Report Industry Investment Rating There is no information provided regarding the report industry investment rating. Core Views of the Report The report analyzes various financial and commodity markets, including macro - strategies, and commodity sectors. It takes into account factors such as geopolitical events, economic data, and supply - demand dynamics. The overall sentiment varies across different markets, with some expected to be bullish, some bearish, and others in a state of oscillation. For example, the bond market is expected to go bullish, while the iron ore market is expected to remain weak [3][6]. Summary by Directory 1. Financial News and Reviews 1.1 Macro Strategy (Gold) - The US May NFIB small business confidence index was 98.8, higher than expected. Gold prices oscillated and closed down. If the tariff issue eases, gold may continue to fall; if it worsens, the upside is limited. Short - term gold is expected to be weak with a risk of correction [14][15]. 1.2 Macro Strategy (Treasury Futures) - The central bank conducted 198.6 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 255.9 billion yuan. The market believes the probability of a successful Sino - US trade negotiation is low. The bond market is expected to go bullish in July. There are two possible paths for the bullish trend, and the first path is more likely. It is recommended to take a bullish approach [16][17][18]. 1.3 Macro Strategy (Stock Index Futures) - The leaders of China and South Korea had a phone call, emphasizing strengthening cooperation. The A - share market tumbled on June 10th, and the market's expectation for the Sino - US talks has deteriorated. Due to high valuation levels, the market will be more volatile. It is recommended to have a balanced allocation [20][22][23]. 1.4 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Japan and the US are arranging a meeting between their leaders. Trump defined the Los Angeles riots as a "foreign invasion", which may intensify the situation in the short - term. The World Bank lowered the global economic growth forecast for 2025. The US dollar index is expected to oscillate in the short - term [24][26][27]. 1.5 Macro Strategy (US Stock Index Futures) - The US and Mexico are close to an agreement on steel tariffs. The Sino - US trade negotiation is reported to be going well. TSMC's May revenue increased year - on - year. The market is optimistic about the negotiation results, but there is still a risk of disappointment. It is not recommended to chase the high [29][30][32]. 2. Commodity News and Reviews 2.1 Agricultural Products (Soybean Meal) - Abiove maintained Brazil's soybean production and export forecasts but lowered the price forecast. The market is optimistic about the Sino - US talks. Domestic demand is weak. It is recommended to focus on the Sino - US talks and the USDA monthly report, and expect the futures price to oscillate [33][34][35]. 2.2 Black Metals (Steam Coal) - The steam coal market in the northern ports was stable on June 10th. The coal price is temporarily stable due to downstream replenishment and upstream supply control, but it may decline again in summer. The growth rate of thermal power consumption has not increased significantly in June, and the risk of new energy substitution should be watched [36]. 2.3 Black Metals (Iron Ore) - Zhengzhou will suspend the subsidy application for consumer goods trade - in of home appliances. The iron ore price is expected to remain weak due to weak sentiment in the industrial products market and seasonal pressure, but the decline may be gentle [37][39][41]. 2.4 Agricultural Products (Sugar) - Indian officials called for an increase in the minimum sugar price. India is expected to have sugar production surpluses for at least two consecutive years. Brazil's sugar exports in the first week of June decreased year - on - year. The international sugar market supply is increasing, and the domestic market may be affected by imports. It is expected that the Zhengzhou sugar futures will oscillate weakly [42][43][44]. 2.5 Black Metals (Rebar/Hot - Rolled Coil) - Heavy rain in East China may suppress the demand for building materials. The Sino - US trade negotiation is unclear, and the steel price is oscillating. The demand is expected to weaken, and it is recommended to hedge on rallies in the spot market [45][46][47]. 2.6 Agricultural Products (Hogs) - Aonong Biological's hog sales in May increased year - on - year, while New Hope's executives plan to reduce their shareholdings. The hog market is in a long - term oversupply situation, and the short - term futures price may be weak. It is recommended to wait and watch and look for short - selling opportunities on significant rallies [48][49][50]. 2.7 Black Metals (Coking Coal/Coke) - The coking coal market in East China is weak. Although the futures price rebounded, the spot price is still weak. The supply is shrinking, but the fundamentals have not changed significantly. It is recommended to treat the current situation as a rebound and wait and watch [51]. 2.8 Non - Ferrous Metals (Polysilicon) - Longi Green Energy's 3GW BC photovoltaic module project was announced. There are some market rumors about polysilicon production, but the actual situation is different. The supply in June is expected to increase, and the market is currently in a stalemate. It is recommended to take a short - term short and long - term long approach [52][53][54]. 2.9 Non - Ferrous Metals (Industrial Silicon) - Hesheng Silicon Industry refuted the rumor of equity transfer. Some silicon plants in Sichuan are resuming production, while those in Yunnan are still waiting. The demand is weak, and the price is close to the cash cost line. It is recommended to short on rallies and pay attention to supply changes [55][56]. 2.10 Non - Ferrous Metals (Copper) - Zambia invites automobile manufacturers to set up factories in copper - mining areas. Rio Tinto reaffirmed its copper production guidance for 2025. The LME copper inventory is changing. The short - term macro - factors have a neutral impact on copper prices, and the fundamentals have limited contradictions. It is recommended to wait and watch [57][59][60]. 2.11 Non - Ferrous Metals (Lead) - The LME lead was at a discount on June 9th. The supply of lead has decreased marginally, while the demand is at a low level. The price is expected to oscillate widely in June, and it is recommended to wait and watch in the short - term and look for long - term low - buying opportunities [62][63]. 2.12 Non - Ferrous Metals (Zinc) - The LME zinc was at a discount on June 9th. The zinc market is expected to show a pattern of strong supply and weak demand in June. It is recommended to short on rallies and pay attention to the accumulation of put options. The mid - term strategy is to do an internal - external positive arbitrage [64][65]. 2.13 Non - Ferrous Metals (Lithium Carbonate) - CATL announced the mass production of 587Ah cells. Chile's exports of lithium carbonate to China in May were lower than expected. The market may be in a tight balance or slight de - stocking in June. It is recommended to short on rallies [66][67]. 2.14 Energy Chemicals (Crude Oil) - The EIA lowered the forecast for US crude oil production in 2026. The US API crude oil inventory decreased slightly. The oil price is expected to oscillate weakly in the short - term [68][69][70]. 2.15 Energy Chemicals (Carbon Emissions) - The CEA price closed at 67.67 yuan/ton on June 10th, slightly down. The CEA price is in a narrow - range oscillation, and the market is expected to be oversupplied in 2025. It is recommended to expect a weak oscillation [71][72]. 2.16 Energy Chemicals (PTA) - The PTA spot basis is strong, and the market negotiation is okay. The demand is in a seasonal off - season, while the supply is increasing. The short - term price is expected to oscillate, and it is recommended to go long on dips in the medium - term [73][74]. 2.17 Energy Chemicals (Styrene) - Sinopec raised the pure benzene listing price. The styrene price rebounded, mainly driven by cost and capital. The pure benzene supply may decrease marginally in July. It is recommended to consider the potential of pure benzene as a chemical allocation [75][76][77]. 2.18 Energy Chemicals (Caustic Soda) - The caustic soda market in Shandong was stable on June 10th. The supply increased, and the demand was stable. The price is expected to be weak. The 09 contract of caustic soda may be limited in its downward space due to the large discount [78][79]. 2.19 Energy Chemicals (Pulp) - The price of imported wood pulp in the spot market increased slightly. The fundamentals of pulp have limited changes, and the market is expected to oscillate [80][81]. 2.20 Energy Chemicals (Bottle Chips) - The bottle chip factory's export and domestic prices are mostly stable. The industry has high supply pressure, but the processing fee is close to the historical low. Some large factories plan to reduce production. It is recommended to go long on the bottle chip processing fee on dips [84]. 2.21 Energy Chemicals (PVC) - The PVC powder market in China was slightly stronger. The futures price oscillated, and the downstream demand was weak. The market is expected to oscillate weakly [85]. 2.22 Energy Chemicals (Soda Ash) - Inner Mongolia Boyuan Yingen Chemical's soda ash production is normal. The soda ash market is weak and stable, with high supply and low demand. It is recommended to short on rallies in the medium - term [86][87][88]. 2.23 Energy Chemicals (Float Glass) - The price of float glass in Hubei was stable on June 10th. The futures price decreased slightly, and the spot market was weak. With the coming of summer and the rainy season, the demand will decline seasonally, and the price may continue to fall. The short - term futures price may be affected by market sentiment [89].

Group 1 - The three major listed pig companies, Muyuan, New Hope, and Wens, reported a decline in both the average selling price and sales volume of pigs in May 2025 compared to previous months [2][4][5] - The average selling price of pigs in China was 14.57 yuan/kg in May, down 1.09% month-on-month and 7.37% year-on-year, indicating a downward trend in the market [4][6] - Despite the overall decline in sales volume, Muyuan and Wens showed year-on-year growth in sales, while New Hope experienced a decline [5][6] Group 2 - Muyuan led in sales volume with 6.406 million pigs sold, followed by Wens with 3.1554 million and New Hope with 1.3339 million [5] - The profitability of pig farming is under pressure, with the average selling price at 13.91 yuan/kg, which is close to the cost line for self-breeding and self-raising models [6][9] - The price of piglets has been rising, with a significant increase from 32.77 yuan/kg in January to 39.57 yuan/kg in May, indicating a shift in market dynamics [7][8] Group 3 - The head pig companies are increasingly focusing on selling piglets due to higher profit margins compared to adult pigs, with profits for piglets reaching 200-300 yuan per head [9] - The market confidence has improved significantly since 2023, leading to increased demand for piglets from professional breeding farms [9] - The sales strategy of Muyuan has been adjusted in response to market dynamics, reflecting a proactive approach to capitalize on the favorable conditions for piglet sales [9]

金十数据6月10日讯，6月10日，在新希望乳业投资者大会上，新希望乳业与挪威基诺奶牛育种协会 （geno）完成战略签约，挪威红牛（NRF）是一种高产奶牛品种，源自挪威，以其鲜艳的红色毛皮和卓 越的产奶性能而著称，挪威红牛牛奶的脂肪含量为4.2%，蛋白质含量为3.4%，适合制作高质量乳制 品。根据新希望介绍，今年4月，新希望乳业在昆明上市了红牛限定乳产品，未来还将推出更多具有差 异化的红牛乳新品。双方签约后，基诺奶牛育种协会未来将为新乳业提供牛种养殖、育种方面的技术支 持。 （界面） 新希望乳业与挪威基诺奶牛育种协会达成战略合作 ...

北京金杜（成都）律师事务所 关于新希望乳业股份有限公司 致：新希望乳业股份有限公司 北京金杜（成都）律师事务所（以下简称本所）接受新希望乳业股份有限公 司（以下简称公司）委托，根据《中华人民共和国证券法》 （以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会 （以下简称中国证监会）《上市公司股东会规则》（以下简称《股东会规则》） 等中华人民共和国境内（以下简称中国境内，为本法律意见书之目的，不包括中 国香港特别行政区、中国澳门特别行政区和中国台湾省）现行有效的法律、行政 法规、规章和规范性文件和现行有效的公司章程有关规定，指派律师出席了公司 于 2025 年 6 月 10 日召开的 2024 年年度股东大会（以下简称本次股东大会）， 并就本次股东大会相关事项出具本法律意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 司章程》（以下简称《公司章程》）； （一） 本次股东大会的召集 开公司 2024 年年度股东大会的议案》，决定召开公司 2024 年年度股东大会， 具体时间以董事会发出的会议通知为准。 中国证监会指定信息披露媒体刊登了《股东 ...

证券代码：000876 证券简称：新希望 公告编号：2025-53 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 | | | | | | 持有公司股份的 | 占公司总股本的 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | | 股东姓名 | | 股东身份 | | | | | | | | | | 总数量（股） | 比例 | | | | | | | 副总裁兼 | | | | | | | | | 设备运营总监 | | | | | | | 合计 | | | 2,284,500 | 0.0505% | | | | | 二、本次减持计划的主要内容 | | | | | | | | | | （一）本次拟减持计划的具体安排 | | | | | | 员李爽先生 | | | | | | | | | 月 1 日至 | 2025 | 年 9 月 | | 30 | 日（根据法律法规等相关规定禁止减持的期间除外） | | | | 序号 | | 股东姓名 | | 减持方式 | 拟减持数量（股） | | 占公司总股本的比例 ...

证券代码：000876 证券简称：新希望 公告编号：2025-53 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 关于部分董事、监事及高级管理人员减持股份的预披露公告 公司董事兼高级管理人员陶玉岭先生，监事庞允东先生，高级管理人员李爽先 生保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或 重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有本公司股份 1,312,500 股（占本公司总股本比例 0.0290%）的董事兼高级 管理人员陶玉岭先生计划在本公告披露之日起十五个交易日后的三个月内（2025 年 7 月 1 日至 2025 年 9 月 30 日）拟以集中竞价交易/大宗交易方式减持本公司股份不 超过 328,125 股，约占本公司总股本比例 0.0072%。 持有本公司股份 72,000 股（占本公司总股本比例 0.0016%）的监事庞允东先生 计划在本公告披露之日起十五个交易日后的三个月内（2025 年 7 月 1 日至 2025 年 9 月 30 日）拟以集中竞价交易/大宗交易方式减持本公 ...

新希望（000876）公告，董事兼高级管理人员陶玉岭计划减持不超过32.81万股，约占总股本0.0072%； 监事庞允东计划减持不超过18000股，约占总股本0.0004%；高级管理人员李爽计划减持不超过22.5万 股，约占总股本0.0050%。减持期间为2025年7月1日至9月30日，减持方式为集中竞价交易或大宗交 易，减持原因是个人资金需求。 ...

Core Insights - The sales performance of leading pig farming companies in May 2025 showed a general decline in sales volume and revenue amid low pig prices, although some companies experienced growth in sales [1][2][3][4]. Sales Performance Summary - Giant Agricultural's sales volume in May 2025 reached 328,000 pigs, a year-on-year increase of 61.50%, but a slight decline compared to April [2]. - Aonong Biological reported a sales volume of 156,200 pigs in May 2025, with a year-on-year increase of 9.44% and a month-on-month increase of 17.63% [2]. - Muyuan Foods sold 6.406 million pigs in May 2025, a year-on-year increase of 30.42%, with sales revenue of 12.258 billion yuan, up 26.93% year-on-year, but down from April's sales [2][3]. - Wens Foodstuffs sold 3.1554 million pigs in May 2025, a year-on-year increase of 32.64%, with sales revenue of 5.323 billion yuan, up 14.23% year-on-year, but also down from April [3]. - New Hope reported a sales volume of 1.3339 million pigs in May 2025, a month-on-month decrease of 16.42% and a year-on-year decrease of 2.41% [3]. Price Trends - The average selling price of pigs decreased for major companies in May 2025, with Muyuan Foods reporting an average price of 14.52 yuan/kg, down 6.44% year-on-year [5][6]. - Wens Foods reported an average price of 14.68 yuan/kg, down 7.26% year-on-year [5][6]. - New Hope's average price was 14.59 yuan/kg, down 5.38% year-on-year [6]. Stock Performance - Despite the decline in pig prices, stock prices of leading companies have shown strength, with Muyuan Foods' stock rising 4.11% on June 9, 2025, and a cumulative increase of over 12% since May [6]. - Wens Foods' stock also increased by 4.05% on June 9, 2025, with a cumulative increase of over 9% since May [6]. Market Outlook - The market is currently experiencing a supply-demand imbalance, with increased supply due to heavier slaughtering and weak demand as the weather warms [6].

Market Overview - In the week of June 2-8, 2025, Kunming's real estate market saw the launch of 4 projects, with 2 new developments making their debut. The main transaction types were units sized 140-160㎡ and those under 90㎡ [1] - The total supply in Kunming's real estate market was 134,200㎡, representing a 491% increase week-on-week, while transactions totaled 47,300㎡, showing a 26% decrease. The average transaction price remained stable at approximately 12,601 yuan/㎡ [1] Project Performance - The top 5 projects by sales value were all high-end improvement-type developments, with sales ranging from 0.19 billion to 0.3 billion yuan and average prices between 16,162 yuan/㎡ and 19,139 yuan/㎡ [2] - The top 5 projects by sales volume included Jinma Tengyuan and Yajule Central Yafu, with sales ranging from 11 to 19 units and average prices between 8,319 yuan/㎡ and 17,701 yuan/㎡ [2] New Developments - New Hope·Jinguangfu launched with a high average occupancy rate exceeding 100%, successfully selling 67 out of 248 units, achieving a 27% absorption rate [3] - The project Puyue ONE also launched, offering 146 high-rise units with a 37% absorption rate, selling 54 units [4] Infrastructure Developments - The opening of the Feihu Avenue section from Guangfu Road to Wand Street, measuring approximately 1.38 kilometers, is expected to alleviate traffic pressure and enhance regional connectivity [12][15] - The Kunming Municipal Government announced a three-year land supply plan, indicating a gradual decrease in total supply area, focusing on residential, industrial, transportation, and public service sectors [16][17] Land Supply Trends - The total land supply in Kunming is projected to decrease from 1,094.62 hectares in 2025 to 818.15 hectares by 2027, with a shift in focus towards industrial and commercial land [16][17] - Residential land supply is expected to fluctuate but remain consistent, with a peak of 161.79 hectares in 2025, primarily in Guandu and Chenggong districts [16][17]

证券代码：000876 证券简称：新希望 公告编号：2025-52 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 关于 2024 年年度股东大会增加临时提案 暨股东大会补充通知的公告 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。 可以在股东大会召开 10 日前提出临时提案并书面提交召集人。召集 人应当在收到提案后 2 日内发出股东大会补充通知，公告临时提案的 内容。 截至本公告日 ， 南 方 希 望 直 接 持 有 公 司 股 份 数 量 为 1,328,957,185 股，占公司总股本的 29.36%，符合向股东大会提交 临时提案的主体资格；南方希望的提案内容未超出相关法律法规和公 司《章程》的规定及股东大会职权范围，且提案程序符合《深圳证券 交易所股票上市规则》（2025 年修订）、公司《章程》等相关制度的 规定。公司董事会同意将上述临时提案提交公司 2024 年年度股东大 会审议。 除增加上述临时提案事项外，本次股东大会的召开时间、地点、 股权登记日等其他事项不变。现将该变动后的 2024 年年度股东大会 ...