Group 1 - The core viewpoint emphasizes the importance of supporting enterprises through effective policy implementation and service initiatives to enhance economic development in Henan [1][3] - The "Two New" subsidy of 900,000 yuan provided to Haiyuan Fishery Technology Co., Ltd. is highlighted as a timely financial aid that addresses urgent production line transformation needs [1][2] - The proactive approach of local government officials, including face-to-face interactions with businesses to identify and resolve development challenges, is underscored [2][3] Group 2 - The Pingqiao Entrepreneurship Park has attracted 27 enterprises since its operation in 2011, creating over 600 jobs, but has faced significant development challenges since last year [2] - The local government has collected 13 types of requests from businesses, including financing and labor needs, and has successfully assisted companies in obtaining necessary approvals and funding [2][3] - Initiatives such as the "Public Service Code" and "Director at the Window" activities have been implemented to improve the business environment and streamline processes for enterprises [3]

Economic Overview - The economic analysis meeting in Heyuan highlighted that Lianping achieved a GDP of 5.356 billion, growing by 5.7%, surpassing the provincial and city averages of 4.2% [1] - Key economic indicators showed growth in agriculture, forestry, animal husbandry, and fishery with a total output value increase of 9.1% [1][10] - Industrial added value increased by 11.1%, and fixed asset investment rose by 8.0%, ranking first in the city [1][10] Agricultural Sector - Lianping's agricultural foundation is being strengthened, with a focus on increasing the output of the "Eagle Mouth Peach" to an expected 112,000 tons this season [3][4] - The county aims for a 6% growth in agricultural output value for the first three quarters, targeting 3.184 billion [3] - Livestock production is projected to increase by 18%, with specific targets for pig and poultry output [4][5] Industrial Development - The industrial sector's sustainable development relies on both existing and new enterprises, with a focus on stabilizing production in 18 companies facing reductions [6] - Lianping plans to achieve an industrial output value of over 1.45 billion, with efforts to optimize production processes in mining and other sectors [6][8] - The construction industry is expected to contribute 607 million in output value, with ongoing projects being closely monitored [7] Investment and Infrastructure - Fixed asset investment in Lianping is projected to reach 2.749 billion, with a focus on new projects to enhance investment success rates [8] - The county is actively pursuing 30 investment projects and aims to increase the number of registered enterprises [9] Consumer Market - The retail sector faced challenges due to seasonal demand fluctuations, but initiatives are being launched to boost consumption, including promotional events and partnerships with e-commerce platforms [9] - The county aims to increase the number of large-scale commercial enterprises by four by the end of the year [9] Summary of Key Economic Indicators - GDP: 5.356 billion, growth of 5.7% - Agricultural output: 1.629 billion, growth of 9.1% - Industrial added value: 1.272 billion, growth of 11.1% - Fixed asset investment: 2.749 billion, growth of 8.0% - Local public budget revenue: 361 million, growth of 3.3% - Tax revenue: 367 million, growth of 19.3% - Retail sales: 2.042 billion, growth of 2.7% [10]

研究所每月一期的金股是各券商综合研究实力与选股能力的集中体现。根据Wind统计，截至8月4日， 已有39家券商公布8月金股名单，东方财富成为本月机构关注度最高的个股，信息技术、材料、工业等 行业集中受到券商关注。 展望8月，多家券商仍看好A股市场整体表现，建议行业配置上重点围绕"反内卷"出清、半年报业绩增 速较高以及当前估值处于较低水平的方向布局，科技创新仍是投资主线。 东方财富获券商高度关注 从推荐机构数量来看，东方财富成为8月最热门标的，受到了国信证券、招商证券等7家机构的青睐。推 荐机构普遍认为，市场短期风险偏好回升有望延续，叠加市场活跃度抬升，利好东方财富经纪、信用、 代销业务业绩增长。此外，AI"妙想"大模型在B端和C端已有商业化落地，AI+金融战略深化有望驱动公 司业绩的长期增长。 此外，万华化学、沪电股份、大金重工分别获得了4家券商的青睐，中际旭创、中国化学、科锐国际、 新华保险、华友钴业、中芯国际等获得了3家券商推荐。从行业分布来看，8月券商金股主要集中在信息 技术、材料、工业、可选消费、医疗保健等领域。 | | 券商8月受股组合热门金股 | | | --- | --- | --- | | 证 ...

Core Insights - Heilongjiang Province will dispatch 907 provincial science and technology special commissioners in 2025 to support rural revitalization and promote local industries and agricultural enterprises [1] - The initiative aims to provide comprehensive technological and intellectual support for enhancing agriculture, beautifying rural areas, and increasing farmers' wealth [1] Group 1: Industry Development - The provincial science and technology special commissioners will focus on over 10 key sectors, including grain crops, economic crops, smart agricultural machinery, and ecological protection [1] - In Harbin, 132 special commissioners with experience in agricultural technology transfer have been selected to meet industry development needs [1] Group 2: Technological Innovations - The introduction of "Beidou Navigation + precision seeding machine" in counties like Bin County and Bayannur has reduced corn seeding error rates to ≤2% and saved seed usage by 15% [1] - New drip irrigation technology introduced in Daqing City is expected to achieve over 30% water savings and increase yield by 15% to 20% [2] Group 3: Agricultural Quality Improvement - The establishment of technology special teams in 10 counties aims to enhance the quality and efficiency of key agricultural sectors such as soybean production and beef processing [3] - The formation of a goose industry alliance in Suihua City is expected to improve survival rates of goslings and meet high-end market demands, projecting a sales increase of over 10% annually [3]

Core Viewpoint - The pig market is experiencing fluctuations, with prices rising briefly before falling again, indicating that the decline is the norm rather than the exception [2][3]. Group 1: Market Dynamics - The current pig market is focused on capacity reduction, with the government having intervened three times this year to address production capacity issues [3]. - Despite a temporary increase in prices at the beginning of August, the market could not sustain this due to ongoing capacity reduction efforts [3]. - There is significant bearish sentiment in the market, with concerns that prices may fall below 7 yuan per jin [3]. Group 2: Regional Price Disparities - The pig market shows a clear divergence, with southern regions maintaining higher prices (above 7.5 yuan per jin) compared to northern regions, which are experiencing significant price drops [5]. - The reduction in pig supply from the north, coupled with increased pressure from secondary fattening in the north, has led to a supply surplus and price declines in those areas [6][8]. - Southern regions have a higher dependency on pork consumption, which supports their prices, while northern consumption shows seasonal volatility [8]. Group 3: Future Demand and Seasonal Factors - Demand for pork is expected to rebound in the third quarter as weather conditions improve and major holidays approach, which typically boost consumption [9]. - The upcoming Mid-Autumn Festival and National Day, along with the winter holiday season, are anticipated to provide additional support for pork consumption [9]. Group 4: Pricing and Production Management - The rhythm of pig sales is crucial; even with an overall supply surplus, prices may not continuously decline if sales are managed effectively [10]. - Current production strategies do not indicate a panic sell-off, which could mitigate drastic price drops [10]. - Experts predict that while breeding profits may decrease, most producers are still operating near the cost threshold of 14 yuan per kilogram, suggesting that prices may hover around 7 yuan per jin without sustained drops below this level [12].

咨询业务资格：沪证监许可【2012】1515号 研报作者：罗鑫海 Z0021565 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关责任的权力。所有本报告中使用的商 ...

牧原股份公告，公司股东牧原集团将所持有的8266万股股权办理了质押展期手续，占其所持股份比例的 9.74%，占公司总股本比例的1.51%。展期后到期日为2027年8月1日，质权人为中信证券股份有限公 司，质押用途为融资。截至公告披露日，牧原集团持有公司8.49亿股，占总股本的15.54%，其中2.37亿 股已质押，占其所持股份比例的27.91%，占公司总股本比例的4.34%。 ...

Core Insights - The Agricultural and Rural Affairs Department reported price changes in livestock and feed markets for the week ending July 31, indicating a mixed trend in prices across various products [1][2]. Livestock Products - The average price of piglets was 35.07 yuan/kg, down 1.5% week-on-week and down 20.0% year-on-year [1]. - The average price of live pigs was 14.66 yuan/kg, down 1.3% week-on-week and down 24.5% year-on-year [1]. - The average price of pork was 25.21 yuan/kg, down 0.6% week-on-week and down 15.8% year-on-year [1]. - The average price of beef was 69.74 yuan/kg, unchanged week-on-week and up 1.8% year-on-year [2]. - The average price of lamb was 68.73 yuan/kg, down 0.1% week-on-week and down 2.4% year-on-year [2]. Poultry Products - The average price of eggs was 8.78 yuan/kg, up 1.7% week-on-week and down 18.5% year-on-year [1]. - The average price of chicken was 22.41 yuan/kg, up 0.1% week-on-week and down 5.4% year-on-year [1]. - The average price of broiler chicks was 3.79 yuan each, up 0.3% week-on-week and down 0.5% year-on-year [1]. - The average price of meat chicks was 3.20 yuan each, up 1.9% week-on-week and down 9.9% year-on-year [1]. Feed Prices - The average price of corn was 2.50 yuan/kg, unchanged week-on-week and down 3.1% year-on-year [2]. - The average price of soybean meal was 3.27 yuan/kg, down 0.6% week-on-week and down 6.3% year-on-year [2]. - The average price of fattening pig feed was 3.39 yuan/kg, unchanged week-on-week and down 4.0% year-on-year [2]. - The average price of broiler feed was 3.51 yuan/kg, down 0.3% week-on-week and down 3.3% year-on-year [2]. - The average price of layer feed was 3.23 yuan/kg, down 0.3% week-on-week and down 3.6% year-on-year [2].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The spot price of live pigs is expected to fluctuate and adjust. The supply of live pigs is likely to increase monthly until December, but significant and continuous price increases are unlikely due to sufficient supply. The positive and potentially strengthening fat - standard price difference may support the pig price by reducing the willingness of retail farmers to reduce the weight of pigs. For the LH2509 contract, if there are short positions, it is advisable to consider taking profits and staying on the sidelines for the time being [1]. Summary by Related Catalogs 1. Futures End - **主力合约基差情况**: This week, market sentiment cooled, and the main contract (LH2509) of live pigs weakened. On August 1st, 2025, the benchmark basis of the main contract was 375 yuan/ton [1][3][4]. - **各合约价格变化情况**: The prices of far - month contracts have corrected [6]. - **月间价差变化**: The inter - month price spreads are oscillating and adjusting [8][11]. 2. Spot End - **猪价与宰量**: This week, the slaughter volume increased steadily, and the pig price first declined and then rose [14]. - **区域价差**: The regional price differences are relatively reasonable [16]. - **肥标价差**: The fat - standard price difference is oscillating and adjusting as a whole. Attention should be paid to whether it can strengthen seasonally, which may reduce the market's willingness to reduce the weight of pigs or even prompt the market to increase the weight [18]. - **鲜销与毛白价差**: Terminal consumption is relatively stable year - on - year [20]. - **相关产品比价与鲜冻价差**: The cost - effectiveness of pork is average. The fresh - frozen price difference of No. 2 meat has weakened, and the cost - effectiveness of frozen products is lower than that of fresh products [22]. - **养殖利润**: The self - breeding and self - raising profit is still considerable, while the profit of purchasing piglets for fattening is slightly in the red [24]. - **出栏体重**: The average slaughter weight continued to decline this week. Attention should be paid to whether it can reach a level close to that of the same period last year [26]. 3. Capacity End - **能繁母猪存栏量**: At the end of June, the national inventory of reproductive sows was 40.43 million, with a month - on - month and year - on - year increase of 0.1%. The inventory of reproductive sows in relevant samples continued to increase [28]. - **母猪淘汰情况**: This week, the price of culled sows weakened. The slaughter volume of culled sows increased month - on - month in June but remained at a low level [30]. - **母猪生产效率与新生健仔数**: In June, the number of healthy newborn piglets decreased by 1.26% month - on - month, indicating that the number of slaughtered pigs in December this year will stop increasing and start to decline [32]. - **母猪、仔猪补栏积极性**: This week, the price of 15 - kg piglets was stable with a slight downward trend, and the price of 50 - kg binary sows was relatively stable [34]. 4. Slaughter End - **屠宰量与屠宰利润等**: The slaughter volume continued to increase month - on - month. In June, the slaughter volume of designated enterprises was 30.06 million, a month - on - month decrease of 6.5% and a year - on - year increase of 23.7%. The market will gradually enter the de - stocking stage, and the impact on pig prices will change from positive to neutral to negative [36]. 5. Import End - In June 2025, the pork import volume was about 90,000 tons, basically the same as the previous month. Currently, the scale of pork imports is limited, and its impact on domestic pig prices is relatively limited [39].

Report Industry Investment Ratings - **Macro Finance**: Both stock index and treasury bonds are rated as "Oscillating" [1][6] - **Black Building Materials**: Rebar is rated as "Temporarily on the sidelines", iron ore as "Oscillating", and coking coal and coke as "Oscillating" [1][8][10] - **Non - ferrous Metals**: Copper is rated as "Range trading or on the sidelines", aluminum as "Buy on dips after a pullback", nickel as "Short on rallies or on the sidelines", tin as "Range trading", gold as "Range trading", and silver as "Range trading" [1][12][14][19] - **Energy and Chemicals**: PVC, caustic soda, styrene, rubber, urea, and methanol are rated as "Oscillating"; polyolefin as "Wide - range oscillating"; soda ash's 09 contract as "Maintain short position" [1][23][25][28][33][34][36] - **Cotton and Textile Industry Chain**: Cotton and cotton yarn are rated as "Oscillating adjustment", apple and jujube as "Oscillating weakly" [1][38][39] - **Agricultural and Livestock**: Live pigs are rated as "Short on rallies", eggs as "Short on rallies", corn as "Range oscillating", soybean meal as "Limited upside", and oils as "High - level correction risk increasing" [1][40][42][44][46][48] Core Views - The report provides investment ratings and trading suggestions for various futures products based on market conditions, supply - demand relationships, and macro - economic factors. It also analyzes the influencing factors of each product's price movement, including macro - economic data, policy changes, and industry - specific events [1][6][8][12] Summary by Directory Macro Finance - **Stock Index**: Due to weak US non - farm payroll data, internal strife within the Fed, high domestic margin trading, and the approaching mid - report disclosure period, the stock index is expected to oscillate [6] - **Treasury Bonds**: After a volatile week, the market is tired, and the stock - bond seesaw effect is obvious. After the market shock and repair caused by anti - involution expectations and Politburo Meeting uncertainties end, treasury bonds are expected to oscillate [6] Black Building Materials - **Rebar**: The price oscillated weakly last Friday. With over - optimistic macro expectations cooling and balanced supply - demand, it is recommended to wait and see or conduct short - term trading [8] - **Iron Ore**: In July, the iron ore market first rose and then fell. With increasing overseas supply and expected decline in iron water demand, it is expected to oscillate strongly and can be used as a long - leg configuration when shorting other black varieties [8][9] - **Coking Coal and Coke**: Coking coal supply has disturbances, and demand has rigid support. Coke supply has limited increase, and demand is strong. Both are expected to oscillate, and short - term key factors need to be closely monitored [10][11] Non - ferrous Metals - **Copper**: Due to the Fed's stance divergence, weak US economic data, and domestic industry policies, copper supply has disturbances, but it is in the off - season, and overseas inventory may flow back. Copper is expected to oscillate weakly, with support at 77600 [12] - **Aluminum**: With rising bauxite prices in Guinea and changes in supply and demand of alumina and electrolytic aluminum, it is recommended to buy on dips after a pullback [14] - **Nickel**: In the medium - to - long term, the nickel industry has over - supply, and demand growth is limited. It is recommended to short on rallies, with a reference range of 118000 - 124000 yuan/ton for the main contract [19] - **Tin**: With improving tin ore supply and weak downstream demand, it is recommended for range trading, with a reference range of 250,000 - 272,000 yuan/ton for the 09 contract [20] - **Gold and Silver**: After the weak US non - farm payroll data, the market's expectation of a September interest rate cut has increased. However, considering the Fed's stance and concerns about the US fiscal situation, it is recommended to buy on dips after a pullback [21][22] Energy and Chemicals - **PVC**: With high upstream production pressure, uncertain export sustainability, and insufficient fundamental support, it is expected to oscillate in the short term, with the 09 contract focusing on 4950 - 5150 [23][24] - **Caustic Soda**: With high supply, rigid but slow - growing demand, and the influence of macro factors, it is expected to oscillate, with the 09 contract focusing on 2500 - 2600 [25][26] - **Styrene**: With limited fundamental positives and a warming macro - environment, it is expected to oscillate, focusing on 7200 - 7500 [28][29] - **Rubber**: With high raw material costs and inventory changes, rubber is expected to oscillate, with pressure at 15000 [30][32] - **Urea**: With a slight decrease in supply, increasing demand from compound fertilizer enterprises, and stable industrial demand, it is expected to first weaken and then strengthen, with support at 1700 - 1730 and pressure at 1820 - 1850 [33] - **Methanol**: With a slight increase in supply, stable demand from methanol - to - olefins, and weak traditional demand, it is expected to oscillate in the short term [34][35] - **Polyolefin**: Affected by macro factors and cost support, with weak demand in the off - season and slight inventory reduction, it is expected to correct in the short term, with the L2509 contract focusing on 7200 - 7500 and the PP2509 contract on 6900 - 7200 [35][36] - **Soda Ash**: With increasing supply and weak demand, the 09 contract is recommended to maintain a short position [36][37] Cotton and Textile Industry Chain - **Cotton and Cotton Yarn**: With an increase in global cotton production and consumption in the new season, and weak downstream consumption, it is expected to oscillate and adjust [38] - **Apple**: With slow apple shipments and normal new - fruit growth, prices are under pressure and are expected to oscillate weakly [38][39] - **Jujube**: With the growth of jujube trees in Xinjiang and changes in the market supply and demand in the sales area, it is expected to oscillate weakly in the short term [39] Agricultural and Livestock - **Live Pigs**: With increasing supply and weak demand, the futures are under pressure. It is recommended to short on rallies for the 11 and 01 contracts and pay attention to the 05 - 03 spread arbitrage [40][42] - **Eggs**: With short - term seasonal factors and long - term supply pressure, it is recommended to short on rallies for the 09 contract and go long on dips for the 12 and 01 contracts [42][44] - **Corn**: With short - term supply - demand games and long - term supply tightening, it is recommended for range trading and to pay attention to the 9 - 1 reverse spread arbitrage [44][45] - **Soybean Meal**: With sufficient supply in the short term and potential supply gaps in the long term, it is recommended to be cautious about going long in the short term and go long on dips in the long term [46][47] - **Oils**: With increasing short - term correction risks and limited correction amplitudes, it is recommended to take profits on existing long positions and pay attention to the soybean - palm oil 09 spread rebound strategy [48][52]