德康农牧(02419)再涨超6%，截至发稿，涨4.85%，报88.65港元，成交额1.01亿港元。 消息面上，德康农牧近日公布中期业绩，上半年实现营业收入116.95亿元，同比增长24.3%；公司生物 资产公允价值调整前利润为12.73亿元，同比增长250.6%。其中，生猪板块收入达人民币98.79亿元，同 比增长32.6%，生猪销量511.74万头，同比增长27.1%。 中金发布研报称，德康自发布24年年报后成长叙事认知度提升，流动性改善带动价值修复。我们测算近 期公司头均市值2623元/头，较行业龙头平均估值仍存一定提升空间。该行表示，考虑公司基本面成长 性延续及交易流动性改善，维持目标价111港元，维持"跑赢行业"评级。 ...

Group 1 - Zhongliang Jiajia Kang (01610) saw a stock price increase of over 6%, currently up 6.63% at HKD 1.93, with a trading volume of HKD 47.69 million [1] - The company will hold a board meeting on August 25 to consider and approve its interim results for the six months ending June 30, 2025 [1] - The significant performance increase of "pig king" Muyuan Foods, which reported a revenue of CNY 76.463 billion for the first half of the year, represents a year-on-year growth of 34.46%, with net profit soaring by 1169.77% to CNY 10.53 billion [1] Group 2 - The major factors contributing to Muyuan Foods' performance include an increase in pig sales volume compared to the same period last year and a decrease in pig farming costs [1]

中粮家佳康(01610)涨超6%，截至发稿，涨6.63%，报1.93港元，成交额4769.11万港元。 消息面上，中粮家佳康将于8月25日(下周一)举行董事会会议，以(其中包括)考虑及批准公司及其附属公 司于截至2025年6月30日止六个月的中期业绩及其发布。值得一提的是，"猪茅"牧原股份（002714）昨 晚披露的2025年中报显示，该公司今年上半年实现营业收入764.63亿元，同比增长34.46%；归属于上市 公司股东的净利润105.30亿元，同比暴增1169.77%。业绩大幅增长的主要原因在于公司生猪出栏量较去 年同期上升导致收入上升，且生猪养殖成本较去年同期下降。 ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The view on the pig market is that it will experience oscillatory adjustments [4]. - The core logic is that from the data of sows and piglets, the hog slaughter volume may increase monthly until December, and with abundant supply, it is difficult for pig prices to rise significantly; the price difference between 150Kg pigs and standard pigs has stabilized and rebounded, which may weaken the willingness of individual farmers to reduce weight and support pig prices; if farmers continue to reduce weight or keep the weight stable, pig prices may oscillate and adjust, which is beneficial to the November contract to some extent. Considering that the November contract already has a slight premium over the spot price, it is recommended to wait and see [4]. 3. Summary by Relevant Catalogs Market Dynamics - On August 20, the registered warehouse receipts of live pigs were 430 lots [2]. - The short - term spot price has limited room for further decline, and attention should be paid to the extent of further weight reduction of live pigs [2]. - The main contract of live pigs (LH2511) added 2,684 lots today, with a position of about 70,600 lots. The highest price today was 13,900 yuan/ton, the lowest price was 13,685 yuan/ton, and the closing price was 13,775 yuan/ton [2]. Fundamental Analysis - From the perspective of the inventory of reproductive sows, the supply of live pigs is expected to increase monthly from March to December, but the increase is limited. From the data of piglets, the hog slaughter volume in the third and fourth quarters of 2025 will generally increase oscillatingly; on the demand side, consumption in the second half of the year is better than that in the first half [3]. - Historically, the fat - standard price difference may strengthen oscillatingly [3]. - The bearish logic in the market is that the weight reduction of the breeding end is slow and difficult, the supply pressure has not been fully released; the subsequent slaughter volume is expected to continue to increase; the third quarter is not yet the peak consumption season, and the demand's support for pig prices is limited. The bullish logic is that the current weight reduction is beneficial to the future market; the spot price is resilient, indicating that the supply - demand situation is not as loose as the bears think; although the subsequent slaughter volume will increase, the increase is limited, and the third and fourth quarters gradually enter the peak consumption season of live pigs [3]. Strategy Suggestion - The view is oscillatory adjustment [4]. - The core logic is as described above, and it is recommended to wait and see for the November contract [4]. Market Overview - On August 20, the national average hog slaughter price was 13.74 yuan/kg, an increase of 0.07 yuan/kg or 0.51% compared with the previous day. The hog slaughter price in Henan was 13.8 yuan/kg, an increase of 0.03 yuan/kg or 0.22%; in Sichuan, it was 13.57 yuan/kg, an increase of 0.1 yuan/kg or 0.74% [6]. - For futures contracts, the prices of most contracts declined. For example, the 01 contract decreased by 90 yuan/ton or 0.63%, the 03 contract decreased by 40 yuan/ton or 0.3%, etc. The basis of the main contract in Henan increased by 155 yuan/ton or 119.23% [6]. Key Data Tracking - The report also presents data trends of national hog slaughter prices, sample enterprise slaughter volumes, white - strip average prices, corn national grain depot purchase average prices, etc. over the years, as well as the closing prices of futures contracts in the recent 180 days, the basis of the main live - pig contract in Henan, and the price differences between different contracts [7][9][10][14].

Group 1 - The company reported a revenue of 76.46 billion yuan for the first half of 2025, representing a year-on-year increase of 34.5% [1] - The net profit attributable to shareholders reached 10.53 billion yuan, showing a significant year-on-year growth of 1169.7% [1] - For the second quarter of 2025, the company achieved a revenue of 40.40 billion yuan, up 32.1% year-on-year, and a net profit of 6.04 billion yuan [1] Group 2 - The company recorded a stable growth in the number of livestock, with 46.91 million heads sold in the first half of 2025, a year-on-year increase of 45% [2] - The number of commercial pigs sold was 38.39 million heads, reflecting a year-on-year growth of 32%, while the sale of piglets surged by 168% to 8.29 million heads [2] - The company is actively managing breeding costs and aims for high-quality development, with a reduction in the number of breeding sows to 3.431 million heads by the end of June [2] Group 3 - The company demonstrated strong financial health, with a debt-to-asset ratio of 56.06% at the end of Q2 2025, a decrease of 2.62 percentage points from the end of 2024 [2] - The company plans to distribute a cash dividend of 9.32 yuan per 10 shares, amounting to 47.5% of the net profit attributable to shareholders for the first half of 2025 [1] - As an industry leader, the company is expected to maintain stable performance amid capacity control measures, with improved operational quality and reduced capital expenditures [2]

外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达0.37%。 公募基金方面，本期较上一期持股增加的公募基金共计25个，主要包括华泰柏瑞沪深300ETF、易方达 沪深300ETF、中欧时代先锋股票A、中欧新蓝筹混合A、中欧新趋势混合(LOF)A等，持股增加占比达 0.27%。本期较上一季度持股减少的公募基金共计41个，主要包括汇添富中证主要消费ETF、永赢长远 价值混合A、易方达稳健收益债券A、天弘中证农业主题A、富国中证农业主题ETF等，持股减少占比达 0.19%。本期较上一季度新披露的公募基金共计101个，主要包括华夏沪深300ETF、中欧价值智选混合 A、国泰富时中国A股自由现金流聚焦ETF、南方绩优成长混合A、中欧新兴价值一年持有混合A等。本 期较上一季未再披露的公募基金共计38个，主要包括深红利ETF、中庚价值品质一年持有期混合、嘉实 农业产业股票A、中庚价值灵动灵活配置混合、富荣沪深300指数增强A等。 2025年8月21日，牧原股份(002714.SZ)发布2025年半年度报告。截至2025年8月20日，共有193个机构投 资者披露持有牧原股份A股股份 ...

公司披露 2025 年中报，25H1 实现营收 764.6 亿元，同比+34.5%； 实现归母净利润 105.3 亿元，同比+1169.7%。25Q2 实现营业收入 404.0 亿元，同比+32.1%；实现归母净利润 60.4 亿元，同比+88.2。 公司拟以未来实施分配方案时股权登记日的总股本为基数，向全 体股东每 10 股派发现金红利 9.32 元（含税），分红总额占公司 2025H1 归母净利润的 47.5%。 出栏量稳健增长，屠宰利用率大幅提升：2025H1 实现出栏 4691 万头，同比+45%；其中商品猪 3839 万头，同比+32%，销售仔猪 829.1 万头，同比+168%；种猪 22.5 万头，同比-27.9%；公司生猪出栏 量维持稳健较快增长。公司积极进行全产业链布局，下游屠宰端 市场开拓快速推进，25H1 屠宰 1142 万头，同比+111%，屠宰扭亏 指日可待。 养殖成本稳步下降，积极实现高质量发展：公司积极实现高质量 发展，截至 6 月末公司能繁母猪存栏 343.1 万头，环比减少 5.4 万头，预计年底下降至 330 万头，公司积极响应国家号召控制产 能，通过生产效率提升推动高质量 ...

Group 1: Biopharmaceutical Industry - Premier Li Qiang emphasized the need to enhance high-quality technological supply and policy support for the biopharmaceutical industry, aiming for quality improvement and upgrades [1] - The government aims to strengthen original innovation and tackle key core technology challenges, leveraging both government and market resources for greater breakthroughs [1] - Policies will be optimized for product research and development, approval processes, and management, with a focus on high-level innovative drug application guidance [1] Group 2: Tax and Financial Policies - The Ministry of Finance and the State Taxation Administration announced that childcare subsidies issued under the childcare subsidy system will be exempt from personal income tax starting January 1, 2025 [1] - The Financial Regulatory Bureau released a draft for the management of commercial bank merger loans, proposing to broaden the scope of applicable loans and optimize loan conditions [1] - The State Council issued guidelines to increase financial support for government and social capital cooperation projects, allowing local governments to utilize various bonds for project costs [1] Group 3: Market Performance - The Shanghai Composite Index rose by 1.04% to 3766.21, while the Shenzhen Component Index increased by 0.89% to 11926.74 [7] - The Hang Seng Index saw a slight increase of 0.17% to 25165.94, indicating a mixed performance across major indices [7] Group 4: Company Financials - Muyuan Foods reported a 34.46% year-on-year increase in revenue for the first half of 2025, reaching 764.63 billion yuan, with a net profit surge of 1169.77% to 10.53 billion yuan [2][9] - Heng Rui Medicine achieved a revenue of 157.61 billion yuan in the first half of 2025, marking a 15.88% increase, with a net profit of 4.45 billion yuan, up 29.67% [3][9] - The company plans to distribute a cash dividend of 9.32 yuan per 10 shares, totaling 5 billion yuan [9]

Company News - Hengdian East Magnetic achieved a net profit attributable to shareholders of 1.02 billion yuan in the first half of the year, representing a year-on-year increase of 58.94%. The company plans to distribute a cash dividend of 3.8 yuan per 10 shares (tax included) [1] - Muyuan Foods reported a revenue of 76.463 billion yuan in the first half of the year, with a year-on-year growth of 34.46%. The net profit attributable to shareholders reached 10.53 billion yuan, marking a significant increase of 1169.77%. The company intends to distribute a cash dividend of 9.32 yuan per 10 shares (tax included), totaling 5 billion yuan [9] Industry News - The People's Bank of China announced that the Loan Prime Rate (LPR) for one year remains at 3.0%, and for five years and above, it is 3.5%, unchanged from the previous period [6] - The National Financial Regulatory Administration has revised the "Guidelines for Risk Management of Commercial Bank Mergers and Acquisitions Loans" and is seeking public feedback on the draft until September 20. Key revisions include expanding the scope of applicable loans and optimizing loan conditions [6] - The Ministry of Finance announced that starting January 1, 2025, child-rearing subsidies will be exempt from personal income tax [7]

Company News - Hengdian East Magnetic achieved a net profit of 1.02 billion yuan in the first half of the year, a year-on-year increase of 58.94%, and plans to distribute a cash dividend of 3.8 yuan per 10 shares (tax included) [10] - Muyuan Foods reported a revenue of 76.463 billion yuan, a year-on-year increase of 34.46%, and a net profit of 10.53 billion yuan, a year-on-year increase of 1169.77%. The company plans to distribute a cash dividend of 9.32 yuan per 10 shares (tax included), totaling 5 billion yuan [10] - *ST Yazhen announced that its stock will resume trading on August 21 after completing a trading suspension review. The company expects a net profit of -39.5 million to -33 million yuan for the first half of 2025 [10][12] - Heng Rui Medicine achieved a revenue of 15.761 billion yuan, a year-on-year increase of 15.88%, and a net profit of 4.45 billion yuan, a year-on-year increase of 29.67%. The company plans to repurchase shares worth 1 to 2 billion yuan [10] - Yonghui Supermarket reported a revenue of 29.948 billion yuan, a year-on-year decrease of 20.73%, and a net loss of 241 million yuan [11] Industry News - The People's Bank of China announced that the loan market quotation rate (LPR) for one year is 3.0% and for five years or more is 3.5%, unchanged from the previous period [6] - The National Financial Supervision Administration is revising the "Commercial Bank M&A Loan Risk Management Guidelines" to broaden the scope of M&A loans and optimize loan conditions [6] - The Ministry of Finance announced that starting January 1, 2025, childcare subsidies will be exempt from personal income tax [7] - The China Securities Regulatory Commission plans to enhance product supply in the futures market, focusing on important energy varieties like liquefied natural gas [8]