证券研究报告 农林牧渔 行业定期报告 hyzqdatemark 2025 年 06 月 29 日 投资评级： 看好（维持） 雷轶 SAC：S1350524110001 leiyi@huayuanstock.com 冯佳文 SAC：S1350524120003 fengjiawen@huayuanstock.com 顾超 SAC：S1350524110005 guchao@huayuanstock.com 李冉 liran02@huayuanstock.com 种苗价格维持高位，第 23 周协会父母代鸡苗报价 47.93 元，环比+5.25%。6 月 29 日烟台鸡苗报价 1.9 元/羽，环比持平，同比-17.39%；毛鸡价格 3.38 元/斤，环比 +0.90%，同比-6.11%。毛鸡价格低位运行，叠加当下养殖端补栏对应毛鸡出栏处于 "三伏天"最热阶段，养殖端存在规避心态，鸡苗价格持续弱势。2025 年白羽鸡行 业"高产能、弱消费"矛盾持续，亏损倒逼种鸡场缩减产能、出现"抽毛蛋"现象， 产业链一体化企业以及合同订单养殖企业或进一步扩大市占率。 产业链话语权向种源端集中或为新常态。目前各品种父母代价差较大，优质 ...

除了土地供应规模和土地供应结构对比去年出现变化，今年还新增"严守法规政策红线"小节，明确提出 了四条红线。包括：严格污染地块建设用地准入，严禁违规将未开展土地污染状况调查的地块及污染地 块供应为"一住两公"用地；严禁平台公司"托底拿地"虚增地方政府财政收入；严禁违规向个人出让住宅 用地；严禁违规开发建设别墅、"私家庄园"等。 克而瑞方面解读认为，长沙2025年供地计划呈现三大变化：一是总量控制趋紧，凸显"以人定房"导向； 二是供应节奏优化，分四次均衡推出住宅用地，避免优质地块集中入市，稳定市场预期；三是监管红线 收紧，严禁污染地块用于住宅开发、平台公司托底拿地等，强化土地市场规范性。 "从住宅市场看，土地供应的优化，或促使房企推出更多契合市场需求的产品。有望推动住宅产品向高 品质、低密度方向迭代升级，满足改善性住房需求，促进房地产市场的健康、良性发展。"克而瑞方面 表示。 与全国主要一二线城市情况相接近，当下长沙住宅用地市场也呈现核心区热度攀升、远郊冷热不均的分 化格局。 近日，长沙市自然资源和规划局印发《关于长沙市本级(六区)2025年度国有建设用地供应计划的公 告》，在严控供应总量的基础上，强调优化空间布 ...

Group 1 - The current wave of Chinese companies going abroad is characterized by an unprecedented urgency and speed, with overseas revenue of A-share listed companies growing by 55.8% from 2020 to 2023, and two-thirds of these companies reporting overseas income, a historical high [2][4] - The trend of "going out" is shifting from product-based international trade to foreign direct investment (FDI), where companies are taking their operations and capabilities abroad rather than just exporting products [2][4] - Companies are categorized based on their motivations for internationalization, primarily seeking new markets or acquiring resources and capabilities to enhance competitiveness [4][5] Group 2 - The majority of companies expanding overseas are driven by domestic cyclical pressures, with a significant shift from domestic sales to exports due to a mismatch in supply and demand [7][8] - Some companies are experiencing rapid growth in overseas markets not due to domestic market shrinkage but because of attractive opportunities abroad, exemplified by brands like Pop Mart and Miniso [9][10] - Companies like SANY Heavy Industry have seen their overseas revenue triple in recent years, highlighting the importance of international markets for growth [8] Group 3 - The pressure to go abroad is intensified by geopolitical conflicts, leading companies to relocate production to maintain competitiveness and meet international demand [12][13] - Companies are also pursuing strategic resources abroad, such as lithium projects in Argentina by Ganfeng Lithium, to secure supply chains and reduce costs [13][14] - The restaurant industry has seen a dramatic increase in foreign direct investment, growing 95 times, indicating a complex mix of domestic demand decline and overseas opportunities [15] Group 4 - The speed of international expansion among Chinese companies is remarkable, with examples like Mixue Ice City opening 2,600 stores in Indonesia in just four years [16][17] - Companies like Chery Automobile have successfully balanced domestic and international growth, achieving a significant increase in export volumes [22] - The relationship between the speed of going abroad and performance is nuanced, with rapid expansion potentially leading to both opportunities and risks [19][21] Group 5 - Companies are increasingly focusing on local market responsiveness while maintaining global operational efficiency, particularly in sectors like food and retail [23][24] - The emergence of "best-value provider" strategies among Chinese manufacturers indicates a shift towards balancing cost leadership with customer value [32][33] - New entrants in the market, such as DJI and Shokz, are leveraging innovation and cultural uniqueness to compete globally, marking a new phase in China's international business landscape [36][37]

4月28日，鄂尔多斯市举办"中国绒都"第二届优质优价奖补大会暨首届"阿尔巴斯"杯种羊选美大赛。活 动现场，鄂尔多斯集团为2024年鄂托克旗地区优质优价奖励前20名牧户颁发专项补贴，绒纺事业部副总 经理李丰宣读了2025年羊绒优质优价收储奖补政策。2024年，集团在鄂托克旗地区累计收购优质原绒 29.8吨，发放补贴金额达177.8万元，惠及牧户295户。其中，单户最高补贴金额达22.5万元（含鄂尔多 斯市政府补贴近9.6万元，集团补贴约12.9万元）。 会上，以鄂尔多斯资源股份有限公司为首的七组企业代表在现场签订了优质羊绒销售合作意向协议，推 动产业链协同发展与资源共享，切实落实"产业反哺牧户、品质驱动共赢"的发展理念。： "优质优价"驱动羊绒原料高质量发展，打造牧区振兴新范式 作为羊绒行业的传承者和创新者，鄂尔多斯集团始终致力于保护羊绒这一天然资源。2019年，集团创新 推出优质优价补贴政策，并于鄂托克旗率先试点，通过高于市场价的收购标准对高品质原绒给予专项补 贴，激励和引导牧民主动优化养殖技术、提升羊绒品质，实现从"增产导向"向"提质导向"转变，有效保 护绒山羊种质资源、提升山羊绒品质。 优质种源引领羊绒产 ...

文 ｜ 陈聪 张全国 刘河维 李俊波 好房子需要好服务，好服务需要优质优价。我们预计，重庆在2 0 2 3年阶段性推出物业费强限价政策，并不会在全国范围形成潮流。我们相 信，政策鼓励优质优价，会从源头扭转市场对于物业服务行业的定价和盈利能力预期。目前物业服务板块处于政策担忧下的基本面疲软，业 绩增速放缓，周期性业务走低等多重因素带来的估值和盈利双重低点，预计未来向上弹性不小。作为红利品种，物业服务公司安全边际显 著。我们建议投资者关注物业服务板块的政策拐点。 ▍ 重庆在2 0 2 3年底变更物业费定价办法。 2 0 2 3年底，《重庆市物业服务收费管理办法》颁布，规定住宅物业前期物业服务费实行政府指导价。这就改变了此前重庆关于高等级服务 可以实行市场调节价的规定。同时，重庆政策还提到了减免空置房物业费的可能性。根据当时重庆发改委公布的经营服务型收费目录清 单，当时住宅最高等级的收费为1 . 9元/平/月。当然，此后跟进这一政策的地方并不多。 ▍ 强限价出发点是好的，但在当前多种因素下容易产生存量物业服务合同收缴率明显下降，形成负的外部性。 我们认为，对前期物业服务合同的价格进行一定约束是合理的。这是因为，前期 ...