Core Viewpoint - The CSI Modern Agriculture Theme Index has shown a mixed performance, with a recent decline despite a year-to-date increase, indicating volatility in the agricultural sector [1][2]. Group 1: Index Performance - The CSI Modern Agriculture Theme Index (CS Modern Agriculture, 930662) fell by 0.4% to 997.35 points, with a trading volume of 7.519 billion [1]. - Over the past month, the index has decreased by 5.59%, while it has increased by 5.31% over the last three months and by 1.82% year-to-date [1]. Group 2: Index Composition - The index comprises 30 listed companies involved in various agricultural sectors, including agricultural products, seed industry, feed, animal health and breeding, livestock products, fishery products, and agricultural machinery [1]. - The top ten holdings in the index are: Muyuan Foods (14.98%), Wens Foodstuff Group (14.78%), Haida Group (12.99%), New Hope Liuhe (6.27%), Meihua Holdings (6.23%), Dabeinong Technology Group (4.08%), Longping High-Tech (3.1%), Beidahuang (3.08%), Shennong Development (2.79%), and Hainan Rubber (2.29%) [1]. Group 3: Market Segmentation - The index's holdings are primarily listed on the Shenzhen Stock Exchange (74.03%) and the Shanghai Stock Exchange (25.97%) [1]. - In terms of industry composition, livestock products account for 39.61%, feed for 37.86%, agricultural products for 8.40%, seed industry for 7.29%, animal health and breeding for 5.99%, and agricultural machinery for 0.84% [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [2]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [2].

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the significant role of agricultural technology innovation in modernizing agriculture, emphasizing the importance of enhancing the innovation ecosystem and supporting agricultural self-sufficiency [11] - In the pig farming sector, the average price of pigs is currently fluctuating around 14.5-15 CNY/kg, with a slight decrease observed this week [12] - The report suggests that the commercialization of genetically modified crops will accelerate, which is expected to improve self-sufficiency in key varieties [11] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and other departments have issued an implementation opinion to enhance the agricultural technology innovation system, focusing on eight key tasks [11] - Companies like Beidahuang and Su-Kun Agricultural Development are expected to benefit from these initiatives [11] Pig Farming - The average price of external three yuan pigs is 14.80 CNY/kg, with a week-on-week change of -0.05% [12] - The number of breeding sows is 40.39 million, showing a slight decrease of 0.66% [12] - The report recommends focusing on companies with significant cost improvements and high future output elasticity, such as Jingji Zhino, Muyuan Foods, and Wens Foodstuff [12] Key Company Recommendations - Recommended companies in the planting sector include Longping High-Tech, Denghai Seeds, and Qianyuan High-Tech [11] - In the pig farming sector, companies like Muyuan Foods, Wens Foodstuff, and Haida Group are highlighted for their potential benefits [12] - The report also mentions companies in the animal health sector, such as Jinhai Biological and Zhongmu Co., which are expected to gain from market trends [12]

Group 1 - The company has successfully completed its initial public offering (IPO) by issuing 42 million shares at a price of RMB 17.95 per share, raising a total of RMB 753.90 million, with a net amount of RMB 682.92 million after deducting issuance costs [1] - The raised funds have been deposited into a special account for management, and the company has signed a regulatory agreement with the sponsor and the bank holding the funds to ensure proper oversight [2] - The company has established a fundraising management system and has strictly adhered to it, ensuring that the funds are stored in a dedicated account [2] Group 2 - As of the announcement date, the funds in the special account have been fully utilized, and the company has completed the account closure procedures [3] - Following the closure of the fundraising account, the regulatory agreement with the sponsor and the relevant banks has been terminated [3] - The company has approved the permanent allocation of surplus funds and interest income amounting to RMB 292,200 to supplement working capital, along with the cancellation of the corresponding fundraising account [2]

Investment Rating - The industry rating is "Recommended" [3] Core Insights - The report highlights the significant role of agricultural technology innovation in modernizing agriculture, emphasizing the need for a structured and collaborative innovation system [11] - The commercialization of genetically modified crops is expected to accelerate, enhancing self-sufficiency in key varieties [11] - In the pig farming sector, the average price of pigs is currently fluctuating around 14.5-15 CNY/kg, with a slight decrease observed [12] - The report suggests that while short-term consumer demand is recovering, supply remains relatively loose, but prices may exceed expectations in the second half of 2025 due to slow recovery in production capacity [12] Summary by Sections 1. Weekly Insights - The Ministry of Agriculture and other departments have issued an implementation opinion to enhance the agricultural technology innovation system, focusing on eight key tasks [11] - The report identifies potential beneficiaries in the planting sector, including Beidahuang and Su-Kun Agricultural Development, and recommends leading seed companies like Longping High-Tech and Dabeinong [11] 2. Pig Farming - The average price of external three yuan pigs is 14.80 CNY/kg, with a week-on-week change of -0.05% [12] - As of March 2025, the number of breeding sows in China is 40.39 million, a decrease of 0.66% from the previous month [12] - The report forecasts that pig prices may exceed expectations in the latter half of 2025 due to slow recovery in production capacity [12] 3. Key Company Recommendations - Recommended companies in the pig farming sector include Jingji Zhino, Muyuan Foods, and Wens Foodstuff [12] - In the feed sector, Haida Group is highlighted, while companies in the animal health sector such as Jinhai Biological, Bio-Stock, and Placo are expected to benefit [12] 4. Market Performance - The agricultural sector index increased by 0.99% during the week, with notable gains in the aquaculture and planting sectors [14] - The report provides detailed tracking of key agricultural product prices, including corn, wheat, and soybeans, indicating price trends and changes [24][27][38]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the pig price is expected to maintain fluctuations in the short term, with a slight increase in production capacity observed in April. The current pig price is 14.79 CNY/kg, with an average weight of 129.71 kg for market pigs [6][20] - The report suggests a shift from "cyclical thinking" to focusing on financial performance, emphasizing that the efficiency differences among companies are significant. It recommends focusing on leading companies in the pig farming sector, such as Muyuan Foods and Wens Foodstuff Group, due to their strong profit certainty in 2025 [7][21] - The poultry sector is experiencing a rebound in chicken prices, with the latest prices for broiler chickens at 7.46 CNY/kg and chick prices at 3.1 CNY each. The report indicates that the industry is facing quality issues with breeding stock, leading to a concentration of profits towards upstream sources [8][22] - In the feed sector, the report recommends Haida Group due to its cash flow turning point and overseas growth potential. The fish prices have shown positive trends, with various species experiencing year-on-year increases [9][23][24] - The pet industry is noted for its continuous growth, with sales data indicating a decline in some segments but strong performance from certain brands like MaiFudi and Fuleijiate. The report emphasizes the importance of domestic brands and their market performance [13][25][29] - The agricultural products sector is expected to see price increases due to reduced imports and a focus on domestic supply, with the report highlighting the importance of improving farmers' income through price adjustments [16][31] Summary by Sections 1. Pig Industry - Short-term pig prices are expected to fluctuate, with a current price of 14.79 CNY/kg and an average weight of 129.71 kg for market pigs. The production capacity is slightly increasing, with a total of 40.39 million breeding sows reported [6][20] - The report suggests that the overall supply of pigs is expected to be high, leading to a weak price outlook in the medium to long term [20][21] 2. Poultry Industry - Chicken prices are rebounding, with broiler prices at 7.46 CNY/kg and chick prices at 3.1 CNY each. The report indicates that the industry is facing quality issues with breeding stock, leading to a concentration of profits towards upstream sources [8][22] 3. Feed Industry - The report recommends Haida Group due to its cash flow turning point and overseas growth potential. Fish prices have shown positive trends, with various species experiencing year-on-year increases [9][23][24] 4. Pet Industry - The pet industry is noted for its continuous growth, with sales data indicating a decline in some segments but strong performance from certain brands like MaiFudi and Fuleijiate. The report emphasizes the importance of domestic brands and their market performance [13][25][29] 5. Agricultural Products - The agricultural products sector is expected to see price increases due to reduced imports and a focus on domestic supply, with the report highlighting the importance of improving farmers' income through price adjustments [16][31]

Core Insights - TianKang Biological (002100.SZ) reported a mixed performance in 2024, with revenue declining by 9.72% to 17.176 billion yuan, while net profit surged by 144.38% to 605 million yuan, reflecting a strategic shift in business focus amidst industry challenges [2][3] Revenue Breakdown - The feed business, a traditional pillar for TianKang, saw sales revenue drop by 17.67% to 5.345 billion yuan, accounting for 31.12% of total revenue, primarily due to weakened demand from the livestock sector and increased raw material price volatility [2] - In contrast, the pig farming and food processing segment became the largest revenue contributor with sales of 6.157 billion yuan, achieving an 11.11% year-on-year growth, driven by improved production efficiency and rising pig prices [3] Operational Efficiency - TianKang's pig farming segment achieved a record high gross margin in nearly four years, with a total of 3.0285 million pigs sold and a reduction in production costs from 15.99 yuan/kg at the beginning of the year to 13.12 yuan/kg by year-end, showcasing effective cost management [3] Strategic Initiatives - The company is exploring collaborative solutions across its supply chain, emphasizing the integration of feed, vaccines, and farming services to provide comprehensive support for livestock farmers [3]

Investment Rating - The report maintains a "Buy" rating for the agriculture, forestry, animal husbandry, and fishery industry [4] Core Views - The current pig price is on the rise, with the national average price for live pigs at 14.82 yuan/kg as of May 9, reflecting a week-on-week increase of 0.07% [28] - The average weight of pigs at slaughter has reached a new high since early 2023, indicating a potential turning point in inventory levels, which may lead to a phase of destocking in the industry [28][3] - The report highlights a significant differentiation in sales performance among listed companies, with some experiencing a decline in sales volume while others maintain growth [2][13] Summary by Sections Sales Volume - In April, the total number of pigs sold by 13 listed companies was 16.26 million heads, a decrease of 5.39% month-on-month but an increase of 39.69% year-on-year [2][14] - The average weight of slaughtered pigs has increased, with the average weight for April reported at 125.25 kg, up by 0.81 kg from the previous month [17][28] Sales Price - The report notes that the average selling price of pigs has remained stable, with most companies reporting price fluctuations within 3% [2][15] - The lowest average price was recorded at 14.32 yuan/kg by TianKang Biological, while the highest was 15.81 yuan/kg by DongRui Co [15][2] Inventory and Market Dynamics - The report indicates that the current inventory levels are high, and the demand has weakened post the May Day holiday, leading to increased pressure on pig sales in southern regions [28][3] - The report suggests that the industry may be entering a destocking phase as the willingness to sell fattened pigs decreases [28][3] Investment Recommendations - The report recommends focusing on companies such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture for the pig farming sector [3] - It also suggests monitoring companies in the feed and animal health sectors, such as Haida Group and Ruipu Biological, as their performance is expected to improve with the recovery of pig inventory levels [3]

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The pet sector continues to show high prosperity, driven by domestic substitution and consumption upgrades, leading to a dual increase in volume and price [1][2] - The industry is transitioning from "scale expansion" to "value creation," with leading companies shifting from "manufacturing" to "intelligent manufacturing" through formula innovation and precise demand capture [2][17] - The domestic pet food market remains strong, with a significant increase in sales and exports, indicating robust growth potential for domestic brands [2][17] Summary by Sections Pet Sector - The fifth TOPS Pet Expo in Shanghai showcased over 1,200 exhibitors and 8,000+ brands, reflecting strong growth momentum in the pet industry, with a 43% year-on-year increase in attendance [1][16] - Trends in pet food are shifting towards precision nutrition, with a focus on age-specific feeding and high-end production techniques [1][16] - Key recommended companies in the pet food sector include Guibao Pet, Zhongchong Co., Petty Co., and Lusi Co., with additional recommendations for pet medical and product companies [2][17] Swine Sector - As of May 10, the average price of live pigs was 14.90 yuan/kg, showing a slight decline, with production capacity continuing to grow [3][18] - The industry is facing a potential downturn in profitability due to weak demand and seasonal price declines [3][19] - Recommended companies include leading players such as Wens Foodstuffs and Muyuan Foods, with a focus on core assets [19] Poultry Sector - The white chicken segment is facing uncertainties in breeding imports, with a significant decline in the number of breeding stock updated [20][21] - The yellow chicken segment is expected to benefit from improved consumer demand, with stable prices observed [23] - Recommended companies include Shengnong Development and Lihua Co. for white chicken, and Wens Foodstuffs for yellow chicken [22][23] Planting Sector - The government emphasizes agricultural technology innovation and self-sufficiency in food security, with a focus on biological breeding [25][26] - Recommended companies in the seed sector include Longping High-Tech and Dabeinong, with additional focus on agricultural water-saving technologies [25][26] Feed and Animal Health Sector - Hai Da Group is highlighted for its market share growth and consistent performance in the feed sector [27] - The animal health sector is seeing new opportunities in pet health products, with recommended companies including KQ Bio and Zhongmu Co. [28]

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - Short-term consumption weakness has led to a slight decline in pig prices, but high prices for piglets and sows indicate optimistic expectations for the future [4][6] - The pig farming sector shows low valuation opportunities, while the pet sector continues to strengthen the logic of domestic brand rise [7][25] - The overall agricultural index underperformed the market by 0.93 percentage points during the week [29] Summary by Sections Weekly Observation - After the May Day holiday, consumer support was insufficient, leading to a slight decline in national pig prices. As of May 9, the average selling price of live pigs was 14.79 yuan/kg, down 0.02 yuan/kg week-on-week, a decrease of 0.14% [4][15] - The average daily slaughter volume of sample enterprises was 148,800 pigs, a decrease of 780 pigs from the previous week [4][15] Weekly Viewpoint - The pig sector shows low valuation opportunities, with the supply side not yet recovering to the levels of the same period in 2023. The demand side is supported by macro policies driving consumption recovery [25] - Recommended stocks include Muyuan Foods, Wens Foodstuff Group, Juxing Agriculture, Huadong Food, and Tiankang Biological [7][25] Market Performance (May 5-9) - The agricultural index rose by 0.99%, underperforming the market by 0.93 percentage points, with the fishery sector leading the gains [29][32] - Notable stock performances included *ST Jiawo (+13.47%), Guotou Zhonglu (+12.05%), and Xuelong Biological (+11.04%) [29][35] Price Tracking (May 5-9) - As of May 9, the national average price for live pigs was 14.82 yuan/kg, down 0.02 yuan/kg from the previous week. The average price for piglets was 36.87 yuan/kg, also down 0.01 yuan/kg [41] - The average profit for self-bred pigs was 84.33 yuan/head, a decrease of 0.72 yuan/head week-on-week [41] Key News (May 5-9) - Seven departments jointly issued an implementation opinion to enhance the overall effectiveness of the agricultural science and technology innovation system [36]

行业报告 | 行业研究周报 农林牧渔 证券研究报告 2025 年第 19 周周报：它博会归来，如何看宠物经济发展新趋势？ 1、宠物板块：高景气延续，国产替代与消费升级共筑量价双升 1）它博会看点：①今年关注度再上一层。第五届 TOPS 它博会于本周在上海国家会展中心开幕，展会以超 10 万平展览面积、1200 余家展商、8000+ 品牌缔造行业盛况，折射宠物赛道强劲增长动能。展会首日观众数同比激增 43%，创历史新高，核心数据验证行业扩容。②产品和工艺趋势变化：宠 物主粮精细化趋势显著，分龄分阶喂养成为核心升级方向：幼年期主打高蛋白、原生营养（麦富迪奶弗羊奶肉主粮系列），老年期聚焦肠胃调理、关节 养护（麦富迪老年犬粮）；工艺革新驱动高端化：低温烘焙成军备竞赛焦点（领先烘焙鲜肉猫粮、弗列加特鲜肉烘焙粮），鲜粮/湿粮赛道崛起（ZEAL 新西兰进口主食罐），国产技术迭代创新，行业从"粗放供给"迈向"精准营养+体验升级"新周期；③部分参展公司亮点：外资品牌如皇家、渴望、 爱肯拿，国产头部品牌如麦富迪、鲜朗、蓝氏，以及国产宠物用品公司天元宠物等齐聚展会，其中国产品牌表现较为亮眼——麦富迪它博会以"超级 工厂+天性数据研 ...