每经AI快讯，12月5日，温氏股份（300498）(300498.SZ)公告称，2025年11月销售肉鸡11755.44万只， 收入33.24亿元，毛鸡销售均价13.22元/公斤。环比变动分别为-8.40%、-8.51%、-0.83%，同比变动分别 为6.02%、10.18%、3.77%。同时，公司当月销售生猪435.35万头，收入51.99亿元，毛猪销售均价11.71 元/公斤。环比变动分别为11.83%、2.99%、1.21%，同比变动分别为49.71%、-14.19%、-29.92%。 ...

2025年11月销售生猪435.35万头，收入51.99亿元，毛猪销售均价11.71元/公斤，环比变动分别为 11.83%、2.99%、1.21%，同比变动分别为49.71%、-14.19%、-29.92%。生猪销量同比上升主要原因是 受公司前期投苗增加以及外卖仔猪影响。 人民财讯12月5日电，温氏股份（300498）12月5日公告，公司2025年11月销售肉鸡11755.44万只，收入 33.24亿元，毛鸡销售均价13.22元/公斤，环比变动分别为-8.4%、-8.51%、-0.83%，同比变动分别为 6.02%、10.18%、3.77%。 ...

格隆汇12月5日丨温氏股份(300498.SZ)公布，2025年11月销售肉鸡11,755.44万只（含毛鸡、鲜品和熟 食），收入33.24亿元，毛鸡销售均价13.22元/公斤，环比变动分别为-8.40%、-8.51%、-0.83%，同比变 动分别为6.02%、10.18%、3.77%。 公司2025年11月销售生猪435.35万头（其中毛猪和鲜品345.89万头，仔猪89.46万头），收入51.99亿元， 毛猪销售均价11.71元/公斤，环比变动分别为11.83%、2.99%、1.21%，同比变动分别为 49.71%、-14.19%、-29.92%。 ...

温氏股份公告，公司2025年11月销售肉鸡1.18亿只（含毛鸡、鲜品和熟食），收入33.24亿元，毛鸡销售 均价13.22元/公斤，环比变动分别为-8.40%、-8.51%、-0.83%，同比变动分别为6.02%、10.18%、 3.77%。公司2025年11月销售白羽鸡苗1713.17万只，当年累计销售白羽鸡苗1.56亿只。公司2025年11月 销售生猪435.35万头（其中毛猪和鲜品345.89万头，仔猪89.46万头），收入51.99亿元，毛猪销售均价 11.71元/公斤，环比变动分别为11.83%、2.99%、1.21%，同比变动分别为49.71%、-14.19%、-29.92%。 ...

温氏食品集团股份有限公司 | 证券代码：300498 | 证券简称：温氏股份 | 公告编号：2025-142 | | --- | --- | --- | | 债券代码：123107 | 债券简称：温氏转债 | | 温氏食品集团股份有限公司 2025年11月主产品销售情况简报 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。 一、2025年11月份鸡产品销售情况 1、温氏食品集团股份有限公司（以下简称"公司"）2025年11 月销售肉鸡11,755.44万只（含毛鸡、鲜品和熟食），收入33.24亿 元，毛鸡销售均价13.22元/公斤，环比变动分别为-8.40%、-8.51%、 -0.83%，同比变动分别为6.02%、10.18%、3.77%。 | | 月份 | | | 肉鸡销量（万只） | | 销售收入（亿元） | 毛鸡价格（元/公斤） | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 当月 | 当年累计 | 当月 | 当年累计 | 当月 | | 2024 | 年 11 | 月 | 11,088 ...

温氏食品集团股份有限公司 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。 温氏食品集团股份有限公司（以下简称"温氏股份"或"公司"） 为进一步完善公司治理结构，根据《公司法》《上市公司章程指引》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公 司自律监管指引第 2 号——创业板上市公司规范运作》等相关法 律、法规和规范性文件的要求，于 2025 年 11 月 12 日召开了 2025 年第一次临时股东会，审议通过了《关于公司变更注册资本及修 订公司章程的议案》，根据修订后的《公司章程》，董事会由 12 名 董事组成，其中独立董事 4 人，由职工代表担任的董事 1 名。职 工董事经职工（会员）代表大会或者其他形式民主选举产生。 | 证券代码：300498 | 证券简称：温氏股份 | 公告编号：2025-143 | | --- | --- | --- | | 债券代码：123107 | 债券简称：温氏转债 | | 公司于 2025 年 12 月 5 日召开公司职工（会员）代表大会， 经全体与会职工代表审议，会议选举秦开田先生为公司第五届董 事会职工代表 ...

今日（12.4），大消费板块继续回调，消费ETF（159928）跌近1%，连续第四天下跌，成交额超4.5亿元。资金面上，消费ETF（159928）近20日累计"吸 金"超4.2亿元！截至12月3日，消费ETF（159928）最新规模超211亿元，同类断层领先！ 聚焦大消费板块，估值性价比仍极具吸引力。截至12月3日，消费ETF（159928）标的指数市盈率TTM为19.74，处于近10年3.99%分位点，比近10年历史上 超96%的时间便宜，估值性价比更高！ 年底将近，市场风格将如何演绎？信达证券指出，每年Q4存在基于投资者配置思路变化的季节性规律，容易成为风格变化的高发期，特别是12月市场风格 更容易偏向低估值。（来源：信达证券20251109《年底容易成为风格变化的高发期》） 【机构评消费12月策略：市场风格继续有利】 消息面上，近日，某电商平台放出"1399元/瓶"的53度500ml飞天茅台拼团价，低于1499元的官方指导零售价，引发市场震动。线上平台率先降价后，线下门 店情况如何？在深圳一家茅台经销商门店，商家打出了飞天茅台只需1000多元的广告标语吸引顾客，工作人员表示，目前飞天茅台的零售价格在18 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The US labor market is further weakening, with the unexpected decrease in ADP employment in November, which intensifies economic downward pressure, weakens the US dollar, and boosts market risk - appetite [1][13][16]. - Gold prices are oscillating and closing higher around $4200, affected by the weakening US labor market and the expectation of future Fed's loose policy [2][13]. - The sugar market is influenced by the production situation in various regions. Brazil's lower - than - expected sugar production and faster - than - expected harvest progress in November support the outer - market prices, while the situation in China's Guangxi region and India also has an impact on the market [3][30][32]. - Copper prices reach new highs due to the resonance of macro and fundamental positive factors, such as the increased market expectation of Fed rate cuts and the significant increase in LME提货订单 [4][56]. 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - The US November ISM non - manufacturing PMI is 52.6, reaching a new high since February 2025. The ADP employment in November decreased by 32,000, indicating a weakening labor market [12][13]. - Gold prices are oscillating and closing higher around $4200. The market expects the Fed to implement loose policies in the future, boosting commodities. Short - term gold and silver prices are expected to oscillate [13]. 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Trump's allies are discussing the personnel arrangement after Kevin Hassett takes over the Fed. US Treasury Secretary Bessent plans to reform the Fed [14][15]. - The US November ADP employment decreased by 32,000, indicating a weakening labor market, which weakens the US dollar. The US dollar is expected to continue weakening in the short term [16][17]. 3.1.3 Macro Strategy (US Stock Index Futures) - The US November ISM services PMI reaches a nine - month high. The ADP employment in November decreased by 32,000, increasing the market's expectation of a December rate cut to nearly 90% [18][20]. - The market is expected to be more volatile in the short term but should be treated with a bullish mindset overall [21]. 3.1.4 Macro Strategy (Stock Index Futures) - Premier Li Qiang emphasizes combining urban renewal with safety hazard elimination and stabilizing the real estate market. China's service trade deficit from January to October 2025 decreased by 269.39 billion yuan year - on - year [22][23]. - A - share market is dull. It is recommended to allocate long positions in each stock index evenly [23][24]. 3.1.5 Macro Strategy (Treasury Bond Futures) - The central bank conducted 79.3 billion yuan of 7 - day reverse repurchase operations on December 3, with a net withdrawal of 134 billion yuan [25]. - The market sentiment of treasury bond futures is weak, but the TL contract is expected to have limited room for further decline [26][27]. 3.2 Commodity News and Comments 3.2.1 Agricultural Products (Soybean Meal) - Argentina's soybean production forecast for the 25/26 season is 46.9 million tons, unchanged from the previous forecast, but the sowing is delayed [28]. - China's soybean procurement situation and South American weather need to be continuously monitored. Soybean meal futures prices are expected to oscillate [28]. 3.2.2 Agricultural Products (Sugar) - As of the end of November 2025/26 season, Guangxi produced 133,900 tons of mixed sugar. Thailand's 2025/26 season sugarcane benchmark purchase price is 890 Thai baht/ton [29][31]. - India's sugar production as of the end of November is 4.135 million tons, and it is expected to produce 31.5 million tons of net sugar this season. Brazil's sugar production and sugar - making ratio in November are lower than expected, supporting the outer - market prices [32][34]. - It is not advisable to short the Zhengzhou sugar January contract, as the downside space is limited [34][35]. 3.2.3 Black Metals (Rebar/Hot - Rolled Coil) - 232 steel enterprises have completed the publicity of ultra - low emission transformation. From January to November, China's home appliance trade - in exceeded 128.44 million units [36][37]. - Steel prices are expected to oscillate with a slight rebound before the December important meeting, but the overall space is limited [37][38]. 3.2.4 Black Metals (Coking Coal/Coke) - The price of coking coal in Changzhi market has decreased. The first round of coke price reduction has been implemented [38]. - The coke market is expected to oscillate in the short term, with slow supply recovery and weakening demand [38][39]. 3.2.5 Agricultural Products (Corn Starch) - The national corn starch industry's operating rate increased slightly this week, and the inventory continued to decline [40]. - It is recommended to operate around the current North China processing fee in the rice - flour price difference strategy [41]. 3.2.6 Agricultural Products (Pigs) - Wenshi plans to reduce costs and optimize production capacity through technological upgrading [42]. - The pig market shows a pattern of "stable futures and pressured spot". Near - end contracts are expected to oscillate under pressure, while far - end contracts can be considered for low - buying operations [42]. 3.2.7 Black Metals (Steam Coal) - The price of steam coal in the northern port market was weak on December 3, and the inventory continued to accumulate [44]. - After the end of replenishment, the steam coal price is expected to oscillate at a high level and decline seasonally from December to January [44]. 3.2.8 Black Metals (Iron Ore) - Vale expects to reach the upper limit of its 2025 iron ore production target and increase production in 2026 [45]. - The iron ore price is expected to continue oscillating, as the supply - demand contradiction is not prominent [45][46]. 3.2.9 Agricultural Products (Corn) - The seasonal inventory accumulation in the northern port is still slow, and the inventory in the southern port continues to decline at a low level [47]. - It is not recommended to short corn unilaterally. For far - month contracts, the medium - long - term strategy is to buy on dips [48]. 3.2.10 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Malaysia's palm oil inventory may reach a six - and - a - half - year high in November due to high production and low exports [49][50]. - The palm oil price is expected to oscillate, and attention should be paid to the difference between the MPOB report and market expectations [50][51]. 3.2.11 Non - Ferrous Metals (Copper) - Glencore lowers its 2026 copper production forecast but aims to reach 1.6 million tons by 2035 [52]. - The LME copper提货订单 increased significantly, and the market's expectation of Fed rate cuts intensified. Copper prices reached new highs, and it is recommended to buy on dips [54][56]. 3.2.12 Non - Ferrous Metals (Polysilicon) - The 400,000 - volt substation of the Oman United Solar Polysilicon Project was successfully connected to the grid, and it is expected to be officially put into production in the first quarter of 2026 [57]. - The polysilicon market is under pressure, with weak downstream demand and high inventory. It is recommended to operate with caution [58][60]. 3.2.13 Non - Ferrous Metals (Industrial Silicon) - The utilization rate of new energy in October 2025 shows different trends. The production in the southwest may decrease, and the inventory is difficult to reduce [61]. - The industrial silicon price is expected to oscillate between 8800 - 9500 yuan/ton, and attention should be paid to interval operation opportunities [62]. 3.2.14 Non - Ferrous Metals (Lead) - The LME lead inventory decreased, and the 0 - 3 cash spread oscillated. The SHFE lead inventory decreased, and the delivery risk increased [63][64]. - The lead price is expected to be strong, and it is recommended to buy on dips [64]. 3.2.15 Non - Ferrous Metals (Zinc) - The LME zinc inventory increased slightly, and the 0 - 3 cash spread was high. The domestic social inventory decreased, and the supply decreased [65]. - The zinc price is expected to be easy to rise and difficult to fall. It is recommended to buy on dips and hold positive - spread positions [65]. 3.2.16 Non - Ferrous Metals (Nickel) - Chinese scientists set a new record for the superconducting transition temperature of nickel - based superconductors [66]. - The supply - demand surplus of refined nickel has been marginally repaired, but there is still a surplus. It is recommended to consider low - buying opportunities with a light position [66][67]. 3.2.17 Non - Ferrous Metals (Lithium Carbonate) - Vulcan Energy obtained nearly $2.5 billion in financing for the European largest lithium project [68]. - The lithium carbonate market is expected to be weak in the short term, and it is recommended to short on rallies and buy on dips in the medium term [68][69]. 3.2.18 Non - Ferrous Metals (Tin) - The SHFE tin warehouse receipts decreased slightly, and the LME tin inventory increased. The tin ore supply is tight, and the production growth is limited [73]. - The tin price is expected to oscillate at a high level, and it is recommended to buy on dips [73]. 3.2.19 Energy Chemicals (Crude Oil) - The US EIA commercial crude oil inventory increased slightly in the week ending November 28 [74]. - The crude oil price is expected to oscillate in the short term, and attention should be paid to geopolitical events [74][75]. 3.2.20 Energy Chemicals (Asphalt) - The capacity utilization rate of heavy - traffic asphalt increased slightly this week [76]. - The asphalt market is weak, and it is recommended to wait and see [77][78]. 3.2.21 Energy Chemicals (LLDPE) - China's polyethylene production enterprises are expected to produce 2.9798 million tons in December 2025, with a year - on - year increase of 18.39% [79]. - The PE supply - demand situation is bearish, but attention should be paid to macro - economic impacts [79]. 3.2.22 Energy Chemicals (Methanol) - The methanol port inventory decreased slightly this week, slightly exceeding expectations [80]. - The methanol market's fundamental contradiction is not significant, and it is recommended to conduct positive - spread operations [80][81]. 3.2.23 Energy Chemicals (Pulp) - The price of imported wood pulp in the spot market continued to rise today [82][83]. - Although the market sentiment is optimistic, the pulp supply is still in surplus, and the upward space of the futures price is limited [84]. 3.2.24 Energy Chemicals (Styrene) - The inventory of styrene in the East China main port decreased slightly this week [85]. - The styrene market is oscillating. Attention should be paid to the implementation of maintenance expectations and the behavior of port core cargo - right holders [86][88]. 3.2.25 Shipping Index (Container Freight Rate) - The full - scale promotion of methanol as a marine fuel still faces challenges [89]. - The container freight rate market is expected to be strong in the short term, and it is recommended to consider low - buying operations with a light position [90].

Group 1: Market Performance - The consumer sector experienced a decline, with the Consumer ETF (159928) dropping by 0.49%, marking its third consecutive day of decline, and a trading volume exceeding 250 million yuan [1] - The Consumer ETF (159928) saw a net subscription of 26 million units during the day, with a net inflow of 107 million yuan yesterday, accumulating over 390 million yuan in the past 20 days [1] - As of December 2, the latest scale of the Consumer ETF (159928) exceeded 21.3 billion yuan, leading its peers significantly [1] Group 2: Policy and Support Measures - Hunan province introduced 11 measures to boost consumption, emphasizing increased financial support for key consumption areas such as trade circulation and life services [3] - Hainan province issued a child-rearing subsidy plan, providing annual subsidies of 3,600 yuan per child for eligible families starting from January 1, 2025 [3] Group 3: Valuation and Investment Outlook - The Consumer ETF (159928) has a TTM price-to-earnings ratio of 19.89, which is at the 4.41% percentile over the past decade, indicating a high valuation attractiveness [5] - Seasonal trends suggest that Q4 often sees shifts in investment styles, with December being a period where low valuation stocks may gain favor [5] Group 4: Future Consumption Trends - According to Jiangyin International, consumer spending is expected to see a slight recovery in 2025, with moderate growth continuing into 2026, driven by structural changes in consumer demand [7] - The consumer confidence index is gradually improving but remains below the threshold, indicating cautious consumer sentiment [7] Group 5: Food and Beverage Sector Insights - Huachuang Securities anticipates that traditional leading companies in the food and beverage sector will improve their market share, while new industry trends are emerging [8] - The food and beverage industry is expected to stabilize after a period of supply-demand imbalance, with a focus on traditional products like beer and dairy [9] - The industry is witnessing a shift towards new demands and business models, with opportunities in functional foods and health products [9]

天风农业团队指出，受气温下降影响，山东南部、辽宁西部部分区域有零星猪病散发，本周90kg以下小 体重猪整体出栏占比为4.83%，较上周增加0.34%。连续增长7周，后续需持续观察。政策引导减产&养 殖亏损&疫病干扰情况下，后续产能有望持续去化。机构强调，重视生猪板块空间，重视优秀企业的盈 利能力，在25年猪价持续低位&政策引导情况下，后续产能有望去化。 截至2025年12月3日 13:29，中证畜牧养殖指数(930707)成分股罗牛山(000735)上涨9.98%，益客食品 (301116)上涨3.36%，金新农(002548)上涨2.82%，海利生物(603718)上涨2.50%，中牧股份(600195)上涨 2.23%。畜牧ETF(159867)上涨0.46%，最新价报0.65元。 畜牧ETF紧密跟踪中证畜牧养殖指数，中证畜牧养殖指数选取涉及畜禽饲料、畜禽药物以及畜禽养殖等 业务的上市公司证券作为样本，以反映畜牧养殖相关上市公司的整体表现。 数据显示，截至2025年11月28日，中证畜牧养殖指数(930707)前十大权重股分别为牧原股份(002714)、 温氏股份(300498)、海大集团(002311) ...