Core Viewpoint - The price of live pigs has been continuously declining in November, with a national average price of 11.68 yuan per kilogram as of November 6, reflecting a decrease of 0.41 yuan per kilogram over four working days [1] Supply Analysis - In November, the planned output from 229 sample breeding enterprises decreased by 4.95% month-on-month, which is expected to support pig prices. However, stable demand and a decline in secondary fattening enthusiasm have led to downward pressure on prices [3] - In October, some breeding enterprises accelerated their output due to a bearish outlook, resulting in a completion rate of 108.08% for their output plans, alleviating supply pressure in November [3] - Daily output from breeding enterprises increased at the beginning of November, with a recorded output of 201,800 pigs on November 6, an increase of 34,700 pigs over four working days, which negatively impacts pig prices [3] - The average trading weight of pigs has remained stable at 124.65 kg as of November 6, indicating that breeding enterprises are reducing weight and accelerating output, further increasing supply and exerting downward pressure on prices [3][4] Demand Analysis - The slaughter volume of pigs has shown a relatively stable trend from late October to early November, with a slight increase to 184,100 pigs on November 6, having minimal impact on prices [4] - The enthusiasm for secondary fattening increased after prices dropped to a relatively low level in mid-October, but this enthusiasm has waned since late October as the fattening replenishment process has been largely completed [6] Overall Summary - The combination of accelerated output from breeding enterprises, declining enthusiasm for secondary fattening, and stable demand has resulted in a continuous decline in pig prices at the beginning of November [7]

2024年全镇完成地区生产总值38.9亿元，工业总产值2.63亿元；完成固定资产投资8.12亿元，工业投资5.8亿元；新增经营主体252户。相较于2022年地区生产 总值增长138.6%，2025年上半年全镇完成地区生产总值18.58亿元。全镇经济朝着更加稳健、多元的方向持续迈进。 壮大发展特色农业 近阶段来，汕头市潮南区井都镇立足地理优势和农业基础条件，奋力推动产业发展提质增效，城镇化建设扎实推进，镇村风貌全域提升，改革创新激发活 力，发动社会力量共建共享。 经济发展量质齐升 2024年农业总产值达14.46亿元，相较于2022年农业总产值增长24%；2025年上半年农业生产总值达8.33亿元。现拥有省级菜篮子基地6家、省级粤字号品牌3 家、绿色食品企业2家、无公害农产品16家及基地约2000亩，重点发展蔬菜、甘薯主导特色产业，深化"公司+基地+农户"联结机制，成功获评省第三批"一村 一品、一镇一业"蔬菜专业镇。持续推进"井都萝卜"地理商标及"圳品"认证，实施"井都优品"集体商标推广，成功举办2025年井都镇农特产品展销会，促进 产销对接，做强"德兴养猪""长和番薯""城九菜脯""廷顺咸菜"等"井都字号"品 ...

Group 1 - The core viewpoint of the article highlights the increasing investment interest in the livestock sector, particularly through the Livestock ETF (159865), which saw a net inflow of 1 million units and a total inflow of 20 million units during trading [1] - According to Caitong Securities, pig prices are on the rise due to reduced supply, increased trading of piglets, and a slowdown in the entry of second-breeding pigs, indicating a supply-demand tug-of-war that is pushing prices upward [1] - The Livestock ETF (159865) tracks the China Securities Livestock Index (930707), which selects listed companies involved in livestock farming and feed processing, reflecting the overall performance of the livestock-related securities [1] Group 2 - The China Securities Livestock Index covers multiple sub-sectors, including livestock farming, feed, and animal health, demonstrating strong industry representation [1] - The article anticipates that supply pressure will ease, combined with policy guidance, which may accelerate capacity reduction in the livestock sector [1]

11月7日，记者从黑龙江省农业科学院获悉，该院教授刘娣团队与中山大学何祖勇团队联合攻关，以国家级保护猪种民猪为对象，成功培育世界 首批单基因和多基因编辑民猪20头。 刘娣表示，团队将进一步加强基因编辑猪的性状评估并继续开展其他基因编辑猪的研究，推动该成果迈向产业应用，为我国地方猪种资源保 护、新种质创制和生命健康产业发展注入新动能。 （文章来源：科技日报） 项目组先后于2024年11月8日和2025年7月25日，在黑龙江省农业科学院实验猪场获得两批20头民猪的基因编辑猪。项目首次以民猪为对象，分 别获得了具有提高肉质效应的IGF2基因编辑猪；具有提高繁殖力的BMP15基因编辑猪。在多基因组合编辑方面，将BMP15、MSTN、CD163三 个基因组合编辑，获得具有增产、高繁殖力、抗病效应的三基因编辑猪；同时，将TYR、SGK3、GHRHR三个基因组合编辑，获得具有无毛、 白化、矮小效应的三基因编辑猪。此外，团队还以五指山猪为对象，成功获得生长相关PROP1基因编辑猪、高繁殖力FecB基因编辑猪。 该研究成果，标志着团队在利用民猪进行基因编辑方面走在国际前列，不仅为优质高效民猪生产提供了基因编辑育种新路径，更为医 ...

Group 1: Report Industry Investment Rating - Investment rating for both the pig and egg markets is cautiously bearish [3][5] Group 2: Report's Core View - The supply - demand situation of pigs shows a pattern of strong supply and weak demand, which is difficult to change due to factors such as the decline in consumption after the Spring Festival, the increase in supply, and the expected end - of - year synchronized slaughter of second - fattened pigs [2] - For eggs, the current situation of new grain being concentrated on the market and supply exceeding demand remains unchanged, and the corn price is expected to continue to fluctuate weakly this week [4] Group 3: Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live pig 2601 contract yesterday was 11,940 yuan/ton, a change of - 5.00 yuan/ton from the previous trading day, a decrease of 0.04% [1] - Spot: In Henan, the price of external ternary live pigs was 11.94 yuan/kg, up 0.09 yuan/kg from the previous trading day; in Jiangsu, it was 11.96 yuan/kg, unchanged; in Sichuan, it was 11.46 yuan/kg, unchanged [1] - Agricultural product prices: On November 6th, the "200 - index of agricultural product wholesale prices" was 124.92, down 0.05 points from the previous day. The average wholesale price of pork in the national agricultural product wholesale market was 18.06 yuan/kg, down 0.7% [1] Market Analysis - The inventory of large and medium - sized pigs over 5 months old in the country decreased by 0.1% month - on - month and the year - on - year decline narrowed by 2.4%. The number of newly born piglets increased by 0.3% month - on - month and 6.6% year - on - year, with large - scale farms showing an increase of 1.8% month - on - month and 11% year - on - year, indicating significant long - term supply pressure [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2512 contract yesterday was 3227 yuan/500 kilograms, a change of + 10.00 yuan from the previous trading day, an increase of 0.31% [3] - Spot: In Liaoning, the egg spot price was 2.69 yuan/jin, unchanged; in Shandong, it was 2.95 yuan/jin, up 0.10 yuan; in Hebei, it was 2.80 yuan/jin, up 0.04 yuan [3] - Inventory: On November 6, 2025, the production - link inventory was 1.08 days, a decrease of 0.05 days from the previous day, a decrease of 4.42%. The circulation - link inventory was 1.26 days, a decrease of 0.03 days from the previous day, a decrease of 2.33% [3] Market Analysis - Deep - processing and feed enterprises have relatively low inventory, weak willingness to build inventory, and a strong wait - and - see attitude, with spot - on - demand procurement being the main trend [4] Strategy - Cautiously bearish [5]

Core Points - The government has issued a notification regarding the organization of the Fourth National Agricultural Census, emphasizing the importance of accurate data collection and adherence to legal regulations [1][2]. Group 1: Census Scope and Objectives - The census will cover rural households, urban agricultural operators, agricultural production units, and relevant local government bodies, focusing on various agricultural sectors including crop farming, forestry, animal husbandry, and fisheries [1]. - Key areas of investigation include agricultural production conditions, food production status, new agricultural productivity, rural residents' living conditions, and basic rural development [1]. Group 2: Implementation and Data Quality - Local governments and relevant departments are required to strictly follow laws and regulations, ensuring data quality and integrity throughout the census process [2]. - The notification stresses the importance of innovative methods and modern technologies, such as satellite remote sensing and artificial intelligence, to enhance data collection accuracy and efficiency [2].

Group 1 - The core viewpoint of the news highlights the significant growth and performance of the Consumption ETF managed by Jiashi, which tracks the major consumption index in China, indicating a strong investment opportunity in the consumer sector [2][3] - The Consumption ETF Jiashi has seen a liquidity turnover of 0.57% with a transaction volume of 4.34 million yuan, and its scale has increased by 2.61 million yuan over the past week, reaching a total of 1.079 billion shares [2] - Over the past four days, the Consumption ETF Jiashi has experienced continuous net inflows, with a maximum single-day net inflow of 4.55 million yuan, totaling 10.93 million yuan, averaging 2.73 million yuan in daily net inflows [2] Group 2 - As of November 6, the net value of the Consumption ETF Jiashi has increased by 0.42% over the past six months, ranking in the top two among comparable funds [2] - The highest monthly return since inception for the Consumption ETF Jiashi was 24.50%, with the longest consecutive monthly gains being seven months and a maximum cumulative increase of 66.83% [2] - The current price-to-earnings ratio (PE-TTM) of the index tracked by the Consumption ETF Jiashi is 19.94 times, which is at a historical low, being in the 15.58% percentile over the past three years [2] Group 3 - The Consumption ETF Jiashi (512600) tracks the major consumption index, which includes leading consumer stocks in A-shares, covering essential consumer goods from liquor to food processing, with liquor being the largest sector at nearly 39% weight [3] - The news mentions that Kweichow Moutai plans to repurchase shares with a total fund amount between 1.5 billion yuan and 3 billion yuan, with a repurchase price not exceeding 1,887.63 yuan per share [5] - According to CICC, the current demand for liquor is at a historical low, with limited downside risks, and expects gradual recovery in liquor demand supported by favorable policies [6]

生猪：供需对决，博弈加剧 专题报告 2025-11-07 王 俊 农产品研究员 从业资格号：F0273729 交易咨询号：Z0002942 028-86133280 wangja@wkqh.cn 报告要点： 国庆前后的大跌是猪价开启熊市的一次预演，本轮反弹主要由冻品入库和二育加量推动，由此 产生的后置供应，将连同基础供应和未来的前置供应，共同奠定春节前高屠宰加大体重的熊市 格局，供应过剩背景下未来盘面的大方向仍指向反弹抛空。只是当前低价位加高持仓的博弈格 局已经形成，短期利空有限背景下盘面酝酿反抽的可能，考虑近端供应偏大，而远端有去产能 的预期，未来策略首推反套，其次等待反弹后的抛空。 农产品研究 | 生猪 生猪：供需对决，博弈加剧 现货在低温和低价加持下走势反复 前期我们指出，进入三季度以后国内生猪屠宰端存在明显的放量，同时体重降幅有限，实际供 应与理论供应显示的增幅基本对应，这表明，即便经过 6 月份以来集团场的持续降重，供应总 体规模依旧偏大。从长期趋势看，这种偏大的供应水平有望贯穿今年四季度至明年一季度，春 节前后大概率还将是高屠宰+大体重的供应模式。从短期市场特征看，9 月份集团计划进度完成 不佳， ...

Core Viewpoint - Guangdong Province is focusing on enhancing the quality and competitiveness of its livestock industry through a "media+" initiative, aiming to address challenges such as market structure adjustments and consumer demand shifts while leveraging media for brand building and market expansion [1][4][6]. Industry Overview - In 2024, Guangdong's total meat production is projected to reach 5.124 million tons, with a livestock industry output value of approximately 173.58 billion yuan, ranking among the top in China [1]. - The livestock sector in Guangdong is characterized by a large scale, complete supply chain, and distinct features, with significant advantages in smart farming and industrial cluster development [1]. Action Plan - The "media+" initiative includes three main projects: brand building and trust, production-sales connection and market expansion, and technology empowerment and industry upgrading [1][4]. - The plan aims to achieve six goals within three years: brand elevation, production-sales efficiency, market confidence, technology empowerment, talent revitalization, and integration efficiency [4]. Media's Role - Media is seen as a crucial driver for industry transformation, moving from simple advertising to creating cultural symbols for products and guiding consumer behavior [4][6]. - The "12221" marketing system has been successful in aligning production with market demand, and similar strategies are being applied to the livestock sector [3][4]. Consumer Engagement - The initiative aims to enhance consumer understanding of livestock products, emphasizing quality and health, and to create a transparent supply chain [6][9]. - Events and campaigns are being organized to promote local specialties and enhance brand recognition, such as the "Chinese Native Chicken Culture Promotion Center" and various food festivals [8][9]. Future Directions - The integration of media into the livestock industry is expected to facilitate product traceability, promote advanced practices from abroad, and create a comprehensive ecosystem linking production, consumption, and tourism [6][8].

Core Insights - The article highlights the advancements in agricultural modernization in Yuyao City, Zhejiang, focusing on the integration of technology and mechanization to enhance productivity and efficiency in rice farming and dairy production [1][2][3]. Group 1: Agricultural Mechanization - Yuyao City is experiencing a significant increase in agricultural mechanization, with a focus on full-process, comprehensive, high-quality, and efficient practices [3]. - The city has implemented financial incentives for the adoption of new agricultural machinery, including a maximum subsidy of 50% for new equipment and additional support for agricultural service centers [3]. - By the end of 2024, the total power of agricultural machinery in Yuyao is expected to reach 465,000 kilowatts, with a comprehensive mechanization rate of major crops projected to be 90.5% [3]. Group 2: Technological Integration - The introduction of advanced agricultural machinery, such as drones for pesticide spraying, has significantly improved operational efficiency, allowing for the treatment of over 400 acres in a day, which is more than 40 times the capacity of manual labor [1]. - The use of automated systems in dairy farming, including automatic feeding and milking machines, has led to a daily milk production of over 40 tons from a herd of more than 3,500 cows [2]. Group 3: Talent Development and Youth Engagement - Yuyao City is actively cultivating agricultural talent through a "New Farmers" initiative, which has conducted 209 training sessions and developed a network of skilled agricultural professionals [3]. - The establishment of youth practice stations has created 50 job opportunities and provided training for over 1,000 individuals, supporting skill development and employment in the agricultural sector [4]. - The city has introduced a comprehensive policy package to attract young talent to rural areas, including financial support and incentives for entrepreneurial activities [4].