Core Insights - The company, Juxing Agriculture and Animal Husbandry (603477), reported a significant increase in pig sales and revenue for June 2025, with sales reaching 419,900 heads, representing a year-on-year growth of 85.88% [1] - For the first half of 2025, the cumulative pig sales volume was 1,909,600 heads, generating a total sales revenue of 3.432 billion yuan [1] Sales Performance - June 2025 pig sales volume: 419,900 heads [1] - June 2025 sales revenue: 742 million yuan [1] - First half of 2025 cumulative sales volume: 1,909,600 heads [1] - First half of 2025 cumulative sales revenue: 3.432 billion yuan [1]

温氏股份（300498）公告，2025年6月销售肉猪300.73万头，收入49.2亿元，毛猪销售均价14.39元/公 斤。肉猪销售收入同比下降5.40%，环比下降7.57%。2025年6月肉鸡销量1.04亿只，收入22.88亿元，毛 鸡销售均价10.29元/公斤。肉鸡销售收入同比下降12.84%，环比下降8.30%。 ...

Core Viewpoint - The article provides an analysis of the current state of the pig farming industry, including supply, prices, and profitability, while also discussing the trends in related agricultural commodities such as corn, wheat, and soybean meal [3][4][5][6]. Group 1: Pig Farming Industry Analysis - The breeding sow inventory slightly increased to 40.42 million heads by the end of May 2025, with a month-on-month growth of 0.1% and a year-on-year growth of 1.2% [3]. - In May, the slaughter volume of pigs reached 32.16 million heads, reflecting a month-on-month increase of 4.5% and a year-on-year increase of 20.6%. The average weight of slaughtered pigs peaked at over 92 kg before starting to decline [3]. - The average price of live pigs in May dropped slightly to 14.92 yuan/kg, a decrease of 0.9% month-on-month and 5.4% year-on-year. The average price for piglets was 39.14 yuan/kg, with a month-on-month decrease of 0.1% but a year-on-year increase of 1.1% [3]. - Profitability in the industry continued to narrow, with average profits for large-scale farms dropping to 49 yuan per pig in May from 86 yuan in April, while smallholders saw profits decrease to 21 yuan per pig from 50 yuan [3]. Group 2: Recent Price Trends - As of July 4, the national average price for live pigs was 15.35 yuan/kg, reflecting a week-on-week increase of 4.28%. The average price for piglets was 31.33 yuan/kg, showing a week-on-week decrease of 0.85% [4]. - The average slaughter weight of pigs this week was 128.64 kg, with a week-on-week increase of 0.50 kg. The national frozen product inventory rate rose to 14.23%, an increase of 0.10 percentage points [4]. - The price increase was attributed to supply constraints due to heavy rainfall in southern regions and a seasonal reduction in supply, although the price growth is expected to slow as slaughterhouses adjust their output [4]. Group 3: Agricultural Commodity Prices - As of July 4, the average spot price for corn was 2436.27 yuan/ton, with a week-on-week increase of 0.22%. Soybean meal averaged 2916.29 yuan/ton, up 0.46%, and wheat averaged 2451.06 yuan/ton, up 0.19% [5]. - Domestic corn prices showed slight fluctuations, with prices in North China affected by news of imported corn auctions, while supply tightened in Northeast China due to ongoing outflows [5]. - The soybean meal market experienced adjustments, with increased supply from the U.S. and Brazil, while demand from end markets led to higher inventory levels at oil mills [6]. Group 4: Natural Rubber Price Trends - As of July 4, domestic natural rubber futures prices reached 14,075 yuan/ton, reflecting a week-on-week increase of 0.21%. Supply constraints in Southeast Asia due to ongoing rainy conditions have limited significant increases in supply [7]. - The inventory of rubber in Qingdao increased to 624,700 tons, with general trade inventory at 527,600 tons, up by 15,400 tons week-on-week [7].

Group 1 - The core point of the article is that Shennong Group (605296) reported a decline in pig sales for June 2025, with total sales of 219,000 pigs, representing a year-on-year decrease of 7.52% [1] - In June 2025, the company sold 207,900 commercial pigs and 5,900 piglets, generating a sales revenue of 385 million yuan [1] - For the first half of 2025, the company sold a total of 1.5395 million pigs, with total sales revenue amounting to 2.504 billion yuan [1]

2025年7月7日 星期一 股债 数据体现我国经济韧性,市场避险情绪缓和,建议股指多头持有。市场利率 盘整,国债走势窄幅反弹,国债多头轻仓持有。 黑色 临汾地区部分停产煤矿将陆续复产,"反内卷"下成材供应有望收缩,盘面 迎来反弹,原料跟涨,关注政策的具体文件落地以及需求跟进情况。 黄金 油粗 美豆种植面积预估仅下调有限,美中西部天气持续改善提振大豆产量前景, 南美大豆丰产持续出口。7月份进口大豆到港约1000万吨,油厂开机率维持高 位,油厂提货量高位,豆粕库存快速攀升,豆粕短期偏震荡。 譯張 CPEC+加大增产力度施压油价,PX持续去库,跟随油价波动;PTA供需预期转 弱,短期跟随成本波动;MEC供需趋弱,盘面承压。 生猪 市场对美联储降息预期下降,最早降息时间可能推至10月,关注本周美联储 会议纪要:大而美法案通过. 加之7月9日贸易关税暂停最后期限临近,特朗 普关税信函增加市场不确定性,避险情绪回升。预计黄金维持高位震荡。 原木 现货市价格偏稳运行,到港量预计环增,供应压力回升,日均出库量维持在6 万方以上,供需矛盾不大,关注原木期货首次交割对原木价格的影响。 橡胶 东南亚产区天气趋于缓和,割胶工作逐步恢 ...

踏入牧场，迎面而来的是井然有序的现代化养殖场景。在小暑的高温下，牛儿们悠然自得地躺在专 属的卧床之上，头顶的风扇正匀速转动，送来阵阵清凉微风，驱散暑气。这些卧床上铺垫沙子，柔软又 透气，不仅为牛只提供了舒适的休息空间，还有效降低因环境温度过高导致的热应激反应，帮助奶牛保 持舒适体感。 牧场里，营养师们精心调配的营养餐正陆续投喂。他们根据小暑时节奶牛的生理特点与营养需求， 科学搭配富含蛋白质、维生素和矿物质的饲料，确保牛群在高温天气下既能保持健康体魄，又能摄入充 足营养。 小暑，是二十四节气中的第十一个节气。此时，走进位于内蒙古巴彦淖尔市磴口县的现代牧业(磴 口)有限公司，在中温带大陆性季风气候的独特馈赠下，一幅科学养牛与自然和谐共生的画卷徐徐展 开。 现代牧业(磴口)有限公司位于磴口县隆盛合镇公地村，是集饲草种植、奶牛养殖及先进种养殖技术 推广应用为一体的大型现代化、规模化、集约化、标准化养殖企业。 牧场采用国际普遍的散栏饲养模式，最大限度保障奶牛福利。采购优质饲料并种植优质玉米青贮， 使用先进的日粮配方软件，由奶牛营养专家制作奶牛日粮，满足奶牛均衡全价营养需要，保证奶牛高 产、优质、健康。 为了让奶牛始终保 ...

Group 1 - The 2025 Ecological Civilization Guiyang International Forum focused on "deepening local friendly cooperation and promoting green development for mutual benefit" [1] - Seven pairs of provincial and municipal friendly city agreements were signed during the forum, including agreements between Guizhou Province and Liberia's Monrovia City, as well as intentions with Mozambique's Gaza Province and Papua New Guinea's Milne Bay Province [1] - Guizhou Province aims to transform its ecological advantages into development momentum, showcasing its green development practices to the world through international friendly cities [1] Group 2 - The Governor of Milne Bay Province, Gordon Wesley, presented a specific cooperation list that includes trade of specialty agricultural products, sustainable fisheries management, and eco-cultural tourism [2] - The forum launched the "Study in Guizhou" project to attract international youth from friendly cities to study in Guizhou, fostering future cooperation [2] - The "Friendly City Shopping and Travel" cross-border e-commerce project was announced to facilitate the flow of Guizhou's ecological agricultural products and handicrafts to the world, while also allowing quality goods from friendly cities to enter the Chinese market [2]

●四川是全国13个粮食主产省份之一和油菜第一大省，"减肥"压力大 ●四川启动的绿色种养循环农业试点，重点是向有机物要肥料、向技术要质量、向机制要作为 ●科学施肥是四川农业"减肥"的主要方式，不再单纯追求量的减少，转而聚焦效的提升 每亩地的化肥用量，比10年前减少2斤，但德阳市中江县种粮大户常滔说，这个施用量并不影响粮 食产量。 截至2024年，四川化肥用量已连续8年减少。同期，全省粮食产量却一路攀升——2020年，时隔20 年再次迈上700亿斤台阶，此后一直稳定在700亿斤以上。去年，四川粮食总产量达到726.8亿斤，创历 史新高。 连续多年的"减肥"不减产之下，四川农业的"减肥术"初见成效。 两难考题 面临推动农业绿色发展和保障粮食安全双重使命 此外，在农业绿色发展背景下，农产品消费端从"吃饱"到"吃好"的导向更加明显，而以化肥为主的 投入品施用量，成为衡量农业绿色化水平和农产品品质的重要指标。 难做的原因只有一个，就是农产品稳产增产的压力。近年来，我国不断鲜明重粮政策导向。2020年 以来，四川陆续启动粮食安全党政同责考核、同步提升种粮补贴标准，剑指粮食播面稳字当头、粮食产 量稳中求进，助力端牢"中国饭碗 ...

Report Summary 1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - This week (6.30 - 7.6), the spot price of live pigs showed a strong trend. The price of 20KG piglets in Henan was 36.9 yuan/kg, and the price of live pigs in Henan was 15.18 yuan/kg. The national price of 50KG binary sows was 1623 yuan/head. The supply was tight at the beginning of the month, and the demand decreased during the week. The average slaughter weight decreased by 0.1% month - on - month. The futures price of live pigs also showed a strong trend. The LH2509 contract had a high of 14420 yuan/ton, a low of 13820 yuan/ton, and a closing price of 14305 yuan/ton. The basis was 875 yuan/ton [3]. - Next week (7.7 - 7.13), the spot price of live pigs is expected to fluctuate weakly. The adjustment of group slaughter has a great impact on the price during the off - season. Although the policy of purchasing and storing may support the price, the demand is weak, and the idle space in the social circle is getting smaller. The LH2509 contract price is mainly driven by sentiment. The short - term support level is 13000 yuan/ton, and the pressure level is 14500 yuan/ton [4][5]. 3. Summary by Directory 3.1 Market Review - **Spot Market**: The price of live pigs was strong. The price of 20KG piglets in Henan decreased from 37.3 yuan/kg last week to 36.9 yuan/kg, and the price of live pigs in Henan increased from 14.93 yuan/kg last week to 15.18 yuan/kg. The national price of 50KG binary sows remained unchanged at 1623 yuan/head. The supply was tight due to light pressure on group slaughter at the beginning of the month and farmers' reluctance to sell, while the demand decreased with the increase in temperature. The average slaughter weight was 125.13KG, a 0.1% decrease from last week [3]. - **Futures Market**: The LH2509 contract price was strong. The high was 14420 yuan/ton, the low was 13820 yuan/ton, and the closing price was 14305 yuan/ton, compared with 14005 yuan/ton last week. The basis was 875 yuan/ton, down from 925 yuan/ton last week [3]. 3.2 Market Outlook - **Spot Market**: The price is expected to fluctuate weakly. The adjustment of group slaughter has a great impact during the off - season. Although there is a policy bottom expectation from purchasing and storing, the demand is weak, and the idle space in the social circle is shrinking. There may be second - fattening entry in early and mid - July, but attention should be paid to pressure release [4]. - **Futures Market**: The LH2509 contract price first traded on the basis logic and then on the anti - involution logic. It is currently mainly sentiment - driven. The short - term support level is 13000 yuan/ton, and the pressure level is 14500 yuan/ton. Attention should be paid to the spot profit - taking and anti - spread trading opportunities [5]. 3.3 Other Data - **Basis and Spread**: The basis this week was 875 yuan/ton, and the LH2509 - LH2511 spread was 585 yuan/ton [10]. - **Supply**: The average slaughter weight this week was 125.13KG (last week was 125.26KG). In May, the pork production was 549.6 tons, a 4.3% month - on - month increase, and the pork import was 9.37 million tons, a 16.17% month - on - month increase [13]. - **Demand**: No specific demand - related data summary was provided other than the description of the current weak demand situation in the market outlook section.

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The supply contraction and macroeconomic catalysts are expected to provide strong support for pig prices in Q3 2025. The average selling price of pigs on July 4 was 15.37 yuan/kg, reflecting a week-on-week increase of 0.71 yuan/kg and a 4.84% rise [12][13] - The central economic committee's recent meeting emphasized the need to promote high-quality development of the marine economy, which is expected to benefit the aquaculture sector [21][36] - The agricultural index outperformed the market by 1.14 percentage points during the week of June 27 to July 4, with the agricultural index rising by 2.55% compared to a 1.40% increase in the Shanghai Composite Index [32][34] Summary by Sections Supply and Demand Dynamics - The average daily slaughter volume of pigs was 133,800 heads, a decrease of 7,300 heads from the previous week, indicating a seasonal decline in demand due to rising temperatures [12] - The supply side continues to contract due to previous over-culling and losses from piglets after the Spring Festival, which is expected to support prices [12] Price Trends - The average price of pigs increased to 15.35 yuan/kg, with a week-on-week rise of 0.63 yuan/kg. The price of piglets decreased to 31.33 yuan/kg, down by 0.27 yuan/kg [6][39] - The price of corn increased to 2,511 yuan/ton, reflecting a week-on-week increase of 8 yuan/ton, while soybean meal prices decreased to 2,926 yuan/ton, down by 27 yuan/ton [4][16] Investment Recommendations - The report recommends investing in companies such as Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe, which are expected to benefit from the improving investment logic in the pig sector [27] - In the feed sector, companies like Haida Group and New Hope are recommended due to domestic market benefits and strong overseas demand [27] Market Performance - The aquaculture sector led the market gains, with stocks like Guolian Aquatic Products rising by 12.22%, Shennong Technology by 7.31%, and Dongrui Co. by 6.92% during the week [32][35]