银行股尾盘突然跳水。 A股今日（5月30日）弱势下探，创业板指一度跌超1%；港股亦大幅下挫，恒生指数跌超1%，恒生科技指数跌逾2%。 中邮证券近日指出，2025年猪价难以大幅波动，行业去产能或较难推进。盈利情况将是今年行业最大看点，而成本差异是企业盈利能力的最有效鉴别器。当前饲料 成本下降已告一段落，养殖成本的下降将更加依赖于企业的养殖水平、管理水平等，故建议首选成本优势突出的标的。 具体来看，A股市场主要股指盘中震荡下探，深证成指、创业板指等一度跌超1%。截至收盘，沪指跌0.47%报3347.49点，深证成指跌0.85%报10040.63点，创业 板指跌0.96%报1993.19点，科创50指数跌0.94%，沪深北三市合计成交11646亿元，较此前一日减少490亿元。 场内超4100股飘绿，汽车、半导体等板块走低；农业股崛起，猪肉、鸡肉股亮眼，巨星农牧、湘佳股份涨停，牧原股份涨近5%；创新药概念再度活跃，睿智医药 连续两日涨停，华森制药斩获4连板；值得注意的是，多只高位股高位跳水，国芳集团、京华激光、王子新材、融发核电等相继跌停。 此外，上海银行、兴业银行等部分银行股尾盘突然异动，市值超万亿元的招商银行直线 ...

Market Performance - A-shares experienced a decline on May 30, with the ChiNext index leading the drop. The Shanghai Composite Index closed at 3347.49 points, down 0.47%, with a trading volume of approximately 443.4 billion yuan. The Shenzhen Component Index closed at 10040.63 points, down 0.85%, with a trading volume of about 695.8 billion yuan. The ChiNext index closed at 1993.19 points, down 0.96%, with a trading volume of around 321 billion yuan [1] Sector Performance - The banking sector, traditional Chinese medicine, diversified finance, pork, innovative pharmaceuticals, and brain-computer interface stocks saw significant gains. Conversely, sectors such as electric machinery, internet e-commerce, complete automobiles, controllable nuclear fusion, humanoid robots, and copper cable high-speed connections experienced notable declines [2] Institutional Insights - According to Jifeng Investment Advisory, the recent market pullback is attributed to main force repositioning. With a series of counter-cyclical adjustment policies being implemented, the A-share market is gradually finding a bottom, presenting medium to long-term investment opportunities. In June, policy expectations and semi-annual report performance verification will drive funds towards sectors with high earnings certainty, focusing on consumption upgrades, high-tech growth, and undervalued sectors [3] - CITIC Securities noted an increase in attention towards robotics applications, particularly in logistics and healthcare. It recommends focusing on AI-enabled smart development applications, including sensors and exoskeleton robots, which do not necessarily rely on humanoid forms for growth [3] - Galaxy Securities highlighted that AR glasses manufacturers are pushing the technology from niche markets to mainstream consumer electronics. Despite challenges in cost, battery life, and user habits, the maturation of AI and AR technologies could lead to significant growth in the entire supply chain [3] Policy Developments - The Ministry of Industry and Information Technology announced the "Computing Power Interconnection Action Plan," aiming to establish a comprehensive standardization system for national public computing power by 2028. The plan includes promoting high-performance transmission protocols and creating a national platform for computing power resource interconnection [4] IPO Trends - Following the launch of the "Science and Technology Enterprise Express" in Hong Kong, there has been a surge in inquiries regarding IPOs from mainland companies. The Hong Kong Stock Exchange is working on optimizing listing regulations to attract more companies from various regions to list in Hong Kong [5] Industry Regulations - Several leading pig farming companies have received notifications to suspend the expansion of breeding sows and control the weight of market pigs to around 120 kg. This is part of a broader effort to manage production capacity and stabilize prices in the industry [6][7]

美国农业部首席兽医官：预计今年夏天家禽中的禽流感疫情将不会太严重。预计到年底，家禽养殖场的 禽流感疫情将得到控制。预计美国在今年年底之前恢复从墨西哥进口牛肉。 ...

Group 1 - Several *ST companies in the A-share market have successfully removed their delisting risk warnings since May, indicating a positive trend in the market [1][2] - Beijing Oriental Garden Environment Co., Ltd. (Oriental Garden) and Sichuan Jinshi Technology Co., Ltd. (Jinshi Technology) have both lifted their delisting risk warnings and changed their stock names [1] - Fujian Aonong Biotechnology Group Co., Ltd. (Aonong Biotechnology) and Shanxi Kexin Development Co., Ltd. (Kexin Development) have also successfully removed their delisting risk warnings, reflecting improved financial health [1] Group 2 - The recent trend of *ST companies removing delisting warnings is seen as a positive signal from a strategic perspective, as it indicates companies are focusing on core operations and restructuring [2] - Kexin Development reported a revenue of 375 million yuan and a net profit of approximately 39.98 million yuan for 2024, highlighting its successful business strategy [2] - Jinshi Technology achieved revenues of 258 million yuan from its energy storage business and 120 million yuan from its safety and fire protection business in 2024, demonstrating effective business transformation [2] Group 3 - Wento Holdings' successful removal of its delisting warning is attributed to its judicial restructuring, which improved its asset-liability structure and operational capabilities [3] - Aonong Biotechnology reported an annual revenue of 8.763 billion yuan and a net profit of 579 million yuan for 2024, following its bankruptcy restructuring [3] - The focus on core business and internal control quality is crucial for companies to improve their fundamentals and regain market confidence [3]

Group 1 - China Merchants Energy announced the termination of the restructuring plan for its subsidiaries, China Merchants Container Shipping and China Merchants Roll-on Roll-off, due to lack of consensus on transaction terms and changes in market conditions [1] - The company will maintain its current equity structure, while Antong Holdings will take over the controlling stake of the subsidiaries [1] - China Merchants Container Shipping operates 30 vessels with a total capacity of 47,678 TEU, ranking 34th among global liner companies [1] Group 2 - Muyuan Foods has submitted an application for the issuance and listing of H-shares on the Hong Kong Stock Exchange, with the application materials published on the exchange's website [1] - In 2024, Muyuan Foods achieved a revenue of 137.947 billion yuan, a year-on-year increase of 24.43%, and a net profit of 18.925 billion yuan, up 554.07% [2] - The company sold 71.602 million pigs, including 65.477 million market pigs and 1.2524 million slaughtered pigs, with pork product sales totaling 141,590 tons [2] Group 3 - Optoelectronics Co. received approval from the China Securities Regulatory Commission for its application to issue shares to specific investors [3] - Xingqi Eye Medicine plans to raise no more than 850 million yuan through a private placement of shares for research and development center construction and working capital [4] - Jinyang Co. intends to issue convertible bonds to raise no more than 980 million yuan for lithium battery precision components projects and working capital [5] Group 4 - Nanjing Chemical Fiber received approval from the Jiangsu Provincial State-owned Assets Supervision and Administration Commission for a major asset swap and fundraising plan [8] - Zhongcheng Co. plans to acquire 100% equity of Zhongji Jiangsu and raise funds from no more than 35 specific investors, enhancing its capabilities in energy storage projects [8] Group 5 - Guotai Haitong plans to increase its capital by 1.5 billion yuan to Guotai Junan Futures for net capital supplementation [9] - Zhinan Compass's chairman resigned due to personal reasons, with the vice chairman temporarily taking over the responsibilities [10] Group 6 - Youa Co. intends to acquire 100% equity of Shenzhen Shangyangtong for 1.58 billion yuan, marking a strategic shift into the power semiconductor sector [11] - ST Dongjing is planning a change in control, with stock suspension starting from May 28, 2025, due to negotiations with a third party [12] - Su Shi Testing plans to acquire 23.73% equity of its subsidiary Su Shi Yite for 336 million yuan, increasing its stake from 73.82% to 97.55% [13] Group 7 - Wangzi New Materials elected Wang Jinjun as chairman and appointed him as CEO for a three-year term [14] - Nanjing Public Utilities plans to merge its wholly-owned subsidiary to optimize management structure and reduce costs [14] - Western Securities plans to issue up to 1 billion yuan in technology innovation corporate bonds to supplement working capital [14] Group 8 - Lutianhua intends to acquire 100% equity of Luzhou Hongsheng Chemical Park Operations for 676 million yuan, facilitating its project implementation [15] - Camel Group elected Liu Changle as chairman during its board meeting [15] - Yapu Co. plans to purchase approximately 54.5% of Yingshuang Technology for about 578 million yuan to enhance its automotive parts strategy [15] Group 9 - Luoping Zinc Electric is planning a change in control, with stock suspension starting from May 28, 2025, pending regulatory approval [16]

影。一菜双味， 鲜甜交织；这些 创新菜式在传承 传统烹饪技艺的 基础上，大胆创 新，将马冈鹅的 鲜美特质与荔枝 的清甜风味巧妙 融合，成功撩动 了无数食客的味 蕾。 为进一步推广开 平美食文 化，"马冈鹅遇 上广东荔枝"宣 0:00 传视频正式推 出。视频中，熟 悉的粤韵"卖荔 枝"旋律悠扬响 起，伴随着用荔 枝柴精心烧制而 成的马冈烧鹅惊 马冈鹅喊你吃广 东荔枝，请收下 这份美食清单！ _南方+_南方 plus 荔枝时节，荔韵 飘香。当马冈鹅 遇上广东荔枝， 将会呈现什么样 的美食盛宴？近 日，开平积极推 动美食创新，推 出"马冈鹅+荔 枝"系列新菜 式，包括荔韵双 味鹅、鹅韵荔香 盏、翠影荔香 鹅、荔香鹅粒 脆、荔香醉鹅 艳亮相。那诱人 的画面，即便隔 着屏幕，也能让 食客们感受到绝 佳的美味。"开 平味，鹅为 先！"吃货们的 DNA瞬间被激 活，一颗心早已 飞向了那满是美 食的开平。 "嘎吱"一响，荔 枝烧鹅味道一流 在广东饮食文化 的宏大版图里， 烧鹅占据着无可 替代的重要地 位。而在烧鹅的 食材选择上，开 平马冈鹅堪 称"王者之选" 。 轻轻一咬，发 出"嘎吱"的美妙 声响；荔枝柴烧 鹅，更是将马冈 ...

湘佳股份2024年度权益分派方案已经2025年5月12日召开的2024年度股东大会审议通过，具体内容如 下：- 向全体股东每10股派现金1.00元（含税）；- 以资本公积金转增股本每10股转增4股；- 分红前公司 总股本为145,138,508股，分红后增至203,193,911股；- 本次权益分派股权登记日为2025年5月29日，除 权除息日为2025年5月30日；- 本次转增的股份于2025年5月30日直接记入股东证券账户；- 实施后每股 净收益为0.4828元，按新股本计算每10股现金分红比例为1.000000元；- 因实施本次权益分派，"湘佳转 债"的转股价格将由29.68元/股调整为21.13元/股；- 咨询地址为湖南省石门县二都街道陈氏祠社区九峰 路，咨询联系人易彩虹，电话0736-5223898，邮箱hnsjnmgs@163.com；- 备查文件包括中国证券登记结 算有限责任公司深圳分公司确认有关分红派息具体时间安排的文件、公司第五届董事会第十二次会议决 议、公司2024年度股东大会决议。 关于调整湘佳转债转股价格的公告 湘佳股份因实施2024年度利润分配及资本公积金转增股本预案，将向全体股东每 ...

证券研究报告 | 行业周报 gszqdatemark 2025 05 25 年 月 日 农林牧渔 618 预售，宠物板块迎来开门红 本周热点：618 预售，宠物板块迎来开门红。本届 618 大促中宠物类目 仍然表现突出，展现出持续强劲的爆发力和增长力。天猫宠物发布战 报，618 开卖 100 分钟成交金额超去年首日全天，开卖首小时，653 个 宠物品牌成交同比翻倍，开卖 4 小时，天猫宠物直播成交同比大涨近 180%。 其次，国产品牌在天猫强势崛起，多个品牌战报交出亮眼成绩，上市公 司品牌中，爵宴成交增长超 450%；Toptrees 成交增长超 250%；路斯 宠物猫主粮 GMV 同比增长 103%；弗列加特开卖 90min 成交破百万。 从销售前十品牌看，国产品牌替代趋势仍然明显；根据京东超级秒杀 日战报，猫干粮品牌成交全额 TOP10：皇家、网易严选、麦富迪、Orijen、 天然百利、蓝氏、素力高、弗列加特、爱肯拿、诚实一口；狗干粮品牌 成交 TOP10：皇家、麦富迪、伯纳天纯、网易严选、爱肯拿、疯狂小 狗、海洋之星、Orijen、蓝氏、冠能；根据天猫预售战报看，猫主粮天 猫品牌榜 TOP10：蓝氏、弗 ...

证券研究报告 | 行业策略 gszqdatemark 2025 05 25 年 月 日 行业走势 -30% -20% -10% 0% 10% 20% 2024-05 2024-09 2025-01 2025-05 农林牧渔 沪深300 作者 农林牧渔 传统与革新交织，优选景气与成长——2025 年中期策略 过去半年，我们看到各肉类蛋白价格保持坚挺，消费有所回升，此外种植 业关注拉尼娜天气周期临近，作物丰产预期或将结束，均指向传统消费领 域景气度好于预期，在市场一致性悲观的时间段里潜在长线的配置机会。 传统消费之外，新消费的方向逐步走向清晰。从大类来看，增进健康与收 获快乐的新消费亮点频现。符合年轻一代快乐消费的主要方向就是宠物相 关行业，包括宠物食品、医疗等，国产品牌在中高端市场加速发力，业绩 与预期双重增强。而涉及健康领域的新方向，包括减糖意识深化带来代糖 产业崛起，健康食品概念的魔芋、金针菇，视力保护概念水果蓝莓等，都 有颇多亮点。 投资建议。基于各板块景气判断与策略，关注标的如下：生猪养殖：牧原 股份、温氏股份、神农集团等；家禽与其他养殖：圣农发展、禾丰股份、 益生股份、立华股份、光明肉业；水产饲料：海 ...

Investment Rating - Maintain "Add" rating for the agricultural sector [5] Core Views - The pet sector showed strong performance during the 618 pre-sale event, with significant sales growth and a notable increase in domestic brand presence [12][13] - In the pig farming sector, the average selling price of lean pigs decreased to 14.46 CNY/kg, down 1.2% from the previous week, indicating a low valuation environment [14][15] - The poultry sector experienced a slight decline in white feather chicken prices, with the average price at 7.36 CNY/kg, down 0.5% [14][30] - The commercialization of genetically modified varieties is expected to enhance growth potential in the agricultural sector [14] - The fluctuation of agricultural product prices and the ongoing adjustment of poultry production capacity present investment opportunities [14] Summary by Sections Weekly Highlights - The pet category performed exceptionally well during the 618 sales event, with sales figures surpassing last year's first-day totals [12] - Domestic brands are gaining market share, with significant sales growth reported for several brands [13] Agricultural Data Tracking - The average selling price of lean pigs is 14.46 CNY/kg, down 1.2% from last week, while the average wholesale price of pork remains stable at 20.95 CNY/kg [15][16] - The average price of white feather chickens is 7.36 CNY/kg, down 0.5%, and the average price of chicken products is stable at 8.86 CNY/kg [30][31] - The price of 15kg piglets decreased to 42.42 CNY/kg, down 2.1% from last week [20][34] Livestock and Poultry - The self-breeding profit for pigs decreased to 48.21 CNY/head, down 32.45 CNY from last week, while the profit from purchased piglets is negative [17][21] - The average price of meat chicken seedlings remains stable at 2.85 CNY each [26][30] Crop and Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, enhancing the growth potential of industry companies [14] - The fluctuation in agricultural product prices is expected to create opportunities for leading feed companies to replace smaller competitors [14]