Core Viewpoint - The company disclosed its main operational data for the pig farming business as of June 2025, highlighting sales figures and revenue trends in the context of its overall operations [1]. Group 1: Sales Data - In June 2025, the company sold 21.90 million live pigs, totaling 153.95 million for the year, reflecting a decrease of 7.52% compared to the previous month [2]. - The sales revenue from live pig sales in June was 3.85 billion yuan, with a total of 40.93 billion yuan for the year [2]. - The company sold 0.59 million piglets in June, generating a revenue of 25.04 billion yuan, with 20.22 million pigs sold to internal slaughtering enterprises [2]. Group 2: Price Trends - The average selling price of live pigs in June was not explicitly stated, but the sales data indicates a slight decline of 0.55% in sales to internal slaughtering enterprises compared to May 2025 [2]. - The cumulative sales revenue and volume suggest a need for monitoring market price fluctuations, which can significantly impact the company's performance [3]. Group 3: Operational Context - The disclosed sales data is part of the company's broader operations, which include feed processing, pig farming, slaughtering, and meat processing, although the current figures focus solely on live pig sales [3]. - The company emphasizes that the data is unaudited and may differ from periodic reports, serving as a reference for investors [2].

点击按钮▲立即报名 7月6日，中国物流与采购联合会发布数据显示，2025年6月份全球制造业PMI为49.5%，较5月份上升0.3个百分点，连续2个月环比上升，但仍在 50%以下。数据显示，2025年6月份，美洲制造业PMI为48.6%，较5月份上升0.2个百分点，连续4个月低于49%，显示美洲制造业保持在收缩区 间，恢复力度较弱。6月份亚洲制造业PMI为50.7%，较5月份上升0.3个百分点。 6月份欧洲制造业PMI为48.8%，较5月份微幅上升0.1个百分点，连续6个月小幅上升，但指数水平仍未突破49%。值得关注的是，2025年6月 份，非洲制造业PMI为49.7%，较5月份上升1个百分点，结束连续2个月环比下降走势，但仍在50%以下。（证券日报） 中国将开展养老服务消费季活动 7月7日，民政部、商务部于7月至12月举办全国"养老服务消费季"活动，活动以"惠老助老、品质生活"为主题，进一步促进养老服务消费，提升 老年人生活品质，更好推动养老事业产业协同发展，主要内容有：创新活动形式，打造多元化消费场景。提升服务质效，深入推进居家适老化改 造。 主题活动还包括，加大服务供给，满足老年人高品质生活需要。实施惠老 ...

Core Viewpoint - Recent market focus on supply-side reform highlights the need to address "involution" in key industries such as photovoltaics, lithium batteries, new energy vehicles, and e-commerce platforms, with various sectors facing fundamental pressures [2][10] Industry Analysis 1. Policy Direction - "Involution" competition includes low-price competition, homogenization, and excessive marketing from enterprises, as well as unfair local government policies and market barriers [4] - Key industries targeted for "anti-involution" measures include photovoltaics, lithium batteries, new energy vehicles, and e-commerce platforms [4][10] - Measures to combat "involution" involve coordinated efforts on both supply and demand sides, government behavior regulation, and industry self-discipline [4] 2. Current Industry Status - **Photovoltaics**: Prices are weak, with a June index showing a year-on-year decline of 11.8%. However, production remains strong, with a 18.3% increase in solar cell output from January to May [5][13] - **Automobiles**: Increased low-price competition is evident, with sales discount rates rising to 25.2% in June. This trend may lead to intensified price wars among manufacturers [5][18] - **Steel**: Production decreased by 1.7% year-on-year from January to May, while prices remain weak, with a 13.4% decline in steel prices from January to June [5][23] - **Cement**: Production fell by 4% year-on-year, and prices have weakened, with a June index showing a 2.4% decline [5][26] - **Pork**: Production is strong but prices are weak, with net profits per pig dropping significantly, indicating the industry is nearing losses [5][29] 3. Anti-Involution Measures - **Photovoltaics**: Industry self-discipline is emphasized, with major manufacturers collectively reducing production by 30% and signing self-regulatory agreements [8][14] - **Automobiles**: Self-regulation is key, with companies like BYD halting aggressive pricing strategies and standardizing supplier payment terms [8][18] - **Steel**: A combination of self-discipline and administrative guidance is being implemented, with industry associations urging companies to manage production and cash flow effectively [8][24] - **Cement**: Measures include industry self-discipline and media supervision to ensure compliance with production standards and to recognize compliant companies [8][27] - **Pork**: Administrative guidance is being utilized, with reports of government requests for major producers to control breeding and market supply [8][30]

Group 1: Institutional Research Highlights - The top twenty companies with the most institutional research in the past 30 days include Ice Wheel Environment, Boshi Jie's, Jun Ding Da, Huichuan Technology, and Dazhu Laser[5] - In the last five days, the most researched companies include Hu Dian Co., Guilin Sanjin, Ice Wheel Environment, Mankalon, and Xingrong Environment[5] - Among the top twenty companies in the past 30 days, five had ten or more rating agencies, namely Ice Wheel Environment, Boshi Jie's, Jun Ding Da, Huichuan Technology, and Dazhu Laser[5] Group 2: Shareholder Increase and Buyback Situations - From June 30 to July 4, 2025, two companies announced significant shareholder increases, both having ten or more rating agencies: Renfu Pharmaceutical and Suzhou Bank[7] - From January 1 to July 4, 2025, 234 companies announced shareholder increases, with 64 having ten or more rating agencies[24] - In the same period, 288 companies announced buyback progress, with 78 having ten or more rating agencies, including Xiamen Xiangyu, Huafa Shares, Changhong Meiling, Pingmei Shares, and Mengbaihe[28] Group 3: Financial Metrics and Recommendations - The average expected buyback amount as a percentage of the market value on the announcement date exceeded 1% for companies like Xiamen Xiangyu (6.42%), Huafa Shares (3.21%), and Changhong Meiling (3.03%)[29] - For the year 2025, 1,573 companies announced buyback progress, with 345 having ten or more rating agencies, and 93 companies had a buyback amount exceeding 1% of their market value[30]

Core Insights - Multiple listed pig companies released their sales reports for June, indicating a general decline in sales prices and varying performance in sales volume and revenue among different companies [1][3][4] Group 1: Sales Performance - Muyuan Foods reported sales of 7.019 million pigs in June 2025, a year-on-year increase of 58.35%, with a sales revenue of 12.799 billion yuan, up 27.65% year-on-year [3] - Wens Foodstuff Group sold 3.0073 million pigs in June 2025, with a revenue of 4.92 billion yuan, showing a decline in sales volume and average price compared to May [3][4] - Shennong Group's sales volume decreased to 219,000 pigs in June 2025, with a revenue of 385 million yuan, reflecting a drop in both sales volume and price [4] Group 2: Price Trends - The average selling price of Muyuan Foods' pigs was 14.08 yuan/kg in June 2025, down 20.59% year-on-year [3] - Wens Foodstuff Group's average price for pigs was 14.39 yuan/kg, showing a year-on-year decline of 5.40% [3] - Shennong Group's average price for pigs was 14.35 yuan/kg, a decrease of 0.55% from May [4] Group 3: Cost Control and Efficiency - Many pig companies have managed to control breeding costs effectively, enhancing operational efficiency despite the overall low price trend [5][6][7] - New Hope reported a recent cost of 13 yuan/kg for fattened pigs, while Tianbang Bio aims to reduce costs to below 12.8 yuan/kg by the end of 2025 [7][8] - Muyuan Foods highlighted its cost advantage in piglet sales, contributing positively to its profitability [8]

上市猪企6月销售简报集中出炉 7月7日晚间，龙头上市猪企牧原股份披露的2025年6月份销售简报显示，2025年6月份，公司销售商品猪701.9万头，同比变动58.35%（其中向全资子公司 牧原肉食品有限公司及其子公司合计销售商品猪219.4万头），较2025年5月份的640.6万头有所增长；商品猪销售均价14.08元/公斤，同比变动-20.59%，较 2025年5月份的14.52元/公斤有所下降；商品猪销售收入127.99亿元，同比变动27.65%，较2025年5月份的122.58亿元有所增长。 另一家龙头上市猪企温氏股份当晚披露的2025年6月主产品销售情况简报则显示，公司2025年6月销售生猪300.73万头（其中毛猪和鲜品270.39万头，仔猪 30.34万头），收入49.20亿元，毛猪销售均价14.39元/公斤，环比变动分别为-4.69%、-7.57%、-1.98%，同比变动分别为28.93%、-5.40%、-20.50%。 多家上市猪企6月销售简报集中出炉。 7月7日晚间，包括牧原股份、温氏股份等龙头在内的多家上市猪企发布6月销售简报。 相关数据显示，6月上市猪企生猪销售均价同比和环比普遍下滑，不同 ...

Group 1 - The core viewpoint indicates that meat product prices are under pressure, leading to declining sales for breeding companies in June [1][2] - Wens Foodstuff reported sales of 104 million meat chickens in June, generating revenue of 2.288 billion yuan, with a chicken sales average price of 10.29 yuan/kg, showing month-on-month declines of 3.40%, 8.30%, and 4.28% respectively [1] - In June, Wens Foodstuff sold 3.0073 million pigs, with a revenue of 4.92 billion yuan and an average price of 14.39 yuan/kg, reflecting month-on-month changes of -4.69%, -7.57%, and -1.98% [1] Group 2 - New Hope reported sales of 1.33 million pigs in June, with a revenue of 1.871 billion yuan and an average price of 14.18 yuan/kg, showing month-on-month declines of 0.29%, 5.12%, and 2.81% respectively [1] - Juxing Agriculture announced sales of 419,900 pigs in June, with a revenue of 742 million yuan, and a 3.4% decrease in average price, while sales volume increased by 28% [2] - Xiangjia reported sales of 4.298 million live poultry in June, generating revenue of 68.1782 million yuan, with a significant decline in sales price due to market sluggishness [2] Group 3 - The industry is experiencing a seasonal consumption lull, with pig prices maintaining a fluctuating trend, and expectations for better performance in the second half of the year [2][3] - The report suggests that the supply of pigs will see limited growth by 2025, and high-quality pig enterprises may still achieve considerable profits [3] - The industry is currently operating at a marginal profit, with large pig enterprises focusing on increasing capacity utilization to reduce breeding costs [3]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Viewpoints - The pig price has retreated from its high, with the latest price at 14.94 CNY/kg and the average weight at 128.64 kg. The complete cost for leading enterprises has decreased to around 12 CNY/kg, indicating a potential for profit maintenance and valuation recovery [6][17][18] - The report emphasizes a shift from cyclical thinking to focusing on financial performance, suggesting that investment should transition from "cyclical thinking" to "quality and price" [18] - The report recommends focusing on companies with a "platform + ecosystem" model, highlighting DeKang Agriculture and Livestock as a representative, along with leading pig farming companies such as Muyuan Foods and Wens Foodstuff Group [18] Summary by Sections 1. Pig Industry - The latest pig price is 14.94 CNY/kg, with a slight increase in average weight to 128.64 kg. The price of 15 kg piglets remains stable at around 530 CNY/head. The industry is experiencing a short-term rebound in prices after a slight decline [6][17] - The official number of breeding sows in May was 40.42 million, a year-on-year increase of 1.15%, indicating a stable production capacity [7][17] - The report suggests that the government's commitment to stabilizing pig prices is strong, and capacity regulation may continue to increase [7][17] 2. Poultry Industry - The price of parent stock chicks remains high, with the latest price at 47.93 CNY, a week-on-week increase of 5.25%. The price of broilers is 2.95 CNY/kg, down 12% week-on-week and 18% year-on-year [19] - The industry faces a "high capacity, weak consumption" contradiction, leading to a reduction in production capacity among breeding farms [19] - The report highlights two main lines of focus: quality imported breeding stock leaders and fully integrated industry leaders [19] 3. Feed Industry - The report recommends Hai Da Group, noting a cash flow turning point and high overseas growth potential. The demand for aquaculture feed is expected to recover in 2025 [20][22] - The report indicates that the domestic capital expansion phase has ended, and leading companies are entering a new phase of stable cash flow [21][22] 4. Pet Industry - The report discusses the impact of potential tariffs on the pet industry, suggesting that the actual impact will be limited due to high profit margins and overseas factory layouts [23] - Companies with strong performance in their own brands, such as Guibao and Zhongchong, are highlighted as key focuses [23] 5. Agricultural Products - The USDA report indicates a slight reduction in soybean planting area for 2025, with a forecast of 83.4 million acres, a year-on-year decrease of 4% [24] - The report emphasizes that agricultural products are less affected by tariffs, and a reduction in imports may help prices rise from low levels [24] 6. Market and Price Situation - The Shanghai and Shenzhen 300 Index closed at 3982 points, up 1.54% from the previous week. The Agricultural and Forestry Index closed at 2729 points, up 2.55% [25][28] - The report notes that the aquaculture sector performed the best with a 5.13% increase [25]

Group 1 - The Hong Kong stock market has shown strong performance in the first half of the year, with the Hang Seng Index rising by 20%, making it one of the best performers globally [1] - The "Hong Kong Three Sisters"—Lao Pu Gold, Pop Mart, and Mixue Group—have gained significant attention, with Lao Pu Gold surging by 330%, Pop Mart by 200%, and Mixue Group by 96% [2][4] - A lesser-known player, Dekang Agriculture (02419), has also performed well, with its stock price increasing by 192% this year, peaking at a 247% rise [3] Group 2 - Dekang Agriculture's growth is driven by its low valuation and strong growth potential, primarily in pig farming, which constitutes about 80% of its business [5] - The company is projected to have a stable growth rate, with a 24% year-on-year increase in pig output expected in 2024, and ambitious targets of 31% and 30% growth for 2025 and 2026, respectively [6] - In comparison, major competitors like Muyuan Foods and Wens Foodstuffs are expected to have lower growth rates of 26% and 13%, respectively [6] Group 3 - Dekang Agriculture's cost structure is competitive, with a complete breeding cost of approximately 12.4 yuan/kg, placing it among the industry's top tier [8] - The company's debt-to-asset ratio is projected to be around 62.76% by the end of 2024, which is in line with the industry average, indicating manageable financial pressure [10] - The valuation method for pig farming companies is based on head average market value during the bottom of the pig cycle, with Dekang's head average market value at 2560 yuan, which is relatively low compared to peers [12] Group 4 - The current pig cycle is characterized by overproduction, with the national breeding sow inventory exceeding the target, leading to a downward pressure on pig prices [13] - The industry has seen improvements in breeding efficiency, with the average number of piglets weaned per sow increasing significantly, contributing to higher supply levels [13][14] - Despite the challenges, there is potential for policy interventions to stabilize the market, which could lead to temporary boosts in stock performance for companies like Dekang Agriculture [15]

Group 1 - The core viewpoint of the articles indicates a fluctuating trend in global pork production from 2020 to 2025, with specific projections for China, the EU, the US, and Brazil [1][2][3] - In 2024, China's pork production is projected to be 56.75 million tons, with a slight decrease to 55.50 million tons in 2025 due to regulatory measures on excess pig production capacity [1] - The EU's pork production is expected to decline from 21.25 million tons in 2024 to 20.90 million tons in 2025, primarily due to reduced export demand [1] - The US and Brazil are anticipated to see increases in pork production, reaching 12.94 million tons and 4.55 million tons respectively by 2025 [1] Group 2 - The global pig inventory is projected to be approximately 759 million heads by the end of 2024, reflecting a year-on-year decrease of about 2.42% [2] - China, the EU (27 countries), and the US account for 57.19%, 17.50%, and 9.94% of the global pig inventory respectively [2] - In 2024, China's pig inventory is estimated to be around 42.743 million heads, showing a year-on-year decline of 1.6% [3] Group 3 - The market size of China's pig farming industry is expected to reach approximately 1.44 trillion yuan in 2024, influenced by rising pig prices [5] - The market size is calculated based on the number of pigs slaughtered, average weight at slaughter, and average price of pigs, with the average weight assumed to be 120 kg per head [5] - In 2020, the market size peaked at 2.16 trillion yuan due to significant price increases [5]