Investment Rating - The report maintains an "Increase" rating for the agricultural, forestry, animal husbandry, and fishery industry [4] Core Viewpoints - The overall allocation in the agricultural sector is currently low, below the standard allocation level, indicating potential investment opportunities in leading companies as costs decrease and performance improves [3][18] - The report highlights a significant reduction in heavy allocations in the breeding sector, while other segments show minor changes [10][13] Summary by Sections Heavy Allocation Analysis - As of Q1 2025, the heavy allocation in the agricultural sector is 0.92%, a decrease of 0.08 percentage points quarter-on-quarter and 0.74 percentage points year-on-year [10][11] - The breeding industry accounts for 0.45% of heavy allocations, down 0.06 percentage points from the previous quarter [13][14] Company-Specific Changes - Among the top 15 heavy allocation stocks, most companies have reduced their allocations, with only Zhongchong Co., Ltd. increasing by approximately 0.03 percentage points [2][14] - The top five stocks with increased allocations include Zhongchong Co., Ltd. (+7.03%) and Ruipu Bio (+1.24%), while the top five with decreased allocations include Quanyin High-Tech (-2.37%) and Lihua Co., Ltd. (-2.24%) [2][15][16] Investment Recommendations - For the breeding sector, focus on leading companies like Muyuan Foods, Wens Foodstuff Group, and Shennong Group, as well as companies related to yellow chickens like Lihua Co., Ltd. [3][18] - In the breeding support sector, attention should be given to leading companies such as Haida Group and Bangji Technology [3][18] - The planting sector shows strong profitability stability, with recommendations for companies like Suqian Agricultural Development and Beidahuang Group [3][18]

登录新浪财经APP 搜索【信披】查看更多考评等级 5、公司将依据相关规定，及时做好信息披露工作，并在定期报告中披露报告期内使用闲置资金进行现 金管理的具体情况。 公司本次使用部分闲置自有资金进行现金管理，仅投资于安全性高、流动性好的短期保本或稳健型理财 产品，投资风险可控；但金融市场受宏观经济、市场波动的影响，不排除投资收益具有一定的不可预期 性。敬请广大投资者谨慎决策，注意防范投资风险。 五、决策程序的履行情况 公司于2025年4月24日召开第五届董事会第十八次会议、第五届监事会第十二次会议，分别审议通过了 《关于使用部分闲置自有资金进行现金管理的议案》；同意自股东大会审议通过之日起12个月内，在保 证正常经营所需流动资金的情况下，使用不超过人民币6.5亿元暂时闲置自有资金进行现金管理；在上 述额度内，该类资金可以单笔或分笔进行单次或累计滚动不超过一年期的现金管理，并授权由公司法定 代表人或其授权人员行使投资决策职责和具体实施。 该议案尚需提交股东大会审议通过。 特此公告 三、对公司的影响 1、公司本次使用部分闲置自有资金进行现金管理，是在确保公司日常经营和资金安全的前提下实施 的，不影响日常经营资金的正常 ...

Investment Rating - The report maintains a "Recommended" investment rating for the industry, suggesting a potential upside of over 15% relative to benchmark indices [4]. Core Insights - The swine industry shows stable breeding profits, with a focus on capacity reduction logic. The average price of external three yuan pigs was 15.0 CNY/kg, up 2.1% week-on-week, while the average weight of pigs sold was 128.6 kg, down 0.2% [19][20]. - The beef industry is at an inflection point, with strong price performance continuing. The average price of calves was 28.2 CNY/kg, up 2.1%, and the average price of fattened cattle was 25.8 CNY/kg, up 0.7% [23][30]. - The white chicken market is affected by ongoing avian influenza, with significant impacts on breeding stock and prices. The average price of white feather broiler chicks was 2.8 CNY/chick, up 9.5% [31][34]. - The animal health sector is seeing a recovery in demand as breeding supply stabilizes, with a notable increase in the issuance of vaccines [48][49]. Summary by Sections Swine Industry - The average price of external three yuan pigs was 15.0 CNY/kg, reflecting a week-on-week increase of 2.1%. The average weight of pigs sold was 128.6 kg, down 0.2%. The price of 15 kg external three yuan piglets was 668 CNY/head, with a slight decrease of 0.05% [19][21]. - Supply pressure remains stable, with normal sales rhythms from large producers and limited sales from smallholders. The demand side shows increased activity from secondary breeding, but overall consumption remains weak [20][21]. - The report recommends companies such as Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe for investment [20]. Beef Industry - The beef breeding industry is entering a capacity release phase, with the earliest signs of a price bottom forming. The report anticipates a potential recovery in the industry by late 2025 or early 2026 [23][30]. - The average wholesale price of beef was 61.4 CNY/kg, reflecting a slight increase of 0.2% [29][30]. - Recommended companies include Fucheng Co. and Guangming Meat Industry, focusing on integrated breeding and sales [23]. Poultry Industry - The average price of white feather broiler eggs was 1.6 CNY/egg, up 2.0%, while the average price of white feather broilers was 3.7 CNY/kg, up 2.2% [31][34]. - The report highlights the impact of avian influenza on breeding imports, particularly from the U.S. and New Zealand, which has been suspended for over three months [31][32]. - Recommended companies include Yisheng Livestock and He Feng Food [31]. Animal Health Sector - The demand for animal health products is expected to recover as breeding supply stabilizes. The issuance of vaccines has shown significant increases, particularly for swine diseases [48][49]. - The report recommends companies like Kexin Biological and Zhongmu Biotechnology, which are positioned to benefit from the recovery in the animal health market [49].

海利生物（603718）公告，2024年营业收入2.71亿元，同比增长12.59%。归属于上市公司股东的净利润 1.71亿元，同比增长172.28%。基本每股收益0.27元／股，同比增长170.00%。向全体股东每10股派发现 金红利0.784元(含税)。 ...

Investment Rating - The report rates the agricultural, forestry, animal husbandry, and fishery industry as "Overweight" [2][8] Core Viewpoints - The agricultural sector is expected to see a significant recovery in Q1 2025, with a projected net profit of 99.30 billion yuan, marking a year-on-year increase of 705% [4][5] - Key sub-sectors expected to show strong growth include seed and planting (+320%), pig farming (+278%), and chicken farming (+117%) [3][4] - The report highlights the performance of specific companies, with notable profit increases for Muyuansheng (289%), Wen's (246%), and Shennong Group (6550%) [3][6] Summary by Relevant Sections Pig Farming - In Q1 2025, despite a slight decline in pig prices, the cost optimization has led to profitability, with an average profit of 85.89 yuan per head [3][4] - The average price of pigs was 15.06 yuan/kg, down 9.43% from the previous quarter [3] - Major pig farming companies are expected to report a combined net profit of 66.70 billion yuan, a significant turnaround from losses [3][4] Chicken Farming - The white feather chicken sector is facing price declines across the supply chain, with significant drops in chick and meat prices [3][4] - The average price for white feather chicken chicks was 2.36 yuan each, down 29.2% year-on-year [3] - Despite challenges, companies like Shennong Development are expected to achieve profitability due to cost management [3][4] Pet Food - The pet food sector is projected to grow rapidly, driven by both domestic and international markets [3][4] - Exports of pet food increased by 9.1% in early 2025, with domestic brands launching new products [3][4] - Companies like Guibao Pet and Zhongchong are expected to see net profit increases of 21% and 42%, respectively [3][4] Animal Health - The increase in livestock numbers is expected to boost sales of veterinary products, with a projected recovery in revenue and net profit for listed companies [3][4] - The number of vaccine approvals increased by 23% year-on-year, indicating a recovery in demand [3][4] Investment Analysis - The report suggests focusing on investment opportunities across various agricultural sub-sectors, particularly in light of favorable tariff policies and the push for self-sufficiency [3][4] - Recommended companies for investment include Muyuansheng, Wen's, Haida Group, Guibao Pet, Shennong Development, and Longping High-Tech [3][4][9]

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Views - The report highlights the weak fluctuation of pig prices, with expectations of a downward trend in the short term and a long-term weak operation in 2025 due to increased supply and weak demand [4][14] - The poultry sector may see price improvements due to the impact of tariffs and a shortage of quality breeding stock caused by avian influenza [5][28] - The animal health sector is expected to benefit from improved downstream demand and external expansion opportunities, with rising prices for key products like Tylosin [6][41] - The planting sector is experiencing price fluctuations for major grains, with a focus on the commercialization of genetically modified seeds [8][46] - The feed sector is seeing a decline in prices, with recommendations for companies like Haida Group [8][49] - The pet market continues to grow rapidly, with strong performance from domestic brands and recommendations for companies in the pet food and medical sectors [8][54][57] Summary by Sections Pig Industry - Pig prices are expected to adjust slightly, with a forecast of weak performance in 2025 due to increased supply [4][14] - As of April 10, 2025, the average price of live pigs is 14.6 CNY/kg, with no change from the previous week [14] Poultry Industry - The poultry sector may see price increases due to tariff impacts and a lack of quality breeding stock [5][28] - The average price of broiler chickens is 3.75 CNY/lb, reflecting a weekly increase [28] Animal Health - The animal health sector is experiencing improved profitability, with Tylosin prices rising significantly [6][41] - The report suggests focusing on companies with expected external expansion, such as Reap Bio [6] Planting Sector - Major grain prices are fluctuating, with corn priced at 2199 CNY/ton and wheat at 2422 CNY/ton [8][46] - The report recommends companies involved in genetically modified seed development [8] Feed Sector - Feed prices are declining, with pig feed at 3.35 CNY/kg [8][49] - The report suggests focusing on companies like Haida Group due to expected industry consolidation [8] Pet Industry - The pet market is projected to reach 300.2 billion CNY in 2024, with a growth rate of 7.5% [8][54] - Recommendations include companies like Guobao Pet and Zhongchong Co., which are experiencing significant growth [8][57]

Investment Rating - The industry investment rating is "Overweight" indicating that the agricultural sector is expected to outperform the overall market [2][5]. Core Insights - The report emphasizes the strategic value of the agricultural sector under the backdrop of unexpected tariff policies and the "internal circulation + self-control" approach, highlighting investment opportunities across various sub-sectors [5][3]. - The report notes a significant increase in online sales of pet food, with March sales reaching 2.65 billion yuan, a year-on-year increase of 23% and a month-on-month increase of 44% [3][5]. Summary by Relevant Sections Agricultural Sector Performance - The Shenwan Agricultural Index rose by 3.3%, while the CSI 300 Index fell by 2.9% during the week [3][4]. - Top five gainers included Shen Nong Technology (35.7%), Xin Sai Co. (32.2%), Jin He Biological (28.8%), Wanxiang De Nong (24.9%), and Bei Da Huang (19.7%) [4][12]. Livestock Farming - Swine prices are expected to fluctuate, with the average price for external three yuan pigs at 14.80 yuan/kg, a week-on-week increase of 1.4% [3][13]. - The report anticipates a potential decline in pig prices due to increased supply in the second quarter, suggesting a left-side investment opportunity in the sector [3][5]. Poultry Farming - The price of white chicken chicks continues to weaken, with the average price at 2.54 yuan/chick, a week-on-week decrease of 7.64% [3][5]. - The report highlights the importance of monitoring consumer demand, particularly in the restaurant and catering sectors, as a key factor affecting the poultry market [3][5]. Pet Food Industry - The report indicates that domestic brands are likely to gain market share as the cost-effectiveness of imported pet food declines [5][3]. - Key companies in the pet food sector, such as Guai Bao Pet and Zhong Chong Co., reported significant growth in sales, with Guai Bao Pet achieving a 47% year-on-year increase in March [3][5]. Seed Industry - The necessity for self-control in the seed industry is increasingly evident, with a push towards biological breeding and accelerated industrialization [5][3]. - The report recommends focusing on companies like Longping High-Tech and Dabeinong in the seed sector [5][3].

点击注册小程序 查看完整报告 特别申明： 公司2024年实现营业收入30.7亿元，同比+36.5%，实现归母净利润3.01亿元，同比-33.61%，扣非归母净 利润2.81亿元，同比-11.87%。 全年营收稳健增长，利润短期承压 2024年营收增长稳健，主要受益于兽用生物制品和宠物供应链，同比+23.4%和+37.66%。分产品营收增减 情况各异，制剂及原料药营收同比-5.83%，宠物药品营收同比-28.26%；宠物生物制品、畜用生物制品、 宠物供应链、禽用生物制品营收显著上升，同比+849.09%、+49.78%、+37.66%、+15.9%。利润方面，受 市场价格波动和原料成本上涨影响，公司整体毛利率从23年的49.69%降至41.38%。 扩大研发创新投入，补强战略产业结构 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客 ...

| ○ 基金经理 : 吴国清 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 累计任职时间：9年又199天 任职起始日期：2015-09-25 现任基金公司:前海开源基金管理有限公司 现任基金资产 在管基金最佳 总规模 24.53亿元 205.02% | 任期回报 | | 基金经理简介:吴国清先生:中国国籍,清华大学经济管理学博士。 历任南方基金管理股份有限 公司研究员、基金经理助理、投资经理:2015年8月加盟前海开源基金管理有限公司,现任公司 执行投资总监、基金经理。2015年9月25日至2020年7月23日,任前海开源大海洋战略经济灵 活配置混合型证券投资基金基金经理:2016年8月16日至今,任前海开源鼎瑞债券型证券投资基 金基金经理;2016年10月17日至今,任前海开源沪港深核心资源灵活配置混合型证券投资基金 基金经理;2017年3月1日至2022年11月16日,任前海开源沪港深强国产业灵活配置混合型证券 | | | | | | 吴国清 吴国清管理过的基金一览 | | | | 投资基金基金经 ...

作 者丨特约记者庞华玮 编 辑丨巫燕玲 此外，4月7日晚间， 宁德时代 公告，公司拟使用不低于4 0亿元且不超过 8 0亿元 自有或自筹 资金以集中竞价交易方式回购部分股份，并在未来适宜时机用于股权激励计划或员工持股计 划。 4月7日晚， 中国电科 发布公告称，基于对我国经济长期向好的坚定信心，积极履行对资本市 场承诺， 已完成增持回购旗下上市公司股票超过2 0亿元。 4月7日，清明假期后第一个交易日，亚太股市跟跌，日经2 2 5指数和韩国综合指数均一度触发 熔断。A股三大指数也集体回调。市场全天成交额约1 . 6 2万亿元，较上一交易日增加0 . 4 6万亿 元。 对此，中信证券政策研究首席分析师于翔认为， A股的调整更多是受到海外悲观情绪的带 动 ，实际上并没有那么悲观。 美国的宽松政策可能在今年年底到明年上半年出现，与中国宽松 周期重叠。其认为，当前的调整是一个布局的时间点。尽管避险情绪仍然存在，但从股票投资 的角度来看，估值是核心因素，他建议投资者关注股票资产配置。 此前， 中央汇金、中国诚通、中国国新 先后发布公告称出手增持中国股票资产，坚决维护资 本市场平稳运行，并表示坚决当好长期资本、耐心资本、 ...