+0.03(+0.52%) +0.09(+0.74%) -0.05(-0.57%) 光大银行 2623.40亿市值 9.22亿成交额 4.44 +0.01(+0.23%) 得經 中国平安 中国太保 中国人保 明 3798.84亿市值 3619.17亿市值 10403.51亿市值 47.27亿成交额 8.03亿成交额 15.55亿成交额 57.13 8.59 37.62 +0.52(+1.40%) +1.23(+2.20%) +0.07(+0.82%) 酿酒行业 贵州茅台 山西汾酒 五粮液 17919.66亿市值 2178.12亿市值 4758.08亿市值 55.03亿成交额 19.84亿成交额 12.73亿成交额 1426.50 178.54 122.58 +7.62(+0.54%) +0.26(+0.15%) +0.98(+0.81%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2380.06亿市值 2190.06亿市值 3140.41亿市值 15.03亿成交额 45.22亿成交额 14.81亿成交额 135.11 523.50 329.83 -1.32(-0.40%) -11.50(-2.15% ...

国内市场综述 冲高回落 窄幅整理 周三（7 月 9 日）大盘冲高回落，窄幅整理。截至收 盘，上证综指收于 3493.05 点，下跌 0.13%；深成指 收于 10581.80 点，下跌 0.06%；科创 50 下跌 0.89%； 创业板指上涨 0.16%，万得全 A 成交额共 15274 亿元， 较前一日有所上升。 行业方面，30 个中信一级行业有 18 个行业上涨，其 中传媒、农林牧渔和综合金融居前，而有色金属、基 础化工和电子则跌幅较大。概念方面，Kimi、短剧游 戏及鸡产业等指数表现活跃。 海外市场综述 欧美股市集体收涨 周三（7 月 9 日），美国三大股指全线收涨，道指涨 0.49%，标普 500 指数涨 0.61%，纳指涨 0.94%，创历 史新高。万得美国科技七巨头指数涨 1.25%。中概股 多数下跌，纳斯达克中国金龙指数跌 1.11%。 新闻精要 风险提示 1.稳增长力度不及预期； 2.地缘冲突升级。 分析师：彭竑/钟哲元 登记编码：S1490520090001/ S1490523030001 邮箱：penghong@crsec.com.cn/ zhongzheyuan@crsec.com.cn ...

Core Viewpoint - The company expects significant profit growth in H1 2025, with net profit projected between 10.5 to 11 billion yuan, representing a year-on-year increase of 925% to 973% [1] Group 1: Performance Forecast - The company anticipates a net profit of 10.2 to 10.7 billion yuan for H1 2025, reflecting a year-on-year increase of 1130% to 1190% [1] - Earnings per share (EPS) is projected to be between 1.9 to 2.0 yuan per share [1] Group 2: Sales and Production - In H1 2025, the company sold 38.394 million pigs, a year-on-year increase of 33%, and 8.291 million piglets, a year-on-year increase of 168% [2] - The company sold 225,000 breeding pigs, which is a year-on-year decrease of 28% [2] - As of the end of H1, the breeding sow inventory was 3.431 million, a decrease of approximately 54,000 from the end of Q1 [2] - The current sales volume is about 49% to 53% of the annual target of 72 to 78 million pigs, indicating a stable overall pace [2] Group 3: Cost and Pricing - The average weight of sold pigs increased until May, but showed a month-on-month decrease in June, with expectations of continued weight reduction [2] - The company's breeding cost per kilogram of pigs decreased to 12.1 yuan/kg in June, down 1 yuan/kg from January, indicating significant cost advantages [2] - The average selling price of pigs in H1 was approximately 14.5 yuan/kg, a year-on-year decrease of 3%, primarily due to a significant price rebound starting from Q2 2024 [2] Group 4: Revenue and Profit Forecast - The company forecasts revenues of 140.35 billion, 143.52 billion, and 152.70 billion yuan for 2025 to 2027, respectively [3] - Expected net profits for the same period are projected to be 23.905 billion, 25.578 billion, and 28.435 billion yuan, respectively [3] - Corresponding price-to-earnings (PE) ratios are estimated at 10.31, 9.63, and 8.66 times [3]

农产品日报 | 2025-07-10 走货压力略大，猪价震荡运行 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2509合约14265元/吨，较前交易日变动-10.00元/吨，幅度-0.07%。现货方面，河南地区 外三元生猪价格15.01元/公斤，较前交易日变动-0.04元/公斤，现货基差 LH09+745，较前交易日变动-30；江苏地 区外三元生猪价格 15.30元/公斤，较前交易日变动+0.00元/公斤，现货基差LH09+1035，较前交易日变动+10；四 川地区外三元生猪价格14.38元/公斤，较前交易日变动+0.01元/公斤，现货基差LH09+115，较前交易日变动+20。 据农业农村部监测， 据农业农村部监测，7月9日"农产品批发价格200指数"为112.90，比昨天上升0.16个点，"菜篮 子"产品批发价格指数为112.98，比昨天上升0.19个点。全国农产品批发市场猪肉平均价格为20.53元/公斤，比昨天 上升0.1%；牛肉63.44元/公斤，比昨天下降0.2%；羊肉59.55元/公斤，比昨天上升0.7%；鸡蛋7.02元/公斤，比昨天 上升1.0%；白条鸡17.02元/公斤，比昨天上升0 ...

FICC日报 | 2025-07-10 指数冲高回落，传媒行业领涨 市场分析 CPI回升。国内方面，国家统计局发布数据，中国6月CPI同比上涨0.1%，为连续下降4个月后转涨；核心CPI继续 回升，同比上涨0.7%，创14个月新高。PPI环比下降0.4%，降幅与上月相同，同比下降3.6%，降幅比上月扩大0.3 个百分点。海外方面，特朗普发布致8个国家领导人有关加征关税的信函，此次税率从20%至50%不等，其中巴西 将被征收50%的关税，新税率将从8月1日起生效。特朗普预告本周还会有更多此类信函发出。 指数冲高回落。现货市场，A股三大指数冲高回落，上证指数跌0.13%收于3493.05点，创业板指涨0.16%。行业方 面，板块指数涨跌互现，传媒、农林牧渔、商贸零售行业领涨，有色金属、基础化工、电力行业跌幅居前。当日 沪深两市成交金额升至1.5万亿元。海外市场，美国三大股指全线收涨，科技巨头走强，纳指涨0.94%收于20611.34 点，创历史新高。 IH基差回升。期货市场，基差走势分化，IH、IF延续小幅修复。成交持仓方面，期指的成交量和持仓量同步下降。 策略 特朗普向新一批国家致信施压，延续对外政策攻势，科技 ...

Market Overview - The Shanghai Composite Index increased by 0.36% as of the morning close, with a trading volume of 783.11 million shares and a transaction amount of 934.47 billion yuan, a decrease of 3.50% compared to the previous trading day [1] Industry Performance - Real estate, banking, and oil & petrochemicals sectors showed the highest gains, with increases of 1.53%, 1.42%, and 1.23% respectively [1] - The automotive, defense, and electronics sectors experienced the largest declines, with decreases of 0.93%, 0.92%, and 0.76% respectively [2] Leading Stocks - In the real estate sector, Yuhua Development led with a gain of 9.94% [1] - In the banking sector, Minsheng Bank rose by 5.12% [1] - In the oil & petrochemicals sector, *ST Xinchao increased by 5.08% [1] - In the steel sector, Jinling Mining surged by 10.02% [1] - In the non-bank financial sector, Nanhua Futures also rose by 10.02% [1] - In the pharmaceutical sector, Qianyuan Pharmaceutical saw a significant increase of 19.98% [1] Sector Summary - The real estate sector had a transaction amount of 117.03 billion yuan, up 26.74% from the previous day [1] - The banking sector recorded a transaction amount of 266.82 billion yuan, up 36.61% [1] - The oil & petrochemicals sector had a transaction amount of 80.95 billion yuan, up 36.47% [1] - The automotive sector had a transaction amount of 389.36 billion yuan, down 16.50% [2] - The defense sector recorded a transaction amount of 316.85 billion yuan, down 23.79% [2] - The electronics sector had a transaction amount of 1,036.63 billion yuan, down 10.88% [2]

Core Viewpoint - The company, Muyuan Foods, is expected to report a significant increase in net profit for the first half of 2025, with projections indicating a growth of approximately 924.60% to 973.39% year-on-year, primarily driven by increased pig sales and reduced breeding costs [1][2][5]. Financial Performance - Estimated net profit for the first half of 2025 is projected to be between 10.5 billion to 11 billion yuan, compared to 1.025 billion yuan in the same period last year, reflecting a year-on-year growth of 924.60% to 973.39% [1][4]. - Profit attributable to the parent company is expected to be between 10.2 billion to 10.7 billion yuan, marking a year-on-year increase of 1,129.97% to 1,190.26% [1][4]. - Net profit after excluding non-recurring gains and losses is anticipated to be between 10.6 billion to 11.1 billion yuan, representing a growth of 882.95% to 929.31% year-on-year [2][4]. Sales and Production - The company reported a total sale of 38.394 million pigs and 8.291 million piglets in the first half of 2025, with June alone seeing sales of 7.019 million pigs, a year-on-year increase of 58.35% [5]. - Despite a decrease in the average selling price of pigs to 14.08 yuan/kg (down 20.59% year-on-year), the increase in sales volume led to a revenue of 12.799 billion yuan from pig sales, up 27.65% year-on-year [5]. Cost Management - The breeding cost for pigs has decreased to approximately 12.2 yuan/kg as of May, a reduction of nearly 0.2 yuan/kg from the previous month, attributed to improved production performance [5]. - The company aims to achieve a cost target of 12 yuan/kg through technological innovation and refined management practices in health management, breeding, nutrition, and smart applications [5]. Industry Context - Other leading pig farming companies, such as Wens Foodstuff Group and New Hope Liuhe, have also reported significant sales figures, indicating a trend of increasing industry concentration [6]. - Analysts predict that the pig price may stabilize and improve in the latter half of 2025, potentially benefiting companies with strong cost advantages and profitability [7]. Market Reaction - Despite the positive earnings forecast, the stock price of Muyuan Foods experienced a decline, closing down 0.44% at 44.90 yuan per share after an initial rise of 2.04% [7].

Group 1: Market Overview - The FTSE China A50 Index components showed a positive trend with insurance, oil, and securities sectors rising significantly, while the banking sector also performed well [1][6]. Group 2: Sector Performance - The insurance sector, including companies like China Life and Ping An, saw increases in market capitalization, with China Life at 1,387.12 billion and Ping An at 1,036.22 billion, reflecting gains of 2.05% and 2.04% respectively [3]. - The oil sector, represented by Sinopec and PetroChina, also experienced growth, with Sinopec's market cap at 698.73 billion and PetroChina at 1,588.62 billion, both showing positive changes of 1.17% and 1.41% respectively [3]. - The semiconductor industry, including Northern Huachuang and Cambrian, faced slight declines, with Northern Huachuang down by 1.43% [3]. - The beverage sector, particularly Kweichow Moutai, reported a market cap of 1,780.16 billion, with a minor decrease of 0.13% [3]. Group 3: Trading Volume - Trading volumes varied across sectors, with the insurance sector leading with a total trading volume of 24.01 billion for Ping An, while the semiconductor sector had lower volumes, with Northern Huachuang at 9.73 billion [3][4]. - The automotive sector, represented by BYD, had a significant trading volume of 47.62 billion, indicating strong investor interest [3].

生猪期货早报 2025-07-10 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 交易咨询业务资格：证监许可【2012】1091号 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 1. 基本面：供应方面，五一假期后国内出栏积极性减弱生猪价格短期维持弱势，预计节后本周供给或 猪、肉双减。需求方面，国内宏观环境预期偏悲观，五一假期结束居民整体消费意愿热情回落，压 制短期鲜猪肉消费，前期中国对美国和加拿大猪肉进口加征关税，提振市场信心。综合来看，预计 本周市场或供需双减、猪价短期回归震荡格局。关注月中集团场出栏节奏变化、二次育肥市场动态 变化情况。中性。 2. 基差：现货全国均价14860元/吨，2509合约基差595元/吨，现货升水期货。偏多。 3. 库存：截至3月31日，生猪存栏量41731万头，环比减少0.8%，同比减少2.2%；截至2月底，能繁母 猪存栏为4066万头，环比变动0， ...

| | | 油脂产业期现日报 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025年7月10日 | 投资咨询业务资格:证监许可 【2011】1292号 | | | | 王速棒 | Z0019938 | | 原田 | | | | | | | | | | | 7月9日 | 7月8日 | 涨跌 | 旅跌幅 | | | 现价 | 江苏一级 | 8170 | 8130 | 40 | 0.49% | | | 期价 | Y2509 | 7920 | 7946 | -26 | -0.33% | | | 墓差 | Y2509 | 250 | 184 | ୧୧ | 35.87% | | | 现货基差报价 | 江苏6月 | 09+210 | 09+210 | 0 | - | | | 仓車 | | 22826 | 22963 | -137 | -0.60% | | 棕榈油 | | | | | | | | | | | 7月9日 | 7月8日 | 张跃 | 涨跌幅 | | | 现价 | 广东24度 | 8700 | 8550 | 120 | 1.75% | | | 期价 ...