Core Viewpoint - The livestock farming sector is experiencing a positive trend, with an extended profit period expected for pig farming, driven by improved demand and favorable pricing dynamics [1][2]. Group 1: Market Performance - As of May 7, 2025, the China Livestock Breeding Index (930707) increased by 0.20%, with key stocks such as Shengnong Development (002299) rising by 1.89% and Yiduoli (300381) by 1.75% [1]. - The Livestock ETF (516760) rose by 0.16%, with a recent price of 0.63 yuan, and has seen a cumulative increase of 7.19% over the past three months, ranking in the top 25% among comparable funds [1]. - The average price of pork in national wholesale markets reached 20.96 yuan/kg on May 6, 2025, marking a 1.8% increase compared to pre-holiday levels [1]. Group 2: Financial Performance - In 2024, pig farming enterprises are projected to generate revenues of 437 billion yuan, a year-on-year decline of 1.28%, while net profit attributable to shareholders is expected to rise by 337.73% to 32 billion yuan [1]. - In Q1 2025, pig farming enterprises achieved revenues of 107.88 billion yuan, reflecting an 18.69% year-on-year increase, with industry net profit reaching 7.91 billion yuan, up 236.12% year-on-year [1]. Group 3: Supply and Demand Dynamics - As of Q2 2025, domestic demand for pigs is showing marginal improvement, with price support and a gradual transition into a phase of price increases [2]. - External factors, including rising feed raw material prices due to tariffs and increased costs of imported meat, are also contributing to favorable pricing for pigs [2]. Group 4: Valuation Metrics - The Livestock ETF, which tracks the China Livestock Breeding Index, has a current price-to-earnings ratio (PE-TTM) of 12.38, placing it in the 1.74% percentile over the past year, indicating a valuation lower than 98.26% of the time in the last year [2]. - The China Livestock Breeding Index includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of related listed companies [2]. Group 5: Top Weighted Stocks - As of April 30, 2025, the top ten weighted stocks in the China Livestock Breeding Index include Haida Group (002311), Muyuan Foods (002714), and Wens Foodstuff Group (300498), collectively accounting for 69.38% of the index [2].

要点 公司发布 2024 年年报暨 2025 年一季报。2024 年公司实现营业收入 1049.24 亿元，同比+16.68%，实现归母净利润 92.3 亿元，同比扭亏。25Q1 实现营业收 入 243.31 亿元，同比+11.37%，实现归母净利润 20.01 亿元，同比扭亏。 点评： 生猪量利双升，成本优势扩大。24 年公司生猪板块实现收入 648.55 亿元，同比 增加 33.71%。（1）养殖成本方面，得益于生产成绩的改善，24 全年公司生猪 完全成本 14.4 元/公斤，当前公司成本仍处稳步下降过程中，成本控制能力领跑 行业。价格方面，24 年生猪出栏均价 16.71 元/公斤，同比上涨 12.83%，价格、 成本两端改善打开公司利润空间。（2）出栏方面，24 年公司出栏生猪 3018.27 万头，同比增加 14.93%；25Q1 公司出栏生猪 859.35 万头，同比增加 19.69%。 肉禽稳产增效，盈利韧性凸显。24 年公司肉鸡板块实现收入 357.18 亿元，同比 -2.58%。（1）出栏量方面，24 年公司出栏肉鸡 12.08 亿只，同比增加 2.09%； 25Q1 公司出栏肉鸡 2.82 ...

业绩的线索 - 养殖板块 20250504 摘要 • 2024 年一季度生猪平均价格为 15.07 元/公斤，出栏量环比下降 6%。上 市公司养殖业务营收同比增长 27%，主要受益于量价齐升，但 2025 年一 季度营收同比下降 11%，环比上升 19%。 • 2023 年 13 家公司合计亏损 146 亿元，2024 年实现盈利 320 亿元。 2025 年一季度归母净利润 79 亿元，同比扭亏为盈，但单季利润逐步走低， 反映盈利能力波动。 • 生猪养殖成本自 2024 年一季度至 2025 年一季度逐步走低。2024 年三 季度头均利润达峰值 650-700 元，随后回落至 2025 年一季度的 200- 300 元，成本控制优秀的公司盈利能力更强。 • 13 家公司资产负债率从 2024 年底的 58.63%降至 2025 年一季度的 58.26%，呈连续下降趋势。短期借款增加 90 亿，而长期借款持续下降， 表明企业倾向于偿还长期债务。 • 生产性生物资产金额下降，在建工程金额持续减少，显示企业扩张意愿不 强。固定资产金额保持稳定，牧原股份连续五个季度净折旧，反映谨慎的 资本支出策略。 Q&A 请介绍 ...

神[Ta农ble集_Sto团ckN（ameRptType] 605296） 公司点评 [Table_Title] 生猪出栏量快速增长，25Q1 成本降至 12.4 元 | 报告日期： | 2025-5-5 | | --- | --- | | [收Ta盘bl价e_（Ba元se）Data] | 29.21 | | 近 12 个月最高/最低（元） | 45.67/24.54 | | 总股本（百万股） | 524.84 | | 流通股本（百万股） | 523.25 | | 流通股比例（%） | 99.7 | | 总市值（亿元） | 153 | | 流通市值（亿元） | 153 | [分Ta析bl师e_：Au王th莺or] 执业证书号：S0010520070003 电话：18502142884 [相Ta关bl报e_告CompanyReport] 司回购股份 2024-10-29 持低位 2024-8-29 3. 神农集团（605296）深度报告：生 生猪完全成本持续回落，2025Q1 降至 12.4 元/公斤 2024 年公司生猪完全成本不断下降，全年平均完全成本约 13.9 元/公 斤，Q4 降至 13.7 元/公斤 ...

[相Ta关bl报e_告CompanyReport] 神[Ta农ble集_Sto团ckN（ameRptType] 605296） 公司点评 [Table_Title] 生猪出栏量快速增长，25Q1 成本降至 12.4 元 | 报告日期： | 2025-5-5 | | --- | --- | | [收Ta盘bl价e_（Ba元se）Data] | 29.21 | | 近 12 个月最高/最低（元） | 45.67/24.54 | | 总股本（百万股） | 524.84 | | 流通股本（百万股） | 523.25 | | 流通股比例（%） | 99.7 | | 总市值（亿元） | 153 | | 流通市值（亿元） | 153 | [分Ta析bl师e_：Au王th莺or] 执业证书号：S0010520070003 电话：18502142884 司回购股份 2024-10-29 持低位 2024-8-29 3. 神农集团（605296）深度报告：生 本优势 2024-8-7 [T投a资ble评_R级an：k]买入（维持） 主要观点： [T2a0b2le5_QSu1m归m母ar净y]利润 2.29 亿元，一季末资产负债率 ...

Group 1 - Sichuan Province's Zizhong County emphasizes aquaculture development, integrating technology for green transformation and creating a full-chain development model [1][2] - The county has established 6 national-level and 15 provincial-level "Healthy Aquaculture Demonstration Farms," with 22 aquaculture cooperatives [1] - In the previous year, the total aquaculture area reached 59,500 acres for engineered water bodies and 134,200 acres for rice-fish farming, resulting in a total aquatic product output of 38,400 tons and a fishery economic output value of 1.572 billion yuan [1] Group 2 - Zizhong County collaborates with local environmental and water resources departments to guide enterprises in building ecological fishery demonstration reservoirs, promoting a model of ecological and healthy fishery development [2] - The county has implemented standardized rice field transformations and promoted integrated cultivation techniques, resulting in an additional 6,000 acres of rice-shrimp integrated farming, yielding over 950 tons of shrimp with a value of 45 million yuan [2] Group 3 - The county strengthens cooperation with the Chinese Academy of Fishery Sciences to upgrade existing provincial-level breeding farms, enhancing facilities and optimizing water treatment [3] - Utilizing local fish industry cluster projects, the county aims to improve processing capabilities for aquatic products, shifting from traditional sales to deep processing, thereby increasing the added value of aquatic products [3]

Core Viewpoint - The article discusses the balance between protecting the water quality of Dongting Lake and promoting the healthy development of the aquaculture industry, highlighting the shift from traditional fishing to ecological fish farming in the region [1][2]. Group 1: Ecological Fish Farming - The main fish being cultivated in the area is the "ecological fish," specifically the fat head fish, which is sold at prices two to three times higher than ordinary pond fish due to its natural rearing method [1]. - The ecological fish are raised using the "human release, natural growth" method, where no feed is provided, allowing the fish to grow on natural microorganisms and aquatic plants [2]. - The local government has unified management of over 40,000 acres of aquaculture water surface to promote green transformation in the industry, achieving ecological, economic, and social benefits [1]. Group 2: Economic Viability and Market Strategy - The ecological fish grow slowly, taking a year to reach one to two pounds, compared to four to five pounds for ordinary pond fish, necessitating a market-oriented approach to ensure stable income [2]. - The fat head fish is specifically targeted for the popular dish "chopped pepper fish head," which has high market demand and stable prices, with distribution primarily through cold chain logistics to the Guangdong-Hong Kong-Macao region [2]. - The region is also integrating ecological tourism with fish sales, creating attractions such as bird-watching spots and selling rare fish species like the black shell crucian carp at prices between 30 to 40 yuan per pound [2]. Group 3: Technological Advancements - New aquaculture technologies are being adopted to enhance the value of the fishery, including the establishment of fully enclosed indoor fish ponds that utilize microorganisms to remove ammonia nitrogen from the water [2]. - The local government is constructing a drying fish processing plant and developing online live-streaming platforms to improve cold chain logistics, thereby continuously releasing ecological benefits from the green environment [2].

Core Viewpoint - The Ministry of Agriculture and Rural Affairs is implementing a feed-saving initiative in the livestock sector to promote food conservation and establish a diversified food supply system, aiming for significant reductions in feed consumption by 2030 [1][2] Group 1: Goals and Targets - By 2030, the average feed consumption per kilogram of animal products in standardized large-scale farming is targeted to decrease by over 0.2 kilograms compared to 2023, representing a reduction of over 7% [1] - The development capacity of non-grain feed resources, including microbial protein feed and insect protein feed, is expected to exceed 10 million tons, with an additional 40 million tons of high-quality forage produced compared to 2023 [1] - The proportion of grain used in total feed consumption in the livestock sector is aimed to drop to around 60%, with soybean meal usage reduced to about 10% [1] Group 2: Key Tasks - The initiative emphasizes promoting feed-saving technologies, maximizing the use of non-grain feed resources, and accelerating the production of high-quality forage [1] - It includes guiding the optimization of livestock breed structures and continuously innovating and promoting integrated technologies [1] - The establishment of a leadership group for the feed-saving initiative and the involvement of provincial agricultural departments to tailor and implement measures accordingly [2]

Industry Overview - Sturgeon (Acipenseriformes) is a group of bony fish known for its large size and long lifespan, with a history of over 200 million years, often referred to as "living fossils" [2][5] - China has become the world's largest sturgeon farming country, with production increasing from 10,900 tons in 2003 to 149,400 tons in 2023, accounting for over 85% of global sturgeon farming [1][9] - The domestic sturgeon farming industry is expected to exceed 150,000 tons in 2024, driven by technological advancements and market demand [1] Production and Technology - The sturgeon farming industry in China has developed a complete industrial chain from breeding to processing, with significant advancements in breeding technologies such as hybrid breeding and genome selection [5][18] - Various farming methods are employed, including pond farming, flow-through systems, and recirculating aquaculture systems, tailored to local conditions [3][5] - The introduction of the new sturgeon variety "Jinglong No. 1" in September 2023 marks a significant milestone in the industry [1] Regional Distribution - The sturgeon industry in China is highly concentrated in regions such as Guizhou, Yunnan, Hubei, and Shandong, which together account for over 60% of national production [9][18] - Guizhou has emerged as the leading province in sturgeon production, surpassing Yunnan in 2023, with production growth rates of 24.2% and 72.5% for Guizhou and Hubei, respectively [9] Export and Import Dynamics - China's sturgeon production fully meets domestic demand, leading to an increase in export volumes while reducing import needs [11] - In 2024, sturgeon exports reached 342,432 kilograms, a year-on-year increase of 24.14%, with a total export value of $9.8 billion, up 18.5% [11] - The export market is diverse, with significant shares going to the United States, Germany, Belgium, France, and Japan, accounting for 68.53% of total exports [11] Competitive Landscape - The sturgeon industry is characterized by a diverse competitive landscape, with key players like Xunlong Technology and Sichuan Runzhao Aquaculture leading the market [13][14] - Companies are increasingly focusing on technological innovation and ecological farming practices to enhance product quality and expand market reach [13][16] Development Trends - The sturgeon farming industry is experiencing continuous expansion and regional concentration, with a shift towards larger-scale cold-water farming systems [18] - The industry is moving towards high-value transformation, with a focus on deep processing of sturgeon products, including caviar and health supplements [20] - Technological innovations, such as gene editing and smart farming systems, are expected to drive industry upgrades and improve sustainability [21]

央视网消息：海鲜是不少家庭节日餐桌必不可少的美食，"五一"假期，市场上琳琅满目的海鲜迎来消费高峰。从海边到餐桌，作为中转站 的海鲜市场，正跑出抢"鲜"上市的加速度。 福建马尾海峡水产品交易中心是全国最大的水产现货交易市场之一，这里每天交易的品种超过300种。 放眼全国大市场，生蚝发货量在排名前五的省份都稳居第一，可谓是名副其实的"明星海鲜"，山东乳山、广东湛江、福建诏安等地盛产的 生蚝已经成为知名品牌。除此之外，海螺、贝壳、花甲、花蛤等海鲜也成为"五一"餐桌上的常客。 此外，西部地区中，成都、乌鲁木齐、银川等城市的海鲜消费量也名列前茅。 生鲜"奔"向草原牧区 物流养殖双"给力" 不仅沿海地区，内陆城市海鲜市场也迎来一波消费热潮。凌晨2点半的北京大红门京深海鲜批发市场，记者看到进场的车辆络绎不绝，物 流停车场也停满了正在卸货的货车。 排队的冷链物流车来到卸货地点后，市场商户以最快速度卸货，转运上车，拉回店铺。从凌晨三点开始，这些海鲜陆续由物流运走，上午 九点就已经所剩无几。 大数据看消费活力：热销海鲜流向揭秘 物流平台最新数据显示，今年1—4月，我国海产品发货量最大的省份分别为山东、广东、江苏、福建和辽宁，海产 ...