Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company is expected to achieve a net profit attributable to shareholders of 710 million to 738 million yuan for the first nine months of 2025, representing a year-on-year increase of approximately 169 million to 197 million yuan, or a growth of 31.17% to 36.34% [7] - The third quarter net profit is projected to continue to grow significantly, with an expected increase of 48.36% to 66.45% year-on-year [7] - The company is undergoing a comprehensive transformation towards AI+, focusing on AI-driven solutions in various sectors, including diagnostics and energy management [7] - The traditional business remains stable, while new business lines are anticipated to open a second growth curve for the company [7] Financial Performance Summary - Revenue projections for 2025-2027 are 49.62 billion, 61.58 billion, and 75.13 billion yuan, respectively, with net profits of 9.55 billion, 12.42 billion, and 15.17 billion yuan [7] - The company’s revenue growth rates are forecasted at 26.2%, 24.1%, and 22.0% for 2025, 2026, and 2027, respectively [6] - The net profit growth rates are expected to be 49.0%, 30.1%, and 22.1% for the same years [6] - The company’s PE ratios are projected to be 27, 21, and 17 for 2025, 2026, and 2027, respectively [7] Market Performance - The company’s stock has shown a performance of -13% over the last 12 months compared to the CSI 300 index [4]

Core Insights - The report emphasizes a strategic shift towards large financial sectors and consumer markets, indicating a rebound following the maximum negative impact of tariffs, with a notable performance in the AH market and a rise in the Shanghai Composite Index by over 10% to above 3800 points [2][9] - The fourth quarter strategy focuses on three main lines: traditional economic cycles, new economic technology, and service consumption [2][9] Group 1: Economic and Market Analysis - The report outlines a preference for "internal focus," highlighting sectors such as autonomous control (AI software, AI chips, semiconductor equipment and materials, aerospace), emotional consumption (Hong Kong internet, tea and dining, gold jewelry), and new quality industries (robots, nuclear fusion, solid-state batteries) [3][10] - Traditional economic sectors include anti-involution industries (silicon materials, coal, steel, copper smelting) and large financial sectors (insurance, brokerage, banking) [3][10] - Marginal easing signals are noted, with a shift towards external demand-related sectors in the third quarter, such as North American computing power and innovative pharmaceuticals [3][10] Group 2: Trade Tensions and Market Reactions - The report reviews the escalation of trade tensions, indicating a 6% decline in the A-share market during the rapid escalation phase, while anti-tariff and rare earth sectors saw increases of 18% and 7% respectively [4][11] - During the phase of easing tensions, the A-share market rose by 5%, with export-oriented and rare earth sectors increasing by 6% and 1% respectively [12] - Following the agreement phase, the A-share market surged by 12%, with export, anti-tariff, and rare earth sectors rising by 16%, 7%, and 64% respectively [12] Group 3: Third Quarter Earnings Forecast - As of October 11, 61 companies in the A-share market have disclosed third-quarter earnings forecasts, with the steel and light manufacturing industries showing strong growth [13][15] - The report highlights a high forecast rate for industries such as steel, light manufacturing, food and beverage, retail, non-bank financials, and public utilities [15] - The materials sector is expected to improve overall, with steel industry profits revised upwards, benefiting from anti-involution policies and expectations of Federal Reserve rate cuts [15][28]

Investment Rating - The report maintains a "Positive" investment rating for the industry [2] Core Insights - The global large model Agent capability is accelerating its industrialization, shifting from a focus on parameter scale competition to embedding Agent capabilities into systems and core entry points [7][10] - The transformation of large models is evolving from "single language interaction" to "multi-modal perception," enabling them to "see and do" while being controllable and manageable throughout the entire process [10] - Domestic companies are collaborating around a "model-entry-computing power" framework, establishing a triangular industrial structure that is gradually closing the loop from "model → platform → entry/scenario → supply side" [7][10] Summary by Sections Global Large Model Agent Capability Industrialization - Since September 2025, the focus has shifted from "parameter scale competition" to "Agent capability embedding," with significant advancements in commercial viability from companies like OpenAI, Anthropic, and Google [10] - OpenAI's Sora 2 model and app have entered a commercial operational phase, integrating video generation technology with compliance management [12] - Anthropic's Claude Sonnet 4.5 model enhances engineering capabilities for long-term tasks and tool operations, focusing on production environment usability [13] - Google has integrated Gemini into Chrome, enabling high-frequency scenarios and expanding capabilities from answering to executing tasks [18] Content, Agent, and Entry Advancement: Paths of Overseas Leading Companies - Overseas companies are using product forms and system interfaces to support Agents, transitioning from "can speak and answer" to "can see and do" [22] - The focus is on thickening entry points (browsers/home) and toolchains (SDK/testing/security) to facilitate the transition from technical demonstrations to industrialization [22] Model-Entry-Computing Power Convergence: The Chinese Path - Alibaba's Qwen3-Max flagship model leads the "model-platform-entry" upgrade, establishing a comprehensive path from foundational models to enterprise tools and creative entry points [23] - Tencent's Agent Development Platform 3.0 and mixed models have shown significant advancements, with a focus on efficiency and global expansion [28] - Baidu's Wenxin model X1.1 has improved performance metrics significantly, enhancing its capabilities in complex writing and long-term tasks [30] Domestic and International AI Upgrade Resonance - The AI industry is entering a critical phase of large-scale implementation, with future competition focusing on the construction of an "engineering triangle" system [47] - The core differences between domestic and international developments lie in the pace and financial structure, with international firms accelerating exploration but facing higher risks [56]

Report Industry Investment Rating No relevant content provided. Core Views - The main concerns this week include the escalation of Sino-US shipping friction, the weak real estate sales, the downward trend of commodity prices, the decline in most production开工率, the strong mobility in consumption, the downward trend of prices in inflation, and the upward trend of SCFI and downward trend of BDI in exports [2]. - Real estate sales were weak this week, with the new - home transaction area in 20 cities showing a significant decline both month - on - month and year - on - year, and the new - deal effect of the new policy is diminishing. The transaction area of second - hand housing also decreased significantly [2]. - In terms of investment and production, most commodity prices declined, including steel, cement, asphalt, and glass futures. In industrial production, most开工率 decreased, while PTA开工率 increased slightly [2]. - In consumption, mobility was strong, with subway rides and domestic flights above the seasonal level, car consumption in line with the season, and movie box office below the seasonal level [2]. - In terms of inflation, pork, vegetable, and oil prices all declined [2]. - In exports, SCFI increased and BDI decreased significantly due to the escalation of Sino - US shipping friction [2]. Summary by Directory 1. Real Estate Sales: The Effect of New Policies is Diminishing - This week (October 3 - 9), the new - home transaction area in 20 cities decreased by 74.87% month - on - month and 31.63% year - on - year. The new - home transaction area in all tiers of cities turned negative month - on - month, mainly due to the holiday, and remained negative year - on - year, indicating the diminishing effect of new policies [2][7]. - For second - hand housing, the transaction area in each city decreased significantly both month - on - month and year - on - year [2]. 2. Investment: Most Commodity Prices Declined - Investment - related commodity prices mostly declined this week. The price of rebar decreased slightly due to weak demand and anti - seasonal inventory accumulation; the cement price decreased slightly due to weak demand, over - capacity, and insufficient cost support; the asphalt price dropped as supply increased and demand was hindered by rainfall in the South; the glass futures price decreased during the inventory - building period and due to continuous rainy weather affecting enterprise shipments [2]. 3. Production: Most Operating Rates Declined - In industrial production, most operating rates declined. The operating rates of coking enterprises and polyester filament decreased slightly, the operating rate of automobile tires decreased significantly, the operating rate of steel - mill blast furnaces remained basically flat, and the PTA operating rate increased slightly [2]. 4. Consumption: Mobility was Strong - In consumption, mobility was strong. Subway rides and domestic flights were above the seasonal level, car consumption was in line with the season, and movie box office was below the seasonal level [2]. 5. Exports: SCFI Increased, BDI Decreased - This week, the Shanghai Containerized Freight Index (SCFI) increased, while the Baltic Dry Index (BDI) decreased significantly. The escalation of Sino - US shipping friction led to a slight increase in freight rates [2]. 6. Prices: Pork, Vegetable, and Oil Prices Declined - In terms of prices, pork, vegetable, and oil prices all declined. Vegetable prices decreased due to sufficient supply and weakening consumption demand; crude oil prices decreased as geopolitical risks eased [2].

分析师 孙彬彬 SAC 证书编号：S0160525020001 sunbb@ctsec.com 分析师 隋修平 SAC 证书编号：S0160525020003 suixp@ctsec.com 联系人 闵志新 minzx@ctsec.com 相关报告 1. 《假期高频 | 十一期间海内外有哪些变 化？ 》 2025-10-07 2. 《重视股性，兼顾结构机会——四季度转 债策略》 2025-10-06 3. 《利率 | 9 月宏观数据怎么看？》 2025-10-05 证券研究报告 固收专题报告 / 2025.10.09 核心观点 ❖ 当前宏观环境下，债市可以积极看待。一方面，经济内生动能偏弱，7-8 月经济数据有所下滑，PPI 持续在低位徘徊，信贷数据偏弱，内需不足的问题 有所显现；且外部环境急剧变化的不确定性增加，贸易摩擦加剧、地缘政治冲 突日益加剧，美国、欧元区和日本制造业 PMI 明显下滑，外需面临一定压力。 另一方面，资产荒格局可能再度深化。淡化信贷总量、优化信贷结构或是未来 方向，四季度信贷增长可能保持弱势，且政府债净融资或同比大幅下降。 收益方面，今年平安 0-3 国开债券 ETF 的 YTD 达到 ...

分析师 郝艳辉 SAC 证书编号：S0160525080001 haoyh@ctsec.com 相关报告 1. 《中美互联网厂商 AI 布局对比：模型与 资本开支差距缩小 》 2025-09-15 2. 《恒生科技观点更新》 2025-08-13 3. 《双十一消费向好，淘天用户驱动增长成 效显著》 2023-11-14 长期趋向理性竞争 核心观点 即时零售行业观点更新 互联网电商 证券研究报告 行业点评报告 / 2025.10.09 投资评级:看好(维持) 最近 12 月市场表现 -9% 3% 16% 28% 40% 53% 互联网电商 沪深300 请阅读最后一页的重要声明！ ❖ 事件：据国家统计局披露，2025 年 1-5 月餐饮收入保持 5%以上的温和增 长，2025 年 6-7 月全国餐饮收入同比增速分别回落至 0.9%及 1.1%。 ❖ 外卖平台补贴投入对餐饮行业数据造成扰动：我们认为，2025 年 6-7 月全国餐饮收入同比增速放缓并非由于消费降级或居民需求不足，2025 年 1-5 月餐饮收入仍保持 5%以上的温和增长，与社零总额增速大致匹配，2025 年 6-7 月增速大幅放缓或源于短期扰动因 ...

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - In Q3, the bond market was mainly affected by anti - involution policies, the stock market, and new fund redemption rules, showing a continuous upward trend. The adjustment in Q3 was characterized by more long - end adjustments, fewer short - end adjustments, fewer low - grade credit adjustments, slightly more high - grade credit adjustments, more adjustments in secondary and perpetual bonds, and fewer adjustments in general credit bonds. In terms of investment returns, credit bonds with a maturity of 2 years or less performed well, while those with a maturity of 3 years or more mostly had negative returns [2]. - Currently, the interest rate may have fully priced in policy and fundamental disturbances. The pattern of weak fundamentals and weak financing demand remains unchanged, and the further upward space of the bond market may be limited [3]. - Historically, the bond market often declines in Q4, and credit spreads usually fluctuate. This year, due to weak bond fund returns and the importance of Q4 performance for the whole - year product performance, market gaming will be more intense, increasing market volatility. For credit bonds in Q4, it is still recommended to focus on coupons, be cautious about duration, and conduct periodic gaming [4][5]. - For different bond varieties, 2 - year short - term bonds are still a solid base and may perform well in the short - term after the holiday. Trading opportunities for secondary and perpetual bonds have emerged again, requiring quick entry and exit in the short - term, and depending on interest rate trends in the long - term. Institutions with unstable liability ends should be cautious about ultra - long - term credit bonds, but their trading volume has increased and shareholding banks have net - bought, indicating a recovery in allocation value, and trading strategies can be tried cautiously [6]. Group 3: Summary by Related Catalogs 1.1 How was the performance in Q3? - The bond market was affected by anti - involution policies, the stock market, and new fund redemption rules, showing a continuous upward trend. In July, anti - involution policies were further implemented, and the bond market rose significantly; in August, the stock market rose strongly, suppressing bond market sentiment; in September, new fund redemption rules were introduced, and various news such as good industrial enterprise profits in August, progress in Sino - US negotiations, and the cancellation of fund tax exemption impacted the market [13]. - The Q3 adjustment showed characteristics of more long - end adjustments, fewer short - end adjustments, fewer low - grade credit adjustments, slightly more high - grade credit adjustments, more adjustments in secondary and perpetual bonds, and fewer adjustments in general credit bonds [15]. - In terms of investment returns, 2 - year and shorter - term credit bonds performed well with positive returns, while bonds with a maturity of 3 years or more had poor investment returns, and the longer the maturity, the worse the performance. For example, the investment return of the 30 - year treasury bond in Q3 was only - 7.818% [19]. 1.2 Will the downward trend continue? - In August, the year - on - year growth rate of industrial enterprise profits was 20.4%, mainly driven by industries such as power, heat production and supply, and metal smelting and processing. However, the sustainability of the profit recovery is limited due to factors such as the continuous decline in futures prices and weak social demand. The growth rates of both social financing and core social financing are declining, and the further upward space of the social financing growth rate is limited [21]. - Currently, the market interest rate has fully reflected the marginal changes in fundamentals and inflation. Considering the term spread of interest - rate bonds and the comparison between long - term interest rates and certificates of deposit, the further upward space of interest rates is limited, and there may be a downward trend at the end of the year [22][31]. 1.3 How to view credit spreads? - If interest rates do not rise further, credit spreads will likely fluctuate. Historically, credit spreads in Q4 mostly fluctuate. If the capital interest rate can remain stable, the pricing logic system of capital - certificates of deposit - credit will be more stable. Currently, the comparison between medium - term notes and certificates of deposit has risen significantly but is expected to fall back, and the term spread of credit bonds has reached a relatively high level in the past two years and is expected to have limited further upward space [35][40]. 1.4 How to understand the seasonality of the bond market and institutional psychology? - The bond market tends to decline in Q4. In the past 9 years from 2016 to now, interest - rate bonds rose only in 2016, 2017, and 2022, and declined in other years. Credit bonds generally perform worse than interest - rate bonds of the same maturity in Q4. This year, due to the poor performance of medium - and long - term bond funds, market gaming in Q4 will be more intense, increasing market volatility. Products with good performance may focus on controlling drawdowns, while those under performance pressure may more aggressively play the long - duration strategy [43][47][49]. 1.5 How to construct a portfolio? - Medium - and short - term credit bonds should still focus on defense. Holding credit bonds with a maturity of less than 2 years until the end of Q4 can withstand an upward range of more than 30bp, and appropriate credit risk exposure can also lead to good coupon performance [52]. - Ultra - long - term credit bonds: Their credit spreads are close to the high point in the past two years, and their trading volume has increased, and shareholding banks have net - bought, indicating that they have allocation value. Currently, the comparison between secondary and perpetual bonds and general credit bonds has risen to a high level, presenting trading opportunities [56][58][59]. 2.1 It is recommended to focus on medium - and long - term secondary and perpetual bonds - At the end of September, the comparison between 5 - year secondary and perpetual bonds and medium - term notes rose rapidly. The comparison advantages of 5 - year secondary capital bonds of all grades over 5 - year medium - term notes increased significantly, and the comparisons of AAA, AA +, and AA grades are currently 9.96bp, 9.08bp, and 4.08bp respectively, still at a high level this year. The comparisons of 1 - year secondary bonds of all grades with medium - term notes are all negative [63]. - The comparison between short - end urban investment bonds and medium - term notes has declined significantly, breaking through the low point of the year, and the cost - performance of medium - and low - grade bonds is relatively low, so entry still needs to wait. The comparison between long - end weak - quality urban investment bonds and medium - term notes has increased [65]. 2.2 Focus on high - coupon assets with a maturity of about 2 years - Currently, the proportion of urban investment bonds with a valuation of over 2.3% is 38.0%, that of non - financial industrial bonds is 24.5%, and that of secondary and perpetual bonds is 33.3%. Bonds with a maturity of about 2 years and a valuation of over 2.3% have good value and are worth attention [67]. - For urban investment bonds, long - end bonds can combine coupon and band operations, and short - duration high - coupon varieties can still be participated in. It is recommended to focus on bonds with a maturity of about 2 years issued by companies such as Xi'an High - tech, Henan Aviation Port, and Zhuhai Huafa [68]. - For industrial bonds, among real - estate enterprises, it is recommended to focus on bonds of important local state - owned real - estate enterprises with a maturity of about 2 years, such as Shoukai, Jianfa, and CCCC Real Estate. Among non - real - estate industrial entities, focus on bonds with a maturity of less than 2 years issued by enterprises such as Jizhong Energy and AVIC Industry Finance, and bonds with a maturity of about 2 years issued by enterprises such as HBIS and Yunnan Investment [72]. 3.1 How was the market performance? - On September 29 - 30, credit bonds generally recovered, and spreads generally widened. Credit bond yields declined slightly, with short - end secondary and perpetual bonds performing more significantly, while 10Y secondary and perpetual bonds continued to rise. Credit spreads widened overall, and the spreads of secondary and perpetual bonds showed a differentiated trend, with short - end spreads declining and long - end spreads widening [74].

Report Title - Focus on Convertible Bond Equity Characteristics and Seize Structural Opportunities: Convertible Bond Strategy for Q4 [1] Report Industry Investment Rating - Not provided Core Views - Q4 2025 may be the quarter with the strongest equity characteristics of convertible bonds since 2017. Equity characteristics are likely to be one of the most important factors determining convertible bond returns in Q4. Attention should be paid to technology - related catalysts and the implementation of the 15th Five - Year Plan. There are still structural opportunities, especially bond downward revisions. Additionally, clues can be found from convexity, undervaluation, and debt resolution. The pressure to take profits is expected to bottom out, and there is still room for valuation to rise [2]. Summary by Directory 1. Q4 Convertible Bond Outlook: Focus on Equity Characteristics and Seize Structural Opportunities 1.1 In Q4, the Key to Convertible Bonds Lies in Equity Characteristics - Due to institutional behavior, the equity characteristics of convertible bonds may be at a historically strong level. As of the end of Q3 2025, the overall parity level of convertible bonds was at a historical high, the YTM levels of overall/partial - debt convertible bonds were at almost historical lows, and the median delta of convertible bonds was at a historical high. For "fixed - income +" investors, equity characteristics have become the primary investment attribute. From the perspective of return decomposition, the contribution ratio of equity/valuation returns in Q4 may exceed 4:1 [6][8]. 1.2 Pay Attention to Potential Opportunities Brought by Technology Catalysts and the 15th Five - Year Plan - In Q4, the industrial track may remain active. There are many leading technology - sector targets among new bonds that have recently or may be listed in Q4, such as Maolai Optics and Weidao Nano in the photolithography semiconductor concept. The "technology content" of the convertible bond market may continue to increase. Looking forward to the 15th Five - Year Plan, concepts such as new - quality productivity, green and low - carbon, and anti - involution in industries may bring new industrial opportunities, and convertible bonds in the new energy direction are worthy of long - term attention [13]. 1.3 Beyond Equity Characteristics, There Are Still Structural Opportunities. Pay Attention to Terms, Convexity, Undervaluation, and Debt Resolution - In terms of terms, downward revisions are particularly worthy of attention. 47 convertible bonds will end their downward - revision cooling periods in October 2025. Six convertible bonds with a scale of over 2 billion yuan are about to start downward - revision counting. In terms of convertible bond quantification, the convexity and undervaluation strategies have performed well since 2025, and it is expected that they will have a high probability of generating stable excess returns in Q4. In the context of aging convertible bonds and strong equity sentiment, 2025 is expected to be a big year for debt resolution. It is recommended to allocate debt - resolution targets in the early and middle stages when funds are at a low level [15][17][19]. 2. Valuation: The Probability of Valuation Compression Is Low, and There May Still Be 3% - 5% Upside Space - The pressure for insurance funds to take profits on convertible bonds in Q4 may decrease, and the probability of valuation compression is low. The insurance convertible bond position has reached a historically low level, and the cycle of insurance funds reducing their convertible bond holdings that started in September 2024 may be approaching the end. Implied volatility is an important reference factor for specific valuation points. The three important thresholds for the 100 - yuan premium rate in Q4 may be 26%, 31%, and 34%, with an upside space of about 5% [21][23]. 3. Risk: The Risk of Near - Maturity Convertible Bonds Is Small, and Market Risk Appetite May Be Stable - It is expected that there will be 10 convertible bonds maturing in Q4, with a total scale of about 30 billion yuan. From three perspectives, the probability of substantial credit risk in the convertible bond market in Q4 is small: the unrestricted monetary funds of these convertible bonds in H1 2025 can cover the bond balances; convertible bonds with low parity are actively resolving debts; and the credit rating results in 2025 are the best in recent years [25]. 4. Supply: Faster Approval Cannot Offset the Delisting Speed, and the Market May Continue to Shrink - The approval speed of new convertible bonds has significantly accelerated recently. However, the delisting speed of convertible bonds is faster. By the end of Q4, the convertible bond market size may decrease to about 550 billion yuan. As of September 30, 2025, 21 convertible bonds have announced early redemptions, with a total scale of 3.129 billion yuan. There are 10 convertible bonds maturing at the end of the year, with a total scale of 31.196 billion yuan. There are also 53 convertible bonds that have triggered the early - redemption price and are in the counting period, with a total scale of 65.285 billion yuan [27][31]. 5. Capital Behavior: Pay Attention to Potential Style Drifts of Convertible Bond ETFs - After excluding early - redeemed and near - maturity convertible bonds, the market - value contribution of power equipment by Boshi Convertible Bond ETF will exceed that of bank convertible bonds. Similarly, for Haifutong Shanghai Stock Exchange Convertible Bond ETF, the proportion of bank convertible bonds' market - value contribution will significantly decrease after excluding relevant bonds. Overall, power equipment and electronics have the largest increase in total market - value contribution [35][40][43].

Core Insights - The defense and military industry index experienced a decline of -0.42% over the past week, ranking 13th out of 31 in the Shenwan primary industry classification [5][9] - Over the past month, the index fell by -9.03%, ranking last at 31st out of 31 [5][10] - In the past year, the index has increased by 40.43%, ranking 10th out of 31 [5][15] - The current PE-TTM for the defense and military industry is 84.84, which is at the 77.44th percentile compared to the past decade [5][15][16] Industry and Stock Performance Review Industry Performance - The defense and military industry index's performance over the past week, month, and year shows significant fluctuations, with a notable annual increase [5][9][15] - The industry is currently facing a high valuation level, with the PE-TTM at a historical relative high [5][15] Stock Performance - Top-performing stocks in the defense and military sector over the past week include: - Xingwang Yuda (11.84%) - Aerospace Electronics (7.76%) - Sichuan Chuangxin (4.77%) [5][20] - Conversely, the worst-performing stocks include: - Jinxin Nuo (-5.70%) - Torch Electronics (-5.75%) - Hongyuan Electronics (-5.88%) [5][20] Funding Data Tracking - The total transaction volume for the defense and military industry reached 257 billion yuan this week, representing an 88.28% increase year-on-year but a decrease of 8.22% week-on-week [5][34] - The military ETF fund shares increased by 2.12% compared to last week and 82.40% compared to last year [5][37] Industry News - The successful training of three types of carrier-based aircraft on the Fujian ship marks a significant milestone for China's naval capabilities [5][46] - The U.S. has indicated that aircraft engines and components may become important bargaining chips in negotiations with China, highlighting the strategic importance of the aviation industry [5][45] Investment Recommendations - Suggested investment focuses include: - Aviation engines: Companies like Wanzhe Co., Parker New Materials, and others [5][46] - Military trade: Companies such as Hongdu Aviation and others [5][46] - Commercial aerospace: Companies like Aerospace Power and others [5][46] - Aircraft carrier supply chain: Companies such as Guorui Technology and others [5][46] - Military AI: Companies like Guanshang Technology and others [5][46]

Core Insights - The report maintains a positive outlook on the pig farming industry, recommending continued investment in pig farming despite recent price declines due to supply pressures [1][7][21] - The report highlights a significant drop in pig prices, with the average price for market pigs at 12.67 yuan/kg, down 3.65% week-on-week [7][32][33] - The report indicates ongoing losses in pig farming, with self-breeding and purchased pig farming yielding losses of 74.11 yuan/head and 236.57 yuan/head respectively [7][37] Industry Overview - The agricultural sector index has decreased by 1.97% week-on-week, while the Shanghai and Shenzhen 300 index increased by 1.07% [11] - Since January 2, 2025, the agricultural sector has seen a total increase of 16.95%, compared to a 15.63% increase in the Shanghai and Shenzhen 300 index [12][11] - The report notes that the pig farming sector is currently in a downward cycle, with supply pressures gradually being released [21] Pig Farming Data Tracking - The number of breeding sows has slightly decreased by 0.80% month-on-month in August, indicating a potential reduction in future supply [22][7] - The average weight of market pigs at the time of sale is reported at 128.55 kg [22][8] - The report emphasizes that the current breeding and purchasing sentiment is declining due to stricter environmental regulations and market conditions [17][21] Poultry Farming Data Tracking - The average price for white feathered chickens is reported at 6.90 yuan/kg, with a slight increase of 0.29% week-on-week [38][41] - The report notes that the poultry industry is facing uncertainties due to ongoing outbreaks of avian influenza in overseas markets [38][39] Animal Health Data Tracking - The demand for animal health products is expected to rebound, with significant growth in vaccine approvals and product launches [46] - The report highlights that the industry is seeing a recovery in sales, with some vaccines showing substantial year-on-year growth [46] Seed Industry Data Tracking - The average prices for wheat, soybean meal, and corn have shown slight increases, indicating a potential upward trend in agricultural input costs [50] - The report emphasizes the importance of food security and the need for advancements in agricultural biotechnology [50] Pet Industry Data Tracking - Pet food exports have decreased by 15.5% year-on-year, with a total export value of 834 million yuan in August 2025 [55][56] - Domestic sales of pet food continue to grow, with significant increases reported on e-commerce platforms [57] - The report suggests that companies with strong domestic sales and innovative product offerings are likely to gain market share [59]