（文章来源：证券日报） 证券日报网讯 8月1日晚间，牧原股份发布公告称，截至2025年7月31日，公司通过股份回购专用证券账 户以集中竞价方式累计回购公司股份5，363.12万股，占公司目前总股本的0.98%。 ...

Core Viewpoint - The company, 罗牛山, stated that as of July 31, 2025, the total number of shareholders is expected to be approximately 96,700 [1] Summary by Relevant Categories - **Shareholder Information** - The company anticipates that the total number of shareholders will be around 96,700 by the end of July 2025 [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Short - term: Under the guidance of the Ministry of Agriculture for orderly slaughter, some enterprises' early slaughter and the release of previously second - fattened pigs increase supply pressure. However, the considerable spread between standard and fat pigs and farmers' reluctance to sell support the bottom of pig prices [4]. - Medium - term: Piglets showed an increasing trend from January to June, so the second half of 2025 is expected to see an increase in the pig market, and over - optimism should be avoided [4]. - Long - term: The "anti - involution" process takes time. If capacity control measures are implemented, the number of pig slaughter is expected to decline in about ten months, which may push up far - month pig prices [4]. 3. Summary by Related Catalogs 3.1 Spot Performance - Pig prices: The national average pig price decreased by 0.94 yuan to 14.14 yuan/kg this month. Prices in various regions also declined [3][9]. - Sow prices: The average spot price of culled sows decreased by 0.78 yuan to 10.29 yuan/kg, and the average price of 50kg binary sows decreased by 0.95 yuan to 1,641.3 yuan/head [3][11]. - Piglet prices: The average price of 7kg piglets remained stable at 444.76 yuan/head, while the average price of 15kg piglets decreased by 48.27 yuan to 468.55 yuan/head [3][13]. 3.2 Key Data - Spot prices: Most prices showed changes, such as the national average price of 15kg piglets decreasing by 0.27 yuan to 36.37 yuan/kg [7]. - Short - term supply: The national pig inventory increased by 7160 thousand heads to 424470 thousand heads, and the average slaughter weight increased by 0.18 kg to 123.67 kg [7]. - Medium - term supply: The number of piglet births increased by 10.63 thousand heads to 554.02 thousand heads, and the survival rate remained at 92.7% [7]. - Long - term supply: The inventory of breeding sows increased by 10 thousand heads to 40430 thousand heads, and the culling volume of breeding sows increased by 3296 heads to 109413 heads [7]. - Demand side: The national pig slaughter rate increased by 0.05% to 26.8%, and the Shanghai Xijiao white - striped meat arrival volume decreased by 1100 heads to 5600 heads [7]. - Policy: The national pig - grain ratio decreased by 0.03 to 5.8 [7]. - Cost: The total cost of purchasing piglets increased by 16.32 yuan to 1719.30 yuan/head, and the self - breeding cost decreased by 7.68 yuan to 1585.76 yuan/head [7]. - Profit: The self - breeding profit increased by 0.57 yuan to 29.21 yuan/head, and the profit of purchasing piglets decreased by 0.43 yuan to - 193.12 yuan/head [7]. 3.3 Short - term Supply - Inventory and slaughter: The official inventory in June was 424470 thousand heads, and the planned slaughter of sample enterprises in July increased. The average slaughter weight increased, and the post - slaughter weight of white - striped pigs decreased [23]. - Speculation: The spread between standard and fat pigs widened, and the proportion of large pigs remained at a high level [25]. 3.4 Medium - term Supply - Piglets: In June, the piglet survival rate remained stable, the number of piglet births increased, and the piglet feed sales increased slightly. The pig supply in Q4 2025 is expected to be high [30]. 3.5 Long - term Supply - Breeding sows: In June, the inventory of breeding sows increased, the culling volume increased slightly, and the average number of healthy piglets per litter decreased slightly [32]. 3.6 Demand - Slaughter and sales: Affected by the off - season, demand was weak. The slaughter rate increased slightly, the fresh - sales rate decreased, the daily slaughter volume decreased, and the slaughter profit increased [37]. 3.7 Cost Analysis - Feed: The corn price decreased, and the soybean meal price increased [44]. - Pigs: The cost of purchasing piglets and self - breeding both decreased [46]. 3.8 Breeding Profit - Pigs: The self - breeding profit decreased, and the profit of purchasing piglets decreased further [48]. 3.9 Price Ratio - The national pig - grain ratio decreased, and the piglet feed - to - meat ratio remained high [50].

牧原股份回购进展公告要点解读 回购方案概述 回购金额：30-40亿元 回购价格上限：57.22元/股（权益分派后调整） 预计回购股数：5,242.92-6,990.56万股，占总股本0.96%-1.28% 回购用途：员工持股计划或股权激励计划 首次回购时间：2024年10月18日 合规情况 公司回购操作符合相关法律法规要求，未在敏感期间进行回购，集中竞价交易方式合规。 截至2025年7月31日： 已回购股数：5,363.12万股，占总股本0.98% 成交价格区间：36.16-46.20元/股 累计成交金额：215,973.68万元（不含交易费用） 实施期限：董事会通过之日起12个月内 最新回购进展 ...

Market Overview - On the first trading day of August, the three major indices experienced slight declines, with the Shanghai Composite Index down 0.37%, the Shenzhen Component Index down 0.17%, and the ChiNext Index down 0.24% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.60 trillion yuan, a decrease of 337.7 billion yuan compared to the previous trading day [1] - In July, the A-share market showed an upward trend, with the Shanghai Composite Index rising 3.74%, the Shenzhen Component Index rising 5.20%, and the ChiNext Index rising 8.14% [1] Liquidity and Market Sentiment - Liquidity has played a significant supporting role, and the A-share market is expected to rise after a period of consolidation [2][3] - Multiple institutions believe that the market's upward movement is supported by both policy and liquidity, with a focus on the gradual improvement of risk appetite [3] - The market is likely to experience a consolidation phase before transitioning to a space trading phase, as investors digest short-term profits [3] Industry Performance - In July, 28 out of 31 primary industries saw gains, with the top three performing sectors being steel (up 16.76%), pharmaceuticals (up 13.93%), and building materials (up 13.36%) [1] - The banking sector experienced the largest decline at -1.95%, followed by public utilities at -0.77% and transportation at -0.22% [1] Investment Strategies - Institutions recommend focusing on sectors benefiting from "anti-involution" policies and performance improvements, such as coal, steel, photovoltaics, and building materials [4] - There is also a positive outlook on technology growth sectors, including AI applications, computing power, and infrastructure [4] Recommended Stocks - Dongfang Caifu (300059.SZ) was highlighted as a top pick, receiving six recommendations from various brokerages due to its strong performance in brokerage and fund distribution businesses [6][7] - Other stocks with multiple recommendations include Dongpeng Beverage (605499.SH), Luoyang Molybdenum (603993.SH), Wanhua Chemical (600309.SH), Muyuan Foods (002714.SZ), and Daikin Heavy Industries (002487.SZ), each receiving three recommendations [6][9][10][12][13]

格隆汇8月1日丨牧原股份(002714.SZ)公布，截至2025年7月31日，公司通过股份回购专用证券账户以集 中竞价方式累计回购公司股份5,363.12万股，占公司目前总股本的0.98%，最高成交价为46.20元/股，最 低成交价为36.16元/股，成交总额为21.597亿元(不含交易费用)。 ...

格隆汇8月1日｜牧原股份公告，公司于近日收到中国证券监督管理委员会于2025年7月25日出具的《关 于同意牧原食品股份有限公司向专业投资者公开发行公司债券注册的批复》，证监会同意公司向专业投 资者公开发行面值总额不超过50亿元公司债券的注册申请。批复自同意注册之日起24个月内有效，公司 在注册有效期内可以分期发行公司债券。 ...

Core Viewpoint - The company reported a significant decline in net profit for 1H25, aligning with market expectations, primarily due to low prices for chicken and chick sales [1] Financial Performance - 1H25 revenue was 1.32 billion yuan, with a net profit of 6 million yuan, representing year-on-year changes of -4.0% and -96.6% respectively [1] - In 2Q25, revenue reached 698 million yuan, with a net profit of 1.9 million yuan, showing year-on-year changes of +1.4% and -73.8% respectively [1] Sales and Pricing Trends - The company sold 320 million white feather broiler chicks in 1H25, a year-on-year increase of 15.7%, but revenue decreased by 18.6% to 850 million yuan due to a 29.8% drop in average price to 2.7 yuan per chick [2] - Sales of "Yisheng 909" chicks were 46 million, with revenue of 43 million yuan, reflecting a year-on-year decrease of 25.3% [2] - The company sold 38,000 breeding pigs, a significant increase of 354.9%, with revenue of 90 million yuan, up 296.5% [2] Profitability Analysis - The gross margin for 1H25 was 11.8%, down 15.4 percentage points year-on-year, primarily due to falling chick prices [3] - The expense ratios for sales, management, and financial costs were 1.4%, 9.3%, and 0.6% respectively, with changes in financial costs attributed to increased interest income [3] - The net profit margin decreased by 12.8 percentage points to 0.5% [3] Future Outlook - Chick prices remain under pressure, with a reported price of 1.93 yuan per chick as of July 25, down 37% year-on-year [3] - The company is expanding breeding capacity and product sales, including "Yisheng 909" and breeding pigs, while also implementing an employee stock ownership plan to strengthen long-term development [3] Earnings Forecast and Valuation - The net profit forecast for 2025 has been reduced by 37% to 295 million yuan, while the 2026 forecast remains at 620 million yuan [4] - The current stock price corresponds to P/E ratios of 33 and 16 for 2025 and 2026, respectively, with a target price of 10.0 yuan indicating a 13% upside potential [4]

Summary of Key Points Core Viewpoint - The prices of grains, edible oils, and livestock in Qingdao remain stable, with a slight decrease in pig prices and a continued rise in egg prices. Grain Prices - The average price of first-grade long-grain rice is 3.28 yuan per 500 grams, unchanged from last week, up 1.23% from last month, and down 1.71% year-on-year [2] - The average price of special-grade flour is 2.36 yuan, down 0.30% from last week, down 1.78% from last month, and down 0.72% year-on-year [2] - The average price of medium wheat is 1.18 yuan, unchanged from last week, down 0.84% from last month, and down 3.28% year-on-year [2] - The average price of medium corn is 1.19 yuan, unchanged from last week, up 0.85% from last month, and down 0.83% year-on-year [2] Edible Oil and Oilseed Prices - The average price of 5-liter bottled peanut oil is 133.10 yuan, stable compared to last week, down 0.08% from last month, and down 2.13% year-on-year [3] - The average price of 5-liter bottled soybean oil is 59.50 yuan, unchanged from last week, up 0.17% from last month, and down 2.46% year-on-year [3] - The average price of soybeans is 4.34 yuan, stable compared to last week, down 0.23% from last month, and down 2.91% year-on-year [3] - The average price of peanuts is 7.43 yuan, unchanged from last week, up 2.20% from last month, and up 0.41% year-on-year [3] Livestock Prices - The average price of live pigs is 7.30 yuan, down 1.39% from last week, up 0.51% from last month, and down 25.07% year-on-year [4] - The average price of pork belly is 15.60 yuan, stable compared to last week, up 2.25% from last month, and down 11.71% year-on-year [4] - The average price of lean pork is 15.85 yuan, down 0.09% from last week, up 2.07% from last month, and down 11.29% year-on-year [4] - The average price of beef is 37.40 yuan, down 0.15% from last week, down 1.06% from last month, and up 2.19% year-on-year [4] - The average price of lamb is 41.69 yuan, up 0.04% from last week, down 0.03% from last month, and down 4.54% year-on-year [4] Egg Prices - The average price of eggs is 3.82 yuan, up 5.52% from last week, up 10.13% from last month, and down 21.80% year-on-year [5] - The highest price for eggs this week is 4.10 yuan, and the lowest is 3.55 yuan [5] Vegetable Prices - The average wholesale price of vegetables in major markets is 2.09 yuan, unchanged from last week, up 2.20% from last month, and down 14.63% year-on-year [6] - The average retail price of 19 vegetable varieties is 3.75 yuan, down 0.27% from last week, up 8.70% from last month, and down 14.97% year-on-year [6] - Among the 19 vegetable varieties, 6 prices increased, 3 decreased, and 10 remained stable [6]

农产品日报 | 2025-08-01 关注集团厂出栏节奏，猪价震荡运行 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2509合约14075元/吨，较前交易日变动+0.00元/吨，幅度+0.00%。现货方面，河南地区 外三元生猪价格14.08元/公斤，较前交易日变动+0.27元/公斤，现货基差 LH09+5，较前交易日变动+270；江苏地 区外三元生猪价格 14.22元/公斤，较前交易日变动+0.20元/公斤，现货基差LH09+145，较前交易日变动+200；四 川地区外三元生猪价格13.48元/公斤，较前交易日变动+0.16元/公斤，现货基差LH09-595，较前交易日变动+160。 据农业农村部监测，7月31日"农产品批发价格200指数"为112.92，比昨天上升0.06个点，"菜篮子"产品批发价格指 数为112.95，比昨天上升0.07个点。全国农产品批发市场猪肉平均价格为20.45元/公斤，比昨天下降1.1%；牛肉63.97 元/公斤，比昨天下降0.2%；羊肉59.72元/公斤，与昨天持平；鸡蛋7.68元/公斤，与昨天持平；白条鸡17.36元/公斤， 比昨天上升2.8%。 市场分析 综合来看， ...