Investment Rating - The report maintains a "Buy" rating for the agricultural, forestry, animal husbandry, and fishery sector, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [5][76]. Core Insights - The report highlights a short-term pressure on pig prices due to weak demand and increased supply, driven by policy measures aimed at reducing inventory and weight in the industry [1][4][23]. - The report suggests that the industry capacity cycle has bottomed out, and after the inventory reduction phase, a long-term profit uptrend is expected [4][73]. - The agricultural sector is experiencing mixed price movements, with corn prices rising while soybean meal and wheat prices are declining [2][48]. Summary by Sections 1. Market Overview - The agricultural, forestry, and fishery sector underperformed the market, with the sector index rising by 0.91% compared to the Shanghai Composite Index's 1.13% increase [14]. - The report notes a decline in pig prices, with the average price at 14.05 yuan/kg, down 2.90% week-on-week [22][23]. 2. Key Data Tracking - The average weight of pigs at slaughter is reported at 129.17 kg, with a slight decrease of 0.01% week-on-week [22][23]. - The average price of white feather broiler chickens is 7.32 yuan/kg, down 0.68% week-on-week, while chick prices are at 2.84 yuan/bird, down 1.05% [33][48]. 3. Investment Recommendations - For the pig farming sector, companies such as Juxing Agriculture, Shennong Group, Muyuan Foods, and Wens Foodstuff are recommended for investment [4][73]. - The report also suggests focusing on companies in the feed and animal health sectors, such as Haida Group and Ruipu Biological, as their performance is expected to improve [4][73]. - In the planting chain, companies like Suqian Agricultural Development and Beidahuang are highlighted as having significant investment opportunities due to the upward trend in grain prices [4][73]. 4. Commodity Prices - Corn prices have increased to 2387.84 yuan/ton, a rise of 0.34% week-on-week, while soybean meal and wheat prices have decreased by 1.50% and 0.86%, respectively [2][48]. - The report notes a decline in natural rubber prices, with futures at 13695 yuan/ton, down 1.05% week-on-week, influenced by supply and demand dynamics [3][63].

Investment Rating - The report maintains a "Buy" rating for the agricultural, forestry, animal husbandry, and fishery sector, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [5][76]. Core Insights - The report highlights a short-term pressure on pig prices due to weak demand and increased supply, driven by policy measures aimed at reducing inventory and weight in the industry [1][4][23]. - The report suggests that the industry has reached a capacity cycle bottom, and after the inventory reduction phase, a long-term profit uptrend is expected [4][73]. - The agricultural sector is experiencing mixed price movements, with corn prices rising while soybean meal and wheat prices are declining [2][48]. Summary by Sections 1. Market Overview - The agricultural, forestry, and fishery sector underperformed the market, with the sector index rising by 0.91% compared to the Shanghai Composite Index's 1.13% increase [14]. - The report notes a decline in pig prices, with the average price at 14.05 yuan/kg, down 2.90% week-on-week [22][23]. 2. Key Data Tracking - The average weight of pigs at slaughter was reported at 129.17 kg, with a slight decrease of 0.01% week-on-week [22][23]. - The average price of white feather broiler chickens was 7.32 yuan/kg, down 0.68% week-on-week, while chick prices fell to 2.84 yuan/chick, down 1.05% [33][48]. 3. Investment Recommendations - For the pig farming sector, companies such as Juxing Agriculture, Shennong Group, Muyuan Foods, and Wens Foodstuff are recommended for investment [4][73]. - The report also suggests focusing on companies in the feed and animal health sectors, such as Haida Group and Ruipu Biological, as their performance is expected to improve [4][73]. - In the planting chain, companies like Suqian Agricultural Development and Beidahuang are highlighted as having significant investment opportunities due to the upward trend in grain prices [4][73]. 4. Commodity Prices - Corn prices increased to 2387.84 yuan/ton, up 0.34% week-on-week, while soybean meal and wheat prices decreased by 1.50% and 0.86%, respectively [2][48]. - The report notes a decline in natural rubber prices, with futures at 13695 yuan/ton, down 1.05% week-on-week, indicating a supply-demand imbalance [3][63].

Group 1: Pharmaceutical and Medical Sector - The innovative drug sector has recently broken through a 160-day horizontal structure, with volume release not showing excessive volatility, indicating a potential entry point during the recent slight pullback [1] - The most concentrated sub-sector in innovative drugs is other biopharmaceuticals, with companies like Ailisi and Yifang Bio showing stronger trend characteristics [1] - The RSR industry has also turned positive, indicating a clearer signal for the sector's performance [3] Group 2: Daily Consumer Sector - The jewelry category experienced a significant reversal, suggesting a potential peak, but individual stocks may still present opportunities [4] - The dairy beverage category has seen a pullback, but companies like Miaokelando and New Dairy maintain a good upward trend in volume and price [5] - Yili Group is also considered, despite its larger market cap and slower growth, as it may be driven by trends similar to Haida Group in the feed sector [7] Group 3: Agricultural Sector - In the agricultural chain, the pesticide sub-sector is gaining attention, with Limin Co. leading the acceleration [9] - Companies like Lier Chemical are noted for their new herbicides that may replace glyphosate, positioning them as beneficiaries of market shifts [10] - A list of companies in the pesticide sector includes Limin Co. (46.61), Lier Chemical (17.29), and Jiangshan Co. (15.37), among others, indicating strong performance in agricultural chemicals [11] Group 4: Semiconductor Sector - The semiconductor sector is experiencing a continued volume pullback, but some companies are showing strong performance, suggesting a potential turning point [13] - A list of companies with consistent three-digit growth over two quarters includes Bochuang Technology and Zhongji Xuchuang, indicating strong fundamentals [14] - The sector remains under observation for potential recovery signals, particularly in the context of performance realization [13] Group 5: Wind Power Equipment Sector - The wind power equipment sector has seen several companies reversing from difficulties, with leading stocks being Dajin Heavy Industry and Xinqianglian [15] - The expansion of this sector may lead to follow-up from companies like Goldwind Technology and Jinlei Co. [15]

Group 1 - Shandong Bangji Technology Co., Ltd. announced plans to acquire 100% equity of six companies and 80% of another company through a combination of share issuance and cash payment [1] - The company reported revenues of 1.658 billion, 1.647 billion, and 2.542 billion yuan for 2022, 2023, and 2024 respectively, with net profits of 120 million, 83.89 million, and 50.13 million yuan [1] - The company has faced a situation of "increased revenue but decreased profit" in recent years, attributed to low capacity utilization and rising fixed costs [1] Group 2 - The feed industry is maturing, with large enterprises extending their industrial chains through mergers and acquisitions, while some companies are shifting production capacity to self-use due to changes in the breeding market [2] - Bangji Technology is actively pursuing strategic adjustments, including acquisitions of other feed companies to expand its business [2] - The planned acquisition marks Bangji Technology's entry into the pig fattening industry, with one of the target companies planning to invest 2 billion yuan to build modern breeding bases [3] Group 3 - In the first quarter of this year, Bangji Technology achieved revenues of 1.076 billion yuan, a year-on-year increase of 160.84%, and a net profit of 28 million yuan, up 37.71% year-on-year, indicating a recovery in performance [3] - The company is expected to release a detailed acquisition plan within 10 working days during the suspension period [3] - The success of the acquisition could significantly impact Bangji Technology's revenue growth, especially following the recovery of pig prices in the second quarter of last year [3]

分析师：黄冬祎 S0340523020001 电话：0769-22119410 邮箱： huangdongyi@dgzq.com.cn 农林牧渔行业 超配（维持） 农林牧渔行业双周报（2025/5/23-2025/6/5） 行 业 优质农业龙头推进国际化战略 2025 年 6 月 6 日 投资要点： 风险提示：疫病大规模爆发，价格下行，自然灾害，市场竞争加剧等。 所 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn SW农林牧渔行业跑赢沪深300指数。2025年5月23日—2025年6月5日，SW 农林牧渔行业上涨1.23%，跑赢同期沪深300指数约2.16个百分点；细分板 块中，仅动物保健录得负收益，下跌1.25%；饲料、渔业、养殖业、农产 品加工和种植业均录得正收益，分别上涨2.74%、2.45%、1.14%、0.96%和 0.61%。估值方面，截至2025年6月5 ...

Summary of Key Points Core Viewpoint - The company has approved a total guarantee amount of up to RMB 4.35 billion for its subsidiaries to facilitate financing and procurement of raw materials, ensuring operational continuity and financial stability [1][4]. Group 1: Guarantee Overview - The company has provided a maximum guarantee amount of RMB 200 million for Liaoning Aipute Trading Co., Ltd. and RMB 262.4698 million for Beijing Sanyuan Hefeng Animal Husbandry Co., Ltd. and its 106 subsidiaries for raw material procurement [1][3]. - The total guarantee limit approved by the board and shareholders is RMB 4.35 billion, with RMB 2.85 billion allocated for financing and RMB 1.5 billion for procurement [1][4]. Group 2: Guarantee Progress - As of May 31, 2025, the actual guarantee provided for Liaoning Aipute Trading Co., Ltd. is RMB 26.24698 million, and for Beijing Sanyuan Hefeng Animal Husbandry Co., Ltd. and its subsidiaries, it is within the approved limits [3][4]. - The maximum debt guarantee amount for the subsidiaries is RMB 10.175 million [2][3]. Group 3: Necessity and Reasonableness of Guarantees - The guarantees have been approved by the board and shareholders, and the company has a thorough understanding of the financial health and creditworthiness of the subsidiaries, indicating manageable risk [4]. - The guarantees are essential for the operational needs and cash flow of the subsidiaries, aligning with the company's overall development strategy [4]. Group 4: External Guarantee Status - As of May 31, 2025, the total external guarantee balance is RMB 2.1252623 billion, representing 31.74% of the company's audited net assets as of December 31, 2024 [4]. - There are no overdue guarantees reported [4].

证券代码：603151 证券简称：邦基科技 公告编号：2025-046 山东邦基科技股份有限公司 关于 2024 年股票期权激励计划预留授予部分 登记完成的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 股票期权预留授予登记完成日：2025 年 6 月 3 日 ? 股票期权预留授予登记数量：200.00 万份 ? 本次股票期权预留授予登记人数：17 人 根据中国证监会《上市公司股权激励管理办法》、上海证券交易所、中国证 券登记结算有限责任公司上海分公司有关规则的规定，山东邦基科技股份有限公 司（以下简称"公司"）完成了 2024 年股票期权激励计划（以下简称"本激励 计划"）股票期权预留授予的登记工作，有关具体情况公告如下： 一、本次激励计划已履行的相关审批程序 五次会议，审议通过了《关于调整 2024 年股票期权激励计划相关事项的议案》 《关于向 2024 年股票期权激励计划激励对象首次授予股票期权的议案》，公司监 事会对此发表了核查意见。 成了本次激励计划限制性股票首次授予登记工作，实际首次授予登 ...

Group 1 - The company is planning to acquire equity stakes in seven agricultural and livestock enterprises, including 100% stakes in several companies and an 80% stake in another, through a combination of issuing shares and cash payments [4] - The acquisition targets are closely related to the company's main business, which includes pig breeding and sales, livestock breeding technology services, and crop planting and sales [4] - The company has been actively pursuing mergers and acquisitions to integrate its business, with recent adjustments to its fundraising projects to focus on acquiring stakes in feed companies [5] Group 2 - The company's net profit has declined for three consecutive years, with figures of 1.20 billion yuan, 840 million yuan, and 500 million yuan from 2022 to 2024, reflecting year-on-year decreases of 17.50%, 30.34%, and 40.24% respectively [8] - The decline in performance is attributed to increased costs during the capacity ramp-up phase of fundraising projects, a shift in customer structure towards credit sales, and a higher proportion of low-margin products [8] - In the first quarter of this year, the company reported a revenue of 1.076 billion yuan, a year-on-year increase of 160.84%, and a net profit of 28 million yuan, up 37.71% [9]

Group 1 - Company announced plans to acquire multiple livestock companies through a combination of share issuance and cash payment [1] - The acquisition targets include 100% equity of several livestock companies and 80% equity of a consulting firm, with a preliminary agreement signed [1] - Company stock was suspended from trading for up to 10 trading days to comply with disclosure obligations during the acquisition process [1] Group 2 - Company stock has increased by 71.03% year-to-date, influenced by significant share purchases by the controlling shareholder and rising pig prices [2] - The feed industry in China is experiencing slow growth, with a decline in total industrial feed production expected in the first half of 2024, particularly in pig feed [2] - The industry is characterized by low concentration but increasing scale, with larger companies extending their market presence through mergers and alliances [2] Group 3 - Company has focused on pig feed development, production, and sales since its establishment in 2007, with a diverse product range [3] - The company experienced a significant revenue increase in Q1 2025, with a 160.84% year-on-year rise in revenue and a 37.71% increase in net profit [3] - The planned acquisition aligns with the company's core business and aims to enhance market competitiveness by integrating resources and achieving synergies [3]

Group 1 - Company is planning to acquire 100% equity of six Shandong agricultural enterprises and 80% equity of a consulting firm through a combination of share issuance and cash payment [1] - The stock of the company will be suspended from trading starting June 5, 2025, for a period not exceeding 10 trading days [1] - Company has a strong market presence in pig feed, poultry premix feed, and ruminant feed, particularly in Shandong and Northeast regions [1] Group 2 - In 2024, the company reported a revenue of 2.542 billion yuan, a significant increase of 54.36% year-on-year, while net profit decreased by 40.24% to 50.1298 million yuan [2] - The feed industry is undergoing a transformation focused on quality improvement and efficiency, prompting the company to accelerate its national production layout [2] - The company's stock closed at 17.12 yuan per share on June 4, 2025, with a year-to-date increase of over 70%, resulting in a total market capitalization of 2.876 billion yuan [2]