Group 1 - Anhui Construction won a joint bid for the Chongqing Rongchang to Sichuan Zigong expressway project, with a total estimated investment of 3.614 billion yuan and a construction period of 3 years [1] - Hongfa Co. reported a net profit of 964 million yuan for the first half of 2025, a year-on-year increase of 14.19%, with revenue of 8.347 billion yuan, up 15.43% [1][2] - Lujiazui's net profit for the first half of 2025 was 815 million yuan, a decrease of 7.87%, despite a revenue increase of 33.91% to 6.598 billion yuan [3] - Enhua Pharmaceutical achieved a net profit of 700 million yuan, up 11.38%, with revenue of 3.010 billion yuan, an increase of 8.93% [4][5] - China CNR signed several major contracts totaling approximately 32.92 billion yuan, covering various sectors including urban rail vehicles and wind power equipment [6] - WanTong Intelligent signed an exclusive sales and cooperation agreement in the embodied intelligence field, gaining global sales rights for specific chip-based products [7][8] Group 2 - Liansheng Technology's subsidiary received a government subsidy of 13.5 million yuan, accounting for 12.24% of the company's latest audited net profit [9] - Guobang Pharmaceutical reported a net profit of 456 million yuan, a year-on-year increase of 12.60%, with revenue of 3.026 billion yuan, up 4.63% [10] - Baotai expects a net loss of 110 to 140 million yuan for the first half of 2025, a reduction in loss compared to the previous year [11] - Sains expects a net profit decrease of 57.53% to 60.13%, with projected revenue growth of 15.17% to 23.59% [12] - Nanya New Materials anticipates a net profit of 80 to 95 million yuan for the first half of 2025, an increase compared to the previous year [13] - Tian Pharmaceutical's subsidiary passed the consistency evaluation for a peritoneal dialysis solution [14] Group 3 - Shede Liquor announced the resignation of director Ni Qiang due to work reasons [15] - Greentown Water plans to transfer assets and liabilities of its ASEAN subsidiary to improve resource allocation [16] - Beibu Gulf Port's subsidiary signed an associated transaction contract worth 11.199 million yuan [17] - Beibu Gulf Port announced multiple resignations of directors and executives [18] - Jidian Co. reported the resignation of its deputy general manager due to work changes [19] - Wanhua Chemical's industrial park in Fujian resumed production after maintenance [20] Group 4 - Shanghai Pharmaceuticals received approval for a clinical trial of a new indication for its B019 injection [21] - Jianbang Co. reported a net profit of 69.66 million yuan, a decrease of 27.72%, with revenue of 307 million yuan, down 15.37% [23] - Jianbang Co. plans to use up to 400 million yuan of idle funds for cash management [25] - Wanfu Bio's subsidiary obtained multiple medical device registrations [28] - Hunan Tianyan announced a change in its controlling shareholder to China Chang'an Automobile Group [29][30] - Xizhuang Co. plans to establish a joint venture for sustainable aviation fuel [32]

证券之星消息，7月29日养殖业板块较上一交易日下跌1.92%，神农集团领跌。当日上证指数报收于 3609.71，上涨0.33%。深证成指报收于11289.41，上涨0.64%。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) | | --- | --- | --- | --- | --- | --- | | 300313 | *ST天山 | 10.65 | 4.51% | 12.08万 | 1.28亿 | | 002321 | 华英农业 | 2.50 | 0.40% | 21.73万 | 5414.88万 | | 002157 | 正邦科技 | 2.88 | -0.35% | 67.81万 | 1.94亿 | | 000735 | 罗牛山 | 6.51 | -0.61% | - 38.36万 | 2.50亿 | | 002458 | 益生股份 | 8.83 | -0.67% | 11.38万 | 1.00亿 | | 301116 | 益客食品 | 11.38 | -0.70% | 3.60万 | 4093.14万 | | 000876 | 新希望 | ...

来源：上海证券报·中国证券网 数据来源：Choice金融终端 上证报中国证券网讯 7月29日，创业板指高开高走，站上2400点。截至收盘，上证指数报3609.71点，涨0.33%；深证成指报11289.41点，涨0.64%；创业板指 报2406.59点，涨1.86%。沪深两市全天成交额1.8万亿元。 盘面上看，医药、通信设备、钢铁等板块涨幅居前；养殖业、保险、银行等板块跌幅居前。 ...

7月29日，A股三大指数继续上涨，深成指、创业板指创去年11月以来新高。 截至收盘，沪指涨0.33%报3609点，深证成指涨0.64%，创业板指涨1.86%报2406点。 全天成交1.83万亿元，较前一交易日增量632亿元，全市场超3000股下跌。 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 上证指数 | Shorton | 3609.71 | +11.77 | +0.33% | | 000001 | | | | | | 创业板指 | | 2406.59 | +44.00 | +1.86% | | 399006 | | | | | | 深证成指 | | 11289.41 | +71.82 | +0.64% | | 1000001 | | | | | 盘面上，CRO、创新药板块爆发，CPO、钢铁板块活跃；化学制药、F5G概念、雅下水电及半导体等板块涨幅居前。另外，保险板块走低，猪 肉、鸡肉概念走弱，银行、PEEK材料及石油等板块跌幅居前。 具体来看： CRO概念、创新药领涨大市，睿智医药、奥翔药业、亚太药业、九州药业等多股涨停。消息面 ...

Group 1: Market Strategy and Outlook - The core driver behind the recent A-share market rally is the optimistic expectation of a rebound in corporate ROE, rather than mere speculation around policy themes [4][9] - The current valuation of A-shares, while having outpaced the recovery of fundamentals, is not extreme, indicating that the recovery in sectors like food and beverage, coal, and oil and petrochemicals is still in its early stages [4][9] - The "anti-involution" and demand-side policies are expected to show quicker effects compared to the comprehensive policies of 2024, with companies having undergone three quarters of self-purging [10][11] Group 2: Sector Recommendations - **Machinery**: Companies like Xugong Machinery and Yingliu Shares are recommended due to domestic demand stabilization and overseas market recovery [14][15] - **Non-ferrous Metals**: China Rare Earth is favored as export controls may lead to price increases in rare earths, supported by moderate quota growth [16] - **Non-bank Financials**: China Galaxy is highlighted for its strengthening brokerage business and potential for international expansion [17] - **Media and Internet**: Yao Cai Securities is positioned to benefit from increased trading volumes in Hong Kong and potential synergies from Ant Group's acquisition [18] - **Agriculture**: Muyuan Foods is recognized as a leading pig farming enterprise with expected stable profits amid rising pork prices [19] - **Defense and Military**: North Navigation is anticipated to benefit from a rising demand cycle for its products [20] - **Computing**: Kingsoft Office is seen as a leader in AI applications, with significant growth potential from its innovative products [21][22] - **Electronics**: Lante Optics is expected to see strong demand from various sectors, including automotive and AI [23] - **Pharmaceuticals**: Kelun-Botai is noted for its leading ADC technology and potential for international sales growth [24][25]

6月28日，创业板指的强势表现引发市场关注，截至当日收盘，创业板指最终收涨1.95%。其中，在新 能源、芯片板块的持续发力下，万亿市值巨头宁德时代(300750)盘中成功站上500元，股价创年内新 高。除了宁德时代外，经北京商报记者统计，仅6月28日这一个交易日，市场上还有爱博医疗、奥普特 等195股(剔除2021年上市新股)盘中股价创年内新高。 两市成交额再破万亿元 6月28日，A股交易氛围浓厚，两市成交额再度突破万亿元大关。 交易行情显示，6月28日，A股三大股指集体高开，其中创业板指表现抢眼，盘中不断震荡走高，一度 涨超2%。午后开盘，三大股指震荡走低，创业板指涨幅出现缩窄，但在尾盘创业板指小幅拉升。截至 当日收盘，创业板指最终报3412.86点，收涨1.95%;上证综指报3606.37点，小幅收跌0.03%;深证成指报 15150.17点，收涨0.98%。 盘面上，受生猪价格反弹的影响，猪肉概念股涨幅居前，其中新五丰、傲农生物、天邦股份涨停，正邦 科技、牧原股份分别大涨9.84%、8.24%。除此之外，天康生物、立华股份、新希望、大北农等多股也 涨超5%。 另外，鸡肉概念、农牧饲渔、水产养殖、碳化硅等 ...

Investment Rating - The overall industry investment rating is "Positive" [48] Core Viewpoints - The report emphasizes the impact of anti-involution policies on capacity regulation, which is beneficial for the livestock industry [6][22] - The agricultural sector has shown strong performance, with the agricultural index rising by 3.61% compared to the broader market indices [27] - The report highlights the long-term investment value of companies in the livestock sector, as their valuations are at historical lows [23] Summary by Relevant Sections Livestock Industry - **Swine**: The national average price for live pigs is 14.12 CNY/kg, down 0.15 CNY from last week. The average price for 15 kg piglets is 33.86 CNY/kg, down 0.17 CNY [6][22] - **Poultry**: The average price for white feather broilers is 3.35 CNY/lb, up 0.15 CNY from last week. The average price for white chickens is 13.7 CNY/kg, up 0.3 CNY [9][22] - **Yellow Chickens**: The average price for yellow chickens is 9.79 CNY/kg, down 0.88 CNY from last month. The industry is experiencing a rise in production capacity [10][25] - **Animal Health**: The animal health industry is recovering from a low point, with significant performance improvements noted in major companies [11][25] Planting Industry - **Seed Industry**: Policies are continuously improving, and the commercialization of genetically modified technology is accelerating, which is expected to boost sales and prices for quality seed companies [12][26] - **Planting**: Grain prices are experiencing short-term adjustments, with corn averaging 2441 CNY/ton, down 10 CNY from last week, while wheat is at 2442 CNY/ton, up 1 CNY [13][26] Recommended Companies - **Buy Ratings**: - Zhongchong Co., Ltd. [4] - Muyuan Foods [4] - Suqian Agricultural Development [4]

Core Viewpoint - The introduction of "Rural Collective Economic Managers" as a new profession is crucial for the survival and development of farmers, especially in the context of rural revitalization and the new collective economy [2][4][8]. Group 1: Definition and Role of Rural Collective Economic Managers - Rural Collective Economic Managers differ significantly from village committee members, as they are responsible for the direct management and operation of collective economic organizations [10][12]. - Managers are essential for the governance and management of villages, working under the coordination of village committees and aligning with the development direction of collective economies [19][20]. - The relationship between village committees and managers should be based on a "delegated agency" model rather than a hierarchical administrative structure, allowing for various management mechanisms to enhance the effectiveness of managers [22][24]. Group 2: Demand and Structure of Management - Each village or professional cooperative requires at least one manager to oversee technical guidance and market operations, indicating a high demand for managers in rural areas [27][28]. - In regions like Guangdong, the geographical complexity and resource richness necessitate multiple specialized cooperatives, leading to a potential need for ten or more managers per administrative village [30][33]. - The remuneration for managers will not burden village finances, as their income primarily comes from the operational revenues of cooperatives and processing plants [35][36]. Group 3: Training and Development of Managers - The cultivation of rural managers requires a robust exit mechanism in the talent market and the establishment of formal training institutions, ideally supported by government initiatives [38][39]. - There is a significant gap in professional agricultural talent in rural areas, necessitating the revival of agricultural schools to train local managers who are familiar with practical agricultural techniques and market operations [44][46]. - The new "Rural Collective Economic Managers" should primarily consist of local youth under 30, who have a strong connection to their hometowns, ensuring stability and retention in these roles [52][53]. Group 4: Integration of New and Traditional Practices - Managers are not solely focused on new technologies or business models; they also play a vital role in traditional sectors such as agriculture and tourism, integrating modern techniques with established practices [54][56]. - The work of managers encompasses both innovative approaches and traditional agricultural practices, ensuring a balanced development strategy for rural economies [57][58]. - The emergence of managers as a new profession presents opportunities for rural revitalization, but requires ongoing government support in policy, training, and resources [60].

Group 1 - The core viewpoint emphasizes the importance of focusing on the pig farming industry, highlighting both offensive and defensive investment opportunities due to the value of breeding sows and farming efficiency. It is anticipated that pig prices may show a downward trend in 2025, while remaining relatively stable throughout the year, coupled with cost reductions leading to profits exceeding expectations. Attention should be given to high-quality pig companies with significant marginal cost changes and good financial conditions [1][4] - The pet food industry is in a growth phase, with an increasing market share for quality enterprises [1][4] - There is a correlation between yellow chicken prices and pig prices, and considering the low supply side, there is potential for price increases in the future [1][4] Group 2 - In June, the Consumer Price Index (CPI) turned positive year-on-year, with a 19% decrease in agricultural trade deficit. The CPI for June was +0.1% year-on-year, with food items down by 0.3%, and pork prices down by 8.5% year-on-year [2] - The agricultural index outperformed the CSI 300 from early July to July 22, with the agriculture, forestry, animal husbandry, and fishery index rising by 7.35%, while the CSI 300 increased by 4.65%. The livestock sector saw a notable increase of 11.2% [2] - In July, the profit from self-breeding and self-raising pigs improved month-on-month, with the price of pigs reaching a peak of 21.06 yuan/kg in mid-August before fluctuating downwards. As of July 16, 2025, the price was 14.96 yuan/kg, down 8% from the end of 2024 [3] - The export volume and price of pet food fell in June, with a year-on-year decrease of 20.22% in export value. However, the cumulative export value for the first half of 2025 showed a slight increase of 0.4% [3]

Investment Rating - Investment recommendation: Outperform the market (maintained) [8] Core Insights - Despite low pig prices, market expectations for future prices have improved due to policy adjustments on sow inventory, pig weight, and breeding scale. The fund's heavy positions in the breeding sector have increased, with a fund heavy position of 0.50% in Q2 2025, up by 0.06 percentage points. The overweight ratio decreased by 0.03 percentage points, up by 0.04 percentage points [5][20] - The feed sector's fund heavy position has significantly increased, supported by the recovery of livestock and aquaculture inventory. The fund heavy position in the feed sector reached 0.52% in Q2 2025, with an overweight ratio of 0.26%, up by 0.11 percentage points [10][20] - The animal health and planting sectors have seen a slight decline in allocation ratios. The fund heavy position in the animal health sector was 0.01%, down by 0.007 percentage points, while the planting sector's heavy position was 0.05%, down by 0.02 percentage points [11][27] Summary by Sections 1. Fund Allocation in Agriculture Sector - The fund allocation in the agriculture sector has slightly increased, with a fund heavy position of 1.09% in Q2 2025, up by 0.17 percentage points. The sector's overweight ratio improved by 0.10 percentage points [16] 2. Investment Recommendations - **Pig Breeding**: In H2 2025, pig supply is expected to remain ample, with prices likely to fluctuate at relatively low levels. Recommended companies include Muyuan Foods, Wens Foodstuff Group, Shennong Group, and Juxing Agriculture [13][37] - **Feed**: Anticipated increases in pig and aquaculture inventory in Q3 may drive demand recovery, benefiting the feed market. Recommended companies include Haida Group and He Feng Group [38] - **Pet Consumption**: The domestic pet economy is experiencing growth, with a focus on local brands. Recommended companies include Zhongchong Co. and Guai Bao Pet [39]