Core Viewpoint - The investment landscape is shifting towards a "quality equity era," driven by favorable macroeconomic conditions and a changing interest rate environment [1][2]. Macro Perspective - The transition in investment mindset from defensive to a stronger market perspective is influenced by increased political support for finance and a favorable interest rate environment [4]. - The current interest rate environment has reduced the opportunity cost of investing in equity assets, potentially leading to increased capital inflow into quality equities [4][5]. - Expectations of a declining US dollar and potential appreciation of the RMB could benefit A-shares, Hong Kong stocks, and Chinese concept stocks, attracting global capital [4]. Investment Opportunities - Focus on two main directions: 1. Value reassessment in traditional industries with stable cash flows and low valuations [5]. 2. High-quality growth driven by technology advancements in sectors like new energy materials, AI applications, and innovative pharmaceuticals [5][6]. - The swine breeding industry and green electricity operators are also highlighted as sectors with potential opportunities [6]. Market Outlook - The overall market sentiment remains optimistic, with a belief that the stock market is currently undervalued and has limited downside potential [7]. - Anticipation of monetary policy easing in both China and the US could bring additional capital into A/H shares [4][7]. Innovative Pharmaceuticals - The innovative pharmaceutical sector is expected to continue its strong performance, driven by improvements in fundamentals and market sentiment [8][9]. - The rebound in the innovative drug sector is attributed to significant advancements in technology and a favorable regulatory environment, with a notable increase in business development (BD) transactions [9]. AI and Robotics - AI is recognized as a key direction for future technological transformation, although short-term uncertainties remain regarding its industrialization and application [10][11]. - Investment in the robotics sector is still in its early stages, with ongoing research needed to identify opportunities as the industry matures [11]. Growth Stock Investment - There are two main contradictions in growth stock investment: the conflict between short-term high valuations and long-term trends, and the misalignment between long-term trends and short-term performance evaluations [12]. - Emphasis on investing in established companies with stable cash flows that are transitioning to innovative drug development, as they offer a sustainable competitive advantage [12][13].

"猪茅"业绩"爆表"！ 预计上半年实现归母净利润102亿元至107亿元，同比增长超1100%。 值得关注的是，今年一季度牧原股份归母净利润为44.91亿元，按照上半年业绩预告测算，其今 年二季度净利润约为57亿元至62亿元，环比有所增长。另外，以181天计算，牧原股份上半年每 天至少净赚约5600万元。 在上述半年报业绩预告出炉后，有股民在牧原股份股吧调侃："二师兄秒变天蓬元帅"，也有股民 表示："业绩超预期"。 "猪茅"上半年业绩预增超1100% 7月9日晚，生猪养殖龙头牧原股份披露业绩预告，2025年上半年预计实现归属于上市公司股东的 净利润为102亿元至107亿元，同比增长1129.97%至1190.26%，扣非净利润106亿元至111亿元， 同比增长882.95%至929.31%。 公司表示，2025年上半年经营业绩大幅提升，主要源自报告期内公司生猪出栏量较去年同期上升 促使收入上升，且生猪养殖成本较去年同期下降。 牧原股份日前披露生猪销售情况显示，2025年上半年公司共销售商品猪3839.4万头，仔猪829.1 万头，种猪22.5万头，商品猪销售收入累计达708.68亿元。截至6月末，牧原股份能繁母 ...

（原标题：叮咚买菜加码上游供应链 投资庆渔堂数字渔仓） 7月9日，"共富数字渔仓"开仓仪式暨叮咚买菜&庆渔堂水产"一公里深"战略发布会在浙江德清县庆渔堂 幸福仓基地举行。据介绍，此次发布会宣告了国内首个数字化水产综合体投入运营。 "数字渔仓，由叮咚买菜战略投资的庆渔堂运营。叮咚买菜负责解决销售问题，并依托平台大数据，建 立'以销定产'机制，缩短市场响应周期，解决了养殖户销售难的后顾之忧。"叮咚买菜方面对证券时报 记者表示。 据官网显示，庆渔堂成立于2016年，是国内领先的数智渔业产业运营服务商。公司建立了数字渔仓、数 字渔村和数字渔商三大核心业务。目前，庆渔堂数字渔村服务已覆盖长三角地区约15000鱼塘用户，超 过20万亩水产养殖面积。数字渔仓智能设施化养殖模式正在进入快速发展阶段，已有数百池基地规模， 预计2024年建设规模突破5000池，未来三年接近200%以上的业务成长性。 具体来看，此次投入运营的"共富数字渔仓"坐落于德清县乾元镇，由叮咚买菜战略投资的庆渔堂运营， 也是国内首个集水产产地仓、暂养池、吊水仓、销售仓为一体的数字化水产综合体。在养殖端，庆渔堂 数字渔仓采用零排放低碳循环系统，通过物联网传感 ...

Group 1: E-commerce Logistics Demand - The Chinese e-commerce logistics index has reached a new high for the year, driven by strong seasonal demand for fresh produce and cold drinks during summer [1] - The logistics demand for seasonal products, particularly fresh cherries, has surged, necessitating robust cold chain logistics to maintain quality during long-distance transportation [1] Group 2: Cherry Transportation Process - In Dalian's Guojia Village, cherries are harvested and immediately placed into special vehicles for transport [4] - Cherries are carefully selected, packed with ice packs, and separated by absorbent paper to ensure freshness during the packing process [6] - After pre-cooling, cherries are transported to a transfer station where they are sorted and dispatched using different transportation methods based on distance [7] Group 3: Air Transportation of Cherries - Most cherries are transported by air to regions such as Beijing-Tianjin-Hebei and the Yangtze River Delta, with dedicated cargo planes ready for shipment [8] - The logistics system allows cherries to be delivered to consumers within 24 hours of harvest, ensuring freshness [10] Group 4: Salmon Cold Chain Logistics - Cold chain logistics is also crucial for transporting fresh products like salmon, which is surprisingly cultivated in Xinjiang, an inland region [12] - The high-quality cold water resources in Xinjiang are ideal for salmon farming, with the peak harvest season occurring from July to September [14] - Advanced processing and packaging equipment is used to prepare salmon, followed by rapid freezing in a liquid nitrogen facility to maintain quality [16] Group 5: Quality Assurance in Cold Chain - After processing, salmon undergoes a series of quality checks and is transported using specialized cold chain vehicles equipped with monitoring systems to ensure temperature control [18] - Continuous upgrades in cold chain technology are expanding the market for Xinjiang's high-quality salmon, making it a popular choice among consumers [20]

Core Viewpoint - The article emphasizes the importance of implementing the strategic directives from the central government regarding the development of the central region, ecological protection of the Yellow River basin, and high-quality development in Henan province, with a focus on modernizing the industrial system and improving people's livelihoods [1][5]. Group 1: Empowering Industrial Transformation and Upgrading - China Cinda's Henan branch focuses on technology innovation in fields such as new materials and advanced manufacturing, supporting specialized enterprises through market-oriented debt-to-equity swaps [2]. - The company has helped listed firms like Huaying Agriculture and Zhongfu Industry reduce debt burdens and has actively participated in the rescue of Kedi Food, ensuring employment for over 15,000 individuals [2]. - A business matching event with the Henan State-owned Assets Supervision and Administration Commission is planned for April 2025 to enhance the financial services for state-owned enterprises [2]. Group 2: Assisting in Risk Mitigation in Key Areas - Since its establishment, China Cinda's Henan branch has invested over 50 billion yuan in acquiring non-performing loans from local banks, aiding in the resolution of risks associated with projects like the Wandaxin Expressway [3]. - The company has contributed to the restructuring of local small banks, acquiring non-performing loans worth 6.167 billion yuan [3]. - The branch has played a crucial role in the "guarantee housing" initiative, facilitating the delivery of 3,319 housing units in the Zhengzhou Tilu project [3]. Group 3: Promoting New Industrial Development - The company supports the transformation of traditional energy enterprises in Henan, providing over 20 billion yuan in funding to major energy groups since 2015 [4]. - It has utilized debt-to-equity swaps to assist the largest lithium hexafluorophosphate producer in expanding production and reducing debt ratios [4]. - The Henan branch is also involved in enhancing the cultural tourism industry, aiding in the bankruptcy restructuring of Luoyang Tourism Group to improve asset operation efficiency [4]. Group 4: Commitment to Strategic Directives - China Cinda's Henan branch is committed to deeply learning and implementing the important speeches of General Secretary Xi Jinping, focusing on the strategic deployment for the central region's rise and ecological protection [5][6]. - The company aims to serve the real economy and promote the development of industries such as cultural tourism, manufacturing, and high-tech sectors in Henan [6].

Group 1: Financial Performance - In the first half of 2025, the company expects a net profit attributable to shareholders between 10.2 billion to 10.7 billion yuan, representing a year-on-year increase of 1129.97% to 1190.26% [1] - The company anticipates a non-deductible net profit of 10.6 billion to 11.1 billion yuan, reflecting a year-on-year growth of 882.95% to 929.31% [1] - The significant profit increase is attributed to a rise in pig sales volume and a decrease in breeding costs compared to the same period last year [1] Group 2: Sales and Production - The company sold 38.394 million commodity pigs, 8.291 million piglets, and 225,000 breeding pigs in the first half of the year, compared to 32.388 million commodity pigs sold in the same period last year [1] - The total cost of pig breeding has decreased from 13.1 yuan per kilogram at the beginning of the year to below 12.1 yuan per kilogram by June [2] Group 3: Strategic Initiatives - The company is advancing its internationalization strategy, having submitted an application for H-share listing on the Hong Kong Stock Exchange [3] - The company aims to maintain a cost target of an average of 12 yuan per kilogram for the year, with a goal to reduce costs to around 11 yuan per kilogram by year-end [2] - The company is focusing on enhancing production indicators through technological innovation and refined management practices [2]

日期 2025 年 07 月 10 日 021-60635740 期货从业资格号：F3055047 行业 生猪日报 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 wanghaifeng@ccb.ccbfutures.com 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 研究员：刘悠然 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 生猪行情： 期货方面，9 日生猪主力 2509 合约低开后探底回升震荡走高，尾盘收阳，最 高 14270 元/吨，最低 14175 元/吨，收盘报 1426 ...

Group 1 - The pork sector experienced significant gains, with Zhenghong Technology hitting the daily limit and Bangji Technology rising over 6% [1] - Other companies in the sector, such as Tianbang Food, Aonong Biological, and Zhengbang Technology, also saw increases in their stock prices [1] - Specific stock performance includes Zhenghong Technology up by 9.97% to 8.27, Bangji Technology up by 6.10% to 24.00, and Tianbang Food up by 4.35% to 3.11 [2] Group 2 - Muyuan Foods announced a substantial increase in its expected net profit for the first half of 2025, projecting a range of 10.2 billion to 10.7 billion yuan, representing a year-on-year growth of 1129.97% to 1190.26% [3][4] - The company reported a basic earnings per share of 1.90 to 2.00 yuan, significantly higher than the previous year's 0.15 yuan [4] - The increase in profit is attributed to a rise in the number of pigs sold and a decrease in breeding costs compared to the previous year [4] Group 3 - Muyuan Foods sold approximately 38.39 million pigs in the first half of 2025, an 18.54% increase from 32.39 million in the same period of 2024 [5] - The sales revenue for the first half of 2025 reached 70.87 billion yuan, up 26.5% from 56.02 billion yuan in the previous year [5] Group 4 - Huatai Securities noted that since late May, pork prices have been fluctuating downwards, with expectations of accelerated weight reduction and inventory release in the short term [6] - The report suggests that supply pressure may ease slightly by the end of Q3 and Q4, coinciding with the seasonal peak in pork consumption around September [6] - The second half of 2025 is expected to see better-than-expected pork prices and improved profitability for leading pig farming companies due to ongoing cost advantages [6]

Group 1: Agricultural Industry - The establishment of a 2,000-acre selenium-rich chili pepper industrial park in Gao'an has led to a significant increase in chili production, with a total planting area of 15,000 acres and a total output value exceeding 200 million yuan [3][2] - The introduction of green pest control technologies has reduced the use of chemical pesticides by 60% during the seedling stage, significantly improving product quality [3] - Jiangxi Shengnong Food Co., Ltd. has implemented automation and digital platforms across its entire production chain, enhancing efficiency and product quality [2][3] Group 2: Traditional Medicine and Innovation - The establishment of a traditional Chinese medicine industrial technology park by Renhe Group in Jiangxi has modernized ancient formulas into convenient granules, showcasing the integration of technology and traditional medicine [5] - The company has developed new products based on classic formulas, demonstrating the revitalization of traditional medicine through technological innovation [5] Group 3: Cultural Heritage and Innovation - Jinxi County has implemented a mechanism for the management of ancient buildings, allowing for financial support through "ancient village financial loans," revitalizing over 2,000 ancient structures [6] - The Tengwang Pavilion in Nanchang is undergoing urban renewal projects that enhance cultural exchange and improve visitor experiences, reflecting the city's international influence [7] - The Wengang Town's Chinese Brush Culture Museum promotes local brush-making workshops and enhances brand recognition through shared resources and a unified branding strategy [8]

Group 1: Internet Lending Industry - The internet lending industry is undergoing a significant "reshuffle" as compliance pressures increase, leading to a concentration of business among top lending platforms while smaller platforms exit the market [1] - Banks and financial institutions are tightening their risk appetite for internet lending, which has resulted in a reduction of high-interest practices previously employed by smaller platforms [1] - The new regulations have effectively closed loopholes that allowed for hidden price increases, putting pressure on the sustainability of some smaller lending platforms' business models [1] Group 2: Stock Market Performance - The Shanghai Composite Index has surpassed 3500 points for the first time this year, driven by significant gains in large-cap stocks such as Ningde Times and Heng Rui Pharmaceutical [2] - The rise in the index is attributed to ample liquidity in the market, although there are concerns about potential volatility and factors that may disrupt a sustained upward trend [2] Group 3: Consumer Electronics Industry - The consumer electronics sector is experiencing a surge in new product releases, particularly AI glasses, with an increase in shipment volumes and a rise in domestic production rates [3] - The consumer electronics industry index has seen a 6.67% increase over a 13-day trading period, indicating strong market performance [3] - Industry experts anticipate accelerated upgrades and investment opportunities in the consumer electronics sector in the second half of the year [3] Group 4: Fiscal Policy - The proactive fiscal policy has been implemented to stabilize growth, with measures including the issuance of long-term special bonds and local government bonds to boost consumption and investment [4] - Experts predict that fiscal policies will continue to be aggressive in the second half of the year, with potential increases in special bond issuance and the introduction of new financial tools [4] Group 5: Private Equity Funds - Over 2000 private equity funds reached new net asset value highs in June, reflecting a strong market performance [5] - More than 90% of large private equity firms reported positive returns in the first half of the year, with quantitative funds achieving a 100% positive return rate [5] - The private equity fundraising market has shown signs of recovery, with significant capital inflows expected to support further upward trends in A-shares and Hong Kong stocks [5] Group 6: Fund Management - Several fund companies have begun disclosing their second-quarter reports, indicating a significant increase in the scale of actively managed equity funds and strong growth in high-performing bond funds [6] Group 7: Financial Institutions - A total of 84 village banks have been approved for dissolution in 2025, marking a significant increase compared to previous years [8] - The majority of these dissolutions are due to mergers with local commercial banks, indicating a trend towards consolidation in the financial sector [8] Group 8: Market Trends - The "anti-involution" trend is gaining momentum across various industries, with sectors like solar energy, cement, and steel experiencing increased calls for reduced competition [9] - The stock market has responded positively, with significant gains in the solar sector and other related industries, suggesting a potential for improved profitability driven by policy support [9] Group 9: Electricity Market - The southern region's electricity market has initiated trial runs for continuous settlement, signaling the arrival of the "electricity e-commerce era" [10] - The establishment of a national unified electricity market is nearing completion, focusing on market-driven pricing and efficient resource allocation [10] Group 10: Fund Custody - The number of commercial banks with fund custody qualifications has increased to 37, with the latest addition being Chongqing Rural Commercial Bank [11] Group 11: Economic Indicators - In June, the Consumer Price Index (CPI) turned positive year-on-year, influenced by rising industrial consumer goods prices and a narrowing decline in vegetable prices [12] - The Producer Price Index (PPI) continues to face downward pressure, reflecting ongoing challenges in the industrial sector [12] Group 12: Shareholder Engagement - Companies are increasingly adopting diverse methods to reward shareholders, moving beyond traditional dividends and buybacks to include more interactive and experiential rewards [13]