2025 年 7 月 23 日 星期三 市场走势 研究早观点 资料来源：最闻 国内市场主要指数 | 指数 | 收盘 | 涨跌幅% | | --- | --- | --- | | 上证指数 | 3,581.86 | 0.62 | | 深证成指 | 11,099.83 | 0.84 | | 沪深 300 | 4,118.96 | 0.82 | | 中小板指 | 6,881.54 | 0.58 | | 创业板指 | 2,310.86 | 0.61 | | 科创 50 | 1,016.27 | 0.83 | | 资料来源：最闻 | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 邮箱：penghaochen@sxzq.com 【今日要点】 【山证农业】农业行业周报（2025.07.14-2025.07.20）-看好海大集团的 投资机会 【山证纺服】行业周报-九兴控股 2025Q2 营收同增 2.9%，Ciele 品牌与 滔搏达成合作 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 研究早观点 【今日要点】 【山证农业】农业行业周报（2025.07.14-2025 ...

据行政处罚决定书显示，上海丽它贸易有限公司在天猫电子商务平台开设了一家名为"CRANIMALS克雷蒙旗舰店"的网店，通过上述网店对外销售一款名 为"克雷蒙泌尿莓"的宠物饲料，该产品的原料组成为蔓越莓提取物粉末。 在2024年11月至2025年2月初期间，"克雷蒙泌尿莓"的产品详情页中有以下两段广告宣传，分别为"在《美国兽医研究期刊》（APRIL14，2016）上的一项独 立兽医研究发现，遵循标签上的剂量指导原则，CRANIMALSORIGINAL对患有尿路感染的宠物有益。"和"兽医实验证实CRANIMALSORIGINAL泌尿莓对 于尿路感染的作用与抗生素一样有效。"，CRANIMALSORIGINAL为 "克雷蒙泌尿莓"的英文名称。 然而在查阅上述来源时发现，《美国兽医研究期刊》（APRIL 14，2016）刊载的论文及翻译件，论文结论为"蔓越莓提取物可预防犬UTI并抑制大肠杆菌黏 附于MDCK细胞，表明其在预防犬UTI方面具有潜在益处"。 7月7日，上海丽它贸易有限公司因发布虚假广告，被上海市市场监督管理局罚款3万元。 | | | | 行政处罚信息 | | --- | --- | --- | --- | ...

近日，加拿大宠物品牌"克雷蒙"的中国总代理商——上海丽它贸易有限公司，因发布虚假广告内容，被 上海市浦东新区市场监管局处以罚款三万元及公开更正声明的行政处罚。 2024年11月至2025年2月初期间，当事人在该产品的详情页面中有如下两段广告宣传，分别为"在《美国 兽医研究期刊》（2016年4月14日）上的一项独立兽医研究发现，遵循标签上的剂量指导原则， CRANIMALS ORIGINAL 对患有尿路感染的宠物有益"，以及"兽医实验证实CRANIMALS ORIGINAL 泌尿莓对于尿路感染的作用与抗生素一样有效"。（注：CRANIMALS ORIGINAL为"克雷蒙泌尿莓"的 英文名称） 因发布虚假广告 克雷蒙代理商被罚3万元 行政处罚书显示，当事人上海丽它贸易有限公司在天猫平台开设的"CRANIMALS 克雷蒙旗舰店"网 店，并在店内售卖一款原料组成为蔓越莓提取物粉末，名为"克雷蒙泌尿莓" 的宠物饲料。 经上海市浦东新区市场监管局查阅后发现，当事人在上述广告宣传中提到的论文结论无法验证当事人在 上述广告宣传中提及的"CRANIMALS ORIGINAL泌尿莓对于尿路感染的作用与抗生素一样有效"这一科 研成 ...

行 业 及 产 业 2025 年 07 月 20 日 行 业 研 究 / 行 业 点 评 证券分析师 盛瀚 A0230522080006 shenghan@swsresearch.com 研究支持 朱珺逸 A0230521080004 zhujy@swsresearch.com 胡静航 A0230524090002 hujh@swsresearch.com 联系人 朱珺逸 (8621)23297818× zhujy@swsresearch.com 二季度能繁存栏环比微增， "反内卷"下重视优质猪企长期价值 看好 ——农林牧渔周观点（2025.7.14-2025.7.20） 本期投资提示： ⚫ 风险提示：生猪、肉鸡价格持续低迷；宠物食品自主品牌销售不及预期；养殖疫情爆发。 报 告 农林牧渔 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 - ⚫ 本周申万农林牧渔指数下跌 0.1%，沪深 300 上涨 1.1%。个股涨幅前五名：生物股份（13.6%）、宏辉果 蔬（13.0%）、瑞普生物（9.5%）、朗源股份（8.2%）、ST 天山（7.3%）；跌幅前五名 ...

本周水井坊、酒鬼酒等公司发布业绩预告，白酒行业二季度实际需求降低明 显，部分公司业绩可视作反映行业实际动销与报表出清的先行指标。同时茅台 成立联营公司、酒鬼酒与胖东来合作产品正式上市，显示出各酒企应对行业压 力时的多维尝试，有望降低主品量增压力、为全年业绩增长带来重要补充。大 众品板块，山姆侧后续对于选品将有一定的调整与应对，重点仍在产品的差异 化和品控，短期影响有限。饮料板块，看好头部水企持续抢占市场份额，农夫 水业务市占率加速回升，盈利预测有望上修。零食板块，洽洽、甘源等企业发 布业绩预告，短期成本上升及费用投入拖累业绩，建议关注下半年新品推出与 净利率改善。宠物板块，中宠近期回调带来布局窗口，关注下半年估值切换。 ❑ 核心公司跟踪：白酒预告整体承压，成本及费用投入拖累部分零食企业 贵州茅台：各省茅台经销商拟成立平台公司，开发本省文创茅台酒。各省 茅台经销商拟成立平台公司，开发本省文创茅台酒，预计近期将完成入股 前期准备。本次成立联营公司将是茅台兼顾批价稳定、全年任务达成与保 障经销商利益下的重要尝试，通过文创产品可以在一定程度上补充全年任 务缺口、为经销商带来利润补充，同时降低主品飞天茅台的量增压力。 ...

农林牧渔 2025 年 07 月 20 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 2024-07 2024-11 2025-03 农林牧渔 沪深300 相关研究报告 《7 月 USDA 农产品报告下调全球玉 米、水稻、小麦产量，上调大豆产量 —行业点评报告》-2025.7.15 《生猪龙头 2025Q2 利润高增，犊牛 价格持续上行牛周期景气有支撑—行 业周报》-2025.7.13 《供给收缩与宏观催化共振，2025Q3 猪 价 存 在 强 支 撑 — 行 业 周 报 》- 2025.7.6 10 短期供给增加致猪价下滑，震荡消化后中枢或抬升 ——行业周报 | 陈雪丽（分析师） | 王高展（分析师） | 朱本伦（联系人） | | --- | --- | --- | | chenxueli@kysec.cn | wanggaozhan@kysec.cn | zhubenlun@kysec.cn | | 证书编号：S0790520030001 | 证书编号：S0790525070003 | 证书编号：S0790124060020 | 周观察：短期供给 ...

农林牧渔 zhangmz@ccnew.com 13681931564 市场需求疲软，畜禽价格低迷 ——农林牧渔行业月报 证券研究报告-行业月报 强于大市(维持) 《农林牧渔行业月报：畜禽价格低迷，宠物 食品 618 消费表现亮眼》 2025-06-23 《农林牧渔行业半年度策略：周期掘金，向 新而行》 2025-06-18 《农林牧渔行业月报：指数表现强势，宠物 出口数据维持快速增长》 2025-05-20 联系人：李智 投资要点： 风险提示：畜禽价格大幅波动，粮价大幅波动，动物疫病的发生；我 国生物育种商业化应用不及预期；食品安全问题，自然灾害事件。 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共15页 盈利预测和投资评级 | 公司简称 | 24EPS 25EPS | | 25PE | 评级 | | --- | --- | --- | --- | --- | | 牧原股份 | 3.30 | 3.76 | 10.26 | 增持 | | 普莱柯 | 0.27 | 0.52 | 26.60 | 增持 | | 秋乐种业 | 0.31 | 0.33 | 58.8 ...

Group 1 - The company's self-owned brand sales performance is outstanding, with significant growth in domestic and overseas markets [2][3] - The company maintains a strong focus on R&D, with cumulative expenses reaching 227 million yuan over three years, leading to product innovation and market recognition [2] - The new factory in Thailand, with an investment of approximately 200 million yuan, will begin full production in the second half of this year, helping to mitigate tariff risks on overseas business [3] Group 2 - The investment recommendation is to maintain a "buy" rating with a target price of 119.7 yuan, based on projected EPS of 1.9/2.34/2.98 yuan for 2025-2027 [2] - The company ranks highly in various sales channels, with its brands, Maifudi and Fuleijiate, performing well in both online and offline markets [2] - The company is expected to achieve a valuation of 63x for 2025, reflecting its strong competitive position in the pet food industry [2]

Core Viewpoint - The announcement from Zhongchong Co., Ltd. regarding the share reduction plan by a significant shareholder's action partner indicates that the reduction will not affect the company's control or governance structure, and the company's fundamentals remain stable [1] Group 1: Share Reduction Announcement - Zhongchong Co., Ltd. received a notice from Shanghai Tongyi Investment Management Co., Ltd. regarding the plan to reduce shares by the Tongyi Chunxiao No. 19 private equity fund [1] - The plan involves reducing up to 4.56 million shares, accounting for 1.50% of the total share capital, within three months starting from August 7, 2025 [1] - The reduction will be executed through block trades and/or centralized bidding [1] Group 2: Company Control and Governance - The controlling shareholder of Zhongchong Co., Ltd. is Yantai Zhongxing Biotechnology Co., Ltd., with actual controllers being Hao Zhongli and Xiao Ailing [1] - Tongyi Chunxiao No. 19 is an action partner of the actual controllers, and the share reduction will not lead to a change in control or significant impact on the company's governance structure [1] Group 3: Fundraising History - Zhongchong Co., Ltd. has conducted multiple fundraising activities, including a public offering in 2017 that raised a net amount of 321.97 million yuan [2] - The company also issued convertible bonds in 2019, raising a net amount of approximately 183.50 million yuan after deducting related fees [3] - In 2022, another issuance of convertible bonds raised a net amount of approximately 754.92 million yuan [4] - The total fundraising from these four activities amounts to approximately 2 billion yuan [5]

Group 1 - Yaxin Security plans to reduce its shareholding by up to 3%, totaling no more than 12 million shares, from August 8, 2025, to November 7, 2025 [1] - Shangwei Co. intends to issue up to 180 million shares to its controlling shareholder, raising no more than 1.144 billion yuan for digital upgrades and working capital [1][2] - Anker Innovations is exploring the possibility of overseas share issuance to enhance its global strategy and brand image, with no specific plan confirmed yet [3] Group 2 - AVIC Xi'an Aircraft Industry Group's chairman resigned due to work changes, effective immediately upon submission of the resignation [4] - Tianci Materials signed a procurement cooperation agreement to supply at least 550,000 tons of electrolyte products to Chuangneng New Energy from 2025 to 2030, enhancing market share and profitability [5][6] - Guangshentang's innovative drug GST-HG131 has been included in the list of breakthrough therapies, but this does not guarantee market approval or immediate financial impact [7][8] Group 3 - Chaozhuo Aerospace plans to reduce its shareholding by up to 3%, totaling no more than 896,000 shares, from August 7, 2025, to November 6, 2025 [9] - Taiji Group intends to repurchase shares worth between 80 million and 120 million yuan, with a maximum price of 28.03 yuan per share, to be used for cancellation [11][12] - Xibu Materials plans to invest 125 million yuan in a private placement by its subsidiary to raise 147 million yuan for working capital and loan repayment [13] Group 4 - Shantui Co. plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange [14] - *ST Huawang intends to acquire 55.5% of Niwei Power for 666 million yuan, entering the new energy hybrid vehicle sector [15] - Tailin Bio's controlling shareholder plans to reduce its shareholding by up to 1.5%, totaling no more than 1.8195 million shares, for personal funding needs [17] Group 5 - Huicheng Vacuum plans to reduce its shareholding by up to 3%, totaling no more than 3 million shares, from August 7, 2025, to November 6, 2025 [18][19] - Kesi Co.'s actual controller plans to reduce its shareholding by up to 3%, totaling no more than 14.27 million shares, for personal funding needs [20][21] - Zhongchong Co.'s controlling shareholder plans to reduce its shareholding by up to 1.5%, totaling no more than 4.56 million shares, for funding needs [22][23] Group 6 - Shanhigh Environmental plans to raise no more than 718 million yuan through a private placement to supplement working capital and repay bank loans [24][25] - Zhongrong Electric plans to invest 114 million yuan in the construction of the Sinok New Energy Technology Park, expected to be completed by the end of 2027 [26] - Kaisen New Materials' shareholder plans to transfer 4.75% of its shares, totaling 20 million shares, for personal funding needs [27] Group 7 - Xinxin Standard's controlling shareholder plans to reduce its shareholding by up to 3%, totaling no more than 6.7792 million shares, for personal funding needs [28] - Chuhuan Technology plans to invest 9.99 million yuan in a partnership focused on high-end manufacturing, including semiconductors and new materials [29] - Shankai Intelligent's stock will resume trading after a share transfer agreement with Changjiang Aerospace, which will become the controlling shareholder [30]