Group 1: Market Overview - The report highlights structural opportunities in the U.S. technology policy, particularly in the context of restrictions on technology exports to China, which has led to strong performance in domestic substitution concepts such as semiconductor equipment and materials, and chip design [2] - The REITs market in China has shown a trend of upward fluctuation, with the weighted REITs index closing at 139.74 and a weekly return of 1.36%, outperforming other major asset classes [3] - The convertible bond market experienced slight adjustments, with the index showing a weekly change of -0.1%, while the year-to-date performance remains positive at +3.3% [4] Group 2: Industry Insights - The rapid development of AI is significantly increasing power demand, with projections indicating that the market size for NVIDIA's AI server AC-DC power supply could reach between 35.1 billion to 45.5 billion yuan by 2025 [8] - The machinery industry has seen a notable increase in exports to North America, with electric tools and lawn mowers showing year-on-year growth of 9% and 10% respectively, despite tariff impacts [9] - The petrochemical sector is expected to benefit from low valuations and high dividends, with recommendations for companies like China Petroleum and China Petrochemical [10] Group 3: Company Analysis - Alibaba Pictures is focusing on its core business of ticketing and IP derivatives, with revised profit forecasts for FY26 and FY27 indicating a net profit of 880 million and 1.11 billion yuan respectively [13] - Nobon Co., a leader in spunlace non-woven fabrics, is expected to see strong performance due to its advanced production lines and brand advantages, with a focus on high-margin clients [14] - XPeng Motors reported Q1 2025 results in line with expectations, with anticipated improvements in average selling price and gross margin, maintaining a "buy" rating [15]

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index in the next six months [64]. Core Insights - The pet economy is identified as a significant trend with strong growth potential, driven by increasing consumer spending on pet food and products. The report highlights the robust performance of domestic pet food brands during promotional events, suggesting a favorable market environment for these companies [7][14]. - In the livestock sector, there has been a notable increase in pig sales, with April sales reaching 7.7705 million heads, a month-on-month increase of 21.38%. The average selling price of pigs also saw a slight increase, indicating a recovery in the market [8][9]. - The report emphasizes the importance of the agricultural sector in ensuring food security, particularly in light of geopolitical tensions affecting global grain supply and demand. It provides forecasts for various crops, including wheat, rice, corn, and soybeans, indicating expected increases in production and consumption [10][11][12]. Summary by Sections Livestock Industry - April pig sales increased to 7.7705 million heads, up 21.38% month-on-month. The average selling price was 14.82 yuan/kg, a 0.60% increase from the previous month [8]. - The report suggests focusing on leading livestock companies such as Muyuan Foods and Wen's Foodstuffs, which have strong growth potential [9]. Pet Industry - The report highlights the strong performance of domestic pet food brands during promotional events, with significant year-on-year growth expected in the pet food market [7][14]. - It recommends monitoring the sales progress of pet brands during promotional periods as a catalyst for the sector [7]. Crop Production - The global wheat supply is projected to increase by 4.9 million tons, reaching 107.37 million tons, with a record production forecast of 808.5 million tons for the 2025/26 season [10]. - The rice production forecast for 2025/26 is set at a record 538.7 million tons, with significant contributions from India and China [11]. - Corn consumption is expected to grow by 2% to a record 1.274 billion tons, driven by increased imports from countries like China and Vietnam [12]. Agricultural Policy and Market Dynamics - The report discusses the ongoing agricultural policies aimed at revitalizing the seed industry and promoting biotechnology, which are expected to enhance industry growth and reshape market dynamics [13]. - It emphasizes the need for strategic responses to global market changes, particularly in the context of trade agreements and international demand for agricultural products [20].

Investment Rating - Maintain "Add" rating for the agricultural sector [5] Core Views - The pet sector showed strong performance during the 618 pre-sale event, with significant sales growth and a notable increase in domestic brand market share [12][13] - In the pig farming sector, the average selling price of lean pigs decreased to 14.46 CNY/kg, down 1.2% from the previous week, indicating a low valuation environment [14][15] - The poultry sector experienced a slight decline in white feather chicken prices, with the average price at 7.36 CNY/kg, down 0.5% [14][30] - The commercialization of genetically modified varieties is expected to enhance growth potential in the agricultural sector [14] - The fluctuation of agricultural product prices and the ongoing adjustment of poultry production capacity present investment opportunities [14] Summary by Sections Pet Sector - The 618 pre-sale event saw pet category sales exceed last year's first-day total within 100 minutes, with a 180% increase in live-stream sales [12] - Domestic brands are gaining market share, with significant sales growth reported for brands like Jueyan and Toptrees [13] Pig Farming - The average selling price of lean pigs is 14.46 CNY/kg, down 1.2% week-on-week, with a focus on low-cost, high-growth companies like Muyuan Foods and Wens Foodstuffs [14][15] - The average wholesale price of pork remained stable at 20.95 CNY/kg [15] Poultry Farming - White feather chicken prices decreased to 7.36 CNY/kg, while chicken product prices remained stable at 8.86 CNY/kg [30] - The price of meat chicken chicks held steady at 2.85 CNY each [30] Agricultural Products - The approval of genetically modified varieties is set to enter commercial sales, with expectations for growth in industry companies [14] Feed and Vaccines - The agricultural sector is experiencing price volatility, with leading feed companies likely to benefit from their scale and supply chain advantages [14]

Investment Rating - Maintain "Add" rating for the agricultural sector [5] Core Views - The pet sector showed strong performance during the 618 pre-sale event, with significant sales growth and a notable increase in domestic brand presence [12][13] - In the pig farming sector, the average selling price of lean pigs decreased to 14.46 CNY/kg, down 1.2% from the previous week, indicating a low valuation environment [14][15] - The poultry sector experienced a slight decline in white feather chicken prices, with the average price at 7.36 CNY/kg, down 0.5% [14][30] - The commercialization of genetically modified varieties is expected to enhance growth potential in the agricultural sector [14] - The fluctuation of agricultural product prices and the ongoing adjustment of poultry production capacity present investment opportunities [14] Summary by Sections Weekly Highlights - The pet category performed exceptionally well during the 618 sales event, with sales figures surpassing last year's first-day totals [12] - Domestic brands are gaining market share, with significant sales growth reported for several brands [13] Agricultural Data Tracking - The average selling price of lean pigs is 14.46 CNY/kg, down 1.2% from last week, while the average wholesale price of pork remains stable at 20.95 CNY/kg [15][16] - The average price of white feather chickens is 7.36 CNY/kg, down 0.5%, and the average price of chicken products is stable at 8.86 CNY/kg [30][31] - The price of 15kg piglets decreased to 42.42 CNY/kg, down 2.1% from last week [20][34] Livestock and Poultry - The self-breeding profit for pigs decreased to 48.21 CNY/head, down 32.45 CNY from last week, while the profit from purchased piglets is negative [17][21] - The average price of meat chicken seedlings remains stable at 2.85 CNY each [26][30] Crop and Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, enhancing the growth potential of industry companies [14] - The fluctuation in agricultural product prices is expected to create opportunities for leading feed companies to replace smaller competitors [14]

2022 年乐山巨星农牧股份有限公 司公开发行可转换公司债券 2025 年跟踪评级报告 中鹏信评【2025】跟踪第【66】号 01 信用评级报告声明 除因本次评级事项本评级机构与评级对象构成委托关系外，本评级机构及评级从业人员与评级对象不存 在任何足以影响评级行为独立、客观、公正的关联关系。 本评级机构与评级从业人员已履行尽职调查义务，有充分理由保证所出具的评级报告遵循了真实、客观、 公正原则，但不对评级对象及其相关方提供或已正式对外公布信息的合法性、真实性、准确性和完整性 作任何保证。 本评级机构依据内部信用评级标准和工作程序对评级结果作出独立判断，不受任何组织或个人的影响。 本评级报告观点仅为本评级机构对评级对象信用状况的个体意见，不作为购买、出售、持有任何证券的 建议。本评级机构不对任何机构或个人因使用本评级报告及评级结果而导致的任何损失负责。 本次评级结果自本评级报告所注明日期起生效，有效期为被评证券的存续期。同时，本评级机构已对受 评对象的跟踪评级事项做出了明确安排，并有权在被评证券存续期间变更信用评级。本评级机构提醒报 告使用者应及时登陆本公司网站关注被评证券信用评级的变化情况。 本评级报告版权归 ...

本次跟踪评级结果：主体信用等级为"AA-"，评级展望为"稳定"；"巨 星转债"的信用等级为"AA-"。 | 证券代码：603477 | 证券简称：巨星农牧 | 公告编号：2025-047 | | --- | --- | --- | | 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 关于可转换公司债券 2025 年跟踪评级结果的公告 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： 前次评级结果：主体信用等级为"AA-"，评级展望为"稳定"；"巨星转 债"的信用等级为"AA-"。 根据《上市公司证券发行管理办法》《公司债券发行与交易管理办法》《上海 证券交易所公司债券上市规则》等相关规定，乐山巨星农牧股份有限公司（以下 简称"公司"）委托信用评级机构中证鹏元资信评估股份有限公司（以下简称"中 证鹏元"）对公司 2022 年公开发行可转换公司债券（以下简称"巨星转债"）进 行了 2025 年跟踪信用评级。 乐山巨星农牧股份有限公司董事会 2025 年 5 月 22 日 公司前次主体 ...

Group 1 - The livestock ETF (159867.SZ) increased by 1.16%, with the related index, the CSI Livestock Index, rising by 1.41% [1] - Major constituent stocks such as Haida Group, Ruipeng Biological, and Juxing Agriculture saw significant increases, with Ruipeng Biological up by 12.46% [1] - The Hong Kong government announced a suspension of imports of poultry and poultry products from certain regions in Brazil and the United States due to outbreaks of highly pathogenic H5N1 avian influenza, which has led to increased attention on the domestic livestock industry [1] Group 2 - According to Citic Securities, the pig price is expected to show a weak fluctuation due to post-holiday demand decline and increased large pig slaughter, while the white feather chicken breeding sector may also experience weak price fluctuations due to easing supply tensions [2] - The analysis from Industrial Securities focuses on the beef cattle breeding industry, highlighting the advantages of imported breeds like Simmental in growth rate and slaughter yield, while local breeds maintain competitive adaptability [2] - The livestock ETF is associated with several key stocks, including Haida Group, Muyuan Foods, and Wens Foodstuffs, among others [2]

Investment Rating - The industry investment rating is maintained as "Add" [6] Core Views - The agricultural sector is seen as a stable consumer goods category with strong demand and policy support, making it a potential safe haven for funds in a complex external environment [4] - The current prices of major meat proteins and agricultural products are in a bottoming phase, with quality leading companies expected to achieve stable growth in performance [4] Summary by Sections Market Review - For the week of May 12-16, 2025, the agricultural sector underperformed the market by 1.07 percentage points, with the Shenwan Agricultural Index closing at 2,620.55, up 0.05% [15][17] - Among sub-sectors, the animal health sector rose by 7.36%, while feed and fishery sectors increased by 2.04% and 0.91% respectively; however, agricultural processing, breeding, and planting sectors saw declines of 0.90%, 0.96%, and 1.29% respectively [15][17] Key Industry Data Swine Farming - As of May 16, 2025, the average price of live pigs nationwide was 14.61 CNY/kg, down 1.42% week-on-week and down 4.76% year-on-year; self-breeding profits were 80.66 CNY/head, decreasing by 3.67 CNY/head week-on-week [2][21] Poultry - As of May 16, 2025, the average price of broiler chicks was 2.85 CNY/chick, down 2.06% week-on-week, and the price of white feather broilers was 7.40 CNY/kg, down 0.67% week-on-week [2][27] Agricultural Products - As of May 16, 2025, the average price of wheat was 2,468.89 CNY/ton, up 0.33% week-on-week; corn was 2,304.29 CNY/ton, up 0.50% week-on-week; however, soybean meal prices fell to 2,988.00 CNY/ton, down 9.45% week-on-week [3][35] Investment Recommendations - The report suggests focusing on high-quality swine companies with strong cost control, such as Muyuan Foods, Wens Foodstuff Group, and others [4] - For the poultry sector, it recommends looking at integrated leaders like Shennong Development and Lihua Stock for their cost advantages [4] - In the feed sector, Haida Group is highlighted as a beneficiary of recovering livestock inventory [4] - For agricultural products, attention is drawn to Suqian Agricultural Development and Beidahuang, as well as seed companies like Denghai Seeds and Longping High-Tech [4]

Investment Rating - The industry is rated as "Buy" [5] Core Views - The report indicates a weakening trend in pig prices, with the national average price for external three yuan pigs at 14.61 yuan/kg, down 1.42% week-on-week. The average price for 15 kg piglets is 36.23 yuan/kg, down 1.74% week-on-week. The report suggests that the industry is approaching a turning point in inventory levels as the market conditions evolve [1][24] - The white feather broiler and chick prices have also declined, with the white feather broiler price at 7.40 yuan/kg, down 0.67% week-on-week, and chick price at 2.85 yuan/bird, down 2.06% week-on-week. The report highlights a decrease in procurement willingness due to increased inventory and slow sales of frozen products [1][33] Summary by Sections 1. Industry Performance - The agricultural and forestry sector underperformed the market, with the agricultural index rising only 0.05% compared to the Shanghai Composite Index's 0.76% increase [14] - The performance of sub-sectors varied, with animal health and feed sectors showing positive growth, while poultry farming and planting sectors experienced declines [14][18] 2. Key Data Tracking - The average weight of pigs at slaughter is at a new high since early 2023, indicating potential inventory reduction in the near future [24] - The average price of corn is 2374.90 yuan/ton, up 0.48% week-on-week, while soybean meal prices have decreased by 5.93% to 3115.71 yuan/ton [2][47] 3. Investment Recommendations - The report recommends focusing on the pig farming sector, suggesting that the industry is nearing a turning point in inventory levels, which could lead to a long-term profit increase. Key companies to watch include Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [4][73] - For the post-cycle sector, companies like Haida Group and Ruipu Biological are recommended due to the recovery in feed and veterinary demand [4][73] - In the planting chain, companies such as Suqian Agricultural Development and Beidahuang are highlighted as having strong investment opportunities due to the upward trend in grain prices [4][73] - The pet food sector is also noted for its growth potential, with companies like Guibao Pet and Zhongchong Co. being recommended [4][73]

Investment Rating - The industry is rated as "Buy" [5] Core Viewpoints - The report indicates a weakening trend in pig prices, with the national average price for external three yuan pigs at 14.61 yuan/kg, down 1.42% week-on-week. The average price for 15 kg piglets is 36.23 yuan/kg, down 1.74% week-on-week [24][1] - The report highlights that the industry is approaching a turning point in inventory levels, with the average post-slaughter weight of pigs reaching a new high since early 2023, suggesting a potential recovery in profitability after inventory reduction [4][24] - In the poultry sector, both white feather broiler and chick prices have declined, with white feather broiler prices at 7.40 yuan/kg, down 0.67% week-on-week, and chick prices at 2.85 yuan/bird, down 2.06% week-on-week [33][2] Summary by Sections 1. Market Review - The agricultural sector underperformed the market, with the agricultural index rising only 0.05% compared to the Shanghai Composite Index's 0.76% increase [14] - The performance of sub-sectors within agriculture varied, with animal health and feed sectors showing positive growth while poultry and planting sectors faced declines [14][18] 2. Key Data Tracking - The average price of corn is 2374.90 yuan/ton, up 0.48% week-on-week, while soybean meal prices fell by 5.93% to 3115.71 yuan/ton. Wheat prices increased by 0.33% to 2468.89 yuan/ton [2][47] - The report notes that the average weight of pigs at slaughter is 92.02 kg, with a slight increase of 0.17% week-on-week, indicating stable supply conditions [22][24] 3. Investment Recommendations - For the pig farming sector, the report recommends stocks such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture, anticipating a long-term upward trend in profitability following inventory reduction [4][73] - In the planting chain, the report suggests focusing on companies like Suqian Agricultural Development and Beidahuang, as the upward trend in grain prices is expected to continue [4][73] - The pet food sector is highlighted as a growth area, with recommendations for companies like Guibao Pet and Zhongchong Co., as the domestic market continues to expand [4][73]