Group 1 - Lingyun Optics' actual controller promises not to reduce shareholdings for 12 months starting from July 7, 2025 [1] - Chengdi Xiangjiang's subsidiary signed a contract with China Mobile for a data center project worth 1.632 billion yuan, with a 92-day construction period starting April 30, 2025 [1] - Dingyang Technology launched a high-end arbitrary waveform generator with a maximum output frequency of 5 GHz, catering to communication, industrial, and research testing needs [2][3] Group 2 - Heng Rui Medicine completed a share repurchase plan, buying back 12.9051 million shares for 601 million yuan, representing 0.20% of total shares [4][5] - ST Xiangxue received approval for clinical trials of TAEST1901 injection for treating advanced gastric cancer [5] - Yuyue Medical's subsidiary received EU MDR certification for its AED product, valid until May 11, 2030 [6][7] Group 3 - HNA Holding reported a 10.33% year-on-year increase in passenger revenue kilometers for April [8] - Springhui Zhikong's subsidiary terminated its listing on the National Equities Exchange and Quotations [9] - Delin Hai's shareholder plans to reduce holdings by up to 3%, equating to 3.39 million shares [10] Group 4 - Weiye Co. announced that two shareholders plan to reduce their holdings by up to 2% [12] - Green Alliance Technology's major shareholder intends to reduce holdings by up to 3% [14] - Luzhou Development Group increased its stake in Luzhou Tianhua by 1.02%, acquiring 15.9557 million shares [16] Group 5 - Hualan Pharmaceutical's subsidiary plans to acquire a 42.82% stake in Sanjing Qianhe for 23.446 million yuan [17] - Ganfeng Lithium's directors and executives plan to invest 30.8 million yuan in Shenzhen Yichu [19] - Zhonghong Medical's subsidiary is expected to be selected for a centralized procurement project [20] Group 6 - Jinkai Biotechnology's Blue Zone Fund plans to reduce holdings by up to 3% [21] - Hangxin Technology's former controlling shareholder intends to reduce holdings by up to 3% [22] - Galaxy Magnet's director plans to reduce holdings by up to 0.79% [23] Group 7 - Zhuoyue Technology's controlling shareholder's shares will be auctioned due to judicial proceedings [24] - Xinwufeng is forming a joint venture with France's Coplison Group with a registered capital of 80 million yuan [25] - Zhongcheng Co. is planning to issue shares to acquire 100% of a clean energy company, leading to a temporary stock suspension [26][27]

回答：从2024年开始，在将白羽肉禽与食品深加工板块转让控股权之后，公司全面聚焦于饲料生产、生 猪养殖与屠宰两大业务，立足国内、海外两个市场，依托旗下饲料产业BU、海外BU、猪产业事业群三 大业务单元，共同驱动业务增长。2024年内，公司组织多次各个层面的战略研讨会，进一步梳理、明确 新阶段的发展战略。饲料产业的战略目标是"稳健增长"，恢复行业领先的竞争力，指导思想是持续提升 规模基础上的专业化经营，重点关注"提升规模、强化专业、激活团队"三方面战略路径。在"提升规 模"方面，坚持发挥禽料领域的既有专业优势，以扩大禽料规模为抓手推动生产负荷率提升，确保总体 规模领先的市场地位，并为其他料种增添效率优势；在"强化专业"方面，紧盯规模化养户的新需求，在 猪料领域打强中小规模场开发服务能力，在水产料领域集中发力特水料，通过树立专业思维、引进专业 人才、建设专业产线，提升专业化能力，促进产品结构优化，提升综合盈利；在"激活团队"方面，加强 过程考核、红蓝旗排名与末位淘汰、选拔新锐力量，激发团队活力，同时加强与海外产业的联动，鼓励 国内人才到海外开拓新事业，实现国内外人才与能力的联动。海外产业的战略目标是"突破增长"， ...

Group 1: Company Performance - Alibaba's entertainment segment reported a revenue of 22.267 billion yuan for the fiscal year ending March 31, 2025, representing a 5% year-on-year increase, driven by growth in Alibaba Pictures and Youku [1] - In Q1 2025, Alibaba's entertainment segment achieved a revenue of 5.554 billion yuan, a 12% increase year-on-year, with adjusted EBITA turning profitable at 36 million yuan compared to a loss of 884 million yuan in the same period of 2024, primarily due to Youku's profitability [2] - Youku's profitability is attributed to effective cost control across its entire industry chain, despite the challenges in the long video market [4] Group 2: Industry Challenges - The long video market is facing significant growth pressure, with iQIYI reporting a revenue decline of 14% year-on-year in Q4 2024, and Mango TV also experiencing revenue drops of 3.75% and 12.76% in 2024 and Q1 2025, respectively [3] - Advertising revenue has notably decreased across the industry, with iQIYI's brand advertising revenue shrinking from over 10 billion yuan in 2018 to around 4 billion yuan last year [4] - Despite Youku's recent profitability, the company still faces challenges in sustaining growth within a contracting long video market [5]

Market Overview - The Shanghai Composite Index closed down 23.13 points, a decrease of 0.68%, ending at 3380.82 points, with a trading volume of 461.29 billion yuan [1] - The Shenzhen Component Index fell by 167.77 points, down 1.62%, closing at 10186.45 points, with a trading volume of 691.11 billion yuan [1] - The ChiNext Index decreased by 39.89 points, a drop of 1.91%, closing at 2043.25 points, with a trading volume of 315.82 billion yuan [1] - The total trading volume of the Shanghai and Shenzhen markets was less than 1.2 trillion yuan, an increase of nearly 160 billion yuan compared to the previous day [1] Industry Performance - The breeding sector saw a significant rise, with the breeding ETF (159865) reaching a peak increase of 0.7% during the day and closing up 0.34% [2] - The breeding ETF has attracted considerable capital attention recently, recording inflows over the past five days [2] - The optimism in the industry is supported by improved performance of listed pig companies due to the recovery of the pig market last year [4] Supply and Demand Dynamics - The supply side is experiencing a near three-year capacity clearance, which is the foundation for the expected rise in pig prices in 2024 [6] - As of April 2024, the number of breeding sows was 39.86 million, a decrease of about 10% from the peak of 43.90 million in June 2021 [6] - The demand side remains relatively inelastic, while the supply side shows greater elasticity [6] Cost Control and Profitability - Cost optimization in pig farming companies has significantly improved, providing support for performance recovery [7] - The average cost for leading pig farming company Muyuan Foods has dropped to approximately 13 yuan per kilogram [7] - The recovery of profit margins is expected to enhance the asset-liability structure of companies in the industry, increasing resilience during the cyclical downturn [4] Future Outlook - Although it is too early to declare a turning point for pig prices, the breeding ETF (159865) remains worthy of attention as it is at a low point [5] - If pig prices begin to rise again, companies are likely to benefit from the widening "scissors difference" between rising prices and falling costs, potentially exceeding market profit expectations [5]

Investment Rating - The report indicates a gradual transition of the pig cycle into a reasonable upward phase, driven by the initial effects of capacity reduction and limited short-term expansion capabilities in the industry [2][21][24]. Core Insights - The Chinese pig farming industry has experienced significant fluctuations due to factors such as African swine fever and policy-driven changes, leading to an increase in industry concentration but still remaining at a low level [4][21]. - The market demand for pork remains rigid, closely tied to the living standards of urban and rural residents, with the market size of the pig farming industry reaching 1.51 trillion yuan in 2024 [4][5]. - The report highlights that the supply-demand mismatch in the pig market leads to cyclical price fluctuations, with each cycle typically lasting around four years [5][22]. Summary by Sections Industry Overview - The concentration of pig farming in China has increased due to policy and environmental factors, yet it remains low, resulting in significant cyclical volatility [4]. - Pork is the primary meat source for Chinese residents, with the pig farming sector accounting for over 50% of the livestock industry's output and value [4]. Pig Production and Output Analysis - The breeding sow inventory has fluctuated since mid-2021, with a reasonable level reached by early 2025, while pig output has shown a downward trend in 2024 [5][8]. - The report notes that the breeding sow inventory is a leading indicator for future pig output, influencing supply over the next 10-12 months [5][22]. Industry Supply Chain and Price Trends - The pig farming sector is heavily influenced by feed prices, which have seen fluctuations due to global supply dynamics [9][10]. - The average wholesale price of pork was reported at 20.85 yuan/kg in early 2025, indicating a downward trend compared to the previous year [15][22]. Industry Policies - The government has implemented policies to optimize pig production capacity management, aiming to stabilize pork prices and reduce cyclical volatility [17][18]. - Recent adjustments to the breeding sow inventory targets reflect improvements in production efficiency and aim to maintain market stability [18][21]. Future Development - The report anticipates that the pig cycle will gradually stabilize as the proportion of large-scale farming enterprises increases, leading to reduced volatility in the market [21][24]. - Challenges remain for pig farming enterprises, including cost control related to raw materials and disease management, which will continue to impact profitability [21][24].

Group 1: Swine Industry - The swine breeding industry is expected to see improved profitability in 2024, with a projected total revenue of 454.57 billion yuan, a year-on-year decrease of 2.20% [1] - In Q1 2025, the industry is anticipated to maintain a slight profit status, with a total revenue of 112.02 billion yuan, a quarter-on-quarter decrease of 11.24% but a year-on-year increase of 18.38% [1] - The average profit for self-bred pigs in 2024 is estimated at 166.86 yuan per head, indicating a significant improvement in industry conditions [1] Group 2: Pet Food Industry - The pet food sector is projected to achieve a total revenue of 11.4 billion yuan in 2024, reflecting a year-on-year growth of 20% [2] - Notable companies such as Guai Bao Pet, Zhong Chong Co., and Pei Di Co. are expected to see revenue growth rates of 21%, 19%, and 18% respectively in 2024 [2] - In Q1 2025, the total revenue for pet food companies is expected to reach 2.9 billion yuan, marking a year-on-year increase of 23% [2] Group 3: Feed Industry - The feed industry is showing signs of recovery, with total revenue for 2024 projected at 155.6 billion yuan, a year-on-year decrease of 3% [3] - Companies like Bang Ji Technology are expected to see significant growth, with a projected revenue increase of 54% in 2024 due to higher sales volumes [3] - In Q1 2025, total revenue for feed companies is anticipated to be 35.3 billion yuan, reflecting a year-on-year growth of 12% as sales volumes recover [3]

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of CNY 5.973 billion, representing a year-on-year growth of 22.40% [4] - The net profit attributable to shareholders was CNY -0.077 billion, with a year-on-year increase of 60.99% [4] Group 2: Challenges and Responses - The decline in feed business revenue was primarily due to a decrease in raw material prices and changes in the structure of downstream breeding groups, with a 11.33% year-on-year drop in feed sales volume [2] - The company plans to accelerate customer transformation and adjust its product structure towards high-margin, cost-effective feed products [2] Group 3: Market Strategy and Competitiveness - The company has a strong competitive advantage through a comprehensive industry chain strategy, advanced products and breeding technology, and digital transformation capabilities [3] - The company aims to maintain and enhance its market share amidst increasing competition by leveraging its 37 years of experience in the pig farming industry [3] Group 4: Cost Management and Risk Mitigation - The company implements a low-cost competitive system and comprehensive disease prevention management to address the cyclical fluctuations in pig prices [5] - In 2024, the company plans to reduce the cost of fattening pigs by CNY 1.59 per kilogram and the cost of weaned piglets by CNY 46.34 per head compared to the previous year [8] Group 5: Expansion Plans - The company focuses on national expansion, particularly in regions such as Hunan, Guangdong, Guangxi, and Shandong for its feed and pig production businesses [6][9] - The meat processing business is being developed through a combination of online and offline strategies for nationwide coverage [6] Group 6: Research and Development - The company continues to invest in product research and development, aiming for a 100% coverage of the new breeding sow system by 2025 [7] - Emphasis is placed on enhancing the quality of pork products and promoting regional specialties to increase the added value of the pig industry chain [7]

生猪期货与期权2025年5月报告 投资咨询业务资格:京证监许可【2012]75号 生猪：期货的主要行情表现为近月基差的逐步回归 www.founderfu.com 2025年4月行情回顾与5月展望： 1、4月份中美关税出现升级，大宗商品整体承压下跌 2025年4月份中美贸易关税加码，大宗商品呈现大幅下跌，农产品表现扛跌，但走势出现分化。生 猪受关税直接影响较小，但远期养殖成本继续降低难度增加，消费端由于处于季节性淡季末端，现 货价格整体波动不大。4月份生猪现货十分抗跌，2505合约期价开始修复对现货过高贴水。 2、2025年生猪出栏量同比增加，但压力整体不大 2024年度养殖利润周期拐头向上，猪企累计经过10个月左右的高水平盈利，集团企业现金流及资产 负债表得到较大程度的改善，但行业整体以降本增效为主要经营目标，行业固定资产投资减少，再 扩张步划趋缓，因此行业绝对产能水平未有明显增加，但高水平盈利激励下，单位母猪的生产效能 得到较大提高，行业平均PSY由此前24提高至26以上，部分头部企业接近29，这是影响2024下半年 及2025年上半年生猪供给的主要边际变量。而能繁母猪存栏与集团企业固定资产投资周期相关， ...

农林牧渔 行业研究/行业周报 猪价震荡偏弱，豆粕价格回落 ——农林牧渔行业周报（20250506-0509） ◼ 核心观点 行情复盘： 【农产品】小麦、稻、玉米价格偏强，豆粕价格回落。截止 2025 年 5 月 9 日，全国小麦现货均价 2460.67 元/吨，较 2025 年 4 月 30 日上涨 0.19%；全国粳稻现货均价 2864.00 元/吨，较 2025 年 4 月 30 日上涨 0.21%；全国玉米现货均价 2292.86 元/吨，较 2025 年 4 月 30 日上涨 1.78%；全国豆粕现货均价 3300.00 元/吨，较 2025 年 4 月 30 日下跌 5.08%。 ◼ 投资建议 首次覆盖农林牧渔行业，给予"增持"评级。我们认为，农业板块作 为典型的必选消费品类，具备相对稳定的需求和政策的大力支持，在 当前复杂多变的外部环境下，农业板块或成为资金避险的重要选择。 同时从产业周期来看，当前主要的肉类蛋白、农产品价格大多处于筑 底回升的阶段，优质的细分行业龙头有望实现业绩的持续稳定增长， 板块攻守兼备，故给予"增持"评级。 【生猪养殖】低成本是上市猪企穿越猪周期的核心竞争力，重点看好 成本 ...

2025 年 05 月 13 日 农林牧渔 产能环比增加，5 月猪价或稳定微涨 生猪养殖：产能稳定微增，猪价短期内或小幅上涨 价格端：本周生猪均价 14.81 元/kg，周环比+0.14%，两周环比-0.50%； 仔猪价格 647 元/头，周环比-0.31%，两周环比-0.15%。根据 iFinD 数据，本周猪肉批发价格 20.82 元/kg，周环比+0.15%。 供给端：本周生猪日均屠宰量为 17.34 万头，周环比变动+1.89%。 周观点：根据涌益咨询数据，4 月能繁母猪存栏量环比+0.96%，同比 +5.21%，上月环比数值-0.25%。部分中型规模母猪场布局扩产，本月 新增母猪产能略有增加，计划根据下半年卖仔猪或明年自繁自养卖育 肥猪灵活操作。据 Mysteel 点评，5 月份出栏计划较四月份实际完成 微增 1.22%，出栏压力增加不明显，散户和二育集中出栏所造成的影 响有限，加上二育入场托底，大概率月度价格重心上移，均价水平或 高于四月。不过终端需求无明显改善，阶段性拉涨动力不足，因此价 格稳步小涨为主。 家禽养殖：白羽肉鸡持续稳定，分割品价格大稳小落 周观点：据我的钢铁网显示，本周种蛋价格下行调 ...