Group 1: Pork and Poultry Market - The average daily trading volume of pork reached 9,031 heads (692.61 tons), an increase of 2.72% week-on-week [1] - The average price of live pigs in Hangzhou was 16.1 yuan/kg, down 0.49%, while the wholesale price of pork was 18.71 yuan/kg, down 2.04% [1] - The retail price of pork products showed mixed trends, with prices for pork ribs and boneless pork shoulder increasing by 0.62% and 4.52% respectively, while other cuts saw declines [1] Group 2: Vegetable Market - The average daily trading volume of vegetables was 3,087.29 tons, a decrease of 0.64% from the previous week, despite an increase in specific varieties from regions like Gansu and Shandong [2] - The overall average wholesale price of vegetables rose by 1.64% to 3.72 yuan/kg, with significant price increases for celery (up 10.69%) and cauliflower (up 9.25%) [2] - Retail prices for monitored vegetable varieties showed a mixed trend, with an overall average of 9.88 yuan/kg, down 0.5% [2] Group 3: Aquatic Products Market - The total wholesale trading volume of aquatic products was 3,245.15 tons, with an average daily trading volume of 463.59 tons, reflecting a week-on-week increase of 3.02% [3] - The average wholesale price of aquatic products decreased by 0.35% to 40.41 yuan/kg, while the retail price for monitored aquatic products increased by 0.4% to 62.09 yuan/kg [3]

Core Insights - The "Agricultural Product Wholesale Price 200 Index" decreased by 0.12 points as of June 16, indicating a slight decline in wholesale agricultural prices [1] - The "Vegetable Basket" product wholesale price index also fell by 0.14 points, reflecting a similar trend in the market [1] - The average wholesale price of pork reached 20.37 yuan per kilogram, which represents a 0.5% increase compared to the previous week [1]

金十期货6月13日讯，据农业农村部监测，6月13日"农产品批发价格200指数"为112.95，比昨天下降0.14 个点，"菜篮子"产品批发价格指数为113.00，比昨天下降0.18个点。截至今日14:00时，全国农产品批发 市场猪肉平均价格为20.26元/公斤，比昨天下降0.3%；鸡蛋7.28元/公斤，比昨天下降0.4%。 全国农产品批发市场猪肉平均价格为20.26元/公斤，比昨天下降0.3% ...

Group 1: Pork Market - The average daily trading volume of pork was 8,792 heads (674.25 tons), a decrease of 15.15% compared to the previous week [1] - The average price of live pigs in Hangzhou was 16.18 yuan/kg, down 0.19% from the previous week [1] - The average wholesale price of pork was 19.1 yuan/kg, a decrease of 0.88% [1] - Retail prices for various pork cuts showed mixed trends, with pork loin at 35.99 yuan/kg, up 2.36%, while pork hind leg dropped to 29.21 yuan/kg, down 0.38% [1] Group 2: Vegetable Market - The average daily trading volume of vegetables was 3,107.29 tons, down 17.83% from the previous week [2] - The overall average wholesale price of vegetables increased by 1.1% to 3.66 yuan/kg, with 10 varieties rising and 7 falling [2] - Significant price increases were noted for green vegetables, with prices for lettuce rising by 9.18% to 2.14 yuan/kg [2] - The average retail price of monitored vegetables was 9.93 yuan/kg, down 1.1%, with 13 varieties increasing and 15 decreasing [2] Group 3: Aquatic Products Market - The total wholesale trading volume of aquatic products was 3,150.05 tons, with an average daily trading volume of 450.01 tons, down 14.79% [3] - The overall average wholesale price of aquatic products decreased by 2.76% to 40.55 yuan/kg, with 2 varieties increasing and 3 decreasing [3] - Retail prices for aquatic products showed a slight increase overall, with an average retail price of 61.84 yuan/kg, up 1.01% [3]

Group 1 - The New Fa Di market is supplying a significant amount of ice, reaching up to 1200 tons per day, to ensure the freshness of fruits and vegetables during high-temperature weather [1] - Merchants are utilizing both large ice blocks and crushed ice for preserving products, with some merchants using 400 to 500 bags of crushed ice daily for transporting scallions to Tianjin [1] - The market has implemented measures to protect sensitive produce from dehydration, including the use of ice bags and foam boxes for cooling [1] Group 2 - The New Fa Di market has renovated its international fruit trading area, adding 59 large trading greenhouses, which provide a stable trading environment regardless of weather conditions [2] - On June 10, the market reported a vegetable supply of 20,400 tons with an average price of 2.63 yuan per kilogram, indicating a stable supply and pricing structure [2] - The supply of fresh vegetables is transitioning northward, with various cool-weather crops being sourced from regions north of Beijing [2]

研 究 专 题 定增双周报 2025 年 06 月 09 日 新增数量维持高位，解禁收益均为正 ——定增市场双周报 2025.05.26-2025.06.08 本期投资提示： 新 股 发 行 证 券 研 究 报 告 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 研究支持 朱敏 A0230524050004 zhumin@swsresearch.com 联系人 朱敏 (8621)23297818× zhumin@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 - ⚫ 新增项目维持高位，存量项目环比增加。截至 2025 年 6 月 9 日，上两周（5 月 26 日至 6 月 8 日）新增 21 宗定增项目（其中竞价 11 宗），环比持平；终止 11 宗（其中竞价 5 宗）， 环比增加 1 宗；发审委通过 10 宗（其 ...

Core Insights - The average price of pork in the national agricultural wholesale market has decreased by 0.3% compared to the previous day [1] - The "Agricultural Product Wholesale Price 200 Index" has increased by 0.15 points to 114.22, while the "Vegetable Basket" product wholesale price index has risen by 0.17 points to 114.45 [1] Price Summary - Average pork price: 20.84 yuan/kg, down 0.3% from yesterday [1] - Beef price: 63.01 yuan/kg, unchanged from yesterday [1] - Mutton price: 59.55 yuan/kg, up 0.3% from yesterday [1] - Egg price: 7.79 yuan/kg, up 0.9% from yesterday [1] - Broiler chicken price: 17.56 yuan/kg, up 0.2% from yesterday [1]

Core Points - The opening of the Guangdong Deye Agricultural Trade Logistics Park marks the first provincial-level designated wholesale market for agricultural products in Shanwei, with a total investment exceeding 300 million yuan [3][4]. - The logistics park aims to serve as a core hub for transporting agricultural products from Eastern Guangdong to the Guangdong-Hong Kong-Macao Greater Bay Area, contributing significantly to rural revitalization [4][5]. Group 1 - The logistics park has a total construction area of 100,000 square meters and is designed with a "full-spectrum, high-standard, and intelligent" positioning [3][4]. - It features over 1,000 stalls and parking spaces, with nine functional areas including wholesale trading and processing distribution [17][18]. - The park is expected to enhance the agricultural circulation system in Haifeng County, acting as a key link between producers and consumers [10][22]. Group 2 - The park will implement a food safety and standardization management system, including a product quality traceability system and a merchant star rating mechanism [13][14]. - It aims to attract lychee buyers and distributors to establish Haifeng as a distribution center for lychee sales in the region [15]. - The project will be developed in three phases, focusing on vegetables, fruits, and market support, with an emphasis on improving cold chain logistics and extending the industrial chain [28][29].

Core Viewpoint - The company is seeking to raise up to 2 billion RMB through a private placement of shares to specific investors, primarily to fund ongoing and new agricultural wholesale market projects, improve liquidity, and repay bank loans [2][12][15]. Group 1: Financing and Investment Projects - The company plans to issue shares to no more than 35 specific investors, with the controlling shareholder, Shenzhen Agricultural and Food Investment Holding Group Co., Ltd., committing to subscribe for 1.3 billion RMB [2]. - The total investment for the projects includes 850 million RMB for the Guangming Hai Jixing Phase II project and 520 million RMB for the Changsha Hai Jixing Phase II continuation project, with additional funds allocated for working capital and loan repayment [13][14]. - The Guangming Hai Jixing project aims to enhance the supply chain for agricultural products in Shenzhen, while the Changsha project focuses on seafood and vegetable processing and distribution [13][14]. Group 2: Financial Health and Market Position - As of March 31, 2025, the company had 2.033 billion RMB in cash, with 577 million RMB restricted, leaving 2.028 billion RMB available for use [5][12]. - The company has a high debt-to-asset ratio of 60.30%, which is above comparable companies, indicating a need for improved capital structure through the proposed financing [12][15]. - The company’s revenue for 2024 was 4.161 billion RMB, with a net profit of 783 million RMB, showing a strong operational performance despite some projects facing competitive pressures [9][12]. Group 3: Market Demand and Competitive Landscape - The agricultural wholesale market is crucial for connecting small-scale producers with consumers, facilitating efficient distribution and reducing risks for retail outlets [16][17]. - The company operates in a highly fragmented market, where the establishment of multiple wholesale markets is necessary to meet diverse consumer demands and ensure food supply stability [16][18]. - The agricultural sector in China is characterized by a high volume of transactions, with the wholesale market accounting for a significant portion of the total agricultural trade, which was estimated at 5.7 trillion RMB in 2022 [18].

Core Viewpoint - The company is planning to raise up to 2 billion yuan through a private placement of shares to specific investors, including its controlling shareholder, Shenzhen Agricultural and Food Investment Holding Group Co., Ltd. [4][5][6] Group 1: Fundraising and Project Details - The fundraising will involve issuing shares to no more than 35 specific investors, with the controlling shareholder expected to subscribe for 1.3 billion yuan [4][5] - The raised funds will be allocated as follows: 880 million yuan for the Guangming Hai Jixing Phase II project, 520 million yuan for the continued construction of the Changsha Hai Jixing Phase II project, and 600 million yuan for working capital and bank loan repayment [5][6] - The Guangming Phase II project aims to enhance the company's agricultural wholesale market operations, while the Changsha project focuses on expanding seafood trading and developing new business models [5][6] Group 2: Financial Projections and Market Competition - Upon completion, the Guangming Phase II project is projected to generate an average annual revenue of 134 million yuan and a net profit of 44 million yuan, while the Changsha project is expected to yield 128 million yuan in revenue and 48 million yuan in net profit [5][6] - The company faces competition from local rivals, particularly in the Changsha market, which has led to increased sales expenses due to competitive pricing strategies [5][6] Group 3: Legal and Compliance Aspects - The legal counsel has confirmed that the fundraising and project implementation comply with relevant regulations and that there are no substantial obstacles to the land acquisition for the Guangming Phase II project [11][12] - The company has established a robust internal management framework to ensure the proper use of raised funds and compliance with legal requirements [20][21] - The arrangement for minority shareholders to provide loans at different ratios has been deemed reasonable and not detrimental to the interests of the company or its shareholders [19][23]