focusing on leading companies in the yellow chicken sector, specifically Wens Foodstuff Group and Lihua Co [1]

Macro Insights - The economic growth rate in August is expected to be supported by exports and consumption policies, despite a significant slowdown in the real estate sector, with a target of 5% annual growth remaining achievable [1][15][12] - The industrial added value in July grew by 5.7% year-on-year, with the manufacturing sector showing resilience, particularly in high-tech products and equipment manufacturing [12][13] - Fixed asset investment growth slowed to 1.6% year-on-year in the first seven months, primarily due to a decline in real estate investment, which fell by 12% [13][14] Strategy Insights - Current channels for resident capital entering the market include increasing financing balances and active personal investor accounts, leading to a positive feedback loop in the market [2] - The "anti-involution" market trend can be analyzed through policy expectations and real-world transmission, indicating a shift from theme-driven to profit-driven market dynamics [2] - The technology and small-cap sectors are expected to continue outperforming as more external funds enter the market [2] Industry Reports - The consumer electronics sector is anticipated to see significant opportunities with the upcoming release of new products, particularly in AI-related applications [8] - The coal mining industry is experiencing a continuous improvement in fundamentals, with the price of thermal coal expected to rise [8] - The healthcare sector, particularly innovative drugs, is projected to maintain a positive outlook due to improved profitability [8]

Group 1 - The aquaculture sector increased by 0.14% on August 22, with *ST Tianshan leading the gains [1] - The Shanghai Composite Index closed at 3825.76, up 1.45%, while the Shenzhen Component Index closed at 12166.06, up 2.07% [1] - Key stocks in the aquaculture sector showed varied performance, with *ST Tianshan closing at 8.73, up 0.92%, and Zhengbang Technology at 2.92, up 0.69% [1] Group 2 - The aquaculture sector experienced a net outflow of 576 million yuan from main funds, while retail investors contributed a net inflow of 333 million yuan [2] - The trading volume for *ST Tianshan was 81,100 hands, with a transaction amount of 70.41 million yuan [1] - Other notable stocks included Wens Foodstuff Group at 17.71, up 0.40%, and Muyuan Foods at 50.35, up 0.28% [1]

Investment Rating - The report assigns a rating of "Buy" for the company [4] Core Views - The company is a leading player in the yellow feathered chicken breeding industry, with a market share that continues to rise. The revenue has shown steady growth over the years, with a 10-year CAGR of +15.84% from 2014 to 2024. However, the net profit has experienced significant fluctuations due to the cyclical nature of poultry prices [2][21] - The company has demonstrated significant cost advantages, which help mitigate risks associated with price fluctuations in its products. The complete cost of raising yellow feathered chickens has decreased significantly, providing a buffer against price declines [3][41] - The company has seen a substantial increase in its pig farming business, with plans to reach a pig output of 2 million heads in 2025. The complete cost of pig farming has also decreased, indicating a positive outlook for revenue and profit growth in this segment [7][54] Summary by Sections Company Overview - The company is the second-largest yellow feathered chicken breeding enterprise in China, with a market share exceeding 15%. It has maintained a stable revenue growth trajectory, with total revenue increasing from 4.074 billion to 17.725 billion from 2014 to 2024 [2][21][24] Financial Performance - In the first half of 2025, the company achieved a revenue of 8.353 billion, a year-on-year increase of 7.02%, but the net profit fell by 74.10% to 149 million, primarily due to a decline in yellow feathered chicken prices [1][21] - The company’s revenue from yellow feathered chicken accounted for 81.98% of total revenue in 2024, while the contribution from pig farming has steadily increased from 3.77% in 2019 to 16.51% in 2024 [24] Cost Management - The complete cost of raising yellow feathered chickens has decreased significantly, with the cost dropping to below 11 yuan per kilogram in the first half of 2025. This reduction is attributed to lower feed prices and improved management practices [3][41] - The complete cost of pig farming has also seen a decline, reaching 12.3 yuan per kilogram by June 2025, with expectations to further decrease to 12 yuan by the end of the year [7][54] Market Outlook - The yellow feathered chicken prices have shown signs of recovery since late July 2025, which is expected to improve profits in the third quarter. The company anticipates that the market conditions will favor further growth in both chicken and pig farming segments [8][38] - The company projects revenues of 17.924 billion, 21.016 billion, and 23.589 billion for 2025, 2026, and 2027 respectively, with net profits expected to reach 837 million, 1.829 billion, and 2.338 billion in the same years [8][59]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4]. Core Views - The company has shown steady growth in output, but prices have declined, leading to a significant drop in net profit for the first half of 2025, which decreased by 74% year-on-year [1][9]. - Despite the low market prices for yellow feathered chickens, the company maintained a growth in output, with a 10.37% increase in chicken output year-on-year [2]. - The company has improved its cost structure, with the complete cost of chicken production dropping below 11 yuan/kg, although it still faces losses of approximately 0.50 yuan/kg per chicken [2]. - The pig farming segment has seen a substantial increase in output, with a 118.35% year-on-year growth in pig output, supported by the release of production capacity [3]. - The company is expected to maintain strong profitability in the pig farming sector due to cost improvements and capacity releases [3]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved operating revenue of 8.353 billion yuan, a year-on-year increase of 7.02%, with Q2 revenue at 4.267 billion yuan, up 4.42% quarter-on-quarter [1][9]. - The net profit attributable to shareholders for the first half of 2025 was 149 million yuan, down 74.10% year-on-year, with Q2 showing a net loss of 57 million yuan [1][9]. - The sales gross margin for the first half of 2025 was 9.95%, a decrease of 4.15 percentage points year-on-year, while the net profit margin was 1.65%, down 5.69 percentage points year-on-year [12]. Profit Forecast and Financial Indicators - The company forecasts net profits of 1.050 billion yuan, 1.518 billion yuan, and 1.622 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.27 yuan, 1.83 yuan, and 1.96 yuan [4][19]. - The projected PE ratios for 2025, 2026, and 2027 are 16, 11, and 10 respectively [4][19]. - The company’s total market capitalization is approximately 16.201 billion yuan, with a closing price of 19.35 yuan [6].

Core Viewpoint - The company experienced a steady growth in livestock output but faced a significant decline in net profit due to falling prices in the poultry market and inventory impairment losses [1][2]. Group 1: Poultry Business Performance - In the first half of 2025, the company achieved a revenue of 8.353 billion yuan, a year-on-year increase of 7.02%, with Q2 revenue reaching 4.267 billion yuan, up 4.42% quarter-on-quarter and 2.98% year-on-year, primarily driven by stable livestock output [1]. - The company reported a net profit attributable to shareholders of 149 million yuan in H1 2025, a year-on-year decrease of 74.10%, with Q2 net profit at -57 million yuan, a quarter-on-quarter decline of 127.79% and a year-on-year drop of 111.58%, mainly due to a significant drop in domestic poultry prices [1]. - The average selling price of yellow feathered chickens in H1 2025 decreased by 18.40% to 10.77 yuan/kg, while the complete cost of chicken production fell below 11 yuan/kg, leading to an estimated loss of 0.50 yuan/kg per chicken [1]. Group 2: Pork Business Performance - The company achieved a meat pig output of 949,600 heads in H1 2025, a year-on-year increase of 118.35%, supported by the gradual release of pig farm capacity and increased stocking [2]. - The average selling price of meat pigs in H1 2025 was 15.07 yuan/kg, down 5.29% year-on-year, while the complete cost of production decreased to 12.8 yuan/kg, resulting in a profit of nearly 300 yuan per head [2]. - The company’s pig farming capacity reached 2 million heads by the end of 2024, with expectations for continued rapid growth in pig output [2].

Group 1 - On August 21, Lihua Co., Ltd. executed a block trade of 310,000 shares, with a total transaction value of 5.044 million yuan, accounting for 1.45% of the total trading volume for the day [1] - The average transaction price was 16.27 yuan, representing a discount of 17.45% compared to the market closing price of 19.71 yuan [1] - The highest transaction price recorded was 16.7 yuan, while the lowest was 16 yuan [1] Group 2 - The block trade on August 21 involved two transactions: one at a price of 16.00 yuan for 190,000 shares, totaling 3.04 million yuan, and another at 16.70 yuan for 120,000 shares, totaling 2.004 million yuan [2] - Both transactions were facilitated by CITIC Securities Co., Ltd., with the sales executed through its Changzhou branch and another branch [2]

序号代码名称最新价涨跌幅主力净流入主力净占比1002100天康生物6.61.072467.41万元9.41%2600975新 五丰6.470.621664.68万元5.92%3603717天域生物8.552.271509.48万元9.71%4002840华统股份 10.750.191368.62万元10.32%5002311海大集团60.220.871161.37万元3.17%6000735罗 牛 山6.440.94684.38 万元3.36%7002157正邦科技2.91.05649.50万元1.74%8300761立华股份19.711.86572.66万元1.67%9002385 大北农4.220.72526.59万元0.92%10603609禾丰股份8.940.68479.32万元6.42% 来源：金融界 8月21日，猪肉概念上涨0.75%，今日主力资金流出1.97亿元，概念股28只上涨，6只下跌。 主力资金净流出居前的分别为牧原股份（1.99亿元）、顺鑫农业（2979.91万元）、新希望（1936.05万 元）、得利斯（1393.17万元）、京基智农（974.31万元）。 ...

Group 1: Electric Equipment - Haopeng Technology - The company achieved revenue of 2.763 billion yuan in H1 2025, a year-on-year increase of 19.29% [6] - The net profit attributable to shareholders was 97 million yuan, up 252.49% year-on-year, with a non-recurring net profit of 80 million yuan, increasing by 366.27% [6] - The company expects net profits of 259 million, 387 million, and 503 million yuan for 2025-2027, representing year-on-year growth of 183.9%, 49.3%, and 30.0% respectively [8] Group 2: Non-Banking Financial - Hong Kong Stock Exchange - The company reported a revenue of 14.076 billion HKD and a net profit of 8.519 billion HKD in H1 2025, reflecting year-on-year increases of 33% and 39% respectively [10] - The average daily trading volume in the Hong Kong stock market reached approximately 240.2 billion HKD, a year-on-year increase of 117.6% [11] - The company is expected to achieve a net profit of 16.623 billion HKD in 2025, with a price-to-earnings ratio of 33.6 times based on the closing price on August 20 [12] Group 3: Nonferrous Metals - Jinli Permanent Magnet - The company achieved revenue of approximately 3.507 billion yuan in H1 2025, a year-on-year increase of 4.33%, with a net profit of 305 million yuan, up 154.81% [17] - Domestic sales revenue was 2.994 billion yuan, increasing by 8.17%, while overseas sales revenue was 513 million yuan, down 13.58% [17] - The company expects EPS of 0.47, 0.59, and 0.72 yuan for 2025-2027, with corresponding price-to-book ratios of 5.1, 4.6, and 4.1 [19] Group 4: Agriculture, Forestry, Animal Husbandry, and Fishery - Lihua Co., Ltd. - The company reported revenue of 8.353 billion yuan and a net profit of 149 million yuan in H1 2025, with a year-on-year increase of 7.02% but a decrease in net profit by 74.10% [21] - The chicken business revenue was 635 million yuan, down 6.76% year-on-year, while the pig business revenue was 1.947 billion yuan, up 117.65% [22] - The company expects net profits of 586 million, 1.474 billion, and 1.942 billion yuan for 2025-2027, with a year-on-year change of -61.5%, +151.5%, and +31.8% respectively [23] Group 5: Non-Banking Financial - Ruida Futures - The company achieved total revenue of 1.047 billion yuan and a net profit of 228 million yuan in H1 2025, with year-on-year increases of 4.49% and 66.49% respectively [26] - The asset management business saw a revenue increase of 223.83% to 121 million yuan, driven by product scale expansion and investment returns [26] - The company is expected to achieve a net profit of 423 million yuan in 2025, reflecting a year-on-year increase of 10.5% [28] Group 6: Steel - Hualing Steel - The company reported revenue of 62.794 billion yuan in H1 2025, a year-on-year decrease of 17.02%, while net profit increased by 31.31% to 1.748 billion yuan [29] - The company’s high-end products accounted for 68.5% of total sales, with a focus on product structure optimization [30] - The company expects EPS of 0.44, 0.51, and 0.55 yuan for 2025-2027, with corresponding price-to-earnings ratios of 13, 11, and 10 [31] Group 7: Automotive - Yixin Group - The company achieved total revenue of 5.452 billion yuan and a net profit of 549 million yuan in H1 2025, with year-on-year increases of 22% and 33.93% respectively [33] - The financing total reached 32.7 billion yuan, with a significant contribution from financial technology services, which saw a revenue increase of 124% [34] - The company is expected to achieve a net profit of 1.143 billion yuan in 2025, reflecting a year-on-year increase of 41.2% [35] Group 8: Automotive - Fuyao Glass - The company reported revenue of 21.45 billion yuan and a net profit of 4.8 billion yuan in H1 2025, with year-on-year increases of 16.9% and 37.3% respectively [36] - The company’s gross margin improved to 37.1%, with a net margin of 22.4% [37] - The company expects revenue growth of 15% annually from 2025 to 2027, with net profits of 9.3 billion, 10.6 billion, and 12.4 billion yuan [38] Group 9: Nonferrous Metals - Bowei Alloy - The company achieved revenue of 10.221 billion yuan and a net profit of 676 million yuan in H1 2025, with year-on-year increases of 15.21% and 6.05% respectively [40] - The new materials segment generated revenue of 7.935 billion yuan, up 23.83%, while the renewable energy segment saw a revenue decrease of 10.10% [41] - The company expects EPS of 1.97, 2.05, and 2.21 yuan for 2025-2027, with corresponding price-to-earnings ratios of 13.4, 12.9, and 11.9 [42]