2025年5月7日，中国人民银行、金融监管总局和中国证监会联合发布关于支持发行科技创新债券有关事 宜的公告，支持金融机构、科技型企业、私募股权投资机构和创业投资机构发行科技创新债券。 根据相关要求，发行科技创新债的科技型企业，需满足以下条件之一：一是至少具备一项有关部门认定 的科技创新称号，如高新技术企业、"专精特新"中小企业、创新型中小企业、国家技术创新示范企业以 及制造业单项冠军企业等。二是在科技贷款支持名单内，如"科技创新再贷款" "创新积分制"白名单。 三是在科创板、创业板上市的科技类公司。四是形成核心技术和应用于主营业务，并能够产业化的发明 专利（含国防专利）合计30项以上，或者具有50项以上著作权的软件行业企业。五是经有关部门认定的 其他科技型企业。此外，科技型企业还可通过母公司发行科技创新债券，但募集资金的至少50%需用于 支持该科技型企业。 作为农业产业化国家重点龙头企业，牧原股份近年来持续推进科技创新赋能现代养猪产业，不断加大科 研投入，组建专业的研发团队，与高校等科研单位广泛开展合作，在饲料、猪舍、育种、疫病防控等多 个关键领域深入研究。 5月8日牧原股份即在上清所发布拟发行了3亿元科技创 ...

快评丨常态化防 控非洲猪瘟，不 该以牺牲员工健 康为代价_南方 +_南方plus 一筐筐蔬菜被浸 泡在消毒液中， 经过反复冲洗、 烹饪，最终经过 高温处理后送至 猪场员工手中 ——这是自2018 年非洲猪瘟暴发 以来，全国许多 规模化猪场推行 的员工餐食消毒 流程。但是，这 一流程也面临不 小的争议。"蔬 菜再怎么洗也有 消毒剂残留，吃 完经常拉肚 子。"曾在河北 某猪场工作四年 的朱先生告诉记 者，像他这样的 一线养殖员工， 每天都要食用这 些经过多重消毒 处理的食材。 虽然人类并不会 感染非洲猪瘟， 但如果猪场员工 有接触病猪或污 染环境后未彻底 消毒，人类就可 能通过衣物、鞋 子、车辆等携带 病毒，间接导致 猪群感染。这也 是北方大规模养 猪场对员工餐食 进行消毒的理由 和逻辑起点，至 于为什么在南方 的养猪场少见或 者没有出现，主 要是因为南方的 猪场多处于深山 老林，存在天然 的屏障，加上员 工人数不多，可 以种植果蔬自给 自足。 相关资料显示， 目前对非洲猪瘟 的预防还缺乏有 效的疫苗，非洲 猪瘟感染家猪和 野猪后，最急性 和急性病例死亡 率接近100%。 疫情暴发后，需 扑杀疫点以及周 边三公里 ...

Economic Overview - China's economy is expected to enter a state of structural deflation by 2025, while prices of essential goods such as cooking oil, paper products, cigarettes, and toiletries are rising, leading to increased living costs for consumers [1] - Many individuals are experiencing stagnant or declining wages, exacerbating the perception of rising living expenses [1] Real Estate Market - The downward trend in housing prices is anticipated to continue, with a reported 1.51% cumulative decline in second-hand residential prices across 100 cities in Q1, and a year-on-year drop of 7.29% [4] - The average price of second-hand homes is currently at 13,988 yuan per square meter, with further declines expected as new and second-hand housing supply increases [4] - Factors contributing to the long-term adjustment in housing prices include oversupply in the market, reduced household incomes, and the loss of speculative investment appeal in real estate [4] Automotive Industry - A price war is emerging in the automotive sector, with significant discounts being offered across both domestic and imported brands, with reductions of 20,000 to 30,000 yuan for regular brands and 80,000 to 100,000 yuan for high-end brands [7][8] - The decline in consumer demand, driven by reduced incomes and job losses, is leading to increased inventory pressure in the automotive market [7] - The entry of technology companies into the automotive space has intensified competition, further pushing manufacturers to lower prices to clear stock [8] Small Appliances Market - The small appliance sector has been experiencing a price decline of 10% to 15% since last year, with expectations for further reductions as the market adjusts [10] - Rapid technological advancements and the introduction of new models are prompting manufacturers to discount older models to clear inventory [10] - Consumer behavior has shifted towards retaining existing appliances, leading to a decrease in demand for new purchases [10] Pork Market - Pork prices have significantly decreased, currently ranging from 17 to 20 yuan per kilogram, down from a peak of 40 yuan per kilogram in previous years [12] - The oversupply in the pork market is attributed to increased production following previous high prices, alongside changing consumer preferences towards healthier protein sources [12] - Reduced household incomes are also contributing to lower demand for pork, further driving down prices [12]

每经记者 胥帅 每经编辑 董兴生 牧原股份表示，业绩同比增长原因主要为报告期内生猪出栏量、生猪销售均价较去年同期上升，叠加养 殖成本的持续下降。 4月24日，养猪龙头牧原股份（002714.SZ，股价40.52元，市值2213.51亿元）发布2025年一季度报告。 今年第一季度，公司实现营业收入360.61亿元，同比增长37.26%；实现净利润46.19亿元，同比增长 287.87%。 当日晚间，公司首席财务官高曈和董秘秦军出席了财报电话会，进一步向外界回应养殖成本、"出海"战 略等备受关注的问题。 高曈在电话会上表示，今年一季度，公司成本下降空间符合预期，也符合公司现在的管理水平。公司对 未来的成本持续下降也有信心，猪群业绩持续改善是最强的信心来源。同时，他也提到今年的猪价走 势，对今年下半年的猪价预期感到乐观。 "600元成本空间已经挖潜了400元" 公告显示，牧原股份第一季度实现营业收入360.61亿元，同比增长37.26%；实现净利润46.19亿元，同 比增长287.87%；实现归母净利润44.91亿元，同比增加288.79%。 当日晚间，牧原股份召开电话会，介绍了一些具体的养殖数据，第一季度销售生猪 ...

Group 1 - The core point of the article is that Muyuan Foods has announced its plan to launch an IPO in Hong Kong, aiming to enhance its international strategy and expand future growth opportunities [1][3][5] - The company plans to issue H-shares not exceeding 8% of its total share capital post-issuance, with an overallotment option of up to 15% [1][3] - The funds raised from the IPO will be used to further advance the company's international strategy, research and development, and operational purposes [3][5] Group 2 - Muyuan Foods has been actively exploring overseas markets, particularly in Vietnam, where it has established a wholly-owned subsidiary and signed strategic cooperation agreements [2][4] - The company has a significant market presence in China, accounting for over 10% of the national pig output, and is shifting its operational strategy towards internal optimization [5] - In 2024, Muyuan Foods plans to slaughter approximately 71.6 million pigs, with projections for 2025 ranging from 72 million to 78 million [5] Group 3 - The demand for pork in Southeast Asia, particularly in Vietnam, is robust, with pork accounting for 62.1% of the total livestock meat production [6] - The population of Vietnam reached 100.3 million in 2023, indicating a strong market potential for pork products [6]

Summary of the Conference Call for Wan Zhou International & Shuanghui Development Industry and Company Overview - The conference call primarily discusses the performance and outlook of Wan Zhou International and Shuanghui Development in the meat processing industry, particularly focusing on the U.S. market and its various business segments [1][4]. Key Points and Arguments 2025 Business Outlook - Wan Zhou International anticipates growth in its U.S. pork business in 2025 despite rising hog prices, as production costs are expected to decrease. The company expects the hog farming segment to remain profitable due to favorable futures market conditions [3][4]. - The meat processing segment will face cost pressures but will respond through formula pricing adjustments, increasing self-owned capacity, and cost-saving measures [3][4]. - The company plans to reduce upstream capacity, with hog output expected to decrease from 17.5 million heads to 11.5 million heads, aiming for a future target of around 10 million heads [3][7]. Market Conditions - The U.S. protein supply shortage has led to high beef and chicken prices, which is expected to positively impact the sales of pork and its products in 2025 [5][4]. - The company will optimize production processes and enhance operational efficiency to improve profitability [5][4]. Strategic Developments - Wan Zhou International successfully listed Smithfield, leveraging capital markets for expansion and enhancing investor confidence through increased transparency [8][4]. - The company is focusing on industrialization, diversification, internationalization, and digitalization, with plans to compress hog farming scale and reduce the ratio of hog farming to slaughtering operations to below 30% [9][10]. Dividend Policy - The dividend payout ratio has been adjusted from 30% to 50%, with a commitment to maintain this policy based on operational performance and cash flow [11][4]. Shuanghui Development's Growth Plans - Shuanghui Development expects to increase its network by over 10% in 2025, adding more than 200,000 outlets, with a focus on expanding new sales channels [12][4]. - The company plans to enhance its channel strategy by filling gaps in existing channels and expanding into new ones, with expectations that new channels will account for over 20% of total sales by 2026 [13][4]. Operational Adjustments - Shuanghui Development has implemented a more targeted performance assessment mechanism for its sales teams, focusing on individual and team performance linked to specific product categories [6][4]. - The company anticipates a significant increase in personnel dedicated to meat products, reflecting a 50% increase in workforce in this area [14][4]. Pricing and Market Trends - The average pork price in 2025 is expected to be lower than in 2024, with a projected decline of approximately 2 yuan from last year's average of 17 yuan [24][4]. - The U.S. market is expected to see stable growth, with feed prices declining and pork prices rising, while product sales are also anticipated to increase [25][4]. European Market Insights - The European market is expected to see a decline in hog prices due to increased supply, benefiting the slaughtering industry but reducing profitability in hog farming [18][4]. Export Dynamics - Clearfield's export business to Mexico and Canada is significant, with Mexico accounting for a larger share. The company plans to increase high-value product exports to mitigate the impact of tariffs [19][4]. Additional Important Information - The company is focusing on technological upgrades and innovations, including the introduction of AI, to enhance the competitiveness of the traditional meat industry [10][4]. - The overall strategy includes maintaining a strong position in the U.S. slaughtering and meat processing sectors while optimizing business operations through mergers and acquisitions [18][4].

长按即可免费加入哦 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：青蓝投资之路 来源：雪球 一 、 回购少数股东权益 每次发财报的时候我都会提 ， 回购少数股东权益目前是对股东最大的好处 ， 比回购 、 分红 、 偿还债务降低资产负债率都要好 。 牧原也是按照最有利股东去做的 ， 分红75亿元 、 回购10亿 元 ， 回购少数股东权益花了105亿元 ， 比分红和回购多了很多 ， 这几项牧原做的每一件事都是 我非常认同的 。 这三项加起来190亿元 ， 与净利润一样了 ， 比归属于上市公司的股东利润还多 ， 也就是牧原把 所有的利润都拿来回馈了股东 ， 这一点也不是每个看都能看到的 。 即使把利润都拿出来分红 ， 照样不影响牧原的缓慢发展 ， 折旧140亿元 ， 而资本支出只有124亿元 ， 而这124亿元里面用于 维持的只有40亿元 ， 说牧原折旧激进隐藏了利润 ， 这不很明白么 。 我们大概看一下回购的这些少数股东权益资产 ， 账面净资产65亿元 ， 花了105亿元 ， 溢价40亿 元 ， 市净率1.6 ， 比市场上买牧原便宜很多了 ， 而且越往后就要花更大的代 ...

证券研究报告 牧原股份 (002714 CH) 2024 年养猪增出栏降成本，屠宰逐步扭亏 养殖端，2024 年公司销售生猪 7160 万头、同比+12%，其中商品猪 6548 万头。受益于猪价上涨+公司降本效果明显，2024 年牧原生猪头均盈利约 259 元（行业平均约 170 元），我们估算育肥完全成本约 14 元/公斤。Q4 出栏生猪 2146 万头，同比+28%、环比+21%，猪价虽在 Q4 环比略有下滑， 但公司育肥完全成本亦明显改善至约 13.2 元/公斤，支撑公司生猪头均盈利 维持在 349 元的高位（行业平均约 218 元）。屠宰端，2024 年公司屠宰生 猪 1278 万头、同比小幅减少，但公司持续优化客户结构与产品结构、提升 运营质量，头均亏损下降至 50 元左右，并在 2024 年 12 月实现单月盈利。 年底延续高分红回报股东，2025 年或延续高质量成长 公司同步公告了 2024 年度利润分配方案及 2025 年中期分红规划。2024 年 拟向全体股东每 10 股派发现金红利 5.72 元、分红总额 31 亿元，叠加前三 季度已分红 45 亿元、2024 年度股份回购金额 10 亿元 ...