Core Viewpoint - The Ministry of Commerce of China announced a final review investigation of anti-dumping measures on imported ethylene propylene diene monomer (EPDM) rubber originating from the United States, South Korea, and the European Union, effective from December 20, 2025 [1] Group 1 - The Ministry of Commerce will conduct a final review investigation on anti-dumping measures for EPDM rubber imports from the U.S., South Korea, and the EU [1] - During the investigation period, anti-dumping duties will continue to be levied according to the scope and rates specified in the Ministry of Commerce's announcement No. 60 of 2020 [1]

Report Information - Report Name: Pig Daily Report - Date: December 19, 2025 - Industry: Pig [1][2] Investment Rating - No relevant information Core View - The spot market is boosted by the demand for curing and enema, showing a strong and volatile trend. The futures market faces dual supply pressures from the concentrated second - fattening in October and continuous capacity release, which puts pressure on the 01 and 03 contracts. However, due to the large price decline compared to the same period last year and the increasing and more severe northern epidemic recently, the bottom - shock frequency has increased [8] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 18th, the main 2603 contract of live pigs opened flat and then fluctuated downwards, closing in the red at the end of the session. The highest was 11,470 yuan/ton, the lowest was 11,320 yuan/ton, and the closing price was 11,325 yuan/ton, a decrease of 1.18% from the previous day. The total index position decreased by 4,480 lots to 357,131 lots [7] - **Spot Market**: On the 18th, the average price of ternary pigs nationwide was 11.67 yuan/kg, an increase of 0.06 yuan/kg from the previous day [7] - **Supply Side**: In the long term, the pig slaughter is expected to maintain a slight growth until next year's first half. The utilization rate of second - fattening pens is slightly higher than the same period last year, increasing the supply pressure before the Spring Festival. In December, the planned slaughter of sample breeding enterprises is 27.72 million heads, with a monthly planned increase of 4.64%. Currently, the overall completion progress of many regional groups is slightly slow, and there is a certain increase in the difficulty of acquisition [8] - **Demand Side**: Currently, second - fattening is mainly in a wait - and - see state, and there may still be a small amount of rolling replenishment demand in December. With the continuous cooling of the weather, the demand for curing and enema is increasing, the terminal consumer demand is rising, and the orders of slaughtering enterprises are increasing, which significantly supports the slaughter volume. On December 18th, the slaughter volume of sample slaughtering enterprises was 201,900 heads, an increase of 6,900 heads from the previous day, 17,000 heads week - on - week, and 36,000 heads month - on - month [8] - **Policy Side**: China imposes anti - dumping duties on imported related pork and pig by - products from the EU. However, the impact is very limited because the proportion compared to domestic consumption is extremely low [8] 3. Data Overview - **Actual and Planned Slaughter**: In November, the actual slaughter volume of Yongyi sample enterprises was 26.49 million heads, with a completion rate of 99.36%. In December, the planned slaughter is 27.72 million heads, with a monthly planned increase of 4.64% and a daily average increase of 1.27% [13] - **Profit per Head**: As of December 11th, the profit per head of self - breeding and self - raising pigs was - 146 yuan/head, a week - on - week decrease of 11.5 yuan/head; the profit per head of purchasing piglets for breeding was - 264 yuan/head, a week - on - week decrease of 5.6 yuan/head [13] - **Cost**: As of December 11th, the expected cost of self - breeding and self - raising was 12.09 yuan/kg, a week - on - week increase of 0.04 yuan/kg. The cost of purchasing piglets for fattening was affected by both feed prices and piglet prices, and the expected cost after fattening to 125 kg and then slaughtering was 11.41 yuan/kg, a week - on - week increase of 0.12 yuan/kg [13] - **Slaughter Weight and Proportion**: As of the week of December 11th, the average slaughter weight of pigs was 129.63 kg, a decrease of 0.19 kg from the previous week. The proportion of pigs under 90 kg was 5.43%, an increase of 0.38% from the previous week, and the proportion of pigs over 150 kg was 6.9%, almost the same as the previous week [13]

Group 1 - The company expects Q4 sales volume in BioSolutions to be between 70,000 and 75,000 tonnes, which is a decrease from 77,000 tonnes in the same quarter last year [2] - There is an anticipated positive but limited effect from antidumping duties on vending [3] - Margin development in BioSolutions has shown a year-on-year decline, which was a core question raised during the Q&A session [3]

Group 1 - The Ministry of Commerce announced the imposition of anti-dumping duties on imported pork and pork products from the EU, effective from December 17, 2025, for a period of five years, with rates ranging from 4.9% to 19.8% [2][12][13] - The anti-dumping investigation began on June 17, 2024, with preliminary findings released on September 5, 2025, indicating dumping practices by EU exporters, leading to the requirement for importers to pay a deposit [13][15] - Following the announcement of the final ruling, the market showed limited bullish expectations, and pork prices remained stable, with a noted increase in import costs prior to the ruling [2][6] Group 2 - Domestic pork prices began to rise in late June 2024, influenced by the anti-dumping investigation, with significant price increases observed in various pork products [4][15] - By September 2025, despite rising import costs, domestic pork prices declined, leading to cautious purchasing behavior among downstream customers, with only certain EU pork products experiencing price increases [4][15] - As of December 17, 2025, average prices for imported pork products showed a slight decline, indicating a stable market despite the new duties [5][16] Group 3 - The imposition of anti-dumping duties is expected to significantly reduce EU pork imports in 2026, while domestic pork supply is anticipated to increase, leading to lower prices for domestic products [6][17] - The EU is projected to remain the largest source of pork imports for China, despite a significant decline in import volumes, with estimates suggesting a drop to 780,000 to 850,000 tons for pork and 1.1 to 1.2 million tons for pork by-products in 2026 [8][19] - The market is likely to shift towards sourcing from lower-cost regions such as North and South America, as domestic prices remain competitive [19][20]

Group 1 - The Chinese Ministry of Commerce announced that starting from December 17, 2025, anti-dumping duties will be imposed on imported pork and pork by-products from the EU, with a duration of five years [1] - The anti-dumping investigation initiated by China on June 17, 2024, concluded with duties ranging from 4.9% to 19.8%, indicating that the products were found to be dumped, causing substantial damage to the domestic industry [1][2] - Spain and France, as major pork exporters to China, expressed that the outcome was better than expected, as the final duty rates were lower than the preliminary rates which could have reached up to 62.4% [2][3] Group 2 - The final duty rates were influenced by ongoing communication with the Chinese government and visits from Spanish officials, which helped lower the rates [3] - The average duty imposed on French pork exports to China was around 20% prior to the final ruling, and the new rates are seen as a relief for the French pork industry [3] - The Danish agricultural sector expressed concerns that the final rates remain high, potentially leading to competitive disadvantages for EU exporters [3] Group 3 - The EU Commission stated it would defend EU farmers and exporters against what it perceives as the misuse of trade defense tools by China, and is assessing whether China's actions comply with WTO rules [3] - French President Macron emphasized the need for a balanced trade relationship between Europe and China, suggesting that imposing tariffs and quotas could lead to serious trade disputes [4]

上海期货交易所指定交割仓库期货周三（12月17日）仓单日报显示，黄金期货总计91722千克，今日仓 单较上一日增加420千克。 美国劳工统计局公布数据显示，美国11月非农就业人口增加6.4万人，高于市场预期的5万人；但失业率 却意外升至4.6%，创下2021年9月以来的新高。另外，10月非农就业大幅减少10.5万人，远超预期的下 降2.5万人；8月和9月也合计下修3.3万人。11月平均时薪同比增长3.5%，为2021年5月以来最低增速。 国务院关税税则委员会根据商务部的建议作出决定，自2025年12月17日起，对原产于欧盟的进口相关猪 肉及猪副产品征收反倾销税。 沪金主力盘内高位回落，周三（12月17日）黄金期货开盘价972.50元/克，截至目前最高982.78元/克， 最低971.72元/克。截止发稿报979.72元/克，涨幅0.42%，成交量为275889手，持仓为197105手，日持仓 增加899手。 上海期货交易所黄金期货仓单日报(单位：千克) | | 期货 | 增减 | | --- | --- | --- | | 上期所指定交割金库 | 91722 | 420 | ...

Core Viewpoint - The Ministry of Commerce of China has announced the final ruling on anti-dumping duties on imported pork and pork products from the EU, effective December 17, 2025, in response to significant damage to the domestic industry caused by dumping practices [1] Group 1: Anti-Dumping Measures - The Ministry of Commerce will impose anti-dumping duties ranging from 4.9% to 19.8% on EU companies starting December 17, 2025, for a duration of five years [1] - The decision was made following a request from the China Animal Husbandry Association, highlighting the strong demand for protection within the domestic industry [1] Group 2: Impact on Domestic Industry - The ruling is expected to reduce imports of pork and related products from the EU, which may alleviate supply pressure in the domestic pork market, contributing to the stability of the swine industry [1] - Current data indicates that the domestic pork supply is in surplus, with a decrease in imported pork and related products over the past two years [2] Group 3: Import Trends - From January to October, pork imports amounted to approximately 860,000 tons, a year-on-year decrease of 3.3%, while the total imports of pork and pork offal reached about 1.86 million tons, down 2.4% year-on-year [2] - Overall, the import volume of pork and related products is expected to remain low in 2025, suggesting that the impact of the anti-dumping duties on domestic supply may be limited [2]

| 项目类别 | 数据指标 环比 项目 | 最新 | | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | T主力收盘价 | 107.905 | 0.05% T主力成交量 | 77265 | -24631↓ | | | TF主力收盘价 | 105.795 | 0.03% TF主力成交量 | 67776 | -10826↓ | | | TS主力收盘价 | 102.426 | -0.02% TS主力成交量 | 34784 | -2027↓ | | | TL主力收盘价 | 111.390 | -0.19% TL主力成交量 | 148857 | -11561↓ | | 期货价差 | TL2603-2606价差 | -0.16 | +0.06↑ T03-TL03价差 | -3.49 | 0.17↑ | | | T2603-2606价差 | -0.02 | +0.02↑ TF03-T03价差 | -2.11 | -0.02↓ | | | TF2603-2606价差 | 0.00 | +0.00↑ TS03-T03价差 | -5.48 | -0.06↓ | | ...

Core Viewpoint - The Ministry of Commerce of China has initiated an anti-dumping investigation against imported pork and pig by-products from the European Union, concluding that there is dumping and substantial damage to the domestic industry, with a causal relationship established between the two [1][2]. Group 1: Final Ruling - The final ruling confirms that imported pork and pig by-products from the EU are being dumped, causing substantial harm to the domestic industry, and a causal relationship exists between the dumping and the harm [1][2]. Group 2: Imposition of Anti-Dumping Duties - Starting from December 17, 2025, anti-dumping duties will be levied on imported pork and pig by-products from the EU, as recommended by the Ministry of Commerce [2][4]. - The products under investigation include fresh, chilled, frozen pork, edible offal, and various forms of pig fat and intestines [2][3]. Group 3: Calculation and Collection of Duties - Importers must pay the anti-dumping duties based on the customs-determined taxable price of the goods, calculated as: anti-dumping duty amount = taxable price × anti-dumping duty rate [4]. - The value-added tax at the import stage will be calculated based on the taxable price, which includes customs duties and anti-dumping duties [4]. Group 4: Retroactive Collection of Duties - Anti-dumping duties will be retroactively collected on guarantees provided by importers from September 10, 2025, to December 16, 2025, based on the final ruling [6]. - Any excess guarantees will be refunded, while any shortfall will not be collected [6]. Group 5: Duration of Anti-Dumping Duties - The anti-dumping duties will be in effect for five years starting from December 17, 2025 [7]. Group 6: New Exporter Review - New exporters from the EU who were not involved during the investigation period can apply for a review under the anti-dumping regulations [8]. Group 7: Periodic Review - Interested parties can apply for a periodic review during the enforcement of the anti-dumping duties [9]. Group 8: Administrative Review and Litigation - Parties dissatisfied with the final ruling and the imposition of anti-dumping duties can seek administrative review or file a lawsuit in court [10].

Core Viewpoint - The Ministry of Commerce has announced an anti-dumping investigation into imported pork and pig by-products from the European Union, concluding that there is dumping and substantial damage to the domestic industry, with a causal relationship between the two [1][2]. Group 1: Investigation and Findings - The Ministry of Commerce initiated an anti-dumping investigation on June 17, 2024, regarding pork and pig by-products from the EU [1]. - The investigation confirmed that the imported products were being dumped and that the domestic industry suffered substantial damage due to this dumping [1]. - A preliminary ruling was made on September 5, 2025, affirming the existence of dumping and its impact on the domestic industry [1]. Group 2: Anti-Dumping Tax Implementation - An anti-dumping tax will be imposed on the relevant products starting December 17, 2025, based on the Ministry's recommendation to the State Council Tariff Commission [2]. - The anti-dumping tax will be calculated based on the customs-determined taxable price of the imported goods [6]. Group 3: Product Description - The products under investigation include fresh, chilled, frozen pork, and various pig by-products suitable for human consumption [5]. Group 4: Tax Collection and Refunds - Importers will need to pay the anti-dumping tax upon importing the specified products, with the tax calculated from the customs-determined price [6]. - Refunds will be issued for any excess guarantee deposits provided by importers during the preliminary ruling period, while any shortfall will not be collected [7]. Group 5: Duration and Review Processes - The anti-dumping tax will be in effect for five years starting from December 17, 2025 [9]. - New exporters from the EU not involved in the investigation can apply for a review under specific conditions [10]. - Interested parties can request a review during the anti-dumping tax period [11]. Group 6: Legal Recourse - Parties dissatisfied with the final ruling or the imposition of the anti-dumping tax can apply for administrative review or file a lawsuit in court [12].