Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery sector [5] Core Views - The second quarter saw a slight recovery in production capacity, with an increase in average weight and stock levels [2][4] - The overall pig price trend is weak, influenced by increased supply and high temperatures affecting demand [1][38] - The report highlights potential investment opportunities in pig farming, feed, animal health, and planting sectors due to favorable market conditions [4] Summary by Sections 1. Pig Farming Sector - As of June, the number of breeding sows was 40.43 million, showing a quarter-on-quarter increase of 0.1% and a year-on-year increase of 0.1% [2][14] - In Q2 2025, the total pig slaughter volume was 171.43 million heads, a year-on-year increase of 1.2% but a quarter-on-quarter decrease of 12% [2][15] - The average price of live pigs in June dropped to 14.57 yuan/kg, a decrease of 2.3% month-on-month and 20.6% year-on-year [21][38] 2. Market Performance - The agriculture, forestry, animal husbandry, and fishery sector outperformed the market, with a weekly increase of 3.62% compared to the Shanghai Composite Index's 1.67% [28] - Key stocks in the sector showed significant gains, with Shennong Group rising by 15.42% and Juxing Agriculture increasing by 6.79% [32][33] 3. Price Trends - The average price of live pigs was 14.15 yuan/kg as of July 25, reflecting a week-on-week decline of 0.84% [1][38] - The price of white feather broiler chickens increased to 6.7 yuan/kg, up 4.69% week-on-week, while chick prices surged by 40.88% to 1.93 yuan/chick [49][37] 4. Investment Recommendations - The report recommends focusing on pig farming stocks such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture due to expected price recovery [4] - It also suggests monitoring feed and animal health companies like Haida Group and Ruipu Biological Products, as well as planting companies like Suqian Agricultural Development and Beidahuang Group [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The agricultural sector's public fund heavy holdings increased in Q2 2025, benefiting from US-China tariff disturbances and policy catalysts, with total market capitalization rising to 13,208 billion yuan, up 6.80% quarter-on-quarter [13][12] - The investment logic for the pig industry is improving marginally, with expectations for a price increase in H2 2025 driven by both fundamental and policy factors [23][5] - The pet sector is experiencing a rise in domestic brands, supported by consumption upgrades and tariff barriers, with the pet food market expected to exceed 60 billion yuan by 2025 [26][25] Summary by Sections Weekly Observation - The agricultural sector's public fund heavy holdings increased, with a total market capitalization of 13,208 billion yuan, representing 1.74% of the A-share market [13][12] - The pig price is expected to stabilize and rise due to ongoing capacity adjustments and supply pressures [4][16] Weekly Market Performance (July 21-25) - The agricultural index outperformed the market by 1.95 percentage points, with the agricultural index rising 3.62% [27][29] - Leading stocks included Shen Nong Group (+15.42%), Zhong Ji Health (+11.63%), and Bang Ji Technology (+11.41%) [32][27] Price Tracking (July 21-25) - The average price of live pigs was 14.15 yuan/kg, down 0.12% from the previous week, while the average price of piglets was 31.89 yuan/kg, also down 0.07% [35][38] - The price of soybean meal increased to 2,983 yuan/ton, up 1.86% week-on-week, driven by rising import costs [19][49] Key Recommendations - Recommended stocks in the pig sector include Muyuan Foods, Wens Foodstuff, and Juxing Agriculture [5][23] - In the feed sector, recommended stocks include Haida Group and New Hope [5][23] - For the pet sector, recommended stocks include Guibao Pet, Zhongchong Co., and Petty Co. [25][26]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The agricultural sector's public fund heavy holdings increased in Q2 2025, driven by US-China tariff disruptions, fundamental improvements, and policy catalysts [4][12] - The total market capitalization of the agricultural sector reached 1,320.8 billion, with a quarter-on-quarter increase of 6.80%, accounting for 1.74% of the A-share market [12][16] - The investment logic for the pig farming sector is improving, with expectations of a price increase in the second half of 2025 [20] Summary by Sections Public Fund Holdings - In Q2 2025, the public fund heavy holdings in the agricultural sector accounted for 0.47% of the total public stock investment, with a quarter-on-quarter increase of 0.07 percentage points [12][14] - The feed and breeding sub-sectors saw the most significant increase in public fund holdings, while other sub-sectors remained relatively stable [15] Individual Stocks - Leading companies in the feed and breeding sectors, such as Haida Group and Muyuan Foods, saw significant increases in their public fund holdings, with Haida Group's holdings rising by 51% to 12.44 billion [17][19] - The top public fund holdings in the agricultural sector for Q2 2025 were Haida Group, Muyuan Foods, and Wens Foodstuffs, with respective holdings of 12.44 billion, 6.64 billion, and 6.20 billion [19] Investment Recommendations - The report recommends investing in Muyuan Foods, Wens Foodstuffs, and other companies in the pig farming sector due to improving investment logic [20] - The feed sector is expected to benefit from strong overseas demand, with recommendations for Haida Group and New Hope [20] - The pet sector is highlighted for its growth potential, with recommendations for Guibao Pet and Zhongchong Co. [20]

Core Viewpoint - The legal opinion issued by Guohao Law Firm confirms that the procedures for convening and holding the 2025 First Extraordinary General Meeting of Guangdong Yuehai Feed Group Co., Ltd. comply with relevant laws and regulations, ensuring the legality and validity of the meeting and its resolutions [1][4][9]. Group 1: Meeting Procedures - The meeting was convened by the company's board of directors as per the notice published on July 9, 2025, which complies with the Company Law and the company's articles of association [2][3]. - The meeting took place on July 25, 2025, at the specified location and time, consistent with the notice [3][4]. Group 2: Attendance and Qualifications - A total of 152 shareholders attended the meeting, representing 485,389,899 shares, which is 70.4076% of the total voting shares [3][5]. - Among the attendees, 4 shareholders were present at the venue, representing 482,173,999 shares, or 69.9411% of the voting shares [4][5]. Group 3: Voting Procedures and Results - The meeting's proposals were reviewed and voted on through both on-site and online voting methods, with the results confirming the legality of the voting process [5][9]. - The voting results showed that 485,184,399 shares (99.9577%) were in favor of the proposals, with only 100 shares against, indicating strong support from the shareholders [6][9].

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]

跟 农林牧渔行业 超配（维持） 反内卷背景下，供给存在去化预期 农林牧渔行业跟踪点评 2025 年 7 月 23 日 分析师：魏红梅（SAC 执业证书编号：S0340513040002） 电话：0769-22119462 邮箱：whm2@dgzq.com.cn 踪 点 评 事件： 近一周以来农林牧渔行业持续反弹，跑赢沪深 300 指数；其中养殖业领涨。 点评： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 预计农林牧渔行业近期反弹的主要原因在于：（1）反内卷背景下，我国生猪养殖、肉禽养殖等供给有 望去化，行业竞争有望趋缓，行业盈利有望改善。（2）估值方面，截至2025年7月22日，SW农林牧渔 行业指数整体PB（整体法，最新报告期，剔除负值）约2.77倍，近一周有所回升。目前行业估值处于 行业2006年以来的估值中枢约61.7%的分位水平，虽然近期有所回升，但仍处于历史相对低位的水平。 行 目前我国能繁母猪存栏量依然处于历史相对高位水平，未来有较大去化空间。截至2025年6月末，我 国能繁母猪存栏量达到40 ...

Market Overview - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 3,581.86, up by 0.62% [2] - The agricultural sector underperformed slightly with a decline of 0.14% in the agricultural, forestry, animal husbandry, and fishery sector [4] Agricultural Sector Insights - The report highlights a favorable investment opportunity in Haida Group, driven by expected recovery in the feed industry as upstream raw material prices stabilize and downstream farming conditions improve [4] - Recent data indicates a decline in pig prices, with average prices in key provinces showing a decrease of 4.88% in Sichuan and Guangdong, while the average pork price increased by 0.29% [4] - The report discusses the cyclical nature of the pig industry, emphasizing that the current market may be overly pessimistic regarding the impact of rising pig production capacity on profitability [4] - Recommendations include companies like Wen's Foodstuffs, Shennong Group, and New Hope, which are expected to benefit from the anticipated recovery in the pig farming sector [4] Poultry and Pet Food Industry - The poultry sector is projected to see performance driven by new demand recovery in 2025, with Shennong Development positioned well for growth [4] - The pet food market is highlighted as a key area for growth in 2025, with a focus on brands that are leading in profitability and market trends, recommending Guibao Pet Food as a top pick [4] Textile and Apparel Sector - Nine Star Holdings reported a revenue increase of 2.9% in Q2 2025, with footwear manufacturing also showing growth [6][8] - The report notes that the sports apparel segment is experiencing robust demand, with brands like Anta Sports and Li Ning showing varied performance in retail sales [10] - Recommendations for the textile sector include companies with strong mid-year performance certainty, such as Bailong Oriental and Zhejiang Natural [10] Jewelry Sector - The gold and jewelry retail sector saw a year-on-year growth of 6.1% in June 2025, indicating stable demand [10] - Companies like Laoputang and Chaohongji are recommended for their potential recovery based on channel scale and franchise resources [10]

2025年一季度报告显示，今年首季，公司实现营业收入2.86亿元，同比增长18.94%；归属于上市公司股 东的净利润-511.73万元，上年同期为-368.82万元；归属于上市公司股东的扣除非经常性损益的净利 润-561.60万元，上年同期为-397.95万元；经营活动产生的现金流量净额-8889.49万元，上年同期 为-6745.12万元。 2023年3月7日，播恩集团在深交所主板上市，发行股票数量为4,035万股，占发行后总股本比例为 25.11%，发行股份全部为新股，不涉及老股转让，发行价格为9.32元/股，保荐机构(主承销商)为海通证 券股份有限公司(现名"国泰海通证券股份有限公司")，保荐代表人为卢婷婷、龚思琪。 播恩集团发行募集资金总额为37,606.20万元，募集资金净额为31,905.50万元，分别用于播恩集团股份有 限公司赣州年产24万吨饲料项目、浙江播恩年产12万吨饲料项目、播恩生物健康产业基地-维生素复合 预混料项目、重庆八维生物年产12万吨饲料项目、播恩生物健康产业基地-研发中心建设项目、播恩集 团股份有限公司信息系统平台升级项目。 中国经济网北京7月22日讯播恩集团（001366）( ...

Investment Rating - The report maintains a "Recommended" rating for the agricultural, forestry, animal husbandry, and fishery industry [1][8][64] Core Viewpoints - The report highlights the long-term value reassessment opportunities in the pig industry, with expectations of price fluctuations in the range of 14-15 CNY/kg post-Chinese New Year 2025, indicating a potential downward trend in prices due to supply pressures [4][15] - The poultry sector is experiencing price declines, with a focus on marginal improvements in the cycle, while the animal health sector is expected to see performance recovery and investment opportunities in the pet medical industry [5][6][28] - The pet economy is thriving, with domestic brands rapidly emerging, and the report anticipates continued improvement in industry profitability [7][58] Summary by Sections 1. Pig Industry - The average price of pigs is currently around 14.6 CNY/kg, with a slight weekly decline [14] - The report recommends companies with low costs and strong financials, specifically highlighting Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture [15][64] 2. Poultry Industry - The report notes a decline in poultry prices, with a focus on the cyclical improvements expected in the future [27] - Recommendations include Shennong Development and Lihua Stock [5][28] 3. Animal Health - The animal health sector is expected to see a recovery in performance, supported by the profitability of the pig farming industry [6][38] - Investment opportunities in the pet medical sector are highlighted, with a market size of approximately 840 billion CNY [7][38] 4. Planting Industry - The report indicates a decrease in wheat and corn prices, with recommendations for companies involved in genetically modified seeds [44][50] 5. Feed Industry - The total industrial feed production in the first half of 2025 reached 15,850 million tons, showing a year-on-year growth of 7.7% [48][50] - Recommendations include Haida Group and attention to He Feng Stock [50] 6. Pet Industry - The pet consumption market is projected to reach 300.2 billion CNY in 2024, with a growth rate of 7.5% [55][58] - Recommended companies in the pet food sector include Guai Bao Pet, Zhongchong Stock, and Petty Stock [58][64]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Viewpoints - The pig industry is experiencing a slight increase in breeding stock in Q2, with high profitability and a trend towards "de-involution" [2] - The latest pig price is 14.39 CNY/kg, with an average slaughter weight of 128.83 kg, indicating a potential for price stability despite slight fluctuations [3][13] - The Ministry of Agriculture's monitoring shows a 0.8% decrease in the national inventory of large pigs in June, suggesting a reduction in pig slaughter in July and August [3][47] Summary by Sections 1. Pig Industry - Breeding stock has slightly increased, with a national breeding sow inventory of 40.43 million heads, a year-on-year increase of 0.12% [4][13] - The industry has maintained profitability for 14 consecutive months, with 11 out of 14 listed companies forecasting increased performance for the first half of 2025 [4] - The Ministry of Agriculture is implementing capacity regulation policies to stabilize pig prices, indicating a strong commitment to maintaining price stability [4][13] - Recommended companies include Dekang Agriculture, Muyuan Foods, and Wens Foodstuff Group, focusing on cost-leading enterprises with strong profit certainty for 2025 [4] 2. Poultry Industry - The price of chicken seedlings in Yantai is 1.9 CNY/bird, up 27% month-on-month but down 40% year-on-year; the price of broiler chickens is 3.3 CNY/kg, up 3.8% month-on-month [5][14] - The industry faces a "high capacity, weak consumption" contradiction, leading to a reduction in production capacity among breeding farms [5][14] - Key investment focuses include high-return enterprises with sustainable ROE improvements, such as Yisheng Livestock and Shennong Development [5][14] 3. Feed Industry - The prices of various aquatic products have shown positive performance, with significant year-on-year increases for several species [6][15] - Recommended company is Haida Group, which is expected to benefit from industry recovery and improved management effectiveness [6][15] 4. Pet Industry - The uncertainty of tariffs and export fluctuations in Q2 have impacted the pet sector, but long-term effects are expected to be limited due to strong brand positioning and overseas factory layouts [7][17] 5. Agricultural Products - There is significant uncertainty regarding soybean imports in Q4, with August 1 being a critical date for monitoring US-China trade negotiations [8][18] - Natural rubber prices are expected to maintain a strong trend due to favorable macroeconomic conditions [8][18] 6. Market and Price Situation - The Shanghai and Shenzhen 300 Index closed at 4059, up 1.09% from the previous week, while the Agricultural Index closed at 2755, down 0.14% [19][21] - The livestock sector index is at 3071, indicating a stable performance amidst market fluctuations [19][35]