自去年年中全国能繁母猪存栏量突破4000万头之后，这一指标一直贴近绿色区域的上限运行。"当前全国能繁母猪 存栏量重新回到4000万头以下，标志着前期生猪产能过剩的压力正在逐步缓解。"中国农业科学院北京畜牧兽医研 究所研究员朱增勇对记者表示。 证券时报记者 江聃 农业农村部最新公布的数据显示，10月末全国能繁母猪存栏量重新回到4000万头以下。接受记者采访的专家认 为，此前因存栏量偏高叠加二次育肥等投机行为，猪价持续低迷；当前产能去化的推进，有利于未来市场形势稳 步向好。春节前，猪肉消费进入全年最旺季节，同时供给充裕，预计猪价将温和回升、窄幅波动。未来仍需推进 生猪产能有效调减，同时同步提升发展质量，推动供给和消费逐步趋于平衡。 根据农业农村部发布的《生猪产能调控实施方案（2024年修订）》，"十四五"后期，以正常年份全国猪肉产量在 5500万吨时的生产数据为参照，设定能繁母猪存栏量调控目标，即能繁母猪正常保有量稳定在3900万头左右，并 明确将能繁母猪月度存栏量处于正常保有量的92%—105%区间视作产能正常波动的绿色区域。 11月21日，农业农村部召开部常务会议，审议并原则通过《关于加强产能综合调控促进生猪 ...

农业农村部最新公布数据显示，10月末全国能繁母猪存栏量重新回到4000万头以下。 接受记者采访的专家认为，此前因存栏量偏高叠加二次育肥等投机行为，猪价持续低迷，而当前产能去 化的推进，有利于未来市场形势稳步向好。春节前，猪肉消费进入全年最旺季节，同时供给充裕，预计 猪价将温和回升、窄幅波动。未来仍需推进生猪产能有效调减，同时同步提升发展质量，推动供给和消 费逐步趋于平衡。 最新数据显示，10月末全国能繁母猪存栏量重新回到4000万头以下。这是自去年年中以来，这一指标首 次降至4000万头以下。 "这标志着前期生猪产能过剩的压力正在逐步缓解。"中国农业科学院北京畜牧兽医研究所研究员朱增勇 对记者表示，此前因存栏量偏高叠加二次育肥等投机行为，猪价持续低迷，而当前产能去化的推进，有 利于未来市场形势稳步向好。 生猪产能综合调控再加强 去年下半年以来，农业农村部开展逆周期调节，引导各方面有序调减生猪产能。今年年中，进一步实施 生猪产能综合调控，设立了引导调减约100万头能繁母猪的目标，并联合国家发展改革委和国家金融监 管总局等部门出台了配套措施。 虽然生猪产业产能调控见效，但距离目标仍有一定距离，相关工作仍将持续推进 ...

农业农村部最新公布数据显示，10月末全国能繁母猪存栏量重新回到4000万头以下。 接受记者采访的专家认为，此前因存栏量偏高叠加二次育肥等投机行为，猪价持续低迷，而当前产能去化的推进，有利于未来市场形势稳步向好。春节前，猪肉消 费进入全年最旺季节，同时供给充裕，预计猪价将温和回升、窄幅波动。未来仍需推进生猪产能有效调减，同时同步提升发展质量，推动供给和消费逐步趋于平 衡。 近一周来，农业农村部频繁释放加强产能调控的信号。11月21日，农业农村部召开部常务会议，审议并原则通过《关于加强产能综合调控促进生猪产业高质量发展 的意见》。此外，农业农村部11月18日—19日在安徽蚌埠召开稳定畜牧业生产工作推进会也强调，要全力保障主要畜产品市场稳定，加快落实生猪产能综合调控。 生猪产能综合调控再加强 去年下半年以来，农业农村部开展逆周期调节，引导各方面有序调减生猪产能。今年年中，进一步实施生猪产能综合调控，设立了引导调减约100万头能繁母猪的 目标，并联合国家发展改革委和国家金融监管总局等部门出台了配套措施。 虽然生猪产业产能调控见效，但距离目标仍有一定距离，相关工作仍将持续推进。11月21日，农业农村部召开部常务会议，审 ...

（来源：猪兜） 近期，生猪养殖行业正经历一场深刻的调整。从提前终止猪场租赁，到多家行业龙头陆续叫停多个养殖 项目、主动关停部分猪场，行业整体收缩产能的态势明显。这一系列动作背后，是生猪价格持续低迷、 养殖成本高企、市场供需失衡的现实压力。不少企业选择"减重前行"，通过终止项目、退租猪场、优化 资产来应对行业寒冬。然而，就在这片收缩声中，一家以"清远鸡"闻名的企业，却凭借其在生猪养殖领 域的深耕，成功向港交所递交招股书，走出了一条不一样的道路。 一 行业收缩，产能调控成共识 今年以来，生猪养殖企业普遍面临经营压力。多家养猪业龙头企业认为继续推进可能面临投资回报不达 预期的风险；有的陆续终止七个猪场建设项目，将剩余资金用于补充流动资金；温氏股份也关停了部分 猪场，有的因政策调整被划入限养区，有的则暂缓运营以进行升级改造。行业整体转向谨慎，反映出对 当前市场环境的共识：生猪产能过剩、价格低迷，企业必须通过收缩战线、优化结构来抵御风险。 这一趋势也与政策导向相契合。农业农村部近期审议通过的《关于加强产能综合调控促进生猪产业高质 量发展的意见》明确提出，要加强生猪产能综合调控，动态调整能繁母猪保有量目标，开展逆周期调 ...

Core Viewpoint - The agricultural sector in A-shares is experiencing a surge, driven by favorable policies and market dynamics, with significant gains in agricultural stocks and the launch of an agricultural ETF. Group 1: Market Performance - Agricultural stocks opened strongly, with Zhuan Yin Gao Ke hitting the daily limit of 20%, and Qiu Le Seed Industry and Kang Nong Seed Industry rising by 14% and 11% respectively [1] - The newly launched agricultural ETF Tianhong (512620) saw explosive trading, with a transaction volume reaching 40.73 million yuan, ranking first among similar products [1] Group 2: Policy and Industry Outlook - Agriculture is considered a cornerstone of the national economy, with policies such as the "14th Five-Year Plan" and the 2025 Central Document No. 1 aimed at building a strong agricultural nation, benefiting constituent stocks [2] - The Ministry of Agriculture, in collaboration with the National Development and Reform Commission, held a meeting with 25 pig farming enterprises to discuss production capacity regulation, indicating a proactive approach to implementing central policies [2] - Data from the Ministry of Agriculture shows a decline in the number of breeding sows from July to September, suggesting a reduction in productive capacity [2] - A report from Huayuan Securities indicates that under the influence of production capacity regulation policies, pig prices may rebound earlier than expected, coupled with a potential decrease in costs for listed companies, leading to sustained profitability [2] Group 3: ETF Insights - The Tianhong Agricultural ETF tracks the CSI Agricultural Index, selecting 50 stocks across sectors such as breeding (41.9%) and agricultural chemicals (17.7%), including leading companies like Muyuan and Haida [2] - The current price-to-earnings ratio (TTM) of the index is below the 10% percentile of the past decade, suggesting potential for valuation recovery and performance growth, especially with rising pig prices and inflows from institutional investors [2]

Core Viewpoint - The company has decided to terminate the funding for the "Dongchong Phase III Pig Breeding Base Construction Project" and will permanently allocate the remaining raised funds of 78.96 million yuan to supplement working capital, pending shareholder approval [1][7]. Summary by Sections Project Termination - The company has cumulatively invested 15.97 million yuan in the "Dongchong Phase III Pig Breeding Base Construction Project" as of November 18, 2025, primarily for preliminary infrastructure costs [2]. - The initial plan for the project included an investment of 152 million yuan, to be implemented by its subsidiary, Hunan Longhua Agricultural Development Co., Ltd. [4]. Financial Details - As of December 5, 2022, the company raised a total of 1.14 billion yuan, with a net amount of 1.1112 billion yuan after deducting related issuance costs [2]. - The remaining funds of 78.96 million yuan will be used to enhance the company's liquidity and operational efficiency [1][7]. Industry Context - Since 2020, the pig farming industry has experienced significant capacity expansion, leading to oversupply and persistently low pig prices, resulting in widespread losses in 2023 [6]. - The Ministry of Agriculture and Rural Affairs revised the "Pig Production Capacity Regulation Implementation Plan" in 2024, prompting the company to delay the project's implementation due to economic uncertainties [6]. Strategic Shift - The company plans to adopt a more cautious approach by prioritizing light-asset operational models such as leasing and partnerships, rather than continuing with the capital-intensive project [6]. - The decision to terminate the project is seen as a prudent move to optimize resource allocation and improve the efficiency of fund usage, aligning with the company's current operational needs [7].

Core Viewpoint - The company has decided to terminate the funding for the "Dongchong Phase III Pig Breeding Base Construction Project" and will permanently supplement the remaining raised funds of 78.96 million yuan into working capital, pending shareholder approval [1][4]. Group 1: Project Termination and Fund Allocation - The company has approved the termination of the "Dongchong Phase III Pig Breeding Base Construction Project" funding, reallocating the remaining funds to working capital [1][4]. - As of November 18, 2025, the total raised funds for the "Dongchong Phase III" project amounted to 15.97 million yuan, primarily used for preliminary infrastructure investments [1]. - The total amount raised in 2022 was 1.14 billion yuan, with a net amount of 1.1112 billion yuan after deducting related issuance costs [1]. Group 2: Industry Context and Strategic Shift - Since 2020, the pig farming industry has experienced significant capacity expansion, leading to oversupply and persistently low pig prices, resulting in widespread losses in 2023 [3]. - The company plans to adopt a more cautious approach by prioritizing light asset operation models such as leasing and partnerships, in response to the volatile pig prices and changing market conditions [3]. - The decision to terminate the project is based on the need to optimize resource allocation and improve the efficiency of fund usage, aligning with the company's current operational realities [4].

近期，猪价低迷与生猪产能调控是行业谈论较多的热点。 11月4日—7日，新希望（000876.SZ）接连召开多场策略会，对近期养猪市场的相关信息进行了回应。 《每日经济新闻》记者（以下简称"每经记者"）梳理发现，新希望今年前三季度养猪亏损，主要亏损期间在第三季度，而第三季度同样是国内猪价低点。 新希望坦言，近期11元/公斤左右的猪价已使行业陷入全面亏损，很多头部企业的大部分场线也处于亏损状态。此外，新希望将在明年1月底之前逐步调减 能繁母猪存栏规模，明年的出栏量也会有一定程度调减。 "11元/公斤猪价已使全行业亏损" 在连场策略会上，新希望董秘赵亮等出席，重点谈及目前的饲料市场和养猪市场。 新希望在9月中旬参加了最新一轮的企业座谈会，随后在9月下旬上报了相关调控目标：在明年1月底之前逐步调减能繁母猪存栏规模。 除了参加全国层面的座谈会，新希望也参加了山东、河北、四川、广西等地方层面的座谈会。新希望认为，当前国家对产能调控的决心还是很大的。在9 月底头部企业上报了各自后续降产能目标后，也在很严格地监督后续的落实情况。 每经记者注意到，今年新希望在养猪模式方面的变化是加大自繁自育的比例。 从前三季度业绩来看，新希望 ...

每经记者｜胥帅 每经编辑｜段炼 魏文艺 新希望的业绩收入主要来自饲料。前三季度，饲料方面累计实现归母净利10.3亿元，同比增长23%，继续保持月均1亿元以上的盈利水平。其中，第三季 度实现归母净利润4.3亿元，月均盈利达到1.4 亿元。 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入(元) | 28, 879, 052, 022. 92 | 4.51% | 80, 503, 632, 528. 30 | 4.27% | | 归属于上市公司股东 | 5, 125, 510. 15 | -99. 63% | 759, 989, 438. 98 | 395. 89% | | 的净利润(元) | | | | | | 归属于上市公司股东 的扣除非经常性损益 | 16, 303, 638. 71 | -98. 80% | 717, 465, 036. 99 | 1,788.24% | | 的净利润(元) | | | | | | 经营活动产生的现金 | | | 7 ...

Core Viewpoint - The inventory of breeding sows and pigs increased slightly in October, but is expected to decrease marginally in November due to losses in farming, lack of confidence in future markets, and policy guidance [1][3][4] Group 1: Breeding Sows Inventory - In October, the inventory of breeding sows showed a slight month-on-month increase and a year-on-year growth, driven by multiple factors including the response of farming groups to national capacity regulation policies and a halt in the decline of piglet prices [1][4] - The forecast for November indicates a likely slight decrease in the breeding sow inventory, as farmers may accelerate the culling of low-yield and older sows to mitigate losses and optimize herd structure [3][6] Group 2: Pig Inventory - The pig inventory also saw a slight increase at the end of October, attributed to the breeding cycle logic where the increase in breeding sows from 4-5 months prior should theoretically lead to a significant rise in pig inventory [4][6] - Despite a slight increase in pig inventory, the overall market conditions suggest limited upward movement in pig prices, which may restrict significant growth in inventory levels [3][6]