中邮证券指出，自5月份以来，生猪行业"反内卷"持续加码，农业部、发改委、行业协会等多方多次召 开会议，围绕"控产能、降体重、限二育"精准发力。随着政策执行力度的进一步加大，叠加近期猪价已 进入亏损区间，预计四季度行业产能去化将有所加速，明年下半年猪价有望迎来新一轮上行趋势。 从估值方面来看，当前农牧渔板块估值水平仍处相对低位，当前或为板块较好配置时机。数据显示，截 至昨日（10月23日）收盘，全市场首只农牧渔ETF（159275）标的指数中证全指农牧渔指数市净率为 2.54倍，位于近10年来25.49%分位点的位置，中长期配置性价比凸显。 近日，农牧渔板块持续调整，资金却频频借道板块相关ETF布局农牧渔板块。交易所数据显示，截至昨 日（10月23日），自9月29日起，农牧渔板块相关ETF累计吸金额接近20亿元。 消息面上，农业农村部于10月21日召开全国粮油作物大面积单产提升会议，强调推进技术集成和高性能 农机应用，重点支持转基因技术推广以提升粮食单产，相关种业及种植企业有望受益。 此外，9月猪企销售月报出炉，上市猪企收入整体下滑。 根据牧原股份、温氏股份、新希望等18家上市猪企销售月报统计发现，9月份上市猪 ...

（编辑 王雪儿） 证券日报网讯 益生股份9月5日在互动平台回答投资者提问时表示，公司饲养的鸡主要为大型白羽肉种 鸡，晓鸣股份饲养的鸡为蛋鸡，白羽肉鸡和蛋鸡属于不同的细分市场，各有自己的市场行情，目前公司 商品代白羽肉鸡苗报价为4元/只，公司鸡苗报价详情请关注公司微信公众号-微官网-行情资讯栏目。 ...

Core Viewpoint - The article highlights the successful rural revitalization efforts in Jiangxi Province, driven by China People's Insurance Group (CPIC), which has transformed traditional agricultural practices into sustainable and profitable models through industry support, technological empowerment, and innovative mechanisms [1] Group 1: Asparagus Industry Development - The asparagus industry in Nancun has been developed as a demonstration project, with CPIC investing 3 million yuan to establish a modern asparagus industry park covering 500 acres, including greenhouses and cold storage facilities [2][3] - The innovative "enterprise + cooperative + farmer" model has enabled over 200 farmers to achieve an average annual income increase of over 30,000 yuan through land leasing and employment opportunities [3] - The asparagus products have successfully entered high-end markets, with monthly sales exceeding 500,000 yuan during peak production periods, establishing the "Lian Asparagus" brand [3] Group 2: Grape Industry Transformation - CPIC initiated grape cultivation in Hongjiang Town in 2002, investing nearly 20 million yuan over 20 years to develop the local grape industry, which now spans over 58,000 acres and generates an annual output value of approximately 500 million yuan [4][5] - The company has provided comprehensive insurance coverage for grape growers, amounting to over 75 million yuan, ensuring financial security against risks in planting, pricing, and transportation [4] - The cooperative model has also been applied to support other local industries, such as egg production and honey pomelo cultivation, significantly increasing farmers' incomes and enhancing the overall agricultural landscape in the region [5]

Core Viewpoint - Xiaoming Co., Ltd. reported significant growth in its financial performance for the first half of 2025, with total revenue reaching 752 million yuan, a year-on-year increase of 93.65%, and a net profit of 185 million yuan, up 733.34% compared to the previous year [1][3]. Financial Performance Summary - Total revenue for the first half of 2025 was 752 million yuan, up from 388 million yuan in the same period of 2024, reflecting a growth rate of 93.65% [1][3]. - Net profit for the first half of 2025 was 185 million yuan, compared to a loss of 29.17 million yuan in the previous year, marking a substantial increase of 733.34% [1][3]. - Gross profit margin improved to 34.0%, a significant increase of 1262.03% year-on-year, while net profit margin reached 24.57%, up 427.06% [1][3]. - Total expenses (selling, administrative, and financial) amounted to 60.53 million yuan, accounting for 8.05% of revenue, a decrease of 35.81% compared to the previous year [1][3]. Cash Flow and Debt Management - Operating cash flow per share increased to 1.19 yuan, a rise of 276.22% year-on-year, indicating improved cash generation capabilities [1][9]. - The company reduced its interest-bearing liabilities to 592 million yuan, down 17.98% from the previous year [1][7]. Cost and Expense Analysis - Operating costs increased by 31.08%, primarily due to higher sales volumes [4]. - Selling expenses rose by 60.76%, attributed to increased sales volume and higher salaries [5]. - Administrative expenses increased by 53.66%, driven by higher salaries and costs related to meetings and brand development [6]. - Financial expenses decreased by 27.45%, due to reduced loans and lower interest rates [7]. Investment and R&D - Research and development expenses decreased by 28.54%, as some projects concluded, leading to reduced investment [8]. Industry Context - The company operates in a competitive environment characterized by price wars, which may pressure profit margins [12]. - The egg production industry in China remains fragmented, with a focus on brand development and quality assurance becoming increasingly important [12].

Investment Rating - Industry Rating: Outperform the market (maintained rating) [12] Core Views - The report emphasizes the importance of the pig sector, noting a slowdown in the growth rate of breeding sows in June, and highlights the expectation gap in the pig market [1][2] - The pet sector is witnessing a rise in domestic brands and a positive trend in pet food exports, indicating a robust growth potential [3][4] - The poultry sector is focusing on the breeding gap for white chickens and the marginal improvement in demand for yellow chickens, with investment recommendations based on supply and demand dynamics [5][6][7] - The planting sector is prioritizing food security and the strategic importance of biological breeding, with recommendations for key seed and agricultural companies [9][10] - The feed sector is recommended for companies with increasing market share and consistent performance, while the animal health sector is advised to focus on new demands and innovative products [24][25] Summary by Sections Pig Sector - As of July 12, the average price of pigs in China is 14.91 CNY/kg, down 2.42% from the previous week, with self-breeding profits around 177 CNY per head [1][16] - The report highlights the low valuation and expectation gap in the pig sector, recommending leading companies such as Muyuan Foods and Wens Foodstuffs [2][16] Pet Sector - In June 2025, pet sales on Douyin reached 964 million CNY, a year-on-year increase of 73.97%, indicating strong growth for domestic brands [3][17] - Pet food exports from China increased by 10.89% year-on-year in the first five months of 2025, reaching 41.75 billion CNY [4][17] Poultry Sector - The report notes a 33.46% year-on-year decline in the breeding stock of grandparent chickens due to import restrictions, with a total of 529,300 sets updated in the first half of 2025 [5][19] - Investment recommendations include focusing on companies like Shengnong Development and Yisheng Livestock [6][20] Planting Sector - The report stresses the need for high yield production to ensure food security, with a focus on integrating advanced agricultural technologies [9][23] - Key recommendations include leading seed companies such as Longping High-Tech and Dabeinong [10][23] Feed and Animal Health Sectors - The feed sector is highlighted for companies like Haida Group, which is expected to benefit from market share growth and performance consistency [24][26] - The animal health sector is advised to focus on new product development and market expansion, particularly in the pet health segment [25][26]