饲料养殖周度报告 新纪元期货研究20250725 葛妍 从业资格证号：F3052060 投资咨询证号：Z0017892 投资有风险，入市需谨慎 国内主要饲料养殖期现货价格走势 | 品 | 种 | | | 期货主力合约收盘价格 | | | | | | | 现货价格 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 主力合约 | 2025/7/24 | 2025/7/16 | | 周变动 | 周涨跌幅 | | 现货指标 | 2025/7/24 | 2025/7/16 | | 周变动 | 周涨跌幅 | | | | | | | | | （%) | | | | | | | （%) | | 豆 | 粕 | M2509 | 3025 | 2977 | 48 . | 00 | 0 . | 02 | 豆粕 ： 43%蛋 白 ：汇总 价格 山 ： | 2850 | 2810 | 40 | 00 . | 0 01 . | | 菜 | 粕 | RM509 | 2682 | ...

Core Viewpoint - Company Bangji Technology (603151.SH) is planning a large-scale acquisition to enter the pig farming sector by acquiring seven companies, marking a significant asset restructuring [1][2][3] Group 1: Acquisition Details - The acquisition involves purchasing 100% of the shares of six companies and 80% of one company, with the payment structure combining share issuance and cash [4] - The targeted companies primarily engage in pig breeding and sales, while one company provides technical management services for pig farming [4][5] - The acquisition aims to create a vertically integrated industry chain from feed production to pig farming and sales [5][8] Group 2: Financial Performance - Bangji Technology's net profit has been declining from 2022 to 2024, with figures of 1.20 billion, 0.84 billion, and 0.50 billion respectively [7] - In the first quarter of this year, the company reported a revenue of 10.76 billion, a year-on-year increase of 160.84%, and a net profit of 0.28 billion, up 37.71% [7] - The seven targeted companies collectively generated a net profit of approximately 48 million in the first four months of this year, with five of them being profitable [9][10] Group 3: Market Context - The pig farming market is experiencing a recovery, and the demand for high-quality pork products is increasing, which may provide a new profit growth point for the company [8] - The move to expand downstream is seen as a strategy to mitigate the limited profit margins and intense price competition in the feed industry [8][10] - The company has established a strong market position in the feed industry but faces challenges in the unfamiliar pig farming sector [10]

【产业服务总部 | 饲料养殖中心】 研 究 员：韦 蕾 执业编号: F0244258 投资咨询号:Z0011781 研 究 员：刘汉缘 执业编号: F03101804 投资咨询号:Z0021169 长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 01 饲料养殖观点汇总 02 品种产业数据分析 目 录 01 生猪：供应压力缓慢释放，猪价偏弱震荡 长江期货饲料养殖产业周报 2025-5-19 ◆ 期现端：截至5月16日，全国现货价格14.76元/公斤，较上周下跌0.16元/公斤；河南猪价14.91元/公斤，较上周上涨0.1元/公斤；生猪2509报价13660元/吨，较上周下 跌265元/吨；09合约基差1250元/吨，较上周上涨365元/吨。周度各地猪价涨跌互现，全国均价小幅调整，消费淡季叠加天气转热，需求疲软，而养殖端出栏相对积极， 价格承压调整，但价格下跌后，局部地区抗价以及二次育肥进场仍存，价格陷入僵持。09主力周度震荡走弱，周末现货延续窄幅调整。 ◆ 供应端： 2024年5-11月能繁母猪存栏量持续缓增，性能提升，在疫情平稳情况下，4-9月供应呈增加态势，虽然养殖利润下滑，产能有所去化 ...