格隆汇12月5日｜新希望：11月销售生猪156.75万头，环比变动-6.98%，同比变动24.44%。收入18.12亿 元，环比变动-5.53%，同比变动-11.61%。商品猪销售均价11.54元/公斤，环比变动2.30%，同比变 动-30.02%，销售价格同比降幅较大主要是受国内生猪市场行情变化的影响。 ...

智通财经APP讯，新希望(000876.SZ)发布公告，公司2025年11月销售生猪156.75万头，环比变 动-6.98%，同比变动24.44%。收入18.12亿元，环比变动-5.53%，同比变动-11.61%。商品猪销售均价 11.54元/公斤，环比变动2.30%，同比变动-30.02%，销售价格同比降幅较大主要是受国内生猪市场行情 变化的影响。 ...

智通财经APP讯，新希望(000876.SZ)发布公告，公司2025年11月销售生猪156.75万头，环比变 动-6.98%，同比变动24.44%。收入18.12亿元，环比变动-5.53%，同比变动-11.61%。商品猪销售均价 11.54元/公斤，环比变动2.30%，同比变动-30.02%，销售价格同比降幅较大主要是受国内生猪市场行情 变化的影响。 ...

2025 年 11 月生猪销售情况简报 证券代码：000876 证券简称：新希望 公告编号：2025-121 债券代码：127015、127049 债券简称：希望转债、希望转 2 新希望六和股份有限公司 新希望六和股份有限公司 二、特别提示 1、上述披露仅包含公司生猪养殖与销售情况，不包含其他业务。 2、上述数据均未经审计，与定期报告披露的数据之间可能存在 差异。因此，上述数据仅作为阶段性数据，供投资者参考。敬请广大 投资者注意投资风险。 特此公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 新希望六和股份有限公司（以下简称"公司"）下属子公司从事 生猪养殖业务。按照《深圳证券交易所上市公司自律监管指引第 3 号 ——行业信息披露》规定，深交所鼓励从事畜禽、水产养殖业务的上 市公司每月通过临时公告形式披露相关业务销售情况，公司将参照指 引相关规定执行。 一、2025 年 11 月份生猪销售情况 公司 2025 年 11 月销售生猪 156.75 万头，环比变动-6.98%，同 比变动 24.44%。收入 18.12 亿元，环比变动-5.53%，同比变动-1 ...

格隆汇12月5日丨新希望(000876.SZ)公布，公司2025年11月销售生猪156.75万头，环比变动-6.98%，同 比变动24.44%。收入18.12亿元，环比变动-5.53%，同比变动-11.61%。商品猪销售均价11.54元/公斤， 环比变动2.30%，同比变动-30.02%，销售价格同比降幅较大主要是受国内生猪市场行情变化的影响。 ...

新希望公告，公司2025年11月销售生猪156.75万头，环比减少6.98%，同比增加24.44%；生猪销售收入 18.12亿元，环比减少5.53%，同比减少11.61%。商品猪销售均价为11.54元/公斤，环比增加2.30%，同比 减少30.02%。 ...

Core Viewpoint - The article highlights the launch of Wuhan New Hope D10 Black Pearl as a new luxury residential benchmark in the real estate market, emphasizing its market acceptance and unique features that cater to high-end clientele [4][18]. Group 1: Market Performance - The project achieved 31 sales in November, ranking first in the Jiang'an-District 2 waterfront area, demonstrating its strong market appeal [4]. - The average transaction price is set at 49,686 yuan per square meter, establishing a new price benchmark for luxury properties in Wuhan [4]. Group 2: Architectural and Design Features - The project features a 270-meter landmark twin tower and a 28-meter high indoor waterfall lobby, designed to meet world-class standards [6]. - The building incorporates a 360-degree curtain wall design, creating a unique skyline and enhancing the living experience [5][6]. Group 3: Exclusive Amenities - The project includes nearly 20,000 square meters of amenities serving only 226 households, creating an exclusive social hub for entrepreneurs [10]. - Key facilities include a 300-square-meter private banquet hall, an art swimming pool, and a riverside exhibition center, catering to both business and social needs [10]. Group 4: Luxury Materials and Technology - The project utilizes high-end materials such as luxury stones and advanced home technology systems, integrating tradition with modernity [13]. - All unit types achieve a 91% usable area rate, with the 310-square-meter units designed for multi-generational living [13]. Group 5: Strategic Location and Value Proposition - D10 Black Pearl occupies a prime riverside location, positioned as a core asset in the financial district, alongside notable landmarks [16]. - The project is designed to appeal to high-net-worth individuals, aligning with luxury standards seen in major cities like Beijing and Shanghai [16].

Core Viewpoint - The article discusses the evolution and current state of CVC (Corporate Venture Capital) in the context of traditional industries, particularly focusing on the investment platform "Caogen Zhiben" under New Hope Group, highlighting its role in addressing industry challenges and the changing perceptions of CVCs in the investment landscape [3][4][5]. Group 1: CVC's Role and Market Dynamics - The investment landscape has shifted, with CVCs being seen as potential solutions to challenges like "exit difficulties" and "poor liquidity" in the venture capital sector [3][4]. - The consumer sector, where Caogen Zhiben operates, has transformed from a "capital black hole" to a desirable investment area, with successful IPOs signaling a market recovery [4][5]. - The renewed activity in the IPO market has led to a decline in interest in CVCs, prompting discussions about their limitations and the need for caution when accepting industrial capital [5][6]. Group 2: Caogen Zhiben's Establishment and Strategy - Caogen Zhiben was established as an innovative investment platform to drive growth through external investments, with a focus on the food and consumer sectors [8][11]. - The decision to create Caogen Zhiben was influenced by the need for innovation and transformation within New Hope Group, with initial explorations leading to the establishment of multiple investment platforms [11][12]. - The platform's first project, "Fresh Life Cold Chain," was born out of a recognized market opportunity in cold chain logistics, which was previously a challenge for the dairy sector [22][24]. Group 3: Investment Philosophy and Approach - The leadership at Caogen Zhiben emphasizes the importance of having an "investment mindset" alongside traditional management skills, recognizing the need for adaptability in a changing market [7][8]. - The transition from a management-focused approach to an investment-oriented perspective was gradual, with significant learning from early projects and market experiences [31][32]. - The investment strategy involves identifying promising entrepreneurs and projects, with a focus on understanding market dynamics and consumer trends to make informed decisions [33][58]. Group 4: Long-term Outlook and Consumer Investment - Despite recent challenges in the consumer sector, there is a belief in the long-term viability of consumer investments, with a focus on structural opportunities that arise even in downturns [62][64]. - The approach to investment is characterized by a commitment to understanding evolving consumer behaviors and leveraging technological advancements to stay relevant in the market [54][58]. - The leadership maintains a positive outlook on consumer investment, emphasizing the importance of patience and strategic positioning during market fluctuations [63][64].

Group 1 - The average price of live pigs in China is 11.63 yuan/kg as of November 29, showing a decline of 1.11% compared to the previous weekend, with the industry facing a loss of 111 yuan per head for nine consecutive weeks [1] - The price of weaned piglets at 7 kg is 209 yuan per head, with an average loss of approximately 81 yuan per head for exported piglets this week [1] - The average slaughter weight this week is 129.22 kg, with a slight increase of 0.41 kg week-on-week, while the average slaughter weight for smallholders is at a high of 145.17 kg [1] Group 2 - The demand side shows an increase in daily slaughter volume by 3.39% week-on-week, driven by northern slaughterhouses responding to low pig prices and the onset of seasonal consumption in southern markets [1] - There are sporadic outbreaks of pig diseases in certain regions due to cooler weather, with the proportion of pigs under 90 kg in total slaughter increasing to 4.83%, up by 0.34% from last week [1] - The agricultural team emphasizes the importance of monitoring the pig sector's capacity reduction due to production cuts, losses in farming, and disease interference, suggesting that capacity may continue to decrease [1] Group 3 - As of December 3, 2025, the CSI Livestock Breeding Index shows significant gains for several stocks, including Luoniushan up by 9.98% and Yike Foods up by 3.36% [2] - The Livestock ETF closely tracks the CSI Livestock Breeding Index, which includes companies involved in feed, veterinary drugs, and livestock farming [2] - The top ten weighted stocks in the CSI Livestock Breeding Index account for 65.6% of the index, with major companies like Muyuan Foods and Wens Foodstuffs leading the list [2]

Report Industry Investment Ratings - Gold: Short-term, the price is expected to continue oscillating, with increased volatility [11][12] - US Dollar Index: The dollar is expected to remain range-bound in the short term [15][16] - US Stock Index Futures: The market is expected to experience greater short-term volatility but should be treated with a generally bullish outlook [18][19] - Stock Index Futures: It is recommended to evenly allocate long positions across various stock indices [20][22] - Power Coal: The overall coal price is expected to remain high and oscillate, with a seasonal decline from December to January [23] - Iron Ore: By the end of the year, molten iron output is expected to be around 2.31 million tons, and port inventories are expected to increase by approximately 10 million tons. The downward trend may not be smooth [24] - Coking Coal/Coke: In the short term, the market is expected to oscillate as downstream restocking slows, and the spot market remains weak [25][26] - Live Pigs: Near-term contracts are recommended for shorting on rebounds, while long-term contracts can be considered for long positions on dips [27] - Rebar/Hot-Rolled Coils: Steel prices are expected to oscillate slightly higher in the short term but should be treated with an oscillatory mindset [28][29] - Corn Starch: It is recommended to operate around the current processing fee in North China (310 yuan/ton) [30][31] - Soybean Oil/Rapeseed Oil/Palm Oil: Palm oil lacks a continuous upward driver. As it enters the production reduction season, its downside support is expected to gradually strengthen [33][34] - Corn: It is not recommended to short the 01 contract. Consider shorting the 03 contract on rallies with a light position. Pay attention to the 3 - 7 and 3 - 9 reverse spreads [34][35] - Polysilicon: Spot prices are expected to remain flat month-on-month. Short-term volatility is expected to increase, so investors are advised to operate with caution [37][38] - Industrial Silicon: The short-term price is expected to oscillate between 8,800 - 9,500 yuan/ton. Pay attention to trading opportunities within this range [39][40] - Lead: Consider long positions on dips for the medium term. For arbitrage, it is advisable to wait and see [41][42] - Zinc: Observe opportunities to buy on dips. Hold long positions in the calendar spread. Wait and see for cross - market arbitrage [43][44] - Copper: The price is expected to oscillate. It is recommended to buy on dips. For arbitrage, it is advisable to wait and see [46][47] - Nickel: Lightly consider long positions on dips. Mid - term evaluation of resource contraction in Indonesia is still needed [48][49] - Lithium Carbonate: In the short term, consider shorting on rallies. In the medium term, consider long positions after the risk of the off - season decline is released [50][51] - Tin: The price is expected to remain high and oscillate in the short term. Consider buying on dips but avoid chasing high prices [52][53] - Crude Oil: The price is expected to remain range - bound in the short term [56][57] - Carbon Emissions: The CEA price is expected to oscillate in the short term [58][59] - Methanol: It is not recommended to short. For now, it is advisable to wait and see for single - sided trading and consider positive calendar spreads [60][63] - Container Freight Rates: The short - term market is expected to oscillate. Consider lightly going long on the 02 contract [64][65] Core Views - Trump plans to announce the nominee for the next Federal Reserve Chair in early 2026, strongly hinting at Kevin Hassett. This has affected market expectations for future monetary policy and asset prices [3][11][15] - Geopolitical events such as Trump's potential military action against drug - trafficking groups in Venezuela and the ongoing Russia - Ukraine conflict have influenced market risk appetite and the performance of various assets [2][14][15] - In the commodity market, supply and demand dynamics, production, and inventory levels are the main factors affecting prices. For example, the supply of some metals and energy products has changed, and the demand for agricultural products has also shown different trends [4][5][23] Summary by Directory 1. Financial News and Reviews 1.1 Macro Strategy (Gold) - Trump will announce the Fed Chair nominee in early 2026. Gold prices have fallen from their highs and are consolidating. The expected loose monetary policy supports gold, and the Russia - Ukraine negotiations add market uncertainty [11] 1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump may expand the entry ban to about 30 countries and is likely to launch a ground attack on drug - trafficking groups in Venezuela. The US dollar index is expected to remain range - bound [13][14][15] 1.3 Macro Strategy (US Stock Index Futures) - Trump's indication of the Fed Chair nominee has increased market expectations for loose liquidity, boosting the technology sector and the overall index, but most sectors still declined [17][18] 1.4 Macro Strategy (Stock Index Futures) - The OECD predicts global economic growth rates of 3.2% and 2.9% for this year and next year. A - shares are adjusting with reduced trading volume in anticipation of policy changes [20][21] 2. Commodity News and Reviews 2.1 Black Metals (Power Coal) - Indonesian low - calorie power coal prices are weak. After the end of restocking, coal prices are expected to remain high and oscillate, with a seasonal decline from December to January [23] 2.2 Black Metals (Iron Ore) - The first shipment of iron ore from the Simandou project has been successfully sent. Iron ore prices are oscillating, with weakening fundamentals but a not - so - smooth downward trend [24] 2.3 Black Metals (Coking Coal/Coke) - Coking coal prices in the Changzhi market are weak. After the first round of coke price cuts, the market is expected to oscillate in the short term [25][26] 2.4 Agricultural Products (Live Pigs) - The market shows a pattern of "stable futures, weak spot." Near - term contracts are under pressure, while long - term contracts can be considered for long positions on dips [26][27] 2.5 Black Metals (Rebar/Hot - Rolled Coils) - November's heavy - truck sales increased nearly 50% year - on - year. Steel prices are oscillating slightly higher, but the high inventory of hot - rolled coils limits the upside [28][29] 2.6 Agricultural Products (Corn Starch) - Corn starch prices are relatively stable. The price difference between cassava starch and corn starch has widened, and the supply pressure of corn starch is expected to remain low [30] 2.7 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Indian buyers have locked in large - scale soybean oil purchases from April to July 2026. The supply pressure of oils has slightly eased, and palm oil lacks a continuous upward driver [32][33][34] 2.8 Agricultural Products (Corn) - Corn spot prices are rising. The 01 contract is not recommended for shorting, while the 03 contract can be considered for shorting on rallies [34][35] 2.9 Non - Ferrous Metals (Polysilicon) - A new type of high - efficiency TOPCon battery has been launched. The polysilicon market is facing supply - demand contradictions, and prices are expected to remain flat with increased short - term volatility [36][37][38] 2.10 Non - Ferrous Metals (Industrial Silicon) - The production of 97 - grade silicon has increased, and orders are stable. The industrial silicon market is difficult to destock, and the price is expected to oscillate in the short term [39][40] 2.11 Non - Ferrous Metals (Lead) - The LME lead market is stable, and the domestic lead market is oscillating. The supply may tighten, and the demand is expected to be strong. It is recommended to buy on dips [41][42] 2.12 Non - Ferrous Metals (Zinc) - The LME zinc market is oscillating widely. The domestic zinc market has a reduced supply and weak demand. It is recommended to buy on dips and hold long positions in the calendar spread [43][44] 2.13 Non - Ferrous Metals (Copper) - A new copper smelter is expected to be put into operation, and the copper powder industry is in a boom cycle. Copper prices are affected by macro - expectations and are expected to oscillate [45][46][47] 2.14 Non - Ferrous Metals (Nickel) - Nickel inventories have increased. The supply - demand surplus has been slightly repaired, and it is recommended to consider long positions on dips [48][49] 2.15 Non - Ferrous Metals (Lithium Carbonate) - Kodal has shipped the first batch of lithium spodumene concentrate to China. The supply may increase after the resumption of production, and the demand in the off - season is weakening [50][51] 2.16 Non - Ferrous Metals (Tin) - Storage chip prices are rising. Tin prices are expected to remain high and oscillate, and it is recommended to buy on dips [52][53] 2.17 Energy Chemicals (Crude Oil) - US API crude oil inventories have increased. Oil prices are affected by the Russia - Ukraine situation and supply concerns and are expected to remain range - bound [54][56][57] 2.18 Energy Chemicals (Carbon Emissions) - The CEA price is oscillating. The impact of the quota policy may be more emotional than substantial [58][59] 2.19 Energy Chemicals (Methanol) - The discount on Iranian imported methanol has decreased. The short - term futures price is difficult to fall, and positive calendar spreads can be considered [60][61][63] 2.20 Shipping Index (Container Freight Rates) - The port throughput has increased. The container freight rate market is expected to oscillate, and the 02 contract can be considered for long positions [64][65]