Core Viewpoint - The sales reports for July from various listed pig farming companies indicate a general decline in sales volume compared to June, while prices remain at historically low levels [1][2][8]. Sales Performance Summary - Giant Star Agriculture reported sales of 324,100 pigs in July 2025, a year-on-year increase of 44.67%, but a decrease in sales volume and revenue compared to June [4]. - Kemin Foods' subsidiary sold 41,900 pigs in July, with a month-on-month decline of 28.78% but a year-on-year increase of 73.88%. Revenue decreased by 38.92% month-on-month but increased by 6.08% year-on-year [4]. - New Hope sold 1,302,500 pigs in July, with a slight month-on-month decrease of 2.06% and a year-on-year increase of 3.21%. Revenue fell by 3.67% month-on-month and 24.62% year-on-year [5]. - Muyuan Foods reported sales of 6,355,000 pigs in July, a year-on-year increase of 13.02%, but a decrease in sales volume and revenue compared to June [6]. - Wens Foodstuff Group sold 3,164,800 pigs in July, with a year-on-year increase in sales but a decrease in revenue compared to June [6]. Price Trends Summary - The overall market price for live pigs remains low, with the price on August 7, 2025, at 14.34 yuan/kg, slightly up from 14.22 yuan/kg at the end of July 2025, but down from 15.98 yuan/kg at the end of 2024 [9]. - The wholesale price of pork on August 7, 2025, was 20.45 yuan/kg, showing a slight decrease from 20.50 yuan/kg at the end of July 2025 [9]. - The domestic pig futures market has seen some strengthening, with the main contract price reaching 14,100 yuan/ton as of August 7, 2025, compared to less than 13,000 yuan/ton in late May [9].

证券代码：603477 证券简称：巨星农牧 公告编号：2025-073 债券代码：113648 债券简称：巨星转债 乐山巨星农牧股份有限公司 | 增持主体名称 | | | | | | | | 四川巨星企业集团有限公司 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 控股股东或实控人 | | | | ?是 | | | | | | | ?否 | | | | 控股股东或实控人的一致行动人 | | | | | | ?否 | | | | | | ?是 | | | 增持主体身份 | 直接持股 5%以上股东 | | | | | | ?否 | | | | | ?是 | | | 董事、监事和高级管理人员 | | | | | ?否 | | | | | | ?是 | | | | ?其他：__________ | | | | | | | | | | | | | | | 增持前持股数量 | 149,498,238 股 | | | | | | | | | | | | | | 增持前持股比 ...

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-073 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 关于控股股东增持股份结果公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 已披露增持计划情况 乐山巨星农牧股份有限公司（以下简称"公司"）控股股东四川巨星企业集 团有限公司（以下简称"巨星集团"）基于对公司发展前景的坚定信心以及对公 司长期投资价值的认可，拟自 2024 年 8 月 13 日起 12 个月内，通过上海证券交 易所交易系统允许的方式增持公司无限售流通 A 股股份，不低于人民币 5,000 万元且增持完成后的合计持股比例不超过公司总股本的 30%（以下简称"本次增 持计划"）。本次增持计划具体内容请详见《关于公司控股股东增持公司股份计划 的公告》（公告编号：2024-069）、《关于公司控股股东获得增持资金贷款支持暨 增加增持股份资金来源的公告》（公告编号：2025-071） ...

| 产品 | 销售量（万头） | 销售量同比增减（%） | | --- | --- | --- | | 生猪 | 32.41 | 44.67 | | 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-072 | | --- | --- | --- | | 债券代码：113648 | 债券简称：巨星转债 | | 乐山巨星农牧股份有限公司 2025 年 7 月养殖业务销售情况简报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 乐山巨星农牧股份有限公司（以下简称"公司"）现将 2025 年 7 月养殖业 务销售情况披露如下： 一、2025 年 7 月养殖业务销售情况 特此公告。 乐山巨星农牧股份有限公司董事会 2025 年 8 月 8 日 三、特别说明与风险提示 1、上述披露信息仅包含公司养殖业务的生猪销售情况，不包括其他业务和 其他产品。 2、上述销售数据来源于公司内部统计，未经审计，与定期报告披露的数据 之间可能存在差异，上述销售数据仅作为阶段性数据供投资者参考。因四舍五入， 以上数据可能存在尾差。商品猪 ...

Group 1 - The core point of the article is that Juxing Agriculture and Animal Husbandry (603477.SH) has completed a share buyback plan, where Juxing Group increased its holdings of the company's unrestricted circulating A-shares by 2,791,408 shares, accounting for 0.547% of the total share capital [1] - The total amount spent on this buyback was RMB 53,089,336.96 (excluding transaction fees) [1] - The buyback period was from August 13, 2024, to August 7, 2025, and the plan has now been fully implemented [1]

2024年1至12月份，巨星农牧的营业收入构成为：养殖行业占比97.73%，皮革行业占比2.11%，其他业 务占比0.15%。 （文章来源：每日经济新闻） 巨星农牧（SH 603477，收盘价：20.97元）8月7日晚间发布公告称，自2024年8月13日至2025年8月7 日，巨星集团通过上海证券交易所以集中竞价方式累计增持公司无限售流通A 股股份约279万股，占公 司总股本的比例为0.547%，累计增持金额为人民币约5309万元，相关增持计划实施完毕。 ...

巨星农牧（603477）(603477.SH)披露2025年7月养殖业务销售情况，2025年7月，公司销售生猪32.41万 头，其中商品猪销售31.91万头、仔猪销售0.49万头，生猪销售收入5.63亿元。 ...

Core Insights - As of August 6, a total of 105 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stocks with the longest streak of net buying are Hongsheng Huayuan, Hu塑股份, Laofengxiang, Qingsong Jianhua, and Beijia Jie, each having received net buying for 11 consecutive trading days [1] - Other notable stocks with significant net buying days include Zhongnan Chuanmei, TCL Zhijia, Tengda Jianshe, Pudong Jianshe, Xinda Real Estate, Suneng Co., Daqin Railway, and Juxing Nongmu, each receiving net buying for 9 to 10 trading days [1]

Group 1: Macro Strategy - The report highlights that the U.S. labor market shows signs of weakening, with non-farm payrolls for July coming in at 73,000, below expectations of 108,000, leading to increased market expectations for interest rate cuts in September, October, and December [6] - The report notes a significant drop in the unemployment rate to 4.2% and a decrease in the labor participation rate to 62.2%, indicating a cooling labor market [6] Group 2: Industry Commentary - Chemical Raw Materials - The report discusses the upcoming World Robot Conference, emphasizing the importance of material advancements in the humanoid robot sector, with the global humanoid robot market projected to grow from $2.16 billion in 2023 to $32.4 billion by 2029, reflecting a compound annual growth rate (CAGR) of 57% [7][9] - It suggests focusing on PEEK materials, which are expected to see a market size of 2.1 billion yuan in China by 2025, growing at a rate of 10.53% year-on-year [10] Group 3: Agricultural Sector - The report indicates a rebound in pig prices, with average prices in key provinces showing increases of 0.74% to 3.22% as of August 1, while average pork prices decreased by 1.29% [12] - It highlights that the feed industry is expected to see a recovery due to falling upstream raw material prices and improving conditions in the breeding sector, recommending investment in Hai Da Group [12] Group 4: Company Review - Changhong Huayi - The report provides an analysis of Changhong Huayi's 2025 mid-year report, noting a revenue of 6.628 billion yuan, a year-on-year decrease of 1.52%, but a net profit increase of 13.42% to 257 million yuan [15] - It emphasizes the significant growth in sales of automotive air conditioning compressors, particularly for new energy vehicles, which saw a 164% year-on-year increase [15]

Investment Rating - The report maintains an investment rating of "A" for the agriculture sector, suggesting a focus on the recovery cycle of feed and marginal improvements in breeding [1]. Core Insights - The agriculture sector has shown a decline of 2.97% in the past week, with the animal health, food and feed additives, fruit and vegetable processing, aquaculture, and seeds sub-industries performing the best [1][22]. - The report highlights a potential recovery in the feed industry due to the decline in upstream raw material prices and improvements in the breeding sector, particularly for Haida Group, which is expected to see an upward trend in its operational fundamentals [2][4]. - The report emphasizes that the current market may be overly pessimistic about the impact of rising pig production capacity on profitability, while it overlooks the positive effects of declining raw material costs and potential macro demand recovery in 2025 [3]. Summary by Sections Swine Breeding - As of August 1, 2025, the average prices for external three yuan pigs in Sichuan, Guangdong, and Henan were 13.70, 16.04, and 14.38 yuan per kilogram, reflecting increases of 0.74%, 3.22%, and 1.77% respectively [2][31]. - The average pork price was 20.60 yuan per kilogram, down 1.29% from the previous week, while the average wholesale price for piglets was 27.00 yuan per kilogram, up 3.85% [31]. - The report suggests that the swine breeding industry is expected to enter a profitability cycle starting from Q2 2024, although the average debt reduction rate indicates a long road ahead for the industry [3]. Poultry Breeding - The weekly price for white feather broilers was 6.83 yuan per kilogram, up 1.94%, while the price for broiler chicks rose significantly by 33.16% to 2.57 yuan per chick [46]. - The report notes that the breeding profit for broilers is currently negative at -0.43 yuan per chick, and egg prices have decreased by 2.70% to 7.20 yuan per kilogram [46]. Feed Processing - In June 2025, the total industrial feed production in China was 27.67 million tons, a slight decrease of 0.1% month-on-month but a year-on-year increase of 6.6% [55]. - The report indicates that the production of compound feed, concentrated feed, and additive premix feed saw year-on-year growth of 6.6%, 3.4%, and 8.7% respectively [55]. Aquaculture - As of August 1, 2025, the prices for sea cucumbers, shrimp, and bass remained stable at 90.00 yuan per kilogram, 320.00 yuan per kilogram, and 50.00 yuan per kilogram respectively [64]. - In freshwater products, the price for grass carp was 16.70 yuan per kilogram, down 0.30%, while crucian carp saw a slight increase of 0.09% to 22.99 yuan per kilogram [64]. Crop and Grain Processing - As of August 1, 2025, soybean prices were stable at 3926.32 yuan per ton, while corn and wheat prices slightly decreased to 2402.75 yuan and 2440.50 yuan per ton respectively [75]. - The report highlights a significant increase in the price of enoki mushrooms, which rose by 37.78% to 6.20 yuan per kilogram [75].