Core Viewpoint - The article emphasizes the importance of promoting a comprehensive green transformation in development and enhancing the quality of the Yellow River Basin's ecological and agricultural systems, particularly through the advancement of grass and livestock industries [1]. Group 1: Grass and Livestock Industry Development - The Ministry of Agriculture and Rural Affairs has launched a three-year project for high-quality development of grass and livestock in the Yellow River Basin, aiming to balance ecological protection with production [1]. - In Qinghai, the mixed planting of forage oats and peas has improved the efficiency of grass production, with fresh grass yield per mu reaching 3.6 tons, a 12% increase compared to previous monoculture practices [2][3]. - The protein content of mixed forage can reach 13%, nearly a 50% increase compared to single-crop oats, leading to reduced reliance on concentrated feed and shortening the fattening period for cattle by 10-15 days [3][4]. Group 2: Technological Innovations in Forage Production - The introduction of membrane hole sowing technology in Gansu has increased seedling emergence rates by 18% and survival rates by 15%, significantly improving the economic viability of forage production [6]. - The use of acid fertilizers instead of alkaline ones in saline-alkali soils has enhanced the effectiveness of fertilization by over 20%, contributing to the successful cultivation of high-quality alfalfa [8]. Group 3: Ecological and Economic Benefits - The implementation of mixed planting and advanced cultivation techniques has led to a 20% reduction in soil erosion rates and improved vegetation coverage in regions like Gansu [6]. - In Henan, the rotation of alfalfa with grain crops has improved soil fertility, with pH levels decreasing from 8.6 to 8.2 and salt content dropping from 0.3% to 0.2%, resulting in increased crop yields [9].

德康农牧 20250703 摘要 德康集团积极响应国家发改委的供给侧改革政策，规划母猪增产，并创 新养殖模式如赋能模式和资源整合模式，以适应未来发展需求，但具体 能繁母猪数量尚未披露。 2025 年上半年，德康集团完全成本约为每公斤 12.4 元，通过学习欧洲 农场管理模式等方式，成本仍有下降空间。公司在上市日龄（110 公 斤）和 PSY（约 28）等效率指标上领先行业，显示出进一步提升效率的 潜力。 德康集团全群日增重约为 780 克，一系日增重约为 800 克，高于行业 平均水平。公司通过精准营养和技术储备，如使用豆腐、玉米替代方案， 在不考虑原材料价格变化的情况下，未来成本仍有下行空间。 德康集团拥有领先的品种资源，纯种猪可在 122.6 天内达到 100 公斤增 重，料比为 1.84。通过精准营养技术，饲料耗量可减少 50 公斤。同时， 公司在疾病防控方面表现出色，腹泻发生率控制在 0.3%以内，远低于 行业平均水平。 Q&A 德康集团在生猪出栏量方面的目标是什么？今年和明年的展望如何？ 今年（2025 年），德康集团的生猪出栏量目标为 1,100 万头，这一目标基本 不会有变化，因为这是已经形成的 ...

证券研究报告 晨会 hyzqdatemark 2025 年 07 月 03 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年07月03日 华源晨会精粹 20250703 固定收益 社融有望同比多增——2025 年 6 月金融数据预测：核心预判：依据过往 信贷投放规律及行业观察等，我们预测 2025 年 6 月新增贷款 2.1 万亿元，社融 3.8 万亿元。6 月末，M2 达 329.2 万亿，YoY+7.9%；M1（新口径）YoY+2.5%；社融 增速 8.8%。我们预测 6 月份社融增量 3.8 万亿（2024 年 6 月社融增量 3.3 万亿）， 同比多增，多增主要来自政府债券及企业债券净融资。三季度利率债料窄幅震荡， 继续看多收益率 2%以上的长久期城投债及资本债。进入 7 月央行依然保持宽松，利 率债调整风险有限，只不过，债基久期及杠杆处于高位，我们预计利率债维持窄幅 震荡。利率债波段操作需要紧密跟踪央行资金面行为，一旦收紧，可能调整 10BP 左右。7 月理财规模预计大幅增长，继续看多长久期下沉的城投及资本债，看多城投 点心债及美元债，力推民生、渤海、恒丰银行永续债，关注保险次级债机会 ...

研究员: 张昕 期货从业资格号F03109641 期货投资咨询从业证书号Z0018457 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 14370 | 30 主力合约持仓量:生猪(日,手) | 79652 | -4273 | | | 仓单数量:生猪(日,手) | 450 | 0 期货前20名持仓:净买单量:生猪(日,手) | -10158 | -2550 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 15400 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在经历了数月的箱体区间震荡之后，近期，上证指数再次来到箱体区间上沿附近，同时成交量也较往日有所放大。在反复震荡数月之后，投资者 对于指数向上突破期待已久。 那么， 7月份的A股市场行情是否值得期待呢？具体又有哪些板块和个股或有表现的机会呢？ 我们不妨参考下券商的观点和券商金股数据。 （券商金股是各家券商每月精挑细选出来的股票，是各家券商分析师的研究精华，颇受市场的关注。） （ 点此查看券商金股完整名单 ） 0 1 电子、电力设备关注度明显上升！ 展望7月的A股市场， 招商证券 表示， 市场可能会呈现指数突破上行，科技非银等进攻性板块占优的格局 。从基本面的角度来看，财政指数的 发力和消费的韧性，使得科技、消费、中游制造领域均存在业绩边际改善的可能，半年报披露窗口期成为A股有利的上行动力。 东吴证券 表示 ，市场整体进入多头思维，向后看年内沪指有较大可能性突破去年高点，但当 下指数处于3440-3500的筹码密集区，进一步突破 或需以时间换空间， 短期走势大概率偏震荡，以结构性行情为主 。本轮指数突破中，金融是上行突破的助推器，金融股带动指数搭台后 ...

农产品日报 | 2025-07-03 养殖端缩量挺价，猪价偏强震荡 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2509合约14340元/吨，较前交易日变动+475.00元/吨，幅度+3.43%。现货方面，河南地 区外三元生猪价格15.34元/公斤，较前交易日变动+0.19元/公斤，现货基差 LH09+1000，较前交易日变动-285；江 苏地区外三元生猪价格 15.54元/公斤，较前交易日变动+0.16元/公斤，现货基差LH09+1200，较前交易日变动-315； 四川地区外三元生猪价格14.68元/公斤，较前交易日变动+0.23元/公斤，现货基差LH09+340，较前交易日变动-245。 据农业农村部监测，7月2日"农产品批发价格200指数"为112.38，比昨天下降0.01个点，"菜篮子"产品批发价格指数 为112.37，与昨天持平。全国农产品批发市场猪肉平均价格为20.54元/公斤，比昨天上升1.7%；牛肉63.64元/公斤， 比昨天上升0.3%；羊肉59.73元/公斤，比昨天上升0.8%；鸡蛋7.10元/公斤，比昨天下降0.8%；白条鸡17.10元/公斤， 比昨天下降0.1%。 市场分析 ...

Core Insights - Shanxi Yunzhou Rural Commercial Bank is actively integrating into rural characteristic industry development and exploring new financial support paths for rural revitalization, significantly increasing financial resources in key rural areas and innovating financial products to meet diverse financial needs [1][4] Group 1: Agricultural Support Initiatives - The bank has launched the "Huanghua Loan" product to support the Huanghua industry, providing preferential interest rates and simplifying loan processes, resulting in a total issuance of 1.231 billion yuan [1][2] - The bank's support has enabled the establishment of an integrated operation model involving bases, farmers, and companies, signing contracts with 21,000 farmers and facilitating the cultivation of Huanghua for 6,000 households [2] - The bank has issued 1.369 billion yuan in agricultural loans to support greenhouse economies, helping farmers like Zhang Min build greenhouses and significantly increase their income [3] Group 2: Livestock and Greenhouse Financing - The "Breeding Loan" product was introduced to support livestock farming, addressing challenges such as high feed costs and difficulties in selling livestock, while also facilitating connections between suppliers and buyers [2][4] - The bank has provided over 122 million yuan in "Breeding Loans," assisting more than 200 livestock farmers and several breeding enterprises in increasing their income [4] - The bank has established a proactive financial service mechanism by collaborating with agricultural departments and maintaining regular contact with local governments to understand industry needs and streamline loan approval processes [4]

证券研究报告 2025 年 7 月 3 日 星期四 【A 股市场大势研判】 市场窄幅震荡，沪指微跌 市场表现： | 指数名称 | 收盘点位 | 涨跌幅 | 涨跌 | 上证指数分时图 | | --- | --- | --- | --- | --- | | 上证指数 | 3454.79 | -0.09% | -2.96 | | | 深证成指 | 10412.63 | -0.61% | -63.67 | | | 沪深 300 | 3943.68 | 0.02% | 0.92 | | | 创业板 | 2123.72 | -1.13% | -24.20 | | | 科创 50 | 982.64 | -1.22% | -12.16 | | | 北证 50 | 1439.15 | -1.23% | -17.92 | | 资料来源：东莞证券研究所，iFinD 数据 板块排名： | 申万行业表现前五 | | | 申万行业表现后五 | 概 | 念板块表现前五 | 概念板块表现后五 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 钢铁 | 3.37% | 电子 | ...

Group 1: Brokerage Performance - In the first half of the year, 27 out of 34 brokerage firms' stock selection portfolios reported positive returns, accounting for nearly 80% [2][4] - Huaxin Securities and Dongxing Securities led with returns exceeding 30%, at 35.59% and 34.72% respectively [3][4] - The top-performing stocks in June included Giant Network, which saw a monthly increase of 63.09%, and Shenghong Technology, with gains over 50% [4][5] Group 2: Fund Performance - Active equity funds achieved an average return of 6.78% in the first half of the year, with over 80% reporting positive returns [9][10] - Notably, 347 funds had returns exceeding 20%, and 50 funds surpassed 40%, with 11 funds achieving over 60% [9][10] - The top-performing fund was the CITIC Construction North Exchange Selected Mixed Fund, with a return of 82.45% [10] Group 3: Investment Outlook - Brokerages expect the A-share market to trend upwards in the second half, focusing on emerging technology sectors and maintaining dividend assets as core holdings [7][8] - Key sectors for investment include AI, defense, and high-tech manufacturing, with a shift towards core asset trends anticipated [8] - Fund managers are optimistic about opportunities in AI, pharmaceuticals, and consumer sectors, suggesting a proactive investment strategy [11][12] Group 4: Macro Economic Insights - External factors have shown that Chinese assets are increasingly attractive, with resilience being a key characteristic of the macro economy [13][14] - Consumer performance has exceeded expectations, supported by policies like the trade-in subsidy, while exports have also remained strong [14] - The influx of southbound capital into Hong Kong stocks has been significant, with net inflows reaching 731.19 billion HKD, indicating robust market interest [17]

Group 1: Coal Industry - In June 2025, coal prices are lower than the same period last year, leading to a forecast of a year-on-year decline in industry profits for July 2025, maintaining a neutral outlook for the coal industry [3]. Group 2: Livestock Farming - As of the end of May 2025, the number of breeding sows is 40.42 million, showing a slight month-on-month increase. It is predicted that the supply and demand for pigs will balance in Q4 2025, with pork prices expected to stabilize at the bottom while waiting for a significant reduction in production capacity [4]. Group 3: Steel Industry - A forecast for June 2025 indicates a year-on-year negative growth in profits for the general steel industry. The rolling average of PMI has not exceeded the threshold, maintaining a neutral signal for the steel industry [5]. Group 4: Construction Materials and Engineering - In June 2025, the gross profit of float glass is expected to decline year-on-year, maintaining a neutral signal for the glass industry. The cement industry is predicted to see year-on-year profit growth in June 2025, awaiting positive signals from new housing starts, also maintaining a neutral outlook for the cement industry [5]. - The manufacturing PMI rolling average is stabilizing, while year-on-year data for commercial housing sales shows a slight decline. Economic data remains stable, and expectations for infrastructure support are unlikely to materialize, maintaining a neutral signal for the construction and decoration industry [5]. Group 5: Fuel Refining and Oil Services - A forecast for June 2025 suggests that profits in the fuel refining industry will remain roughly flat year-on-year, maintaining a neutral outlook. Oil prices have not yet formed an upward trend year-on-year, and new drilling activities are also stable year-on-year, leading to a neutral outlook for oil services [6].