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].

Core Viewpoint - The company achieved a revenue of 3.07 billion yuan in 2024, representing a year-on-year growth of 36.5%, but the net profit attributable to shareholders decreased by 33.61% to 301 million yuan, indicating short-term profit pressure despite revenue growth [3][4]. Group 1: Revenue Performance - The company's revenue growth was primarily driven by veterinary biological products and the pet supply chain, with year-on-year increases of 23.4% and 37.66% respectively [4]. - Revenue from various product segments showed mixed results: formulation and raw materials revenue decreased by 5.83%, while pet pharmaceuticals dropped by 28.26%. In contrast, revenue from pet biological products, livestock biological products, pet supply chain, and poultry biological products saw significant increases of 849.09%, 49.78%, 37.66%, and 15.9% respectively [4]. Group 2: Profitability Challenges - The overall gross margin of the company declined from 49.69% in 2023 to 41.38% in 2024, impacted by market price fluctuations and rising raw material costs [4]. Group 3: R&D and Strategic Investments - The company maintained a high level of R&D investment, with R&D expenses amounting to 197 million yuan, representing a 6.4% R&D expense ratio [5]. - The acquisition of 100% equity in Baoding Shoujun allowed the company to indirectly hold 55.2% of the equity in Biwei Antai, expanding its business into foot-and-mouth disease vaccines. Collaborations with research institutions are also underway to accelerate innovation [5]. Group 4: Pet Medical Sector Development - The pet segment generated 690 million yuan in revenue, accounting for 22.47% of total revenue. Notably, pet biological products achieved a revenue of 37.44 million yuan, up 849%, largely due to the significant contribution from the "Rui Miao Shu" cat trivalent vaccine [6]. - Pet pharmaceuticals reported a revenue of 19.02 million yuan, down 28.26%, attributed to adjustments in sales promotion strategies. The pet supply chain generated 633 million yuan, up 37.66%, primarily through the sale of imported products [6]. - The company holds a 56.31% stake in Zhongrui Supply Chain, facilitating deep collaboration among its three major segments: Rui Pu Biological, Rui Pai Pet Hospital, and Zhongrui Supply Chain, thereby creating a closed-loop value chain from R&D to service [6].

| ○ 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、 ...

Global Market Impact - The announcement of "reciprocal tariffs" by Trump has caused significant turmoil in global markets, with major declines observed across Asia-Pacific stock indices [4][5][9] - The MSCI Vietnam Index fell over 7%, while the Nikkei 225 Index dropped nearly 3% and the Korean Composite Index decreased by almost 1% [2][3][6] - European stock indices also opened lower, with the DAX30 down 2.1%, FTSE 100 down 1.36%, and CAC40 down 1.7% [9] A-Share Market Performance - A-shares experienced a collective decline, with the Shanghai Composite Index down 0.24%, Shenzhen Component Index down 1.4%, and ChiNext Index down 1.86% [3] - The agricultural sector showed strength, with stocks like Yongshun Biological and Meino Biological hitting the daily limit up, while the logistics sector was also active [12] Agricultural Sector Highlights - The agricultural sector has seen a strong performance, particularly in animal health, with stocks like Huisheng Biological rising nearly 20% and a notable 180% increase in Huisheng Biological's stock price over the past eight trading days [11][15] - The price of key products like Tylosin and Tiamulin has surged, driven by market demand from the recovering livestock industry [15] Consumer Electronics Sector Decline - The consumer electronics sector faced significant losses, with companies like Luxshare Precision and GoerTek hitting their daily limit down, and Lens Technology dropping over 10% [19] White Wine Industry Insights - The white wine sector has shown resilience, with Kweichow Moutai reporting a revenue of 174.144 billion yuan, a year-on-year increase of 15.66%, and a net profit of 86.228 billion yuan, also up 15.38% [17] - Analysts suggest that the white wine industry may experience a slowdown in growth but is expected to maintain positive growth in the coming years [18] Economic Implications of Tariffs - The newly announced tariffs are expected to significantly increase the effective tariff rate in the U.S., potentially raising it from 2.4% to 25.1% [24] - This could lead to increased inflation and reduced GDP growth, with estimates suggesting a 1.9 percentage point rise in PCE inflation and a 1.3 percentage point decrease in real GDP growth [24]

Core Viewpoint - The internal control evaluation report of Reap Bio Co., Ltd. indicates that there are no significant defects in both financial and non-financial reporting internal controls as of the evaluation date, affirming the effectiveness of the company's internal control system [2][14]. Internal Control Objectives - The objectives of the internal control system include ensuring legal compliance in management, safeguarding assets, ensuring the accuracy of financial reporting, improving operational efficiency, and supporting the achievement of strategic goals [2]. Internal Control Evaluation Conclusion - The board of directors confirms that there are no significant defects in financial reporting internal controls and non-financial reporting internal controls as of the evaluation date [2][14]. Internal Control Evaluation Scope - The evaluation covers the company and its wholly-owned and controlled subsidiaries, which account for 100% of total assets and total revenue in the consolidated financial statements [3]. High-Risk Areas - Key high-risk areas evaluated include procurement, sales, engineering activities, fundraising management, human resources, financial activities, asset management, financial reporting, contract management, and information disclosure [3][4]. Procurement Management - The company has established a dedicated supplier development department to manage procurement, adhering to veterinary drug production quality management standards and implementing a comprehensive procurement management system [4]. Sales Management - A complete sales system and process have been established, including credit risk management and a closed-loop management system for sales-related activities to ensure financial safety and improve capital turnover efficiency [5]. Engineering Management - The company has developed an integrated engineering management system that outlines project approval processes, responsibilities, and construction management to enhance project oversight [6]. Fundraising Management - The company has detailed regulations for the management of raised funds, ensuring proper storage, usage, and disclosure, with funds managed in designated accounts [6]. Human Resources Management - The company emphasizes sustainable development in human resources, focusing on ethical standards and professional capabilities in employee selection and training [7]. Financial Activities Management - The company has revised its fund management system to ensure strict control over monetary funds, with clear approval processes and budget management [8]. Asset Management - The company follows a physical asset management system, assigning responsibility for asset management and conducting regular checks to ensure asset safety [9]. Financial Reporting Management - The finance department prepares financial reports in accordance with relevant laws and regulations, ensuring accurate and timely reporting [9]. Contract Management - The company has established a legal review department to oversee contract management processes, ensuring compliance and risk mitigation [10]. Information Disclosure Management - The company has developed internal control systems for information disclosure to ensure the accuracy and completeness of disclosed information, enhancing communication with investors [11].

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