Market Overview - The feed sector increased by 0.29% on September 19, with Tianma Technology leading the gains [1] - The Shanghai Composite Index closed at 3820.09, down 0.3%, while the Shenzhen Component Index closed at 13070.86, down 0.04% [1] Key Performers in the Feed Sector - Tianma Technology (603668) closed at 15.20, up 4.83% with a trading volume of 321,600 shares and a turnover of 486 million yuan [1] - Jin Xin Nong (002548) closed at 5.22, up 4.19% with a trading volume of 1,024,900 shares and a turnover of 521 million yuan [1] - Tian Kang Biological (002100) closed at 7.68, up 1.86% with a trading volume of 563,400 shares and a turnover of 427 million yuan [1] Capital Flow Analysis - The feed sector experienced a net outflow of 80.65 million yuan from institutional investors, while retail investors saw a net inflow of 5.61 million yuan [2] - The main capital inflow was observed in Jin Xin Nong, with a net inflow of 55.77 million yuan from institutional investors [3] - Hai Da Group (002311) had a net inflow of 18.08 million yuan from institutional investors, indicating positive sentiment [3]

Investment Rating - The report maintains a positive outlook on the agriculture, forestry, animal husbandry, and fishery industry, indicating a "Buy" rating for the sector [2]. Core Insights - In the first half of 2025, the listed companies in the livestock sector experienced a significant recovery in profitability, with a total net profit of 20.78 billion yuan, representing a year-on-year increase of 208% [3][14]. - The sub-industries with the highest profit growth included seed industry (+1212%), pig farming (+663%), and agricultural product processing (+60%) [3][15]. - The report highlights a notable divergence in performance among companies within the sector, driven by industry dynamics and operational conditions [3]. Summary by Sections 1. Overview of the Agriculture, Forestry, Animal Husbandry, and Fishery Sector - The agriculture, forestry, animal husbandry, and fishery sector's net profit for the first half of 2025 reached 20.78 billion yuan, a substantial increase of 208% year-on-year [14]. - The second quarter of 2025 also showed a continued growth trend, with a net profit of 10.84 billion yuan, up 26% year-on-year [18]. 2. Sub-sector Performance Review and Investment Strategy 2.1 Pig Farming - The pig farming sector reported a total revenue of 201.9 billion yuan in the first half of 2025, a year-on-year increase of 17.9%, with net profit reaching 15.92 billion yuan, up 865.5% [21]. - Despite a slight decline in pig prices, companies improved profitability through increased volume and reduced costs, with average breeding costs down by 7.2% [21][33]. 2.2 Poultry Farming - The white feather chicken segment showed signs of stabilization, with revenue growth of 0.6% year-on-year, while the yellow feather chicken segment faced significant price declines, leading to a sharp drop in profitability [3][21]. 2.3 Pet Food - The pet food sector saw a revenue increase of 21.4% year-on-year, driven by domestic brand growth and a favorable pricing environment [3][21]. 2.4 Animal Health - The animal health sector experienced a recovery in demand, with total revenue of 8.61 billion yuan, reflecting a year-on-year increase of 26.44% [5][21]. 2.5 Feed - The feed sector's revenue reached 81.91 billion yuan, up 13.3% year-on-year, benefiting from improved profitability in livestock farming [5][21]. 2.6 Seed Industry - The seed industry faced challenges with a revenue decline of 9.7% year-on-year, attributed to falling grain prices and reduced planting enthusiasm among farmers [5][21]. 3. Investment Analysis and Recommendations - The report suggests that the pig farming industry is entering a phase of stable, high-quality development, with potential for significant profit recovery and valuation reassessment for leading companies [4][6]. - The pet food sector is expected to maintain strong growth, supported by increasing pet ownership and spending per pet [4][6].

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Viewpoints - The report emphasizes the certainty of capacity reduction in the pig farming sector, driven by both policy and market forces, which is expected to enhance long-term performance and valuation of the sector [3][6] - The report highlights the strong performance of yellow chicken prices, which are expected to continue their upward trend in the short term [20][36] - The report notes that the natural rubber market is experiencing a phase of inventory reduction, making prices more likely to rise than fall [36] Summary by Sections Investment Recommendations and Targets - The report recommends focusing on the pig farming sector, where quality companies are expected to maintain profitability and increase dividend rates, with key stocks including Muyuan Foods (002714, Buy) and Wens Foodstuff Group (300498, Buy) [3] - It suggests that the post-cycle sector will benefit from a rebound in pig inventory, boosting demand for feed and animal health products, with relevant stocks being Haida Group (002311, Not Rated) and Reap Bio (300119, Not Rated) [3] - In the planting chain, the upward trend in grain prices is established, presenting significant investment opportunities in large-scale planting, with stocks like Suqian Agricultural Development (601952, Not Rated) and Beidahuang (600598, Not Rated) highlighted [3] - The pet food sector is noted for its growth potential, with increasing recognition of domestic brands and continuous growth of leading companies, including Guibao Pet (301498, Not Rated) and Zhongchong Co. (002891, Not Rated) [3] Industry Fundamentals - The pig sector is nearing the end of its inventory reduction phase, with recent price declines observed; as of September 12, the average price for pigs was 13.34 yuan/kg, down 3.12% week-on-week [9][50] - The white feather broiler market is experiencing a return to low volatility, with prices for broilers and chicks declining [16][50] - The yellow feather broiler prices have shown resilience, with prices reaching 6.78 yuan/jin, up 3.99% week-on-week [20][50] - The feed sector is seeing a stabilization in raw material prices, with corn and soybean meal prices showing slight increases [27][50] Market Performance - The agricultural sector outperformed the market, with the agricultural index rising 4.81% during the week of September 8-12, 2025, compared to a 1.52% increase in the Shanghai Composite Index [42][46] - Individual stocks within the agricultural sector showed significant gains, with Lihua Co. leading with a 17.31% increase [46][47]

Market Overview - On September 18, the feed sector declined by 2.57%, with Aonong Biological leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Individual Stock Performance - Key stocks in the feed sector showed mixed performance, with Jin Xin Nong and Tian Ma Technology both increasing by 1.83% to close at 5.01 and 14.50 respectively [1] - Aonong Biological experienced a significant decline of 6.48%, closing at 5.63, with a trading volume of 1.58 million shares and a turnover of 918 million yuan [2] - Other notable declines included Bangji Technology down 6.13% and Tiankang Biological down 5.40% [2] Capital Flow Analysis - The feed sector saw a net outflow of 416 million yuan from main funds, while retail investors contributed a net inflow of 305 million yuan [2] - The capital flow for individual stocks indicated that Jin Xin Nong had a net inflow of 55.33 million yuan from main funds, while Aonong Biological had a net outflow of 11.18 million yuan [3] - Retail investors showed a preference for stocks like Aonong Biological, which had a net inflow of 27.10 million yuan despite its overall decline [3]

Livestock Industry - The number of new piglets in China is expected to increase from the second half of 2024 to June 2025, indicating a continued ample supply of pigs in the second half of 2025, leading to a relatively low price fluctuation for pigs [1] - In the first half of 2025, selected listed pig farming companies are projected to achieve revenues of 235.068 billion yuan, a year-on-year increase of 16.46%, and a net profit of 16.848 billion yuan, a year-on-year increase of 1315% [1] - The profit margin for pig farming is expected to narrow gradually starting from the fourth quarter of 2024, despite maintaining profitability for 15 consecutive months as of July [1] Pet Industry - In the first half of 2025, selected pet food companies reported total revenues of 6.4 billion yuan, a year-on-year increase of 22%, with individual company performances varying [2] - Guai Bao Pet achieved a revenue growth of 33%, while Zhong Chong Co. saw a 24% increase, while Peidi Co. experienced a 14% decline in revenue [2] - The domestic pet food market remains strong, despite fluctuations in overseas business due to tariff policies [2] Feed Industry - In the first half of 2025, selected feed companies reported total revenues of 81.3 billion yuan, a year-on-year increase of 15%, with Bangji Technology showing a remarkable growth of 167% [3] - The overall performance of major feed companies improved, with total net profits reaching 2.94 billion yuan, a year-on-year increase of 42% [3] - The second quarter of 2025 saw total revenues for feed companies reach 46 billion yuan, reflecting an 18% year-on-year growth [3]

Group 1 - A new company, Chifeng Shengfeng Dachuan Feed Co., Ltd., has been established with a registered capital of 45 million yuan [1] - The company's business scope includes feed production, sales of livestock and fishery feed, sales of feed raw materials, and sales of feed additives [1] - The company is jointly held by Haida Group (002311) and other stakeholders [1]

Core Viewpoint - The company Dabeinong experienced a slight decline in stock price on September 17, with significant trading activity and high financing levels, indicating strong market interest despite the drop [1]. Financing and Trading Activity - On September 17, Dabeinong's stock fell by 0.92%, with a trading volume of 398 million yuan. The financing buy-in amounted to 52.36 million yuan, while financing repayments were 45.77 million yuan, resulting in a net financing buy of 6.59 million yuan. The total financing and securities lending balance reached 970 million yuan [1]. - The financing balance of Dabeinong as of September 17 was 962 million yuan, accounting for 5.21% of the circulating market value, which is above the 90th percentile of the past year, indicating a high level of financing activity [1]. - In terms of securities lending, Dabeinong repaid 200 shares and sold 23,800 shares on September 17, with a selling amount of 102,100 yuan. The remaining securities lending volume was 2.03 million shares, with a balance of 8.71 million yuan, also above the 60th percentile of the past year [1]. Company Overview - Dabeinong Technology Group Co., Ltd. was established on October 18, 1994, and listed on April 9, 2010. The company is based in Haidian District, Beijing, and its main business includes the production and sales of feed products and the cultivation and promotion of crop seeds [1]. - The revenue composition of Dabeinong includes feed products (63.42%), pig farming products (25.08%), other products (5.70%), seed industry products (3.52%), plant protection products (1.07%), veterinary drugs (0.65%), and vaccines (0.56%) [1]. Financial Performance - As of June 30, Dabeinong had 241,500 shareholders, an increase of 4.43% from the previous period, with an average of 14,595 circulating shares per person, a decrease of 4.24% [2]. - For the first half of 2025, Dabeinong reported a revenue of 13.56 billion yuan, a year-on-year increase of 3.55%, and a net profit attributable to shareholders of 235 million yuan, a significant increase of 250.93% [2]. - Since its A-share listing, Dabeinong has distributed a total of 3.94 billion yuan in dividends, with 663 million yuan distributed over the past three years [2]. Institutional Holdings - As of June 30, 2025, among the top ten circulating shareholders of Dabeinong, the Southern CSI 500 ETF ranked as the fourth largest shareholder with 51.07 million shares, an increase of 6.55 million shares from the previous period. The Guotai CSI Livestock Breeding ETF ranked fifth with 49.22 million shares, an increase of 1.99 million shares [2].

截至6月30日，海大集团股东户数2.15万，较上期增加2.49%；人均流通股77222股，较上期减少2.43%。 2025年1月-6月，海大集团实现营业收入588.31亿元，同比增长12.50%；归母净利润26.39亿元，同比增 长24.16%。 9月17日，海大集团跌3.01%，成交额7.20亿元。两融数据显示，当日海大集团获融资买入额3648.08万 元，融资偿还1466.99万元，融资净买入2181.09万元。截至9月17日，海大集团融资融券余额合计1.27亿 元。 融资方面，海大集团当日融资买入3648.08万元。当前融资余额1.24亿元，占流通市值的0.12%，融资余 额低于近一年10%分位水平，处于低位。 融券方面，海大集团9月17日融券偿还4900.00股，融券卖出7800.00股，按当日收盘价计算，卖出金额 50.23万元；融券余量5.14万股，融券余额331.14万元，超过近一年50%分位水平，处于较高位。 资料显示，广东海大集团股份有限公司位于广东省广州市番禺区化龙镇龙泰街8号海大科学园1栋，成立 日期2004年1月8日，上市日期2009年11月27日，公司主营业务涉及水产预混料、水产配合 ...

Investment Rating - Investment recommendation: Outperform the market (maintained) [7] Core Insights - The pig farming industry is entering a sustained profitability period, with increasing piglet numbers expected to lead to ample supply in the second half of 2025 [4][11] - The feed market is anticipated to expand due to recovering demand in pig and aquaculture feed, with domestic companies actively seeking overseas growth opportunities [4][11] - The pet industry remains robust, with strong domestic growth potential and a focus on upgrading products and local brands [4][11] Summary by Sections 1. Pig Farming - In H1 2025, 15 listed pig farming companies achieved revenues of CNY 235.068 billion, a year-on-year increase of 16.46%, with net profits reaching CNY 16.848 billion, up 1315% [8][19] - In Q2 2025, the average price of pigs was CNY 14.57 per kg, showing a decline of 2.96% quarter-on-quarter and 10.89% year-on-year [19] - The number of pigs slaughtered by these companies in H1 2025 was 94.3441 million, a year-on-year increase of 30.65% [31] 2. Pet Industry - In H1 2025, total revenue for selected pet food companies reached CNY 6.4 billion, a year-on-year increase of 22% [39] - The average gross margin for major pet food companies improved to 35.38%, up 3.26 percentage points year-on-year, driven by product upgrades and favorable raw material prices [44] - The net profit for these companies in H1 2025 was CNY 660 million, reflecting a 20% increase year-on-year [39] 3. Feed Industry - In H1 2025, total revenue for selected feed companies was CNY 81.3 billion, a year-on-year increase of 15% [54] - The net profit for these companies in H1 2025 was CNY 2.94 billion, up 42% year-on-year [54] - The feed market is expected to benefit from increased demand in both pig and aquaculture sectors, with companies like Haida Group and Guangdong Feed showing strong performance [54][58]

Report Industry Investment Rating The provided content does not mention the report industry investment rating. Core Viewpoints of the Report - **Oils and Fats**: The prices of oils and fats rose during the day. The pre - holiday stockpiling before the double festivals supported the oil prices to some extent. There were strong expectations of a consumption peak season and decreasing supply in the fourth quarter, but the high domestic inventory and weak spot market sentiment limited the increase of soybean oil prices. For the Y2601 contract, it was advisable to hold long positions, with support at 8300 - 8330 yuan/ton and resistance at 8460 - 8500 yuan/ton. Buying out - of - the - money call options was also recommended. For rapeseed oil, due to the anti - dumping measures on Canadian rapeseeds, the market expected a reduction in Canadian rapeseed purchases. The increase in imports from Russia, Dubai, and Australia could partly make up for the supply. Palm oil was in a seasonal inventory - building period, but the export demand improved, and there was an expectation of an increase in the biodiesel blending ratio [3][4]. - **Feed Grains**: For corn and corn starch, the external market had some factors supporting the prices, but the expected high yield in the Northern Hemisphere and inventory build - up in the US would limit the increase. In the domestic market, it was a game between low channel inventory and seasonal pressure. It was recommended to hold short positions cautiously [7]. - **Grains and Beans**: The price of soybeans No. 1 continued to decline. There was an expectation of a good harvest of new soybeans, and with the increase in supply, it was advisable to hold short positions. For peanuts, there was an expectation of an increase in production, and the seasonal supply pressure affected the prices, but the pre - holiday stockpiling had a certain supporting effect [8][9]. - **Livestock and Poultry**: The price of live pigs fluctuated weakly. There was a strong expectation of capacity reduction, and it was recommended to hold long positions. The price of eggs fluctuated and was at a low level. It was recommended to buy at low prices considering the consumption peak season [10]. Summary by Directory Part One: Sector Strategy Recommendations 1. Market Analysis - **Oils and Fats and Oilseeds**: Soybeans No. 1 and No. 2 were expected to be bearish or in adjustment. Peanuts were in an adjustment phase, and it was advisable to short lightly. Soybean oil, rapeseed oil, and palm oil were expected to be bullish, and it was recommended to hold long positions or buy at low prices [13]. - **Protein Feed**: Soybean meal and rapeseed meal were in different market conditions. Soybean meal was expected to be weakly bearish, and it was advisable to wait and see. Rapeseed meal was expected to be bullish, and it was recommended to buy at low prices [13]. - **Energy and By - products**: Corn and corn starch were under pressure, and it was recommended to hold short positions [13]. - **Livestock and Poultry**: Live pigs were expected to rebound, and it was recommended to hold long positions. Eggs were in a process of finding a bottom, and it was advisable to buy at low prices [13]. 2. Commodity Arbitrage - **Inter - period Arbitrage**: For some varieties like soybean meal 3 - 5, it was recommended to conduct positive spreads. For others, it was mostly recommended to wait and see [14][15]. - **Inter - commodity Arbitrage**: For some oil - related spreads, different strategies such as shorting, going long, or waiting and seeing were recommended. For the oil - meal ratio of soybeans, it was recommended to go long [15]. 3. Basis and Spot - Futures Strategies The report provided spot prices, price changes, and basis changes of various varieties, including oils and fats, protein feeds, energy and by - products, and livestock and poultry [16]. Part Two: Key Data Tracking Table 1. Oils and Fats and Oilseeds - **Daily Data**: Included import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping dates [18]. - **Weekly Data**: Provided inventory and operating rate data of beans, rapeseeds, palm oil, and peanuts [20]. 2. Feed - **Daily Data**: Showed the import cost data of corn from Argentina and Brazil [20]. - **Weekly Data**: Provided data on corn consumption, inventory, and starch enterprise operating rate and inventory [21]. 3. Livestock and Poultry - **Daily Data**: Included daily data of live pigs and eggs, such as prices and price changes [22][23]. - **Weekly Data**: Provided weekly key data of live pigs and eggs, including supply, demand, cost, and profit data [24][26]. Part Three: Fundamental Tracking Charts - **Livestock and Poultry**: Included charts of live pig and egg futures and spot prices, as well as related data such as piglet prices and chicken苗 prices [27][31][33] - **Oils and Fats and Oilseeds**: Included charts of palm oil, soybean oil, and peanut production, inventory, trading volume, and spreads [36][46][55] - **Feed**: Included charts of corn, corn starch, rapeseed - related, and soybean meal - related data, such as prices, inventory, and spreads [61][69][73][80] Part Four: Options Situation of Feed, Livestock, and Oils and Fats The report provided charts of historical volatility of various varieties and options trading volume and open interest data of corn [95][96][97] Part Five: Warehouse Receipt Situation of Feed, Livestock, and Oils and Fats The report provided charts of warehouse receipt quantities of various varieties, including rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs [98][99][100]