Group 1 - A technology company in Hunan has received a timely loan of 1 million yuan to support its digital seedling cultivation, which can meet the demand for seedlings on 10,000 acres [1] - The People's Bank of China in Hengyang has established a financial support policy framework for the development of the private economy, leading to a loan balance for private enterprises in Hengyang exceeding 100 billion yuan by April 2025 [1] - The average interest rate for newly issued inclusive small and micro loans in Hengyang has decreased to 3.73%, a year-on-year decline of 63 basis points [1] Group 2 - A key electrical technology company in Hengyang has secured a low-interest loan of 150 million yuan for a high-end intelligent manufacturing industrial park project [2] - The People's Bank of China in Hengyang has issued a notice to support large-scale equipment updates and consumer goods replacement, resulting in 3.745 billion yuan in credit for 33 technology renovation projects [2][4] - By April 2025, 10.51 billion yuan has been disbursed for 29 equipment update and technology renovation projects in Hengyang [2] Group 3 - The Hengshan Rural Commercial Bank has issued 260 million yuan in loans to 356 small and micro enterprises in Hengshan, with an interest rate discount of nearly 1 percentage point [3] - The Nanyue Rural Commercial Bank has provided 72.61 million yuan in loans to 120 local homestay operators, offering a 0.5 percentage point internal funding transfer pricing discount [3] Group 4 - A materials technology company in Hunan received a loan of 260 million yuan from the Construction Bank in Hengyang to alleviate its funding pressure due to slow receivables and high raw material costs [5] - The People's Bank of China in Hengyang has launched the "Hengzhi Loan" financial service, allowing companies to obtain loans based on the evaluation of intangible assets, with a maximum loan amount of 300 million yuan [5] Group 5 - A knowledge value credit "white list" has been established for technology-based private enterprises, with 2,860 companies included and 1.732 billion yuan in knowledge value credit loans issued [6] Group 6 - The People's Bank of China in Hengyang is promoting the application of credit information sharing platforms to enhance financial support for small and micro enterprises [7] - Local banks have developed innovative online loan products, with the Changsha Bank Hengyang branch issuing 120 million yuan in loans to 62 small and micro enterprises [7] Group 7 - The Agricultural Bank of China in Hengyang has provided 1.8 million yuan in loans to a watch company facing financial difficulties due to new factory construction and equipment purchases [8] - The bank has established a special service team to support enterprises in the Hengyang West Duhigh-tech Zone, resulting in 114 million yuan in loans to 18 private enterprises [9] Group 8 - The People's Bank of China in Hengyang is focusing on building a long-term mechanism to ensure that private enterprises can access loans efficiently, with over 500 private market entities receiving 350 million yuan in loans from the Nanyue Rural Commercial Bank [10]

2025 年 7 月 2 日 总量研究 能繁母猪存栏微增，炼化行业景气度同比持稳 ——金融工程行业景气月报 20250702 要点 行业景气度信号追踪 煤炭：25 年 6 月，煤价低于上年同期，我们预测 25 年 7 月行业利润同比下降， 维持煤炭行业中性观点。 畜牧养殖：25 年 5 月底能繁母猪存栏为 4042 万头，环比微增。据此我们预测 25Q4 生猪供需平衡，猪肉价格底部震荡，等待产能明显去化阶段。 普钢：我们预测 25 年 6 月普钢行业利润同比负增长。PMI 滚动均值环比未超阈 值，维持普钢行业中性信号。 结构材料与建筑工程：我们测算 25 年 6 月浮法玻璃毛利同比下降，维持玻璃行 业中性信号；我们预测水泥行业 25 年 6 月利润同比正增长，等待房屋新开工面 积出现积极信号，维持水泥行业中性观点；制造业 PMI 滚动均值企稳，商品房 销售数据同比微降，经济数据维持企稳态势，预计基建托底预期难以发酵，维持 建筑装饰行业中性信号。 燃料型炼化与油服：我们预测燃料型炼化行业 25 年 6 月利润同比大体持平，维 持中性观点。油价尚未形成同比上行趋势，新钻井同比大体持平，维持油服中性 观点。 风险分 ...

Group 1 - The Central Financial Committee meeting has outlined six major tasks to deepen the construction of a unified national market and promote high-quality development of the marine economy, which aims to leverage China's comparative advantages and scale effects to enhance economic growth potential [2] - The new development pattern emphasizes domestic circulation as the mainstay, which involves smooth supply-demand cycles and building a unified market, benefiting both demand stimulation and supply quality improvement [2] Group 2 - In July, 32 brokerages recommended a total of 232 A-share stocks across various sectors, with Kaiying Network being the most recommended stock, followed by Zijin Mining, Huadian Technology, and Muyuan Foods [3] - Analysts believe that the selection logic of brokerages is primarily driven by industry prosperity, policy and market environment empowerment, and the competitive moat of companies, aligning with the resonance opportunities of industrial cycles and policy guidance [3] - The market is expected to show an upward trend in July, although short-term movements are likely to be volatile, focusing on structural opportunities [3] Group 3 - Circle Internet Group, known as the first stablecoin stock, saw its share price drop nearly 40% after a month of speculation, following a significant initial surge post-IPO [4] - The stock price peaked at $298.99 shortly after its June 5 listing, but has since fallen to $181.29 by June 30, reflecting a cumulative decline of approximately 40% [4] Group 4 - Four unprofitable companies have had their IPO applications accepted in the past half month, indicating a potential trend for unprofitable companies to go public, although the standards for listing remain high [5][6] - Despite the opening of IPO doors for unprofitable companies, many still prefer to list on the Hong Kong Stock Exchange due to its perceived certainty [6] Group 5 - The North Star 50 index has been on the rise, nearing its historical peak, with a year-to-date increase of 39.45% [7] - As of July 1, the index closed at 1457.07, just 3% below its historical high of 1500.31 recorded on May 12 [7] Group 6 - The photovoltaic glass market is experiencing a price decline due to reduced demand, prompting leading companies to consider a new round of joint production cuts to stabilize prices [8] - Some companies have already begun reducing production or conducting maintenance on older furnaces, although specific cutback ratios have yet to be determined [8] Group 7 - 644 listed companies have disclosed their market value management strategies, with over 40% being state-owned enterprises, indicating a steady progress in market value management [14] - The majority of these disclosures occurred before the end of April this year, reflecting a proactive approach to enhancing company valuations [14] Group 8 - The banking sector has shown strong performance, with significant buying activity from insurance funds, which are expected to continue favoring high-dividend bank stocks [19] - The market is currently at a critical juncture, with economic recovery, market index recovery, and increased willingness of external funds to enter the market all contributing to a solid foundation for the A-share market in the second half of the year [20]

Core Insights - The goose industry in Nenjiang City, Heilongjiang Province, is experiencing unprecedented growth driven by both policy and market forces, establishing a modern industrial model known as the "Longjiang Model" [1][2][3] Group 1: Industry Growth Metrics - The number of breeding geese in Nenjiang has surpassed 42,000, a year-on-year increase of 147%, with expectations to exceed 100,000 by the end of the year [1] - The hatching volume is projected to exceed 3 million this year, with 1.58985 million goslings hatched by June 15, marking a 348.03% increase compared to the same period last year [1] - The expected output of market-ready geese in 2024 is 2.712 million, reflecting a growth of 59.11% [2] Group 2: Processing and Value Addition - The slaughter volume of geese is anticipated to reach 1.7 million in 2024, supported by a new slaughterhouse with an annual capacity of 10 million geese set to begin operations in August [2] - From 2022 to 2024, the total increase in livestock output value is projected to be 1.439 billion yuan, accounting for 18.48% of the total livestock output value over three years [2] Group 3: Employment and Economic Impact - The booming industry has created over 1,500 jobs and has led to an average annual income increase of over 12,000 yuan for farmers through a "company + cooperative + farmer" model [2] Group 4: Policy Support - Nenjiang City has implemented the "Goose Industry High-Quality Development Plan (2025-2030)" to ensure a clear development blueprint and continuous policy support [3] - Special support policies have been in place for four consecutive years, covering breeding, hatching, farming, and processing, providing preferential loans and 50% interest subsidies [3] - The integration of technological innovation and efficient services has strengthened the technical support for the goose industry, including on-site expert guidance and a 24-hour response system for quarantine services [3]

若以公告披露当日即6月30日立华股份二级市场收盘价18.79元/股计算，上述减持主体拟减持部分市值 约为4.72亿元。 长江商报奔腾新闻记者徐佳 养殖主业大幅回温之际，立华股份（300761）(300761.SZ)实控方再抛减持计划，落实对核心员工的激 励。 6月30日晚间，立华股份发布实控人减持计划。公司实际控制人程立力及其一致行动人常州市奔腾牧业 技术服务中心(有限合伙)(以下简称"奔腾牧业")计划自公告披露之日起15个交易日后的3个月内，以集中 竞价方式或以大宗交易方式合计减持公司股份不超过2511.8万股，占公司总股本比例为3%。 对于实控人本次计划减持的原因，立华股份披露，程立力本次减持原因为偿还股权质押贷款及利息。奔 腾牧业的大部分有限合伙人为在公司首次公开发行股票并在创业板上市前入职且与公司共同发展成长的 公司管理人员及技术骨干，持股年限较长，本次减持可落实对上述人员的激励措施，以充分调动其积极 性和创造性，有效提升核心团队凝聚力。 公告显示，2019年2月，立华股份在创业板上市。2023年2月，程立力的一致行动人聚益农业、昊成牧 业、沧石投资抛出不超过5.98%的减持计划。随后在2023年3月 ...

Core Points - The company announced a cash dividend of 0.023 CNY per share (before tax) for its A shares [1][3] - The total cash dividend distribution amounts to approximately 23.49 million CNY based on a total share capital of 1,021,148,260 shares [1][3] - The key dates for the dividend distribution include the record date on July 7, 2025, and the ex-dividend date on July 8, 2025 [2] Dividend Distribution Details - The cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited Shanghai Branch to shareholders registered as of the record date [2][3] - Shareholders who have not completed designated transactions will have their dividends held by the clearing company until the transactions are completed [2] - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax, while those holding for one year or less will have tax calculated upon stock transfer [3][4] Taxation Information - For qualified foreign institutional investors (QFII), a 10% withholding tax will be applied, resulting in an effective cash dividend of 0.0207 CNY per share [4][6] - Hong Kong investors will also receive dividends with a 10% withholding tax, leading to the same effective cash dividend of 0.0207 CNY per share [6] - Other institutional investors are responsible for their own tax payments, with an effective cash dividend of 0.023 CNY per share [6]

据悉，会议由首席专家林雪彦教授主持。省农业农村厅科技教育处副处长渠通洋在讲话中，对省牛产业技术体系2024年工作给予高度评 价与充分肯定，并围绕技术创新、成果转化、产业融合等维度，对2025年工作提出新目标与新期望。东营市农业农村局党组成员、东营 市现代畜牧业发展服务中心党总支书记、主任刘志强发表致辞，向与会嘉宾介绍东营市依托黄河三角洲资源禀赋形成的牛产业发展优势 与规划，诚邀各方深化合作，共同推动产业提质增效、转型升级。 6月25—26日，山东省牛产业技术体系2024年度工作总结暨考评会议在东营成功召开。本次会议由山东农业大学动物科技学院、东营市现 代畜牧业发展服务中心联合承办，省农业农村厅科技教育处副处长渠通洋，省牛产业技术体系顾问、国家奶牛产业技术体系研究室主任 兼岗位科学家王中华、省牛产业技术体系顾问侯明海，东营市农业农村局党组成员、东营市现代畜牧业发展服务中心党总支书记、主任 刘志强等领导专家出席会议，省牛产业技术体系首席专家、各岗位专家和试验站站长及其团队有关人员近50人参会。 在考评环节，首席林雪彦教授率先代表省牛产业技术体系述职，全面回顾总结体系年度工作成效、存在问题，明确后续工作打算。随 后 ...

大宗商品研究所 农产品研发报告 生猪日报 2025 年 7 月 1 日 研究员：陈界正 期货从业证号： F3045719 投资咨询证号： Z0015458 联系方式： chenjiezheng_qh@chinastock.c om.cn | | | | | | | | 生猪价格日报 | | 2025/7/1 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 现货价格 | | | | | | | 今 日 | 昨 日 | 变 化 | | 今 日 | 昨 日 | 变 化 | | 河南（0） | 15.29 | 15.09 | 0.20 | 山 西 | 15.05 | 14.84 | 0.21 | | 湖北（0） | 14.81 | 14.66 | 0.15 | 辽 宁 | 14.77 | 14.69 | 0.08 | | 安徽（300） | 15.29 | 15.15 | 0.14 | 吉 林 | 14.72 | 14.55 | 0.17 | | 湖南（100） | 15.09 | 14.79 | 0.30 | 黑龙江 | 14.55 | 1 ...

证券研究报告 | 2025年07月01日 牧业大周期十问十答快评 2025 年肉牛大周期或迎拐点，看好国内肉奶景气共振上行 优于大市 |  | 行业研究·行业快评 |  | 农林牧渔 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 鲁家瑞 | 021-61761016 | lujiarui@guosen.com.cn | 执证编码：S0980520110002 | | 证券分析师： | 李瑞楠 | 021-60893308 | liruinan@guosen.com.cn | 执证编码：S0980523030001 | | 证券分析师： | 江海航 | 010-88005306 | jianghaihang@guosen.com.cn | 执证编码：S0980524070003 | 事项： 据农业农村部统计，截至 2025 年 6 月 27 日，国内主产区牛肉均价为 63.73 元/kg，同比+10.66%，年初至 今累计上涨 19.92%；主产区生鲜乳均价为 3.04 元/kg，同比-7.60%，年初至今累计下跌 2.25%； ...

Core Viewpoint - The introduction of advanced technology by experts significantly reduces production costs for enterprises and addresses long-standing technical challenges in the agricultural sector [1]. Group 1: Expert Involvement - A team of eight top experts from research institutions, including the Chinese Academy of Sciences and Beijing University of Science and Technology, has been actively providing technical guidance in the field [3]. - The expert service team focuses on green fertilizer research, waste resource utilization, soil restoration, and the handling of deceased livestock, aiming to solve technical issues at the grassroots level [5]. Group 2: Practical Applications - In the production workshop of a local company, experts implemented effective measures such as reducing aeration time and adjusting pH levels, leading to a breakthrough in sheep manure composting processes, achieving compliance with quality standards in a single composting cycle [7]. - The expert service team conducted technical exchanges and precise guidance in various locations, addressing bottlenecks in local agricultural practices and promoting a green circular economy [9]. Group 3: Impact and Future Plans - The service model established by the Inner Mongolia Human Resources and Social Security Department aims to enhance collaboration between research institutions and enterprises, accelerating the integration of production, education, and research [9]. - Since the launch of the expert service initiative in 2011, over 330 activities have been conducted, with an investment exceeding 16 million yuan, benefiting hundreds of thousands of grassroots farmers and promoting the transformation of the agricultural sector in the region [9].