"别的地方吃不到，总惦记着这一口。"6月11日中午，萧山区进化镇的一家土菜馆里，特意驱车一 小时赶来的李女士品尝着青梅炖鸡，意犹未尽地说道，"这里的土鸡有'鸡的味道'。" "到进化吃土鸡"是一句已在杭州老饕圈子里流传多年的"名言"。有道是"食材好，食才好"，进化镇 山林覆盖率高，绿水青山间，土鸡可以肆意撒欢，寻觅果实和昆虫，这使得进化土鸡肉质紧实鲜嫩，被 食客们高度认可。"那么多的好评得来不易，我们的土鸡曾经差点'塌房'。"进化镇强村共进公司负责 人、华锋村党总支书记赵振祥说，还好当年引入了标准化的养殖模式，"现在我们的土鸡'起飞'了。" 会讲土话的专家进村，老养殖户守起了"新规矩" 养殖"进化飞鸡"前，老孙就有50年的养鸡经验，他万万没想到，一把年纪了还有机会坐进教室，听 老师手把手教养鸡。强村共进公司请来了萧山区畜牧局的专家，专家操着萧山土话给养殖户们讲解专业 知识——一亩地最多养50只鸡；食盆里记得放谷子，千万不要打药；早上记得开鸡舍，让鸡出去跑；一 定要按时打疫苗，有问题第一时间联系专家…… 最让老孙觉得省心的还是鸡的健康保障问题。"十几年前遇到鸡瘟，一只病，一片倒，只能带着死 鸡往萧山城区跑，请兽医 ...

长江商报消息 深耕饲料行业的邦基科技（603151.SH）筹划大规模并购。 6月16日晚间，邦基科技披露交易预案，公司拟通过发行股份及支付现金方式，收购7家养殖、销售公 司，全面进军生猪养殖领域。本次交易构成重大资产重组。 在筹划本次重组事项停牌前一个交易日，即6月4日，邦基科技股价涨停，6月17日，股票复牌，股价再 度涨停。 专注于饲料产业单一业务的邦基科技，在近年来的市场激烈竞争中，经营业绩承压。2022年至2024年， 公司实现的归属于母公司股东的净利润（简称"归母净利润"）连续下降。 对于本次重组，邦基科技称，如果本次交易顺利完成，公司主营业务将由原来单一的猪饲料研发逐步向 下游养殖业延伸，打造饲料生产加工、生猪养殖与销售垂直一体化的产业链。 目前，针对标的公司的审计和评估工作尚未完成，具体交易价格及股份支付数量尚未确定。从披露的信 息来看，今年前4个月，7家标的公司中，有5家处于盈利状态。 市场预计，如果本次交易完成，邦基科技的经营有望破局。 借收购打造一体化产业链 邦基科技借助并购，试图将产业延伸至生猪养殖领域。 今年6月4日晚，邦基科技发布筹划重大事项暨停牌公告，公司正在筹划收购7家公司全部或部 ...

Core Insights - The East Star Grouper, a high-end fish species, has seen a significant increase in market demand, with prices reaching 180 yuan per pound in late 2022, leading to expanded farming operations in Hainan [1][2] - The total aquatic product output in Wanning reached 97,000 tons in 2022, a year-on-year increase of 7.5%, with fishery output value growing by 27.1% to 4.427 billion yuan [1] - The establishment of a research base by a team from the Chinese Academy of Engineering has improved the survival rate of East Star Grouper seedlings to around 70% and enhanced artificial breeding techniques [2] Industry Development - Wanning has become a hub for East Star Grouper farming, with over 1,800 acres of farming area planned, which will double production capacity once fully operational [1] - The local government and industry associations are focusing on establishing industry standards and enhancing market development to ensure quality and safety in the East Star Grouper sector [3] - The number of businesses related to East Star Grouper has exceeded 150, covering various aspects such as seedling breeding, farming, processing, and leisure fisheries [2] Technological Advancements - Research efforts have led to breakthroughs in disease prevention and breeding techniques, with the survival rate of artificially hatched East Star Grouper now reaching 4% to 6% [2] - Companies are working on localizing feed production to reduce reliance on imported materials, which is crucial for the growth of the East Star Grouper farming industry [3] - The collaboration between research institutions and local companies has resulted in significant advancements in the breeding and farming of East Star Grouper, contributing to the overall growth of the industry [2][3]

今年以来猪价持续下跌，养殖利润已逐月收窄。值得注意的 是，德康农牧股价逆势暴涨，其市场表现已显著超越行业整体 水平。随着生猪价格重心不断下移，叠加"供强需弱"格局的延 续，养猪行业降低成本成竞争关键，行业微利或仍将是常态。 作者：陈姗 封图：图虫创意 从每股26港元涨至每股96港元，港股市场上，近日德康农牧股价年内超260%的惊人涨幅，将生猪 养殖行业拉回公众视野。 截至6月16日下午收盘，德康农牧股价报88.4港元/股，虽由近期高点有所回落，但年内累计涨幅依 旧高达224%；6月11日，德康农牧股价最高冲至96港元/股，创历史新高，较年内低点累计上涨 269%。 6月11日，德康农牧股价最高达96港元/股，创历史新高，收盘报91.75港元/股，涨幅15.34%。今年 年初，德康农牧股价还"匍匐"在26港元上下，仅半年时间，股价飙升了2倍多。 德康农牧主营生猪及黄羽肉鸡的育种和养殖。其官网显示，该集团公司为"中国生猪规模化养殖企 业复合年增长率排名第一""生猪销量全国第6""黄羽肉鸡销量全国第3"。财报数据显示，2024年， 德康农牧全年实现营收约224.63亿元人民币，同比增长39%，归母净利润约41.02 ...

5月上市猪企总出栏量同比增长30%，供应充沛令猪价表现低迷。 猪价回到14元/公斤上方，生猪养殖行业重回微利状态。 中国养猪网数据显示，6月17日，全国生猪（外三元）价格报于14.24元/公斤，同比下跌24.13%，环比 下跌2.8%，仍位于年内低点，但相较于月初的年底低点，则出现了一定反弹。 6月初，生猪价格创下年内低点，一度跌破全行业盈亏平衡线。中国养猪网显示，6月8日，全国生猪 （外三元）价格跌破14元/公斤。而这一价格线，普遍被视作行业盈亏平衡点。在14元以下挣扎数日 后，猪价小幅回暖。截至6月17日，生猪价格报14.24元/公斤，同比下跌24.13%，环比下跌2.8%，价格 仍位于年内低点。 二季度历来是猪肉消费淡季，叠加节假日效应缺失，需求季节性回落，而猪肉供应却在增加。因此，产 能充裕与养殖效率提升，持续对猪价形成压力。 第一财经梳理销售简报发现，5月猪价持续下跌的情况下，不少上市猪企的销售均价跌破15元/公斤，企 业普遍"以量补价"，即以销量增长平衡价格下跌对销售收入的影响。根据第一财经统计，5月份，20家 上市猪企的出栏量合计达1781万头，同比增长30%。三家头部企业出栏超百万头，牧原股份 ...

投 农林牧渔行业 超配（维持） 关注养殖周期底部回升，看景气赛道成长性变化 2025 年 6 月 17 日 S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 资料来源 iFinD，东莞证券研究所 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 农林牧渔行业 2025 年中期投资策略 推荐 分析师：魏红梅 SAC 执业证书编号： 行情回顾。2025年1-5月，SW农林牧渔行业整体上涨5.02%，跑赢 同期沪深300指数约7.43个百分点。分季度来看，SW农林牧渔行业 Q1下跌0.87%，4-5月上涨5.95%。估值方面，2025年1-5月，SW农 林牧渔行业整体PB（整体法，最新报告期，剔除负值）由年初的 低点2.31倍最高回升至2.68倍。截至6月13日，SW农林牧渔行业整 体PB约2.66倍，较年初低点回升了15%；估值处于行业2006年以来 的估值中枢约58.4%分位位置，处于相对较低的位置。 资 策 略 农林牧渔（申万）指数走势 相关报告 ...

Core Viewpoint - The significant rise in the stock price of Dekang Agriculture has brought the pig farming industry back into public focus, with a year-to-date increase of over 260% [1][2]. Group 1: Stock Performance - Dekang Agriculture's stock price surged from HKD 26 to a peak of HKD 96, marking a historical high and a year-to-date increase of 269% from its low [1][3]. - As of June 16, the stock closed at HKD 88.4, reflecting a cumulative increase of 224% for the year [1][2]. - The company reported a projected revenue of approximately RMB 22.463 billion for 2024, a year-on-year growth of 39%, and a net profit of about RMB 4.102 billion, reversing a loss of RMB 1.775 billion in 2023 [3]. Group 2: Industry Context - The pig farming industry has maintained profitability for 13 consecutive months, primarily due to a significant reduction in production costs for leading enterprises [2]. - Despite overall profitability, pig prices have been declining this year, leading to shrinking margins for farmers [2][5]. - The industry is characterized by a "strong supply and weak demand" dynamic, making cost reduction a key competitive factor [2][8]. Group 3: Competitive Position - Dekang Agriculture has established itself as a leading player in the pig farming sector, ranking first in the compound annual growth rate of large-scale pig farming enterprises in China and sixth in national pig sales [3]. - The company has implemented an innovative "company + sow breeding and fattening farm" model, which enhances asset efficiency and stability in farmer cooperation [4]. - Analysts predict that Dekang Agriculture's net profit per pig will be significantly higher than the industry average, with estimates of RMB 350-370 per pig compared to RMB 161 for scattered farming and RMB 302 for large-scale farming [4]. Group 4: Market Trends - The stock performance of Dekang Agriculture contrasts sharply with other listed pig farming companies, many of which have seen declines in stock prices this year [5]. - The average pig price has been fluctuating around RMB 14 per kilogram, with significant year-on-year declines observed [5][6]. - Analysts suggest that the current market conditions may lead to a stable development phase for the pig farming industry, with potential for price recovery in the second half of the year if supply capacity is managed effectively [7][8].

| CTECHER | 日度黄路参考 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 发布日期: 2025/06 | 业分格号:F02517 | | | | | | | | | 趋势研判 | 逻辑观点精粹及策略参考 | 行业板块 | 品种 | 股指 | 地缘冲突加剧,结合期权工具对冲不确定性。 | 看零 | | | | 资产荒和弱经济利好债期,但短期央行提示利率风险,压制上涨 | 登间。 | 宏观金融 | | | | | | | | 局势略有缓和,金价短期或重返震荡;中长期上涨逻辑仍旧坚实 | 賃金 | 震荡 | | | | | | | | T 自银 | 短期料进入震荡走势。 | 農汤 | 近期市场风险偏好有所下滑,而下游需求进入淡季,铜价走高后 | | | | | | | 价格存在回调风险。 | 近期国内电解铝库存持续下滑,挤仓风险仍存,铝价维持偏强运 | 看多 | | | | | | | | 门。 | 氧化铝现货价格相对稳定,而期货价格偏弱运行,期货贴水明 | | | | | | | | | 氧化铝 | 显 ...

Core Viewpoint - The successful indoor recirculating water incubation of grouper fish in Zhuhai marks a significant advancement in agricultural research and technology, showcasing the potential for innovative aquaculture practices in the region [11][21]. Group 1: Incubation Process - The first batch of fish eggs, weighing 1.2 pounds and approximately 1 million eggs, was successfully incubated, with expectations for a good harvest [2][6]. - The incubation process involves several stages, including hatching the eggs into fish fry, then nurturing them into juvenile fish, requiring meticulous care akin to raising infants [7][8]. - The first incubation attempt on April 4 resulted in 240,000 fry being sold by May 18, indicating a positive market response and prompting a second incubation [15][16]. Group 2: Technological Innovation - The indoor recirculating water incubation system is a key innovation in aquaculture, often referred to as the "chip" of the aquaculture industry, which enhances the success rate of fish hatching [23][24]. - The system includes components such as breeding pools, ecological processors, protein separators, temperature control systems, water quality monitoring systems, and automatic feeding systems, ensuring stable water quality throughout the incubation process [42][44]. - The technology has received three national utility model patents, highlighting its uniqueness and potential impact on the industry [44]. Group 3: Challenges and Expertise - Incubating grouper fish is particularly challenging, with critical stages including the opening of the mouth within three days of hatching and the metamorphosis process, which requires careful management to prevent larger fry from consuming smaller ones [25][26][28]. - The team includes a Hong Kong aquaculture expert, Zhang Zhiming, whose expertise is crucial for overcoming the difficulties associated with grouper incubation [26][34]. Group 4: Future Prospects - The company plans to expand its operations with the construction of additional facilities and breeding pools, which will enhance the capacity to grow juvenile grouper fish into larger sizes, thereby increasing economic benefits [57][58]. - The successful incubation of grouper fish is part of a broader strategy to develop sustainable aquaculture practices and contribute to rural revitalization efforts [60][61].

当前，鸡蛋价格持续下行，蛋鸡养殖行业逐步陷入亏损困境。6月正值梅雨季，作为鸡蛋传统销售淡 季，却又临近中秋消费旺季，在这关键的时间节点，鸡蛋产业正经历深刻变革。为助力市场参与者精准 把握当下市场动态与未来走势，中泰期货于2025年5月27日—6月2日，对鸡蛋主产区开展专项调研。此 次调研路线覆盖北京、保定、衡水、晋中、运城、黄冈等地，调研结论如下： 第一，尽管2025年上半年鸡蛋市场行情低迷，蛋鸡养殖全口径核算持续亏损，但养殖主体补栏热情却逆 势上扬。来自种鸡企业的数据显示，今年1—4月商品代鸡苗销量同比增长20%，且粉鸡苗订单已排至9 月，直观反映出商品代蛋鸡养殖主体补栏积极性高涨。调研中，多位蛋商也表示，周边蛋鸡存栏量持续 增加，上半年补栏规模显著扩大。在市场低迷期补栏量不降反增的现象，或将对后续鸡蛋市场行情形成 下行压力。 第二，蛋鸡养殖逼近现金流亏损红线，高产鸡群成扭亏关键。当前行业亏损备受关注，调研数据显示， 按全周期综合成本核算，万只蛋鸡日亏损约500元。其中，现金流成本是衡量亏损严重性的核心指标， 若鸡蛋收入无法覆盖饲料成本，养殖户将面临资金压力。以河北产区为例，截至5月底，蛋鸡养殖现金 流成本 ...