Group 1 - The core idea of the articles revolves around the transformation of agricultural practices in Zuoquan County through a "chain thinking" approach, shifting from traditional support to a self-sustaining industrial chain for rural revitalization [1][3] - Zuoquan County focuses on key industries, particularly walnut, with a three-step strategy that includes managing 140,000 acres of walnut trees, achieving an annual walnut production of 18,000 tons, and introducing high-value medicinal herbs under walnut trees [1] - The county has also upgraded its forsythia industry, achieving annual sales revenue of over 5.1 million yuan and earning the title of "China's Ecological Forsythia Capital" [1] Group 2 - Zuoquan County is implementing three major projects to enhance its industrial development, including a smart aquaculture park with an investment of 550 million yuan, expected to produce 3,000 tons of Atlantic salmon annually, generating a revenue of 196 million yuan [2] - The walnut processing sector is being revitalized through advanced processing technology, with a successful export order of 4,000 tons to the Middle East and Europe, projecting annual revenue of over 150 million yuan [2] - The county is building an integrated marketing network that combines online and offline sales, achieving over 7.33 million yuan in sales through various promotional activities, including 127 live-streaming events [2]

Group 1 - The launch of the slaughterhouse and the technical training session marks a significant upgrade in the selenium-rich industry chain in Jiyang District, from agriculture and animal husbandry to processing [1] - The selenium-rich watermelon from Renfeng Town has become a high-end agricultural product, with prices reaching 20 yuan per kilogram, showcasing the potential of selenium-rich agricultural products [1] - The introduction of selenium-rich sheep farming in 2018 has led to the integration of breeding, processing, and sales, establishing a "three-industry integration" model [1][2] Group 2 - The newly launched slaughterhouse by Shandong Haosai Food Co., Ltd. employs intelligent slaughtering technology and establishes a traceability system, ensuring food safety [2] - The development model of Haosai promotes standardized and selenium-enriched sheep farming through collaboration between companies and farmers, supported by expert teams [2] - The integration of slaughtering, cold chain logistics, and brand sales aims to create a strong brand for selenium-rich sheep meat [2]

1. Report Industry Investment Ratings - **Oils and Fats**: Medium - term, the market may maintain range - bound operation, with a current outlook of "Oscillating" [4] - **Protein Meal**: The outlook is "Oscillating". The spot is expected to be weaker than the futures, and the basis is expected to remain weak [4] - **Corn and Starch**: The outlook is "Oscillating" [4][6] - **Pigs**: The outlook is "Oscillating Weakly", with near - term contracts being weaker and far - term contracts being stronger [2][6] - **Natural Rubber**: The outlook is that the downward trend may continue, with a current situation of "Oscillating" [7][8] - **Synthetic Rubber**: It should be treated weakly, with an outlook of "Oscillating" [8][9] - **Cotton**: Short - term "Oscillating", long - term "Oscillating Weakly" [9] - **Sugar**: Long - term, there is a downward drive; short - term, "Oscillating Weakly" [10] - **Pulp**: The outlook is "Oscillating" [10] - **Logs**: The outlook is "Oscillating Weakly" [11][13] 2. Core Views of the Report - The agricultural product market shows a complex situation. Some products face supply - demand imbalances, such as pigs with high inventory weights and increasing supply in the third quarter, and sugar with an expected increase in supply in the new season. Some products are affected by weather, trade policies, and other factors, like oils and fats being influenced by trade policies and overseas biodiesel policies, and rubber being affected by macro - sentiment and African tariff policies [2][4][6][7][8][9][10][11][13] 3. Summary by Relevant Catalogs 3.1 Market Views - **Oils and Fats**: The US soybean planting is nearing completion, and the growth is good. The domestic soybean oil inventory is expected to rise. The short - term palm oil production increase pressure may decrease marginally. The rapeseed oil inventory is high, and the import volume may decrease. In the medium term, the market may range - bound, and currently, the sentiment has weakened [4] - **Protein Meal**: The international soybean price is expected to range - bound. The domestic supply pressure is increasing, the basis is weak, and the futures follow the international market. Oil mills can sell short on rallies, and downstream enterprises can buy the basis contract or fix the price on dips [4] - **Corn and Starch**: The spot price increase has slowed down, and the futures are weak. The wheat policy has affected the market sentiment. The import of grains is tightening, and the inventory is expected to decrease, but the continuous sharp rise is difficult to sustain [4][6] - **Pigs**: The current inventory weight is high, and the short - term price is under pressure. The supply will increase in the third quarter, and the price is in a downward cycle. The near - term contracts are weak, and the far - term contracts are strong [2][6] - **Natural Rubber**: The rebound has ended, and the price has dropped. The macro - sentiment support has weakened, and the tariff policy may have a negative impact. The supply and demand fundamentals are weak, and the downward trend may continue [7][8] - **Synthetic Rubber**: The price first fell and then rose, remaining weak. The BR fundamentals are neutral, and the butadiene demand is weak, but there may be short - term support [8][9] - **Cotton**: The new - crop production is expected to increase. The inventory is low, which may support the near - term contracts. The long - term price is under pressure due to the expected increase in production [9] - **Sugar**: The new season is expected to have a loose supply, and the price has a downward drive. The current price is oscillating weakly [10] - **Pulp**: The futures price is falling, and it is more likely to break below the platform. The supply and demand are weak, and the basis of other softwood pulps may continue to decline [10] - **Logs**: The spot price has loosened, and the futures are weak. The supply is increasing in the short term, and the demand is seasonally weak. The inventory removal has pressure [11][13] 3.2 Variety Data Monitoring - The report lists various agricultural products for data monitoring, including oils and fats, protein meal, corn, starch, pigs, rubber, cotton, sugar, pulp, and logs, but specific data details are not fully presented in the provided content [15][34][47][63][72][105][117][132]

Group 1 - The pork concept sector experienced a decline of 1.11%, ranking among the top declines in concept sectors, with major companies like Juxing Agriculture and He Feng Co. seeing significant drops [1][2] - Among the pork concept stocks, only two companies, Guangming Meat and Delisi, saw price increases of 1.70% and 0.21% respectively [1][2] - The pork concept sector faced a net outflow of 269 million yuan from main funds, with 24 stocks experiencing outflows, and 14 stocks seeing outflows exceeding 10 million yuan [2] Group 2 - The largest net outflow was from Dabeinong, with 55.19 million yuan, followed by New Hope and New Wufeng with outflows of 48.85 million yuan and 23.22 million yuan respectively [2][3] - Conversely, the stocks with the highest net inflow included Muyuan Foods, Guangming Meat, and Delisi, with inflows of 78.63 million yuan, 6.23 million yuan, and 1.95 million yuan respectively [2][3] - The trading volume for Dabeinong was 1.95%, while Guangming Meat had a trading volume of 1.39% [3]

6月8日，根据福布斯实时富豪榜，泡泡玛特（09992.HK）创始人王宁目前身家为203亿美元，牧原股份 （002714.SZ）创始人秦英林身家为163亿美元。王宁已取代秦英林，成为河南新首富。 近期，泡泡玛特旗下Labubu爆火，一娃难求，一些联名或限量款的Labubu更是卖出了几千上万元的天 价。 Labubu的爆火，直接带飞了泡泡玛特股价。6月11日，泡泡玛特股价再次大涨4.25%，市值达3623亿港 元（约合人民币3332亿元）。泡泡玛特2024年年报显示，王宁持有泡泡玛特股权占比为48.73%。也就 是说，目前王宁的持股市值约为1623亿元。 河南首富换人 王宁取代牧原的秦英林夫妇 此前，河南首富为牧原股份的秦英林、钱瑛夫妇。据胡润百富今年3月发布的《2025胡润全球富豪 榜》，秦英林、钱瑛夫妇以1300亿元财富蝉联河南首富。 近期，Labubu火遍全球，泡泡玛特股价也持续上涨。 截至6月11日收盘，泡泡玛特股价报269.8港元/股，总市值3623.26亿港元。今年以来，泡泡玛特股价已 上涨204%。若将时间线拉长，从2024年初至今，泡泡玛特的股价涨幅超过了13倍。 据泡泡玛特2024年年报，创始人 ...

Report Industry Investment Ratings - Pig market strategy: Cautiously bearish [3] - Egg market strategy: Neutral [5] Core Views - The pig market is expected to maintain a pattern of strong supply and weak demand, with potential for increased supply pressure in the future [2] - The egg market currently faces a situation of supply exceeding demand in the short term, with weak overall demand [4] Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live pig 2509 contract yesterday was 13,600 yuan/ton, a change of +5.00 yuan/ton or +0.04% from the previous trading day [1] - Spot: In Henan, the price of external ternary live pigs was 14.01 yuan/kg, unchanged from the previous trading day; in Jiangsu, it was 14.25 yuan/kg, also unchanged; in Sichuan, it was 13.88 yuan/kg, unchanged. The national average wholesale price of pork in agricultural product markets was 20.28 yuan/kg, a 0.1% decrease from yesterday [1] Market Analysis - With decent breeding profits, the supply side is unlikely to make significant strategic adjustments. Constrained by stable downstream consumption, the demand side is expected to remain weak, maintaining a pattern of strong supply and weak demand. The supply pressure of large fat pigs is currently high, and there may be a large - scale inversion of the price difference between fat and standard pigs, which will also put pressure on the supply of standard pigs [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2507 contract yesterday was 3,515 yuan/500 kilograms, a change of +682.00 yuan or +24.07% from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 2.56 yuan/jin, a decrease of 0.08 yuan; in Shandong, it was 2.70 yuan/jin, a decrease of 0.10 yuan; in Hebei, it was 2.56 yuan/jin, unchanged. On June 10, the national production - link inventory was 1.08 days, unchanged from the previous trading day, and the circulation - link inventory was 1.66 days, an increase of 0.11 days [3] Market Analysis - After the Dragon Boat Festival, all sectors actively cleared inventories, leading to a decline in demand. After the college entrance examination this week, school demand decreased, while tourism and catering demand increased. However, due to high temperature and humidity, the storage time of eggs is reduced, and traders are cautious in purchasing, resulting in weak overall demand. The market pattern of supply exceeding demand is difficult to change in the short term [4] Strategy - Neutral [5]

Core Viewpoint - The introduction of a commercial beef income insurance product by China Life Property & Casualty Insurance Qingdao Branch addresses the risks associated with the high-end beef cattle industry, supporting the development of specialty agricultural products insurance as outlined in the 2025 Central Document No. 1 [1][2]. Group 1: Insurance Product Development - China Life Property & Casualty Insurance Qingdao Branch has launched a market-oriented beef income insurance product that transitions from cost coverage to ensuring price stability and income security [1]. - The insurance product features a dual protection scheme that covers both mortality losses and market price fluctuations, moving away from reliance on government subsidies to a fully market-driven model [1][2]. Group 2: Industry Impact - Qingdao Longming Beef Industry, a high-end snowflake beef supplier, has developed a complete industry chain over ten years, focusing on breeding, smart farming, deep processing, and brand development [2]. - The company has established four proprietary pastures covering 15,000 acres, with an annual output value exceeding 100 million yuan, aiming to become a core supplier in the national high-end beef supply chain [2][3]. Group 3: Risk Management and Growth Potential - The cost of raising each beef cattle ranges from 50,000 to 80,000 yuan, with price volatility and mortality risks previously hindering expansion [3]. - With the new insurance coverage, the company plans to increase its cattle stock from 15,000 to 50,000 heads, projecting an annual output value of over 500 million yuan [3].

Group 1 - The pork concept sector increased by 2.16%, ranking 7th among concept sectors, with 29 stocks rising, including Zhenghong Technology, which hit the daily limit, and Shennong Group, Dayu Biological, and Muyuan Foods, which rose by 7.70%, 5.06%, and 4.79% respectively [1] - The pork concept sector saw a net inflow of 251 million yuan, with 23 stocks receiving net inflows, and 12 stocks exceeding 10 million yuan in net inflow, led by New Hope with a net inflow of 54.25 million yuan [2][3] - The top stocks by net inflow ratio included Zhenghong Technology, New Five Farms, and Tianbang Foods, with net inflow ratios of 29.78%, 12.94%, and 12.65% respectively [3][4] Group 2 - The top gainers in the pork concept sector included Zhenghong Technology, which rose by 9.96%, and Shennong Group, which rose by 7.70%, while the biggest losers were Bright Food, which fell by 1.91%, and Jingji Zhino, which fell by 1.14% [1][5] - The trading volume and turnover rates for key stocks in the pork sector showed significant activity, with Zhenghong Technology having a turnover rate of 9.04% and New Hope at 1.38% [3][4] - The overall performance of the pork sector reflects a positive sentiment among investors, as indicated by the substantial net inflows and rising stock prices [2][3]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - In the short term, the domestic supply of live pigs and pork is relatively abundant, and pig prices will maintain a weak and volatile pattern. Short - term frozen meat purchases can help stabilize market confidence and curb the decline of pig prices. Measures such as regulating sow production capacity, banning secondary fattening speculation, and restricting slaughter weight mostly take a long time to show effects, especially regulating sow production capacity which may take about a year [4][48]. - Current policy regulation is a combination of "short - term emergency + long - term root - solving". The emergency measures are purchases and weight - limit orders to hedge the current excess pressure; the root - solving measures are production - limit orders and banning secondary fattening to promote production capacity clearance. The key to success lies in the implementation strength of leading enterprises and the speed of production capacity reduction. If the policies are implemented effectively, a turning point may come at the end of the third quarter [4][48]. - From June to August, the policy combination (especially purchases + weight - limit) may prevent a sharp decline in pig prices, but it is difficult to see a significant increase due to the off - season of consumption and abundant supply. If overweight pigs are sold in a concentrated manner, there is still a risk of losses. In the long - term, if the production - limit order is strictly enforced, the supply pressure in 2025 will ease. From the end of the third quarter, the supply will gradually tighten, and pig prices are expected to bottom out and rebound from the middle and late third quarter to the fourth quarter [4][48]. Summary According to Relevant Catalogs 1. Current Core Issues in the Live Pig Market 1.1 Overcapacity - As of the end of April, the national sow inventory was still 3.6% higher than the national regulatory benchmark level, and the process of reducing production capacity was slow. The root cause of overcapacity was the ineffective control of early - stage capacity expansion by leading enterprises and speculative replenishment by small and medium - sized farmers. High piglet prices in the first half of the year also delayed the culling of sows. Seasonal weakness in demand exacerbated the supply - demand contradiction [8]. 1.2 Intensified Supply Pressure - As of early June, the slaughter weight of domestic live pigs soared to over 140 kg, indicating a strong willingness to sell large - weight pigs. The supply of pork was abundant, and the enthusiasm for secondary fattening was low. Macro - control policies led to an oversupply of pork. Secondary fattening was banned in some provinces, and leading enterprises stopped selling fattening pigs for secondary fattening [18]. 1.3 Persistently Low Pig Prices - As of early June, the average domestic live pig slaughter price had fallen below 14 yuan/kg, hitting a new low for the same period in the past five years. Only leading enterprises were profitable in the self - breeding and self - fattening model, while small and medium - sized farmers and the model of purchasing piglets for fattening generally suffered losses [25]. 2. Policy Regulation Measures 2.1 Limiting Capacity Expansion - Current policies focus on source control, process supervision, and demand adjustment. Leading enterprises are required to suspend expanding sow production capacity, and the sow inventory should be controlled to a reasonable level. Inefficient sow farms will be forced to exit, and small and medium - sized farmers who actively cull sows will be subsidized. This will directly reduce the future supply of live pigs, but there is a lag in the effect of capacity reduction [33]. 2.2 Controlling Slaughter Weight - A maximum slaughter weight standard of 120 kg is set nationwide. Slaughterhouses and local animal husbandry supervision departments are responsible for joint supervision, and slaughterhouses are required to reject overweight pigs. Resource occupation fees will be levied in pilot provinces [35]. 2.3 Banning Secondary Fattening - The circulation of overweight pigs is cut off by banning secondary fattening. Leading enterprises are prohibited from selling fattening pigs for secondary fattening, and the business licenses of secondary fattening farms in some provinces are revoked. Illegal reselling is strictly investigated to accelerate the slaughter of large - weight pigs [36]. 2.4 Initiating Frozen Pork Purchases - Since the second quarter, the domestic pig - grain ratio has continued to decline and has fallen back to the second - level warning range. On June 11, the first round of frozen meat purchase and bidding work was launched, with a purchase volume of 10,000 tons [37]. 3. Policy Effect Evaluation and Impact 3.1 Short - Term Policy Effects - Secondary fattening has been effectively curbed. On June 11, 10,000 tons of frozen pork were purchased, and pig prices stopped falling and stabilized in the short term. However, the slaughter weight is still high, and the progress of capacity reduction is slow. The core contradiction of 140 - kg pig sales and the off - season of consumption has not been resolved [42][43]. 3.2 Analysis of Policy Tool Limitations - The policy of suspending new sows only stops the expansion of leading enterprises, but the existing sows are not culled. The weight - limit order has loopholes in implementation, and it takes 1 - 2 months to digest existing 140 - kg pigs. Banning secondary fattening may lead to the concentrated early slaughter of pressure - barred pigs. Frozen meat purchases only account for 0.2% of monthly consumption, which is a drop in the bucket [44]. 4. Summary - In the short term, pig prices will maintain a weak and volatile pattern. The current policy is a combination of short - term emergency and long - term root - solving. From June to August, the policy combination may prevent a sharp decline in pig prices but is difficult to lead to a significant increase. In the long - term, if the production - limit order is strictly enforced, the supply pressure will ease, and pig prices are expected to bottom out and rebound from the middle and late third quarter to the fourth quarter [48].

Core Viewpoint - The company is conducting a differentiated equity distribution and special ex-rights and ex-dividend treatment due to the repurchase of shares that do not participate in profit distribution [1][5][6] Group 1: Reasons for Differentiated Equity Distribution - The company plans to use its own funds to repurchase shares through centralized bidding for employee stock ownership plans or equity incentives, with a repurchase price not exceeding RMB 25.21 per share and a total repurchase amount between RMB 100 million and RMB 200 million [1][2] - As of June 9, 2025, the company has repurchased a total of 17,548,400 shares, which will not participate in profit distribution [2][3] Group 2: Differentiated Distribution Plan - The company intends to distribute a cash dividend of RMB 1.73 per 10 shares (including tax), totaling RMB 85,553,197.82 (including tax) for the 2024 fiscal year [3][4] - After accounting for the repurchased shares, the adjusted cash dividend per share will be RMB 0.1737 (including tax), resulting in a total profit distribution of RMB 85,551,059.76 (including tax) [3][4] Group 3: Specific Ex-Dividend and Ex-Rights Calculation - The total share capital as of June 9, 2025, is 510,070,333 shares, with 492,521,933 shares participating in the distribution after deducting repurchased shares [4][5] - The reference price for ex-rights and ex-dividend is calculated based on the closing price of RMB 22.81 per share, resulting in an actual ex-rights reference price of RMB 22.6363 per share and a virtual ex-rights reference price of RMB 22.6423 per share [5][6] Group 4: Compliance with Regulations - The differentiated equity distribution complies with relevant laws and regulations, and the necessary approval procedures have been followed, ensuring no harm to the company or investors [6]