Investment Rating - The report upgrades the investment rating of the company to "Buy" based on expected revenue and performance growth [9]. Core Views - The company reported a robust revenue growth of 24.0% year-on-year for the first half of 2025, achieving a revenue of 213 million yuan and a net profit of 85 million yuan, which is a 15.1% increase year-on-year [5]. - The growth is primarily driven by the ramp-up of the intelligent connected vehicle testing facility in the Yangtze River Delta, which began operations in July 2024, leading to increased demand from automotive companies for testing and certification [6]. - The company plans to acquire 100% equity of a winter testing facility in Hulunbuir for 111 million yuan, enhancing its testing capabilities across all seasons and potentially boosting long-term performance [8]. Summary by Sections Company Overview - Latest closing price: 6.59 yuan - Total shares: 1.324 billion, Market capitalization: 8.7 billion yuan - 52-week high/low: 7.06/4.92 yuan - Debt-to-asset ratio: 16.5%, P/E ratio: 50.69 [4]. Financial Performance - In Q2 2025, the company achieved a revenue of 125 million yuan, a 20.1% increase year-on-year, and a net profit of 56 million yuan, up 11.0% year-on-year [5]. - The gross margin for the first half of 2025 was 66.7%, reflecting a decrease due to increased depreciation costs associated with the new testing facilities [7]. Revenue and Profit Forecast - Revenue projections for 2025-2027 are 622 million, 737 million, and 841 million yuan respectively, with net profits expected to be 220 million, 273 million, and 335 million yuan [9][11]. - The expected EPS for the same period is 0.17, 0.21, and 0.25 yuan per share, with corresponding P/E ratios of 39.7, 32.0, and 26.1 [9][11].

Report Overview - The report is a fixed - income research report released on August 26, 2025, aiming to analyze the bond market adjustment and provide investment suggestions through historical review, institutional cost assessment, and market sentiment analysis [1][10] Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - During the equity bull market from 2014 - 2025, the performance of the bond market was not unilaterally opposed to the stock market but depended on the dynamic balance of risk preference and capital flow [3] - The current bond market correction is more like a "topping - out period" rather than a "peaking period". The upward space and time of interest rates are constrained by factors such as the return of allocation, policy soft constraints, and marginal improvement in supply and demand [4] - It is recommended to adhere to the "bottom - line thinking", focusing on the upper - bound constraint of interest rates and entry opportunities. If the risk preference is extremely priced and the 10Y - 1Y spread reaches 50 - 60BP, the corresponding 10 - year Treasury bond yield of 1.85% - 1.95% is the bottom - line range [4] Summary by Directory 1. 2014 - 2025, Review of Bond Market Trends in Previous Stock Bull Markets 1.1 2014–2015: Bull and Divergence of Stocks and Bonds Driven by Loose Pattern and Expectation Divergence - In the early stage (June - November 2014), with the promotion of reform expectations and loose signals, the stock and bond markets showed a short - term "double - bull" pattern [11] - From November to December 2014, after the central bank's interest rate cut and price mechanism reform, the stock market accelerated, while the bond market showed "profit - taking", presenting a "stock - up, bond - down" situation [11] - From December 2014 to February 2015, during the stock market consolidation period, the bond market had a repair opportunity, and the 10 - year Treasury bond yield dropped by more than 45bp [11] - From March to April 2015, with the reduction of reserve requirements and interest rates and the expansion of leveraged funds, the stock market accelerated, and the bond market showed an "N - shaped" shock [11] - From May to June 2015, with the influx of leveraged funds into the stock market, the bond market was under pressure, showing a typical "strong - stock, weak - bond" situation [11] 1.2 2016 - 2017: "First Bull, Then Bear" in the Bond Market under the Background of Supply - side Reform and De - leveraging - From June to August 2016, due to the supply - side reform and loose monetary policy, the stock and bond markets both rose [14] - From September 2016 to February 2017, the stock market continued to rise, while the bond market was under pressure due to the expectation of economic stabilization and inflation recovery, presenting a "stock - up, bond - down" situation [14] - From March to May 2017, due to domestic de - leveraging, tightened monetary policy, and external shocks, the stock and bond markets both declined [14] - From the second half of 2017 to the end of 2017, the stock market was strong, and the bond market was weak, with the 10 - year Treasury bond yield approaching 4.0% [14][16] 1.3 2019–2021: Deduction of the Stock - Bond Seesaw and Structural Bull Market - In 2019, during the GEM bull market, the stock market was strong, and the bond market was stable with a narrow - range fluctuation of the 10 - year Treasury bond yield around 3.1% - 3.2% [17] - In 2020, affected by the epidemic, the bond market first entered a bull market, and then the stock market became strong again after the economic recovery, showing a seesaw effect [19] - In 2021, with the weakening of growth momentum, the bond market returned to a bull market, and the stock market still had structural opportunities, showing a phased resonance [19] 2. In the Assumption of an Equity Bull Market, What Stage is the Current Bond Market Correction in? 2.1 In This Round of Bond Market Correction, the Interest Rates of Some Varieties are Close to the Holding - Cost Lines of Product Accounts - For wealth management products, as of the week of August 24, the 1 - year cost yield of inter - bank certificates of deposit was 3.28BP higher than the average interest rate of certificates of deposit, and the 1 - year cost yield of 0 - 1Y policy - financial bonds was 1.86BP lower than the 1 - year CDB bond yield [22] - For funds, as of the week of August 24, the 1.5 - year cost yield of 7 - 10Y policy - financial bonds was 16.14BP higher than the 10 - year CDB bond average, and the 1.5 - year cost yield of 10Y+ Treasury bonds was 23.36BP lower than the 30 - year Treasury bond yield [22] - In terms of institutional trading behavior, insurance institutions increased their net positions in ultra - long - term bonds, rural financial institutions adjusted their positions, and wealth management products shifted from the interest - rate style to the credit style [23] 2.2 Analyzing the Market's Deduction Space from Micro - sentiment Indicators - The stock - bond seesaw effect is still significant, but the upper bound of long - term yields may be gradually clear. The stock market is hot, while the bond market sentiment is controllable [30] - The stock - bond yield spread shows that the cost - performance of bond assets has increased, attracting the return of some allocation - type institutions [30] - The scale of wealth management products is under pressure, with an increase weaker than the seasonal level, but it remains relatively stable. There is no large - scale redemption of fixed - income funds [31] 2.3 Bond Market Outlook: Adjustment May Have Intervals. Pay Attention to the "Topping - out - Returning" Rhythm with Bottom - line Thinking - The current bond market correction is relatively moderate, and the upward space and time of interest rates are constrained. Wealth management products and bond funds still have safety cushions and profit margins [34] - The central bank has increased liquidity injection. If interest rates over - adjust, the probability of the central bank's intervention will increase [34] - The supply - demand relationship may improve marginally. The peak of bond issuance has passed, and the return of allocation demand will help balance supply and demand [35] - The economic growth and inflation are in a moderate range, and the bond market pricing will return to the center determined by the fundamentals and policy interest rates. It is recommended to use bottom - line thinking for long - term interest - rate bond allocation [36]

Investment Rating - The investment rating for the company is "Buy" and is maintained [1] Core Views - The company reported a revenue of 2.473 billion yuan for the first half of 2025, representing a year-on-year increase of 12.50%. However, the net profit attributable to shareholders decreased by 9.93% to 796 million yuan [4] - The decline in performance is primarily attributed to the suspension of operations at the Yinman Mine and losses at the Yubang Mine, along with reduced profits from Rongguan and Qianjinda mines [4][5] - The company expects a recovery in operations in the second half of the year, supported by a significant increase in silver and tin prices in Q3 [6] Company Overview - The latest closing price is 42.38 yuan, with a total market capitalization of 66.5 billion yuan [3] - The company has a total share capital of 1.57 billion shares, with an asset-liability ratio of 8.2% and a price-to-earnings ratio of 25.84 [3] Financial Performance - In the first half of 2025, the company produced 131.32 tons of silver (up 4.57% year-on-year) and 3589.82 tons of tin (down 20.64% year-on-year) [6] - The average prices for silver and tin increased by 20.31% and 9.23% year-on-year, respectively [6] - The company forecasts revenues of 5.092 billion yuan, 6.184 billion yuan, and 7.140 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 1.950 billion yuan, 2.303 billion yuan, and 2.782 billion yuan [7][8] Earnings Forecast - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 1.10 yuan, 1.30 yuan, and 1.57 yuan, respectively [7] - The projected price-to-earnings (P/E) ratios for the same years are 18.72, 15.85, and 13.12 [7]

- DeepSeek-V3.1 model is an upgraded version of the DeepSeek language model, featuring a hybrid inference architecture that supports both "thinking mode" and "non-thinking mode" for different task complexities[12][13][14] - The model's construction involves dynamic activation of different attention heads and the use of chain-of-thought compression training to reduce redundant token output during inference[13] - The context window length has been expanded from 64K to 128K, allowing the model to handle longer documents and complex dialogues[15] - The model's performance in various benchmarks shows significant improvements, such as a 71.2 score in xbench-DeepSearch and 93.4 in SimpleQA[17] - The model's evaluation highlights its advancements in hybrid inference, long-context processing, and tool usage, although it still faces challenges in complex reasoning tasks[21] - Seed-OSS model by ByteDance features 36 billion parameters and a native 512K long-context window, emphasizing research friendliness and commercial practicality[22][23] - The model uses a dense architecture with 64 layers and integrates grouped-query attention (GQA) and rotary position encoding (RoPE) to balance computational efficiency and inference accuracy[23] - The "thinking budget" mechanism allows dynamic control of inference depth, achieving high scores in various benchmarks like 91.7% accuracy in AIME24 math competition[24] - The model's evaluation notes its strong performance in long-context and reasoning tasks, though its large parameter size poses challenges for edge device deployment[25] - WebWatcher by Alibaba is a multimodal research agent capable of synchronously parsing image and text information and autonomously using various toolchains for multi-step tasks[26][27] - The model's construction involves a four-stage training framework, including data synthesis and reinforcement learning to optimize long-term reasoning capabilities[27] - WebWatcher excels in benchmarks like BrowseComp-VL and MMSearch, achieving scores of 13.6% and 55.3% respectively, surpassing top closed-source models like GPT-4o[28] - The model's evaluation highlights its breakthrough in multimodal AI research, enabling complex task handling and pushing the boundaries of open-source AI capabilities[29] - AutoGLM 2.0 by Zhipu AI is the first mobile general-purpose agent, utilizing a cloud-based architecture to decouple task execution from local device capabilities[32][33] - The model employs GLM-4.5 and GLM-4.5V for task planning and visual execution, using an asynchronous reinforcement learning framework for end-to-end task completion[34] - AutoGLM 2.0 demonstrates high efficiency in various tasks, such as achieving a 75.8% success rate in AndroidWorld and 87.7% in WebVoyager[35] - The model's evaluation notes its significant advancements in mobile agent technology, though it still requires optimization for cross-application stability and scenario generalization[37] - WeChat-YATT by Tencent is a large model training library designed to address scalability and efficiency bottlenecks in multimodal and reinforcement learning tasks[39][40] - The library introduces parallel controller mechanisms and partial colocation strategies to enhance system scalability and resource utilization[40][42] - WeChat-YATT shows a 60% reduction in overall training time compared to the VeRL framework, with each training stage being over 50% faster[45] - The model's evaluation highlights its effectiveness in large-scale RLHF tasks and its potential to drive innovation in multimodal and reinforcement learning fields[46] - Qwen-Image-Edit by Alibaba's Tongyi Qianwen team is an image editing model that integrates dual encoding mechanisms and multimodal diffusion Transformer architecture for semantic and appearance editing[47][48] - The model's construction involves dual-path input design and chain editing mechanisms to maintain high visual fidelity and iterative interaction capabilities[48][49] - Qwen-Image-Edit achieves SOTA scores in multiple benchmarks, with comprehensive scores of 7.56 and 7.52 in English and Chinese scenarios respectively[50] - The model's evaluation notes its transformative impact on design workflows, enabling automated handling of rule-based editing tasks and lowering the barrier for visual creation[52] Model Backtest Results - DeepSeek-V3.1: Browsecomp 30.0, Browsecomp_zh 49.2, HLE 29.8, xbench-DeepSearch 71.2, Frames 83.7, SimpleQA 93.4, Seal0 42.6[17] - Seed-OSS: AIME24 math competition 91.7%, LiveCodeBench v6 67.4, RULER (128K) 94.6, MATH task 81.7[24] - WebWatcher: BrowseComp-VL 13.6%, MMSearch 55.3%, Humanity's Last Exam-VL 13.6%[28] - AutoGLM 2.0: AndroidWorld 75.8%, WebVoyager 87.7%[35] - Qwen-Image-Edit: English scenario 7.56, Chinese scenario 7.52[50]

证券研究报告：宏观报告 发布时间：2025-08-26 分析师:李起 SAC 登记编号:S1340524110001 Email:liqi2@cnpsec.com 研究助理:高晓洁 SAC 登记编号:S1340124020001 Email:gaoxiaojie@cnpsec.com 近期研究报告 《出口韧性、"反内卷"，引领 PPI 边 际改善》 - 2025.08.25 宏观观点 海外宏观周报：美联储降息预期升温 ⚫ 核心观点： 杰克逊霍尔全球央行年会上鲍威尔意外放鸽，表示"风险平衡正 在发生转变"，强调就业风险。鲍威尔指出，虽然劳动力市场似乎处 于平衡状态，但这一平衡是供给和需求同时放缓的结果，这种不寻常 的情况表明，就业的下行风险正在上升。通胀方面，鲍威尔认为关税 对通胀的影响相对短暂，仅仅是价格水平的一次性变化。此外，鲍威 尔还宣布完成了联储第二次公开货币政策框架评估，废除 2020 年以 来的平均通胀目标制，恢复到 2%通胀目标的框架，但仍保留就业方面 的目标，将减轻与最大就业率的"短缺"而不是"偏差"，即更重视 就业的下行风险。在鲍威尔明确传递降息预期后，交易员将 9 月降息 概率推升至约 90 ...

Market Performance Review - A-shares continued to rise strongly, reaching new highs, with major indices all increasing, particularly the Sci-Tech 50 which surged by 8.59% on Friday and 13.31% for the week, significantly outperforming other indices [3][12] - The market style saw a significant reversal, with cyclical stocks rebounding strongly while consumer stocks lagged behind, contrasting with the previous week [12] - Large-cap stocks outperformed small-cap stocks this week, reversing last week's trend, with core assets like the Moutai index and the Ning combination also seeing substantial gains, up 4.51% and 3.71% respectively [12] Industry Insights - The TMT sector continued to lead the market, with significant gains in the communication (10.84%), electronics (8.95%), and computer (7.93%) sectors, driven by the production halt of Nvidia's H20 chips and optimistic expectations for domestic AI applications and computing power [4][13] - The expectation of a Federal Reserve interest rate cut is anticipated to further boost A-shares, influencing both short-term capital flows and long-term fundamental changes [4][30] Future Outlook and Investment Views - The expectation of Federal Reserve rate cuts is likely to enhance A-share performance through improved capital flows and a more attractive investment environment for international capital [4][30] - Long-term fundamental changes include a potential recovery in consumer and investment demand globally, alleviating export pressures, and a possible domestic rate cut that could reverse current deleveraging trends [4][31] - The report emphasizes that individual stock alpha logic is preferred over industry beta logic, highlighting opportunities for valuation recovery in TMT growth sectors, particularly in AI applications and computing power [5][31]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - After two consecutive weeks of adjustment in the bond market since mid - August, the decline has exceeded the previous round in late July, resulting in a certain degree of cost - effectiveness. Currently, the strategy should prioritize liquidity. There are opportunities in 3 - 5 - year bank secondary capital bonds after adjustment, and it is also advisable to participate in the sinking of weak - quality urban investment bonds with a maturity of 1 - 3 years. However, the ultra - long - term strategy may not be a good choice due to high market uncertainty [3][36] Summary by Relevant Catalogs 1. Market Adjustment and Bond Performance - Since mid - August, the bond market has been continuously adjusting for two weeks, especially last week's adjustment exceeding expectations. Credit bonds declined synchronously, and the decline of major maturity varieties was higher than that of interest rates. The stock - bond "seesaw" effect continued, with the Shanghai Composite Index hitting a new high, and the bond market being insensitive to fundamental indicators, resulting in a continuous decline and rising yields [1][9] - From August 18 to 22, 2025, the yields of 1Y, 2Y, 3Y, 4Y, and 5Y treasury bonds increased by 0.4BP, 3.2BP, 9.7BP, 8.1BP, and 3.8BP respectively. The yields of AAA medium - and short - term notes with the same maturities increased by 4.9BP, 6.6BP, 5.8BP, 7.6BP, and 4.6BP respectively, and the yields of AA+ medium - and short - term notes increased by 4.9BP, 6.6BP, 7.8BP, 6.6BP, and 5.6BP respectively [9][10] - The market of ultra - long - term credit bonds weakened synchronously, with most of the declines exceeding those of the same - maturity interest - rate bonds. The decline of highly liquid ultra - long - term secondary and perpetual bonds was the lowest, while the decline of ultra - long - term urban investment bonds with the poorest liquidity was relatively large. The yields of AAA/AA+ 10Y medium - term notes increased by 6.00BP and 7.00BP respectively, and the yields of AAA/AA+ 10Y urban investment bonds increased by 13.01BP and 11.00BP respectively. The yield of AAA - 10Y bank secondary capital bonds increased by 6.69BP, while the yield of 10Y treasury bonds increased by 3.53BP [11][12] 2. Performance of Secondary and Perpetual Bonds - The market of secondary and perpetual bonds weakened synchronously, but the "volatility amplifier" feature was not obvious. The declines of 1Y - 5Y were similar to those of general credit bonds, and the decline gap in the ultra - long - term part was also close to that of ultra - long - term credit bonds. Currently, the part of the curve with a maturity of 3 years and above is still 25BP - 35BP away from the lowest yield point since 2025. Compared with the sharp decline at the end of July, the yield points of bonds with a maturity of over 3 years have reached new highs, and the adjustment amplitude is higher than that of the sharp decline at the end of July [2][16] - In terms of active trading, the sentiment was the most pessimistic in the second week of August. Although the market was still adjusting last week, the marginal sentiment of secondary and perpetual bonds improved. From August 11 to 15, the proportion of low - valuation transactions of secondary and perpetual bonds was 5.00%, 0.00%, 100.00%, 5.00%, and 0.00% respectively, and the average trading duration was 0.74 years, 1.02 years, 3.81 years, 1.53 years, and 1.12 years respectively. From August 18 to 22, the proportion of low - valuation transactions was 0.00%, 100.00%, 17.07%, 100.00%, and 100.00% respectively, and the average trading duration was 0.65 years, 4.73 years, 1.03 years, 5.66 years, and 3.30 years respectively [2][18] 3. Institutional Behavior - Public funds and other trading desks continued to sell, but it was more of a portfolio rebalancing rather than a full - scale reduction. At the same time, allocation desks such as wealth management and insurance institutions moderately bought during the adjustment. Public funds reduced their holdings of secondary bonds of national and joint - stock banks with a maturity of 3 - 5 years, with the total selling scale in the past two weeks approaching 20 billion, but they also increased their holdings of secondary capital bonds with a maturity of 1 - 3 years. Public funds were not very willing to sell their core assets such as weak - quality urban investment bonds [3][29] - Allocation desks such as bank wealth management and insurance institutions bought opportunistically after the sharp decline in the bond market, but they were also cautious about the maturity, mainly focusing on varieties with a maturity of 3 years and below. Since August, the increase in the liability side of wealth management products has been limited, and the demand is not strong, but it is not a full - scale redemption [3][29] 4. Performance of Credit Bond ETF Products - Credit bond ETF products performed poorly during the market adjustment in the past two weeks, with weak scale growth and net - value performance. In terms of scale change, the weekly scale of credit benchmark market - making ETF products has shrunk for two consecutive weeks since the market adjustment in the second week of August, and the weekly scale of science and technology innovation ETF products has been significantly weaker in August than in July. In terms of unit net - value change, the unit net values of the above two types of credit bond ETFs have suffered losses for two consecutive weeks, and the loss scale increased last week. In addition, the average turnover rate of the above two types of credit bond ETFs dropped to a new low last week [33]

个股表现 2024-08 2024-11 2025-01 2025-03 2025-06 2025-08 -6% 11% 28% 45% 62% 79% 96% 113% 130% 147% 工业富联 电子 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 48.00 | | --- | --- | | 总股本/流通股本（亿股）198.59 | / 198.58 | | 总市值/流通市值（亿元）9,533 | / 9,532 | | 52 周内最高/最低价 | 48.91 / 15.44 | | 资产负债率(%) | 51.8% | | 市盈率 | 41.03 | | 第一大股东 | 富泰华工业(深圳)有限 | | 公司 | | 证券研究报告：电子 | 公司点评报告 发布时间：2025-08-26 股票投资评级 买入 |维持 研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 工业富联(601138) AI 服务器需求强劲，GB200 系列良率持续改善 l 事件 公司发布 2025 年半年报，上半年实现营业收入 360 ...

Group 1: General Information - The report is a fixed - income report released on August 26, 2025 [1] - The analysts are Liang Weichao and research assistant Xie Peng [2] Group 2: Core Viewpoints - For urban investment bonds, the liquidity of medium - to long - term and high - rating bond items has declined, with the number of high - grade and high - liquidity bond items decreasing. For industrial bonds, the liquidity of long - term and medium - to low - rating bond items has declined, and the number of high - grade and high - liquidity bond items has also decreased [2][3][9][18] Group 3: Urban Investment Bonds Distribution of Bond Items - Regionally, the number of high - grade liquidity bond items in Jiangsu increased, while that in Shandong decreased, and Sichuan, Tianjin, and Chongqing remained stable. In terms of maturity, the number of high - grade liquidity bond items within 1 year and 2 - 3 years increased, while those in 1 - 2 years remained stable, and those in 3 - 5 years and over 5 years decreased. In terms of implicit ratings, the number of high - grade liquidity bond items with an implicit rating of AA(2) increased, those with AA+ remained stable, and those with AAA, AA, and AA - decreased [2][9] Yield - The yields of high - grade liquidity urban investment bonds mainly increased, with the increase ranging from 2 - 8bp [11] Score Changes - Among the top twenty in terms of score increase, the main body levels are AA+ and AA, concentrated in regions such as Jiangsu, Zhejiang, Sichuan, and Shandong, and mainly involve industries such as building decoration and comprehensive. Among the top twenty in terms of score decrease, the main body level is mainly AA, and the regional distribution is mainly in Zhejiang, Jiangsu, Guizhou, etc., and the main industries are building decoration and comprehensive [12] Group 4: Industrial Bonds Distribution of Bond Items - By industry, the number of high - grade liquidity bond items in public utilities and transportation increased, while that in real estate decreased, and coal and steel remained stable. In terms of maturity, the number of high - grade liquidity bond items within 1 year increased, those in 1 - 2 years, 2 - 3 years, and 3 - 5 years remained stable, and those over 5 years decreased. In terms of implicit ratings, the number of high - grade liquidity bond items with an implicit rating of AAA increased, those with AAA+ and AAA - remained stable, and those with AA+ and AA decreased [3][18] Yield - The yields of high - grade liquidity bond items mainly increased, with the increase ranging from 2 - 12bp. Some sub - items decreased significantly, and the B - grade liquidity bond items with an implicit rating of AAA+ increased by 12bp [21] Score Changes - Among the top twenty in terms of score increase, the main industries of the entities are transportation and real estate, and the main body levels are AAA and AA+. The industries of the top twenty bonds are mainly transportation, real estate, and building decoration. Among the top twenty in terms of score decrease, the main industries of the entities are building decoration, real estate, and public utilities, and the main body levels are AAA and AA+. The industries of the top twenty bonds are mainly transportation and building decoration [22]

证券研究报告：农林牧渔 | 公司点评报告 股票投资评级 公司基本情况 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 牧原股份(002714) 养殖成本优势突出，高分红积极回报股东 事件： 公司发布 25 年中报，实现营收 764.63 亿元，同比增 34.46%；归 母净利 105.30 亿元，同比增 1169.77%，处于业绩预告中上区间。成 本快速下行，推动公司业绩大增。同时公司财务状况良好，上半年经 营活动产生的净现金流为 173.51 亿元，同比增 12.13%；截至二季度 末，公司资产负债率为 56.06%，相比一季度末下降 3.14 个百分点。 点评：养殖成本优势突出，屠宰业务大幅减亏 养殖：出栏稳增，成本优势铸造最强护城河。2025 年上半年， 公司共销售生猪 4691 万头(YOY+44.84%)，其中商品猪 3839.4 万头 (YOY+32.48%)，仔猪 829.1 万头(YOY+168.06%)。公司生产成绩持续 改善，养殖成本从 1 月的 13.1 元/公斤逐月降至 7 月的 11.8 元/公 斤，稳居行业第一梯 ...