Core Viewpoint - The launch of the Agricultural, Animal Husbandry, and Fishery ETF (159275) by Huabao Fund is expected to capitalize on the recovery of the A-share market and the low valuation of the agricultural sector, particularly in the pig farming industry, which is poised for a price rebound [1][2][3]. Company Summary - Huabao Fund has served 64.12 million clients and generated a total profit of 83.2 billion yuan for fund holders, with cumulative dividends reaching 59.4 billion yuan as of June 2025 [1][8]. - The Agricultural, Animal Husbandry, and Fishery ETF (159275) is the first ETF in the market to track the CSI Agricultural, Animal Husbandry, and Fishery Index, which encompasses various segments of the agricultural industry [1][5]. - As of August 2025, Huabao Fund's equity ETF assets under management reached 117.4 billion yuan, solidifying its position as a leading institution in the public fund ETF business [8]. Industry Summary - The agricultural sector has experienced a significant downturn over the past three and a half years, but recent trends indicate a recovery, with the sector's valuation remaining low [3]. - The CSI Agricultural, Animal Husbandry, and Fishery Index has a price-to-book ratio of 2.65, which is lower than similar indices, indicating potential for growth [3]. - The pig farming industry is currently at a low price point, with limited downside risk, and is expected to see improved profitability due to a new normal of stable production and price increases over the next 1-3 years [3]. - The seed industry is receiving increased governmental focus, with advancements in biotechnology expected to enhance competitiveness among leading companies [4]. - The CSI Agricultural, Animal Husbandry, and Fishery Index has outperformed similar thematic indices and broad market indices since its inception, with a cumulative return of 85.73% from December 2013 to July 2025 [7].

Core Viewpoint - The stock of Luoniushan has shown a slight increase recently, with a current price of 6.39 CNY per share and a market capitalization of 7.358 billion CNY, despite a year-to-date decline of 3.77% [1] Financial Performance - For the first half of 2025, Luoniushan reported a revenue of 1.084 billion CNY, representing a year-on-year decrease of 42.86%, and a net profit attributable to shareholders of -6.7171 million CNY, a decline of 102.45% compared to the previous year [2] Shareholder Information - As of August 29, 2025, the number of shareholders for Luoniushan is 94,000, a decrease of 1.05% from the previous period, with an average of 12,243 circulating shares per shareholder, an increase of 1.06% [2] - The company has distributed a total of 200 million CNY in dividends since its A-share listing, with 6.909 million CNY distributed in the last three years [3] Institutional Holdings - As of June 30, 2025, the top ten circulating shareholders include notable ETFs such as Guotai Zhongzheng Livestock Breeding ETF and Southern Zhongzheng 1000 ETF, with increases in their holdings [3]

Group 1 - The pig farming sector has seen a collective surge, with the breeding ETF (516760) rising by 3.21%, marking a three-day consecutive increase [1] - Major stocks in the sector, such as Lihua Co. (300761), Xiaoming Co. (300967), and Shennong Group (605296), experienced significant gains of 7.95%, 5.70%, and 5.54% respectively [1] - The Ministry of Commerce has preliminarily ruled to impose anti-dumping duties ranging from 15.6% to 32.7% on pork and pork products imported from the EU, which is expected to impact the import volume significantly [1] Group 2 - After a period of adjustment, the valuation of pig farming enterprises is now at a bottom range, with leading companies still achieving good profitability [2] - The industry is expected to stabilize at the bottom of the economic cycle, with a potential for supply-side contraction leading to improved market share for top firms [2] - The breeding ETF closely tracks the CSI Livestock Breeding Index, which reflects the overall performance of listed companies in the livestock sector, currently showing a low price-to-earnings ratio of 14.11, indicating a historical low valuation [2]

Core Viewpoint - The launch of the Agricultural, Animal Husbandry, and Fishery ETF (159275) by Huabao Fund is expected to capitalize on the recovery of the A-share market and the low valuation of the agricultural sector, particularly benefiting from the upward trend in the pig cycle [1][2][6]. Company Summary - Huabao Fund has served 64.12 million clients and generated a total profit of 83.2 billion yuan for fund holders, with cumulative dividends reaching 59.4 billion yuan as of June 2025 [1][5]. - The Agricultural, Animal Husbandry, and Fishery ETF (159275) is the first ETF in the market to track the CSI Agricultural, Animal Husbandry, and Fishery Index, which covers key sectors such as pig farming, aquatic feed, animal health, and seeds [1][4]. - Huabao Fund has a total asset management scale of 117.4 billion yuan in equity ETFs, solidifying its position as a leading institution in the ETF business [5]. Industry Summary - The agricultural sector has experienced a significant rebound following a prolonged downturn, with the CSI Agricultural, Animal Husbandry, and Fishery Index currently at a price-to-book ratio of 2.65, which is lower than similar indices [2][4]. - The pig farming industry is at a low price point, with limited downside potential, and is expected to see improved profitability for quality enterprises in the next 1-3 years due to a new normal of stable production and price increases [2][3]. - The seed industry is receiving increased attention from national policies, with advancements in biotechnology and the potential for accelerated commercialization of genetically modified crops [3].

Group 1 - The company sold 529,700 pigs in August 2025, generating a sales revenue of 621.15 million yuan, with an average selling price of 15.02 yuan per kilogram [2] - For the period from January to August 2025, the company sold a total of 4.0246 million pigs, with a sales revenue of 5.450448 billion yuan and an average selling price of 16.05 yuan per kilogram [2] - The company slaughtered 117,576 pigs in August 2025, with a cumulative slaughter of 1,062,033 pigs from January to August 2025 [3] Group 2 - The sales data only includes the company's wholly-owned subsidiaries and does not account for its affiliated companies, which sold a total of 115,908 pigs in August 2025 [2] - The data provided is unaudited and may differ from the figures disclosed in regular reports, serving only as interim data for investor reference [4]

Core Insights - The overall trend in the domestic pig market is a decline in prices, with major companies reporting lower sales prices and revenues in August 2025 [1][3][4] Company Summaries Shennong Group - In August 2025, Shennong Group sold 166,400 pigs, generating sales revenue of 285 million yuan, both showing a decline compared to July [1] - From January to August 2025, the company sold 1.8806 million pigs, with total sales revenue of 3.116 billion yuan [1] - The average selling price of commercial pigs in August was 13.87 yuan/kg, down 5.84% from July [1] Tianbang Foods - In August 2025, Tianbang Foods sold 529,700 pigs, with a sales revenue of 621 million yuan, reflecting a month-on-month change of -1.32% and -9.43% respectively [1] - The average selling price for commercial pigs was 15.02 yuan/kg, a decrease of 7.22% from the previous month [1] - From January to August 2025, the company sold 4.0246 million pigs, with total sales revenue of 5.45 billion yuan, and an average selling price of 16.05 yuan/kg, showing a year-on-year decline [2] Muyuan Foods - In August 2025, Muyuan Foods sold 7.001 million pigs, a year-on-year increase of 27.1%, but the average selling price dropped to 13.51 yuan/kg, down 31.46% year-on-year [3] - The total sales revenue for the month was 11.85 billion yuan, reflecting a year-on-year decrease of 12.3% [3] Wens Foodstuff Group - In August 2025, Wens sold 324,570 pigs, generating revenue of 482.5 million yuan, with the average selling price at 13.9 yuan/kg [3] - Year-on-year changes included a 37.88% increase in sales volume but a 32.03% decrease in average price [3] Industry Trends - The pig market has been experiencing a downward price trend, with significant declines in both prices and revenues reported by major players [3][4] - There are indications of a potential recovery in demand as September approaches, but supply pressures remain high [3][4] - The willingness of breeding companies to cull sows has increased due to falling prices and profits, leading to a decrease in the number of breeding sows [4] - Despite the expected increase in piglet births, the supply growth is anticipated to outpace seasonal demand increases in the coming months [4]

The provided content does not contain any specific quantitative models or factors, nor does it include detailed construction processes, formulas, or backtesting results related to quantitative analysis. The document primarily discusses macroeconomic trends, sectoral outlooks, and investment strategies without delving into quantitative methodologies. If you have another document or specific section that includes quantitative models or factors, please provide it for analysis.

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights that the profitability of the breeding chain is expected to see significant growth in H1 2025, with the pet sector maintaining its high prosperity [3][20] - The preliminary ruling on anti-dumping measures against EU pork imports is anticipated to drive domestic pork prices upward, presenting a good opportunity for investment in the pig farming sector [4][14] - The report emphasizes a dual driving force from both fundamental and policy aspects, suggesting that pig prices are likely to rise in H2 2025, improving the investment logic in the pig farming sector [20] Summary by Sections Weekly Observation - The Ministry of Commerce has announced preliminary anti-dumping measures on EU pork imports, with a guarantee deposit rate ranging from 15.6% to 62.4% [4][13] - The domestic pork and pork offal import volume reached 1.15 million tons in H1 2025, with EU imports accounting for 52% [14][16] Market Performance (Sept 1 - Sept 5) - The agricultural index underperformed the market by 0.15 percentage points, with the Shanghai Composite Index down 1.18% and the agricultural index down 1.32% [6][24] - The pet food sector led the gains among sub-sectors, with notable increases in individual stocks such as Yuegui Co. (+13.19%) and Honghui Fruits (+9.23%) [6][24][29] Price Tracking (Sept 1 - Sept 5) - The average price of live pigs was 13.77 yuan/kg, up 0.11 yuan/kg from the previous week, while the average price of piglets was 25.4 yuan/kg, down 1.74 yuan/kg [7][35] - The price of corn futures increased by 1.46% to 2219.00 yuan/ton, and soybean meal futures rose by 1.60% to 2536.00 yuan/ton [47][48] Key News (Sept 1 - Sept 5) - The Ministry of Agriculture reported a 5.3% month-on-month increase in the slaughter volume of designated pig slaughtering enterprises in July 2025 [30] - The report indicates that the domestic pig farming sector is expected to benefit from the anti-dumping measures, leading to a potential increase in domestic pork prices [4][14] Investment Recommendations - Recommended stocks in the pig farming sector include Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [20] - In the feed sector, companies like Haida Group and New Hope Liuhe are recommended due to strong domestic and overseas demand [20][23]

| | | 云南神农农业产业集团股份有限公司 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。 云南神农农业产业集团股份有限公司（以下简称"公司"）现将 2025 年 8 月养殖业务主要经营数据披露如下： 一、2025 年 8 月养殖业务主要经营数据 单位：万头 主要产品 | | | 当月 | 累计 | 当月 | | 累计 | | --- | --- | --- | --- | --- | --- | --- | | 生猪 | | 16.64 | 188.06 | -4.26 | 28.40 | | | 仔猪销售 | 0.51 | 万头），销售收入 | 2.85 | 亿元。其中向集团内部屠宰企业销售生猪 | | | 公斤，比 2025 年 7 月份下降 5.84%。 仔猪销售 24.27 万头），销售收入 31.16 亿元。其中向集团内部屠宰企业销售生 猪 29.14 万头。 上述销售数据未经审计，与定期报告披露的数据之间可能存在差异，因此上 述数据仅作为阶段性数据供投资者参考。 三、其他说明 本次披露的养殖经营数据来自公司内部 ...

Investment Rating - The report maintains an "Increase" rating for the agricultural sector [3] Core Views - The price of enoki mushrooms has strengthened, with the national average price reaching 5.99 CNY/kg in August 2025, up 1.01% year-on-year and 6.02% month-on-month. After a decline in the first half of the year, production cuts by leading companies are expected to reverse the industry's difficulties and lead to price recovery [10][11] - In pig farming, the national price for lean pigs is 13.68 CNY/kg, up 1% from the previous week. The report suggests focusing on leading companies with low-cost and high-growth potential, such as Muyuan Foods and Wens Foodstuff Group [11][13] - In poultry farming, the average price for white feather chickens is 7.17 CNY/kg, down 2.2% from the previous week. The report highlights the potential for price recovery in the future [11][27] - The approval of genetically modified varieties is expected to lead to commercial sales, with potential growth for industry companies [11] - The report notes that fluctuations in agricultural product prices are increasing, and leading feed companies may replace smaller ones due to their advantages in procurement and scale [11] Summary by Sections Agricultural Data Tracking - The national price for lean pigs is 13.68 CNY/kg, up 1% from last week, while the average wholesale price for pork is 19.84 CNY/kg, down 0.5% [13][20] - The average price for meat chicken chicks is 3.4 CNY each, down 5.8% from last week [24][27] - The average price for white feather chicken is 7.17 CNY/kg, down 2.2% from last week [27][28] Market Review - The agricultural sector underperformed the CSI 300 index by 0.5 percentage points, with a decline of 1.32% [7][8] - The enoki mushroom industry is expected to recover due to production cuts and seasonal demand increases [10][11]