Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry, expecting the industry index to outperform the market index by over 10% in the next six months [2][5]. Core Insights - The recent rebound in the agriculture, forestry, animal husbandry, and fishery industry is attributed to the expectation of supply reduction in pig and poultry farming, leading to improved industry profitability [4]. - As of July 22, 2025, the overall price-to-book (PB) ratio for the SW agriculture, forestry, animal husbandry, and fishery industry is approximately 2.77 times, indicating a recovery but still at a relatively low historical level [4]. - The number of breeding sows in China remains high, with a stock of 40.43 million as of June 2025, indicating significant potential for supply reduction [4]. - The average price of white feather broilers is reported at 6.4 yuan per kilogram, with a loss of 2.93 yuan per bird, reflecting ongoing profitability challenges in the poultry sector [4]. Summary by Sections Industry Overview - The agriculture, forestry, animal husbandry, and fishery industry has shown resilience, outperforming the Shanghai and Shenzhen 300 Index recently, particularly driven by the livestock sector [2][4]. Supply and Demand Dynamics - The supply of breeding sows is expected to decrease, with projections indicating a rebound in pig output in Q3 2025, followed by a potential decline in Q4 [4]. - The chicken supply is also anticipated to remain high, with the introduction of new breeding stock leading to increased availability in the latter half of 2025 [4]. Investment Strategy - The report suggests that the breeding sow stock has considerable room for reduction, making it a favorable time to invest in pig farming companies, which have shown good profitability due to cost reduction and increased output [4]. - For poultry farming, while current supply is robust and prices are under pressure, there are opportunities for marginal profit improvement as supply dynamics shift [4]. - Recommended stocks for investment include Muyuan Foods (002714), Wens Foodstuff Group (300498), and others listed in the report [4].

齐鲁晚报.齐鲁壹点李可通讯员宋珂 乡村振兴，产业先行。养殖业是农村经济的重要支柱，关乎众多农户生计。但资金短缺、市场波动、疫 病风险等问题，常制约养殖户发展。成武农商银行作为本土银行，积极走在乡村振兴前列，针对养殖户 推出一系列金融支持信贷产品，助力产业升级和农户增收。 家庭养殖：破解养殖户融资难题 成武县天宫庙镇养殖户李先生表示，该行10万元的信贷资金让他扩建了两个标准化小型家庭养殖大棚， 养殖数量从原先的4000只增加到16000只，日收鸭蛋2000余枚，收入显著增加。 该行结合县域农业养殖优势，加大金融扶持力度，为养殖业发展提供有力支持，助力养殖户走上致富道 路。 成武县九女集镇的宋先生看中了水蛭养殖的商机，但养水蛭对水温、肥料、藻菌类要求较高。他积累一 定经验后，想扩大养殖规模。该行客户经理走访得知情况后，充分考察养殖农场建设、养殖情况和订单 数量，连夜提交信贷审批手续，很快为宋先生办理了130万元信贷授信，为水蛭园区扩建发展提供了资 金保障。 规模养殖：做好养殖户坚强后盾 成武县天宇禽业有限公司负责人鲍女士介绍，她起初是村里的贫困户，跟着别人学养鸡，从自家院子养 2000只开始，逐步扩建并成立公司， ...

Group 1 - The "Golden Seed" social practice team from Henan University of Technology has shifted its focus to cultural promotion after completing the compilation of the village chronicle in Champion Village, showcasing the village's natural scenery and historical culture through three distinctive live broadcasts [1][7] - The rose garden in Champion Village, covering over 50 acres, was developed by villagers in 2017 and has seen significant improvements in flower quality and variety due to expert guidance and continuous support from Henan University of Technology, leading to increased income for local residents [2] - The team also visited a local cattle farm, which exemplifies the role of livestock farming in rural revitalization, benefiting from optimized feed and fertilizer solutions provided by the university, as well as expanded e-commerce sales channels [2] Group 2 - The afternoon live broadcast focused on "historical figures and local memories," where team members narrated stories of famous generals related to Champion Village, aiming to connect viewers with the village's rich historical culture [5] - The evening broadcast highlighted the village's natural geography, resources, and folk culture, with team members engaging actively with the audience and providing practical research suggestions for future visiting teams [5] - The "Golden Seed" team effectively combined knowledge dissemination with cultural promotion, enhancing awareness of Champion Village's history and current status, and contributing to the cultural revitalization of the area [7]

Group 1 - The livestock sector within the agriculture, forestry, animal husbandry, and fishery industry is showing differentiated trends across various segments [1] - In the beef and raw milk sectors, a turning point is expected in the domestic beef cycle by 2025, with both domestic and international markets likely to experience upward momentum; as of July 11, 2023, the domestic beef market price was 59.23 yuan/kg, reflecting a year-on-year increase of 27.38% [1] - In the pig farming sector, the price of live pigs was 14.70 yuan/kg on July 11, 2023, and it is anticipated that pig prices will remain favorable through 2025, with a rational inventory of breeding sows [1] Group 2 - Leading companies in the feed industry are expected to achieve excess returns, benefiting from the recovery in the aquaculture market [1] - Overall, the valuation recovery potential of leading companies in the livestock sector is noteworthy, particularly the opportunity presented by the reversal of the beef cycle [1] - The Livestock ETF tracks the CSI Livestock Index, which is compiled by the China Securities Index Company and includes listed companies involved in livestock farming and feed production, reflecting the overall performance of the livestock-related listed companies [1]

Investment Rating - The report assigns an "Outperform" rating to the company for the first time, with a reasonable valuation range of HKD 4.39 to 4.73, indicating a potential upside of approximately 35-45% from the current stock price of HKD 3.50 [6][3]. Core Views - The company is positioned to benefit from the upward trend in both meat and milk prices, with expectations of significant profit recovery in the coming years. The original milk segment is projected to see profit increases of approximately HKD 14 billion and HKD 20 billion in 2026 and 2027, respectively, compared to 2024 [3][2]. - The report highlights the company's comprehensive business model, which includes breeding, feed, and large-scale dairy farming, making it a leader in the global raw milk supply chain [1][17]. Company Overview - The company, controlled by Yili Group, operates 97 large-scale farms across China's prime dairy regions, with a dairy cow inventory exceeding 600,000 heads and an expected raw milk production of around 3.7 million tons in 2024, ranking first globally [1][17]. - It is also the largest supplier of ruminant feed and alfalfa in China, with its subsidiary, Saikexing, being the largest dairy cattle breeding company in the country [1][17]. Industry Outlook - The report anticipates a turning point in the beef cycle in 2025, with domestic beef prices expected to rise until 2027 due to supply adjustments and increased demand [2][48]. - The domestic raw milk market has faced price declines for nearly four years, but the report suggests that the current high meat-to-milk price ratio may accelerate the culling of dairy cows, leading to a recovery in raw milk prices by 2025 [2][48]. Financial Projections - The company is projected to achieve net profits of HKD 6.7 billion, HKD 22.9 billion, and HKD 33.5 billion from 2025 to 2027, with earnings per share (EPS) expected to be HKD 0.17, HKD 0.59, and HKD 0.86, respectively [3][5]. - The report indicates that the company's revenue is expected to grow from HKD 20.1 billion in 2024 to HKD 24.8 billion in 2027, reflecting a compound annual growth rate (CAGR) of 6.6% [5][3].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The report emphasizes the importance of the pig sector, noting a slowdown in the growth rate of breeding sows in June, and highlights the expectation gap in the pig market [1][2] - The pet sector is witnessing a rise in domestic brands and a positive trend in pet food exports, indicating a robust growth potential [3][4] - The poultry sector is focusing on the breeding gap for white chickens and the marginal improvement in demand for yellow chickens, with investment recommendations based on supply and demand dynamics [5][6][7] - The planting sector is prioritizing food security and the strategic importance of biological breeding, with recommendations for key seed and agricultural companies [9][10] - The feed sector is recommended for companies with increasing market share and consistent performance, while the animal health sector is advised to focus on new demands and innovative products [24][25] Summary by Sections Pig Sector - As of July 12, the average price of pigs in China is 14.91 CNY/kg, down 2.42% from the previous week, with self-breeding profits around 177 CNY per head [1][16] - The report highlights the low valuation and expectation gap in the pig sector, recommending leading companies such as Muyuan Foods and Wens Foodstuffs [2][16] Pet Sector - In June 2025, pet sales on Douyin reached 964 million CNY, a year-on-year increase of 73.97%, indicating strong growth for domestic brands [3][17] - Pet food exports from China increased by 10.89% year-on-year in the first five months of 2025, reaching 41.75 billion CNY [4][17] Poultry Sector - The report notes a 33.46% year-on-year decline in the breeding stock of grandparent chickens due to import restrictions, with a total of 529,300 sets updated in the first half of 2025 [5][19] - Investment recommendations include focusing on companies like Shengnong Development and Yisheng Livestock [6][20] Planting Sector - The report stresses the need for high yield production to ensure food security, with a focus on integrating advanced agricultural technologies [9][23] - Key recommendations include leading seed companies such as Longping High-Tech and Dabeinong [10][23] Feed and Animal Health Sectors - The feed sector is highlighted for companies like Haida Group, which is expected to benefit from market share growth and performance consistency [24][26] - The animal health sector is advised to focus on new product development and market expansion, particularly in the pet health segment [25][26]

Group 1 - Aishuo Co., Ltd. expects a net loss of 170 million to 280 million yuan for the first half of 2025, with a net loss of 410 million to 520 million yuan after excluding non-recurring gains and losses [1] - Changcheng Military Industry anticipates a net loss of 25 million to 29.5 million yuan for the first half of 2025, with a net loss of 35 million to 41 million yuan after excluding non-recurring gains and losses [1] - Changyuan Donggu expects a net profit of 155 million to 180 million yuan for the first half of 2025, representing a year-on-year increase of 62.65% to 88.88% [1] Group 2 - Beifang Navigation forecasts a net profit of 105 million to 120 million yuan for the first half of 2025, turning around from a loss of 74.2168 million yuan in the same period last year [3] - Xizi Clean Energy expects a net profit of 130 million to 180 million yuan for the first half of 2025, a decrease of 47.40% to 62.01% compared to the same period last year [4] - Tianbao Infrastructure anticipates a net profit of 90 million to 130 million yuan for the first half of 2025, representing a year-on-year increase of 1581.80% to 2329.27% [4] Group 3 - Taiping Bird expects a net profit of approximately 77.7 million yuan for the first half of 2025, a decrease of about 55% compared to the same period last year [6] - Xibu Chuangye forecasts a net profit of approximately 295 million yuan for the first half of 2025, an increase of 88.99% compared to the same period last year [8] - Zhengbang Technology expects a net profit of 190 million to 210 million yuan for the first half of 2025, a year-on-year increase of 249.03% to 264.72% [9] Group 4 - Songzhi Co., Ltd. anticipates a net profit of 140 million to 170 million yuan for the first half of 2025, representing a year-on-year increase of 53.58% to 86.49% [10] - Hailide expects a net profit of 280 million to 310 million yuan for the first half of 2025, a year-on-year increase of 47.65% to 63.47% [12] - Chenhua Co., Ltd. forecasts a net profit of 48.8176 million to 56.6284 million yuan for the first half of 2025, a year-on-year increase of 25% to 45% [13] Group 5 - Yuanlin Co., Ltd. expects a net loss of 68 million to 92 million yuan for the first half of 2025, with a net loss of 70 million to 95 million yuan after excluding non-recurring gains and losses [14] - Chuanhua Zhili anticipates a net profit of 500 million to 550 million yuan for the first half of 2025, representing a year-on-year increase of 72.78% to 90.06% [15] - Longyuan Technology expects a net profit of 26 million to 31 million yuan for the first half of 2025, a year-on-year increase of 116.61% to 158.26% [17] Group 6 - Jiangshan Co., Ltd. forecasts a net profit of 300 million to 360 million yuan for the first half of 2025, a year-on-year increase of 75.65% to 110.78% [32] - Ganli Pharmaceutical expects a net profit of 600 million to 640 million yuan for the first half of 2025, a year-on-year increase of 100.73% to 114.12% [33] - Zhongyan Chemical's subsidiary signed a 6.809 billion yuan mining rights transfer contract [35]

Core Viewpoint - Multiple A-share listed companies have released their performance forecasts for the first half of 2025, indicating significant profit increases for several companies, while others are facing substantial losses [1][2]. Performance Forecast Summary - **North Rare Earth**: Expected net profit growth of 1883%-2015% year-on-year, driven by increased production and sales of rare earth metals and related products [2]. - **Muyuan Foods**: Anticipated net profit growth of 1130%-1190% year-on-year, attributed to higher pig sales compared to the same period last year [2]. - **TCL Zhonghuan**: Projected net loss of 4-4.5 billion yuan due to declining demand in the supply chain and continuous price drops [2]. - **Xianda Co.**: Expected net profit growth of 2443%-2835% year-on-year, benefiting from implemented management measures [2]. - **Jin'an Guoji**: Forecasted non-net profit growth of 4700%-6300% year-on-year, with increased production and slight price recovery in copper-clad laminates [2]. - **TCL Technology**: Expected net profit growth of 81%-101% year-on-year, with semiconductor display business projected to exceed 4.6 billion yuan in net profit, up over 70% [2]. - **Wohua Pharmaceutical**: Anticipated net profit growth of 234%-378% year-on-year, due to adaptation to market changes and effective cost control measures [2]. - **Orient Precision**: Expected net profit growth of 120%-160% year-on-year, driven by revenue growth in packaging and watercraft equipment sectors [2]. - **Yonghe Co.**: Projected net profit growth of 126%-148% year-on-year, supported by rising refrigerant prices and product structure optimization [2]. - **Morning Light Bio**: Expected net profit growth of 102%-132% year-on-year, with recovery in cottonseed business and growth in other product lines [2]. - **New Beiyang**: Anticipated net profit growth of 100%-120% year-on-year, driven by rapid sales growth in intelligent logistics equipment [2]. - **Gan Li Pharmaceutical**: Expected net profit growth of 101%-114% year-on-year, benefiting from significant revenue increase and refined expense management [2]. - **Zhiwei Intelligent**: Projected net profit growth of 63%-99% year-on-year, with strong demand in intelligent computing business and increased orders [2]. - **Torch Electronics**: Expected net profit growth of 50%-70% year-on-year, with improving industry conditions in electronic components [2]. - **Hongta Securities**: Anticipated net profit growth of 45%-55% year-on-year, focusing on differentiated asset allocation and improving asset quality [2].

Group 1 - Morning Light Biological expects a net profit of 202.0 million to 232.0 million yuan for the first half of 2025, representing a year-on-year increase of 102.33% to 132.38% [1] - Northern Rare Earth anticipates a net profit of 900.0 million to 960.0 million yuan for the first half of 2025, with a significant year-on-year growth of 1882.54% to 2014.71% [1] - Youfa Group forecasts a net profit of 277.0 million to 307.0 million yuan for the first half of 2025, reflecting a year-on-year increase of 151.69% to 178.93% [1] Group 2 - Torch Electronics projects a net profit of approximately 247.0 million to 280.0 million yuan for the first half of 2025, indicating a year-on-year growth of 50.36% to 70.45% [3] - Zhiwei Intelligent expects a net profit of 91.98 million to 112.43 million yuan for the first half of 2025, with a year-on-year increase of 62.85% to 99.06% [4] - Youhao Group anticipates a net profit of 12.0 million yuan for the first half of 2025, representing a year-on-year growth of 51% [5] Group 3 - Nami Technology expects a net profit of 61.0 million to 73.0 million yuan for the first half of 2025, with a year-on-year increase of 35% to 62% [7] - Xinda Co. forecasts a net profit of 130.0 million to 150.0 million yuan for the first half of 2025, reflecting a substantial year-on-year growth of 2443.43% to 2834.73% [8] Group 4 - Shaanxi Coal Industry reported a coal production of 14.36 million tons in June, a year-on-year decrease of 5.07% [9] - Huanxu Electronics announced a consolidated revenue of 4.587 billion yuan in June, a year-on-year decline of 1.23% [10] Group 5 - Huadian International successfully issued 2.0 billion yuan in medium-term notes with a maturity of 3+N years and a coupon rate of 1.89% [20] - Zhongmin Energy reported a total power generation of 1.405 billion kilowatt-hours in the first half of 2025, a year-on-year decrease of 0.89% [20] Group 6 - Huaxia Biotech passed the FDA inspection with zero deficiencies, covering six major systems [21] - Ruikeda's application for convertible bond issuance has been accepted by the Shanghai Stock Exchange [22] Group 7 - Dafu Technology plans to invest no more than 100 million yuan in Anhui Yunta [42] - Tongda Co. won a bid for a project valued at 180.3 million yuan from the Southern Power Grid [46]

Group 1 - The summer season is characterized by agricultural activities, with farmers actively engaged in planting and harvesting crops across various regions [1][3][4][6][8] - Innovative agricultural practices, such as the "cattail-rice co-cultivation" model in Hunan, are being explored to enhance both income and food production [4] - The use of technology and expert guidance is emphasized in pest control and disease management to ensure a successful summer grain harvest in Guangxi [10]