银河证券每日晨报-20250529

Key Insights - The report highlights the passing of the Hong Kong 2024 Tax (Amendment) (Minimum Tax for Multinational Enterprises) Bill, indicating a regulatory shift that may impact multinational corporations operating in the region [1] - The ESG screening strategy for the CSI 300 index has shown a weekly excess return of 0.68%, outperforming the CSI 300 index which declined by 0.18% [2][3] - The agricultural sector is experiencing a mixed performance, with the pig farming segment remaining marginally profitable while the pet food export volume continues to grow [6][9] ESG Strategy Performance - As of May 23, the ESG screening strategy for the CSI 300 index increased by 0.50%, with a total return of 3% over the past month, and a maximum drawdown of -1% [3] - The majority of companies saw an increase in their ESG scores, with 2,227 companies improving their ratings, while 719 experienced declines [2] Agricultural Sector Analysis - The report indicates that the price of pigs is expected to trend downward year-on-year in 2025, with a stable price environment anticipated throughout the year, supported by declining costs leading to unexpected profit margins for quality pig farming enterprises [8][9] - The pet food industry is in a growth phase, with leading companies increasing their market share, and pet food exports showing a 7% increase in April [8][9] - The price of yellow chickens is correlated with pig prices, suggesting potential upward price movement due to low supply levels [9]