Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [2] Core Insights - The agricultural industry achieved a revenue of CNY 11,498.20 billion in 2024, a year-on-year decrease of 3.68%, while the net profit attributable to shareholders rose to CNY 466.39 billion, an increase of 806.55% [6][17] - In Q1 2025, the industry reported a revenue of CNY 2,706.77 billion, a year-on-year growth of 6.79%, with a net profit of CNY 133.13 billion, up 795.07% [6][17] - The overall profitability of the industry improved significantly in Q1 2025, with gross profit margin at 12.91%, net profit margin at 5.16%, and return on equity (ROE) at 2.57%, all showing year-on-year increases [21][30] Summary by Sections Overall Industry Performance - In 2024, the agricultural industry saw a slight decline in revenue but a substantial increase in net profit, indicating improved profitability despite lower sales [17] - The profitability metrics for Q1 2025 showed significant improvements compared to the previous year, with a notable decrease in the expense ratio [21] Sub-industry Analysis - The livestock sector experienced a remarkable increase in net profit, with pig farming turning profitable in 2024 and continuing strong performance into 2025 [6][29] - The poultry farming sector also showed strong growth, with net profit increasing significantly due to reduced feed costs and improved efficiency [43][44] - The pet food sector maintained high growth rates, with revenues and profits continuing to rise [6][25] Livestock Farming - In 2024, pig farming companies generated CNY 4,370.03 billion in revenue, a slight decline, but net profit surged to CNY 320.13 billion, reflecting a recovery in profitability [29] - In Q1 2025, revenues for pig farming increased by 18.69% year-on-year, with net profit rising by 236.12% [29][30] Poultry Farming - Poultry farming companies achieved a revenue of CNY 520.71 billion in 2024, with a net profit of CNY 28.49 billion, marking a significant increase [43] - In Q1 2025, revenue continued to grow, reaching CNY 118.71 billion, with net profit increasing to CNY 4.51 billion [43][44] Feed Industry - The feed industry reported a revenue of CNY 1,863.30 billion in 2024, with a net profit of CNY 52.48 billion, showing a significant recovery in profitability [58] - In Q1 2025, revenues rose to CNY 428.66 billion, with net profit increasing to CNY 15.26 billion [58][61] Animal Health - The animal health sector saw a revenue of CNY 129.02 billion in 2024, with a net profit of CNY 10.82 billion, despite a decline in profitability [66] - In Q1 2025, revenues increased to CNY 30.96 billion, with net profit rising to CNY 4.26 billion [66]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The agriculture industry achieved a revenue of 11,498.20 billion yuan in 2024, a year-on-year decrease of 3.68%, while the net profit attributable to shareholders rose to 466.39 billion yuan, an increase of 806.55% [4][14] - In Q1 2025, the industry reported a revenue of 2,706.77 billion yuan, a year-on-year growth of 6.79%, and a net profit of 133.13 billion yuan, up 795.07% year-on-year [4][14] - The profitability indicators showed improvement, with the gross profit margin at 12.91% in Q1 2025, up 5.74 percentage points year-on-year, and the net profit margin at 5.16%, an increase of 6.18 percentage points year-on-year [4][18] Summary by Sections Weekly Observation - The livestock sector saw significant year-on-year profit growth, with poultry farming, livestock farming, feed, and pet food sectors showing net profit increases of 1,109.96%, 389.01%, 230.88%, and 75.67% respectively in 2024 [5][20] - In Q1 2025, the net profit growth rates for feed, poultry farming, livestock farming, aquaculture, animal health, and pet food sectors were 962.42%, 588.35%, 254.62%, 117.28%, and 21.27% respectively [5][20] Weekly Perspective - The swine sector shows low-positioning value, with the recovery of profitability and consumer demand boosting the sector. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and others [6][24] - The feed sector benefits from the post-cycle of poultry and livestock, with strong overseas demand supporting prices. Recommended stocks include Haida Group and New Hope Liuhe [6][24] - The pet sector is experiencing a rise in domestic brands due to consumption upgrades and tariff barriers, with recommended stocks including Guai Bao Pet, Zhong Chong Co., and Petty Co. [6][26] Market Performance - During the week of April 28 to May 2, the agriculture index underperformed the market by 0.08 percentage points, with the agriculture index down 0.56% [7][27] - The feed sector led the gains among sub-sectors, with individual stocks like Ruip Biotech, New Sai Co., and Daodaoquan leading the market [7][32] Price Tracking - As of May 2, the average price of live pigs was 14.84 yuan/kg, down 0.11 yuan/kg from the previous week, while the average price of white strip meat rose by 0.11 yuan/kg to 19.2 yuan/kg [8][37] - The average price of beef increased to 69.03 yuan/kg, reflecting a 0.74% rise [8][43] - The average price of bass rose to 35.30 yuan/kg, up 3.82% from the previous week [8][48]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The industry experienced a decline in revenue in 2024 but saw a significant increase in net profit, indicating improved profitability. The first quarter of 2025 showed a revenue growth of 6.79% year-on-year and a net profit increase of 795.07% [4][14] - The livestock sector, particularly poultry and pet food, demonstrated high growth rates in net profit, with poultry farming seeing a 1109.96% increase in 2024 and a 588.35% increase in Q1 2025 [5][20] - The report highlights the recovery of the pig cycle and the upward trend in pig prices, suggesting a favorable outlook for the livestock sector [6][24] Summary by Sections Weekly Observation - In 2024, the agriculture industry achieved a revenue of 11,498.20 billion yuan, a year-on-year decline of 3.68%, while net profit reached 466.39 billion yuan, an increase of 806.55%. In Q1 2025, revenue was 2,706.77 billion yuan, up 6.79%, and net profit was 133.13 billion yuan, up 795.07% [4][14] Weekly Viewpoint - The pig sector shows low valuation and potential for recovery, supported by consumption revival. Recommended stocks include Muyuan Foods, Wens Foodstuff, and others. The feed sector benefits from strong domestic and overseas demand [6][24] Market Performance - During the week of April 28 to May 2, the agriculture index underperformed the market by 0.08 percentage points, with the agriculture index down 0.56% [7][27] Price Tracking - As of May 2, the average price of live pigs was 14.84 yuan/kg, a slight decrease from the previous week. The average price of piglets was 36.88 yuan/kg, also down slightly [8][37]

Core Viewpoint - The overall net profit of 5,399 listed companies in A-shares for 2024 is projected to be 5.2142 trillion yuan, a decrease of 2.23% compared to 2023, with only the Shanghai Main Board showing a slight increase of 2.79% [3][4]. Financial Performance Summary - In Q4 2024, the total net profit for 5,399 companies was only 786.98 billion yuan, a year-on-year decline of 14.18%, with the Shanghai Main Board being the only sector to show a slight increase of 0.81% [4]. - The number of loss-making companies in 2024 reached 1,449, accounting for 26.84% of the total [3]. - In Q1 2025, there was a slight recovery with a total net profit of 1.4896 trillion yuan, an increase of 3.61% year-on-year, driven by significant growth in the Shenzhen Growth Enterprise Market [4][8]. Sector Analysis - The banking sector remains the most profitable, with 42 banks earning 485.59 billion yuan in Q4 2024, representing 61.70% of the total profit of 786.98 billion yuan for all companies [7]. - The agriculture, forestry, animal husbandry, and fishery sector saw the highest increase in net profit for 2024 at 1,486.40%, largely due to the pig cycle [8]. - The real estate sector experienced the most significant decline, with a year-on-year decrease of 3,228.65% in 2024, indicating ongoing challenges in the industry [8]. Company Performance - The top ten companies by net profit in 2024 were all from the Shanghai Main Board, predominantly banks, with the highest being Shanghai Pudong Development Bank at 3.62366 billion yuan [11]. - The bottom ten companies included several from the real estate sector, with Vanke A reporting a loss of 553.63 million yuan, marking it as the largest loss-maker [14]. Quarterly Performance Trends - In Q4 2024, 13 out of 32 industries reported losses, with the media and real estate sectors being the most affected [8]. - By Q1 2025, only the real estate sector reported losses, indicating a potential stabilization in other sectors [8].

牧原股份此前曾在业绩预告中表示，公司一季度业绩大增的主要原因是生猪出栏量、生猪销售均价较去年同期上升，且生猪养殖成本较去年同期下降。 其中，营收达到200亿的有3家，营收同比增长的有9家，正邦科技（002157）以108.22%的同比增幅领跑全场；归母净利润超过20亿的有2家，牧原股份 （002714）以44.91亿元稳居榜首；归母净利润实现同比增长的有8家，且除了东瑞股份（001201）增速为93.31%外，其余公司增速均超100%，神农集团 （605296）更是以6510.85%的增速成为当之无愧的"黑马"。 | 证券代码 | 证券简称 | 营业收入 | 营业收入同比变化 | 归母净 | | --- | --- | --- | --- | --- | | | | (亿元) | (%) | | | 002714. SZ | 牧原股份 | 360. 61 | 37. 26 | 44 | | 300498. SZ | 温氏股份 | 243. 18 | 11. 34 | 20 | | 000876. SZ | 新希望 | 244. 17 | 2. 13 | 4. | | 605296. SH | 神农集团 | 1 ...

文/纸不语 三年内实现年产值1800亿元，挺进世界500强；五年内实现年产值3000亿元，在世界500强中进位赶超......当正邦集团董事长林印孙在2021年11月放出这一豪 言时却没料到，仅仅数月后，正邦集团便陷入资金危机，供应商讨债、员工讨薪、代养户讨要代养费，甚至出现"猪吃猪"现象。 作为正邦集团核心子公司，江西正邦科技股份有限公司（以下简称"正邦科技"）的资金问题也不断曝光。其在2023年1月31日披露的业绩预告更是惊动了深 交所。正邦科技在预告中称，"预计归属于上市公司股东的净利润亏损110亿至130亿元，扣非后净利润亏损95亿至115亿元，母公司所有者权益为-84亿至-64 亿元。亏损主因是生猪销售规模和价格下降，报告期费用35亿至45亿元，以及计提资产减值准备30亿至40亿元。" 尽管林印孙和正邦集团曾尝试通过A股融资等手段进行"自救"，但还是难以扭转高负债率的局面。 图源：环球人物 正邦集团的崛起与林印孙的野心 2003年，凭借饲料加工和兽药研发优势，正邦集团开始进入生猪养殖业。随后，乘着猪肉价格上涨的东风，2007年8月17日，正邦集团通过其控股的正邦科 技在深交所成功上市，成为江西首家民 ...

Core Viewpoint - Shennong Group reported significant growth in both revenue and net profit for 2024, primarily driven by rising pig prices and reduced breeding costs [2][3]. Financial Performance - In 2024, Shennong Group achieved an operating income of approximately 5.584 billion yuan, a year-on-year increase of 43.51% [3]. - The net profit attributable to shareholders was about 687 million yuan, reflecting a substantial year-on-year growth of 271.16% [3]. - The net profit after deducting non-recurring gains and losses was approximately 697 million yuan, up 275.62% year-on-year [3]. - Total assets reached around 6.655 billion yuan, a 16.66% increase from the end of 2023 [3]. - The net assets attributable to the parent company were about 4.833 billion yuan, growing by 15.19% compared to the end of 2023 [3]. Business Segments - Revenue from pig products in 2024 was approximately 3.798 billion yuan, an increase of 81.53% year-on-year, with a gross margin of 23.42%, up 20.81% [5][8]. - The company sold a total of 2.2715 million pigs in 2024, marking a 49.40% increase year-on-year [5]. - The feed business generated significant revenue, with a total of 600,500 tons sold, of which 68,900 tons were for export [10]. Cost Management - The breeding cost in January 2024 was below 14 yuan per kilogram, with a total cost of approximately 14.6 yuan per kilogram [5]. - By February 2025, the company aims to reduce the total cost to 12 yuan per kilogram, down from 13.2 yuan per kilogram in December 2024 [6][5]. - Specific cost reductions included a decrease of about 0.4 yuan per kilogram in feed costs and 0.2 yuan per kilogram in livestock costs [5]. Strategic Focus - Shennong Group is committed to a full industry chain development strategy in pig farming, focusing on cost reduction and efficiency improvement through various measures [5][2]. - The company plans to enhance feed formulation research to improve nutritional content and economic benefits, supporting both its breeding segment and end customers [11].

Investment Rating - The investment rating for the agriculture sector is "Positive" (maintained) [1] Core Views - The agriculture sector's public fund heavy holdings have decreased in Q1 2025, but there is an expectation for a rebound in Q2 2025 due to enhanced investment logic driven by the US-China tariff escalation [4][13] - The livestock sector shows low valuation recovery potential, while the pet sector's domestic brand growth logic continues to strengthen [6][22][24] Summary by Sections Weekly Observation - In Q1 2025, the public fund heavy holdings in the agriculture sector decreased, with total market value dropping to 12,367 billion yuan, a 0.40% decrease quarter-on-quarter, and accounting for 1.69% of the A-share market [4][13] - The heavy holdings in the agriculture sector represented 0.40% of the total public fund stock investment, down from 0.44% in Q4 2023 [4][13] Weekly Insights - The low valuation of the pig sector presents a buying opportunity, supported by a recovery in consumption and macro policies [22] - The feed sector benefits from the post-cycle of poultry and livestock, with strong overseas demand supporting prices [22] Market Performance (April 21-25) - The agriculture index underperformed the market by 0.72 percentage points, with the Shanghai Composite Index rising by 0.56% while the agriculture index fell by 0.16% [25][29] - The pet food sector led the gains, with individual stocks like Zhongchong Co. and Guibao Pet rising significantly [25][31] Price Tracking (April 21-25) - The average price of live pigs was 14.95 yuan/kg, down 0.02 yuan/kg from the previous week, while the average price of white strip meat increased by 0.05 yuan/kg to 19.31 yuan/kg [36] - The average price of beef rose to 68.52 yuan/kg, reflecting a 0.84% increase [36][43] Key News (April 21-25) - The number of breeding sows at the end of Q1 2025 was 40.39 million, a 1.0% decrease quarter-on-quarter but a 1.2% increase year-on-year, indicating stable production capacity [33]

注：指数/基金短期涨跌幅及历史表现仅供分析参考，不预示未来表现。市场观点随市场环境变化 而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不构成任何投资建议，也不构成对基金 业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨 慎。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 华鑫证券指出，2025年2月以来，全国生猪出栏价回落至14元/公斤区间并持续震荡，主要受10个月 前能繁母猪产能变动影响。尽管2024年5月行业进入增产阶段，但产能绝对值仍处低位，因规模场资金 紧张扩产谨慎，散户产能退出或转向育肥。预计2025年猪价将呈现"淡季不淡、旺季不旺"的弱周期走 势，行业分化加剧，成本领先企业将保持盈利。 养殖ETF（159865）跟踪中证畜牧指数（代码：930707），选取沪深市场中涉及畜禽饲料、畜禽养 殖、畜禽疫苗和肉 ...

Investment Rating - The report indicates a neutral investment rating for the agricultural sector, with expectations of limited price fluctuations in the near term [87]. Core Insights - The agricultural sector index decreased by 2.15% this week, while the overall market indices showed mixed performance, with the agricultural sector outperforming the Shanghai Composite Index [12][13]. - New Zealand's beef prices are expected to rise due to increasing global beef prices, benefiting local exporters [3][23]. - The pig farming sector is experiencing a supply pressure with a potential for price declines, but the overall sentiment is stabilizing after previous pessimism [4][41]. - Poultry prices are showing signs of recovery, particularly for white feather chickens, as consumer demand gradually improves [5][57]. - The dairy and beef sectors are anticipated to see a recovery in prices as supply constraints develop [66]. Summary by Sections 1. Market Review - The agricultural index closed at 2612.71 points, down 2.15% week-on-week, while the Shanghai Composite Index rose by 1.19% [12][13]. - The top-performing sectors this week were banking and real estate, while agriculture ranked lower [13]. 2. New Zealand Beef Market - New Zealand's beef industry is heavily export-oriented, with over 90% of beef produced being exported [3][23]. - The beef production in New Zealand for 2024 is projected at 694,300 tons, a decrease of 3.89% year-on-year, with exports expected to follow a similar trend [23]. 3. Pig Farming - The average weight of pigs at market is 128.57 kg, indicating a high level compared to historical data [4][40]. - The current price for pigs is 14.97 CNY/kg, reflecting a week-on-week increase of 2.11% [39]. - The report suggests that the pig farming sector is at a valuation bottom, with potential for recovery if supply constraints are managed [41][42]. 4. Poultry Farming - The average price for white feather chickens has increased to 7.50 CNY/kg, up 2.18% from the previous week [57]. - The poultry sector is expected to benefit from a recovery in consumer demand and a potential increase in high-end product consumption [5][57]. 5. Dairy and Beef Industry - The dairy sector is facing a reduction in production capacity, which may lead to price stabilization in the latter half of 2025 [66]. - The report highlights a potential upward trend in beef prices as supply constraints are expected to tighten [66]. 6. Planting Industry - The report notes fluctuations in grain prices, with corn prices at 2,204.29 CNY/ton, reflecting a slight increase [66]. - The planting sector is expected to stabilize as domestic agricultural policies are implemented [68]. 7. Feed and Aquaculture - Feed prices have remained stable, with pig feed priced at 3.35 CNY/kg [77]. - Aquaculture prices are also stable, with no significant changes reported in major fish species [77].