Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [1] Core Viewpoints - The report emphasizes the ongoing adjustment in the pig industry, highlighting the potential for value reassessment due to production capacity control and low-cost performance realization [3][16] - The poultry sector is expected to see improvements in fundamentals, with a focus on the white feather chicken breeding segment and price trends [4][29] - The animal health sector is witnessing a competitive landscape improvement and technological innovation, with several new products receiving clinical approval [5][37] - The pet economy is thriving, with domestic brands rapidly emerging, indicating sustained profitability improvements in the sector [9][59] Summary by Sections Pig Industry - Continuous deepening of pig price control measures is noted, with a focus on maintaining prices within a reasonable range [3][16] - Current average pig price is 13.15 yuan/kg, with a slight weekly decline [15] - Recommended companies include Muyuan Foods and Wens Foodstuffs, with ongoing recommendations for Juxing Agriculture and Shennong Group [3][16] Poultry Industry - The white feather chicken breeding segment shows potential for improvement, with significant updates in breeding stock [4][29] - Current prices for white feather chicken and related products are stable, with slight fluctuations noted [27][28] Animal Health Industry - The competitive landscape is improving, with notable profit differentiation among leading companies [5][36] - Several new vaccines have received clinical approval, marking significant advancements in the sector [5][37] Planting Industry - Prices for corn and soybean meal have shown a week-on-week decline, with ongoing commercialization of genetically modified seeds benefiting early adopters [7][42] Feed Industry - Feed prices are experiencing fluctuations, with a noted increase in production volume [8][48] - Recommended companies include Haida Group, with a focus on rising industry concentration [8][49] Pet Industry - The pet market is projected to reach 300.2 billion yuan in 2024, with a notable increase in consumer spending on pets [9][58] - Recommended companies in the pet food sector include Guobao Pet and Zhongchong Co., with a focus on the growing pet medical segment [9][59]

证券日报网讯 美农生物（301156）9月22日发布公告，在公司回答调研者提问时表示，公司始终坚 持"产品领先、价值服务、伙伴成长"的价值主张，紧紧围绕产品、市场、客户、效率等方面开展工作。 在产品端，公司践行"分种分品、全程营养"的产品战略，持续加大产品研发与创新投入，不断推出贴合 市场需求的新产品、新技术。从财务表达看，2025年上半年，公司主营饲料添加剂和酶解蛋白饲料原料 业务收入较上年同期均实现不同程度的增长，其中，饲料添加剂板块的肠道健康类产品表现尤为突出， 其收入同比增长超60%，是公司业绩增长的重要来源。在市场端，公司践行"深耕国内、突破国际"的市 场战略，组建了专业的国内、国际营销团队和价值服务团队，推动公司境内外业务双向发展，就财务结 果而言，公司境内外业务收入在今年上半年较上年同期皆实现不同程度的增长。在境内业务拓展方面， 公司实施变革创新，通过拓宽种类市场、做深客户市场、做强核心产品，推动境内业务逆势成长。在境 外业务拓展方面，公司一手抓"走出去"，持续开发新市场、扩张业务版图；一手抓"扎下去"，对现有市 场进行"价值深耕"，两力并举，提质增量，持续保持20%以上的增长。同时，公司通过不 ...

证券之星消息，9月22日饲料板块较上一交易日下跌1.19%，中宠股份领跌。当日上证指数报收于 3828.58，上涨0.22%。深证成指报收于13157.97，上涨0.67%。饲料板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 603668 | 天马科技 | 15.85 | 4.28% | 31.49万 | | 4.94亿 | | 603151 | 邦墓科技 | 26.88 | 3.19% | 3.45万 | | 9268.52万 | | 603363 | 傲农生物 | 5.29 | 2.52% | 74.11万 | | 3.88 (Z | | 002548 | 金新农 | 5.20 | -0.38% | 78.29万 | | 4.00亿 | | 832419 | 路斯股份 | 19.09 | -0.52% | 1.06万 | | 2024.66万 | | 001366 | 播恩集团 | 12.32 | -0.56% | 2.46万 | | 3005.29万 ...

证券日报网讯美农生物（301156）9月22日发布公告，在公司回答调研者提问时表示，从终端驱动来 看：①畜牧养殖业的规模化、集约化程度越来越高，对生产过程的标准化、动物健康管理和养殖效益提 出了更高要求；②我国是饲料蛋白资源紧缺国家，主要的饲料蛋白原料(如：大豆、鱼粉)高度依赖进 口，"提质、增效、调结构"是缓解我国饲料蛋白资源缺乏，降低蛋白原料进口比重的主要措施；③随着 人民生活水平的提高，对肉蛋奶的需求在增加，对动物性食品安全的重视越来越高。因此，发展"绿 色、高效、安全"的饲料添加剂和饲料原料是行业发展的必然趋势。公司生产的产品，能够强化基础饲 料营养价值，提高动物生产性能，保障动物健康，节省饲料成本，改善畜产品品质，提高养殖效益，实 现环境友好，符合行业发展趋势。 ...

Group 1 - The company has no plans to sell its stake in Minsheng Bank, indicating a stable financial situation [1] - The company reported good profitability, which supports its decision to retain the investment in Minsheng Bank [1] - The inquiry about selling the stake was raised by investors on an interactive platform, reflecting market interest in the company's investment strategy [1]

Group 1 - The core viewpoint of the news is that Tangrenshen's stock performance and financial metrics indicate a low level of financing and short selling activity, suggesting potential undervaluation in the market [1][2] - On September 19, Tangrenshen's stock price fell by 0.41%, with a trading volume of 165 million yuan. The financing buy amount was 24.94 million yuan, while the financing repayment was 24.77 million yuan, resulting in a net financing buy of 170,000 yuan [1] - As of September 19, the total balance of margin trading for Tangrenshen was 425 million yuan, with the financing balance accounting for 6.08% of the circulating market value, which is below the 20th percentile level over the past year, indicating a low financing level [1] Group 2 - As of June 30, the number of shareholders for Tangrenshen was 78,400, a decrease of 10.95% from the previous period. The average circulating shares per person increased by 12.29% to 18,252 shares [2] - For the first half of 2025, Tangrenshen reported operating revenue of 12.468 billion yuan, a year-on-year increase of 15.05%. However, the net profit attributable to shareholders was a loss of 59.92 million yuan, a significant decrease of 1386.75% year-on-year [2] - Since its A-share listing, Tangrenshen has distributed a total of 972 million yuan in dividends, with 50.9 million yuan distributed over the past three years [2]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The report emphasizes the deteriorating profitability in the pig farming sector, highlighting the need to focus on the pig segment due to its undervaluation and expectation differences [1][2] - The dairy and beef sectors are noted for potential recovery, with the beef super cycle possibly starting, suggesting investment opportunities in these areas [3][18] - The pet industry is experiencing rapid growth, with domestic brands rising and pet food exports showing positive trends, indicating a robust market for investment [4][19] - The poultry sector is advised to focus on breeding gaps and improving consumption demand, particularly for yellow chickens, which may see price improvements [5][20][23] - The planting sector is encouraged to pivot towards biological breeding opportunities amidst a tight grain supply-demand balance [8][25] - The feed sector is highlighted for its market share growth and consistent performance, particularly recommending Haida Group [9][27] Summary by Sections Pig Farming Sector - Current average pig price is 12.94 CNY/kg, down 4.15% from last week, with self-breeding profits narrowing to 7.7 CNY/head [1][16] - The average weight of pigs at market is at a historical high, indicating continued pressure on prices [1][16] - The report suggests focusing on leading companies like Muyuan Foods and Wens Foodstuff, which are currently undervalued [2][17] Beef Sector - Live cattle prices are at 27.16 CNY/kg, showing a 10.9% year-on-year increase, while fresh milk prices are stable [3][18] - The report anticipates a recovery in raw milk prices and potential price increases in beef due to reduced supply and improved demand [3][18] Pet Industry - The pet economy is thriving, with significant growth in domestic brands and pet food exports increasing by 6.64% year-on-year [4][19] - Recommended companies include Guibao Pet Food, Zhongchong Co., and Petty Co. [4][19] Poultry Sector - The report highlights the need to monitor breeding imports and the potential for price recovery in yellow chickens due to improved demand [5][20][23] - Key recommendations include Shengnong Development and Yisheng Biological [5][22] Planting Sector - Emphasis on improving grain yield through better seed and agricultural practices, with a focus on biotechnology [8][25] - Recommended companies include Longping High-Tech and Dabeinong [8][25] Feed Sector - Haida Group is recommended for its market share growth and consistent performance amidst a recovering market [9][27] - The report notes a significant exit of small players from the market, leading to improved conditions for remaining companies [9][27]

Core Viewpoint - The company, Haida Group, engaged with investors during an online event on September 19, 2025, discussing various aspects of its business development and future goals. Group 1: Business Goals and Performance - The company aims to achieve a feed sales target of 51.5 million tons by 2030, with 14.7 million tons already realized in the first half of 2025. The short-term goal is to reach an additional 3 million tons by 2025, and the overseas feed sales are expected to reach 7.2 million tons by 2030 [2] - The company reported a revenue of 770 million yuan from its seedling business, primarily from shrimp seedlings, but did not disclose the revenue breakdown or future growth expectations for the next three years [2] - Poultry feed sales increased by 24%, despite the overall losses in the poultry farming industry, showcasing the company's ability to leverage its R&D and professional advantages to meet diverse consumer needs [2] Group 2: Competitive Advantages and Cost Structure - The company's core competitive advantage lies in its R&D-driven superior feed products, quality seedling solutions, and a technical service system that creates value for customers and enhances customer loyalty [2] - The cost structure for pig farming includes costs for piglets and fattening, with a decrease in fattening costs due to falling raw material prices, although the company did not specify the advantages of its "light asset model" compared to industry averages [2] - The company is leading innovations in front-end pig feed products, integrating various technologies to promote animal growth and health [2] Group 3: Aquaculture and Shrimp Feed Growth - Aquaculture feed sales grew by 16%, driven by the "seedling + feed + medicine + management" approach for South American white shrimp, although specific growth figures were not provided [2]

Group 1: Feed Business Goals - The target feed sales volume for 2030 is 51.5 million tons, with a short-term goal of an increase of 3 million tons by 2025 [2] - In the first half of 2025, 14.7 million tons of feed sales have already been achieved [2] - The overseas feed sales volume is expected to reach 7.2 million tons by 2030 [2] Group 2: Aquaculture and Shrimp Farming - The survival rate and yield per acre of factory-farmed shrimp have significantly improved compared to traditional methods, leading to reduced costs [3] - The company’s shrimp seed business generated revenue of 770 million yuan, with a focus on shrimp and fish seed sales [3] Group 3: Poultry and Pig Feed Performance - Poultry feed sales increased by 24%, despite the overall industry facing losses and intense competition [3] - The company achieved a 43% increase in pig feed sales, with technological advantages in front-end feed products [4] - The cost of pig farming using a "light asset model" has improved due to advancements in breeding and resource allocation [4] Group 4: Water Feed and Overall Strategy - Water feed sales increased by 16%, with effective management solutions for South American white shrimp [4] - The company provides a comprehensive solution for farmers, including seeds, feed, medicine, and management guidance, enhancing its core competitiveness [4]

Group 1 - A new company named Chenxi Dingsheng Technology Co., Ltd. has been established with a registered capital of 20 million RMB [1] - The legal representative of the company is Peng Zhen [1] - The company's business scope includes research and development of biological feed, sales of livestock and fishery feed, and production of biological organic fertilizers [1] Group 2 - The company is also involved in the sales of feed raw materials, chemical fertilizers, and non-metallic minerals and products [1] - It has both general and licensed projects, with licensed projects including feed production, feed additive production, and fertilizer production [1] - The company can only operate licensed projects after obtaining the necessary approvals from relevant authorities [1]