证券代码：603363 证券简称：傲农生物 公告编号：2025-072 福建傲农生物科技集团股份有限公司 2025 年 5 月养殖业务主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 福建傲农生物科技集团股份有限公司（以下简称"公司"）现将 2025 年 5 月养殖业务主要经营数据披露如下： 一、2025 年 5 月养殖业务主要经营数据 单位：万头 2025 年 5 月，公司生猪销售量 15.62 万头，同比增加 9.44%，较 2025 年 4 月增加 17.63%。 2025 年 5 月末，公司生猪存栏 53.64 万头，同比增加 22.56%，较 2025 年 4 月末减少 0.59%，较 2024 年 12 月末增加 4.57%。 公司积极推动生猪养殖产能优化工作，合理调整养殖布局、规模与品种结构， 后续将继续坚持"稳字当头、持续降本"的策略，集中资源发展优势产能，务实 经营发展目标，切实推进降本工作。 二、其他说明 本次披露的 2025 年 5 月养殖经营数据来自公司内部统计，未经审计，仅供 投资者及 ...

证券代码：002157 证券简称：正邦科技 公告编号：2025—035 一、2025年5月份生猪销售情况 公司2025年5月销售生猪63.86万头（其中仔猪36.91万头，商品猪26.95万头）， 环比上升4.72%，同比上升158.02%；销售收入7.31亿元，环比下降0.98%，同比上 升146.60%。 商品猪（扣除仔猪后）销售均价14.40元/公斤，较上月下降0.29%；均重134.87 公斤/头，较上月上升1.57%。 收入33.02亿元，同比上升132.78%。 江西正邦科技股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 江西正邦科技股份有限公司（以下简称"公司"）的经营范围中包括生猪养殖 业务，现公司就每月生猪销售情况进行披露，具体内容如下： 上述数据均未经审计，与定期报告披露的数据之间可能存在差异。因此，上 述数据仅作为阶段性数据，供投资者参考。 生猪销量（万头） 销售收入（亿元） 商品猪价格 商品猪均重 月份 当月 累计 当月 累计 （元/公斤） （公斤） 注：以上数据如存在尾差，是因为四舍五入导致的。 江西正邦科技股份有限公司 ...

Group 1 - Wang Ning, founder of Pop Mart, has a net worth of $20.3 billion, making him the new richest person in Henan, surpassing Qin Yinglin, who has a net worth of $16.3 billion [1][2] - Pop Mart's stock price has surged by 174% this year, reaching HKD 244.8 per share as of June 6, with a total market capitalization of HKD 328.8 billion [6][13] - The Labubu product line, a blind box toy from Pop Mart, has gained immense popularity globally, with some items in the secondary market selling at over 30 times their original price [6][8] Group 2 - Labubu has become a cultural phenomenon, with international celebrities like David Beckham and Madonna showcasing the product on social media, contributing to its popularity [8][10][11] - Pop Mart's development can be divided into three phases: initial growth (2010-2016), focus on trendy toys and international expansion (2016-2020), and a current strategy centered on IP-driven globalization (2020-present) [15]

Group 1 - The consumer sector is experiencing strong gains, with the Consumer 80 Index rising over 0.8% [1] - Several stocks, including Baili Tianheng and Ailis, have seen significant increases, with Baili Tianheng up over 7% and Ailis up over 5% [1] - The recent 1 trillion yuan reverse repurchase operation by the central bank has improved liquidity and is expected to benefit sectors related to domestic demand [3] Group 2 - The central bank's liquidity injection is aimed at stimulating consumption and investment, aligning with the government's focus on prioritizing the recovery and expansion of consumption [3] - Sectors such as home appliances, automobiles, and services like tourism and dining are expected to benefit from favorable policies [3] - The Consumer ETF (SH510150) offers comprehensive coverage across various consumption sectors, including food, beverage, and healthcare, making it a strategic investment option [5] Group 3 - The pig farming sector has seen a decline in prices, with the average price dropping to 14.05 yuan per kilogram as of June 6, indicating a continued downward trend [7] - The reduction in pig prices and weights suggests a potential decrease in profitability for pig farming, leading to a slowdown in production capacity growth [9] - The livestock farming ETF (SH516670) includes a significant proportion of stocks related to pig farming, making it a relevant investment vehicle in the current market [5]

行业 生猪日报 日期 2025 年 06 月 09 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 升水修复，重新起航 请阅读正文后的声明 ＃summary＃ 一、行情回顾与操作建议 图1：全国生猪出栏价 元/公斤 图2：样本屠宰场屠宰量 头 数据来源：涌益，建信期货研究中心 数据来源：涌益，建信期货研究中心 生猪行情： 期货方面，6 日生猪主力 2509 合约 ...

Summary of Key Points from Conference Call Industry Overview - The conference call primarily discusses the **pig and chicken farming industry** in China, with a focus on the **Shandong market** and the **white feather chicken sector** [1][2][5]. Core Insights and Arguments - **Supply-Side Reform in Pig Farming**: The pig farming sector is expected to undergo supply-side reforms, with significant impacts from weight management and changes in sow productivity on capacity reduction. Companies with a mother pig system and cost advantages in piglets are likely to have long-term advantages [1][2]. - **Valuation Levels**: Current valuations of listed companies in the pig farming sector are at historical lows, presenting opportunities for forward-looking capacity layout [1][2]. - **Focus on Key Companies**: Companies such as **Triangle Agriculture**, **DeKang**, **Shennong**, and **Juxing** in the Southwest region are highlighted for their cost control capabilities. **Wens Foodstuff Group** is also noted as a leading company with excellent cost management [1][4]. - **White Feather Chicken Industry Variables**: The core variable affecting the white feather chicken industry is the import situation from France. A reduction in the import volume of French breeding chickens could lead to a supply contraction starting from the upstream [1][5]. - **Slaughter Volume Trends**: The Linyi region in Shandong is leading in slaughter volume, with a significant increase in the number of pigs raised under a free-range model. The average complete cost for different farming tiers ranges from 12.5 to 14 yuan per kilogram [1][6][8]. Additional Important Insights - **Cost Structures**: The complete cost for first-tier self-breeding farms is approximately 6.2 to 6.5 yuan per kilogram, while second-tier farms face higher costs due to elevated piglet prices [8][9]. - **Market Demand and Supply**: The slaughterhouses anticipate challenges in reaching a slaughter volume of 300,000 heads this year, with terminal market demand not meeting expectations. This has led to a shift from fresh sales to frozen inventory [12][13]. - **Price Predictions**: The pig price is expected to face significant pressure in Q3 2025, potentially dropping to cost levels, with a slight rebound anticipated in Q4 [2][26]. - **Impact of Policies**: Recent government policies aim to control production capacity by not increasing the number of sows and reducing average slaughter weights, indicating a strong official stance on capacity management [25]. Future Outlook - **White Feather Chicken Sector**: The future of the white feather chicken sector appears promising, with increasing willingness for capacity reduction and uncertainties in overseas breeding imports. There is a need to focus on domestic breeding opportunities [24]. - **Market Dynamics**: The overall market for chicken meat remains stable but low due to an oversupply and weak demand, with expectations for price fluctuations based on seasonal demand [22][18]. This summary encapsulates the critical insights and trends discussed in the conference call, providing a comprehensive overview of the current state and future outlook of the pig and chicken farming industries in China.

Investment Rating - The report indicates a neutral investment rating for the agricultural sector, with expectations of limited price fluctuations in the near term [80]. Core Insights - The agricultural sector index outperformed the Shanghai Composite Index, with a weekly increase of 0.91% [13][14]. - The report highlights the ongoing adjustments in the pig farming industry, with a focus on the profitability of leading companies amidst fluctuating prices [22]. - The poultry sector is experiencing price stability despite seasonal demand fluctuations, with potential impacts from overseas avian influenza affecting supply [35]. - The dairy industry is seeing a recovery in milk prices due to reduced supply, while beef prices are expected to rise as the industry undergoes capacity adjustments [39]. - The planting sector is stabilizing, with potential improvements expected if there are significant reductions in grain production due to external uncertainties [47]. Summary by Sections 1. Market Review - The agricultural index closed at 2682.22 points, reflecting a weekly increase of 0.91%, outperforming the Shanghai Composite Index [13][14]. - The top-performing sectors included telecommunications and non-ferrous metals, while agriculture ranked 20th [14]. 2. Key Data Tracking 2.1 Pig Farming - The average weight of pigs sold was 129.17 kg, with a slight decrease in price to 14.05 CNY/kg, down 2.90% week-on-week [20][21]. - Leading companies are expected to maintain profitability above 200 CNY per pig in the first half of the year, despite anticipated price pressures in the second half [22]. 2.2 Poultry Farming - The average price for white feather chickens was 7.32 CNY/kg, showing a decrease of 0.68% week-on-week, while overall prices remain stable [32][35]. - The report anticipates a recovery in consumer demand as macroeconomic policies adjust, potentially boosting poultry product consumption [35]. 2.3 Dairy Industry - The price of raw milk has stabilized at 2.6 CNY/kg, with expectations for further recovery as supply decreases [39]. - The beef market is showing signs of a new cycle, with rising prices for calves and live cattle [39]. 2.4 Planting Industry - Grain prices are experiencing fluctuations due to tariff policies, with corn prices at 2294.29 CNY/ton and soybeans at 3925.26 CNY/ton [46]. - The planting sector is stabilizing, with potential improvements if significant reductions in grain production occur [47]. 2.5 Feed & Aquaculture - Feed prices have stabilized, with pig feed at 3.37 CNY/kg and poultry feed at 3.40 CNY/kg [65]. - Aquaculture prices remain steady, with notable increases in shrimp prices [65].

Market Overview - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3385.36, up by 0.04%, while the Shenzhen Component Index fell by 0.19% to 10183.70 [2] - The total market capitalization of the Shanghai Composite Index is 6523.41 billion, with a price-to-earnings (PE) ratio of 11.97 and a price-to-book (PB) ratio of 1.24 [3] Market Sentiment and Strategy - Market sentiment is recovering, with a renewed focus on technology sectors, indicating a potential for short-term upward momentum in the market [4][6] - The overall A-share market has shown resilience despite geopolitical tensions, suggesting a positive outlook for the second quarter GDP growth [8][9] Industry Dynamics - The global semiconductor equipment shipment value reached 32.05 billion USD in Q1 2025, marking a 21% year-on-year increase [34] - The Chinese railway sector reported a total of 2.25 million locomotives and 8.1 million passenger cars, indicating ongoing growth and innovation in the industry [36] Company Updates - Muyuan Foods reported a 30.42% year-on-year increase in pig sales in May 2025, with a total of 6.406 million pigs sold [38] - Changjiang Securities has received approval for a major shareholder change, with Changjiang Industry Group becoming the largest shareholder, which is expected to enhance its investment capabilities [41] Economic Indicators - The May 2025 China Warehousing Index stood at 50.5%, indicating continued expansion in the warehousing sector [20] - The People's Bank of China conducted a 135 billion CNY reverse repurchase operation, reflecting ongoing liquidity management in the financial system [25]

Investment Rating - The report indicates a neutral investment rating for the agricultural sector, with expectations of limited price fluctuations in the near term [76]. Core Insights - The agricultural sector index outperformed the Shanghai Composite Index, with a weekly increase of 0.91% [13][14]. - The report highlights the ongoing adjustments in the pig farming industry, with a focus on the profitability of leading companies amidst fluctuating prices [20][21]. - The poultry sector is experiencing price stabilization despite seasonal demand fluctuations, with potential impacts from avian influenza affecting supply [33][29]. - The dairy and beef sectors are showing signs of recovery, with rising prices for raw milk and beef, indicating a potential upward trend in profitability [37]. - The planting industry is stabilizing, with potential improvements expected if there are significant reductions in grain production due to external factors [44]. Summary by Sections 1. Market Review - The agricultural index closed at 2682.22 points, with a weekly increase of 0.91%, outperforming major indices [13][14]. - The top-performing sectors included telecommunications and non-ferrous metals, while agriculture ranked 20th [14]. 2. Key Data Tracking 2.1 Pig Farming - The average weight of pigs at market was 129.17 kg, with prices showing a slight decline [19][20]. - Leading companies are expected to maintain profitability above 200 CNY per pig in the first half of the year [21]. - The report suggests a cautious outlook for the second half of the year due to supply pressures [21]. 2.2 Poultry Farming - White feather chicken prices decreased to 7.32 CNY/kg, while overall prices remained stable [29][33]. - The report anticipates a recovery in consumer demand as macroeconomic policies adjust [33]. 2.3 Dairy and Beef Industry - Raw milk prices have stabilized at 2.6 CNY/kg, with expectations for further recovery in the second half of 2025 [37]. - The beef market is showing signs of a new cycle, with rising prices for calves and live cattle [37]. 2.4 Planting Industry - Grain prices are experiencing fluctuations due to tariff policies and external uncertainties [44]. - The report emphasizes the importance of increasing grain yields to counteract potential production declines [44]. 2.5 Feed and Aquaculture - Feed prices have stabilized, with slight variations in water product prices [64]. - The report notes that prices for various fish species remain steady, with some increases in shrimp prices [64].

Macro Economic Insights - The US job market shows signs of concern, with May non-farm payrolls adding 139,000 jobs, exceeding market expectations but reflecting a downward revision in previous months [4][5][8] - The unemployment rate remains stable at 4.2%, while the labor participation rate has declined to approximately 62.4% [6][8] - The labor market's supply-demand relationship is tightening, with job openings increasing to 7.391 million in April, indicating a marginal rise in labor market pressure [7][8] Investment Strategy - The first quarter earnings report indicates a shift from negative to positive profit growth, primarily due to a low base effect rather than an inherent improvement in profitability [12][14] - The overall demand in the A-share market remains weak, with a continuous decline in return on equity (ROE) across non-financial sectors [12][13] - The report suggests that the intrinsic profit bottom for A-shares is not expected until at least the third quarter of this year [14] Fixed Income Market - The central bank is expected to restart bond purchases as part of a shift in monetary policy, following a meeting that emphasized maintaining liquidity to support the real economy [16][18][20] - The report highlights a significant decline in the growth rate of both assets and liabilities for city investment platforms, indicating a trend towards consolidation and quality improvement [26][27] Real Estate and Infrastructure - The REITs market is experiencing growth, with the index showing a year-on-year increase of 10.7% and a month-on-month increase of 1.55% [35][37] - The report notes that infrastructure REITs, particularly in highways, are performing well, driven by favorable policies and increased market participation [35][36] Agricultural Sector - The report indicates a potential increase in pig prices in the second half of 2025 due to supply constraints, despite a current decline in prices [51][52] - The beef market is expected to remain strong, supported by a slow recovery in supply and increasing demand [52][53] Technology Sector - The AI sector continues to show robust growth, with significant innovations and applications emerging, particularly in automation and task management [45][46][48] - Companies in the AI space, such as Nvidia and Broadcom, are reporting strong earnings, validating the high demand for AI capabilities [48][49]