（来源：猪易通） 立冬后气温骤降，东北、华北地区家庭猪肉采购量增加，广西、云南等地腌腊零星开启，大规模备货尚 未启动，肥猪需求增量不足。河南今日猪价由稳转弱，广东继续稳定，散户大部分稳定为主。短期有北 方挺价情绪和南方腌腊预期支撑猪价。立冬来了，猪价要涨了吗？ 600人参加2026生猪产业数据研讨会！ 500余人参与2026种仔猪采销大会！ 来源：市场资讯 山东，大场，稳定，价格6.15元/斤 山东，烟台，标6.23，中大6.45-7.56 山东，潍坊，6.123，323左右6.4 山东，泰安，6-6.12小杀6.234 山东，聊城，小杀6.234 山东，日照，标猪256的，昨天下午6.12，今早加一毛 山东，滨州，6.12 河南，洛阳，标猪5.89大猪6.23456 河南，郑州，标猪6.1 河南，信阳，400肥的 7块 河南，南阳，标猪5块9，稳定，323三元6.4 河南，济源，450斤的给6.6毛 河南，鹤壁，标猪5.9 河南，三门峡，标 5.95 河南，开封，323的也得6.34毛 河南，平顶山，410左右6.9 河南，驻马店，标猪5.9-6，430斤膘猪6.85 湖北，大场，涨1毛 湖北，武汉，6.7 ...

Core Insights - Chinese agricultural experts are significantly enhancing Mozambique's animal disease prevention capabilities through training and technology transfer [1][2][3] Group 1: Training and Capacity Building - Chinese veterinary experts have conducted multiple training sessions on common cattle diseases, parasite control, and vaccination protocols, improving local livestock health management [1] - The introduction of advanced detection methods and equipment has empowered local technicians to perform their own sampling and testing, fostering independence in disease management [1] - Training on "vaccine filling and semi-automated techniques" has doubled the vaccine production efficiency, increasing daily output from 6,000 bottles to approximately 12,000 bottles [2] Group 2: Technology Transfer and Localization - Collaboration between Chinese experts and local technicians has led to the optimization of disease detection processes, enhancing accuracy and efficiency [2] - The transition from traditional manual filling to semi-automated operations in vaccine production represents a significant leap forward for local capabilities [2] - The focus on technology transfer and personnel training aims to establish a self-sufficient and reliable disease prevention system in Mozambique's livestock sector [3]

Core Insights - The average price of live pigs in China has shown an upward trend, with the national average price at 5.99 yuan per jin, reflecting a slight increase of 0.01 yuan compared to the previous day [3] - There are 13 regions experiencing price increases, 1 region with a price decrease, and 14 regions maintaining stable prices [3] - The lowest price for live pigs is reported in Guangxi at 5.6 yuan per jin, while the highest price is in Hainan at 7.3 yuan per jin [3] Regional Price Summary - In East China, prices range from 5.8 to 6.4 yuan per jin, with Jiangxi at the lower end and Hainan at the higher end [3] - North China shows stable prices around 5.9 to 6.2 yuan per jin across various provinces [3] - South China, particularly in Guangdong, maintains stable prices, while there is a noted increase in demand for pork in Northeast and North China regions [4] - The overall demand for fat pigs remains insufficient, with only minor increases in procurement volumes in certain areas [4]

Group 1 - In October, China's Consumer Price Index (CPI) rose by 0.2% year-on-year, reversing from a decline of 0.3% in the previous month, driven by effective domestic demand policies and the impact of the National Day and Mid-Autumn Festival holidays [1] - Food prices decreased by 2.9% year-on-year in October, with the decline narrowing by 1.5 percentage points compared to the previous month. Pork prices fell by 16%, with a reduction of 1.0 percentage point, while fresh vegetable prices dropped by 7.3%, a significant narrowing of 6.4 percentage points [1] - Non-food prices increased by 0.9% in October, with service prices rising by 0.8%, an increase of 0.2 percentage points from the previous month [2] Group 2 - The core CPI, excluding food and energy prices, rose by 1.2% year-on-year in October, marking the highest increase since March 2024 and expanding for six consecutive months [4] - The "old-for-new" policy has positively impacted the prices of automobiles and home appliances, contributing to the recent increase in core CPI [4] - Looking ahead, it is expected that the year-on-year decline in food CPI will significantly narrow in November due to a high base effect from the previous year [4] Group 3 - The chief economist at China Minsheng Bank indicated that as domestic demand and consumption policies take effect, the market supply-demand relationship is gradually improving, leading to a stable increase in consumer goods and service prices [5] - Key factors to monitor include the progress of pig production capacity reduction, the challenges posed by supply surplus and weak demand, and the impact of increased regulation on low-price competition among enterprises [5]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The price of live hog futures rebounded on November 5, 2025, with the 2601 contract closing at 11,945 yuan/ton, up 1.57% from the previous day's settlement price. This rebound is due to policy guidance, supply - demand relationship, and market sentiment. However, the "strong supply and weak demand" pattern in the hog market remains unchanged, and supply pressure still needs attention [1]. - In the short term, there may be marginal improvement in hog prices, but considering the high level of breeding sows inventory, the supply pressure persists [2]. 3. Summary by Directory Demand - Real estate: This week, the transaction area of commercial housing in 20 cities decreased both month - on - month and year - on - year, with first - tier cities also showing a year - on - year decline. The transaction area of second - hand housing in key cities decreased month - on - month. For example, the second - hand housing transaction areas in Shanghai and Hangzhou decreased week - on - week [2][12]. - Consumption: Automobile consumption recovered, while movie - going consumption decreased year - on - year. The national migration scale index continued to decline, and subway ridership decreased [2]. As of the week ending October 31, the average daily retail sales of passenger cars increased by 77.4% week - on - week and 3.9% year - on - year. As of the week ending November 7, the national box office decreased by 22.2% week - on - week and 59.4% year - on - year. The national migration scale index decreased by 8.7% week - on - week, and the subway ridership in first - tier cities decreased by 2.6% week - on - week [36]. Production - Mid - upstream: The operating rate of Tangshan blast furnaces increased rapidly week - on - week by 16.3 percentage points. The operating rate of rebar decreased by 2.0 percentage points to 41.3%. The PTA operating rate decreased by 0.4 percentage points, and the operating rate of polyester filament in Jiangsu and Zhejiang increased by 0.1 percentage points. The operating rate of petroleum asphalt plants decreased by 1.8 percentage points to 29.7% [45]. - Downstream: The operating rates of automobile tires increased slightly. The operating rate of all - steel tires increased by 0.1 percentage points, stronger than the same period last year, and the operating rate of semi - steel tires increased by 0.3 percentage points, weaker than the same period last year [45]. Investment - Rebar: The apparent consumption of rebar decreased, and its price continued to decline. The apparent consumption of rebar decreased by 5.9% week - on - week to 218.5 tons, and the price decreased by 0.8% week - on - week to 3,227.8 yuan/ton. The price of asphalt decreased by 3.2% week - on - week to 3,168.6 yuan/ton [63]. - Cement: The cement shipping rate decreased by 0.3 percentage points to 37.2% week - on - week, the cement inventory ratio increased by 3.2 percentage points to 67.7%, and the cement price index increased by 0.3% week - on - week to 102.7 points [63]. Trade - Export: As of the week ending November 7, the container throughput of ports increased by 13.8% week - on - week, higher than the same period last year. The CCFI composite index continued to rise, increasing by 3.6% week - on - week. The freight rates of European, West - American, and East - American routes increased week - on - week by 3.25%, 5.37%, and 6.23% respectively. The BDI index increased by 2.4% week - on - week [76]. - Import: The CICFI composite index was 639.5 points, decreasing by 1.7% week - on - week [76]. Price - CPI: As of the week ending November 7, the 200 - index of agricultural product wholesale prices increased by 1.0% week - on - week. The price of pork increased by 0.8% week - on - week, the price of vegetables increased by 2.2% week - on - week, while the price of eggs decreased by 1.2% week - on - week and the price of fruits decreased by 0.4% week - on - week [88]. - PPI: The Nanhua industrial product price index decreased by 1.1% week - on - week. The spot price of Brent crude oil decreased by 1.2% week - on - week, the WTI crude oil futures price decreased by 1.0% week - on - week, the settlement price of IPE UK natural gas futures increased by 3.3% week - on - week, the COMEX gold futures price decreased by 0.1% week - on - week, and the LME copper spot price decreased by 2.4% week - on - week [94]. - Commodity Futures: As of the week ending November 7, the settlement price of live hog futures increased by 3.1% week - on - week, the settlement price of urea futures increased by 2.7% week - on - week, and the settlement price of glass futures increased by 2.2% week - on - week. The settlement price of asphalt futures decreased by 6.8% week - on - week, the settlement price of polysilicon futures decreased by 4.3% week - on - week, and the settlement price of rebar futures decreased by 3.4% week - on - week [107]. Interest - Bearing Bond Tracking - Next week (November 10 - 14), the disclosed issuance of interest - bearing bonds is 53.11 billion yuan, with a net financing of 22.95 billion yuan. Among them, the issuance of national bonds is 20.6 billion yuan, with a net financing of 17.6 billion yuan; the issuance of local bonds is 28.51 billion yuan, with a net financing of 24.28 billion yuan; the issuance of policy - financial bonds is 4 billion yuan, with a net financing of - 18.93 billion yuan [111]. - As of November 7, the total issuance and disclosed issuance scale of this year's replacement bonds is 2.0024 trillion yuan, and the 2 - trillion - yuan debt - resolution quota has been basically issued. The cumulative issuance progress of new general bonds is 86.3%, and the cumulative issuance progress of new special bonds is 91.1% [113][115]. Policy Weekly Observation - On November 4, the central bank resumed open - market national bond trading, with a net investment of 20 billion yuan in October, which helped stabilize the bond market, expectations, and confidence. In addition, the central bank had a net withdrawal of 595.3 billion yuan through short - term reverse repurchase and a net investment of 400 billion yuan through outright reverse repurchase, and a net investment of 200 billion yuan through medium - term lending facilities in October [122]. - Other policies include the State Council's deployment of new scenarios for large - scale application, adjustment of tariffs on US - imported goods, and real - estate policies in Hubei and Sichuan [122].

Core Insights - The demand for lamb is increasing as winter approaches, with prices expected to rise by 10% to 15% compared to last year [2][4] - Consumers are showing strong purchasing power despite price increases, leading to a steady growth in sales [2][3] Price Trends - The price of live lamb is currently at 16 yuan per jin, while lamb meat is priced at 52 yuan per jin [2] - In the Chengdu market, wholesale prices for lamb chops and legs range from 28 to 30 yuan, with an overall increase in prices compared to last year [3] - The average daily sales volume of lamb has increased by approximately 25%, reaching around 800 heads or 16 tons [3] Consumer Behavior - There is a notable shift in consumer preferences towards convenient and ready-to-eat lamb products, such as pre-packaged lamb soup and other lamb dishes [5][8] - Traditional lamb soup remains a popular choice among consumers, with many opting for freshly prepared options from local markets [4][7] - New cooking styles, including copper pot hot pot and grilled lamb, are attracting younger consumers, expanding the consumption boundaries of lamb [8] Market Dynamics - The peak demand period for lamb is expected to be in the 20 days leading up to the winter solstice, with daily sales potentially reaching 60 tons [3] - Despite price increases, the overall consumption of lamb is expected to remain robust due to seasonal demand and consumer interest in higher-quality lamb products from regions like Qinghai and Ningxia [4][8]

Core Viewpoint - Sichuan Yunniu Animal Husbandry Co., Ltd. has been established with a registered capital of 10 million RMB, focusing on livestock breeding and fertilizer production [1] Company Overview - The legal representative of the company is Tu Zunsheng [1] - The company is involved in various licensed activities including livestock breeding and animal husbandry [1] - General business activities include livestock sales, fertilizer sales, and research and development of compound microbial fertilizers and biological organic fertilizers [1] Regulatory Compliance - The company will conduct business activities in accordance with relevant departmental approvals and permits [1] - Specific business projects are subject to approval documents or licenses from relevant authorities [1] - The company is allowed to independently conduct business activities as per its business license, except for projects requiring special management measures [1]

Core Insights - The average price of live pigs in China has shown an upward trend, with the national average price at 5.98 yuan per jin, reflecting an increase of 0.02 yuan per jin compared to the previous day [3][4] - There are 20 regions experiencing price increases, 1 region with a price decrease, and 7 regions maintaining stable prices [3] - The lowest price for live pigs is reported in Guangxi at 5.6 yuan per jin, while the highest price is in Hainan at 7.3 yuan per jin [3] Price Trends - In the Northeast and North China regions, the price of standard pigs ranges from 5.9 to 6.2 yuan per jin, with an increase of approximately 0.1 yuan [4] - In Henan, a major market, the price has risen by 0.05 yuan, now quoted at around 6.1 yuan [4] - Guangdong's market price remains stable at 6.3 yuan per jin, indicating a strong price expectation in the northern regions while southern prices remain stable [4] Market Dynamics - The increase in pig prices is attributed to large-scale market demand, although overall demand remains weak, leading to a lack of significant price momentum [4] - Short-term price increases will depend on terminal demand, highlighting the importance of consumer behavior in the market [4]

Core Viewpoint - The article highlights the significance of Kashi sheep in promoting local economic development and enhancing farmers' income in Kashi County, Xinjiang, emphasizing its role as one of the five pillar industries in the region [4]. Group 1: Kashi Sheep and Economic Impact - Kashi sheep have been a resilient species in the region for centuries, evolving from wild animals to important partners for local herders [3]. - The Kashi sheep industry is a key driver of local economic growth and farmer income, being recognized as one of the five major industries in Kashi County [4]. - The article mentions the promotion of a comprehensive livestock breeding model and the "Xinjiang products southward, Guangdong products northward" initiative, which aims to bring Kashi sheep products to the Guangdong-Hong Kong-Macao Greater Bay Area [9][10]. Group 2: Kashi Sheep Characteristics - The Dauran sheep, a notable breed among Kashi sheep, is known for its strong adaptability and high-quality meat, thriving in the saline-alkali desert environment [6][7]. - Kashi sheep are raised on a diet of drought-resistant forage and drink snowmelt water from the Kunlun Mountains, resulting in evenly distributed fat and tender meat [7][8]. Group 3: Culinary Aspects - The article describes traditional dishes made from Kashi sheep, such as grilled skewers and hand-pulled lamb, emphasizing the simplicity and authenticity of the cooking methods [11][12][29]. - Grilled lamb skewers are prepared with minimal seasoning, allowing the natural flavors of the meat to shine through, creating a rich culinary experience [17][18]. - Hand-pulled lamb is highlighted as a dish that embodies the essence of Xinjiang cuisine, focusing on the quality of the ingredients and traditional cooking techniques [30][32].

Core Insights - The Chinese pork consumption market is slowly shrinking, leading to divergent performance between Muyuan Foods and WH Group in their Q3 2025 reports [1][9] - Muyuan Foods has shown remarkable growth, with revenue exceeding 100 billion yuan, while WH Group has maintained stable profitability despite limited revenue growth [1][3] Muyuan Foods Performance - Muyuan Foods reported a revenue of 111.79 billion yuan and a net profit increase of 41.01% to 14.78 billion yuan in the first three quarters of the year [1] - The company achieved a reduction in breeding costs from 13.1 yuan/kg at the beginning of the year to 11.6 yuan/kg by September, enhancing its risk resilience amid industry pressures [1] - Muyuan has successfully reduced its total liabilities by 9.796 billion yuan, achieving a debt-to-asset ratio of 55.50% and a net operating cash flow of 28.58 billion yuan [1] WH Group Performance - WH Group's revenue reached 44.523 billion yuan with a net profit of 3.959 billion yuan, reflecting a year-on-year growth of 1.19% and 4.05% respectively [3] - The company achieved a record high in total meat sales volume at 2.4885 million tons, despite limited revenue growth [3] - WH Group's average profit per ton in the meat products segment rose to 5,192 yuan, attributed to lower raw material costs and improved product mix [3] Strategic Developments - Muyuan Foods is expanding into the downstream slaughtering segment, achieving a slaughter volume of 19.16 million pigs in the first three quarters, a 140% increase year-on-year [4] - WH Group is cautiously extending its operations into upstream breeding, with a breeding capacity of 1 million pigs per year and a 22.4% increase in breeding revenue [5] - Both companies are attempting to break through their respective development bottlenecks by extending their reach along the industry chain [1][5] Competitive Advantages - Muyuan Foods excels in standardized and large-scale production management, while WH Group's strengths lie in brand operation and channel development [5][7] - Muyuan's cost advantages stem from improvements in disease control, breeding, nutrition, and technology, with a weaning-to-market survival rate of 93% [7] - WH Group is focusing on digital marketing and community engagement to enhance its brand presence and consumer loyalty [8] Market Outlook - The Chinese pork market is projected to see a gradual decline in consumption, with an expected average annual decrease of 0.5% until 2033 [8][9] - As the market contracts, leading companies must expand their operations along the industry chain to capture a larger share of the diminishing market [9]