每经AI快讯，晓鸣股份（SZ 300967，收盘价：23.74元）9月24日晚间发布公告称，公司于近日收到公 司股东厦门辰途、辰途第一产业基金、谢诺投资出具的《关于减持期限届满暨减持结果的告知函》，本 次股份减持计划的减持时间已届满。减持期间，公司股东厦门辰途、辰途第一产业基金、谢诺投资共减 持公司股份约497万股，减持股份占公司总股份为2.65%。 2024年1至12月份，晓鸣股份的营业收入构成为：养殖业占比99.96%，其他业务占比0.04%。 截至发稿，晓鸣股份市值为45亿元。 每经头条（nbdtoutiao）——"9·24"一周年，A股总市值破116万亿元！四大变革重塑中国资本市场新生 态 （记者 曾健辉） ...

Core Viewpoint - The article highlights the successful implementation of the South-South cooperation project between China, the Food and Agriculture Organization (FAO), and Uganda, focusing on agricultural modernization and food security improvements in Uganda through the introduction of hybrid rice and other agricultural techniques [1][2][6]. Group 1: Agricultural Modernization - The introduction of hybrid rice in Uganda has significantly increased yields, with local farmers reporting production increases of 2 to 3 times compared to traditional rice varieties [2][3]. - The project has benefited approximately 9,000 acres of rice fields and nearly 8,000 farmers, with an average annual income increase of about 800,000 Ugandan shillings per household [3]. - The introduction of high-quality millet varieties, such as foxtail millet, has also been successful, with yields 4 to 5 times higher than local varieties, impacting around 150 farmers [3]. Group 2: Technical Assistance and Training - The South-South cooperation project has involved nearly 60 Chinese agricultural experts providing hands-on training to Ugandan farmers, enhancing their agricultural practices [2][6]. - The project has trained 14,000 farmers and distributed thousands of technical materials, significantly improving the capabilities of local agricultural technicians and farmers [6]. - The collaboration has led to the establishment of various agricultural demonstration centers and the introduction of integrated farming techniques, such as rice-fish farming, which promotes ecological balance and increases productivity [5][6]. Group 3: Broader Impacts and Future Prospects - The cooperation between China and Uganda in agriculture is seen as a successful model for South-South cooperation, with potential to elevate agricultural development across the region [7]. - Uganda's government is prioritizing agricultural modernization as a key driver for rural transformation and farmer income growth, emphasizing the importance of continued collaboration with China [7]. - The partnership has led to agreements for the export of various agricultural products to China, indicating a growing trade relationship and further opportunities for agricultural development [6][7].

Market Performance - The aquaculture sector increased by 0.4% on September 24, with Huaying Agriculture leading the gains [1] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Individual Stock Performance - Huaying Agriculture (002321) closed at 2.98, with a rise of 5.67% and a trading volume of 1.4659 million shares, amounting to a transaction value of 440 million yuan [1] - Other notable performers included Dongrui Co. (001201) with a 2.24% increase, and Shengnong Development (002299) with a 2.16% increase [1] - The top trading stock by transaction value was Muyuan Foods (002714), closing at 53.96 with a 1.39% increase and a transaction value of 1.982 billion yuan [1] Capital Flow Analysis - The aquaculture sector saw a net inflow of 209 million yuan from institutional investors, while retail investors experienced a net outflow of 216 million yuan [2] - The main stocks with significant net inflows included Muyuan Foods (902.668 million yuan) and Huaying Agriculture (569.835 million yuan) [3] - Retail investors showed a negative net flow in several stocks, including Huaying Agriculture and Shengnong Development, indicating a potential shift in investor sentiment [3]

Core Insights - The report indicates a narrowing profitability in pig farming while the pet food sector continues to grow [1][5] - The investment rating is maintained as "positive" for the sector [1] Pig Farming - Supply pressure has led to a decline in pig prices, with the average price in July-August 2025 at 14.63 CNY/kg, down from 14.96 CNY/kg in Q2 2025 [5] - The average profitability for self-breeding and purchased piglets in the industry has shifted to losses, with figures of 53.0 CNY/head for self-breeding and -106.7 CNY/head for purchased piglets as of September 19 [5] - The outflow of pigs from listed companies has shown a growth rate of 26.2% in Q2 2025 and 20.0% in July-August 2025 [5] - The report suggests that the ongoing policy guidance for capacity adjustment and weight reduction will likely elevate the price center of pigs in the future [5] - Recommended companies for investment include Muyuan Foods, Wens Foodstuff, Dekang Agriculture, Juxing Agriculture, Shennong Group, Tiankang Biological, and Tangrenshen [5] Animal Health - Demand for animal health products is on the rise, with significant year-on-year growth in various vaccines, such as a 30% increase for swine fever vaccines in July-August 2025 [5] - Companies like Keqian Biological and Ruipu Biological are highlighted for their strong internal growth potential due to new product launches [5] Poultry Farming - The price of white feather chickens has rebounded due to seasonal demand and tighter supply, with an average price of 6.92 CNY/kg as of September 19, 2025 [5] - The report notes a 17.66% year-on-year decrease in the number of breeding chickens updated in the first eight months of 2025, indicating potential long-term benefits for the white feather chicken industry [5] - Recommended companies include Shennong Development and Yisheng Livestock [5] Pet Food Sector - Domestic sales of pet food are driven by consumption upgrades and domestic substitution, with a reported growth rate of 11% across major e-commerce platforms from January to August 2025 [5] - The report highlights the introduction of new products and the strengthening of brand power among leading companies [5] - Recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co. [5]

Market Overview - The Shanghai Composite Index closed with a slight increase of 0.07%, indicating a fierce battle between bulls and bears around the critical 3800-point level [1][3] - The market experienced a significant drop in trading volume, with a total turnover of 1.36 trillion yuan, down 155.2 billion yuan from the previous trading day, suggesting a potential major directional shift is brewing [3][4] Technical Analysis - The 3800-point level has become a focal point for both bulls and bears, with the index testing this level multiple times but being quickly supported by mysterious funds [4][6] - The Shenzhen Component Index shows signs of a clear divergence, indicating a weakening upward momentum, with small candlestick patterns appearing for five out of the last seven trading days [6][7] - The market is currently in a sideways consolidation phase, having fluctuated within a narrow range for seven consecutive trading days [4][6] Sector Performance - There is a notable divergence in sector performance, with strong inflows into sectors like smart wearables, electronics, and consumer electronics, while sectors such as film, agricultural chemicals, and aquaculture are underperforming [3][6] - The financial sector has already undergone a round of adjustments, with bank stocks experiencing a decline of over 10% since mid-July [7] Economic Indicators - The retail sales of consumer goods in August grew by 3.4% year-on-year, indicating some improvement potential, although effective demand remains insufficient [7] - The real estate market continues to show weakness, with a cumulative year-on-year decline in commodity housing sales area of 4.7% from January to August 2025 [9] Investment Sentiment - Market sentiment indicators reflect a cautious attitude, with the current sentiment score below 40, suggesting limited strength and sustainability for any technical rebounds [7] - Historical data indicates that the probability of market gains post-National Day is over 60%, particularly in sectors like computing, communications, and electronics [10] Future Outlook - The current market is in the second phase of a bull market, driven by factors that have not changed, with a focus on low penetration sectors such as solid-state batteries and AI computing [10][12] - The upcoming National Day holiday typically leads to a contraction in financing activities, with a pattern of cautious behavior before the holiday and increased activity afterward [9][12]

证券之星消息，9月22日养殖业板块较上一交易日下跌1.01%，福成股份领跌。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%。养殖业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) | | --- | --- | --- | --- | --- | --- | | 300967 | 晓鸣股份 | 24.21 | 3.86% | 12.26万 | 2.90亿 | | 300313 | *ST天山 | 8.94 | 3.83% | 11.68万 | 1.04亿 | | 000048 | 京基智农 | 17.09 | 1.97% | 13.81万 | 2.36 Z | | 002321 | 华英农业 | 2.83 | 1.80% | 29.61万 | 8287.13万 | | 603717 | 天域生物 | 9.07 | 1.00% | 10.14万 | 9154.05万 | | 600975 | 新五丰 | 6.52 | 0.62% | 29.71万 | 1.91亿 | | 002234 | 民和股份 | 8.5 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In H1 2025, most convertible bond issuers saw revenue growth compared to the previous year, with profits showing some divergence. Amid the bullish equity market since April, investors should focus on low - price and equity - biased convertible bonds with excellent or improving performance and high - quality underlying stocks [1][3][8]. 3. Summary According to the Table of Contents 3.1 2025H1 Convertible Bond Performance Overview - Revenue: By August 30, 61.7% of convertible bond issuers had year - on - year revenue growth, mainly in the (0, 30%] range. In Q2 2025, 77.5% had quarter - on - quarter revenue growth, also concentrated in the (0, 30%] range [8][9]. - Profit: 50.2% of convertible bond issuers had year - on - year growth in net profit attributable to shareholders, with significant differences in performance. In Q2 2025, 53.3% had quarter - on - quarter growth, and the industries with the most issuers having a quarter - on - quarter growth rate of over 100% were electronics, building decoration, and power equipment [8][9]. 3.2 Industries and Convertible Bond Issues with Outstanding Performance 3.2.1 Year - on - Year Dimension - Industry: In terms of revenue, agriculture, forestry, animal husbandry and fishery, non - bank finance, and electronics led; in terms of performance, agriculture, forestry, animal husbandry and fishery, building materials, and media had the highest year - on - year growth rates. The agriculture, forestry, animal husbandry and fishery industry achieved a significant turnaround in performance, with the net profit attributable to shareholders increasing by 6799.93% year - on - year [15]. - Convertible Bond Issues: Huahong Convertible Bond, Wanqing Convertible Bond, Jingrui Convertible Bond, Jingrui Convertible Bond 2, and Muyuan Convertible Bond had the top four year - on - year growth rates in net profit attributable to shareholders in H1 2025 [23]. 3.2.2 Quarter - on - Quarter Dimension - Industry: In terms of revenue, communication, building materials, and non - bank finance led; in terms of performance, building materials, social services, and communication had the highest quarter - on - quarter growth rates in Q2 2025. Some industries such as building materials showed signs of bottoming out and reversing [26]. - Convertible Bond Issues: Jiaojian Convertible Bond, Hengfeng Convertible Bond, Huayang Convertible Bond, Aojia Convertible Bond, and Tianchuang Convertible Bond had the top five quarter - on - quarter growth rates in net profit attributable to shareholders in Q2 2025 [35]. 3.3 Industries and Convertible Bond Issues with Significant Performance Improvement 3.3.1 Industries and Issues with Year - on - Year Turnaround from Loss to Profit - Industries: Agriculture, forestry, animal husbandry and fishery, medicine, and electronics had the most issuers turning around from loss to profit year - on - year. Representative issues include Shanbo Convertible Bond, Tianchuang Convertible Bond, and Jingrui Convertible Bond [38]. 3.3.2 Industries and Issues with Quarter - on - Quarter Turnaround from Loss to Profit - Industries: Power equipment, computer, and construction industries had the most issuers turning around from loss to profit quarter - on - quarter. Representative issues include Jiaojian Convertible Bond, Jidong Convertible Bond, and Like Convertible Bond [45]. 3.3.3 Industries and Issues with Year - on - Year Reduction in Losses - Industries: Computer, power equipment, and building decoration industries had the most issuers with reduced losses year - on - year. Representative issues include Shuangliang Convertible Bond and Xinfu Convertible Bond [50]. 3.3.4 Industries and Issues with Quarter - on - Quarter Reduction in Losses - Industries: Power equipment, computer, and medicine industries had the most issuers with reduced losses quarter - on - quarter. Representative issues include Tong 22 Convertible Bond, Long 22 Convertible Bond, and Shanshi Convertible Bond [56]. 3.4 Convertible Bonds Worth Attention in the Bullish Equity Market 3.4.1 Convertible Bonds in the Excellent Performance Sector - Five convertible bonds, including Muyuan Convertible Bond, Daotong Convertible Bond, Zhongchong Convertible Bond 2, Weice Convertible Bond, and Anji Convertible Bond, were selected based on certain criteria [61]. 3.4.2 Convertible Bonds with Improving Performance - Four convertible bonds, including Liang 22 Convertible Bond, Site Convertible Bond, Chutian Convertible Bond, and Li'ang Convertible Bond, are recommended for continuous attention [63].

Group 1 - A new company, Kunming Meichun Breeding Co., Ltd., has been established with a registered capital of 600,000 RMB [1] - The legal representative of the company is Chen Chunyan [1] - The company's business scope includes animal husbandry, livestock breeding, poultry breeding, kitchen waste treatment, fertilizer production, and feed production [1] Group 2 - The company is authorized to engage in various projects that require approval from relevant authorities before commencing operations [1] - General projects include manufacturing specialized equipment for oil refining and chemical production, fertilizer sales, mixed processing of soil and fertilizers, earthworm breeding, and sales of livestock and fishery feed [1] - The company can autonomously conduct business activities based on its business license, except for projects that require approval [1]

Market Overview - The aquaculture sector experienced a decline of 0.24% on September 19, with Tianyu Biological leading the drop [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] Stock Performance - Notable gainers in the aquaculture sector included: - *ST Tianshan: Closed at 8.61, up 2.26% with a trading volume of 73,600 shares and a turnover of 62.33 million yuan [1] - Shengnong Development: Closed at 17.16, up 1.12% with a trading volume of 82,000 shares and a turnover of 140 million yuan [1] - Major decliners included: - Tianyu Biological: Closed at 86.8, down 2.39% with a trading volume of 181,700 shares and a turnover of 165 million yuan [2] - Huaying Agriculture: Closed at 2.78, down 2.11% with a trading volume of 275,400 shares and a turnover of 76.74 million yuan [2] Capital Flow - The aquaculture sector saw a net outflow of 340 million yuan from institutional investors, while retail investors contributed a net inflow of 271 million yuan [2] - Notable capital flows included: - Juxing Agriculture: Net inflow from institutional investors of 28.39 million yuan, with a net outflow from retail investors of 38.24 million yuan [3] - Tianyu Biological: Net inflow from retail investors of 11.12 million yuan, with a net outflow from institutional investors of 1.28 million yuan [3]

Group 1 - The core point of the article is that Dongrui Co., Ltd. (001201.SZ) reported its complete breeding cost for August to be 14.6 yuan/kg, with an expectation to reduce it to below 14 yuan/kg by the end of the year [1] Group 2 - The company is actively engaging with investors through an interactive platform to provide updates on its operational costs [1] - The reduction in breeding costs may indicate improved efficiency or cost management strategies within the company [1]