山西证券：研究早观点-20250319

Core Insights - The report highlights a potential recovery in demand for aquaculture feed, recommending Hai Da Group as a favorable investment opportunity [6][7] - The livestock sector is experiencing mixed price trends, with pig prices showing fluctuations and a general expectation of a prolonged profitability cycle in the pig farming industry [7][8] - The report emphasizes the importance of brand profitability in the pet food sector, suggesting that 2025 will be a critical year for leading domestic brands [8][9] Market Trends - The domestic market indices showed slight increases, with the Shanghai Composite Index closing at 3,429.76, up 0.11% [4] - The agricultural sector, particularly the aquaculture and poultry segments, has shown positive performance, with the agricultural and forestry sector index rising by 2.84% [7] - The overall market saw a 1.59% increase in the CSI 300 index during the week of March 10-16, 2025 [7][12] Livestock and Aquaculture Insights - As of March 14, 2025, the average price of live pigs in key provinces was reported at 14.65, 15.77, and 14.29 CNY/kg, with an average pork price of 20.79 CNY/kg, reflecting a slight decline [7] - The report notes that the self-breeding profit for pigs is 35.15 CNY per head, while purchasing piglets results in a loss of 34.44 CNY per head [7] - The white feather broiler price increased by 7.89% to 7.11 CNY/kg, indicating a positive trend in poultry prices [7] Industry Developments - The report discusses the upcoming GTC 2025 conference, where significant advancements in AI computing technology are expected to be showcased, particularly by Nvidia [9][11] - The introduction of new products such as the B300 and NVL288 is anticipated to drive demand in the AI computing sector [9][11] - The report highlights the potential for the CPO technology to enhance data center efficiency, indicating a shift towards more sustainable computing solutions [11] Consumer Market Analysis - The retail sales data for January-February 2025 shows a 4.0% year-on-year increase, with online sales outperforming traditional retail channels [15][16] - The report identifies a strong performance in the sports and entertainment goods sector, which grew by 25.0% year-on-year [16] - The jewelry sector also showed signs of recovery, with a 5.4% increase in retail sales, driven by wedding demand and high gold prices [16][17] Textile and Apparel Sector Insights - The textile manufacturing sector is expected to benefit from a recovery in consumer confidence, with companies like Huali Group and Weixing Co. projected to gain market share [21][23] - The report notes that Puma's sales for 2024 reached 8.817 billion euros, with a projected low to mid-single-digit growth for 2025 [19][21] - The apparel sector is facing challenges due to inventory adjustments and tariff uncertainties, but companies with strong customer ties are expected to perform better [21][23]