1. Report Industry Investment Rating No relevant content provided in the report. 2. Core Viewpoints of the Report - In the context of the Sino - US tariff game, China has implemented tariff counter - measures, which highlights the importance of food security. The self - controllability of seed sources has become crucial, and the seed industry may receive strong policy support [1][2]. - The Chinese government has issued a plan to accelerate the construction of an agricultural powerhouse, with clear goals for different time points to ensure food supply and promote rural development [3][33]. - The Guozheng Grain Industry Index has investment value. It is more focused on the seed and grain planting fields after revision, with reasonable valuation and better performance than some major indices [4]. - The Penghua Guozheng Grain ETF and its linked funds are good investment vehicles for tracking the Guozheng Grain Industry Index [5]. 3. Summary According to the Directory 3.1 Tariff Game Background and New Opportunities for the Grain Industry 3.1.1 China's Tariff Counter - measures in Response to Sino - US Tariff Shocks - On April 2, 2025 (Eastern Time), the US government announced a "reciprocal tariff" policy. China issued a statement on April 5, strongly condemning and opposing it. On April 4, China announced a 34% tariff increase on US - originated goods and took other counter - measures [1][10][11]. 3.1.2 The Significance of Food Security under Tariff Counter - measures - China is a major food importer, and the US is an important source of its agricultural imports. In 2024, China imported 3179 tons of grain from the US, accounting for 20.2% of its total imports, a 1.3 - percentage - point decrease from 2023. The import cost of agricultural products will rise, and domestic seed industry upgrading is expected [2][11][13]. - As of April 11, 2025, there were significant price fluctuations in bulk agricultural products [17]. 3.1.3 Government Support for Accelerating the Construction of an Agricultural Powerhouse - The Chinese government issued the "Plan for Accelerating the Construction of an Agricultural Powerhouse (2024 - 2035)", with clear goals for 2027, 2035, and the middle of this century, and detailed plans for ensuring food security [3][31][33]. 3.2 Investment Value Analysis of the Guozheng Grain Industry Index 3.2.1 Introduction - The Guozheng Grain Industry Index aims to reflect the stock price changes of grain - related listed companies. After revision, it focuses more on the seed and grain planting fields, with semi - annual sample adjustments [36]. 3.2.2 Market Value Distribution and Liquidity - As of April 15, 2025, the index has a diversified market - value distribution. In terms of liquidity, 78.36% of the component stocks' weights are in the top three groups of the past - year average daily trading volume [39][40][42]. 3.2.3 Industry Distribution - As of April 15, 2025, the index is highly concentrated in the agriculture, forestry, animal husbandry, fishery, and basic chemical industries at the Shenwan primary level, and mainly in the seed, livestock and poultry feed, and grain planting industries at the Shenwan tertiary level [44]. 3.2.4 Top Ten Weighted Stocks - The top ten weighted stocks of the index have a total weight of 52.74%, with a moderate concentration. They are mainly in the core sectors of the grain industry, and have a good profitability level [47]. 3.2.5 Reasonable Valuation - As of April 15, 2025, the index's P/E ratio is 24.17 times and the P/B ratio is 2.02 times, both at relatively low historical levels. The valuation center may rise as the grain industry opportunities approach [49]. 3.2.6 Performance - From November 4, 2009, to April 15, 2025, the total return of the index is 151.08%, with an annualized return of 6.33%. Its performance is better than that of the CSI 300, CSI 500, and CSI 1000 [51]. 3.3 Fund Products - The Penghua Guozheng Grain Industry ETF, listed on August 18, 2023, is the largest and most liquid ETF product tracking the Guozheng Grain Industry Index. It has three linked funds [5][57].

Investment Rating - The investment rating for Su Kan Agricultural Development (601952.SH) is "Buy" (maintained) [1] Core Views - The report indicates that the decline in grain prices has led to a contraction in sales scale, with expectations for a recovery in grain prices to improve performance [4] - The company reported a revenue of 10.917 billion yuan in 2024, a year-on-year decrease of 10.28%, and a net profit attributable to shareholders of 730 million yuan, down 10.56% year-on-year [4] - For Q1 2025, the revenue was 2.133 billion yuan, a decrease of 8.70% year-on-year, and the net profit attributable to shareholders was 82 million yuan, down 36.18% year-on-year [4] - The report has adjusted the profit forecasts for 2025-2026 and added a forecast for 2027, estimating net profits of 865 million yuan, 907 million yuan, and 960 million yuan for 2025-2027 respectively [4] Financial Summary - The total market capitalization is 13.601 billion yuan, with a current stock price of 9.87 yuan [1] - The earnings per share (EPS) for 2025-2027 are projected to be 0.63 yuan, 0.66 yuan, and 0.70 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 15.9, 15.2, and 14.4 [4] - The company’s gross margin for 2024 is reported at 14.5%, with a net profit margin of 6.7% [10][11] Business Segments - In the planting business, revenue for 2024 was 3.646 billion yuan, down 4.13% year-on-year, with a gross margin of 25.96%, up 2.32 percentage points [5] - The seed business saw revenue of 1.812 billion yuan, a decline of 21.47% year-on-year, with a gross margin of 10.97% [6] - The processing business reported a slight revenue decline to 3.606 billion yuan, down 5.48% year-on-year, but with an increase in profitability [7]

Investment Rating - The investment rating for Su Kan Agricultural Development (601952.SH) is "Buy" (maintained) [1] Core Views - The report indicates that the decline in grain prices has led to a contraction in sales scale, with expectations for a recovery in grain prices to improve performance [4] - The company reported a revenue of 10.917 billion yuan in 2024, a year-on-year decrease of 10.28%, and a net profit attributable to shareholders of 730 million yuan, down 10.56% year-on-year [4] - For Q1 2025, the revenue was 2.133 billion yuan, a decrease of 8.70% year-on-year, with a net profit of 82 million yuan, down 36.18% year-on-year [4] - The report has adjusted the profit forecasts for 2025-2026 and added a forecast for 2027, expecting net profits of 865 million yuan, 907 million yuan, and 960 million yuan for 2025-2027 respectively [4] Financial Summary - The total market capitalization is 13.601 billion yuan, with a current stock price of 9.87 yuan [1] - The earnings per share (EPS) for 2025-2027 are projected to be 0.63 yuan, 0.66 yuan, and 0.70 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 15.9, 15.2, and 14.4 [4][10] - The gross profit margin is expected to stabilize around 14.5% for 2025-2027 [11] Business Segments Planting Business - The planting business generated revenue of 3.646 billion yuan in 2024, down 4.13% year-on-year, with a gross margin of 25.96%, up 2.32 percentage points [5] - The company has cultivated approximately 1.364 million acres of land, with self-operated and contracted land areas of 409,000 acres and 955,000 acres respectively [5] Seed Business - The seed business revenue was 1.812 billion yuan in 2024, a decrease of 21.47% year-on-year, with a gross margin of 10.97% [6] - Wheat seed sales fell by 31.45% year-on-year, while rice seed sales increased by 24.98% [6] Processing Business - The processing business saw a slight revenue decline, with rice processing revenue at 3.606 billion yuan, down 5.48% year-on-year, and a gross margin of 3.08% [7] - The edible oil processing revenue was 2.283 billion yuan, down 9.00% year-on-year, with a gross margin of 5.24% [7]

Group 1 - The core point of the article is that BERSHIHE, a domestic outdoor products company, is preparing for an IPO on the Hong Kong Stock Exchange, showcasing significant growth in revenue and profit [2][3]. - BERSHIHE's revenue from 2022 to 2024 is projected to grow from 379 million yuan to 1.766 billion yuan, with a compound annual growth rate (CAGR) of 241.27% for net profit [3]. - The company's main products are outdoor clothing, particularly jackets, with revenue from clothing products expected to increase from 305 million yuan in 2022 to 1.608 billion yuan in 2024, reflecting a CAGR of 129.5% [3]. Group 2 - BERSHIHE has capitalized on channel advantages, with direct-to-consumer (DTC) online sales growing from 331 million yuan to 1.351 billion yuan, achieving a CAGR of 102% [5]. - The founder of BERSHIHE, Liu Zhen, highlighted the importance of content marketing through platforms like Douyin, Xiaohongshu, and Bilibili, which has significantly reduced customer acquisition costs [5]. - BERSHIHE's product-centric approach includes offering a lifetime warranty, contributing to a repurchase rate of over 20% [5]. Group 3 - The overall analysis indicates that China's complete industrial chain and channel advantages are shaping new brand possibilities, contrasting with the operational pressures faced by established brands like Nike [6][7].

Investment Rating - The overall industry rating is positive, with expectations for higher returns compared to the CSI 300 index in the next six months [52]. Core Views - The agricultural product prices have shown a divergence recently, with grain prices continuing to rise while livestock prices have stabilized after an initial increase. The importance of domestic food security has been highlighted by tariff countermeasures, and the policy environment for industry development is expected to continue improving, indicating ongoing investment opportunities in the sector [5][18]. - The livestock industry chain is experiencing stagnation in production capacity growth, with the valuation of the sector at a low point, suggesting long-term investment opportunities. The average price of live pigs is currently 14.95 yuan/kg, reflecting a slight decrease from the previous week [5][19]. - The poultry sector is witnessing fluctuations in chicken prices, with the average price for white feather broilers at 3.73 yuan/kg, down 0.02 yuan from last week. The industry is advised to monitor the impacts of avian influenza and tariff countermeasures [21][20]. Summary by Sections Livestock Industry Chain - **Pork**: The production capacity growth has stagnated, and the sector's valuation is at a historical low, indicating potential long-term investment value. The average price of live pigs is 14.95 yuan/kg, down 0.02 yuan from last week [5][19]. - **Poultry**: The average price for white feather broilers is 3.73 yuan/kg, down 0.02 yuan from last week. The industry is advised to monitor the impacts of avian influenza and tariff countermeasures [21][20]. - **Eggs**: The average price for yellow chickens has shown a slight increase, with prices at 10.69 yuan/kg for Lihua yellow chickens, up 0.32 yuan from last month [21]. Planting Industry Chain - **Seed Industry**: The recent announcement of 99 genetically modified corn and soybean varieties pending approval indicates a significant expansion in domestic GM crop varieties, which is expected to enhance agricultural production efficiency [22]. - **Grain Prices**: Recent increases in grain prices, with corn at 2291 yuan/ton and wheat at 2434 yuan/ton, suggest potential investment opportunities in the context of reduced imports and tariff measures against U.S. agricultural products [22][11]. Recommended Companies - The report recommends several companies for investment, including: - Zhongchong Co., Ltd. (Buy) - Muyuan Foods Co., Ltd. (Buy) - Suqian Agricultural Development Co., Ltd. (Buy) [3].

苏垦农发（601952）公告，2025年第一季度营收为21.33亿元，同比下降8.70%；净利润为8242.06万 元，同比下降36.18%。 ...

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights significant growth in the pig farming sector, with a notable increase in slaughter volume and consumer demand. The average price of pigs is showing a slight upward trend, indicating potential profitability for producers [2][12] - The agricultural sector is benefiting from supportive financial policies aimed at revitalizing the seed industry, with a focus on enhancing productivity through biotechnology and improved financial services [1][11] Summary by Sections 1. Weekly Insights - The Ministry of Agriculture and Rural Affairs has introduced new financial support measures for the seed industry, including a total of 150 billion yuan in loans and funds since the start of the 14th Five-Year Plan [1][11] - The commercialization of genetically modified crops is expected to accelerate, enhancing self-sufficiency in key varieties [1][11] 2. Market Review - The agricultural sector index decreased by 0.16% during the week, while the overall market indices showed positive growth [14] - The top-performing sub-sectors included animal health and feed, indicating a shift in investor interest towards these areas [14][18] 3. Key Agricultural Product Data Tracking - The average price of corn is 2278.78 yuan/ton, with a week-on-week increase of 0.47% [24] - The average price of pigs is reported at 14.98 yuan/kg, reflecting a week-on-week increase of 0.44% [12][61] - The average price of soybeans is 3887.37 yuan/ton, with a slight increase of 0.16% [38] 4. Profitability Forecasts and Valuations - Specific companies in the pig farming sector, such as 京基智农, 牧原股份, and 温氏股份, are recommended for their potential profitability due to improved cost management and higher output flexibility [2][12] - In the seed industry, companies like 隆平高科 and 登海种业 are highlighted for their competitive advantages and expected benefits from the supportive policies [1][11]

证券研究报告|行业研究周报 [Table_Date] 2025 年 04 月 28 日 猪肉3 月能繁去化，屠宰量同环比均大增 [Table_Title2] 农林牧渔行业周报第 15 期 [Table_Summary] 本周观点: 种植产业链：4 月 22 日，农业农村部种业管理司、计划财务司 联合中国农业银行三农对公业务部，通过线上直播方式介绍中 国农业银行支持种业振兴的最新政策与服务举措、融资租赁产 品、投资金融服务模式等内容。国家农作物、畜禽、水产种业 阵型企业、各省优势种业企业和各级种业管理部门、农业银行 系统相关单位线上参加推介会。为落实全国种业企业座谈会有 关部署要求，今年以来农业农村部种业管理司、计划财务司探 索开通"金融惠种直播间"，搭建常态化政银企对接平台，把 重点金融机构最新政策信息第一时间送达种业企业，推动惠企 政策落实落地。此次直播是"金融惠种直播间"第二期，邀请 中国农业银行及子公司通过"政策解读+案例分享"的形式详 细介绍了支持政策措施。截至目前，中国农业银行已出台《支 持种业振兴行动金融服务方案》《支持种业振兴信贷政策》和 《农作物种业行业信贷政策》，启动实施种业振兴服务提升行 ...

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery sector [4] Core Viewpoints - The report indicates that the pig farming sector currently has a large safety margin due to sufficient trading expectations, with potential pressure on pig output in the first half of 2025 [3][4] - The report highlights that the supply of breeding sows continues to decline, with the number of breeding sows at 40.39 million heads, down 1.0% quarter-on-quarter [2][13] - The report notes that the average price of live pigs has decreased to 15.2 yuan/kg in March, reflecting a 3.6% decline month-on-month, while the average price of piglets has increased by 2.8% month-on-month [18][34] Summary by Sections 1. Pig Farming Sector - The average weight of pigs at slaughter has increased to 128.94 kg, up 0.37 kg week-on-week, indicating a potential supply-demand balance [35] - The total number of pigs slaughtered in Q1 2025 was 19.476 million heads, a year-on-year increase of 0.11% and a quarter-on-quarter increase of 6.86% [14] - The average profit per pig has decreased to 84 yuan per head for large-scale farms and 54 yuan per head for smallholders, down from 131 yuan and 75 yuan respectively in February [18] 2. Investment Recommendations - The report recommends focusing on pig farming companies with high output and cost recovery, specifically recommending Muyuan Foods and Shennong Group, while suggesting to pay attention to Wens Foodstuff Group and Juxing Agriculture [3] - For the post-cycle sector, the recovery in pig inventory is expected to boost demand for feed and veterinary products, with a recommendation to focus on Haida Group [3] - In the planting chain, the report suggests that the strong grain prices due to Sino-US tariff disputes present investment opportunities, recommending companies like Suqian Agricultural Development and Beidahuang [3] 3. Market Performance - The agriculture, forestry, animal husbandry, and fishery sector underperformed the market, with a decline of 0.16% compared to a 0.56% increase in the Shanghai Composite Index [26] - The report details that the animal health, feed, and agricultural product processing sectors saw varying performance, with animal health up 5.42% and poultry farming down 1.22% [26][29]

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery sector [4]. Core Viewpoints - The report indicates that the pig farming sector has a significant safety margin under the current trading expectations, with potential pressure on pig output in the first half of 2025 due to high levels of new piglets [3][4]. - The report highlights that the supply of pigs is expected to rebound, which will boost demand for feed and animal health products, leading to a valuation recovery in related sectors [3]. - The report emphasizes investment opportunities in the planting chain due to rising grain prices amid US-China tariff tensions, recommending several companies in this space [3]. Summary by Sections 1. Pig Farming Sector - The average price of pigs has decreased to 14.95 yuan/kg as of April 25, 2025, with a week-on-week change of -0.13% [35]. - The total number of pigs slaughtered in Q1 2025 was 19,476 million heads, showing a year-on-year increase of 0.11% and a quarter-on-quarter increase of 6.86% [14]. - The average profit per pig has continued to decline, with large-scale farms reporting a profit of 84 yuan per head in March, down from 131 yuan in February [18]. 2. Key Data Tracking - The number of breeding sows as of the end of March 2025 was 40.39 million heads, reflecting a quarter-on-quarter decrease of 1.0% [13]. - The average weight of pigs at slaughter has increased to 128.94 kg, with a week-on-week increase of 0.37 kg [35]. - The average price of piglets in March 2025 was 37.24 yuan/kg, with a year-on-year increase of 16% [18]. 3. Investment Recommendations - The report recommends focusing on pig farming companies with high output and cost recovery, specifically mentioning Muyuan Foods and Shennong Group, while also suggesting attention to Wens Foodstuff Group and Juxing Agriculture [3]. - For the post-cycle sector, the report suggests that the rebound in pig inventory will enhance demand for feed and animal health products, recommending Hai Da Group [3]. - In the planting chain, the report highlights investment opportunities in companies like Suqian Agricultural Development, Beidahuang, and Hainan Rubber due to strong grain prices [3].