Core Viewpoint - The article emphasizes the importance of boosting domestic demand and investment in Henan province to ensure economic recovery and growth, particularly in the second quarter of 2025. Domestic Demand and Consumption - Henan province is implementing a special action plan to boost consumption, focusing on enhancing consumer capacity, expanding product consumption, and improving service quality through eight major actions [1] - The plan aims to address barriers to consumption by promoting high-quality employment, increasing residents' income, and improving the overall consumption environment [1] - The province has allocated 1.5 billion yuan for the "Lego Henan" consumption voucher program to stimulate consumer spending [10] Infrastructure Investment - The provincial government has introduced 14 measures to enhance infrastructure investment, covering the entire lifecycle of infrastructure projects [2] - Key strategies include concentrated project oversight, expedited preliminary work, and strengthened support for major projects [3] Support for Enterprises - The government is expanding its support for key enterprises, increasing the number of companies receiving assistance from 1,500 to 15,000 [4] - Measures include helping enterprises secure orders, reduce costs, and transition to new business models [5] - Financial support will be provided to enterprises with significant revenue growth, with a one-time subsidy of 100,000 yuan for those achieving a 10% increase in revenue [7] Agricultural Production - The second quarter is critical for summer grain production, with efforts focused on managing wheat during its critical growth phase [8] - The province is also enhancing livestock production capabilities and supporting farmers through various policies [9] Foreign Trade - Henan's foreign trade saw a total import and export value of 204.26 billion yuan in the first three months of the year, with a year-on-year growth of 28% [11] - The government plans to stabilize foreign trade through policy support, market expansion, and assistance for enterprises facing challenges [11]

【市场动态】 1、4月29日，生猪注册仓单705手； 另存为PDF 生猪日报 | 2025-04-30 【期价震荡调整】 2、LH2505合约以期现回归、交割博弈为主，远月合约受后续出栏有望增加影响 偏弱运行； 3、主力合约（LH2509）今日减仓421手，持仓约7.29万手，最高价14130元/ 吨，最低价13910元/吨，收盘于13930元/吨。 【基本面分析】 1、能繁母猪存栏量看，3-12月生猪供应量有望逐月增加，但幅度有限。仔猪数 据看，2025年二三季度生猪出栏量整体震荡增加；需求端来看，上半年较下半 年相比属需求淡季，下半年属需求旺季； 2、 从历史情况和现下基本面来看，肥标差仍有回落空间； 3、市场多空逻辑： 空头：①养殖端尚未进行降重，实则利空后市；②后续出栏 量有望持续增加；③二三季度尚未到消费旺季，需求对猪价的支撑有限；多 头：①屠企入库尚未结束能给猪价以支撑；②现货价格坚挺，说明供需不像空 头想的那么宽松；③后续出栏虽有增量但幅度有限，且三四季度逐渐进入生猪 消费旺季；④玉米豆粕涨价可能抬升生猪养殖成本。 【策略建议】 1、观点：短期猪价或震荡，中长期来看猪价或仍有新低可能； 2、核心 ...

来源：央广网 4月28日，吉豫两省农业合作对接推介活动在河南省郑州市召开，活动为期2天。吉林省副省长郭灵计、 河南省副省长李酌出席活动并讲话。吉林省畜牧业管理局组织省内10家重点畜牧企业参会，促成两省7 家企业（政府）达成4项合作意向协议，标志着吉豫两省畜牧业协同发展迈出实质性第一步。 对接推介会上，双方畜牧行业参会代表围绕"秸秆变肉暨千万头肉牛工程"、梅花鹿产品研发及销售、冷 链物流体系构建等议题展开深入交流。吉林作为国家重要商品粮基地和优质畜产品供应基地，正加速推 进"千万头肉牛工程"和千亿级梅花鹿产业，期待与河南在食品加工、市场渠道等领域形成优势互补。河 南作为食品工业大省，拥有双汇、牧原等龙头企业，与吉林在生猪屠宰加工、肉牛产业化等方面合作空 间广阔。同时，河南省成熟的食品加工经验和立足中原地区的销售渠道也可以应用到梅花鹿产业中，助 力产业发展。 此次跨省联动不仅构建起"北畜南销、南技北引"的产业协作新范式，更通过商会纽带建立起长效对接机 制。下一步，吉林省畜牧业管理局将建立专项工作推进机制，推动意向协议转化为落地项目，共同打造 贯穿养殖、加工、流通的全产业链合作模式。（吉林省畜牧业管理局） 经过精准 ...

Core Viewpoint - TianKang Biological has reported significant growth in revenue and net profit for the year 2024, indicating strong performance in the agricultural biotechnology sector [1][3]. Financial Performance - The company achieved a total revenue of 17.176 billion yuan and a net profit attributable to shareholders of 605 million yuan, marking a year-on-year increase of 144.38% [1]. - The basic earnings per share stood at 0.44 yuan [1]. - The company plans to distribute a cash dividend of 2.20 yuan per 10 shares, totaling 300 million yuan [2]. Business Operations - TianKang Biological aims to become a leading health farming service provider and safe food supplier in China, covering the entire industry chain from breeding to processing [2]. - The company operates over 30 feed production enterprises nationwide and ranks among the top 20 in China's feed industry [2]. - In the veterinary biological products sector, it is recognized as a key production enterprise for various vaccines, including foot-and-mouth disease and avian influenza [2]. Research and Development - The company has increased its R&D investment, with over 15% of its biological pharmaceutical sales revenue allocated to product development and technological innovation [3]. - It has developed significant vaccines, including a pioneering swine fever vaccine and a brucellosis vaccine, contributing to disease control in livestock [3]. Segment Performance - In the swine breeding segment, the company reported an output of 3.0285 million pigs, a year-on-year increase of 7.55%, with sales revenue of 6.157 billion yuan [3]. - The feed segment saw a slight increase in sales volume to 2.8283 million tons, but revenue decreased by 17.67% [4]. - The veterinary medicine segment generated 999 million yuan in revenue, with vaccine sales increasing by 18.44% [4]. Future Goals - For 2025, TianKang Biological targets a revenue of 21 billion yuan, with specific goals for feed production, animal vaccines, and pig output [4]. - The company aims to enhance its core competencies in the livestock industry, providing comprehensive solutions to improve farming efficiency and achieve mutual growth with clients [4].

Group 1 - The core viewpoint emphasizes the implementation of policies to enhance agricultural productivity and ensure food security in Guangxi, aligning with national directives on rural revitalization [1] Group 2 - Continuous enhancement of grain and important agricultural product supply capabilities is prioritized, with a target to stabilize total grain production at approximately 14.1 million tons [2] - A multi-faceted food supply system is being constructed, ensuring the breeding stock of sows remains stable at around 2.1 million heads [3] - Strengthening farmland protection and quality improvement through strict management and monitoring of farmland usage [4] Group 3 - Agricultural technology collaboration is being promoted, focusing on smart agriculture and digital supply chain advancements [4] - Disaster risk monitoring and agricultural emergency response capabilities are being enhanced to mitigate agricultural losses [5] Group 4 - Efforts to consolidate and expand poverty alleviation achievements include a focus on employment stability for over 2.68 million people [5] - Establishing a layered and categorized assistance system to prevent poverty recurrence and support low-income rural populations [6] Group 5 - Development of modern characteristic rural industries is being pursued, with initiatives to upgrade agricultural product processing and promote e-commerce [6] - Integration of rural culture and tourism is emphasized, with plans for eco-tourism and seasonal travel routes [7] Group 6 - Channels for increasing farmers' income are being broadened, supporting stable partnerships between farmers and enterprises [7] - A focus on enhancing rural infrastructure, including water supply and transportation systems, is underway [8] Group 7 - Improvement of basic public services in rural areas is prioritized, including education and healthcare enhancements [9] - Environmental governance in rural areas is being strengthened, targeting pollution control and waste management [10] Group 8 - Strengthening rural governance systems through enhanced party organization and community engagement is a key focus [11] - Reducing bureaucratic burdens on grassroots organizations to improve efficiency and responsiveness [12] Group 9 - Mechanisms for ensuring the sustainable management of rural resources and assets are being established [14] - Innovative financing mechanisms for rural revitalization projects are being developed, including support for agricultural insurance and credit systems [15]

Core Viewpoint - The overall performance of A-share listed companies in 2024 remains stable, with a majority reporting profits despite a slight decline in total revenue and net profit compared to the previous year [1][2]. Group 1: Financial Performance - As of April 29, 2024, 75.49% of A-share companies reported profits, with 3961 out of 5274 companies achieving profitability [1]. - Total revenue for A-share companies reached 69.77 trillion yuan, a decrease of 0.35% year-on-year, while net profit was 5.23 trillion yuan, down 0.81% from the previous year [1]. - Approximately 2986 companies reported revenue growth, accounting for 57% of those that disclosed annual reports, with 215 companies experiencing revenue increases exceeding 50% [1][2]. Group 2: Industry Performance - In 2024, 13 out of 31 primary industries saw year-on-year revenue growth, with non-bank financials, automotive, and electronics leading the way with growth rates of 16.06%, 13.15%, and 9.32% respectively [3]. - The agriculture, forestry, animal husbandry, and fishery sector saw significant profit increases, with companies like Muyuan Foods and Wens Foodstuffs turning losses into profits, reporting net profits of 178.81 billion yuan and 92.30 billion yuan respectively [3]. Group 3: Research and Development Investment - A-share companies increased their R&D investments, totaling 1.55 trillion yuan in 2024, a 1.6% increase year-on-year [4]. - BYD led in R&D spending with 531.95 billion yuan, marking a 34.42% increase from the previous year [4]. Group 4: Top Companies - The top three companies by revenue in 2024 were Sinopec with 30,745.62 billion yuan, PetroChina with 29,379.81 billion yuan, and China State Construction with 21,871.48 billion yuan [2]. - The banking and insurance sectors dominated profitability, with the top ten companies by net profit including four major state-owned banks, led by Industrial and Commercial Bank of China at 365.86 billion yuan [2].

Financial Performance - The company reported a basic earnings per share of 0.6700 yuan for 2024, a significant increase of 115.91% compared to a loss of 4.2100 yuan in 2023 [1] - The net profit for 2024 was 5.79 billion yuan, recovering from a loss of 36.51 billion yuan in 2023, marking a 115.86% improvement [1] - Operating revenue decreased to 87.63 billion yuan in 2024, down 54.96% from 194.58 billion yuan in 2023 [1] - The net asset return rate was not reported for 2024, but it was -49.79% in 2022 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 91,766.53 million shares, accounting for 62.52% of the circulating shares, with an increase of 60,495.80 million shares compared to the previous period [1] - New significant shareholders include Fujian Aonong Biotechnology Group Co., Ltd. with 47,941.08 million shares (32.66% of total shares) and Xinyang Bank with 8,665.81 million shares (5.90% of total shares) [2] - Notable exits from the top ten shareholders include Huang Zuyiao and Cen Yetao, who have withdrawn from the list [2] Dividend Distribution - The company has announced no distribution or capital increase for the current period [3]

在越南胡志明市举办中国—越南智慧养殖技术交流会，与韩国忠清南道签署畜牧业发展合作协议……近 段时间，由广西大学、广西扬翔集团股份有限公司、深圳数影科技有限公司等联合组建的中国—东盟生 猪产业创新联盟打造的数字畜牧，特别是智能养猪技术，正加速"出海"，助力构筑中国—东盟农业科技 合作新高地。 广西是中国面向东盟开放合作的前沿，是"一带一路"有机衔接的重要门户。目前，广西正抢抓国家实施 人工智能能力建设普惠计划等重大机遇，积极构建"北上广研发+广西集成+东盟应用"的发展路径。 中新网贵港4月29日电 题：广西智能养猪技术"出海" 云端猪场走向东盟 作者 周珂 陈梅 广西大学动物科学技术学院教授、扬翔集团育种研究中心总监赵云翔介绍，近年来，集团与深圳数影科 技合作，推出FPF智能养猪整体解决方案，即将猪场的猪、人、物、场、企业等关键要素互联网化，为 猪场管理提供智能化的应用和决策服务，形成了一个真实且实时可控的云端猪场。 共创共享中外协作科研平台，加速推动与东盟合作的进程。 目前，产学研深度融合正在打开国际合作新空间。2024年10月，中国—东盟生猪产业创新联盟成立。 赵云翔介绍，联盟主要致力推动中国与东盟在生猪育 ...

作为国家重要生态屏障和农牧业生产基地，鄂尔多斯市春耕生产不仅关乎粮食安全，更与黄河流域生态 保护、农牧民增收致富紧密相连。中国人民银行鄂尔多斯市分行立足地区实际，提前谋划，印发《金融 支持春耕备耕专项行动方案》，充分发挥货币政策工具引导作用，组织全市金融机构创新服务模式，加 大信贷投放力度，为春耕备耕注入源源不断的金融活水。截至2025年2月末，全市累计发放春耕备耕贷 款57.14亿元，支持农户4.59万户，加权平均利率较上年同期下降0.09个百分点。 鄂尔多斯市地广人稀、农牧户分散，春耕备耕期间，农资需求量激增，许多农户都面临资金周转难题。 当地各金融机构通过"送贷上门"的服务方式，利用"线上+线下"相结合的办贷模式，切实解决农户融资 难、融资慢等问题，让信贷资金直达田间地头。工行鄂尔多斯市分行"工银乌兰牧骑"团队深入农牧区走 访农牧民、种养殖合作社和收粮、农机、种子、化肥等涉农商户和企业，充分调研农业生产和春耕备耕 的贷款融资需求，加强金融产品宣传，助力乡村振兴。此外，中国人民银行鄂尔多斯市分行指导金融机 构为春耕备耕贷款开辟绿色通道，实行快审快批、限时办结，确保资金时效性。 人勤春来早，百事农为先。中国 ...

Core Viewpoint - The company reported strong Q1 2025 results with significant year-on-year growth in revenue and net profit, indicating robust operational performance and cost management strategies [1][2][4]. Group 1: Financial Performance - Q1 2025 revenue reached 36.061 billion yuan, a year-on-year increase of 37.26% but a quarter-on-quarter decrease of 12.41% [1]. - The net profit attributable to shareholders for Q1 2025 was 4.491 billion yuan, showing a year-on-year increase of 288.79% and a quarter-on-quarter decrease of 39.31% [1]. - The company sold 22.66 million pigs in Q1 2025, representing a year-on-year increase of 42% and a quarter-on-quarter increase of 5.6% [2]. Group 2: Operational Highlights - The average profit per pig was 200 yuan, significantly higher than the industry average of approximately 93 yuan, attributed to a decrease in breeding costs to around 12.9 yuan per kilogram [2]. - The slaughtering volume reached 5.29 million pigs in Q1 2025, a year-on-year increase of 80% and a quarter-on-quarter increase of 15% [2]. - The utilization rate of slaughtering capacity exceeded 70%, improving by over 30 percentage points year-on-year, driven by enhanced sales channels and operational management [2]. Group 3: Future Outlook - The company aims to achieve a target of 72 to 78 million market pigs and 8 to 12 million piglets in 2025, indicating a year-on-year growth of 10% to 19% for market pigs and 41% to 112% for piglets [3]. - The company plans to continue reducing costs through advancements in health management, breeding, nutrition research, and smart applications [3]. - The establishment of a subsidiary in Vietnam and plans for an H-share listing are expected to enhance the company's international presence and long-term growth potential [3]. Group 4: Valuation and Profit Forecast - The company has adjusted its profit forecasts for 2025, 2026, and 2027 to 19.7 billion, 18.3 billion, and 47.2 billion yuan respectively, reflecting increases of 39%, 36%, and 9% [4]. - The target price is set at 51.30 yuan, with a price-to-book ratio of 3.3x for 2025, maintaining a "buy" rating [4].