Core Viewpoint - The sales data for June from leading pig farming companies indicates that while the average sales price has slightly decreased compared to the same period last year, profits have increased due to a significant reduction in costs [1][2][4]. Group 1: Sales and Pricing - In the first half of the year, the average sales price for pigs from Muyuan Foods was 14.46 yuan/kg, down 0.76 yuan/kg from the previous year, with a price range of 14.08 to 14.76 yuan/kg [1][3]. - The sales price decline of approximately 5% contrasts with a notable decrease in costs, which fell from over 14 yuan/kg to 12.2 yuan/kg by May [1][5]. Group 2: Cost Structure and Profitability - The cost structure varies significantly among pig farming companies, with some, like Huazhong Foods, reporting costs as high as 13.7 yuan/kg, which is 1.6 yuan/kg higher than Muyuan Foods [1][6]. - Muyuan Foods' profitability has improved, with a unit profit of approximately 2.3 yuan/kg and a gross margin of around 15.8%, compared to Huazhong Foods' 0.8 yuan/kg profit and 5.5% margin [6]. Group 3: Market Dynamics and Future Outlook - The market is experiencing a narrowing fluctuation in pig prices, with expectations of marginal improvements in supply-demand dynamics in the second half of the year due to a decrease in the breeding sow inventory [8][10]. - There are differing opinions on the future price trajectory, with some analysts predicting a potential rebound in prices due to seasonal demand, while others foresee continued supply growth keeping prices stable [9][10].

Group 1: Corn Data - The national market average price of corn is 2435.00 yuan/ton, a -0.12% week-on-week change [2] - The consumption of corn by major deep - processing enterprises is 104.12 million tons, a -0.90% week - on - week change [2] - The corn inventory in the four northern ports is 272.40 million tons, a -2.85% week - on - week change [2] - The corn inventory of major deep - processing enterprises is 459.20 million tons, a -1.27% week - on - week change [2] - The settlement price of the CBOT corn main contract is 420.25 cents/bushel, a 4.02% week - on - week change [2] - The FOB price of corn in the western coastal port area of the United States is 216.73 dollars/ton, a 4.36% week - on - week change [2] - The landed duty - paid price of corn in the western coastal port area of the United States is 2022.28 yuan/ton, a 3.66% week - on - week change [2] - The basis of the corn spot main contract is 82 yuan/ton, a 51.85% week - on - week change [2] Group 2: Pig and Pork Data - The average slaughter price of commercial pigs is 14.85 yuan/kg, a 0.34% week - on - week change [3] - The closing price of the pig main contract is 14245.00 yuan/ton, a 2.70% week - on - week change [3] - The inventory of commercial pigs in comprehensive farms is 3719.93 million heads, a 0.31% week - on - week change [3] - The slaughter volume of 81 sample pig enterprises is 106784.00 heads per day, a -6.27% week - on - week change [3] - The fresh sales volume of key pork slaughtering enterprises is 645793.00 heads, a -5.46% week - on - week change [3] - The storage capacity of key slaughtering enterprises for frozen pork is 143451.00 tons, a 0.28% week - on - week change [3] - The basis of the live - pig spot main contract is 956.00 yuan/ton, a -8.87% week - on - week change [3] Group 3: Egg Data - The market price of eggs is 5.54 yuan/kg, a -3.65% week - on - week change [5] - The price difference between egg futures and spot is -869.00 yuan/500 kg, a -3.01% week - on - week change [5] - The inventory of laying hens is 12.70 billion, a -0.39% week - on - week change [5] - The egg shipment volume is 6118.04 tons, a -0.63% week - on - week change [5] - The monthly egg sales in China are 26.02 thousand tons, a -7.34% week - on - week change [5] - The egg sales in the main sales areas are 5928.27 tons, a -3.56% week - on - week change [5] - The available inventory days in the egg production link are 1.27 days, a 2.42% week - on - week change [5] - The total egg export volume from China to the world is 12711.37 tons, a -0.63% week - on - week change [5] - The basis of the egg spot main contract is -572.00 yuan/ton, a 23.54% week - on - week change [15]

Investment Rating - The industry investment rating is maintained as "Increase" for the agricultural sector [6] Core Viewpoints - The agricultural sector outperformed the market by 1.01 percentage points during the week of June 30 to July 4, 2025, with a weekly increase of 2.55% [15][17] - The pig farming sector is highlighted as a key investment opportunity due to the recovery of breeding profits and the ongoing rise in pig prices [4][2] - The report emphasizes the importance of cost control for listed pig farming companies to navigate the pig cycle effectively [4] Summary by Sections Market Review - The agricultural sector index closed at 2,729.26, ranking 7th among 31 first-level industries in terms of weekly performance [15][17] - The fishery sector showed the best performance with a 5.13% increase, followed by breeding, agricultural product processing, feed, and planting sectors with respective increases of 3.12%, 2.96%, 2.30%, and 1.63% [17][19] Industry Dynamics - Pig prices continued to rise, with the national average price reaching 15.35 yuan/kg, a week-on-week increase of 4.28% [2] - Self-breeding profits increased to 119.72 yuan/head, while external piglet breeding profits improved to -26.26 yuan/head [2] - In the poultry sector, chicken prices remained under pressure due to high inventory levels, with broiler chick prices dropping to 1.36 yuan/chick, a 20% decrease week-on-week [2] Agricultural Products - Prices for wheat, corn, and soybean meal showed a week-on-week increase, with wheat averaging 2,451.06 yuan/ton (up 0.19%), corn at 2,367.14 yuan/ton (up 0.61%), and soybean meal at 2,928.00 yuan/ton (up 0.76%) [3][34] Investment Recommendations - The report suggests focusing on the pig farming sector, particularly companies with strong cost control such as Muyuan Foods, Wens Foodstuff Group, and others [4] - In the poultry sector, it recommends looking at integrated industry leaders like Shennong Development and Lihua Stock for yellow feathered chickens [4] - For feed, it highlights industry leaders like Haida Group and regional leaders like Hefeng Stock as beneficiaries of the recovery in livestock demand [4] - The report also emphasizes the importance of food security, recommending companies like Suqian Agricultural Development and Beidahuang [4]

Group 1 - New Hope Liuhe Co., Ltd. reported a decrease in pig sales in June 2025, with sales of 1.33 million pigs, a month-on-month decrease of 0.29% and a year-on-year increase of 3.38% [1] - The sales revenue for June was 1.871 billion yuan, reflecting a month-on-month decrease of 5.12% and a year-on-year decrease of 19.14% [1] - The average selling price of pigs in June dropped to 14.18 yuan/kg, down 2.81% month-on-month and 21.53% year-on-year, marking a new low for the past year [1] Group 2 - In the first quarter of 2025, New Hope achieved operating revenue of 24.417 billion yuan, a year-on-year increase of 2.13%, and a net profit of 445 million yuan, indicating a significant turnaround [2] - The company has successfully reduced breeding costs by 1.8 yuan/kg compared to the same period last year, contributing to improved profitability [2] - Future trends suggest that pig prices may exhibit volatility, with expectations of average monthly prices between 13.76 yuan/kg and 15.07 yuan/kg from July to December 2025 [2] Group 3 - The pig farming industry is experiencing increased concentration due to the expansion of leading enterprises and technological advancements, while weaker companies face significant challenges amid low prices and rising costs [3] - The overall profit margins in the industry are being compressed, with many companies selling pigs at prices below 15 yuan/kg, leading to a low-profit operating phase [3] - New Hope's recent operational costs for fattened pigs are approximately 13 yuan/kg, and the company is focusing on four key tasks to reduce costs: epidemic prevention, genetic improvement, flexible management, and enhancing profitability in the fresh food segment [3]

Group 1 - Sannuo Group expects a net loss of 100 million to 120 million yuan for the first half of 2025, a significant decline from a profit of 7.4 million yuan in the same period last year [1] - The company anticipates a net loss of 77 million to 95 million yuan after excluding non-recurring gains and losses [1] - Basic earnings per share are projected to be a loss of 0.2148 to 0.2578 yuan per share [1] Group 2 - Landai Technology is planning to transfer 18% of its shares, which may lead to a change in control [2] - The stock of Landai Technology has been suspended from trading since July 8, 2025, with an expected suspension period of no more than two trading days [2] Group 3 - Xinxin Co. announced that a senior executive plans to reduce their holdings by up to 750,000 shares, representing no more than 0.2971% of the total share capital [3] - The reason for the reduction is personal financial needs [3] Group 4 - Biyimi plans to reduce its shares by a total of up to 3% by two shareholders, with one shareholder planning to reduce up to 139.68 million shares (2.00%) and the other up to 69.84 million shares (1.00%) [4] - The reason for the reduction is also personal financial needs [4] Group 5 - Changxin Bochuang announced that shareholders plan to reduce their holdings by up to 2.95%, totaling 8.6 million shares [6] - The reason for the reduction is personal financial needs [6] Group 6 - Tianci Materials plans to publicly issue H-shares and apply for listing on the Hong Kong Stock Exchange [9] Group 7 - Sanxiang Impression announced the termination of a previous equity transfer agreement, following a request from its controlling shareholder [10] Group 8 - Zhongke Technology has decided to terminate its plan to issue shares for asset acquisition and related fundraising due to changes in market conditions [12] Group 9 - Hangcha Group's subsidiary plans to acquire 99.23% of Guozu Robot's shares through capital increase [14] Group 10 - Xishan Technology plans to increase its holdings in the company by no less than 5 million and no more than 10 million yuan [19] Group 11 - New Hope reported sales of 1.33 million pigs in June, a year-on-year increase of 3.38% [21] - The sales revenue was 1.871 billion yuan, a year-on-year decrease of 19.14% [21] Group 12 - Auhua Endoscope announced that two shareholders plan to reduce their holdings by up to 1.92% [18] Group 13 - Star Source Material has submitted an application for H-share issuance and listing [18] Group 14 - Yilian Technology plans to invest 20 million yuan to establish a partnership with professional institutions [30]

Core Viewpoint - The article discusses the efforts of Huai Ji County to recover agricultural production after severe flooding caused by Typhoon "Butterfly" and other weather events, emphasizing the importance of timely actions to ensure food security and the supply of essential agricultural products [2][4]. Group 1: Disaster Response and Recovery Actions - Huai Ji County's Agricultural and Rural Bureau quickly activated an emergency response mechanism to organize recovery efforts in affected areas [3][8]. - The county has implemented socialized pest control services and aerial spraying of foliar fertilizers, completing pest control over more than 10,000 acres and spraying fertilizers on over 7,400 acres, with most affected rice expected to approach normal yields [9][10]. - The county has mobilized agricultural machinery, including 174 tractors and 286 drones, to assist in the recovery, with over 3,000 acres of rice harvested and more than 1,100 tons of grain dried [18]. Group 2: Agricultural Recovery Techniques - Agricultural experts have been deployed to provide on-site guidance for pest control and recovery techniques, emphasizing the need for rapid action to mitigate pest and disease spread [21][30]. - The county has issued technical guidelines for disaster recovery, advising farmers on clearing, disinfection, fertilization, and pest control to ensure orderly recovery of affected crops [32][34]. Group 3: Financial Support and Resource Allocation - Huai Ji County has secured 4.5 million yuan in emergency agricultural disaster relief funds, with 3.8 million yuan allocated for purchasing organic fertilizers, seeds, and other agricultural materials to minimize the impact of extreme weather [40][42]. - The county has distributed over 7 tons of disinfectants to prevent post-disaster epidemics and has coordinated with insurance companies to expedite claims, resulting in nearly 2 million yuan in compensation paid to affected farmers [43][49].

Core Viewpoint - The article emphasizes the importance of addressing odor and waste management in pig farming within county areas, highlighting the implementation of new technologies and training programs to enhance the quality of the industry [1][11][32]. Group 1: Industry Development - The initiative focuses on the "Hundred Counties, Thousand Towns, and Ten Thousand Villages High-Quality Development Project" to strengthen the responsibilities of rural science and technology personnel in promoting pig farming in county areas [2][5]. - Jiexi County is recognized for its significant pig farming scale, being a pilot for the city's agricultural industry chain, with over 120 large-scale farms and more than 1,500 specialized farming households, generating a total output value exceeding 1 billion yuan [5][6]. Group 2: Training and Technology - A specialized training session on odor and waste management technologies in pig farms was organized by the local government in collaboration with the Guangdong Academy of Agricultural Sciences [4][19]. - The training included two main topics: innovative multi-faceted treatment technologies for odor and waste, and cost-effective odor control techniques for small to medium-sized farms, which were well-received by the participants [20][23]. Group 3: Practical Applications - The proposed solutions involve a comprehensive approach to odor management, including source reduction, process control, and end-point treatment to minimize odor emissions from pig farming [21][22]. - The training also provided practical guidance on using disinfectant and preventive materials, especially crucial during the summer when pig diseases are more prevalent [25][26]. Group 4: Goals and Impact - The overall aim of the training is to enhance the skills and knowledge of local farmers and enterprises, thereby injecting technological strength into the high-quality development of the pig farming industry in Jiexi County [31][33].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][39] Core Viewpoints - The agricultural sector index increased by 2.55%, ranking 7th among 31 primary industries, with aquaculture and agricultural product processing leading the gains, while the animal vaccine sector declined [5][12][13] - The average price of live pigs as of July 6 is 14.73 CNY/kg, with a weekly increase of 0.38 CNY/kg, and there is market attention on whether prices can reach the 15 CNY/kg mark [6][17] - The white feather chicken sector is experiencing deep losses due to weak demand, with chick prices dropping to a near historical low of 1.10 CNY/chick and meat chicken prices falling by 8.82% to 3.10 CNY/kg [7][30] Summary by Sections Market Review - The agricultural sector index rose by 2.55%, outperforming the Shanghai Composite Index and CSI 300, which increased by 1.40% and 1.54% respectively [12] - The aquaculture and agricultural product processing sectors showed significant gains, while the animal vaccine sector faced declines [13] Livestock Industry Chain Tracking Swine - The average weight of pigs at market is 128.64 kg, up 0.5 kg from the previous week, with a year-on-year increase of 2.33% [6][17] - The profitability for self-bred pigs is around 120 CNY per head, an increase of 69 CNY from the previous week, while the loss for purchased piglets decreased to 26 CNY per head [18][20] - The supply of pigs is expected to increase in the second half of 2025, leading to seasonal price fluctuations, with potential short-term rebounds in July and August [6][19] White Feather Chicken - The average loss per chick is approximately 1.5 CNY, with the average loss per meat chicken at 2.2 CNY due to high temperatures and rising feed costs [7][30] - The update of breeding stock is at 150.07 million sets, a year-on-year increase of 17.25%, but the uncertainty in imports due to avian influenza poses risks and opportunities for domestic breeding [30] Planting Industry Chain Tracking - Sugar prices remained stable at 6110 CNY/ton, while soybean prices increased by 2.2% to 3899 CNY/ton [33][34] - Cotton prices rose by 1.36% to 15189 CNY/ton, and corn prices increased by 11 CNY/ton to 2392 CNY/ton [34][37]

一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20250416 | 2025/03 | GDP:不变价:当季同比 | % | 5.40 | 5.40 | 5.30 | | 20250630 | 2025/06 | 制造业 PMI | % | 49.70 | 49.50 | 49.50 | | 20250630 | 2025/06 | 非制造业 PMI:商务活 动 | % | 50.50 | 50.30 | 50.50 | | 20250613 | 2025/05 | 社会融资规模增量:当 | 亿元 | | 22870.00 11599.00 | 20623.00 | | | | 月值 | | | | | | 20250613 | 2025/05 | M0(流通中的现金):同 比 | % | 12.10 | 12.00 | 11.70 | | 20250613 | 2025/05 | M1(货币):同比 | % | 2.30 | 1.50 | -0.8 ...

Core Insights - Dalian Xusheng Aquatic Products Co., Ltd. is actively involved in the sea cucumber farming industry, receiving financial support from Postal Savings Bank of China to stabilize operations amid declining prices [1][2] - The total industrial output value of Dalian's sea cucumber industry exceeds 30 billion yuan, indicating a strong market demand for financing [1][2] - Postal Savings Bank has developed a comprehensive financial service system that connects core enterprises with farmers, enhancing support for the sea cucumber industry [1][2][3] Financial Innovations - Postal Savings Bank has introduced differentiated financial solutions, including credit and agricultural guarantee loans for farmers recommended by core enterprises, and credit or pledge loans for downstream processing and sales [2][3] - A financial support service station for sea cucumber farmers was established in collaboration with Xusheng Aquatic Products during the Dalian Sea Cucumber Harvest Festival, further extending financial services to the grassroots level [2] - The bank has launched a salted sea cucumber pledge loan product, allowing for a more flexible financing approach that addresses the unique challenges of the sea cucumber industry [3] Market Challenges - The sea cucumber industry faces significant funding gaps due to the long cultivation period and high costs associated with seedling production, as well as the mismatch between harvesting and sales periods [2] - Traditional real estate mortgage financing methods are inadequate for meeting the specific needs of sea cucumber industry clients [2][3] Product Diversity - Postal Savings Bank offers a variety of financial products, including "Express Loans" for small-scale farmers to meet their funding needs for purchasing seedlings, ensuring that all types of farmers receive appropriate financial services [3]