本周猪价上涨 根据博亚和讯，4月11日全国外三元生猪均价为14.66元/kg，周环比+0.41%，15公斤仔猪均价37.2元/公 斤，周环比上涨0.32%。根据涌益咨询数据，本周商品猪出栏均重为128.81kg，周环比下降0.08kg，全国冻 品库容率为14.94%，环比上升0.11pct。本周涌益出栏均重结束了2月初以来的持续上行，对应行业库存拐 点初步显现。考虑到当前二育增重利润已大幅降低，4月有望正式进入去库周期，建议持续关注均重水 平。 3月猪企销售月报解读 （1）出栏量：经历了2月的季节性缩量后，3月出栏量明显回升。13家上市猪企合计出栏生猪1718.98万 头，环比+26.67%，同比+44.43%。头部集团中，牧原股份/温氏股份/新希望的生猪出栏总量环比分别 +30.24%/+19.14%/+36.01%。在中游企业中，除天康生物出栏环比下降，以及ST天邦、唐人神增幅较小之 外，其余企业总出栏量环比增长均较为显著，大部分增幅在20%-40%之间。具体来看，1）商品猪方面：3 月13家上市猪企出栏商品猪总量约为1371.31万头，环比+20.65%，同比+28.54%。根据前期新生仔猪来 看，3月 ...

Group 1 - The poultry concept sector experienced a decline of 3.89%, ranking among the top losers in the market, with notable declines in companies such as Xiaoming Co., Xiangjia Co., and Huaying Agriculture [1] - The top gaining sectors included automotive chips with a rise of 6.04%, while the top losing sectors included genetically modified crops down by 5.96% and corn down by 5.84% [1] - The poultry sector saw a net outflow of 656 million yuan from major funds, with 21 stocks experiencing outflows, and 8 stocks seeing outflows exceeding 30 million yuan [1] Group 2 - The stock with the highest net outflow was Juxing Agriculture, with a net outflow of 116 million yuan, followed by Wens Foodstuffs and Tiankang Biological with outflows of 111 million yuan and 55.98 million yuan respectively [1] - Other companies in the poultry sector that faced significant net outflows included Tangrenshen, Lihua Co., and Yisheng Co. [1][2] - On the contrary, Yike Food and Chunxue Food were among the few stocks that saw net inflows, with 2.23 million yuan and 14,100 yuan respectively [1]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The market is highly volatile due to the uncertainty of the trade war, and investors are advised to pay close attention to Sino - US policy changes and adopt a cautious approach in the short term [16]. - Gold prices have reached a new high, driven by the decline in market trust in the US dollar's credit due to the US government's erratic tariff policies [2]. - In the bond market, positive spread strategies are recommended, and the strategy of steepening the yield curve can be gradually considered [20]. - In the commodity market, different commodities have different trends. For example, the supply of soybeans in South America is expected to be abundant, which will put pressure on the spot and basis of soybean meal; the production of Malaysian palm oil is recovering, but international demand is still weak [25][28]. 3. Summary According to the Directory 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Gold) - US March unadjusted CPI rose 2.4% year - on - year, lower than expected. The US government's 3 - month budget deficit decreased by 32% year - on - year. Gold prices rose more than 3% to a new high, and the US dollar index fell 2%. The market is mainly trading based on tariff issues, and short - term market volatility remains high [12][13]. - Investment advice: Gold shows strength, but be aware of increased market volatility [14]. 3.1.2 Macro Strategy (Stock Index Futures) - The China Small and Medium - Sized Enterprises Development Index in the first quarter reached the highest level since 2020. The Ministry of Commerce organized enterprise symposiums to help foreign - trade enterprises expand domestic sales. The market's upward momentum was slightly weak, and short - term risk - aversion is recommended [15][16]. - Investment advice: Adopt a risk - aversion approach in the short term [17]. 3.1.3 Macro Strategy (Treasury Bond Futures) - The central bank conducted 65.9 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 157.5 billion yuan on the day. Positive spread strategies are recommended, and the strategy of steepening the yield curve can be gradually considered [18][20]. - Investment advice: Currently, positive spread strategies are recommended, and the strategy of steepening the yield curve can be gradually considered [21]. 3.2 Commodity News and Reviews 3.2.1 Agricultural Products (Soybean Meal) - The US weekly export sales report of soybeans was lower than expected. CONAB raised the forecast of Brazil's soybean production, and USDA lowered the ending inventory of US soybeans in the 24/25 season. The price of soybean meal futures is expected to fluctuate strongly, and the large future soybean imports will put pressure on the spot and basis of soybean meal [22][25]. - Investment advice: Pay close attention to the CNF premium of Brazilian soybeans and the cost of importing Brazilian soybeans into China [25]. 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - The export of Malaysian palm oil from April 1 - 10 increased by 29.29% month - on - month. The ending inventory in March increased by 3.52% month - on - month. The report data is slightly bearish for the market. In the long - term, the price of palm oil still depends on the production and export, as well as the price of international diesel and US soybean oil [26][28]. - Investment advice: Focus on production and export in the long - term, and be aware of the short - term impact of Indian replenishment [29]. 3.2.3 Black Metals (Steam Coal) - The lowest bid price of Indonesian Q3800 power plants is 458 yuan/ton. The coal price is expected to be stable in April and may be supported in May, but lacks upward elasticity [31]. - Investment advice: The supply and demand are weak in April, and the price is expected to change little [31]. 3.2.4 Black Metals (Iron Ore) - Global blast furnace steel mills' pig iron production in March increased by 13.0% month - on - month. The demand for steel is seasonally weakening, and the fundamentals of iron ore are still weak. A short - selling strategy is recommended [32]. - Investment advice: Maintain a short - selling position and sell on rebounds [32]. 3.2.5 Black Metals (Rebar/Hot - Rolled Coil) - The construction machinery industry may enter a new replacement cycle. The inventory reduction of five major steel products has slowed down. The market sentiment has eased, but the rebound space is limited [33][35]. - Investment advice: Be cautious with light positions in the short term and pay attention to hedging opportunities in the spot market [36]. 3.2.6 Agricultural Products (Corn Starch) - The downstream startup rate of starch has declined. The inventory has only slightly decreased due to poor downstream demand. The CS05 - C05 spread is expected to fluctuate around the normal processing fee of 380 [37][38]. - Investment advice: The CS05 - C05 spread is expected to remain stable [38]. 3.2.7 Agricultural Products (Corn) - The total corn inventory of deep - processing enterprises has slightly decreased. The outflow of grain sources in the Northeast has accelerated, and the inventory in North ports has declined for two consecutive weeks. The 07 contract is considered undervalued [39][40]. - Investment advice: Maintain the view that the 07 contract is undervalued and pay attention to weather in North China and inventory reduction in the Northeast [40]. 3.2.8 Agricultural Products (Sugar) - The average retail price of sugar in Pakistan has exceeded the government - set limit. The production of sugar in India's Maharashtra state has decreased. Brazil's sugar exports in the first week of April decreased by 63.85% year - on - year. The macro - environment dominates the sugar market, and the price is expected to be volatile [41][44]. - Investment advice: Domestic sugar prices are resistant to decline, but the price is expected to be volatile in the short term, and pay attention to the support level of 18 cents in the external market [44]. 3.2.9 Agricultural Products (Hogs) - A major shareholder of Juxing Agriculture and Animal Husbandry Co., Ltd. reduced its holdings. The near - term contract of hogs fell, and the long - term contract rose. Speculators are advised to operate cautiously, and the industry can consider hedging opportunities [46]. - Investment advice: Speculators should be cautious, and the industry can consider hedging [47]. 3.2.10 Black Metals (Coking Coal/Coke) - The price of coking coal in the Northwest market is stable. The futures market is affected by the international trade situation and US tariffs, while the spot market is mainly affected by domestic fundamentals. The short - term trend is expected to be volatile [48]. - Investment advice: The futures and spot markets may deviate, and the short - term trend is volatile [48]. 3.2.11 Non - ferrous Metals (Lead) - The social inventory of lead has slightly decreased. The price of lead is expected to fluctuate widely in the short term. A wait - and - see strategy is recommended in the short term, and a long - position strategy can be considered in the medium term [49][50]. - Investment advice: Wait and see in the short term and consider a long - position strategy in the medium term [50]. 3.2.12 Non - ferrous Metals (Zinc) - The LME0 - 3 zinc is at a discount of 12.23 US dollars/ton. The inventory has decreased. The price is expected to be under pressure in the long term. A short - selling strategy around 22800 - 23000 yuan/ton is recommended [51][52]. - Investment advice: Short - sell around 22800 - 23000 yuan/ton and consider a long - term positive spread strategy when the time is right [52]. 3.2.13 Non - ferrous Metals (Copper) - Panama's government confirmed that First Quantum Minerals withdrew its arbitration application. Global copper smelting activity decreased in March. China's copper demand in the second quarter is strong. The short - term strategy for copper can be bullish, but beware of the risk of repeated expectations [53][57]. - Investment advice: Adopt a bullish strategy in the short term but be cautious of repeated expectations [57]. 3.2.14 Non - ferrous Metals (Lithium Carbonate) - Sayona and Piedmont plan to merge. Liontown started the production of Australia's first underground lithium mine. The fundamentals of lithium carbonate are bearish, and the price is expected to decline in the long term [58][60]. - Investment advice: Consider partial profit - taking for short positions in the short term and pay attention to short - selling opportunities on rebounds in the long term [60]. 3.2.15 Non - ferrous Metals (Nickel) - GEM and South Korea's ECOPRO signed a strategic cooperation agreement. The price of nickel has rebounded. The short - term macro - sentiment has eased, and investors are advised to pay attention to long - position opportunities at low valuations [61][63]. - Investment advice: Pay attention to long - position opportunities at low valuations [63]. 3.2.16 Energy Chemicals (Liquefied Petroleum Gas) - The weekly commercial volume of Chinese LPG has increased slightly, and the inventory of sample enterprises has increased slightly while the port inventory has decreased. The market is in a repricing stage, and the volatility is high [65][66]. - Investment advice: Reduce risk exposure and be cautious [67]. 3.2.17 Energy Chemicals (Carbon Emissions) - The carbon trading market is inactive, and the price has fallen to 85 yuan/ton. The carbon market in 2025 may be weak, while the CCER market is strong [68]. - Investment advice: The CEA is expected to be weak and volatile in the short term [69]. 3.2.18 Energy Chemicals (Natural Gas) - US natural gas inventory increased week - on - week. The supply is likely to return, and the demand lacks upward momentum. The Nymex natural gas price is under downward pressure [70]. - Investment advice: The Nymex natural gas price has a downward pressure [71]. 3.2.19 Energy Chemicals (Caustic Soda) - The price of liquid caustic soda in Shandong has declined. The supply has increased slightly, and the demand is average. The short - term market is dominated by macro factors [72]. - Investment advice: Wait and see [73]. 3.2.20 Energy Chemicals (Pulp) - The price of some imported wood pulp has declined. The short - term market is dominated by macro factors [73]. - Investment advice: Wait and see [74]. 3.2.21 Energy Chemicals (PVC) - The spot price of PVC powder has rebounded, but the downstream purchasing enthusiasm is weak. The short - term market is difficult to predict due to high macro - influence [75]. - Investment advice: Wait and see [76]. 3.2.22 Energy Chemicals (PTA) - The downstream start - up rate in Jiangsu and Zhejiang has decreased, and the market lacks confidence. The price is mainly affected by crude oil in the short term [77]. - Investment advice: The short - term absolute price mainly fluctuates with the crude oil price [79]. 3.2.23 Energy Chemicals (Soda Ash) - The inventory of domestic soda ash manufacturers has decreased slightly. The supply is at a high level, and the demand is stable. A short - selling strategy on rebounds is recommended in the medium term [80][81]. - Investment advice: Short - sell on rebounds in the medium term [81]. 3.2.24 Energy Chemicals (Float Glass) - The price of float glass in the Shahe market has slightly decreased. The short - term price is expected to be low, and long - position opportunities on significant pullbacks can be considered [82]. - Investment advice: Consider long - position opportunities on significant pullbacks [83]. 3.2.25 Energy Chemicals (Bottle Chips) - The export quotations of bottle chip factories have increased. The price is mainly affected by macro - sentiment and oil prices in the short term, and the processing fee fluctuates in a low - level range [84][86]. - Investment advice: The short - term price is mainly affected by macro - sentiment and oil prices [86].

证券代码：603477 证券简称：巨星农牧 公告编号：2025-029 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3月份担保情况的公告 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： ● 被担保人名称及是否为上市公司关联人：被担保人包括乐山巨星农牧股份有限公司（以下简称"公 司"或"上市公司"）合并报表范围内的子公司（19家）、部分优质养殖户、客户、合作伙伴（346户）， 不存在关联担保。 ● 本次担保金额及已实际为其提供的担保余额：公司2025年3月（以下简称"本期间"）新增担保金额合 计24,605.44万元，其中，对子公司新增的担保金额为24,105.44万元，对优质养殖户、客户、合作伙伴等 新增的担保金额为500.00万元。截至2025年3月31日，公司及控股子公司对外担保余额为191,266.44万 元，其中，对子公司的担保余额为185,776.67万元，对优质养殖户、客户、合作伙伴等的担保余额为 5,489.77万元。 一、担保情况概述 公司2024年度（以下简称 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：603477 证券简称：巨星农牧 公告编号：2025-028 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5%以上股东权益变动超过1%暨减持股份结果公告 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： ● 5%以上股东持股的基本情况 本次减持计划实施前，乐山巨星农牧股份有限公司（以下简称"公司"）5%以上股东四川和邦投资集团 有限公司（以下简称"和邦集团"）持有公司股份83,349,502股，占当时公司总股本比例的16.34%；贺正 刚先生持有公司股份21,210,000股，占公司当时总股本比例的4.16%。贺正刚先生持有和邦集团99%股 权，系和邦集团的控股股东，与和邦集团互为一致行动人。和邦集团持有的公司股份来源为首次公开发 行股票并上市前取得的股份，该部分股份均为无限售条件流通股。 ● 减持计划的实施结果情况 2025年3月12日，公司披露了《乐山巨星农牧股份有限公司5%以上股东减持股份计划公告》（公告编 号：2 ...

External Logic - The recent increase in tariffs by the US has led to a significant rise in agricultural prices, with the agricultural sector acting as a countermeasure to the tariffs [1][3] - The Wind反关税指数 surged by 11% on April 8, 2025, with the agriculture, forestry, animal husbandry, and fishery sectors making up the majority of this index [1] Internal Logic - The supply-demand dynamics in the livestock sector are expected to improve, particularly due to the ongoing "pig cycle," which indicates a cyclical change in pig prices [5] - As of February 2025, the number of breeding sows in China has decreased by nearly 7% since early 2023, indicating a trend of capacity reduction [5][7] Policy Perspective - The "Accelerating the Construction of an Agricultural Power Plan (2024-2035)" outlines a comprehensive strategy to enhance food security and modernize agricultural practices, with significant progress expected by 2027 [7] Profitability - The recovery in pig prices has positively impacted the financial performance of livestock companies, with牧原股份 reporting a revenue of 137.947 billion yuan in 2024, a year-on-year increase of 24.43% [8] - Other companies in the sector, such as温氏股份 and巨星农牧, have also seen substantial growth in net profits [9] Institutional Insights - According to开源证券, the tariff escalation is expected to benefit domestic agricultural prices, particularly pig prices, due to rising raw material costs and the impact of imported meat [11] - Long江证券 suggests that while the industry may be entering a phase of declining prices due to increased supply, the current low valuations present investment opportunities [11] ETF Overview - The畜牧养殖ETF (516670) closely tracks the中证畜牧养殖指数, which covers over 60% of the pig farming industry chain, including upstream and downstream components such as vaccines and feed [11]

证券时报·数据宝统计显示，巨星农牧今日收盘价为23.10元，上涨10.00%，日换手率为11.43%，成交额 为12.88亿元，全天主力资金净流出12.02万元，近5日该股累计上涨19.26%，近5日资金合计净流入 1678.50万元。 两融数据显示，该股最新融资余额为2.09亿元，近5日增加2798.54万元，增幅为15.43%。（数据宝） 4月8日巨星农牧大宗交易一览 | 成交量 | 成交金额 | 成交价 | 相对当日收盘 | | | | --- | --- | --- | --- | --- | --- | | （万 | （万元） | 格 | 折溢价（%） | 买方营业部 | 卖方营业部 | | 股） | | （元） | | | | | 62.00 | 1197.84 | 19.32 | -16.36 | 中信证券股份有限公司南京 | 华西证券股份有限公司成 | | | | | | 双龙大道证券营业部 | 都龙腾东路证券营业部 | | 58.00 | 1120.56 | 19.32 | -16.36 | 中信证券股份有限公司徐州 | 华西证券股份有限公司成 | | | | | | 建国西路证券营业部 | ...

Core Viewpoint - The poultry sector is experiencing a significant surge, with various companies in the chicken industry showing strong performance and potential for growth due to favorable market conditions and recovery in poultry prices. Company Summaries - **Xiangjia Co., Ltd. (002982.SZ)**: Current price is 25.81 CNY, with a three-day consecutive increase of 10.02%. The company has a market capitalization of 2.39 billion CNY and is a leader in the yellow feathered chicken industry, covering breeding, farming, slaughtering, and fresh poultry sales. A strong trading volume of 30.22% indicates active speculation in the market, with a turnaround in profitability and a bullish technical pattern reinforcing upward momentum [1]. - **Huaying Agriculture (002321.SZ)**: Current price is 2.77 CNY, with a first limit-up of 9.92%. The market capitalization stands at 5.88 billion CNY. The company has eight major chicken farms with ongoing capacity release, and net inflow from institutional investors exceeded 50 million CNY. A moderate turnover rate of 6.84% suggests that its low price is attracting risk-averse capital, with recovering poultry prices providing room for valuation recovery [2]. - **Juxing Agriculture (603477.SS)**: Current price is 23.10 CNY, with a first limit-up of 10.00%. The market capitalization is 11.78 billion CNY. This integrated feed and farming enterprise has over 40% of its business in yellow feathered chickens. A turnover rate of 11.43%, along with rising volume and price, indicates strong market interest, and the spillover effect from the pig farming sector is notable [3]. - **Yisheng Livestock (002458.SZ)**: Current price is 10.34 CNY, with a first limit-up of 10.00%. The market capitalization is 7.74 billion CNY. The company is a dominant player in white feathered chicken breeding, with its proprietary "Yisheng 909" variety breaking international monopolies. A stable turnover rate of 9.10% reflects institutional investment interest, and the limited introduction of grandparent stock enhances the premium pricing ability of its seedlings [4]. - **Tangrenshen (002567.SZ)**: Current price is 5.27 CNY, with a first limit-up of 10.02%. The market capitalization is 7.54 billion CNY. The company controls the chicken seed supply chain in Hunan through Jitai Agriculture, with a high turnover rate of 14.40% indicating accelerated expectations of profitability recovery. The decline in feed costs combined with rising chicken prices creates a dual positive effect [5]. - **Ronioushan (000735.SZ)**: Current price is 6.49 CNY, with a first limit-up of 10.00%. The market capitalization is 7.47 billion CNY. The company operates the entire value chain for Wenchang chicken, with a moderate turnover rate of 9.59% highlighting the rarity of regional specialty breeds. The policy benefits from the Hainan Free Trade Port are aiding the upgrade of high-end poultry consumption [6].

Group 1 - The company reported sales of 339,000 pigs in March 2025, including 326,200 commercial pigs, 12,300 piglets, and 400 breeding pigs, generating revenue of 593 million yuan [1] - For the first quarter of 2025, the company provided sales data for its pig farming business, although specific figures were not detailed in the announcement [1] - The sales data is based on internal statistics and is unaudited, which may differ from figures in regular reports, and is intended as a reference for investors [1] Group 2 - The pig farming industry faces systemic risks from significant price fluctuations and animal diseases, which are external factors that can substantially impact the company's operational performance [2]

Group 1 - Agricultural stocks are performing well, with the seed industry concept leading the gains, as the sector index surged over 13% shortly after opening [4][5] - All stocks within the agricultural sector experienced significant increases, with Qiu Le Seed Industry hitting a 30% limit up and Shen Nong Seed Industry reaching a 20% limit up [5] - The Supreme People's Court has released typical cases for the judicial protection of seed industry intellectual property rights, enhancing protection and providing clearer guidelines for industry participants [7] Group 2 - The chicken concept stocks rebounded, with the sector index rising over 3%, and Xiao Ming Co. hitting a 20% limit up, marking a three-year high [8] - The price of white feather chicken has rebounded by approximately 40% compared to extreme low prices seen a month and a half ago, with current prices around 3.5 yuan per jin [10] - Analysts expect a reduction in poultry imports, which will benefit domestic white feather chicken enterprises, while increased tariffs will raise breeding costs, positively impacting market share and profit margins for related companies [10]