反内卷，怎么反？ 总量联合行业投资机会全解析 20250708 摘要 当前反内卷政策强调结构性调整，旨在通过提高高质量供给比例实现产 业升级，与 2016 年钢铁、煤炭行业去产能政策不同，后者主要解决周 期性供求失衡，而当前问题更多是结构性的，有质量好的供给不足，有 质量差的供给过剩。 新修订的《反不正当竞争法》增加了关于治理内卷式竞争的规定，明确 禁止地方政府违法违规补贴行为，并要求严格执行公平条例，加强对低 价、低质产品及偷工减料等行为的监管，规范市场环境。 2023-2024 年中国工业用电量增长远快于工业增加值，但目前工业增 加值在增长，用电量在下降，表明投资放缓，产能出清顺应时局。传统 行业如钢铁、化工可能通过自发出清和政府帮助改善供给格局。 光伏产业面临硅料环节产能过剩、全产业链亏损销售等挑战。监管层可 能加强对低价销售的惩罚措施，并关注硅料产能收储整合平台公司的设 立。风电、储能、新能源车等子行业也有望受益。 Q&A 反内卷政策的背景和主要目标是什么？ 反内卷政策的背景源于 2025 年 7 月 1 日召开的二十届第六次财经委会议，会 议的主要议题是共同推进全国统一大市场建设，具体聚焦在综合整治 ...

证券代码：002714 证券简称：牧原股份 公告编号：2025-068 注册资本：伍拾肆亿陆仟贰佰柒拾陆万捌仟壹佰叁拾伍人民币元整 公司类型：股份有限公司（外商投资、上市） 债券代码：127045 债券简称：牧原转债 牧原食品股份有限公司 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 牧原食品股份有限公司（以下简称"公司"）于 2025 年 5 月 16 日召开的 法定代表人的议案》。近日，公司完成了相关工商变更登记手续，并取得了河 南省市场监督管理局换发的《营业执照》。 一、《营业执照》具体信息如下 公司名称：牧原食品股份有限公司 住 所：南阳市内乡灌涨水田村 统一社会信用代码：91410000706676846C 法定代表人：曹治年 法定代表人辞任的，公司将在法定代 法定代表人辞任的，公司将在法定代 表人辞任之日起三十日内确定新的法定代 表人辞任之日起三十日内确定新的法定代 表人。 表人。 除上述修订，《公司章程》其他内容不变。本次《公司章程》内容修订主 要为工商主管部门要求，不涉及实质内容的变更。相关议案规定《公司章程》 变更内容最终以市场监督管理部门 ...

7月8日，包括牧原股份、温氏股份、新希望在内的多家上市猪企发布了2025年6月的销售简报。多方数据显示，2025年6月多家上市猪企的生猪价格有 所下降。 业界指出，6月生猪价格下降对企业业绩有一定影响，但预计下半年好于预期。招商证券近日发布研报称，受全国升温以及相关部门政策指引影响，行 业降重出栏，而消费端仍处季节性消费淡季，猪价月内整体维持震荡趋势。预计猪价底部仍有支撑，下半年猪价有望好于市场预期。考虑到2025年生 猪供给增幅有限，行业成本方差较大，优质猪企或仍可实现可观盈利。 卓创资讯分析："预计2025年下半年需求量或先减后增。供需双方或先同减后同增，或支撑生猪价格先涨后降再微涨，7~12月的月均价或在13.76元/公 斤~15.07元/公斤之间运行。" （文章来源：广州日报） 据了解，近段时间以来，猪价总体走势较低迷。除了上述三家猪企披露的数据外，其他上市猪企披露的今年6月数据呈现同样的走势。 巨星农牧披露数据显示，今年6月，公司商品猪销售价格为13.77元/公斤，环比下降3.4%。神农集团称，2025年6月份商品猪销售均价14.35元/公斤，比 2025年5月份下降0.55%。 "龙头"企业牧原股 ...

牧原食品股份有限公司章程 （2025 年 7 月） 牧原食品股份有限公司章程 目 录 牧原食品股份有限公司章程 牧原食品股份有限公司章程 第一章 总则 第一条 为维护公司、股东和债权人的合法权益，规范公司的组织和行为，根 据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）和其他有关规定，制订本章程。 第二条 牧原食品股份有限公司（以下简称"公司"）系依照《公司法》、《中 华人民共和国公司登记管理条例》和其他有关规定成立的股份有限公司。 公司以有限责任公司整体变更方式发起设立，发起设立之初在南阳市工商行 政管理局注册登记；现在河南省市场监督管理局注册登记，并持有《营业执照》， 统一社会信用代码：91410000706676846C。 第三条 公司于 2014 年 1 月 6 日经中国证券监督管理委员会（以下简称"中 国证监会"）《关于核准牧原食品股份有限公司首次公开发行股票的批复》（证 监许可〔2014〕40 号）批准，首次向社会公众发行新股人民币普通股 3000 万股， 于 2014 年 1 月 28 日在深圳证券交易所（以下简称"交易所"）上市。 第四 ...

Core Viewpoint - The article summarizes important announcements from various listed companies in the Shanghai and Shenzhen stock markets, providing insights for investors regarding their operational status and significant developments. Group 1: Company Announcements - Jinshi Technology (002951) stated that it has not engaged in any business related to stablecoins and confirmed no undisclosed significant matters [3] - New Asia Electronics (605277) reported that revenue from its "lotus core structure" technology application is less than 3.31% of total revenue, and the technology has not yet been mass-produced [4] - New Zhonggang (605162) confirmed that its main business has not undergone significant changes and its operational status remains normal [6] - Zhuoyue New Energy (688196) plans to invest 700 million yuan in a bioenergy project in Thailand, which includes a biodiesel production line with an annual capacity of 300,000 tons [7] - Zhengfan Technology (688596) intends to acquire 62.23% of Han Jing Semiconductor, aiming to enhance its competitiveness in the semiconductor sector [8] - Alliance Electronics (688311) announced that five shareholders plan to transfer 3.68% of the company's shares through a pricing inquiry [9] - Xinpeng Co., Ltd. (002328) reported that its subsidiary's investment project has been listed on the STAR Market [10] - Bayi Shikong (688181) is expanding into edge computing services, partnering with China Broadcasting Network [12] - Dafu Technology (300134) plans to invest up to 100 million yuan in Anhui Yunta Electronics [14] - Jinchengzi (688291) noted that revenue from its laser 3D printing control systems will account for less than 2% of total revenue in 2024 [15] - Dazhi (601519) confirmed that its daily operations are normal and there are no significant changes [16] - Senlin Packaging (605500) clarified that its consumer packaging business currently represents a small portion of its overall operations [17] - Guangyunda (300227) intends to acquire 56.0299% of Yilian Unlimited for 352 million yuan [18] - Xinning Electric (301388) reported no significant changes in its operational environment [19] - Shangwei New Materials (688585) announced progress in its controlling shareholder's control change plan [20] - Yong'an Futures (600927) confirmed no undisclosed significant information [21] Group 2: Performance Reports - Jingji Zhino (000048) reported June sales of 176,400 pigs, generating revenue of 310 million yuan [23] - Kemin Foods (002661) noted a 111.22% year-on-year increase in June sales revenue from its subsidiary [24] - Lihua Co., Ltd. (300761) reported a 21.3% year-on-year decline in June chicken sales revenue [25] - Xiaoming Co., Ltd. (300967) experienced a 182.52% year-on-year increase in June chicken product sales revenue [26] - Tiankang Bio (002100) reported a 19.53% year-on-year decline in June pig sales revenue [27] - Shen Shen Fang A (000029) expects a net profit increase of 1411.7% to 2034.17% for the first half of the year [29] - Juhua Co., Ltd. (600160) anticipates a net profit increase of 136% to 155% for the first half of the year [30] - Jieshun Technology (002609) expects a net profit increase of 105.68% to 193.82% for the first half of the year [31] - Haopeng Technology (001283) forecasts a net profit increase of 228.03% to 271.77% for the first half of the year [32] - Dajin Heavy Industry (002487) expects a net profit increase of 193.32% to 227.83% for the first half of the year [33] - Huace Navigation (300627) anticipates a net profit increase of 27.37% to 33.34% for the first half of the year [34] - Yatai Co., Ltd. (002284) expects a net profit increase of 81.97% to 101.13% for the first half of the year [35] - Huagong Technology (000988) forecasts a net profit increase of 42.43% to 52.03% for the first half of the year [36] - Shangwei Co., Ltd. (603333) expects a net loss of 27 million to 35 million yuan for the first half of the year [37] Group 3: Major Contracts and Share Transactions - Hongyuan Green Energy (603185) signed a cooperation agreement with Jiangsu Shunfeng Photovoltaic Technology [38] - Pulite (002324) announced a procurement contract for a 30MWh sodium-ion battery energy storage system [40] - Hisense Home Appliances (000921) plans to increase its shareholding by 6.92 million to 13.86 million shares [41] - Yanpai Co., Ltd. (301081) intends to increase its shareholding by 17 million to 34 million yuan [42] - Yuanzu Co., Ltd. (603886) announced a plan to reduce its shareholding by up to 1% [43] - 吉祥航空 (603885) plans to reduce its shareholding by up to 1% [44] - Jin Domain Medical (603882) intends to reduce its shareholding by up to 1% [45] - Chao Tu Software (300036) announced plans for its controlling shareholder to reduce its shareholding by up to 2.01% [46] - Xintong Lian (603022) plans to reduce its shareholding by up to 3% [47] - Dongfang Zhongke (002819) intends to reduce its shareholding by up to 3% [48] - Shuo Beid (300322) plans to repurchase shares worth 20 million to 30 million yuan [49]

Sales Performance - In June 2025, the company sold 243,100 pigs, representing a month-on-month increase of 5.83% but a year-on-year decrease of 6.14% [1] - The sales revenue for June 2025 was 342 million yuan, showing a month-on-month decline of 0.87% and a year-on-year decrease of 19.53% [1] - Cumulative sales revenue reached 2.244 billion yuan, a slight year-on-year decline of 0.27% [1] Price Information - The average price of commodity pigs for the month was not explicitly stated in the provided data, but the sales figures indicate a challenging pricing environment [2]

京基智农（000048）公告，2025年6月，公司销售生猪17.64万头，销售收入3.1亿元；商品猪销售均价 15.15元/kg。2025年1-6月，公司累计销售生猪106.21万头，累计销售收入18.91亿元。 ...

Group 1 - The core point of the article indicates that TianKang Biological (002100) reported a decline in pig sales and revenue for June 2025 compared to the previous year, with sales of 243,100 pigs, a year-on-year decrease of 6.14%, but a month-on-month increase of 5.83% [1] - The sales revenue for June 2025 was 342 million yuan, reflecting a year-on-year decrease of 19.53% and a month-on-month decrease of 0.87% [1] - For the first half of 2025, the company sold a total of 1,528,200 pigs, which represents a year-on-year growth of 9.05%, while the cumulative sales revenue was 2.244 billion yuan, showing a slight year-on-year decline of 0.27% [1]

农产品日报 | 2025-07-08 需求持续疲软，猪价偏弱震荡 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14245元/吨，较前交易日变动-60.00元/吨，幅度-0.42%。现货方面，河南地区 外三元生猪价格15.00元/公斤，较前交易日变动-0.04元/公斤，现货基差 LH09+755，较前交易日变动-180；江苏地 区外三元生猪价格 15.27元/公斤，较前交易日变动-0.15元/公斤，现货基差LH09+1025，较前交易日变动-290；四 川地区外三元生猪价格14.37元/公斤，较前交易日变动-0.08元/公斤，现货基差LH09+125，较前交易日变动-340。 据农业农村部监测，7月7日"农产品批发价格200指数"为112.64，比上周五上升0.34个点，"菜篮子"产品批发价格指 数为112.67，比上周五上升0.39个点。全国农产品批发市场猪肉平均价格为20.66元/公斤，比上周五上升0.4%；牛 肉63.60元/公斤，比上周五上升0.4%；羊肉59.54元/公斤，比上周五下降0.4%；鸡蛋7.06元/公斤，比上周五上升0.1%； 白条鸡17.14元/公斤，比上周五上升0 ...

Core Insights - The company reported significant growth in pig sales and revenue for the first half of 2025, indicating strong operational performance [1] Sales Performance - In June 2025, the company's subsidiary, Xingjiang Muge, sold 58,800 pigs, representing a year-on-year increase of 144.37% and a quarter-on-quarter increase of 21.79% [1] - The sales revenue for June 2025 reached 58.26 million yuan, showing a year-on-year growth of 111.22% and a quarter-on-quarter growth of 11.20% [1] Cumulative Sales Data - For the first half of 2025, the company sold a total of 297,300 pigs, which is a year-on-year increase of 27.13% [1] - The cumulative sales revenue for the same period amounted to 329 million yuan, reflecting a year-on-year growth of 18.80% [1]