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]

证券代码：605296 证券简称：神农集团 公告编号：2025-109 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 | 销售量 | | 销售量同比增减(%) | | | --- | --- | --- | --- | --- | | | 当月 | 累计 | 当月 | 累计 | | 生猪 | 16.64 | 188.06 | -4.26 | 28.40 | 云南神农农业产业集团股份有限公司 2025 年 8 月养殖业务主要经营数据公告 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。 | | 月份 | | 生猪销售 | | 销售收入 | | 商品猪销价 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | （万头） | | （亿元） | | （元/公斤） | | | | | 当月 | 累计 | 当月 | 累计 | 当月 | | 2 ...

Group 1 - The European Union's recent classification of China as part of a "dictatorship alliance" alongside Russia, Iran, and North Korea has sparked significant international controversy [1][3] - The timing of the EU's remarks coincided with China's Victory Day, raising questions about the intent behind the statements [3][5] - China's swift response included the announcement of anti-dumping measures on EU pork exports, demonstrating a strategic use of economic tools in diplomatic disputes [6][12] Group 2 - The EU's pork industry is heavily reliant on exports to China, with annual export values reaching billions of euros, making the anti-dumping measures a significant threat to key EU member states like Spain and Denmark [6][14] - The rapid response from China, from diplomatic rebuttal to economic countermeasures, indicates a well-coordinated strategy to protect national interests while avoiding unnecessary ideological conflicts [12][15] - The broader implications of this incident highlight the importance of cooperation over confrontation in international relations, emphasizing the need for mutual respect and dialogue [10][17]

Investment Rating - Industry rating: Outperform the market (maintained rating) [7] Core Views - The report emphasizes the importance of the pig sector's expected differences, highlighting the current low prices and the potential for capacity reduction due to policy guidance and weak demand [11][12] - The dairy and beef sectors are seen as entering a new cycle, with opportunities arising from the recovery of raw milk prices and the initiation of a beef super cycle [13] - The pet industry is experiencing rapid growth, with domestic brands rising and export trends improving, indicating a robust pet economy [14] - The poultry sector faces challenges with breeding imports and demand fluctuations, suggesting a focus on self-breeding opportunities [16][19] - The planting sector is shifting towards biological breeding strategies to ensure food security, with a focus on increasing yields through improved seed technology [21] - The feed sector is recommended for investment due to market share growth and consistent performance, particularly in companies like Haida Group [22] Summary by Sections Pig Sector - As of September 6, the average price of pigs is 13.87 CNY/kg, up 0.73% from the previous week, while the price of piglets is at a new low of 324 CNY/head [11] - The report suggests focusing on undervalued companies with strong profitability, with leading firms like Muyuan Foods and Wens Foodstuffs highlighted for their market capitalization [12] Beef Sector - Raw milk prices are stabilizing, and the beef cycle may be starting, with a focus on companies that can leverage mother cow resources [13] Pet Sector - The domestic pet food market is growing, with significant sales increases noted, and companies like Guibao Pet and Zhongchong Co. are recommended for investment [14] Poultry Sector - The report highlights the uncertainty in breeding imports due to avian influenza outbreaks, with a recommendation to focus on self-breeding opportunities [16][17] - The yellow chicken market is expected to see price improvements due to demand increases in the second half of the year [19] Planting Sector - The focus is on achieving higher yields through biological breeding, with key recommendations for seed companies like Longping High-Tech and Dabeinong [21] Feed Sector - Haida Group is recommended for its increasing market share and consistent performance in the feed industry, with expectations of a market recovery [22]

Core Insights - The report by Zhiyan Consulting highlights the market price trends of live pigs in China, indicating a significant decline in prices as of mid-August 2025 compared to previous years [1] Price Trends - The market price for live pigs (External Three Yuan) in mid-August 2025 is reported at 13.8 yuan per kilogram, reflecting a year-on-year decrease of 33.97% and a month-on-month decrease of 0.72% [1] - The highest recorded price in the last five years was in mid-August 2020, reaching 37.4 yuan per ton [1]

Group 1: Real Estate Market - The real estate market is showing signs of decline, with new home transaction area in 100 key cities dropping by 40% year-on-year in the first half of 2025, and over 90 cities experiencing a continuous decline in second-hand home prices for seven months [3][5] - The average price of newly built residential properties in 300 cities was 15,872 yuan per square meter in the first half of 2025, reflecting a 1.3% decrease month-on-month and a 2.7% decrease year-on-year [5] - The oversupply of housing and stagnant income growth have led to a lack of confidence among buyers, with many investors opting to cash out as the myth of guaranteed profits in real estate fades [5] Group 2: Automotive Market - The automotive market is experiencing intense competition, with domestic brands reducing prices by 20,000 to 30,000 yuan, and even luxury imported cars offering discounts of 80,000 to 100,000 yuan [7] - In the first half of 2025, China's automotive production and sales reached 13.895 million and 13.768 million units respectively, indicating a significant shift from a seller's market to a buyer's market [7] - The automotive industry is facing overcapacity, with a utilization rate of approximately 66%, well below the reasonable threshold of 80% [7] Group 3: Small Appliances Market - The small appliances market has seen an overall price drop of 10-15% in the first half of 2025, with some brands offering promotions at half price [9] - The retail sales of small appliances reached 125.8 billion yuan in the first half of 2025, reflecting a year-on-year decline of 3.5% [9] - Consumers are becoming more pragmatic, focusing on practicality and durability rather than frequently upgrading to new models, influenced by rapid technological advancements [9] Group 4: Pork Market - Pork prices have significantly decreased, with current market prices ranging from 17 to 20 yuan per kilogram, down from previous highs of 40 yuan [10][11] - The decline in pork prices is attributed to the recovery of pig production capacity and relatively weak demand, with the national pig inventory increasing by 5.7% year-on-year as of June 2025 [10] - The wholesale price of pork in June 2025 was 21.5 yuan per kilogram, showing a month-on-month decrease of 6.8% and a year-on-year decrease of 12.3% [16]

证券代码：603363 证券简称：傲农生物 公告编号：2025-088 福建傲农生物科技集团股份有限公司 2025年8月养殖业务主要经营数据公告 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。 福建傲农生物科技集团股份有限公司（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 ■ 2025年8月末，公司生猪存栏60.51万头，同比增加19.39%，较2025年7月末增加6.50%，较2024年12月末 增加17.97%。 公司积极推动生猪养殖产能优化工作，合理调整养殖布局、规模与品种结构，后续将继续坚持"稳字当 头、持续降本"的策略，集中资源发展优势产能，务实经营发展目标，切实推进降本工作。 单位：万头 ■ 二、其他说明 本次披露的2025年8月养殖经营数据来自公司内部统计，未经审计，仅供投资者及时了解本公司养殖业 务生产经营概况，未对公司未来经营情况作出任何承诺或保证，敬请投资者审慎使用，注意投资风险。 特此公告。 福建傲农生物科技集团股份有限公司董事会 ...

Group 1 - The company sold 1.3378 million pigs in August 2025, representing a month-on-month increase of 2.71% and a year-on-year increase of 4.72% [2] - Revenue for August 2025 was 1.722 billion yuan, showing a month-on-month decrease of 4.45% and a year-on-year decrease of 30.73%, primarily due to a decline in sales prices [2] - The average selling price of commercial pigs was 13.54 yuan per kilogram, with a month-on-month decrease of 6.23% and a year-on-year decrease of 32.74%, significantly impacted by changes in the domestic pig market [2] Group 2 - The disclosed data only includes the company's pig breeding and sales situation, excluding other business activities [3] - The data provided is unaudited and may differ from figures in regular reports, serving as interim data for investor reference [3]

Investment Rating - The report assigns an "Accumulate" rating for the livestock industry, specifically the pig farming sector [5]. Core Insights - The report highlights profit growth, reduced debt, and increased dividends in the livestock sector, maintaining a positive outlook for the pig farming industry [3][4]. Summary by Sections Profit and Loss Statement: Revenue and Profit Growth - In Q2 2025, the average pig price was 14.59 CNY/kg, down 10.82% from 16.36 CNY/kg in the same period of 2024. Despite this, sales volume increased, indicating a volume-driven revenue impact [8]. - The total operating revenue for Q2 2025 reached 120.56 billion CNY, reflecting a year-on-year increase of 15.20% and a quarter-on-quarter increase of 9.85%. Improved breeding efficiency and survival rates contributed to a decrease in breeding costs, leading to profit enhancement. The net profit attributable to shareholders for Q2 2025 was 8.715 billion CNY, up 23.4% year-on-year and an increase of 785 million CNY from the previous quarter [9]. Balance Sheet: Debt Reduction and Slow Capital Expenditure - The total fixed assets reported were 232.541 billion CNY, a year-on-year increase of 0.97%, but a slight quarter-on-quarter decrease of 800 million CNY. Capital expenditure was 6.143 billion CNY, up 31.75% year-on-year but down approximately 700 million CNY quarter-on-quarter. The construction in progress decreased by 39.65% year-on-year [10]. - The average debt-to-asset ratio fell to 56.27% in Q2, a decrease of about 2 percentage points from Q1, primarily due to ongoing debt repayments. Short-term borrowings decreased to 74.143 billion CNY, down 11.03% year-on-year, while long-term borrowings fell to 39.529 billion CNY, a year-on-year decline of 28% [15]. Cash Flow Statement: Improvement in Cash Flow - The net cash flow from operating activities for Q2 2025 was 20.194 billion CNY, an increase of 6.616 billion CNY quarter-on-quarter, indicating a gradual improvement in cash flow alongside a reduction in debt ratio [20]. Dividend Growth - The report notes that with improved cash flow, reduced debt ratios, and favorable breeding profits, companies such as Muyuan Foods, Shennong Group, and Jingji Zhino are distributing dividends. The expectation is that as borrowing and debt ratios continue to decline, more companies in the industry will increase their dividends [24]. Recommended Stocks - The report recommends the following stocks in the livestock sector: - Muyuan Foods (Stock Code: 002714.SZ) - Wens Foodstuff Group (Stock Code: 300498.SZ) - Tian Kang Biological (Stock Code: 002100.SZ) - Shennong Group (Stock Code: 605296.SH) - Juxing Agriculture (Stock Code: 603477.SH) [26][27].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report Since late July, the live hog futures market has shifted from a "strong expectation - weak reality" state to a "weak reality - weak expectation" state, with the futures price declining under the drag of weak spot prices [2]. 3. Summary by Directory 3.1 Weak Reality Drags the Futures Price to Oscillate Lower In the past month, the live hog spot price has been oscillating lower. As of August 27, it dropped to the lowest level of the year at 13.6 yuan/kg. The live hog 2511 contract was dragged by the spot, and the previous premium on the futures side was squeezed [3]. 3.2 The Second Half of the Year Remains in the Period of Realizing Previous Production Capacity, with Ample Supply Yongyi sample data shows that the inventory of breeding sows increased by 0.07% month - on - month in August, with the growth rate slowing down compared to the previous month. Shanghai Steel Union data shows that the inventory of sample breeding sows decreased by 0.01% month - on - month in August. Overall, the supply of live hogs is expected to gradually increase in the second half of this year, as the inventory of breeding sows from November last year to February this year and the number of new - born piglets from March to June this year both indicate an increase in the theoretical slaughter volume of live hogs [6]. 3.3 The Enthusiasm for Secondary Fattening is Suppressed In the first half of the year, the secondary fattening group was in the replenishment stage, and the utilization rate of secondary fattening pens increased. Since July, due to the decline in the live hog spot price and the new low in August, the secondary fattening group has suffered losses. The current utilization rate of secondary fattening pens is still between 40% - 60%, which is expected to affect the later replenishment enthusiasm [11]. 3.4 Continue to Pay Attention to Policy Variables in the Medium and Long Term As of the end of July 2025, the officially announced inventory of breeding sows was 40.42 million heads, 3.6% higher than the normal inventory of 39 million heads proposed in 2024. The pig - grain ratio in large and medium - sized cities has fallen below 6:1 for the second consecutive week, and it is necessary to continue to pay attention to possible state reserve purchases [15].