Core Viewpoint - The innovative financial service model combining government, insurance, guarantee, banking, and industry has effectively addressed the challenges faced by the beef cattle industry in Yangxin County, enhancing risk protection and financing support for local farmers [1][3]. Group 1: Industry Challenges - Yangxin County, known for its leading beef cattle slaughter volume in China, faces significant challenges such as disease outbreaks, natural disasters, and market price fluctuations, which complicate financing due to long breeding cycles and slow capital turnover [3][4]. - The lack of collateral for loans has made financing difficult and expensive for cattle farmers, exacerbating the industry's development bottlenecks [3]. Group 2: Financial Service Model - The Shandong branch of PICC has developed a comprehensive financial service model that integrates government support, insurance products, and banking services, creating a financing loop that enhances credit through agricultural insurance policies [3][4][6]. - This model has led to the creation of a risk protection service covering the entire lifecycle of beef cattle, from breeding to market, including innovative insurance products such as medical insurance and price index insurance [4][6]. Group 3: Impact and Results - From 2023 to 2024, the insurance coverage has reached 8,652 cattle, providing a risk protection amount of 139 million yuan and facilitating over 150 million yuan in financing loans [6]. - The financial support has strengthened the entire beef cattle industry in Binzhou, resulting in improved quality, significant income increases for farmers, and a robust internal driving force for sustainable development [6].

Group 1 - Jiangsu's 11th batch of aid personnel has begun a new three-year mission in Tibet, following the successful completion of the 10th batch [1] - The collaboration between Jiangsu and Lhasa has created a strong industrial community, with initiatives like the "Dazi Danyang Eyewear City" bringing industry expertise from Jiangsu to Tibet [1] - The eyewear market in Lhasa is responding to local health needs, as the region has a high incidence of eye diseases due to strong UV radiation [1] Group 2 - The "Dazi Danyang Eyewear City" has provided training opportunities for over ten Tibetan employees, transforming their career prospects and increasing their income significantly [2] - A flower horticulture demonstration base established by Jiangsu's Taizhou aid team has introduced advanced techniques and technologies, enhancing the local flower industry [2] - Jiangsu's aid efforts have shifted from merely providing resources to fostering self-sufficiency in Tibet, with over 3,500 local professionals trained and numerous investment promotion activities conducted [2] Group 3 - Various agricultural and industrial projects in Tibet, such as cattle breed improvement and smart greenhouses, are yielding significant economic benefits and transforming local livelihoods [3] - A total of 312 investment projects have been initiated, with an agreement for 593 billion yuan in investments, making Jiangsu the leading province in terms of actual funds allocated for aid projects in Tibet [3] - The initiatives have created over 1,000 jobs and helped lift more than 2,800 impoverished individuals out of poverty [3]

Core Viewpoint - Shaanxi province is focusing on enhancing the agricultural industry by extending the industrial chain, improving the supply chain, and increasing the value chain to boost agricultural quality, efficiency, and competitiveness, aiming to add 8 national-level and 120 provincial-level leading enterprises this year [1][2] Group 1: Key Industry Initiatives - The livestock sector aims to stabilize production capacity, particularly focusing on the pig industry with a target to maintain the breeding sow stock at around 750,000 heads [1] - Vegetable supply will be prioritized, with efforts to increase production in 8 supply guarantee base counties and improve quality in 11 high-altitude vegetable base counties, alongside the construction of 100,000 acres of new agricultural facilities [1] - The fruit industry will focus on quality enhancement by establishing 100 high-quality and efficient demonstration orchards [1] Group 2: Project and Enterprise Development - Shaanxi is implementing lifecycle management for 200 key industrial chain projects to ensure early completion, production, and effectiveness [1] - The province is actively engaging in招商 (investment attraction) activities in regions like Beijing-Tianjin-Hebei and the Yangtze River Delta, progressing with 31 signed project constructions [1] - A three-year action plan for the gradient cultivation of agricultural enterprises has been launched, aiming to build a database of quality enterprises and foster a range of specialized, high-tech, and "chain master" enterprises [1] Group 3: Support Services - The province is enhancing support for agricultural business financing through mechanisms like the "Shaanong Loan" risk compensation product to address financing challenges [2] - Efforts are underway to establish a provincial-level agricultural product processing technology service system and promote new agricultural productivity in the Yangling arid region [2] - Future plans include strengthening demand matching and improving service quality to build a modern agricultural high-quality development system unique to Shaanxi [2]

Core Viewpoint - Chengdu is actively promoting modern agriculture through the establishment and optimization of industrial parks, aiming for high-quality development and significant economic contributions from these parks in 2024. Group 1: Industrial Park Development - Chengdu has created 3 national modern agricultural industrial parks, with 9 key parks projected to achieve a total output value of 405 billion and operating revenue exceeding 442 billion in 2024, contributing to an increase in the primary industry value added to 540.1 billion [1] - The city is focusing on optimizing and enhancing the agricultural sector by integrating various agricultural industries into the parks, including high-quality grain, green vegetables, specialty fruits, and livestock [2] Group 2: Economic Growth and Industry Focus - Chengdu's agricultural output is expected to reach 234.56 million tons of grain and a total agricultural, forestry, animal husbandry, and fishery output value of 970 billion in 2024 [2] - The city is enhancing its competitive edge by developing specialized agricultural products and creating demonstration parks for integrated development, with a focus on organic geographical indication products [2] Group 3: Enterprise Concentration and Support - Chengdu is implementing a comprehensive project management mechanism to attract significant investments, with 26 major projects planned and 37 key projects targeted for chain enhancement [3] - The city is fostering a supportive environment for enterprises by establishing a "one enterprise, one policy" support system and increasing the number of key enterprises in the agricultural sector [3] Group 4: Technological Innovation and Smart Agriculture - Chengdu is leveraging its agricultural technology innovation center to enhance collaboration between research institutions and industrial parks, achieving over 98% coverage of quality seeds in major crops and 88% mechanization in farming [4] - The city is developing a digital service system for agriculture, including smart farming technologies and a digital platform for agricultural services [5]

重要内容提示: ● 被担保人名称：天乾食品有限公司（以下简称"天乾食品"）、武汉天益畜牧有限公司（以下简称"武 汉天益"）、武汉天乾农牧有限公司（以下简称"武汉天乾"）、武穴市强大牧业有限公司（以下简称"武 穴牧业"）、宜昌天域农牧有限公司（以下简称"宜昌天域"）、宜都天乾农牧有限公司（以下简称"宜都 天乾"）、宜都天乾农牧有限公司麻城分公司（以下简称"宜都天乾麻城分"），以上统称"天乾食品及其 下属子公司" ● 是否为上市公司关联人：否 ● 本次担保金额及已实际为其提供的担保余额：本次担保金额合计为不超过人民币1,800.00万元，本次 担保前公司对天乾食品、武汉天乾、宜昌天域、宜都天乾、宜都天乾麻城分的担保余额分别为人民币 1,000.00万元、1,368.00万元、3,243.55万元、133.70万元、523.57万元，对其他下属子公司的担保余额为 0万元。 ● 本次担保不存在反担保 ● 公司及控股子公司不存在逾期担保的情形 ● 特别风险提示：本次被担保人天乾食品、宜昌天域、宜都天乾麻城分为资产负债率超过70%的控股子 公司，敬请投资者注意相关风险。 登录新浪财经APP 搜索【信披】查看更多考评等级 ...

证券代码：603477 证券简称：巨星农牧 公告编号：2025-059 债券代码：113648 债券简称：巨星转债 乐山巨星农牧股份有限公司 关于以集中竞价交易方式首次回购公司股份的公告 一、 回购股份的基本情况 公司于 2025 年 4 月 23 日召开第四届董事会第二十五次会议，审议通过了《关 于以集中竞价交易方式回购股份方案的议案》。公司本次拟使用不低于人民币 易方式回购公司股份，用于实施员工持股计划或股权激励。本次回购期限为自公 司董事会审议通过回购股份方案之日起 12 个月内。截至 2024 年 12 月 31 日，公 司总资产为人民币 87.64 亿元，归属于上市公司股东的净资产为人民币 33.01 亿 元。本次回购资金总额的上限人民币 10,000 万元，占公司总资产、归属于上市公 司股东的净资产的比重分别为 1.14%、3.03%。具体内容详见公司于 2025 年 4 月 编号：2025-033）。 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，现将公司回购股份的进展情况公告如下： 计回购公司股份 985,000 ...

投资策略 流动性与仓位周观察——6 月第 3 期：资金延续净流出 资金净流出，交投活跃度下降。上周全 A 成交额 6.08 万亿，较前一 周下降，换手率 6.87%，较前一周下降，资金供给端中基金、ETF 净流入， 两融净流出；资金需求端 IPO 规模为 12.64 亿元，再融资规模 4238.28 亿 元。市场资金合计净流出 3891.24 亿元，流动性转弱。 国内流动性：上周公开市场操作净投放资金 1021 亿元，DR007 下行， R007 上行，R007 与 DR007 利差扩大，金融机构间流动性未见明显分层。 利差来看，10 年期国债收益率下降 5bp，1 年期国债收益率下降 1bp，国 债期限利差扩大；10 年期美债收益率下行，10 年期国债收益率下行，中 美利差倒挂程度减轻；市场预期 7 月美联储不降息概率至 85.5%。 2025 年 06 月 23 日 市场微观交易结构：换手率下降，成交额同步下降。 机构投资者：上周偏股型基金发行规模 256.74 亿元，规模较上一周 上升。 偏股型公募基金：上周加仓行业前三：银行、电子、食品饮料；上周 减仓幅度前三行业：医药生物、有色金属、农林牧渔。 杠杆 ...

Group 1: Core Views on Pig Cycle - The stability of pig prices since the beginning of the year indicates a near balance between supply and demand, influenced by the number of breeding sows, with a 7% year-on-year decline in breeding sows correlating with stable pig prices [1] - The pig cycle consists of efficiency and breeding cycles, where the efficiency cycle reflects production efficiency affected by winter diseases, and the breeding cycle shows a strong correlation between the number of breeding sows and price changes [1][2] - The current phase is characterized by a downward trend in pig prices and capacity reduction, with attention needed on price declines, industry losses, and potential policy impacts [2] Group 2: Investment Outlook in Pig Sector - The pig sector is currently in a capacity reduction phase, which historically corresponds to strong stock performance [3] - Major stocks in the sector are at relatively low valuations, and factors such as price declines, disease situations, and policy changes could act as catalysts for stock price increases [3] - Selection of individual stocks should consider funding, cost, and growth balance, with a focus on companies with cost advantages likely to see long-term valuation increases [3]

Core Viewpoint - The company is entering a weak pig cycle and will focus on quality improvement rather than expansion, while also seeking international development opportunities [2][5]. Group 1: Quality Improvement and Cost Reduction - As of the end of 2024, the company will have a breeding capacity of approximately 81 million heads per year, with 71.6 million heads marketed in 2014 [3]. - The company’s breeding costs have been decreasing, reaching around 12.2 yuan/kg in May, a decrease of nearly 0.2 yuan/kg month-on-month, primarily due to improved production performance [3]. - The company aims to achieve a cost target of 12 yuan/kg this year, with a significant reduction in costs already realized since the initial target of reducing costs by 600 yuan when the cost was around 16 yuan/kg [3][4]. Group 2: Feed and Technology Innovations - The company has been promoting low-soybean meal feed formulation technology, with the first phase of its synthetic amino acid project having an annual production capacity of 30,000 tons and currently operating at 80% capacity [4]. - The synthetic amino acids can replace soybeans, acting as a stabilizer against rising soybean prices [4]. Group 3: International Expansion - The company has initiated its international development strategy starting in 2024, with Southeast Asia identified as the first target market [5][6]. - A strategic cooperation agreement was signed with BAF Vietnam Agricultural Joint Stock Company, marking the first step in its overseas development [6]. - The company plans to leverage its technology, equipment, and management capabilities to provide production capacity output, including designing pig houses and training employees [6][7]. - The company has submitted an application for listing H-shares on the Hong Kong Stock Exchange, which is expected to enhance its international presence and attract global investors [7][8].

Group 1: Pet Economy - The pet economy continues to show high growth, with over 400 pet brands achieving sales growth of over 100% during the "618" shopping festival, and pet transaction users increasing by 32% year-on-year, with new pet owners rising by 39% [3] Group 2: Pork Prices - As of June 20, the average price of external three yuan pigs in China was 14.22 yuan/kg, reflecting a week-on-week increase of 1.43%. The average price of 15 kg piglets was 31.85 yuan/kg, down 3.16% week-on-week [4] - The average weight of market pigs was 128.28 kg, down 0.54 kg week-on-week, with a national frozen product inventory rate of 14.04%, up 0.15 percentage points [4] Group 3: Chicken Prices - As of June 20, the price of white feather broilers was 7.12 yuan/kg, down 2.06% week-on-week, while the price of chick was 1.86 yuan/bird, down 32.12% week-on-week [5][6] - The decline in chicken prices is attributed to cautious purchasing by distributors and losses faced by slaughter enterprises, leading to a sustained low price environment [5] Group 4: Grain Prices - As of June 20, corn prices averaged 2417.06 yuan/ton, up 0.47% week-on-week; soybean meal averaged 3015.14 yuan/ton, up 1.59%; and wheat averaged 2441.67 yuan/ton, up 0.46% [7] - Corn prices are supported by adverse weather affecting supply and traders' pricing strategies, while soybean meal prices are influenced by supply concerns from the U.S. and geopolitical tensions in the Middle East [7]