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 ...

截至发稿，正虹科技涨停，邦基科技涨超6%，天邦食品、傲农生物、正邦科技等跟涨。 7月10日，猪肉板块高开高走，截至发稿，正虹科技涨停，邦基科技涨超6%，天邦食品、傲农生物、正 邦科技等跟涨。 | 代码 | 名称 | 涨幅量 | 现价 | | --- | --- | --- | --- | | 000702 正虹科技 | | +9.97% | 8.27 | | 603151 | 邦基科技 | +6.10% | 24.00 | | 002124 | 天邦食品 | +4.35% | 3.11 | | 603363 | 散农生物 | +3.59% | 3.75 | | 871970 | 大禹生物 | +2.40% | 9.42 | | 002157 | 正邦科技 | +1.79% | 2.85 | | 603717 | 天域生物 | +1.75% | 7.52 | | 002982 | 湘佳股份 | +1.38% | 16.21 | | 600975 | 新五丰 | +1.13% | 6.30 | | 600073 | 光明肉业 | +1.09% | 7.39 | | 002548 | 金新农 | +1.03% | ...

日度报告——综合晨报 美联储与会者对通胀前景看法不一 宏观策略（股指期货） [T报ab告le_日R期an：k] 2025-07-10 国办发文推出新一批稳就业支持政策 股市冲高回落，市场情绪有所降温，但依旧放量。当前阶段核 心线索仍在于海外关税政策演变的不确定性、上市公司利润增 长与估值水平的错配。 宏观策略（外汇期货(美元指数)） 报 物价仍然偏低运行，且上游物价的走弱迹象是较为明显的，但 由于市场对于经济形势已经有了充分了解，基本面数据很难压 制市场风险偏好。短期交易盘应以震荡思路对待债市。 农产品（豆粕） USDA 7 月供需报告前瞻 随着特朗普向多个国家致信表示将对其征收新关税，市场对贸 易战及美豆出口前景担忧情绪加剧。国内豆粕现货疲弱的态势 延续，昨日沿海油厂豆粕现货报价大体稳定，成交清淡。 有色金属（铜） 艾芬豪：二季度卡莫阿–卡库拉产铜 11.2 万吨 美国关税政策预期反复，对铜征收关税时间与幅度上超预期， 利多美铜但利空伦铜或沪铜，预计盘面短期将震荡下行。 美联储会议纪要：与会者对通胀前景看法不一 综 美联储最新的利率会议纪要显示内部分歧出现，对于通胀走势 判断还是有所区别，市场风险偏好回升。 ...

华泰证券研报表示，节后 猪价持续强于预期、叠加猪企成本持续改善或有望带动盈利超预期，"反内 卷"政策引导或有望利好2025年下半年、及中长期猪价表现，建议关注生猪养殖板块。其中低成本、优 质猪企盈利兑现能力或更强。 ...

Group 1 - Muyuan Foods expects a significant increase in net profit for the first half of 2025, projecting a profit of 10.5 billion to 11 billion yuan, representing a year-on-year growth of 924.6% to 973.39% [1][2] - The increase in profit is attributed to a rise in pig sales volume and a decrease in breeding costs compared to the previous year [2][3] Group 2 - TCL Technology anticipates a net profit of 1.8 billion to 2 billion yuan for the first half of 2025, reflecting a year-on-year increase of 81% to 101% [1][4] - The company's revenue is projected to be between 82.6 billion and 90.6 billion yuan, with a growth rate of 3% to 13% compared to the same period last year [1][4] - The semiconductor display business is expected to achieve a net profit exceeding 4.6 billion yuan, marking a growth of over 70% [3] Group 3 - TCL Zhonghuan is projected to incur a net loss of 4 billion to 4.5 billion yuan in the first half of 2025, compared to a loss of 3.064 billion yuan in the same period last year [4][5] - The loss is attributed to a decline in product prices and inventory impairment due to supply-demand imbalances in the industry [5] Group 4 - Shanghai Pharmaceuticals expects a net profit of 4.45 billion yuan for the first half of 2025, representing a year-on-year increase of approximately 52% [6] - The increase is partly due to the acquisition of a 10% stake in Shanghai Hutchison Pharmaceuticals, which has been consolidated into the financial statements [6] Group 5 - Northern Rare Earth anticipates a net profit of 900 million to 960 million yuan for the first half of 2025, indicating a year-on-year increase of 1882.54% to 2014.71% [7] - The growth is driven by improved production management, cost reduction, and increased sales of key products [7] Group 6 - Ganfeng Lithium expects a net profit of 600 million to 640 million yuan for the first half of 2025, reflecting a year-on-year increase of 100.73% to 114.12% [13] - The growth is attributed to significant revenue increases and effective cost control measures [13] Group 7 - Foster anticipates a net profit decrease of 49.05% for the first half of 2025, projecting a profit of 473 million yuan [17] - The decline is due to oversupply in the photovoltaic industry and intensified market competition, leading to lower sales prices [17]

Group 1: Company Performance - Northern Rare Earth expects a net profit of 900 million to 960 million yuan for the first half of 2025, representing a year-on-year increase of 1882.54% to 2014.71% [1] - Muyuan Foods anticipates a net profit of 10.5 billion to 11 billion yuan for the first half of 2025, reflecting a year-on-year growth of 924.6% to 973.39% [2] - Hongta Securities projects a net profit of 651 million to 696 million yuan for the first half of 2025, indicating a year-on-year increase of 45% to 55% [3] Group 2: Business Developments - Dazhihui clarifies that it has not engaged in businesses related to "stablecoins," "virtual asset trading," or "cross-border payments," following a significant stock price fluctuation [4] - Bluetech announces a share transfer agreement where its actual controller will change, with the Ma'anshan Municipal Government becoming the actual controller after the transfer of 18% of shares [5] Group 3: Industry Trends - Jiangsu Electric Power reports a 5.01% year-on-year increase in electricity generation for the first half of 2025 [6] - Jin'an Guoji anticipates a non-recurring net profit growth of 4700% to 6300% for the first half of 2025 [6] - New Beiyang expects a non-recurring net profit growth of 650% to 720% for the first half of 2025 [6]

以下文章来源于创业板观察 ，作者张晨静 王平安 创业板观察 . 创业板观察致力于发布深交所创业板的市场发展、政策变化、监管导向、上市企业动态等的及时信息，提供有价值的市场资讯。 牧原股份今日晚间公告称，预计2025年上半年净利润为105亿元–110亿元，同比增长924.6%-973.39%。 归属于上市公司股东的净利润 为102亿元–107亿元，同比增长1129.97%–1190.26%。 对于2025年上半年经营业绩大幅提升的原因，公司解释称， 主要是因为公司 生猪出栏量较去年同期上升导致收入上升，且生猪养殖成本较去年同期下降。 此外，近期，上市猪企今年上半年出栏"成绩单"已陆续出炉，根据当前已披露的产品销售月报，12家猪企合计出栏已超8000万头，其中头 部企业牧原股份（002714.SZ）、温氏股份（300498.SZ）和新希望（000876.SZ）出栏总数占比近8成。 在当前生猪养殖"反内卷"的背景下，目前3成猪企本年出栏目标完成率超50%，已有头部猪企开始执行"减母猪、控二育、降体重"等相关政 策要求，牧原股份已连续两个季度能繁母猪存栏下降。 行业人士表示，前述政策要求主要影响仍然体现在中小养殖场， ...

7月以来猪价连续回暖，下半年猪价波动幅度有限。 上市猪企6月销售简报集中出炉，在当月猪价弱势运行的背景下，上市猪企的生猪销售均价同比环比普 遍下滑，由于各家猪企经营策略不同，销量分化显著。 牧原股份（002714.SZ）6月销量进一步增长，创下年内单月新高，"以量补价"实现销售收入同比增长逾 两成。温氏股份（300498.SZ）与新希望（000876.SZ）在6月保持着上月的销售节奏，因当月猪价下 跌，月度收入环比小幅下滑。小市值猪企方面，有的实现单月销量翻倍，也有的环比减少逾10%。 本轮猪周期已经走出底部，但国内生猪养殖行业处于供强需弱的格局，较充裕的猪肉供应使得猪价弱势 运行，导致上市猪企盈利复苏缓慢。反内卷的背景下，国家发改委、农业农村部等有关部门也于近期持 续引导生猪养殖行业去库存、去产能、优结构。此前已有多家机构研报指出，本轮生猪产能调控或已启 动。 进入7月，国内猪价连续回暖，近日更是创下春节后的最高价格，表现强于此前市场预期。二级市场养 殖板块同步活跃，申万养殖指数上周以来上涨4.88%，按7月9日收盘价计算，该指数创下2024年11月15 日以来新高。 上市猪企6月销量显著分化 受二季度猪肉 ...

丨证券研究报告丨 行业研究丨专题报告丨农产品 [Table_Title] 生猪养殖专题系列 131：管控养殖产能为何从集 团场切入？ 报告要点 [Table_Summary] 我们认为，从集团场切入管控产能的辐射规模足够大、针对性强，或取得较明显的管控效果与 影响。出栏规模层面，生猪养殖行业规模化程度已行至高处，2024 年 18 家上市猪企出栏量已 占比行业 24%的份额，对应产能管控政策辐射规模足够大。边际贡献层面，非瘟后行业出栏量 增量主要由 18 家上市企业贡献，2022、2023 年上市猪企分别贡献了出栏量增量的 120%、 89%，2024 年更是在行业缩量背景下维持增长，且伴随行业分工化特征出现，集团场在前端母 猪产能变化中的权重也在提升，对应产能管控政策针对性强。 分析师及联系人 [Table_Author] 陈佳 顾熀乾 高一岑 王煜坤 SAC：S0490513080003 SAC：S0490519060003 SAC：S0490523030003 SFC：BQT624 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title ...