Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The industry is experiencing dual support for pig prices due to supply and demand factors, with expectations for continued pressure on large pig sales from individual farmers [4][13] - The overall trend indicates a reduction in breeding stock, with significant implications for the industry as losses in pig farming accelerate [26] Summary by Sections Weekly Observation - There is significant short-term pressure on large pig sales from individual farmers, while large farming groups face less pressure to meet annual sales targets [4][13] - As of December 5, 2025, the average price of pigs nationwide is 11.19 yuan/kg, showing a week-on-week decrease of 0.08 yuan/kg and a year-on-year decrease of 4.40 yuan/kg [4][13] Weekly Perspective - The pig farming sector is facing losses, leading to an accelerated reduction in breeding stock. The price of pigs continues to decline, creating deeper losses for farmers [26] - Recommendations include companies such as Muyuan Foods, Wens Foodstuff Group, and others [26] Market Performance (December 1-5) - The agricultural sector underperformed the market by 1.86 percentage points, with the Shanghai Composite Index rising by 0.37% while the agricultural index fell by 1.49% [28][32] - Notable stock performances include Haodangjia (+16.15%), Xiwang Food (+10.26%), and Biological Shares (+9.66%) [28][35] Price Tracking (December 1-5) - The average price of pigs on December 5 is 11.20 yuan/kg, with a slight increase from the previous week [38] - The average price of piglets is 19.26 yuan/kg, also showing a week-on-week increase [38] - Other agricultural products such as white feather chicken and beef have seen price increases, with corn futures rising by 2.50% [38][49] Major Meat Import Volumes - In October 2025, pork imports totaled 70,000 tons, a year-on-year decrease of 21.1%, while chicken imports were 7,100 tons, down 72.1% [55][57] Feed Production - In October 2025, the total industrial feed production in China was 29.07 million tons, reflecting a month-on-month decrease of 4.2% [57]

Core Points - The development of private enterprises in China has significant milestones in 1984 and 1992, which are crucial years to note [3][20] - Compared to local income levels, especially in countries involved in the Belt and Road Initiative, the income of employees in these enterprises is generally 30% higher than that of similar companies, which helps retain employees [3][20][25] - Entrepreneurs must take the initiative to win market competition through high-quality products and services [3][21][27] - Innovation is not only a requirement for transformation but also the lifeblood of enterprises. Traditional companies can still thrive by equipping themselves with new productive forces to meet public demand [3][21][27] - The impact of the artificial intelligence wave on the development of new productive forces is relevant, as it is reflected in everyday products like milk, pork, and meat [4][21][28] Group 1 - The 40-year journey of Chinese enterprises has been marked by significant growth alongside national development, with the establishment of the China Entrepreneur magazine in 1985 to promote entrepreneurial spirit [6][23] - The company has expanded globally, establishing numerous factories and employing around 20,000 overseas workers, following the Belt and Road Initiative [7][24] - The company emphasizes the importance of respecting local cultures and laws while promoting Chinese culture and manufacturing abroad [8][26] Group 2 - The company has engaged in various research projects and has won multiple national science and technology awards, highlighting its commitment to innovation [9][27] - The company has developed a robust cold chain logistics system, delivering fresh products to over 1 million stores across 2,800 districts and counties, establishing itself as a leader in China's cold chain logistics industry [11][29] - The company has initiated a rural revitalization program, aiming to invest 50 billion yuan and create 50,000 agricultural jobs over five years, along with establishing demonstration bases for rural revitalization [12][31][32]

转自：证券日报网 本报记者 舒娅疆 12月5日晚间，新希望六和股份有限公司（以下简称"新希望"）披露11月份生猪销售情况简报。在 10月份猪价跌至阶段低位后，该公司的商品猪销售均价在11月份环比止跌。 牧原食品股份有限公司相关负责人近日在与投资者交流时表示，当前，政府对生猪产能的综合调控 与市场的自发调节正在共同作用，推动生猪市场供需情况逐步改善，能够促进猪价在长期内回归更稳 定、合理的水平。在相关政策的引导下，生猪养殖行业将迈向"稳定健康、高质量发展"的新阶段。 中国民营科技实业家协会新质生产力工委秘书长高泽龙向《证券日报》记者表示："政策、技术与 消费升级等因素将共筑生猪养殖行业的增长基石。国家鼓励规模化养殖，环保政策倒逼散户退出，行业 集中度持续提升。在智能化养殖等创新因素驱动下，养殖成本正在不断下降，种猪改良技术也对生产效 率的提升带来积极影响。此外，消费升级推动着生猪养殖行业向高附加值方向发展。" 据悉，新希望的生猪养殖成本继续降低。今年第三季度，其运营场线出栏肥猪完全成本降至12.9 元/公斤，同时，该公司的核心生产指标持续改善，比如窝均断奶数在第三季度达到11.5，PSY（每头种 母猪年断奶仔猪 ...

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 登录新浪财经APP 搜索【信披】查看更多考评等级 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 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。 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 新希望六和股份有限公司董事会 二○二五年十二月六日 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 ...

格隆汇12月5日｜新希望(000876.SZ)公告称，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。 ...

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。 ...