Report Industry Investment Ratings - Red stars represent a predicted trend of rising prices, while green stars represent a predicted trend of falling prices. One star indicates a bullish/bearish bias with a driving force for price increase/decrease, but limited operability on the trading floor. Two stars mean holding long/short positions, with a clear upward/downward trend and the market situation evolving on the trading floor. Three stars suggest an even clearer long/short trend and a relatively appropriate investment opportunity at present. White stars indicate a relatively balanced short - term long/short trend and poor operability on the trading floor, suggesting a wait - and - see approach [10] - Investment ratings for different products: - Soybean No.1: ★☆☆ (predicted to be bullish with limited trading floor operability) [1] - Soybean Oil: ★★★ (predicted to have a clear upward trend and appropriate investment opportunity) [1] - Palm Oil: ★★★ (predicted to have a clear upward trend and appropriate investment opportunity) [1] - Soybean Meal: ★☆☆ (predicted to be bullish with limited trading floor operability) [1] - Rapeseed Meal: ★☆☆ (predicted to be bullish with limited trading floor operability) [1] - Rapeseed Oil: ★★★ (predicted to have a clear upward trend and appropriate investment opportunity) [1] - Corn: ★★★ (predicted to have a clear upward trend and appropriate investment opportunity) [1] - Live Pigs: ★★★ (predicted to have a clear upward trend and appropriate investment opportunity) [1] - Eggs: ★☆☆ (predicted to be bearish with limited trading floor operability) [1] Core Viewpoints - The report analyzes the market conditions of various agricultural products, including price trends, supply - demand situations, and influencing factors, and provides investment suggestions based on these analyses. Key factors to watch include policy changes, weather conditions, trade agreements, and supply - demand data reports [2][3][4] Summary by Product Soybean No.1 - The price of the domestic soybean futures main contract is oscillating at a high level. Today, 32,000 tons of domestic soybeans were auctioned at a reserve price of 3,900 yuan/ton, with 1,300 tons sold at a 4.03% success rate and an average price of 3,900 yuan/ton. The spot market price is stable. The price difference between domestic and imported soybeans is oscillating horizontally. Short - term focus is on domestic soybean policies and market sentiment [2] Soybean & Soybean Meal - US soybeans reached a recent high, and the main contract of Dalian soybean meal futures M2601 rose accordingly. The planting progress of new - season soybeans in Brazil is slow, and some soybeans in Paraná state may need to be replanted due to a tornado. Commercial imports of US soybeans lack price advantages, while policy - based purchases should be unaffected. Attention is on the USDA November supply - demand report, and there are opportunities for bargain - hunting long positions after the relaxation of Sino - US trade relations [3] Soybean Oil & Palm Oil - This week, focus on the guidance of the US Department of Agriculture supply - demand report. Rapeseed oil is leading the market strongly. Soybean oil and palm oil are following the upward trend, with soybean oil performing better. Palm oil in Malaysia has a high inventory, and future price trends depend on November's supply - demand situation. The loss in the near - end crushing profit of imported soybeans supports soybean oil prices. For palm oil, its price is oscillating horizontally, and its supply - demand situation and the trends of surrounding oils need to be monitored [4] Rapeseed Meal & Rapeseed Oil - The domestic rapeseed market maintains the pattern of strong oil and weak meal, with the positions of the main contracts increasing. Rapeseed oil is stronger than other vegetable oils, with increased提货量 at coastal oil mills. The inventory of rapeseed oil has declined significantly. Canada's biofuel incentive plan boosts the demand for Canadian rapeseed oil. The rapeseed futures price is under short - term pressure, and the pattern of strong oil and weak meal is expected to continue [6] Corn - The Dalian corn futures contract 2601 continued to rise. In the Northeast, the temperature is dropping, and the grain sales progress is slower than expected, with stable - to - rising spot prices. In Shandong, the supply of corn is tight, and the spot price is stable. Wheat prices are weakening due to the expected auction. The rebound of corn futures is expected to be limited, and the 01 contract may continue to operate weakly at the bottom [7] Live Pigs - The far - month live pig futures continued to rise, and the near - month contracts followed. The spot price of live pigs decreased by 0.1 yuan/kg. The futures market is trading on the expectation of capacity reduction. In the medium - to - long - term, the pig cycle bottom often shows a double - bottom "W" shape, and there is a high probability of a second bottoming in the first half of next year [8] Eggs - The decline of egg futures accelerated, with positions shifting from near - month to far - month contracts and overall position reduction. The spot price is mostly stable across the country, with slight drops in some areas. The futures price is based on the spot market logic, with high production capacity on the supply side and the off - season of demand. High - position short positions can be held, and attention should be paid to spot performance and the culling of old hens [9]

Group 1 - The core viewpoint is that the current sales of fat pigs and piglets are in a state of loss, with expectations of continued low-price fluctuations in the pork market due to increasing supply pressure in the industry [1][2] - The price of pork has fallen below the cost line, leading to comprehensive losses in the industry, with the national average price dropping below 11 yuan/kg after the National Day holiday, marking a yearly low [1][2] - The decline in piglet prices has accelerated, with losses per piglet expected to exceed 100 yuan, reflecting pessimistic expectations among farmers regarding future prices [1][2] Group 2 - The current pig cycle is at a bottoming stage, with significant supply pressure expected in the first half of 2026, as the number of breeding sows has increased to 40.43 million, showing a quarter-on-quarter growth [2][3] - The industry is likely to experience accelerated capacity reduction due to losses, with policy and winter disease factors being crucial for future breeding sow capacity [3] - Overall, the industry is expected to see a moderate growth in pig output in 2026, with a slight decline in average prices, while quality breeding enterprises may still maintain profitability throughout the year [3]

Group 1 - The core viewpoint of the article highlights the significant growth in the overseas feed business of the company, with a sales growth rate of 21% in the first three quarters of the year, accelerated by increased production capacity and credit sales [1] - The company has strategically focused on countries such as Indonesia, Vietnam, Egypt, Bangladesh, and the Philippines for its overseas feed business, achieving an average sales growth rate of around 10% over the past three years [1] - The company plans to reach an overseas feed production capacity of 10 million tons by 2028 to support a sales target of 9 million tons [2] Group 2 - Regarding the pig farming business, the company anticipates that despite short-term fluctuations, it is expected to achieve breakeven and release operational profits within 1-2 years [2] - The company expects its operational situation to gradually improve and recover over the next 1-2 years [2]

Core Insights - The pig farming industry is facing significant challenges as many companies are experiencing losses despite increased output during the traditional peak season for pig sales [1][2][3] - The average selling prices of pigs have dropped to their lowest levels of the year, leading to a situation where companies are selling pigs at a loss [3][5] - Companies with lower breeding costs are better positioned to withstand price declines, while those with higher costs are under severe financial pressure [5][6] Industry Performance - In October, major pig farming companies reported substantial increases in the number of pigs sold, with Muyuan Foods selling 7.076 million pigs (up 13.17% year-on-year) and Wens Foodstuffs selling 3.8928 million pigs (up 45.69% year-on-year) [2][3] - Despite the increase in sales volume, the average selling prices for major companies like Muyuan and Wens fell by approximately 32.73% and 34.41% year-on-year, respectively [3][4] Cost Dynamics - The cost of pig farming varies significantly among companies, with leading firms like Muyuan and Wens reporting costs below 12.5 yuan/kg, while others like Huazhong and Jinxinnong have costs exceeding 13.5 yuan/kg [5][6] - The industry is currently experiencing an overall loss, with average breeding costs maintained between 12.5 and 13 yuan/kg, and losses per pig reaching 161.69 yuan for self-breeding and 283.92 yuan for piglets [5][6] Future Outlook - The demand for pork is expected to increase as the southern regions begin their seasonal consumption, which may provide some support for prices in the coming months [4] - However, the overall price trend is expected to remain weak due to the cyclical nature of the pig market [4]

Report Industry Investment Ratings - **Buy**: None - **Hold**: Soybean, soybean meal, rapeseed meal, rapeseed oil, palm oil, corn, egg [1] - **Sell**: None Core Viewpoints - The prices of various agricultural products show different trends, with some in high - level oscillations, some rising or falling, and the future trends depend on multiple factors such as policies, supply - demand, and international trade relations [2][3][4] - Different agricultural products have different investment strategies, including waiting for opportunities to go long, short - term waiting and seeing, and expecting limited rebounds [3][6][7] Summary by Commodity Soybean and Related Products - **Soybean**: The price of domestic soybeans is in high - level oscillation. The restart of soybean auction by Sinograin cools the market sentiment, while the purchase by Sinograin warehouses shows the advantage of high - protein soybean prices. The warehouse receipts of domestic soybeans increase with the rebound of imported soybeans. Short - term focus is on policies and market sentiment [2] - **Soybean and Soybean Meal**: The main contract of soybean meal futures oscillates. US soybeans are in a wide - range oscillation after a strong rise. The import tax rate of US soybeans in China is changed to 13%, but commercial imports still have no price advantage. The supply of soybeans is expected to be basically sufficient in Q4, and there may be inventory reduction in Q1 next year. The sowing rate of Brazilian soybeans is 58.4% as of November 8th. Focus on the USDA November supply - demand report and look for long - buying opportunities after the Sino - US trade eases [3] - **Soybean Oil and Palm Oil**: Soybean oil and palm oil follow rapeseed oil to strengthen. The short - and medium - term supply - demand of rapeseed oil is strong, which boosts the price of soybean and palm oil. The high inventory of palm oil in Malaysia needs attention. The loss of the near - end crushing profit of imported soybeans supports soybean oil. The oil - meal ratio shows that soybean oil is stronger than soybean meal this week. The price of palm oil is in a horizontal oscillation, and its supply - demand and the trend of surrounding oils need attention [4] Rapeseed Products - **Rapeseed Meal and Rapeseed Oil**: The positions and trading volume of domestic rapeseed futures contracts increase, maintaining the trend of strong oil and weak meal. The shortage of rapeseed in coastal areas leads to a more than expected decline in the inventory of rapeseed products, especially rapeseed oil, which supports its price. Supply - side focus is on the arrival time of Australian rapeseeds, the data adjustment of the USDA supply - demand report, and the Sino - Canadian relations. Short - term waiting and seeing is recommended [6] Corn - The 2601 contract of Dalian corn futures rises by 0.93% with reduced positions. The estimated output of this season's corn is 3 billion tons, a 1.72% increase. The spot price is strong in some areas due to temperature drop and reduced supply. The price of wheat starts to weaken. The high - level supply of grains in the Northeast has not passed, and the rebound height of the 01 contract of Dalian corn futures is expected to be limited, and it may continue to operate at the bottom [7] Livestock and Poultry Products - **Pig**: The spot price of pigs decreases slightly, while the futures show a significant increase in positions, and the near - month January contract drops sharply. The high price difference between fattening pigs may slow down the overall slaughter rhythm, and the pig price may have a seasonal rebound. In the long - term, the pig price may have a second bottom - probing next year [8] - **Egg**: The far - month egg futures price rises sharply and breaks through the previous oscillation platform. The reason is the expected decline in the laying - hen inventory due to the sharp decrease in chick replenishment in the second half of this year. The near - month contracts are weak due to the weakening of the spot price. The overall egg price is stable with some provincial declines. Focus on the spot performance and old - hen culling, and wait and see for now [9]

Report Industry Investment Ratings - **Beans 1**: ★☆☆ (One star indicates a bullish/bearish bias, with a driving force for price increase/decrease, but limited operability on the trading floor) [1] - **Soybean Oil**: ★★★ (Three stars represent a clearer bullish/bearish trend, with relatively appropriate investment opportunities at present) [1] - **Palm Oil**: ★★★ [1] - **Soybean Meal**: ★☆☆ [1] - **Rapeseed Meal**: ★★★ [1] - **Rapeseed Oil**: ★★★ [1] - **Corn**: ★★★ [1] - **Live Pigs**: ★☆☆ [1] - **Eggs**: ★★★ [1] Core Views - The prices of various agricultural products show different trends, affected by factors such as supply and demand, policies, and international trade relations. Investors should pay attention to relevant information and market dynamics to find investment opportunities and manage risks [2][3][4] Summary by Related Catalogs Beans 1 - The price of Beans 1 shows high - level fluctuations. The resumption of soybean auction by Sinograin cools the market sentiment. Sinograin started soybean procurement last week, with high - protein soybeans having a price advantage. The warehouse receipts of domestic soybeans increase with the rebound of imported soybeans. Short - term attention should be paid to domestic soybean policies and market sentiment [2] Soybean & Soybean Meal - The main contract of soybean meal futures continues to fluctuate. Affected by the easing of Sino - US negotiations, US soybeans enter a wide - range oscillation waiting period after a strong rise. The import tax rate of US soybeans in China is changed to 13%, but commercial imports still have no price advantage. The crushing profit is repaired with the increase of import cost. It is expected that the soybean supply will be basically sufficient in the fourth quarter, and there may be inventory reduction in the first quarter of next year. The sowing rate of Brazilian soybeans is 58.4% as of November 8th, slower than normal. The key lies in the ending inventory data in the USDA November supply - demand report. Attention should be paid to the opportunity of buying on dips after the Sino - US trade eases [3] Soybean Oil & Palm Oil - Soybean oil and palm oil follow the strength of rapeseed oil. The supply - demand situation of rapeseed oil in the medium and short term is strong, which boosts the price of soybean and palm oil. The current supply - demand situation of palm oil shows high inventory in Malaysia. The import loss of soybean in the near - term disk provides support for soybean oil. The soybean oil is stronger than soybean meal in the oil - meal ratio this week. The price of palm oil is in a horizontal oscillation, and attention should be paid to its supply - demand situation and the trend of surrounding oils [4] Rapeseed Meal & Rapeseed Oil - The trading volume and open interest of domestic rapeseed futures contracts increase, maintaining the trend of strong oil and weak meal. The shortage of rapeseed in domestic coastal areas leads to a more than expected decline in the inventory of rapeseed oil and meal, especially rapeseed oil, which supports its price reversal. Attention should be paid to the arrival time of Australian rapeseed, the data adjustment of the USDA supply - demand report, and the trend of China - Canada relations. It is recommended to wait and see in the short term [6] Corn - The Dalian corn futures 2601 contract increases by 0.93% with reduced positions. The estimated corn output this season is 300 million tons, an increase of 1.72% compared with the previous season. The spot price of corn is strong in some areas due to factors such as temperature drop and reduced supply. However, the overall supply pattern is still loose, and the rebound height is expected to be limited. The 01 contract of Dalian corn futures may continue to operate at the bottom and wait for a callback [7] Live Pigs - The spot price of live pigs decreases slightly, while the futures show a significant increase in positions, and the near - month January contract drops sharply. The high price difference between fattening pigs may slow down the overall slaughter rhythm. Seasonal demand is increasing, and the pig price may enter a seasonal rebound stage. In the long - term, the pig price may form a double - bottom pattern, and there is a high probability of a second bottom - testing in the first half of next year [8] Eggs - The far - month egg futures price rises sharply and breaks through the previous oscillation platform. The decline in chick replenishment in the second half of this year leads to the expectation of a decrease in the laying - hen inventory in the future. The near - month contracts are weak due to the stable - to - weak spot price. The price of eggs is stable in most areas with a decline in some provinces. The logic of near - and far - month contracts is different. Attention should be paid to the spot performance and old - hen culling, and it is recommended to wait and see for now [9]

Investment Rating - The report maintains a "positive" outlook on the agricultural, forestry, animal husbandry, and fishery sectors, with specific attention to the potential for value reassessment in leading pig farming companies [2][3]. Core Insights - The agricultural sector's net profit for the first three quarters of 2025 increased by 11% year-on-year, with five sub-sectors showing profit growth, including animal health (+96%) and agricultural processing (+50%) [11][12]. - The pig farming industry is experiencing significant challenges, with a notable decline in pig prices leading to widespread losses among companies, although some are still managing to maintain profitability due to cost advantages [3][19]. - The pet food sector continues to show strong domestic sales growth, while exports are negatively impacted by increased tariffs, highlighting a divergence in performance between domestic and international markets [3][6]. Summary by Sections 1. Agricultural Sector Overview - The agricultural sector's net profit for Q1-Q3 2025 reached CNY 369.4 billion, reflecting an 11% increase year-on-year, with most sub-sectors reporting profit growth [11][12]. - In Q3 2025, the sector's net profit dropped by 58% year-on-year, with significant declines in the feed and breeding industries [13][14]. 2. Key Sub-Sectors Performance 2.1 Pig Farming - The pig farming sector saw a 30% increase in the number of pigs slaughtered in the first three quarters of 2025, but Q3 prices fell sharply, leading to a 68.4% drop in net profit for the quarter [21][16]. - The average profit per pig for self-breeding operations was approximately CNY 60 per head, but this dropped to CNY 43 in Q3, indicating a significant decline in profitability [32][33]. 2.2 Chicken Farming - The white feather chicken segment is facing price declines, but downstream companies are seeing profit recovery due to improved cost structures [53][59]. - The yellow feather chicken segment is experiencing a significant downturn, with profits down by 75.2% year-on-year for the two listed companies in this category [3][59]. 2.3 Pet Food - The domestic pet food market remains robust, with a 17.7% increase in revenue for the first three quarters of 2025, while exports to the U.S. fell by 25.6% due to tariffs [3][6]. - Leading domestic brands are gaining market share, with significant growth in online sales [5][6]. 2.4 Animal Health - The animal health sector reported a 70.2% increase in net profit, driven by high livestock inventory levels and the introduction of new products [4][3].

Investment Rating - The report maintains a "Positive" outlook on the agricultural, forestry, animal husbandry, and fishery industry for the third quarter of 2025 [2] Core Insights - The agricultural, forestry, animal husbandry, and fishery sector's net profit increased by 11% year-on-year in the first three quarters of 2025, with five sub-industries showing profit growth [16][17] - The overall performance of the sector declined in Q3 2025, with a 58% year-on-year drop in net profit, primarily due to significant losses in the breeding industry [18][19] - The pig farming sector faced a downturn with falling prices and a return to industry-wide losses, while the poultry sector showed mixed results with white feathered chickens stabilizing and yellow feathered chickens experiencing a significant decline [22][58] - The pet food segment continues to thrive domestically, although exports have been negatively impacted by increased tariffs [22][58] - The animal health sector benefited from high livestock inventory levels, leading to substantial revenue growth for companies in this space [22][58] Summary by Sections 1. Overview of Agricultural, Forestry, Animal Husbandry, and Fishery Sector - The sector's net profit for Q1-Q3 2025 reached 369.4 billion, marking an 11% increase year-on-year [16] - In Q3 2025, the sector's net profit was 95.9 billion, reflecting a 58% decrease year-on-year and a 27% decrease quarter-on-quarter [18] 2. Key Sub-Industry Performance 2.1 Pig Farming - The pig farming sector's revenue for Q1-Q3 2025 was 3036.4 billion, with a 9.9% year-on-year increase, but Q3 saw a significant profit drop of 68.4% [22] - The average profit per head for self-bred pigs was approximately 60 yuan, with significant variations among companies [36][38] 2.2 Poultry Farming - White feathered chicken companies reported a revenue of 243.4 billion in the first three quarters of 2025, with a net profit increase of 104.6% [64] - Yellow feathered chicken prices declined significantly, leading to a challenging market environment [58] 2.3 Pet Food - The pet food sector achieved a revenue of 103.0 billion in the first three quarters of 2025, with a year-on-year growth of 17.7% [22] - Domestic brands are gaining market share, while exports to the U.S. have decreased by 25.6% due to tariffs [22] 2.4 Animal Health - The animal health sector's revenue reached 132.7 billion in Q1-Q3 2025, with a 70.2% increase in net profit [22] - New product launches have contributed to above-average growth for some companies in this sector [22]

长江商报消息 ●长江商报记者 汪静 "猪周期"之下，神农集团（605296.SH）正在力求突围。 然而，2023年，经过非洲猪瘟后的猪企大规模扩产，中国生猪养殖市场从供需结构来看已经呈现为供大 于求的态势。生猪养殖行业由过去一般3—4年为一个周期，到2023年出现了传统猪周期规律"失效"的现 象，处于"非典型"周期阶段。从2023年开始，过量的供给叠加非瘟疫情，市场去产能的速度开始逐渐加 快。 这轮"猪周期"之下，生猪价格持续下行，行业企业"卖得多、挣得少"的窘境延续，神农集团也不例外。 数据显示，2025年9月份，神农集团商品猪价格跌至12.82元/公斤，创下年内新低，10月份仍然呈现下 降趋势，商品猪销售均价11.04元/公斤，环比9月份下降13.88%。 简报数据显示，生猪养殖企业2025年10月份的商品猪价格进一步走低，并于年内首次跌破12元/公斤， 较上年同期普遍已下跌超过三成。据农业农村部全国重点农产品市场信息平台的数据，全国生猪市场价 格（线上）2025年10月份亦跌破12元/公斤，其后价格变化一度有所反复，尚未看到明确止跌迹象。 日前，神农集团发布公告，2025年10月份，公司销售生猪33.5 ...

Core Viewpoint - Tianong Group has submitted an IPO application to the Hong Kong Stock Exchange, aiming to expand its operations in the meat production sector, particularly focusing on its core products of Qingyuan chicken and live pigs [1][19]. Group 1: Business Overview - Tianong Group's primary products include live pigs, Qingyuan chicken, and other high-quality meat products, with over 80% of its revenue derived from these categories [2][5]. - The company is the second-largest yellow feather chicken producer in Guangdong and has established a comprehensive business model that spans breeding, ecological farming, feed production, slaughtering, and food processing [8][10]. - The revenue breakdown for the reporting period shows that live pig products contributed over 60% of total revenue, while Qingyuan chicken and other poultry accounted for more than 20% [5][12]. Group 2: Financial Performance - Tianong Group's revenue fluctuated significantly over the years, with figures of approximately RMB 39.52 billion in 2022, RMB 35.96 billion in 2023, and an expected RMB 47.76 billion in 2024 [12][14]. - The gross profit margins for these years were 16.3%, 1.6%, and 18.8%, respectively, indicating volatility in profitability [12]. - The company reported a net profit of approximately RMB 3.41 billion in 2022, a loss of RMB 6.69 billion in 2023, and a projected profit of RMB 8.9 billion in 2024 [12]. Group 3: Market Dynamics - The Chinese pig farming market has experienced cyclical fluctuations, with prices peaking at RMB 33.9 per kilogram in 2020 and dropping to RMB 16.7 per kilogram in 2024 due to supply recovery [14]. - The overall market size for pig farming in China is expected to stabilize, with projections indicating a growth to approximately RMB 1.65 trillion by 2029 [16]. - The competitive landscape is intense, with major players like Muyuan and Wens dominating the market, and Tianong Group ranked eighth among pig farming enterprises in Southwest China [18]. Group 4: Future Prospects - The company plans to use the funds raised from the IPO to expand its processed meat production, enhance technological capabilities, and improve operational efficiency [22]. - Tianong Group faces challenges from industry cycles, raw material price fluctuations, and increasing competition, which will require effective cost control and supply chain management to sustain growth [22].