Group 1 - In January 2025, nearly 500 listed companies in the A-share market announced share buybacks, with a total buyback amount exceeding 18 billion yuan, surpassing the same period last year [1] - Major industry leaders are actively participating in the buyback trend, with 38 companies implementing buybacks exceeding 100 million yuan in January 2025 [2] - Kweichow Moutai leads the buyback efforts with approximately 1 billion yuan in buybacks, marking its first buyback plan in 23 years [2][3] Group 2 - China State Construction also engaged in buybacks, with an amount of 887 million yuan aimed at optimizing its capital structure [3] - Muyuan Foods announced a buyback plan of 3 to 4 billion yuan, having repurchased shares worth 1.25 billion yuan by the end of January 2025 [3] - The recent policy adjustments regarding buyback loans have stimulated market confidence, leading to over 100 companies disclosing buyback plans since the beginning of 2025 [4] Group 3 - Tianqi Materials reported a buyback of 6.524 million shares for a total of approximately 121 million yuan, funded by both its own resources and a special loan of 180 million yuan from CITIC Bank [4] - Zhongheng Group plans to repurchase shares worth 300 to 500 million yuan, supported by a loan commitment of up to 450 million yuan from Bank of Communications [5] - Shunfa Hengye intends to use its own funds and special loans for a buyback plan of 250 to 500 million yuan, with a loan commitment of up to 450 million yuan from China Construction Bank [5]

出品：新浪财经上市公司研究院 神农集团终止定增 释放什么信号？ 7月28日，神农集团发布公告，宣布终止以简易程序向特定对象发行A股股票事项并撤回申请文件。 这次定增从2024年4月开始筹划，已经经过了一年零三个月。2025年4月神农集团的定增申请获得上交所审核通过，随后公司为确保发行事宜的顺利推进，将授权有效期延长至2025年年度股东 对于这次终止原因，神农集团表示，是由于"市场环境的变化，综合考虑资本市场状况以及公司整体发展规划等因素"。 无独有偶，7月28日，巨星农牧宣布延长向特定对象发行股票相关决议及授权有效期，巨星农牧募资用途和神农集团一样，主要投资于养殖场，用于扩产能。 7月14日，生物股份也宣布终止定增，距离6月24日发布上交所审核通过公告仅过去不足一个月时间。生物股份主营业务为兽用疫苗的研发、生产与销售，属于养殖行业的上游。 同样在7月14日，新希望宣布将向特定对象发行A股股票股东会决议有效期延长12个月至2026年8月27日。 作者：浪头饮食/ 郝显 反内卷的风刮到了生猪养殖领域！ 近期，生猪养殖行业上市公司频频发布公告，宣布终止定增，或者延长定增决议有效期。7月底，农业农村部召开推动生猪产业 ...

出品：新浪财经上市公司研究院 作者：浪头饮食/ 郝显 反内卷的风刮到了生猪养殖领域！ 近期，生猪养殖行业上市公司频频发布公告，宣布终止定增，或者延长定增决议有效期。7月底，农业 农村部召开推动生猪产业高质量发展座谈会，提到减少能繁母猪存栏，严控新增产能。 而在此前的6月10日，农业农村部召开生猪生产调度会，会上提出一系列明确目标，包括全国能繁母猪 存栏量在现有基础上调减约100万头，降至3950万头。降低出栏体重，国储收储体重要求降至115公斤。 要求地方将二育等情况纳入监测，每月上报各地能繁、存栏、均重、二育等情况。 前几年生猪养殖企业在持续失血的情况下，依靠不断融资支撑着大幅扩张，客观上延长了这一轮猪周 期，导致产能迟迟不能出清。 从目前来看，头部猪企已经开始执行"反内卷"政策，这一轮反内卷究竟能否推动猪价上涨，成为行业拐 点呢？ 神农集团终止定增 释放什么信号？ 7月28日，神农集团发布公告，宣布终止以简易程序向特定对象发行A股股票事项并撤回申请文件。 这次定增从2024年4月开始筹划，已经经过了一年零三个月。2025年4月神农集团的定增申请获得上交所 审核通过，随后公司为确保发行事宜的顺利推进，将授权 ...

Group 1: Report Information - Report Type: Pig Daily Report [1] - Date: August 12, 2025 [2] Group 2: Market Review and Operation Suggestions Market Conditions - Futures: On the 11th, the main 2511 contract of live pigs opened slightly higher, then冲高回落 and closed down. The highest price was 14,325 yuan/ton, the lowest was 14,115 yuan/ton, and the closing price was 14,140 yuan/ton, unchanged from last Friday. The total open interest of the index increased by 1,951 lots to 177,891 lots [8]. - Spot: On the 11th, the national average price of foreign ternary pigs was 13.72 yuan/kg, down 0.02 yuan/kg from the previous day [8]. Market Analysis - Demand: The utilization rate of pigsty is at a high level. Currently, the enthusiasm for secondary fattening is average, mainly in a wait - and - see state. Due to the hot weather, terminal demand is weak, and slaughterhouse orders are average. The current slaughter progress is fast, and the slaughter rate and volume of slaughterhouses have increased slightly. On August 11, the slaughter volume of sample slaughterhouses was 139,000 heads, an increase of 800 heads from the previous day and 1,800 heads from a week ago [9]. - Supply: According to Yongyi sample data, the planned pig slaughter volume of sample enterprises in August is 24.72 million heads, a 6.6% increase from the actual slaughter volume in July. At the beginning of the month, the slaughter enthusiasm of farmers is high, the slaughter progress is fast, the utilization rate of secondary fattening pigsty remains high, and there is still pressure on slaughter. The slaughter weight fluctuates slightly [9]. Outlook - Spot: In August, the slaughter of farmers increases, and the current slaughter enthusiasm is okay. At the same time, demand is in the off - season, and the supply - demand relationship remains relatively loose. The spot price of live pigs may continue to be under pressure [9]. - Futures: Currently, the near - month 2509 contract follows the spot market and fluctuates weakly. In the long - term, the supply of live pigs will increase slightly. The 2511 and 2601 contracts are in the peak demand season, and the demand increase is relatively large. The price performance may fluctuate strongly. Domestic anti - involution initiatives, high - quality development of the pig industry, and increasing environmental protection efforts are beneficial to the long - term pig price performance. Attention should be paid to the impact of policies on production capacity later [9]. Group 3: Industry News - No specific content provided, only chart information about breeding profit, breeding cost, etc. [12] Group 4: Data Overview - Breeding Profit: As of August 7, the average profit per head of self - breeding and self - raising pigs was 119 yuan/head, a week - on - week decrease of 10 yuan/head; the average profit per head of purchasing piglets for breeding was - 54 yuan/head, a week - on - week increase of 28 yuan/head [14]. - Piglet Price: In the week of August 7, the average market sales price of 15 - kg piglets was 516 yuan/head, a decrease of 10 yuan/head from the previous week [14]. - Sows Inventory: As of July this year, the inventory of reproductive sows in sample farms was 1.15 million heads, a month - on - month increase of 0.52% and a year - on - year increase of 6.71% [14]. - Planned Slaughter Volume: The planned pig slaughter volume of sample enterprises in August is 24.72 million heads, a 6.6% increase from July [14]. - Slaughter Weight: As of the week of August 7, the average slaughter weight of national live pigs was 127.8 kg, a decrease of 0.18 kg from the previous week, a month - on - month decrease of 0.14%, and an increase of 1.6 kg from the same period last year, a year - on - year increase of 1.27% [14]

Group 1 - In July, the Consumer Price Index (CPI) in Sichuan decreased by 0.4% year-on-year, with the decline widening by 0.1 percentage points compared to the previous month. Month-on-month, the CPI shifted from flat to an increase of 0.4% [1][2] - The prices of fresh vegetables and fruits in Sichuan fell by 3.9% and 1.7% respectively on a month-on-month basis, while pork prices increased by 0.5%. The decline in vegetable and fruit prices was attributed to high temperatures and low rainfall affecting production, but ample market supply kept prices down [2] - The prices for air tickets, travel agency services, hotel accommodations, and vehicle rentals rose due to the peak summer travel season, with air ticket prices increasing by 20.1%, travel agency fees by 13.9%, hotel prices by 5.0%, and vehicle rental costs by 4.8% [2] Group 2 - The Producer Price Index (PPI) continued its downward trend in July, decreasing by 3.5% year-on-year, with the decline widening by 0.2 percentage points from the previous month. Month-on-month, the PPI fell by 1.2%, but the decline narrowed by 0.1 percentage points compared to the previous month [2]

Group 1: Consumer Price Index (CPI) Analysis - In July, Sichuan's Consumer Price Index (CPI) experienced a month-on-month increase of 0.4%, reversing from a previous month of stability [1] - Year-on-year, the CPI decreased by 0.4%, with the decline rate widening by 0.1 percentage points compared to the previous month [1] - The rise in CPI was driven by increased prices in tourism, transportation, accommodation, and refined oil [1] - Specific price changes included a 3.9% decrease in fresh vegetable prices, a 1.7% decrease in fresh fruit prices, and a 0.5% increase in pork prices [1] - The slight increase in pork prices is attributed to industry measures aimed at reducing production capacity and improving supply-demand balance [1] - During the peak travel season, air ticket prices rose by 20.1%, travel agency fees increased by 13.9%, hotel accommodation prices went up by 5.0%, and transportation rental fees rose by 4.8% [1] Group 2: Producer Price Index (PPI) Analysis - In July, the Producer Price Index (PPI) continued its downward trend, with a year-on-year decrease of 3.5%, and the decline rate expanded by 0.2 percentage points from the previous month [2] - Month-on-month, the PPI fell by 1.2%, with the decline rate narrowing by 0.1 percentage points compared to the previous month [2] - Contributing factors to the PPI decline included seasonal decreases in water and electricity prices, as well as an increase in the scale of market-oriented electricity transactions [2] - The prices in the black metal smelting and rolling processing industry continued to decline, along with ongoing decreases in the non-metallic mineral products industry [2]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **agriculture industry**, focusing on **animal protein sectors** such as **pig farming**, **dairy farming**, and **beef cattle farming** [1][2][34]. Core Insights and Arguments Pig Farming - The **pig farming cycle** is driven by production capacity, with the number of breeding sows being a critical leading indicator. This needs to be cross-verified with data on sow feed sales [1][2]. - The **African swine fever** has normalized, raising the industry's cost base, which affects the peak and elasticity of the cycle [1][4]. - **Scale farming** may extend the pig cycle and amplify price fluctuations. Secondary fattening increases price disturbances, influenced by short-term price expectations [1][5]. - The **反内卷 (anti-involution) policy** aims to reduce the number of breeding sows and lower slaughter weights to support pig prices [1][11]. - The average price of pigs is expected to rise to over **16 RMB per kilogram** by **2026**, with **牧原股份 (Muyuan Food)** potentially achieving a profit of nearly **500 RMB per head** [1][14]. Dairy Farming - The dairy industry faces challenges due to falling milk prices, currently around **3 RMB per kilogram**, down from **4.5 RMB**. However, there is potential for demand improvement due to increased willingness to have children and government subsidies for newborns [1][17]. - The beef cattle sector has a long growth cycle and is heavily reliant on imports, with significant industry clearing observed [1][18][20]. Market Dynamics - The **white chicken farming** sector is significantly impacted by overseas breeding policies, with potential for market share growth for **圣农 (Sannong)** during periods of import disruption [3][25]. - The **seafood feed** segment is expected to improve due to rising prices of common aquatic products, with **海大集团 (Haida Group)** showing strong performance in this area [3][27]. Other Important Insights - The **agricultural new consumption trends** include rapid growth in pet food and pet healthcare sectors, indicating new growth potential beyond traditional areas [6][34]. - The **agricultural input products** like feed and veterinary products serve as lagging indicators in the animal protein supply chain, aiding in capacity data assessment [7][34]. - The **grain security** theme is increasingly important, with policies and market dynamics needing close attention [8][30]. Investment Recommendations - Focus on core assets like **牧原 (Muyuan)** and **温氏 (Wens Food)**, which have strong cost control and are less affected by the anti-involution policy [12][13]. - The **港股 (Hong Kong stock market)** upstream livestock companies are currently in a challenging phase but are expected to improve by **2026** as the new cycle begins [22]. - **海大集团 (Haida Group)** is recommended for its strong market position and growth potential in both domestic and international markets [27]. Future Trends - The pig farming sector is expected to benefit from the anti-involution policy, leading to a new upward price cycle in **2026** [15][34]. - The **meat cattle industry** is facing significant challenges, including price declines and industry losses, with a low degree of scale [20][21]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the agriculture industry, particularly in the animal protein sectors.

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [70]. Core Insights - In July, the growth rate of breeding sows across three parties generally narrowed, indicating a focus on changes in pig production capacity. The average price of live pigs in China on August 8 was 13.67 CNY/kg, down 0.42 CNY/kg week-on-week [2][9]. - The white chicken market is experiencing a phase of reduced supply, leading to continued price increases. The average price of white feathered meat chickens on August 8 was 7.14 CNY/kg, up 0.31 CNY/kg week-on-week [3][33]. - The agricultural sector is focusing on the promotion of high-quality seeds and technology selection to enhance food security, with the Ministry of Agriculture and Rural Affairs initiating a project for the 2025 national crop variety promotion directory [44]. Summary by Sections Pig Farming - The average weight of pigs being sold has continued to decline, with the average weight as of August 7 being 127.80 kg, down 0.18 kg week-on-week. This is attributed to the ongoing high temperatures affecting feed intake and growth rates [21][31]. - The slaughter volume of sample enterprises has remained stable, with an average daily slaughter of 137,100 pigs, reflecting a slight increase of 0.05% week-on-week [12][31]. - The policy focus on capacity regulation is expected to accelerate the elimination of inefficient production capacity, potentially raising the long-term price center for pigs [31][32]. Poultry Sector - The supply of broiler chickens is tightening due to previous breeding losses, resulting in a continued rise in prices. The average price of broiler chicks was 3.13 CNY/chick, up 0.56 CNY/chick week-on-week [3][33]. - The egg market has seen a slight decline in prices, with the average price of eggs at 6.23 CNY/kg, down 0.51 CNY/kg week-on-week, although there is potential for a rebound due to upcoming seasonal demand [3][36]. Agricultural Products - The soybean meal market is showing strength, with the futures price on August 8 reaching 3,094 CNY/ton, up 57 CNY/ton week-on-week, driven by concerns over a soybean supply gap in the fourth quarter [45][48]. - The current domestic demand for soybean meal is supported by strong import needs from Brazil, leading to a bullish outlook for the market [45][48].

Report Investment Rating - Short - term bearish, medium - term bullish [2] Core Viewpoints - The supply - side pressure of the pig industry may continue to increase, with scale enterprises accelerating sales and reducing weight to increase volume, high feed - to - meat ratio and cost due to continuous high temperature, retail farmers selling large - weight pigs, and the recurrence of African swine fever in some areas. The demand side remains sluggish due to the high - temperature off - season, general transactions, continuous losses of slaughtering enterprises, reduced purchases, few second - fattening entrants, and inactive frozen product storage. It is recommended to operate the LH2509 contract in the short - term range or long - term layout long positions in the LH2511 contract, and farmers should choose the opportunity to sell for hedging according to the slaughter rhythm [2][20] Summary by Directory 1. Supply Situation Analysis - The report may analyze the supply situation through the monthly trend chart of the number of breeding sows in sample enterprises and the weekly trend chart of the average slaughter weight of national sample commercial pigs [5][7] 2. Demand Situation Analysis - The report may analyze the demand situation through the key slaughtering enterprise's开工率, commercial pig inventory structure by weight, and key slaughtering enterprise's frozen product storage rate [11][13][14] 3. Cost - Profit Analysis - The report may analyze the cost - profit situation through the self - breeding and self - raising breeding profit and the profit of purchasing piglets for breeding [16][18] 4. Market Outlook - The supply - side pressure may continue to increase, and the demand side remains sluggish. It is recommended to operate the LH2509 contract in the short - term range or long - term layout long positions in the LH2511 contract, and farmers should choose the opportunity to sell for hedging according to the slaughter rhythm [2][20]

Market Review - The equity market saw a broad increase, with the Shanghai Composite Index rising by 2.11%, the highest among major indices [4][7] - The advanced manufacturing sector experienced a collective rebound, with notable increases in industries such as defense and military (5.93%) and non-ferrous metals (5.78%) [4][5] - The bond market showed a downward trend in both short and long-term interest rates, with the 10-year government bond yield decreasing by 1.68 basis points to 1.706% [8][10] Equity Product Allocation Strategy - Event-driven strategies include focusing on funds related to the 2025 World Robot Conference and the upcoming Low Altitude Economy Conference, with specific funds highlighted for investment [12][13][14] - The asset allocation strategy suggests a balanced core with a barbell approach, emphasizing dividend and technology sectors, with recommended funds listed [16][20] Stable Product Allocation Strategy - The analysis indicates a net injection of 163.5 billion yuan by the central bank, maintaining a loose monetary environment [22] - July export data showed resilience, with a total export value of 321.78 billion USD, reflecting a year-on-year growth of 7.2% [22] - The report highlights the importance of monitoring convertible bonds due to potential volatility risks [23][27]