分析师：黄冬祎 S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 农林牧渔行业 超配（维持） 农林牧渔行业双周报（2025/5/23-2025/6/5） 行 业 优质农业龙头推进国际化战略 2025 年 6 月 6 日 投资要点： 风险提示：疫病大规模爆发，价格下行，自然灾害，市场竞争加剧等。 所 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn SW农林牧渔行业跑赢沪深300指数。2025年5月23日—2025年6月5日，SW 农林牧渔行业上涨1.23%，跑赢同期沪深300指数约2.16个百分点；细分板 块中，仅动物保健录得负收益，下跌1.25%；饲料、渔业、养殖业、农产 品加工和种植业均录得正收益，分别上涨2.74%、2.45%、1.14%、0.96%和 0.61%。估值方面，截至2025年6月5 ...

业务咨询 添加客服 瑞达期货研究院 「2025.06.06」 生猪市场周报 价格震荡调整，基差走弱 研究员：张昕 期货从业资格号F03109641 期货投资咨询从业证Z001845 关 注 我 们 获 取 更 多 资 讯 联系电话：059586778969 目录 1、周度要点小结 2、期现市场 3、产业情况 行情回顾：生猪价格偏弱运行，主力合约周度下跌1.07%。 行情展望：供应端，根据Mysteel数据，5月出栏节奏缓慢，实际出栏未达到计划，6月日均出栏量高 于5月。近期大猪出栏积极性增加，且规模养殖场有降重出栏意愿，出栏均重下降，短期市场供应增 加。二三季度对应母猪产能处于增产周期，中期供应压力趋增。需求端，高温抑制采购猪肉意愿，终 端走货速度放慢，屠宰厂开工率滞涨回落，消费进入季节性淡季，难以为价格提供有利支撑。总体来 说，供强需弱格局，导致生猪价格跌至14元/公斤附近，且短期料维持偏弱走势，抑制期货盘面，不 过盘面或已消化预期，跌幅小于现货，基差走弱，呈现震荡调整走势。 「 期货市场情况」 本周期货偏弱运行 「 周度要点小结」 策略建议：观望或轻仓滚动反弹抛空操作。 3 「 期货市场情况」 本周期货净 ...

Core Viewpoint - The company disclosed its main operational data for the pig farming business in May 2025, highlighting sales figures and revenue from live pig sales and piglet sales, which are crucial for understanding its performance in the agricultural sector [1][2]. Group 1: Main Operational Data - In May 2025, the company sold 232,800 live pigs, generating a sales revenue of 1.32 billion yuan, with a slight decrease of 1.70% compared to April 2025 [2][3]. - The cumulative sales of live pigs reached 2.40 million heads, with a total revenue of 5.43 billion yuan for the year to date [2]. - The company sold 79,000 piglets in May 2025, resulting in a sales revenue of 413 million yuan, while the cumulative sales of piglets amounted to 231,600 heads with a revenue of 2.12 billion yuan [2][3]. Group 2: Sales Price and Revenue - The average selling price of live pigs was reported at 24.09 yuan per kilogram for May 2025, reflecting the market conditions and pricing trends in the industry [3]. - The internal sales to the group's slaughtering enterprises accounted for 163,800 heads of live pigs sold, indicating a significant portion of the company's sales strategy [2][3]. Group 3: Additional Notes - The disclosed sales data is unaudited and may differ from periodic report disclosures, serving as a reference for investors to understand the company's operational status [2][3]. - The company emphasizes that the data only represents the live pig sales segment and does not include other business areas such as feed processing, pig slaughtering, and meat product processing [2][3].

证券代码：605296 证券简称：神农集团 公告编号：2025-069 云南神农农业产业集团股份有限公司（以下简称"公司"）现将 2025 年 5 月养殖业务主要经营数据披露如下： 一、2025 年 5 月养殖业务主要经营数据 单位：万头 | 主要产品 | 销售量 | | 销售量同比增减(%) | | | --- | --- | --- | --- | --- | | | 当月 | 累计 | 当月 | 累计 | | 生猪 | 23.28 | 132.05 | 24.09 | 54.34 | 2025 年 5 月份，公司销售生猪 23.28 万头（其中：商品猪销售 22.09 万头， 仔猪销售 0.79 万头），销售收入 4.13 亿元。其中向集团内部屠宰企业销售生猪 3.72 万头。 2025 年 5 月份，公司商品猪价格呈现下降趋势，商品猪销售均价 14.43 元/ 公斤，比 2025 年 4 月份下降 1.70%。 云南神农农业产业集团股份有限公司 2025 年 5 月养殖业务主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完 ...

Group 1 - Leisai Intelligent adjusted the share repurchase price limit from 25.00 yuan/share to 52.00 yuan/share [1] - Fulin Precision's subsidiary Jiangxi Shenghua signed a supplementary agreement with CATL, involving a 500 million yuan advance payment for production capacity [1] - Shenzhou Cell plans to issue up to 25 million A-shares to its controlling shareholder to raise no more than 900 million yuan for working capital [2] Group 2 - BOE Technology received a commitment for an 1.8 billion yuan stock repurchase loan from China Construction Bank [2] - Chengjian Development plans to publicly transfer 9.24% equity in Beijing Science and Technology Park Construction Group at a minimum price of 282 million yuan [2][3] - *ST Lingda's chairman and president Wang Mingsheng resigned, with Jin Yongfeng elected as the new chairman [4] Group 3 - Jiangsu Boyun's shareholder plans to reduce holdings by up to 3% of the company's shares [6] - Yuhua Tian's shareholders plan to reduce holdings by up to 6% of the company's shares [8] - Anpei Long's shareholder plans to reduce holdings by up to 3% of the company's shares [10] Group 4 - Dayu Water-saving plans to participate in the auction for 70% equity of Huai'an Design Institute [15] - InSai Group intends to purchase 80% equity of Zhizhe Brand for 642 million yuan [16] - Jinj Chicken's shareholder plans to reduce holdings by up to 2.99% of the company's shares [18] Group 5 - Chao Hongji's shareholder plans to reduce holdings by up to 3% of the company's shares [19] - Chuangye Huikang's shareholder intends to transfer 40 million shares to repay stock pledge financing [20] - Zhuangzi Island's shareholder plans to reduce holdings by up to 1% of the company's shares [21] Group 6 - *ST Renle received a decision from the Shenzhen Stock Exchange to terminate its stock listing [22] - SMIC's wholly-owned subsidiary plans to sell 14.832% equity of a subsidiary to Hunan Guoke Microelectronics [24]

行业 生猪日报 日期 2025 年 06 月 06 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 升水修复，重新起航 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：涌益，建信期货研究中心 请阅读正文后的声明 - 2 - 图1：全国生猪出栏价 元/公斤 图2：样本屠宰场屠宰量 头 数据来源：涌益，建信期货研究中心 据涌益资讯 ...

Group 1 - The People's Bank of China will conduct a 1 trillion yuan reverse repurchase operation to maintain liquidity in the banking system, with a term of 3 months [2] - The Ministry of Commerce criticized the U.S. for raising tariffs on steel and aluminum, calling it unilateralism and protectionism, and emphasized the need for a fair trade environment [2] - The China Securities Regulatory Commission plans to deepen the reform of the stock issuance registration system, focusing on information disclosure and supporting high-quality unprofitable tech companies to go public [3] Group 2 - The National Financial Regulatory Administration will enhance financial support for technological innovation, including improving credit offerings and developing technology insurance policies [4] - The National Development and Reform Commission aims to strengthen employment and economic stability policies, with most measures expected to be implemented by the end of June [5] - The European Central Bank announced a 25 basis point reduction in key interest rates, marking the eighth rate cut since June 2024 [5] Group 3 - Silver prices have surpassed $36 per ounce, the highest level since February 2012 [6] Group 4 - Wens Foodstuff Group reported a 14.23% year-on-year increase in pig sales revenue for May [13] - Cuiwei Co. is currently in a loss-making state in its main business [13] - Haite Development is planning to acquire controlling interest in Zhixueyun [13] - Pilin Bio is undergoing a control change and has suspended trading [13] - Hongjing Technology intends to jointly invest in a new company to develop its computing service business [13] - Maipu Medical plans to acquire 100% equity of Yijie Medical and will resume trading on June 6 [13]

证券研究报告 牧原股份 (002714 CH) 2025 年中期策略会速递— 增出栏+降成本+国际化稳步推进 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 05 日│中国内地 | 农林牧渔 | 6 月 4 日牧原股份出席了我们组织的 2025 年中期策略会，会上公司沟通了 1~4 月生猪出栏量持续同比高增，养殖完全成本亦延续明显改善、4 月已降 至 12.4 元/公斤，同时单头增益战略亦已有一定成效。公司已递交 H 股发行 申请书，项目正在推进中，在国际资本市场的亮相或有助于公司后续逐步拓 展全球商业版图。我们认为，今年以来猪价虽处于下行周期中，但下跌偏缓、 养殖行业仍处于盈利空间，看好公司养殖成本领先+单头增益空间逐步提升 优势下的盈利兑现能力。维持"买入"评级。 月度出栏持续同比高增，单头生猪价值提升路径清晰 生猪出栏方面，今年以来公司出栏量延续同比高增，4 月公司出栏生猪 811 万头、同比+49%，1~4 月累计出栏生猪 3077 万头、同比+43%；1~4 月累 计实现生猪销售收入约 485 亿元、同比+39%。育肥完全 ...

证券研究报告 牧原股份 (002714 CH) 2025 年中期策略会速递— 增出栏+降成本+国际化稳步推进 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 05 日│中国内地 | 农林牧渔 | 6 月 4 日牧原股份出席了我们组织的 2025 年中期策略会，会上公司沟通了 1~4 月生猪出栏量持续同比高增，养殖完全成本亦延续明显改善、4 月已降 至 12.4 元/公斤，同时单头增益战略亦已有一定成效。公司已递交 H 股发行 申请书，项目正在推进中，在国际资本市场的亮相或有助于公司后续逐步拓 展全球商业版图。我们认为，今年以来猪价虽处于下行周期中，但下跌偏缓、 养殖行业仍处于盈利空间，看好公司养殖成本领先+单头增益空间逐步提升 优势下的盈利兑现能力。维持"买入"评级。 月度出栏持续同比高增，单头生猪价值提升路径清晰 生猪出栏方面，今年以来公司出栏量延续同比高增，4 月公司出栏生猪 811 万头、同比+49%，1~4 月累计出栏生猪 3077 万头、同比+43%；1~4 月累 计实现生猪销售收入约 485 亿元、同比+39%。育肥完全 ...

Group 1 - Company announced plans to acquire 100% equity of several agricultural companies and 80% equity of a consulting firm through a combination of share issuance and cash payment [1] - The acquisition targets include companies involved in pig farming, livestock technology development, and crop planting, which align well with the company's main feed business [1] - Following the announcement, the company's stock price surged to a closing price of 17.12 yuan per share, with a market capitalization of 2.9 billion yuan [1] Group 2 - The feed industry is transitioning from scale expansion to quality improvement, with increased competition and a clear trend of industry consolidation [2] - Large feed enterprises are becoming chain integrators through alliances and acquisitions, while some companies are shifting production capacity to self-use due to changes in the breeding market [2] - The company has previously initiated steps for industry chain integration, including acquisitions of other feed companies [2] Group 3 - In 2024, the company achieved revenue of 2.542 billion yuan, a year-on-year increase of 54.36%, while net profit decreased by 40.24% to 50.13 million yuan [3] - In the first quarter of the current year, the company reported significant revenue and profit growth, with year-on-year increases of 160.84% and 37.71%, respectively [3] - The company plans to expand pig feed production capacity and deploy production bases nationwide, aiming to enhance cost competitiveness through rapid scale growth [3]