Core Viewpoint - The company announced its 2024 annual profit distribution plan, which includes a cash dividend of 1.73 yuan per 10 shares, totaling approximately 85.55 million yuan, and the suspension of the conversion of its convertible bonds during the distribution period [3][4]. Group 1: Equity Distribution Plan - The company will distribute a cash dividend of 1.73 yuan per 10 shares to all shareholders based on a total share capital of 494,527,155 shares as of December 31, 2024, resulting in a total cash distribution of 85,553,197.82 yuan [3]. - The profit distribution plan was approved at the annual shareholders' meeting held on May 16, 2025 [3]. - The company will adjust the conversion price of its convertible bonds according to the terms outlined in the bond issuance prospectus after the equity distribution [3]. Group 2: Suspension of Bond Conversion - The company's convertible bonds, referred to as "巨星转债," will suspend conversion from June 10, 2025, until the equity distribution registration date [2][4]. - The company will announce the details of the equity distribution and the adjustment of the bond conversion price on June 11, 2025 [4]. - Holders of the convertible bonds wishing to benefit from the equity distribution must convert their bonds by June 9, 2025 [4]. Group 3: Share Buyback Progress - The company plans to repurchase shares using between 50 million and 100 million yuan of its own funds and bank loans, aimed at implementing an employee stock ownership plan or equity incentives [6]. - As of May 31, 2025, the company has not yet executed any share buybacks [7][8]. - The total amount allocated for the buyback represents 1.14% of the company's total assets and 3.03% of the net assets attributable to shareholders [6].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The agricultural sector index increased by 1.79%, ranking 4th among 31 primary industries, driven by policy expectations [4][12] - Supply pressure in the pig market remains significant, with policies aimed at stabilizing pig prices due to concerns about future price declines [5][20] - The white feather chicken market shows stable chick prices, with a focus on domestic breeding opportunities amid import uncertainties [27] Summary by Sections Market Performance - The agricultural sector index rose 1.79%, outperforming the Shanghai Composite Index, which fell by 0.03% [12] - Among sub-sectors, planting and fruit processing led the gains, while the breeding sector experienced fluctuations due to policy expectations [13] Breeding Industry Chain Tracking Pig Market - As of June 2, the average price of live pigs was 14.41 yuan/kg, remaining stable compared to the previous week [5][17] - Supply pressures are expected to continue due to an increase in breeding sows and high market weights of pigs [5][20] - Profitability for self-bred pigs is around 36 yuan per head, while purchased piglets incur losses of 84 yuan per head [18] - The industry anticipates a narrow fluctuation in pig prices for 2025, with controlled supply growth [21] White Feather Chicken - As of June 3, chick prices were stable at 3.00 yuan per chick, with meat chicken prices at 3.68 yuan/kg [27] - The industry is currently well-supplied, with high levels of parent stock, despite uncertainties in imports due to avian influenza [27] Planting Industry Chain Tracking - Sugar prices have adjusted downwards, with white sugar priced at 6090 yuan/ton as of June 3, a decrease of 65 yuan/ton [30] - The price of Brazilian soybeans was 3640 yuan/ton, reflecting a 2.0% decrease [30] - Cotton prices showed slight fluctuations, priced at 14550 yuan/ton, down 0.1% [30] - Corn prices experienced a minor decline, averaging 2332 yuan/ton [32]

根据行业分析师的研究，二次育肥会人为拉长出栏时间，造成阶段性出栏量差异较大，导致出现"助涨 助跌"现象。有头部猪企停止销售二次育肥商品猪 端午节后第一个交易日，A股生猪板块延续涨势，牧原股份连续两个交易日累计上涨近10%，神农集 团、巨星农牧同期上涨超10% 端午节后的第一个交易日，A股生猪板块延续良好势头，牧原股份（002714）(002714.SZ)、神农集团 （605296）(605296.SH)和巨星农牧（603477）(603477.SH)等表现不错。这与猪价稳定的预期有关，猪 价稳定预期又与二次育肥的最新消息有关——一些头部猪企暂停对二次育肥客户出售商品猪。 6月3日上午，《每日经济新闻》记者从牧原股份、神农集团、新希望(000876.SZ)等多家猪企了解到， 至少有两家头部猪企暂停了这一业务，且对商品猪只开屠宰类检疫票。这意味着只能用作屠宰的商品猪 无法进入二次育肥被再次饲养。 所谓二次育肥，是指养殖户购进已达正常出栏体重的生猪，继续育肥至350斤或以上再出售，以赚取价 差和增重利润的短期养殖模式。 生猪板块之所以上涨，和二次育肥的消息有关。有市场消息称，行业接有关部门通知要求控制出栏猪体 重并 ...

| 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-051 | | --- | --- | --- | | 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 关于实施 2024 年度权益分派时"巨星转债" 停止转股和转股价格调整的提示性公告 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。 重要内容提示： 证券停复牌情况：适用 因实施 2024 年度权益分派, 乐山巨星农牧股份有限公司（以下简称"公司"） 的相关证券停复牌情况如下： | 证券代码 | 证券简称 | 停复牌类型 | 停牌起始日 | 停牌 | 停牌终止日 | 复牌日 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 期间 | | | | 113648 | 巨星转债 | 可转债转股停 | 2025/6/10 | | | | | | | 牌 | | | | | 权益分派公告前一交易日（2025 年 6 月 10 日）至权益分派股权登记日期间，公司可转换 ...

Investment Rating - The report maintains a positive outlook on the agricultural sector, specifically highlighting investment opportunities in the pig farming and pet food industries [3][4]. Core Insights - The report emphasizes the strong performance of the pet food sector during the "618" shopping festival, with leading brands showing significant sales growth. It also notes the potential for re-evaluation of pig prices due to changing market conditions [4][5]. - The agricultural index increased by 1.8%, contrasting with a 1.1% decline in the Shanghai and Shenzhen 300 index, indicating a favorable market environment for agricultural stocks [5]. Summary by Sections Agricultural Stock Market Performance - The agricultural index rose by 1.8%, while the Shanghai and Shenzhen 300 index fell by 1.1%. The top five gainers included ST Tianshan (13.6%), Juxing Agriculture (13.2%), and Xiwang Food (12.4%) [5][12]. - The report suggests focusing on the sales performance of pet food during the "618" shopping festival and the re-evaluation of pig prices, particularly for undervalued leading pig farming companies [4][5]. Pig Farming - Pig prices continue to show strong fluctuations, with a national average selling price of 14.42 CNY/kg as of June 2, reflecting a week-on-week increase of 0.8%. The report indicates that the overall industry remains profitable, with a profit of 125.3 CNY per head for large-scale farms [4][5]. - The report highlights the expectation of a re-evaluation of pig prices in the second half of the year, driven by strong market realities and declining breeding costs [4][5]. Pet Food - The "618" shopping festival saw explosive sales in the pet food sector, with major brands performing exceptionally well. The festival's duration was extended, leading to increased sales [4][14]. - Key brands such as Guai Bao Pet and Zhongchong Co. showed significant improvements in their rankings on e-commerce platforms, indicating a strong market presence [21][23][28]. Animal Health - The report notes that the re-evaluation of pig prices may drive demand for animal health products, particularly vaccines. The first quarter of 2025 saw a 23.02% year-on-year increase in vaccine approvals [4][5]. - Companies focusing on pet health products are expected to benefit from the growing demand in the market [4][5].

5月30日，生猪板块突发大涨，其中，巨星农牧（603477）涨停，牧原股份（002714）、温氏股份 （300498）涨超2%。农业50ETF(516810)相应逆市走高。 华源证券也表示，当前生猪板块的投资应从"周期思维"向"优质优价"转化。对应到股价层面，当前板块 市场关注度较低，且板块估值处于相对低位；成本领先的企业在2025年盈利确定性较强，建议重点关注 优质生猪养殖龙头。 农业50ETF(516810)紧密跟踪中证农业主题指数，覆盖养殖业、农化制品、饲料、种植业等细分领域， 汇聚"养殖+种植"龙头，前十大权重股合计占比超60%。当前农业板块整体估值处于历史较低位置，在 猪周期反转和新一代大模型等多重催化下，板块长期投资价值凸显。 导致生猪板块集体大涨的主要原因或是，29日发改委会议号召稳产能稳猪价。2024年二季度以来，生猪 价格持续走弱。无论是能繁母猪还是新生仔猪都持续增加，且今年产业端集体增重，并且去年三、四季 度猪价基数较高。从CPI角度，如果后续猪价继续下跌，或对CPI造成拖累，政府层面存在监管诉求。 政策干预下，市场或受到反转预期的催化。 中泰证券（600918）表示，随着猪周期变短以及预 ...

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery sector, indicating an expected investment return exceeding 15% over the next 6-12 months [5][77]. Core Insights - The pig farming sector is showing signs of recovery, with the industry capacity cycle having bottomed out. The current high inventory levels and peak post-slaughter weights suggest a potential turning point in inventory, which may lead to a long-term profit uptrend after destocking [4][75]. - The report highlights a stable increase in pig prices, with the national average price for live pigs at 14.40 yuan/kg, reflecting a week-on-week increase of 1.41%. However, the demand is expected to weaken as the summer approaches [1][24]. - The natural rubber market is experiencing a downward trend, with prices dropping to 13,615 yuan/ton, a decrease of 7.57% week-on-week. This shift indicates a transition from strong reality to weak expectations in the market [3][65]. Summary by Sections 1. Market Overview - The agriculture, forestry, animal husbandry, and fishery sector outperformed the market, with a weekly increase of 1.79% compared to a slight decline in major indices [14]. - The pig farming segment is witnessing a slight increase in slaughter weights, with the average weight at 129.18 kg, down 0.15% week-on-week [24]. 2. Key Data Tracking - The average price of live pigs decreased by 0.9% month-on-month, while the average price of piglets increased by 5.2% year-on-year [2][23]. - The inventory of breeding sows remained stable at 40.38 million heads, with a year-on-year increase of 1.3% [2][23]. 3. Investment Recommendations - The report recommends focusing on the pig farming sector, suggesting stocks like Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture for potential long-term gains [4][75]. - For the post-cycle sector, companies like Haida Group and Ruipu Biological are highlighted due to the rising demand for feed and veterinary products [4][75]. - In the planting chain, the report suggests investing in companies like Suqian Agricultural Development and Beidahuang, as grain prices are on an upward trend [4][75]. 4. Commodity Insights - The report notes a significant drop in natural rubber prices, indicating a cautious sentiment among manufacturers regarding raw material procurement [3][65]. - The prices of corn and soybean meal have shown mixed trends, with corn prices slightly increasing while soybean meal prices have decreased [50][54].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The supply of pigs is expected to increase due to the normalization of breeding practices, which may exert downward pressure on prices in the short term. However, as supply stabilizes, prices are anticipated to stabilize or slightly rebound [4][14] - The pet food sector is experiencing a rise in domestic brands, supported by consumption upgrades and tariff barriers, with significant growth expected in the pet food market [6][26][28] Summary by Sections Weekly Observation - The average national pig selling price on May 30 was 14.44 yuan/kg, up by 0.17 yuan/kg from the previous week, with a daily average slaughter volume of 156,400 pigs, an increase of 13,200 pigs [4][14] - The demand side shows slight recovery, and the focus remains on policies affecting the pig industry [4][14] Weekly Market Performance (May 26-30) - The agricultural index outperformed the market by 1.82 percentage points, with the agricultural index rising by 1.79% while the Shanghai Composite Index fell by 0.03% [29][30] - The livestock breeding sector led the gains, with notable increases in stocks such as Juxing Agriculture (+13.15%) and Xiwang Food (+12.42%) [29][32] Price Tracking (May 26-30) - The national average price for pigs was 14.47 yuan/kg, up by 1.12% from the previous week. The average price for piglets was 35.24 yuan/kg, down by 0.90% [36] - The average price for corn was 2,339.00 yuan/ton, up by 0.52%, while soybean meal was priced at 2,966.00 yuan/ton, up by 0.54% [51] Key News (May 26-30) - An announcement was made to prevent the entry of highly pathogenic avian influenza from Brazil, highlighting the importance of biosecurity in the livestock sector [33] Weekly Insights - The pig sector shows low valuation and potential for recovery, with recommendations for companies like Muyuan Foods and Wens Foodstuffs [26] - The feed sector benefits from the recovery of livestock and strong overseas demand, with recommendations for companies like Haida Group and New Hope Liuhe [26]

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：持有封基 来源：雪球 | | | | 名称 | 今年 | 本月 | 本周 | 当天 | BIAS25 | | --- | --- | --- | --- | --- | --- | | A股总数量 | 5107 | 5141 | 5145 | 5145 | | | A股上涨数量 | 2988 | 3648 | 3034 | 1075 | | | A股下跌数量 | 2102 | 1460 | 2016 | 3938 | | | A股零涨幅数量 | 17 | 33 | 95 | 132 | | | 涨幅>10% | 34. 72% | 20. 27% | 5. 34% | 0. 74% | | | 涨幅>5%到10% | 10. 65% | 20. 37% | 7.66% | 1. 34% | | | 涨幅>0%到5% | 13.14% | 30. 32% | 45. 97% | 18.81% | | | 涨幅>-5%到0% | 13. 32% | 18. 32% | 34. 58% | 74. 77% | | | 涨幅> ...