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gtja Securities: strong reality, weak expectations, misalignment of pig cycle position and valuation level.
Under weak expectations but strong reality, the current spot price has already led the rise and exceeded expectations. Even if following the spot price, related companies still have room for valuation repair.
China Merchants Securities: How is the excess profit of the pig industry formed?
The profitability of the future pig industry will be lower than each cycle before 2018, roughly ranging from 100 to 150 yuan, but higher than the irrational cycle in 2022.
Soochow Securities: CSI SW food & beverage index significantly reduced its position, with valuation falling into high dividend camp.
Hold positions for csi sws food & beverage index actively managed equity funds in Q2 24 have dropped to a new low since 2018.
Due to the bird flu outbreak, Brazil, the world's largest exporter of chicken, has temporarily suspended exports to China and the European Union.
This news also caused a stir in the domestic market. Today, A-share pork and chicken stocks showed unusual activity in the afternoon. Xiaoming Stock surged more than 10%, followed by Huaying Agricultural Development, Hunan Xiang Jia Husbandry, Hunan Zhenghong Science and Technology Development, Shandong Yisheng Livestock & Poultry Breeding, and Shandong Minhe Animal Husbandry.
Hong Kong Stock Concept Tracking | Pig prices rise and costs decrease, the "scissors difference" expands, and many pig companies' profitability recovers. Is the turning point of the cycle here? (Attached Concept Stocks)
According to the sales report released by the pig industry, the recovery of pork prices has brought sustained repair of corporate profitability.
Soochow Securities: The food and beverage sector is in a stage of low-to-medium-speed transformation, and the rebound of the sector is waiting for the clearance of the business performance risk of listed companies or the reversal of demand expectations.
The current valuation of the food and beverage sector is relatively low, primarily due to concerns about future cash flow and profit downgrades. Short-term market pessimism has had an impact on the sector, and the sector's rebound is awaiting clarification of listed company performance risks, or a reversal of demand expectations, the latter depending on proactive fiscal and monetary policies at the macro level or verification of seasonal sales at the middle level.
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