Group 1 - The General Administration of Customs of China has implemented strict regulations on Thai poultry enterprises, with one company losing its qualification and four others having their imports suspended [1] - An emergency inspection has been requested for 17 additional poultry factories in Thailand to assess compliance with Chinese standards and actual production capacity [1] - If these factories do not meet the standards, they may also face import bans to China [1] Group 2 - Thailand is one of the top three countries exporting chicken to China [1] - Despite the end of the avian influenza outbreak in Brazil, the import ban from China remains in place [1] - Following these developments, prices for various chicken products have surged, with increases of 500-1000 yuan per ton reported [1] Group 3 - Due to previous losses in hatcheries, the supply of chicks is expected to decrease, leading to a significant reduction in the number of broilers available for market [1] - Seasonal demand is anticipated to rise due to back-to-school preparations, which may further drive up chicken prices [1] Group 4 - Companies such as Shengnong Development and Minhe Shares are suggested for attention in light of these market changes [2]

人民财讯7月31日电，益生股份(002458)7月31日晚间披露2025年半年度报告，上半年实现营业收入13.21 亿元，同比下降3.98%；归母净利润615.51万元，同比下降96.64%；基本每股收益0.01元。公司拟向全 体股东每10股派发现金红利1.5元（含税）。报告期内，公司新建父母代场区产能逐步释放，商品代鸡 苗销量实现同比增长，单位成本同比下降；需求方面，受终端消费需求疲软影响，鸡肉及毛鸡价格低位 运行，商品代鸡苗销售单价同比下降幅度较大，致使该业务亏损；尽管父母代鸡苗业务持续盈利，但未 能完全弥补商品代鸡苗业务的亏损，导致公司鸡业务整体出现小幅亏损。 转自：证券时报 ...

Core Viewpoint - The company, Minhe Holdings (002234.SZ), primarily engages in the production of commodity broiler chicks and chicken products, explicitly stating that it does not involve in the antibiotic business [1] Group 1 - The main products of the company include commodity broiler chicks and chicken products [1] - The company clarifies its business operations do not include any antibiotic-related activities [1]

Core Viewpoint - The Shanghai Cooperation Organization (SCO) member states are focusing on agricultural development policies, emphasizing rural development, poverty reduction, and smart agriculture during the recent dialogue held in Kunming, Yunnan [1][4]. Group 1: Agricultural Development Strategies - Yunnan province is advancing agricultural structural adjustments by developing high-quality, high-value, and high-tech agriculture, which enhances overall agricultural quality and competitiveness [2]. - The SCO countries face challenges such as uneven water resource distribution and limited land resources, necessitating regional cooperation in agricultural innovation and infrastructure [2]. - Cambodia is implementing three mechanisms to promote poverty reduction through agriculture, including building modern agricultural communities and providing technical support [3]. Group 2: Regional Cooperation and Knowledge Sharing - Myanmar is looking to leverage the experiences of neighboring countries like China, Thailand, and India in poverty reduction and agricultural infrastructure development [5]. - The emphasis is on sustainable development and support for smallholder farmers in the poultry industry to ensure food security and promote green transformation [2].

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - The report highlights the ongoing challenges in the pig farming sector, with prices experiencing fluctuations due to increased slaughtering and seasonal demand [10][21]. - The poultry sector, particularly white-feathered chickens, is seeing price increases driven by stocking up in anticipation of better market conditions [35][39]. - The report emphasizes the importance of policy measures aimed at stabilizing production capacity in the pig industry, which could lead to long-term price improvements [10][31]. Summary by Sections Pig Farming - The average price of pigs on July 25 was 14.10 CNY/kg, down 0.09 CNY/kg week-on-week [10]. - Slaughtering volumes remain low due to hot weather and weak market demand, with an average daily slaughter of 134,700 pigs, up 1.44% week-on-week [14]. - The average weight of pigs at market decreased to 128.48 kg, with group farms averaging 124.27 kg and smallholders at 141.92 kg [21]. - Recent policy discussions emphasize strict production capacity controls, including the reduction of breeding sows and the encouragement of large enterprises to collaborate with smaller farms [31]. Poultry Sector - The price of white-feathered chickens rose to 6.70 CNY/kg, an increase of 0.30 CNY/kg week-on-week, while chicken seed prices reached 1.93 CNY/bird, up 0.56 CNY/bird [35]. - Egg prices also showed strength, with an average of 6.73 CNY/kg, up 0.90 CNY/kg week-on-week [35]. - The ongoing avian influenza situation is affecting supply, with restrictions on imports from certain countries potentially leading to further price increases [39]. Agricultural Products - Soybean meal futures saw a decline, with the DCE soybean meal contract closing at 3,021 CNY/ton, down 35 CNY/ton week-on-week [48]. - The report notes that downstream feed enterprises are increasing purchases due to concerns over rising prices, while domestic oil mills maintain high processing volumes [50]. - The report anticipates limited downward price adjustments for soybean meal in the short term, with a gradual upward shift in price levels expected [50]. Industry Performance - The agricultural sector saw a 3.62% increase over the past week, outperforming major indices such as the Shanghai Composite Index, which rose by 1.67% [55]. - Within the agricultural sub-sectors, the livestock industry led with a 5.27% increase, followed by planting and aquaculture [55].

Group 1 - The harvesting of Shizhu Longan has begun in Gaozhou, marking the start of the longan season in Guangdong. This variety is known for its thin skin, sweet taste, and early maturity [4] - Gaozhou, located at a lower latitude, produces Shizhu Longan earlier than other regions in Guangdong, thus leading the longan season [4] - The local government is focusing on enhancing the quality and marketability of Gaozhou longan, which is a key agricultural product in the region [30][34] Group 2 - The Ministry of Human Resources and Social Security has announced the release of the seventh batch of new occupations, including rural collective economic managers [6][9] - In the first half of the year, over 1,600 chief and special technicians were evaluated and appointed, reflecting ongoing efforts to enhance workforce skills [8][9] Group 3 - A new initiative has been launched to support the supply of fresh Guihua pears from Guangxi to Jiangmen, as part of a broader effort to promote rural revitalization through consumption assistance [24][26] - The unique karst topography and ecological environment of Daxin County in Guangxi provide favorable conditions for the growth of Guihua pears, which are characterized by their round shape, thin skin, and juicy texture [28]

Core Viewpoint - The white feather broiler industry is experiencing a significant price decline due to high production capacity and insufficient terminal demand, leading to an accelerated industry reshuffle [1]. Group 1: Price Decline and Market Conditions - The average price of broilers in major production areas fell below 3 yuan/kg twice this year, with chick prices dropping by half within a month [1]. - As of July 4, the average price of broilers was 6.42 yuan/kg, down 0.21 yuan/kg from the previous day, while chick prices fell to 0.91 yuan/chick, a daily drop of 0.18 yuan/chick [2]. - The price of chicks has decreased by more than 50% in just one month, with some regions experiencing order cancellations and pressure on hatcheries to reduce prices [2]. Group 2: Supply and Demand Imbalance - The root cause of the price drop is the imbalance between supply and demand, with production capacity reaching historical highs after years of expansion [3]. - The average daily output of chicks is approximately 29.07 million, a year-on-year increase of 12.75%, while the demand growth is lagging [3]. - In 2024, the slaughter volume of white feather broilers is projected to reach 8.646 billion, a year-on-year increase of 2.57%, with a further increase in 2025 [3]. Group 3: Inventory and Sales Challenges - High inventory levels and poor market demand have led to difficulties in product sales, with significant price declines observed across various chicken products [4]. - The average purchase price of white feather broilers was 3.31 yuan/kg, down 0.1 yuan/kg from the previous week, reflecting a 2.93% week-on-week decline [4]. - The combination of high inventory and reduced demand has resulted in some companies reducing production and slaughtering volumes [4]. Group 4: Industry Response and Future Outlook - Some leading meat chicken companies are seeking solutions through innovation and transformation, such as enhancing product quality and optimizing feed formulas to reduce costs [6]. - There are signs of price stabilization after a series of declines, with some companies reporting increased hatchling output and improved sales speed [6]. - Expectations for a slight recovery in chick market demand are anticipated as hatcheries may reduce output in late July, potentially aligning with the next sales peak [6].

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [1][8][64] Core Viewpoints - The report highlights the long-term value reassessment opportunities in the pig industry, with expectations of price fluctuations in the range of 14-15 CNY/kg post-Chinese New Year 2025, indicating a potential downward trend in prices due to supply pressures [4][15] - The poultry sector is experiencing price declines, with a focus on marginal improvements in the cycle, while the animal health sector is expected to see performance recovery and investment opportunities in the pet medical industry [5][6][28] - The pet economy is thriving, with domestic brands rapidly emerging, and the report anticipates continued improvement in industry profitability [7][58] Summary by Sections 1. Pig Industry - The average price of pigs is currently around 14.6 CNY/kg, with a slight weekly decline [14] - The report recommends companies with low costs and strong financials, specifically highlighting Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture [15][64] 2. Poultry Industry - The report notes a decline in poultry prices, with a focus on the cyclical improvements expected in the future [27] - Recommendations include Shennong Development and Lihua Stock [5][28] 3. Animal Health - The animal health sector is expected to see a recovery in performance, supported by the profitability of the pig farming industry [6][38] - Investment opportunities in the pet medical sector are highlighted, with a market size of approximately 840 billion CNY [7][38] 4. Planting Industry - The report indicates a decrease in wheat and corn prices, with recommendations for companies involved in genetically modified seeds [44][50] 5. Feed Industry - The total industrial feed production in the first half of 2025 reached 15,850 million tons, showing a year-on-year growth of 7.7% [48][50] - Recommendations include Haida Group and attention to He Feng Stock [50] 6. Pet Industry - The pet consumption market is projected to reach 300.2 billion CNY in 2024, with a growth rate of 7.5% [55][58] - Recommended companies in the pet food sector include Guai Bao Pet, Zhongchong Stock, and Petty Stock [58][64]

Group 1 - Kuwait will ban the import of poultry from several regions in the United States due to avian influenza [1] - Kuwait is lifting the import ban on all types of poultry from Brazil [1]

Core Viewpoint - The domestic white feather chicken market is experiencing a significant downturn in prices due to an oversupply situation, leading to a clear performance divergence among companies in the industry [1][2]. Group 1: Market Performance - The average market price for white feather chicken in the first half of the year is estimated at 3.52 yuan per pound, a decrease of 6.96% compared to the same period last year [1]. - The estimated output of white feather chickens in the first half of the year is 4.412 billion birds, representing a year-on-year increase of 11.7%, while demand remains weak [1]. - Companies like Shandong Minhe Livestock and Poultry Co., Ltd. and Shandong Yisheng Livestock and Poultry Co., Ltd. are expected to report increased losses and significant declines in net profits due to low chicken and chick prices [1]. Group 2: Company Strategies - Fujian Shengnong Development Co., Ltd. is countering cyclical impacts by extending its industrial chain and focusing on high-value retail channels, which has supported revenue growth [2]. - Shandong Xiantan Co., Ltd. has achieved significant profit growth by optimizing production processes and reducing costs, with an expected net profit of 130 million to 143 million yuan, a year-on-year increase of 325.91% to 364.93% [2]. - Companies are encouraged to explore non-cyclical revenue sources and deepen cooperation with food processing firms to stabilize income [3]. Group 3: Future Outlook - Analysts predict that while the output of white feather chickens will continue to increase in the second half of the year, the growth rate will slow down, and there may be seasonal demand recovery leading to a potential price rebound [2]. - The performance divergence among companies is likely to persist unless supply-side adjustments and demand recovery, particularly in the restaurant and catering sectors, occur [3]. - Companies are advised to innovate product offerings and consider mergers and acquisitions to enhance competitiveness in the evolving market landscape [3].