行业报告 | 行业研究周报 农林牧渔 证券研究报告 1、生猪板块：行业盈利空间持续压缩，重视生猪板块预期差！ 1）猪价低位震荡&仔猪价格继续回落。截至6 月21 日，全国生猪均价 14.37 元/kg，较上周末下跌 0.28%（智农通），本周行业自繁自养盈利约 92 元/ 头，较前期大幅缩窄（5 月头均盈利160 元/头）；本周7kg 仔猪和50kg 二元母猪价格为443 元/头和 1619 元/头，仔猪价格较高点回落超200 元/头。 供应端，本周出栏均重为 128.28kg（环比-0.42%），150kg 以上生猪出栏占比为4.74%（环比-0.08pct），近期降重趋势明确但绝对体重仍处历史同期高 位。需求端，上周价格跌至年内低点后，多数屠企低价分割意愿增强，本周屠宰样本日均宰杀量环比+1.96%。但短期来看，高温期季节性消费淡季， 拖累整体鲜品走货难度增加。近期天气炎热或加速前期大猪出栏，猪价或呈季节性走弱趋势，行业盈利空间持续压缩，或加强去化逻辑。 2）重视生猪板块低估值、预期差！重视优秀企业的盈利能力！在 25 年猪价持续低位&政策引导情况下，后续产能去化容易程度及复产难度或再度提 升，产能有望波 ...

Group 1: Pet Economy - The pet economy continues to show high growth, with over 400 pet brands achieving sales growth of over 100% year-on-year during the "618" shopping festival [1] - The number of pet transaction users increased by 32% year-on-year, while new pet owners grew by 39% [1] - Top brands in various pet food categories include Royal Canin and Maffidi for cat and dog dry food, and Maffidi and Zeal for cat and dog snacks/wet food [1] Group 2: Pig Prices - The average price of external three yuan pigs rose to 14.22 yuan/kg, a week-on-week increase of 1.43% [2] - The average price of piglets decreased to 31.85 yuan/kg, down 3.16% week-on-week [2] - The average weight of market pigs decreased slightly to 128.28 kg, while the inventory rate of frozen products increased to 14.04% [2] Group 3: Grain Prices - Prices for corn, soybean meal, and wheat have increased, with corn averaging 2417.06 yuan/ton (up 0.47%), soybean meal at 3015.14 yuan/ton (up 1.59%), and wheat at 2441.67 yuan/ton (up 0.46%) [3] - Weather conditions and trade dynamics are influencing corn prices, while soybean meal prices are affected by supply concerns from the U.S. and geopolitical tensions [3] Group 4: Investment Recommendations - The pig farming sector is expected to enter a long-term profit growth phase after inventory reduction, with recommended companies including Juxing Agriculture, Shennong Group, and Muyuan Foods [4] - The post-cycle sector is seeing a recovery in feed and veterinary demand, with companies like Haida Group and Ruipu Biotech recommended [4] - The planting chain is showing positive fundamentals with rising grain prices, suggesting investment opportunities in companies like Suqian Agricultural Development and Beidahuang [4] - The pet food industry is in a growth phase, with increasing recognition of domestic brands and recommended companies including Guibao Pet and Zhongchong Co. [4]

证券研究报告 | 行业周报 gszqdatemark 2025 06 22 年 月 日 农林牧渔 618 京东宠物战报发布，行业热度不减 本周热点：618 京东宠物全周期战报发布，400 个商家成交额翻倍，国 产品牌持续提升。6 月 19 日，京东宠物发布了 618 年中大促全周期终极 战报，统计时间为 5/13-6/18（去年大促为 5/20-6/18）。 数据显示，1）在用户层面，618 期间京东宠物 400 个商家成交额翻倍， 成交用户同比增长 32%、新晋养宠用户同比增长 39%、PLUS 用户同 比增长 35%。2）在品牌方面，犬猫宠物干粮皇家双榜第一，犬猫宠物 零食麦富迪双榜单第一；其中猫干粮 TOP10 分别是：皇家、麦富迪（上 升 2 位）、网易严选、渴望（新入榜单）、蓝氏、天然百利、爱肯拿、弗 列加特（新入榜单）、诚实一口（新入榜单）、冠能。狗干粮 TOP10： 皇家（上升 2 位）、麦富迪（持平）、伯纳天纯、疯狂小狗、爱肯拿（上 升 4 位）、渴望、网易严选、蓝氏（新入榜单）、冠能、凯锐思；猫零食 /湿粮 TOP5：麦富迪（上升 1 位）、蓝氏（上升 6 位）、顽皮（上升 1 位）、弗列加 ...

6月20日，在参加"第九届中国—南亚博览会"期间，云南神农农业产业集团股份有限公司举办了"2024年可持续发展发布 会"，全景展示神农集团在可持续发展领域的创新实践，并与八方宾客共同探讨农业产业链的可持续发展实践。 生态优先：厚植神农绿色发展底色 多年以来，神农集团坚持绿色发展、低碳循环的可持续发展路径。通过构建"污染治理-水资源循环-养分循环-土壤改良"四 位一体的循环农业模式，在有效减少污染物排放的同时，实现资源高效转化与生态价值倍增。 《神农集团2024年社会责任报告》显示，神农集团2024年总计完成粪污堆肥发酵约1.5万立方米，能源消耗折合吨标煤 19,768吨，较2023年降低1.68%，所有生产基地环境合规检查合格率达到100%、粪水资源化利用率100%、废弃物资源化利 用率81.6%、综合水循环利用率71.9%。 转自：新华财经 自2023年起，神农集团大力布局食品深加工版块。2024年度报告显示，2024年神农集团屠宰及食品加工业务营收14.73亿 元，同比增长19.6%，占总营收的比重为26.38%，已占到了该集团主营收入的四分之一。 得益于全产业链闭环发展的韧性，过去几年，神农集团持续深化 ...

关 注 我 们 获 取 更 多 资 讯 业务咨询 添加客服 瑞达期货研究院 「2025.06.20」 生猪市场周报 需求淡季，价格上涨空间受限 研究员：张昕 期货从业资格号F03109641 期货投资咨询从业证Z001845 联系电话：059586778969 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 3 行情回顾：生猪价格反弹，主力合约周度上涨0.76%。 行情展望：供应端，养殖端出栏节奏有所放缓，且出栏均重下降，供应减少。不过二三季度对应母猪 产能处于增产周期，中期供应压力趋增。需求端，屠宰厂开工率止跌回升，但是高温抑制采购猪肉意 愿，终端走货速度放慢，回升空间有限，后市可能再度回落。短期供应减少，加之不鼓励二育、收储 政策提振市场情绪，支持生猪期货价格短期反弹，但中期供应预期增加，加之需求疲弱，现货价格上 涨空间受限，或拖累期货盘面上涨幅度，整体以震荡走势看待。策略建议：暂时观望。 「 期货市场情况」 本周期货反弹 图1、大连生猪期货价格走势图 来源：文化财经 瑞达期货研究院 生猪价格反弹，主力合约周度上涨0.76%。 4 「 期货市场情况」 本周期货净持仓净空增加 期货仓 ...

Core Viewpoint - The company, Shandong Bangji Technology Co., Ltd., plans to issue shares and pay cash to acquire assets from Riverstone Farm Pte. Ltd., which includes 100% equity stakes in several pig farming companies and a partial stake in a consulting firm, aiming to vertically integrate its operations in the livestock industry [9][19]. Group 1: Transaction Overview - The transaction involves issuing shares and paying cash to acquire 100% equity in North Stream Animal Husbandry, Rui Dong Wei Li, Xin Mu Animal Husbandry, Rui Dong Animal Husbandry (Lijin), Rui Dong Animal Husbandry (Shandong), and Wei Li Animal Husbandry (Binzhou), as well as 80% equity in Pi Si Dong [9][19]. - The specific transaction price and the number of shares to be issued are yet to be determined, pending the completion of auditing and evaluation work [9][20]. Group 2: Impact on Business Operations - The acquisition will allow the company to extend its operations from solely producing pig feed to include pig farming and sales, creating a vertically integrated supply chain [19][20]. - The company specializes in the research, production, and sales of pig feed, with a focus on optimizing feed formulations and production processes to maintain high product quality [19][20]. Group 3: Financial Implications - The transaction is expected to enhance the company's asset scale, revenue, and net profit attributable to shareholders, thereby improving overall performance [20]. - The final financial impact will be assessed after the completion of the auditing and evaluation processes [20]. Group 4: Regulatory and Approval Process - The transaction requires approval from the shareholders' meeting and regulatory bodies, including the China Securities Regulatory Commission [3][20]. - The company has committed to strict compliance with information disclosure obligations and will ensure that the transaction pricing is fair and reasonable [25][26]. Group 5: Stakeholder Commitments - The controlling shareholder and senior management have pledged not to reduce their holdings during the transaction process, ensuring stability [22][23]. - The company will implement measures to protect the rights of minority investors throughout the transaction [26].

Group 1 - The core focus of the company is to improve its pig farming operations and reduce costs to compete with leading peers in the industry [1][6] - The company aims to lower its pig farming cost to below 13 yuan per kilogram, with a target for excellent operations to reach below 12 yuan per kilogram by the end of the year [6][8] - The company has a significant pig output scale of over 15 million heads, which highlights the importance of cost reduction for improving operational performance [6][10] Group 2 - The company’s pig farming gross margin is currently at 9.97%, which is significantly lower than its competitors, such as Muyuan Foods and Wens Foodstuffs, whose margins are around 19.21% and 20.3% respectively [2][3] - The company has implemented measures to enhance management of fattening pig farms and improve genetic traits to address long-term issues [3][4] - The company’s revenue sources are primarily from feed business (over 66%) and pig farming (around 30%), with the latter being highly sensitive to price fluctuations [8][9] Group 3 - The company has undergone a leadership change, with a new president appointed to focus on strategic adjustments and long-term growth [7] - The company’s profitability has been significantly affected by the volatility of pig prices, with gross margins swinging from 38.5% in high-price periods to -21.2% during downturns [8][9] - The company expects improved profitability in its pig farming segment this year due to the cessation of previous operational shutdowns and enhancements in disease prevention measures [10]

行业 生猪日报 日期 2025 年 06 月 20 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 二、行业要闻 据涌益资讯数据显示，截至今年 5 月份，样本养殖场能繁母猪存栏量 114.7 请阅读正文后的声明 - 2 - 一、行情回顾与操作建议 数据来源：涌益，建信期货研究中心 生猪行情： 期货方面，19 日生 ...

证券研究报告 2025 年 06 月 20 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3362.11 | -0.79 | | 深证成指 | 10051.97 | -1.21 | | 创业板指 | 2026.82 | -1.36 | | 科创 50 | 962.94 | -0.54 | | 北证 50 | 1365.79 | -1.98 | | 沪深 300 | 3843.09 | -0.82 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 651464 | 506058 | 11.98 | 1.24 | | 深证成指 | 221907 | 181347 | 19.64 | 2.08 | | 创业板指 | 57477 | 45432 | 26.56 | 3.71 | | 科创 50 | 33455 | 22070 | 52.24 | 4.01 | | 北证 ...

摘要 邦基科技并购派思通，旨在利用其管理体系和团队，加速母猪端产能扩 张，通过与闲置猪场合作实现规模增长，并计划将母猪繁育与育肥分离， 优化生物防控。 邦基科技通过持有美国派斯通 20%股权，寻求在生产管理领域实现全球 同步，确保技术路线一致，提升养殖效率，并计划将山西放养模式推广 至云南、四川等地。 派思通以销售断奶仔猪为主，PSY 在 2025 年达到 31-32，显示其母猪 生产效率显著提升。邦基科技将匹配国内资源，包括闲置产能和租赁养 殖场，以支持派思通的生产技术。 邦基科技与山东主流放养管理团队深度合作，通过饲料配方优化等方式， 提升养殖管理水平。在山西成立放养公司，未来或通过资本合作扩展放 养业务。 山东放养模式对硬件和软件要求更高，采用自动化、恒温恒湿及空气过 滤系统，提高生物防控标准，降低饲料、疫苗和兽药成本，竞争优势明 显。 Q&A 邦基科技 20250618 派思通的主要业务布局及其托管母猪产能情况如何？ 派思通的托管业务主要集中在南方，北方相对较少。目前托管的母猪产能规模 在 8 至 10 万头之间，所有母猪均为经产母猪。此外，派思通自身养殖业务主 要集中在山东，包括绿东养殖旗下的六家企 ...