Macroeconomic Insights - China will impose a 34% tariff on all imports from the United States starting April 10, 2025, which is expected to significantly reduce agricultural imports from the U.S. [3] - In 2024, China imported agricultural products worth $24.9 billion from the U.S., with major imports including soybeans (22.1 million tons), sorghum (5.7 million tons), corn (2.1 million tons), and wheat (1.9 million tons) [3]. Agricultural Sector - The increase in tariffs is likely to enhance domestic grain prices and benefit the planting industry chain, emphasizing the need for self-sufficiency in grain production [3]. - The report highlights the importance of technological advancements in agriculture, particularly in genetically modified and gene-edited crops, which are expected to accelerate, benefiting seed companies with leading technology reserves [3]. - The report recommends focusing on companies that are actively expanding their domestic brands in the pet food sector, such as Guibao Pet and Zhongchong Co., which primarily generate revenue from domestic sales [4]. Livestock Industry - The report indicates that the pig farming sector is expected to see a significant improvement in profitability for the 2024 annual report and the first quarter of 2025, driven by favorable pig prices and reduced costs [5]. - The analysis of March's supply and demand dynamics in the pig farming industry shows a balanced market, but a potential downward trend in prices is anticipated if there is no support from state reserves [4][5]. Investment Recommendations - Recommended stocks in the poultry sector include Shengnong Development, Yisheng Shares, and Lihua Shares; for the post-cycle sector, recommended stocks are KQ Bio, Haida Group; in the pig farming sector, recommended stocks include Muyuan Foods, Wens Foodstuff Group, Tiankang Bio, and Shennong Group [7]. - In the seed industry, recommended stocks include Fengle Seed Industry, Quanyin High-Tech, Longping High-Tech, and Dabeinong [7]. - In the pet sector, recommended stocks are Guibao Pet, Zhongchong Co., and Ruipu Bio [7]. Chemical Industry - The report suggests that the imposition of a 34% tariff on U.S. imports will accelerate the domestic substitution process for chemical products, particularly in high-end markets [17]. - Beneficiary products include lubricant additives, nucleating agents, adsorption separation resins, and nano-silica, with specific companies recommended for investment [19]. Rare Earth Industry - The report maintains an "overweight" rating on the rare earth sector, anticipating that the recent tariffs will enhance China's strategic advantages in rare earth production and lead to price increases due to supply-demand mismatches [22]. - The export control measures on heavy rare earths are expected to stimulate overseas stockpiling, further driving up prices [23]. Insurance Sector - The insurance sector is projected to see stable growth in 2025, with a focus on improving asset-liability matching strategies [25]. - The report recommends increasing holdings in companies like China Pacific Insurance and New China Life Insurance, which are expected to benefit from improved investment returns and stable business strategies [40].

Group 1 - Agricultural stocks are performing well, with the seed industry concept leading the gains, as the sector index surged over 13% shortly after opening [4][5] - All stocks within the agricultural sector experienced significant increases, with Qiu Le Seed Industry hitting a 30% limit up and Shen Nong Seed Industry reaching a 20% limit up [5] - The Supreme People's Court has released typical cases for the judicial protection of seed industry intellectual property rights, enhancing protection and providing clearer guidelines for industry participants [7] Group 2 - The chicken concept stocks rebounded, with the sector index rising over 3%, and Xiao Ming Co. hitting a 20% limit up, marking a three-year high [8] - The price of white feather chicken has rebounded by approximately 40% compared to extreme low prices seen a month and a half ago, with current prices around 3.5 yuan per jin [10] - Analysts expect a reduction in poultry imports, which will benefit domestic white feather chicken enterprises, while increased tariffs will raise breeding costs, positively impacting market share and profit margins for related companies [10]

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector in light of the recent tariff increases on U.S. imports [1][5][4]. Core Views - The imposition of a 34% tariff on all U.S. imports is expected to benefit the domestic agricultural sector, particularly in the areas of feed, livestock, and seed industries [1][2][3]. - The report highlights that the increase in tariffs will likely lead to price hikes in key agricultural products such as soybean meal, corn, and beef, thereby enhancing the profitability of domestic producers [2][24][3]. Summary by Sections Tariff Impact Analysis - The Chinese government announced a 34% tariff on all U.S. imports effective April 10, 2025, which is expected to raise the import costs of key agricultural products [1][15][16]. - Major U.S. agricultural imports to China include sorghum, soybeans, cotton, beef, and corn, with soybeans and corn being particularly affected by the tariff [1][24]. Feed and Livestock Sector - The report is optimistic about companies like Haida Group and leading pig and poultry farming enterprises, which are expected to see enhanced profit margins due to better raw material management amid rising feed prices [2][3]. - The report suggests that the cost of feed, which constitutes a significant portion of livestock production costs, will rise, potentially accelerating the cycle of livestock production and benefiting leading companies in the sector [2][3]. Seed and Crop Sector - The seed industry is anticipated to benefit from a favorable price cycle and advancements in genetically modified crops, with corn prices expected to rise due to increased import costs from the U.S. tariffs [2][3]. - Companies with land resources in the planting sector are also expected to gain from rising grain prices [2][3]. Beef Industry Outlook - The domestic beef industry is projected to experience a turnaround as domestic supply decreases and U.S. beef imports shrink due to the new tariffs [3][24]. - The report indicates that the valuation of related beef companies is currently at a low point, suggesting potential for growth as market sentiment improves [3][24]. Investment Recommendations - The report recommends investments in the following sectors: 1. Pig farming: Mu Yuan, Hua Tong, Wen's, Shen Nong Group, Xin Wu Feng, Ju Xing Agricultural, Tang Ren Shen, Tian Kang Biological 2. Poultry farming: Li Hua, Yi Sheng, Sheng Nong Development 3. Feed: Haida Group 4. Seed: Quan Yin Gao Ke, Long Ping Gao Ke, Feng Le Seed Industry, Deng Hai Seed Industry, Da Bei Nong [3][4].

证券代码：300761 证券简称：立华股份 公告编号：2025-012 江苏立华食品集团股份有限公司 1 序 号 委托方 受托方 产品名称 产品类型 资金来源 金额 （万元） 起息日 到期日 预期年化 收益率（%） 1 江苏立华 食品集团 股份有限 公司 国信证券股 份有限公司 国债逆回购 R-007 保本固定 收益类 自有资金 6,000 2025/1/24 2025/2/5 2.8 一、主要内容 | 序 | | | | | | 金额 | | | 预期年化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 委托方 | 受托方 | 产品名称 | 产品类型 | 资金来源 | （万元） | 起息日 | 到期日 | 收益率（ % ） | | | 江苏立华 | 中国民生银 | 民生理财贵竹 | | | | | | | | | 食品集团 | 行股份有限 | 固收增利周周 | | | | | 无固定 | 2025/2/18 赎 | | 2 | 股份有限 | 公司常州支 | 盈 7 天持有期 | 固定收益类 | 自有资金 | 6,00 ...

Investment Rating - The report maintains an "Outperform" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][5][39] Core Viewpoints - The report highlights the recovery potential of undervalued leading breeding companies and the long-term upward trend in rubber prices [1][3][14] - Key recommendations include focusing on high ROE value stocks in the breeding sector and identifying growth opportunities in the pet food market [1][3][39] Summary by Sections Investment Recommendations - Recommended stocks include: - For pets: Guai Bao Pet, Zhong Chong Co., and Rui Pu Biological [1][3][16] - For breeding: Mu Yuan Co., Hua Tong Co., and Wen's Food Group [1][3][39] - For rubber: Hainan Rubber, a leading global player in natural rubber cultivation and processing [1][3][22] Breeding Sector - The breeding sector is expected to maintain low volatility in production capacity, with overall supply-demand balance remaining stable [1][17][39] - Specific insights include: - Swine prices were reported at 14.46 CNY/kg, down 8.88% month-on-month, with a slight increase in average weight [2][25] - Poultry supply is at a low, with potential demand recovery as macroeconomic conditions improve [30][35] Planting Chain - The report emphasizes the importance of focusing on leading companies with R&D and integration advantages in the seed industry [1][19][39] - Key recommendations include: - Hainan Rubber, with significant production and processing capabilities [1][22] Market Trends - The report notes that the agriculture, forestry, animal husbandry, and fishery index increased by 0.20% in February, underperforming compared to the broader market [2][5] - The report also highlights the strong performance of specific stocks, such as Tianye Co. and Dayu Biological, with notable increases in their stock prices [2][5]

证券代码：300761 证券简称：立华股份 公告编号：2025-011 江苏立华食品集团股份有限公司 2025 年 2 月销售情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、2025 年 2 月销售情况 1 江苏立华食品集团股份有限公司（以下简称公司）2025 年 2 月销售肉鸡（含 毛鸡、屠宰品及熟制品）3,286.25 万只，销售收入 7.69 亿元，毛鸡销售均价 10.37 元/公斤，环比变动分别为-27.15%、-34.50%、-11.97%，同比变动分别为 8.25%、- 14.17%、-23.53%。 公司 2025 年 2 月销售肉猪 17.68 万头，销售收入 3.26 亿元，肉猪销售均价 15.10 元/公斤，环比变动分别为 9.07%、3.82%、-6.33%，同比变动分别为 398.03%、 443.33%、2.86%。 二、原因说明 2025 年 2 月，公司肉鸡销售收入环比下降，主要原因为节后消费需求转淡， 公司相应下调出栏量，叠加销售均价下降。 2025 年 2 月，公司肉猪销量及销售收入同比增长，主要原因为公司养猪产 ...

证券代码：300761 证券简称：立华股份 公告编号：2025-010 江苏立华食品集团股份有限公司 关于公司实际控制人之一致行动人减持期限届满的公告 公司实际控制人之一致行动人常州市天鸣农业技术服务中心（有限合伙）、 深圳市沧石投资合伙企业（有限合伙）保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 江苏立华食品集团股份有限公司（以下简称公司）于 2024 年 11 月 8 日披露 了《关于实际控制人之一致行动人减持股份预披露公告》（公告编号：2024-075）， 实际控制人程立力先生之一致行动人常州市天鸣农业技术服务中心（有限合伙） （以下简称天鸣农业）、深圳市沧石投资合伙企业（有限合伙）（以下简称沧石投 资）计划自前述公告披露之日起 15 个交易日后的 3 个月内（2024 年 12 月 2 日至 2025 年 3 月 1 日）以集中竞价方式或以大宗交易方式合计减持公司股份不超过 24,829,000 股（占公司总股本比例为 3.00%）。 公司于近日收到天鸣农业、沧石投资出具的《关于股份减持计划期限届 ...

证券代码：300761 证券简称：立华股份 公告编号：2025- 009 江苏立华食品集团股份有限公司 关于实际控制人之一致行动人股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 江苏立华食品集团股份有限公司（以下简称公司）于近日收到实际控制人之一 致行动人常州市奔腾牧业技术服务中心（有限合伙）的通知，获悉其持有的部分股 份办理了解除质押业务。具体情况公告如下： 一、股份解除质押的基本情况 | | 是否为控 | | | | 是否为限 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股股东或 | 本次解除 | 解质押股份 | 占公司 | 售股（如 | 质押 | 解除 | | | 名称 | 第一大股 | 质押数量 | 占其所持股 | 总股本 | 是，注明 | 起始日 | 质押日 | 质权人 | | | 东及其一 | （股） | 份比例 | 比例 | 限售类 | | | | | | 致行动人 | | | | 型） | | | | | 常州市 | | | | ...

江苏立华食品集团股份有限公司 关于实际控制人之一致行动人股份质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 江苏立华食品集团股份有限公司（以下简称公司）于近日收到实际控制人之一 致行动人常州市奔腾牧业技术服务中心（有限合伙）的通知，获悉其持有的部分股 份办理了质押业务。具体情况公告如下： | | 是否为控 | | | | 是否为 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 股股东或 | | 占其 | 占公 | 限售股 | 是否 | | | | | | 股东 | | 本次质押数 | 所持 | 司总 | （如 | 为补 | 质押起始 | 质押到期 | | 质押 | | | 第一大股 | | | | | | | | 质权人 | | | 名称 | 东及其一 | 量（股） | 股份 | 股本 | 是，注 | 充质 | 日 | 日 | | 用途 | | | 致行动人 | | 比例 | 比例 | 明限售 | 押 | | | | | | | ...

证券代码：300761 证券简称：立华股份 公告编号：2025-008 1 | 变动类型（可多选） 增加□ | 减少 一致行动人 | | 有 无□ | | | | --- | --- | --- | --- | --- | --- | | 是否为第一大股东或实际控制人 | | 是 | 否 | | | | 2.本次权益变动情况 | | | | | | | 股份种类（A股、B股等） | 减持股数（股） | | 减持比例 | | | | 常州市天鸣农业技术服务中心 | | 8,710,100 | | | 1.05% | | （有限合伙）（A股） | | | | | | | 深圳市沧石投资合伙企业（有限 | | 118,700 | | | 0.01% | | 合伙）（A股） | | | | | | | 合计 | | 8,828,800 | | | 1.07% | | | 证券交易所的集中交易 |  | 协议转让 | □ | | | | 通过证券交易所的大宗交易  | | 间接方式转让 □ | | | | 本次权益变动方式（可多 | 国有股行政划转或变更 | □ | 执行法院裁定 □ | | | | 选） ...