Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The agricultural sector continues to experience weak adjustments, with the agricultural index down by 2.15%, ranking 30th among 31 primary industries [4][12] - National pig prices have been on a slight upward trend, with an average price of 14.85 CNY/kg as of April 18, 2025, reflecting a 1.60% increase from the previous week [5][18] - The profitability of self-bred pigs has increased to approximately 79 CNY per head, up by 28 CNY from the previous week, while the profitability of purchased piglets stands at 28 CNY [19][22] - The white feather chicken market is experiencing price fluctuations, with chick prices at 3.10 CNY per chick, showing a slight increase [31] Summary by Sections 1. Market Performance - The agricultural sector index decreased by 2.15%, while the Shanghai Composite Index and CSI 300 increased by 0.59% and 1.19%, respectively [12] - All sub-sectors, except for fruit and vegetable processing, experienced declines, particularly in animal health and seed sectors [14][16] 2. Livestock Industry Tracking 2.1 Pigs - Prices are showing a strong performance in the north and weaker in the south, with expectations of limited price fluctuations in 2025 [5][18] - The supply of breeding sows is slightly increasing, with a total of 40.66 million heads as of February 2025, reflecting a minor year-on-year increase [21] - Recommendations include focusing on companies with cost advantages, such as Muyuan Foods and Wens Foodstuff Group, as well as smaller firms like Juxing Agriculture and Huatong Foods [22] 2.2 White Feather Chicken - The market is characterized by price volatility, with chick prices rising slightly, while feed prices are a concern for breeders [31] - The supply chain remains robust, with a significant increase in the number of breeding stock, but uncertainties in overseas breeding imports pose risks and opportunities [31] 3. Crop Industry Tracking - Sugar prices have slightly decreased to 6150 CNY/ton, while soybean prices have adjusted to 3692 CNY/ton, reflecting a 1.2% drop [35] - Cotton prices continue to decline, currently at 14205 CNY/ton, down by 73 CNY from the previous week [35] - Corn prices remain stable at 2230 CNY/ton, showing no significant change [35]

经济日报记者 董庆森 柳洁 春日和暖，在湖北五峰县仁和坪镇杨家埫村，农家乐、民宿开始迎接旅游旺季。 杨家埫村早年号称"全县生猪养殖第一村"。由于产业无序发展，使得猪羊满山跑、粪污随意排、垃 圾乱堆放等现象随之出现，农村环境每况愈下。村党支部书记刘胡锋回忆，因为气味难闻，路过村口的 车辆行人都要掩鼻而逃。 仁和坪镇党委书记谭雷说，粗放型养殖让环境饱受污染之痛，也让经济发展面临桎梏，必须坚决整 改。杨家埫村一方面缩减生猪养殖规模，全面治理养殖污染，对农户房前屋后和所有道路两侧实施复种 与绿化；另一方面成立全县首家旅游产业合作社——五峰归一乡村旅游专业合作社，推动转型发展。 如今，杨家埫村养殖污染不复存在，取而代之的是鲜花、果园，成了远近闻名的"美丽乡村示范 村"。 杨家埫村的转变，是仁和坪镇产业转型的一个缩影。走进仁和坪镇，梅花、李花、玉兰花、油菜花 次第绽放，引来众多摄影爱好者和游客。仁和坪镇梅坪村党支部书记彭业微介绍，该村梅花盛放的半个 月里，前来赏花的游客络绎不绝，带动周边农家乐、民宿餐饮和特色农产品销售持续增收。 "赏花经济"始于花，但不止于花。刘胡锋介绍，从赏花赏景到农趣体验、研学旅游、非遗传承，杨 家 ...

智通财经记者 | 武冰聪 智通财经编辑 | 任雪松 4月16日，牧原股份宣布启动港股上市计划。 牧原股份公告称，该公司拟发行H股股票并在香港联合交易所上市。本次发行的H股股数不超过发行后 公司总股本的8%（超额配售权行使前），并授予整体协调人不超过前述发行的H股股数15%的超额配售 权。 该公司将选择适当的时机和发行窗口完成本次H股上市，具体发行时间将由股东大会授权董事会及其授 权人士根据国际资本市场状况和境内外监管部门审批、备案进展情况及其他相关情况决定。 牧原方面表示，该公司持续探索海外业务，拓宽发展空间，本次发行是出海战略的重要一步。 2024年以来，牧原展现出出海的意图，其"下南洋"的首选是越南。公开资料显示，越南是东南亚国家肉 食消费中猪肉占比较高的国家，猪肉消费量排名全球前五。中国生猪预警网首席分析师冯永辉向智通财 经表示，从全世界的养猪格局来看，中国消费量都占据了全世界的大约一半，仅次于中国的包括欧盟、 东南亚、美国、巴西等。其中，东南亚国家和我们距离较近，且饮食文化具备相似性，成为了中国猪企 出海的首要目的地。 冯永辉指出，越南全国的养殖量大约在3000-4000万头的量级，仅相当于中国一个省 ...

Core Viewpoint - The domestic pig farming industry is transitioning from traditional practices to sustainable development, driven by the increasing adoption of ESG principles globally [1][5]. Group 1: ESG Reporting and Ratings - The disclosure rate of ESG reports among A-share listed pig farming companies has been steadily increasing over the past five years, with leading companies like Muyuan Foods and New Hope enhancing their ESG information disclosure frameworks [1]. - Despite progress, domestic pig farming companies face challenges such as low international ratings and insufficient data transparency, with MSCI ratings indicating that many leading firms have ratings of B or below [2][3]. Group 2: Technological Innovations - The application of smart technologies is a significant driver for upgrading ESG practices in pig farming, with companies like Muyuan Foods reporting improvements in growth environments and labor efficiency through innovations like smart air filtration systems and inspection robots [2]. - The transition to smart farming has transformed pig farming from a "dirty and labor-intensive" industry to a more environmentally friendly one, effectively controlling waste emissions and improving the quality of pig farming [2]. Group 3: Data Transparency - Data transparency is identified as a core challenge for improving international ESG ratings, with notable gaps in disclosures related to carbon emissions and biodiversity impacts [3]. - Muyuan Foods has taken steps to enhance transparency by including substantial topics such as biodiversity and greenhouse gas emissions in its 2024 ESG report, reporting a reduction of 6% in greenhouse gas emissions intensity compared to 2023 [3]. Group 4: Systematic Mechanisms - As pig farming companies expand into Southeast Asian markets, ESG practices are becoming crucial for managing international market risks, with challenges arising from inadequate infrastructure and labor rights issues in these regions [4]. - To address these challenges, companies are encouraged to establish systematic ESG management frameworks, including employee training and welfare mechanisms, to enhance compliance and operational effectiveness [4]. Group 5: Conclusion - The dual drivers of technological innovation and improved data transparency are essential for domestic pig farming companies to enhance their ESG practices and international ratings, aiming for sustainable development and global expansion [5].

Macro Economic Insights - Fiscal spending is expected to accelerate, with March public fiscal expenditure reaching 27,719 billion yuan, a year-on-year increase of 5.7% [5] - The first quarter fiscal expenditure growth was 4.2%, slightly above the annual budget target of 4% [5] - Tax revenue showed signs of recovery, with a 4.9% increase in value-added tax in March, indicating improved industrial production and infrastructure activity [4] Industry and Company Insights - The real estate market shows potential for recovery, with a year-on-year increase in second-hand housing transaction area, supported by government policies [41][42] - The "Meituan Flash Purchase" brand has been launched as an independent entity, indicating a shift towards instant retail models, with plans to expand to over 100,000 flash warehouses by 2027 [50][51] - The coal mining sector is seeing a narrowing decline in thermal power generation, suggesting a potential recovery in coal allocation [46] Investment Opportunities - The robotics sector presents investment opportunities, particularly in the development of robotic cerebellum technology, which is crucial for complex motion control [35] - The REITs market is showing strong performance, with the index up 6.30% year-on-year, indicating a favorable environment for real estate investment trusts [46][48] - The agricultural sector, particularly in pig farming, is expected to see price support due to limited supply and increased demand [9][10]

Group 1: Oil and Gas Industry - Global offshore exploration and development investment is expected to grow by 8.6% in 2024, while onshore investment is projected to decline by 7.9% [3] - Upstream capital expenditure is anticipated to recover in 2025, reaching over $582.4 billion, a year-on-year increase of 5% [3] - The domestic "three major oil companies" are focused on increasing reserves and production, with continuous growth in capital expenditure and output, benefiting oil service companies [3] Group 2: Agriculture and Animal Husbandry - The average weight of pigs for slaughter has decreased, indicating a potential turning point in inventory [4] - As of April 18, the average price of external three yuan pigs was 14.97 yuan/kg, with a week-on-week increase of 2.11% [4] - The average weight of commodity pigs for slaughter was 128.57 kg, down by 0.24 kg week-on-week, and the national frozen product inventory rate was 14.88%, a decrease of 0.06 percentage points [4] Group 3: Pharmaceutical Industry - China's implementation of tariffs on U.S. medical devices is expected to increase import costs, accelerating domestic substitution [5] - The domestic medical device sector, particularly in innovative and high-barrier areas, is likely to benefit from this policy [5] Group 4: Banking Sector - Jiangsu Bank reported a revenue of 80.8 billion yuan in 2024, a year-on-year increase of 8.8%, and a net profit of 31.8 billion yuan, up 10.8% [6] - The bank's return on average equity (ROAE) was 13.6%, a decrease of 0.9 percentage points year-on-year, with strong risk compensation ability and stable dividend rate [6] Group 5: Steel Industry - In Q1 2025, CITIC Special Steel achieved a net profit margin of 13.84 billion yuan, the highest in nearly eight quarters, while the debt-to-asset ratio reached the lowest since Q3 2019 [7] - The company reported total revenue of 26.84 billion yuan, a year-on-year decrease of 5.59% but a quarter-on-quarter increase of 4.44% [7] Group 6: Technology Sector - Huace Navigation's revenue for 2024 was 3.251 billion yuan, a year-on-year increase of 21.38%, with a net profit of 583 million yuan, up 29.89% [8] - The company aims for a net profit of 730 million yuan in 2025, representing a growth of approximately 25% compared to the previous year [8] Group 7: LED Lighting Industry - Jingfeng Mingyuan's business includes power management chips and control driver chips, with applications in LED lighting and high-performance computing [9]

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Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating in the given report. 2. Core Viewpoints - The market logic is gradually returning to the industrial logic. The sentiment of secondary fattening has been positive since April, with the spot price mainly showing a strong upward trend. The May contract is narrowing the basis spread upwards, while the far - month contracts are suppressed by the selling expectation. The industry's continuous profitability time has exceeded expectations, and the near - term inventory accumulation pattern remains unchanged. The far - month contracts offer relatively high hedging profits, so attention should be paid to hedging opportunities while being cautious about setting stop - loss and take - profit levels [3][4]. 3. Summary by Relevant Catalogs This Week's Market Review (4.14 - 4.20) - **Spot Market**: The live pig price showed a strong and volatile trend. The price of 20KG piglets in Henan was 45.2 yuan/kg (the same as last week), the live pig price in Henan was 15.07 yuan/kg (up from 14.82 yuan/kg last week), and the price of 50KG binary sows nationwide was 1635 yuan/head (the same as last week). On the supply side, the group's slaughter progress was basically in line with expectations, and the slaughter of individual farmers decreased. On the demand side, the difference between frozen and fresh meat prices continuously supported demand, and the procurement demand for secondary fattening increased. The average slaughter weight nationwide this week was 126KG (up from 125.64KG last week), with a month - on - month increase of 0.29% [1]. - **Futures Market**: The live pig futures price showed a strong upward trend. The highest price of the LH2505 contract this week was 13890 yuan/ton, the lowest was 13470 yuan/ton, and the closing price was 13875 yuan/ton (compared to 13380 yuan/ton last week). The basis of the LH2505 contract was 1195 yuan/ton (down from 1440 yuan/ton last week) [2]. Next Week's Market Outlook (4.21 - 4.27) - **Spot Market**: The live pig spot price will fluctuate and adjust. Since March, the group's adjustment of slaughter volume has had a significant impact on prices. Secondary fattening has continuously purchased and held pigs, and the pig weight has continued to increase. After the Tomb - Sweeping Festival, the market expectation is weak, which stimulates secondary fatteners to sell before the festival. There may be a wave of selling, which will further narrow the price difference between fat and lean pigs, and the spot performance will continue to exceed expectations. In terms of supply, the vacancy rates of individual farmers and secondary fattening pens are relatively high. High - weight pigs will be sold according to the market, while small - weight pigs will continue to be held. The group's slaughter progress is in line with the plan. According to the sow plan, the increase in slaughter volume in the second quarter is limited, and the increase in the third quarter will be more obvious. In terms of demand, it is currently the off - season for consumption, and the demand will drop significantly compared to the peak before the Spring Festival. However, the demand for converting frozen meat to fresh meat has increased, and the total slaughter volume has increased year - on - year. It is expected that there will also be a small seasonal increase in April. In terms of driving factors, the frozen product sector is limited by the expected price peak and capital pressure, and hopes to start warehousing at a price of 13.5 yuan/kg or lower. Import tariffs have limited impact on the total volume, and the cost transmission range is also limited. Pigs weighing around 300 catties have seen an increased volume of selling before the Tomb - Sweeping Festival, and there is still a willingness to enter the market after the festival. In general, there is still speculative demand support in mid - to - late April, and the inventory accumulation situation has not reached the critical point [3]. - **Futures Market**: The price of the LH2505 contract closed at 13875 yuan/ton on April 18th. As tariff and macro - sentiment cool down, the trading logic is gradually returning to the industrial logic. Since April, the sentiment of secondary fattening has been positive, and the spot price has mainly shown a strong upward trend. The May contract is narrowing the basis spread upwards, while the far - month contracts are suppressed by the selling expectation. Many groups have announced a significant decrease in the breeding cost in March, mainly due to cost reduction driven by management and efficiency improvement. The industry's continuous profitability time has exceeded expectations, and the near - term inventory accumulation pattern remains unchanged. The far - month contracts offer relatively high hedging profits. The short - term support level of the LH2505 contract is 13000 yuan/ton, and the pressure level is 14500 yuan/ton [4]. Other Data - **Basis and Calendar Spread**: This week, the basis was 1195 yuan/ton, and the calendar spread between LH2505 and LH2507 was 215 yuan/ton [9]. - **Supply**: The average weight this week was 126KG (compared to 124.64KG last week). In February, the pork production was 3.655 million tons, a month - on - month decrease of 36.5%, and the pork import volume was 83,500 tons, a month - on - month decrease of 16.94% [12].

从发行规模来看，牧原股份该次发行的H股股数不超过发行后公司总股本的8%（超额配售权行使 前），并授予整体协调人不超过前述发行的H股股数15%的超额配售权。最终发行数量、发行比例由股 东大会授权董事会及其授权人士根据法律规定、境内外监管机构批准或备案及市场情况确定。 根据公开资料，作为国内生猪养殖巨头，牧原股份始创于1992年，于2014年在深交所上市，现已形成集 饲料加工、生猪育种、生猪养殖、屠宰加工为一体的猪肉产业链，居国内养猪上市公司之首。Wind数 据显示，自2014年上市以来，其累计实现净利润735.41亿元。 2024年，牧原股份也交出了一份表现良好的财报。去年共实现营收1379.47亿元，同比增加24.43%；归 母净利润178.81亿元，较上年亏损41.68亿元实现扭亏为盈，增幅高达519.42%。对此，牧原股份表示， 主要原因为报告期内公司生猪出栏量、生猪销售均价较上年同期上升，且生猪养殖成本较上年同期下 降。 （文/朱道义 编辑/张广凯） 在港股IPO市场持续活跃、"A+H"上市模式不断升温的背景下，养猪行业的A股巨头，也启动了港股上 市计划。 4月15日晚间，牧原食品股份有限公司（以下简称 ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The supply of sows is increasing, posing medium - term pressure on the supply side. However, the active entry of second - fattening farmers and the reluctance of breeders to sell in the short term buffer the supply pressure. The upward trend of the slaughterhouse's operating rate was blocked last week, but terminal demand may improve as the May Day holiday approaches. Overall, the second - fattening market and pre - holiday demand are expected to improve, supporting stable fluctuations in spot prices. The short - term hog futures market is expected to fluctuate slightly stronger, but due to the medium - term supply pressure, the upside space should be viewed with caution. It is recommended to wait and see for now [4]. 3. Summary According to the Catalog 3.1 Weekly Highlights - **Market Review**: Hog prices rose, with the main contract up 0.84% weekly [4][7]. - **Market Outlook**: Medium - term supply pressure exists, but short - term factors buffer it. Terminal demand may improve before the May Day holiday. Short - term futures may fluctuate slightly stronger, but be cautious about the upside [4]. - **Strategy Recommendation**: Temporarily wait and see [4]. 3.2 Futures Market - **Price Movement**: Futures prices rose this week, with the main contract up 0.84% weekly [5][7]. - **Net Position and Warehouse Receipts**: As of April 18, the net short position of the top 20 holders decreased by 1397 hands to 18996 hands, and the number of futures warehouse receipts was 515, an increase of 515 from last week [9][13]. 3.3 Spot Market - **Hog and Piglet Prices**: The national average hog price was 14.95 yuan/kg this week, up 0.25 yuan/kg from last week and 1.49% from last month. The average price of 15 - kg weaned piglets was 40.90 yuan/kg, up 0.18 yuan from last week and 1.21% from last month [17]. - **Pork and Sow Prices**: On April 10, the national average pork price was 26.03 yuan/kg, down 0.09 yuan/kg from the previous week. The average price of binary sows was 32.51 yuan/kg, up 0.02 yuan/kg from the previous week [22]. - **Pig - grain Ratio**: As of April 9, the pig - grain ratio was 6.71, down 0.03 from the previous week, below the break - even point and continuing to decline [27]. 3.4 Upstream Situation - **Sow Inventory**: In February 2025, the inventory of reproductive sows was 40660000 heads, up 40000 from the previous month and 0.6% year - on - year, equivalent to 104.3% of the normal inventory. In March, the inventory of reproductive sows in sample farms increased slightly [32]. - **Hog Inventory**: In December 2024, the national hog inventory was 427430000 heads, up 490000 from the previous quarter. In March 2025, the inventory of commercial hogs in sample farms increased [35]. - **Slaughter Volume and Average Weight**: In March 2025, the slaughter volume of commercial hogs in sample farms increased, and the average slaughter weight of national ternary hogs this week was 124.01 kg, up 0.03 kg from last week [38]. 3.5 Industry Situation - **Breeding Profits**: As of April 18, the profit of purchasing piglets for breeding was 21.88 yuan/head, up 33.74 yuan/head from the previous week; the profit of self - breeding and self - raising was 79.46 yuan/head, up 28.3 yuan/head. The profit of poultry breeding was 0.4 yuan/head, up 0.22 yuan/head week - on - week [43]. - **Pork Imports**: From January to March 2025, China imported 280000 tons of pork, a year - on - year increase of 7.69%, but at a historically low level [48]. - **Substitute Products**: As of April 18, the price of white - striped chickens was 13.5 yuan/kg, down 0.3 yuan/kg from last week. As of April 17, the average price difference between standard and fat hogs was - 0.11 yuan/kg, narrowing by 0.12 yuan/kg from last week [51]. - **Feed Situation**: As of April 17, the spot price of soybean meal was 3350.86 yuan/ton, up 79.72 yuan/ton from the previous week. As of April 18, the corn price was 2268.04 yuan/ton, down 0.39 yuan/ton from the previous week. The DCE hog feed index fell 0.85% to 933.92, and the spot hog feed price remained unchanged. In March 2025, the monthly feed output was 2777200 tons, an increase of 142800 tons year - on - year [57][61][65]. - **CPI**: As of March 2025, China's CPI decreased by 0.1% year - on - year, with the decline narrowing by 0.6 percentage points from the previous month [69]. 3.6 Downstream Situation - **Slaughter and Cold Storage**: In the 16th week, the operating rate of slaughter enterprises was 26.84%, down 0.52 percentage points from last week. As of Thursday this week, the cold storage capacity rate of key domestic slaughter enterprises was 17.41%, up 0.03 percentage points from last week [74]. - **Slaughter Volume and Catering Consumption**: As of February 2025, the slaughter volume of designated hog slaughtering enterprises was 21.77 million heads, a decrease of 42.95% from the previous month. In March 2025, the national catering revenue was 423.55 billion yuan, a year - on - year increase of 5.6% [79]. 3.7 Hog - related Stocks - The report mentions two stocks, Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis is provided [80].