Core Viewpoint - New Wufeng's stock price has shown fluctuations, with a recent decline, while the company has reported significant revenue and profit growth year-on-year [1][2]. Company Overview - New Wufeng, established on June 26, 2001, and listed on June 9, 2004, is located in Changsha, Hunan Province. The company primarily engages in pig farming, meat sales, and feed processing [2]. - The revenue composition of New Wufeng includes: 84.21% from pig sales, 7.39% from slaughtering and refrigeration, 4.31% from fresh meat, 1.78% from trade and others, 1.60% from frozen meat, and 0.71% from feed [2]. Stock Performance - Year-to-date, New Wufeng's stock price has increased by 6.77%, with a recent 5-day decline of 2.36%, a 20-day increase of 2.32%, and a 60-day increase of 9.78% [2]. - As of September 18, the stock price was reported at 6.62 CNY per share, with a market capitalization of 8.35 billion CNY [1]. Financial Performance - For the period from January to June 2025, New Wufeng achieved a revenue of 3.688 billion CNY, representing a year-on-year growth of 14.08%. The net profit attributable to shareholders was 45.234 million CNY, marking a significant increase of 118.32% [2]. Shareholder Information - As of June 30, 2025, the number of shareholders was 76,100, a decrease of 2.13% from the previous period. The average number of circulating shares per person increased by 2.17% to 13,354 shares [2]. - The top ten circulating shareholders include various ETFs, with notable changes in holdings among them [3].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - In September, the market entered a high-level consolidation phase after continuous upward movement. Due to increased hedging demand of some funds at high levels, there was a certain divergence between long and short forces, leading to significant fluctuations in stock index. However, from a long - term perspective, China's capital market is just at the beginning of the strategic allocation period. The CSI 500 and CSI 1000 indices, which are mostly composed of technology - growth stocks, are more offensive with larger fluctuations but may bring higher returns. The SSE 50 and CSI 300 indices, which are mostly composed of dividend blue - chip stocks, are more defensive with smaller fluctuations but relatively weaker price elasticity [2] Summary by Directory 1. Stock Index Futures Market - **IF Contracts**: The previous day's closing prices of IF contracts for the current month, next month, next quarter, and the quarter after next were 4553.20, 4541.80, 4518.20, and 4492.80 respectively, with increases of 36.20, 34.80, 31.60, and 30.20. The trading volumes were 72782.00, 20655.00, 57612.00, and 11450.00 respectively, and the positions were 61553.00, 33842.00, 133521.00, and 44996.00 respectively. The position changes were - 17674.00, 7608.00, 6720.00, and 666.00 respectively [1] - **IH Contracts**: The previous day's closing prices of IH contracts for the current month, next month, next quarter, and the quarter after next were 2956.20, 2955.60, 2955.80, and 2958.40 respectively, with increases of 5.80, 6.20, 5.00, and 3.80. The trading volumes were 29648.00, 8442.00, 23042.00, and 3627.00 respectively, and the positions were 28332.00, 12791.00, 52206.00, and 11442.00 respectively. The position changes were - 4903.00, 3127.00, 5476.00, and 321.00 respectively [1] - **IC Contracts**: The previous day's closing prices of IC contracts for the current month, next month, next quarter, and the quarter after next were 7252.40, 7197.00, 7081.00, and 6916.00 respectively, with increases of 90.40, 93.40, 86.80, and 79.80. The trading volumes were 67086.00, 24005.00, 56441.00, and 16292.00 respectively, and the positions were 56442.00, 40143.00, 111083.00, and 44403.00 respectively. The position changes were - 20158.00, 6496.00, 1443.00, and 1399.00 respectively [1] - **IM Contracts**: The previous day's closing prices of IM contracts for the current month, next month, next quarter, and the quarter after next were 7547.00, 7480.20, 7331.60, and 7126.20 respectively, with increases of 93.00, 96.00, 99.40, and 99.40. The trading volumes were 122397.00, 36291.00, 101376.00, and 25839.00 respectively, and the positions were 89169.00, 57923.00, 158963.00, and 73293.00 respectively. The position changes were - 23457.00, 11171.00, 9900.00, and 1807.00 respectively [1] - **Inter - month Spreads**: The current values of IF next month - IF current month, IH next month - IH current month, IC next month - IC current month, and IM next month - IM current month were - 11.40, - 0.60, - 55.40, and - 66.80 respectively, compared with previous values of - 9.40, 0.80, - 57.80, and - 70.00 [1] 2. Stock Index Spot Market - **Major Indexes**: The previous day's closing prices of the CSI 300, SSE 50, CSI 500, and CSI 1000 were 4551.02, 2952.78, 7260.04, and 7554.81 respectively, with increases of 0.61, 0.17, 0.96, and 0.95. The trading volumes (in billions of lots) were 235.72, 56.67, 258.26, and 301.71 respectively, and the total trading amounts (in billions of yuan) were 6084.54, 1550.34, 4455.49, and 4932.96 respectively [1] - **Industry Indexes**: Among different industries, the energy, industrial, optional consumption, and information technology industries had increases of 1.06%, 2.13%, 1.72%, and 0.76% respectively. The raw materials, main consumption, real - estate finance industries had decreases of - 0.13%, - 0.58%, and - 0.10% respectively [1] 3. Futures - Spot Basis - **IF Contracts and Underlying Index**: The previous day's basis values of IF current month - CSI 300, IF next month - CSI 300, IF next quarter - CSI 300, and IF quarter after next - CSI 300 were 2.18, - 9.22, - 32.82, and - 58.22 respectively [1] - **IH Contracts and Underlying Index**: The previous day's basis values of IH current month - SSE 50, IH next month - SSE 50, IH next quarter - SSE 50, and IH quarter after next - SSE 50 were 3.42, 2.82, 3.02, and 5.62 respectively [1] - **IC Contracts and Underlying Index**: The previous day's basis values of IC current month - CSI 500, IC next month - CSI 500, IC next quarter - CSI 500, and IC quarter after next - CSI 500 were - 7.64, - 63.04, - 179.04, and - 344.04 respectively [1] - **IM Contracts and Underlying Index**: The previous day's basis values of IM current month - CSI 1000, IM next month - CSI 1000, IM next quarter - CSI 1000, and IM quarter after next - CSI 1000 were - 7.81, - 74.61, - 223.21, and - 428.61 respectively [1] 4. Other Domestic and Overseas Indexes - **Domestic Indexes**: The previous day's closing prices of the Shanghai Composite Index, Shenzhen Component Index, Small and Medium - Sized Board Index, and ChiNext Index were 3876.34, 13215.46, 8042.44, and 3147.35 respectively, with increases of 0.37%, 1.16%, 0.99%, and 1.95% respectively [1] - **Overseas Indexes**: The previous day's closing prices of the Hang Seng Index, Nikkei 225, S&P Index, and DAX Index were 26908.39, 44790.38, 6600.35, and 23359.18 respectively, with increases of 1.78%, - 0.25%, - 0.10%, and 0.13% respectively [1] 5. Macroeconomic Information - **US Federal Reserve**: The Fed cut interest rates by 25 basis points as expected, lowering the federal funds rate to 4.00% - 4.25%. After the FOMC statement, the market expected a more than 90% probability of another rate cut in October [2] - **China's Policies**: China will select about 50 pilot cities for new consumption formats, models, and scenarios, introduce a series of policy documents, promote the application of AI in service consumption, and use structural monetary policy tools to increase capital supply in the consumption field. During the consumption month, there will be over 25,000 cultural and tourism consumption activities and over 330 million yuan in consumption subsidies [2] - **China - ASEAN Relations**: Vice - President Han Zheng put forward four suggestions at the 22nd China - ASEAN Expo to strengthen cooperation between China and ASEAN [2] 6. Industry Information - **Cybersecurity**: The deputy director of the National Cyberspace Administration of China called on leading enterprises to take on the responsibility of tackling "neck - stuck" technologies in key areas such as chips [2] - **Pig Industry**: A symposium on pig production capacity regulation was held to control the sow production capacity and regulate the pig supply for next year [2] - **Intelligent Connected Vehicles**: The Ministry of Industry and Information Technology solicited public opinions on mandatory national standards for combined driving assistance of intelligent connected vehicles [2] - **Energy Storage**: The Ministry of Industry and Information Technology released a ten - year development roadmap for new energy storage technologies, aiming for an installed capacity of over 180 million kilowatts by 2027, over 240 million kilowatts by 2030, and over 300 million kilowatts by 2035 [2]

Group 1 - The U.S. stock market showed significant divergence, with the Dow Jones up by 0.6%, the Nasdaq down by 0.5%, and the S&P 500 slightly down by 0.1%, primarily due to uncertainty surrounding the Federal Reserve's interest rate decisions [1] - Traders expect a 96% probability of a 25 basis point rate cut by the Federal Reserve, while a 4% probability is assigned to a 50 basis point cut, indicating market focus on Powell's future monetary policy statements [1] - The A-share market experienced a lack of momentum, failing to break through the 3892-point level, reflecting concerns that a clear direction may only emerge after the Federal Reserve's rate cut [4] Group 2 - Nine departments released measures to expand service consumption, including 19 specific initiatives across five major areas aimed at enhancing service quality and meeting diverse consumer demands [5] - A meeting on pig production capacity control discussed limiting the number of breeding sows and standardizing pig weighing processes, with the average pork price in wholesale markets at 19.73 yuan per kilogram, down 0.8% from the previous day [5] - During the "14th Five-Year Plan" period, state-owned enterprises completed the restructuring of 10 companies and established 9 new central enterprises, focusing on optimizing state capital allocation and enhancing the role of the state economy [5] - iFlytek reported stable growth in its smart hardware revenue (excluding learning machines), with expectations for continued growth in both domestic and overseas markets [5] - The Ministry of Industry and Information Technology introduced a development plan for new energy storage technologies from 2025 to 2035, projecting a scale-up to over 180 million kilowatts by 2027 and 240 million kilowatts by 2030, with a target of exceeding 300 million kilowatts by 2035 [5][6]

Investment Rating - Investment recommendation: Outperform the market (maintained) [7] Core Insights - The pig farming industry is entering a sustained profitability period, with increasing piglet numbers expected to lead to ample supply in the second half of 2025 [4][11] - The feed market is anticipated to expand due to recovering demand in pig and aquaculture feed, with domestic companies actively seeking overseas growth opportunities [4][11] - The pet industry remains robust, with strong domestic growth potential and a focus on upgrading products and local brands [4][11] Summary by Sections 1. Pig Farming - In H1 2025, 15 listed pig farming companies achieved revenues of CNY 235.068 billion, a year-on-year increase of 16.46%, with net profits reaching CNY 16.848 billion, up 1315% [8][19] - In Q2 2025, the average price of pigs was CNY 14.57 per kg, showing a decline of 2.96% quarter-on-quarter and 10.89% year-on-year [19] - The number of pigs slaughtered by these companies in H1 2025 was 94.3441 million, a year-on-year increase of 30.65% [31] 2. Pet Industry - In H1 2025, total revenue for selected pet food companies reached CNY 6.4 billion, a year-on-year increase of 22% [39] - The average gross margin for major pet food companies improved to 35.38%, up 3.26 percentage points year-on-year, driven by product upgrades and favorable raw material prices [44] - The net profit for these companies in H1 2025 was CNY 660 million, reflecting a 20% increase year-on-year [39] 3. Feed Industry - In H1 2025, total revenue for selected feed companies was CNY 81.3 billion, a year-on-year increase of 15% [54] - The net profit for these companies in H1 2025 was CNY 2.94 billion, up 42% year-on-year [54] - The feed market is expected to benefit from increased demand in both pig and aquaculture sectors, with companies like Haida Group and Guangdong Feed showing strong performance [54][58]

生猪产能调控企业座谈会9月16日在北京召开，一参会企业总裁透露，会上谈起了猪企控制能繁母猪产 能的任务。据悉，有牧原股份、温氏股份等多家企业参会，会上还提到了落实生猪出栏称重等内容。 此次座谈会由农业农村部畜牧兽医局会同国家发改委价格司联合组织，共有25家龙头企业参与，除牧 原、温氏、新希望等头部企业外，还包括多家具有区域代表性的规模化猪场。会议明确提出，各企业需 在2026年1月底前将能繁母猪存栏量调减至3950万头，同时严格控制出栏体重在120公斤以下，减少二次 育肥行为，避免过度压栏和投机性补栏。 此外，会议还强调要落实出栏称重等标准化操作，推动行业走向更加规范、透明的生产管理模式。这些 措施不仅是短期调控手段，更是推动产业长期高质量发展的重要基础。 与7月会议相比的新进展 据报道，有关部门之前已召开"生猪生产调度会"，计划将全国能繁母猪存栏量在现有基础上调减100万 头左右，即降至约3950万头。 < p> 会议背景与行业现状 今年以来，生猪市场持续面临产能过剩、价格低迷的严峻挑战。根据农业农村部监测数据，当前能繁母 猪存栏量仍高于正常保有量3.7%，仔猪价格持续探底，北方地区7公斤仔猪均价仅为260 ...

Group 1 - The core viewpoint of the articles highlights the significant decline in pig prices, with a year-on-year drop of over 30% in early September, prompting the need for capacity regulation in the pig farming industry [1][2] - The National Bureau of Statistics reported that the price of live pigs (external three yuan) was 13.7 yuan/kg in early September, down 30.8% from 19.8 yuan/kg in the same period last year [1] - A meeting on September 16 focused on controlling the breeding sow capacity, with major companies like Muyuan Foods and Wens Foodstuffs Group participating, indicating a collective industry effort to manage production levels [1] Group 2 - The Ministry of Agriculture and Rural Affairs previously emphasized the importance of strict capacity regulation measures, including the reasonable elimination of breeding sows and controlling the weight of pigs for market [1] - The April 29 implementation plan from the Ministry outlined ongoing adjustments to optimize pig production capacity, aiming to guide farms in managing sow inventory and production levels effectively [2] - The plan includes establishing a monitoring and early warning system for pig production capacity, ensuring timely market information is available to farmers for better decision-making [2]

Industry - In August, the outflow of large pigs continued, leading to a pessimistic outlook for pig prices. The average selling price of live pigs in August 2025 was 13.77 yuan/kg, down 5.35% month-on-month and 32.35% year-on-year [2][3] - The slaughter volume in August 2025 was 4.3388 million heads, an increase of 4.34% month-on-month and 5.66% year-on-year [2][3] - The completion rate of pig outflow in August was 100.04%, with a planned outflow for September increasing by 3.92% compared to August's actual outflow [2][3] - The pig price in August experienced a decline due to factors such as group weight reduction, large pig sales by individual farmers, and the spread of African swine fever from south to north [2][3] - Despite short-term pressure from the spread of the epidemic, the demand is expected to improve as temperatures drop, providing support for pig prices [2][3] Company - In August, 12 listed pig farming companies reported a total outflow of 15.116 million heads, an increase of 29.79% year-on-year [4] - Major listed companies such as Muyuan Foods, Wens Foodstuff Group, and New Hope reported respective outflows of 700.10, 324.57, and 133.78 thousand heads, with year-on-year changes of +27.11%, +37.88%, and +4.72% [4] - The average selling price of pigs for major listed companies decreased in August, with prices for companies like Muyuan Foods and Wens Foodstuff Group dropping by 5.5% and 6.5% respectively [5]

Investment Rating - The industry rating is "Overweight" [5] Core Insights - The analysis of 18 listed pig companies shows that the slaughter volume in August 2025 was 16.6036 million heads, a year-on-year increase of 29.11% and a month-on-month increase of 6.86% [10][11] - The increase in slaughter volume is attributed to the capacity expansion in 2024 translating into higher output in 2025, with a stable release of production capacity reflected in a consistent growth rate of around 20% year-on-year for the first eight months of 2025 [10][11] - The average selling price of pigs in August 2025 decreased by 5.19% month-on-month and 31.03% year-on-year, primarily due to the high prices in August 2024 and a currently abundant supply [21][22] Summary by Sections Slaughter Volume - In August 2025, the slaughter volume for listed pig companies was 16.6036 million heads, with major companies like Muyuan Foods, Wens Foodstuffs, and New Hope Liuhe reporting slaughter volumes of 7.001 million, 3.245 million, and 1.338 million heads respectively [10][13] - The cumulative slaughter volume from January to August 2025 reached 126 million heads, reflecting a year-on-year increase of 21.12% [10][11] Revenue - The revenue for listed pig companies in August 2025 was 24.859 billion yuan, a year-on-year decrease of 14.21% but a month-on-month increase of 0.86% [11][12] - The decline in revenue is attributed to significantly lower selling prices compared to the previous year, despite an increase in slaughter volume [11][12] Average Selling Price - The average selling price of pigs in August 2025 was 14.01 yuan per kilogram, down 5.19% month-on-month and 31.03% year-on-year [21][22] - The decrease in average price is linked to the high prices in August 2024 and the current market conditions where supply exceeds demand [21][22] Average Weight - The average weight of pigs slaughtered in August 2025 was 106.5 kg per head, showing a slight increase both month-on-month and year-on-year [22] - Most companies maintained stable weights, with Muyuan Foods, Wens, and New Hope reporting average weights of 125.29 kg, 106.97 kg, and 95.07 kg respectively [22]

Group 1 - The core viewpoint of the articles highlights the transformation of Muyuan Foods from a pig farming enterprise to a "food enterprise," focusing on high-quality pork production and affordability for consumers [1][2] - Muyuan Foods is investing 6 billion yuan to build an advanced breeding platform aimed at improving pork quality from the source through precise breeding techniques [1] - The company has shifted its strategy since 2021 from rapid growth to high-quality development, emphasizing cost reduction and exploring new growth opportunities [1] Group 2 - Muyuan Foods has become the largest pig slaughtering company in China as of 2023, with a total of 11.4148 million pigs slaughtered in the first half of the year, representing a year-on-year increase of 110.87% [2] - The slaughtering business is crucial for extending the industry chain, creating an industrial ecosystem, and generating profit growth for the company [2] - The company is also actively expanding into overseas markets and building an interconnected industry platform to promote high-quality development in China's pork food industry [2]

Core Insights - The macroeconomic environment shows strong supply but weak demand, indicating a cautious outlook for various sectors [4][11][15] - The report emphasizes the potential for recovery in the ChiNext index, driven by policy support and advancements in battery storage technology [17][24][28] Macroeconomic Overview - Construction activity is showing signs of improvement, with a slight increase in operational rates for key materials like asphalt and cement, although still below historical averages [6] - Industrial production remains robust, with high operational rates in the chemical sector, but automotive sales have seen a decline [6][13] - Demand in the construction sector is weak, with negative year-on-year growth in building materials [6][12] Commodity Prices - International commodity prices are fluctuating, with significant increases in gold prices, while domestic industrial prices are stable [7] Real Estate Market - New housing transactions have turned positive, with a notable increase in sales in first-tier cities due to relaxed policies [8] - The second-hand housing market is showing marginal improvement, with transaction volumes increasing in major cities [8] Export Trends - Exports are projected to grow by approximately 4% year-on-year in early September, supported by favorable tariff conditions [9] Consumer Market - Retail sales growth has slowed, with a year-on-year decline in August, but the "trade-in" policy is expected to boost sales in the coming months [12][32] Investment Trends - Fixed asset investment has weakened, particularly in real estate, with a significant year-on-year decline in property development investment [14][34] Automotive Industry - Heavy truck sales have surged, with a year-on-year increase of about 40% in August, indicating a strong recovery in the domestic market [52] - The penetration rate of new energy heavy trucks has reached a record high, driven by supportive policies and market demand [53] Battery and Storage Sector - The new energy storage policy aims to significantly increase installed capacity by 2027, indicating strong future growth potential for the battery sector [25][27] - The battery industry is experiencing improved market conditions, with solid-state batteries and lithium batteries gaining traction [27] Machinery Sector - The development of Tesla's robotic technology, particularly the "dexterous hand," is crucial for achieving mass production, highlighting the importance of advanced robotics in manufacturing [58][59]