登录新浪财经APP 搜索【信披】查看更多考评等级 2025年1-9月，公司累计销售生猪167.57万头（其中仔猪26.67万头），累计销售收入28.46亿元。 上述销售数据未经审计，与定期报告披露的数据之间可能存在差异，因此上述数据仅作为阶段性数据供 投资者参考。 注：因四舍五入，以上数据可能存在尾差。 二、风险提示 （一）生猪养殖行业均面临生猪市场价格波动的风险。生猪市场价格的大幅波动，可能会对公司的经营 业绩产生重大影响。敬请广大投资者注意投资风险。 （二）动物疫病是畜牧行业发展中面临的主要风险，可能会对公司的经营业绩产生重大影响。敬请广大 投资者注意投资风险。 证券代码：000048 证券简称：京基智农 公告编号：2025-052 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 深圳市京基智农时代股份有限公司（以下简称"公司"）下属公司从事生猪养殖业务，根据《深圳证券交 易所上市公司自律监管指引第3号——行业信息披露》的相关规定，现将公司每月生猪销售情况公告如 下： 一、2025年9月生猪销售情况 2025年9月，公司销售生猪22.05万头（其中仔猪5. ...

公司2025年9月销售生猪79.07万头（其中仔猪46.16万头，商品猪32.91万头），环比上升18.07%，同比 上升107.64%；销售收入6.83亿元，环比上升6.88%，同比上升33.35%。 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002157 证券简称：正邦科技 公告编号：2025—062 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 江西正邦科技股份有限公司（以下简称"公司"）的经营范围中包括生猪养殖业务，现公司就每月生猪销 售情况进行披露，具体内容如下： 一、2025年9月份生猪销售情况 商品猪（扣除仔猪后）销售均价12.75元/公斤，较上月下降7.33%。 2025年1-9月，公司累计销售生猪573.21万头，同比上升131.43%；累计销售收入61.41亿元，同比上升 98.52%。 上述数据均未经审计，与定期报告披露的数据之间可能存在差异。因此，上述数据仅作为阶段性数据， 供投资者参考。 注：以上数据如存在尾差，是因为四舍五入导致的。 二、 原因说明 2025年9月，公司生猪销售数量和销售收入同比增幅较大主要是公司 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002661 证券简称：克明食品 公告编号：2025-085 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误导性陈述或重大遗 漏。 陈克明食品股份有限公司（以下简称"公司"）控股子公司阿克苏兴疆牧歌食品股份有限公司（以下简 称"兴疆牧歌"）经营范围包括畜禽养殖业务，现公司就每月畜禽销售情况进行披露，具体内容如下： 一、2025年9月生猪销售情况 兴疆牧歌2025年9月份销售生猪3.78万头，销量环比下降4.45%，同比增长173.77%；销售收入3,342.68万 元，销售收入环比增长0.71%，同比增长107.57%。 2025年1-9月，兴疆牧歌累计销售生猪41.66万头，较去年同期增长46.29%；累计销售收入43,134.80万 元，较去年同期增长25.56%。 上述数据未经审计，与定期报告披露的数据之间可能存在差异，因此上述数据仅作为阶段性数据供投资 者参考，敬请广大投资者注意投资风险。 二、原因说明 2025年9月生猪销售数量和收入同比增长，主要系产能释放所致；环比变动主要系销售结构调整所致。 三、风险提示 1 ...

"今年以来，生猪价格和猪肉价格震荡下跌，近期跌幅有所扩大。"中国农业科学院北京畜牧兽医研究所 研究员、农业农村部猪肉全产业链监测预警首席分析师朱增勇说。 今年年初，生猪价格呈震荡下跌趋势，年中猪价反弹后再次下跌，9月最后一周价格为13.27元/公斤， 同比下跌27.8%，较年初价格累计下跌19.9%。1月份至9月份，猪肉均价为25.97元/公斤，同比下跌 4.8%，跌幅小于生猪。 朱增勇表示，供强需弱是导致猪价近期持续走低的主要原因。从消费端来看，7月份、8月份猪肉消费处 于季节性淡季，家庭及餐饮需求均有所下降。从供给端来看，1月份至8月份规模以上生猪定点屠宰企业 屠宰量24870万头，同比增长17.4%。8月屠宰量依然明显高于上年同期。今年上半年新生仔猪数量稳步 增长，持续高于上年同期，生猪产能持续释放。以往年份同期生猪出栏会季节性小幅回落，但今年7月 份以来，大体重生猪集中出栏，叠加压栏惜售和二次育肥现象减少，生猪供应反而较充足，叠加9月份 部分养殖主体恐慌性出栏，导致"越跌越卖，越卖越跌"。 在北京新发地农产品批发市场，9月份，白条猪批发加权平均价是16.46元/公斤，比8月份16.87元/公斤 下降2 ...

Group 1: Precious Metals Market - Domestic gold prices surged post-National Day holiday, with the Shanghai gold futures main contract breaking through 900 yuan per gram, marking a historical high and a year-to-date increase of over 47% [2][3] - International spot gold prices remain above 4000 USD per ounce, driven by factors such as the U.S. government shutdown and expectations of further interest rate cuts by the Federal Reserve, leading investors to view gold as a safe-haven asset [2] - Goldman Sachs has raised its gold price forecast for December 2026 to 4900 USD per ounce, up from a previous estimate of 4300 USD, indicating strong bullish sentiment in the gold market [2] Group 2: Strategic Metals - Prices of strategic metals such as copper, tin, and cobalt have also risen, with the domestic copper processing giant Jiangxi Copper hitting its daily limit up on October 9 [4] - The non-ferrous metals sector has seen a year-to-date increase of over 80%, leading the industry in performance [4] - Analysts predict a long-term supply shortage for copper due to increasing demand from technological advancements and potential supply-side reforms in the domestic copper smelting industry [4] Group 3: Agricultural Products - In contrast to the rising prices of precious and strategic metals, prices of agricultural products like live pigs and eggs are declining, with live pig futures dropping below 12000 yuan per ton, nearing historical lows [5] - The average price of live pigs in China fell by 2.4% month-on-month and 28.6% year-on-year as of late September [5] - The Chinese government has implemented policies to regulate pig production capacity, indicating a significant adjustment phase in the domestic pig industry despite falling prices [5] Group 4: Economic Policies and Market Outlook - Analysts suggest that upcoming economic policies will likely focus on structural adjustments rather than broad stimulus measures, as total demand remains weak [6][7] - The expectation of a renewed easing cycle by the Federal Reserve and ongoing domestic "anti-involution" measures are anticipated to support the performance of precious and some non-ferrous metals [7] - The continuation of "anti-involution" policies may lead to a balance in supply and demand for certain commodities, potentially resulting in price increases and improved industry dynamics [7]

Core Viewpoint - The domestic pig prices have sharply declined, with futures contracts dropping nearly 6% to below 12,000 yuan per ton, attributed to a combination of reduced demand and increased supply pressure [2][3]. Group 1: Price Trends - The weighted price of October pig futures has already seen a monthly decline of 7.9%, following an 8.4% drop in September, marking the largest monthly decline since January [3]. - The sales data from listed pig companies indicate a significant increase in sales volume despite the drop in average selling prices, with companies like Wens Foodstuffs reporting a 32.46% year-on-year increase in sales [4]. Group 2: Supply and Demand Dynamics - There is a notable increase in the planned slaughter volume for October, with a 5.48% rise compared to September, indicating ongoing supply pressure [5][6]. - The market consensus suggests a phase of demand inertia decline post-holiday, with expectations of reduced consumer demand and limited new orders from major slaughterhouses [7]. Group 3: Market Sentiment - The overall market sentiment is pessimistic, with many institutions expressing a bearish outlook for pig prices over the next three months due to high levels of breeding sows and slow capacity reduction [8][9]. - The industry is experiencing a phase of losses, with companies focusing on cost-cutting and cash flow management, leading to a challenging environment for price recovery [8].

证券代码：603477 证券简称：巨星农牧 公告编号：2025-089 可转债转股结果暨股份变动公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： 债券代码：113648 债券简称：巨星转债 乐山巨星农牧股份有限公司 ● 累计转股情况：截至2025年9月30日，乐山巨星农牧股份有限公司（以下简称"公司"、"本公司"）可 转债"巨星转债"累计转股金额为100,261,000 元，累计因转股形成的股份数量3,976,890股，占可转债转 股前公司已发行股份总额的0.7858%。 ● 未转股可转债情况：截至2025年9月30日，尚未转股的"巨星转债"金额为899,739,000元，占可转债发 行总量的89.9739%。 ● 本季度转股情况：截至2025年9月30日，2025年第三季度转股金额为0元，因转股形成的股份数量为0 股。 一、可转债发行上市概况 （一）可转债发行情况 经中国证券监督管理委员会（以下简称"中国证监会"）证监许可[2022]663号核准，公司于2022年4月25 日向社会公开发行了面值总额100 ...

Group 1: Precious Metals Market - Domestic gold prices surged post-National Day holiday, with the Shanghai gold futures main contract breaking through 900 yuan per gram, marking a historical high and a year-to-date increase of over 47% [2] - International spot gold prices remain above 4000 USD per ounce, driven by factors such as the U.S. government shutdown and expectations of further interest rate cuts by the Federal Reserve, leading investors to view gold as a safe-haven asset [2] - Goldman Sachs has raised its gold price forecast for December 2026 to 4900 USD per ounce, up from a previous estimate of 4300 USD, indicating strong bullish sentiment in the gold market [2] Group 2: Strategic Metals - Prices of strategic metals such as copper, tin, and cobalt have also risen, with Jiangxi Copper, the largest copper processing company in China, hitting its daily price limit [4] - The non-ferrous metals sector has seen a year-to-date increase of over 80%, leading the industry in performance [4] - Analysts predict a long-term supply shortage for copper due to increasing demand from technological advancements and potential supply-side reforms [4] Group 3: Agricultural Products - In contrast to the rising prices of precious and strategic metals, prices of agricultural products like live pigs and eggs are declining, with live pig futures dropping below 12000 yuan per ton, nearing historical lows [5] - The average price of live pigs in China fell by 2.4% month-on-month and 28.6% year-on-year, reflecting a significant downturn in the agricultural sector [5] - The Chinese government has implemented policies to control pig production capacity, indicating a deep adjustment within the industry despite falling prices [5] Group 4: Economic Policies and Market Outlook - Analysts suggest that upcoming economic policies will likely focus on structural adjustments rather than broad stimulus measures, as the market anticipates a need for targeted interventions [6] - The ongoing "anti-involution" policies are expected to create potential supply-demand balances that could lead to future price increases and improved industry dynamics [6] - The overall economic environment remains cautious, with expectations for demand recovery in the first quarter of next year [6]

Summary of the Conference Call on Swine Farming Industry Industry Overview - The swine farming industry is currently experiencing a significant decline in pig prices, primarily due to an increase in the number of breeding sows and a reduction in seasonal disease impacts, breaking the price stability observed earlier in the year at around 14 RMB per kilogram [1][2][3] - The efficiency cycle was crucial for maintaining stable prices from early 2025 to September, but as disease impacts lessen, supply pressures are becoming evident [1][2] Key Points and Arguments - **Price Decline**: The rapid decline in pig prices from over 14 RMB in early September to below 11 RMB in some provinces is attributed to increased supply pressures from rising breeding sow numbers and reduced seasonal disease impacts [2][3] - **Impact of Breeding Sows**: Although the Ministry of Agriculture reports limited growth in breeding sow numbers (2%-3%), companies like Muyuan Foods are showing much higher output growth, indicating significant improvements in production efficiency [5][8] - **African Swine Fever (ASF) Effects**: The decline of ASF has notably improved production efficiency, reducing discount effects and increasing market supply, which explains the limited price increase despite a reduction in breeding sows [6][7] - **Supply Dynamics**: The concept of "two育" (extending the breeding period to increase weight) has limited impact on market supply as it cannot indefinitely accumulate inventory [4] - **Future Price Expectations**: The baseline expectation for 2026 pig prices is relatively positive, but prices may not remain high due to ongoing supply pressures from improved production efficiency [5][9] - **Market Cycle Changes**: The industry is currently in a downward cycle, with prices expected to fall below 14 RMB, potentially reaching 12 RMB or lower, as the market adjusts to increased supply [9][10] - **Capacity Reduction**: The industry is expected to accelerate its capacity reduction process, with group enterprises starting to reduce capacity this year and individual farmers expected to follow after the Spring Festival [12][14] - **Stock Market Opportunities**: It is considered a good time to invest in the swine farming sector, particularly focusing on leading companies and those with growth potential, with an anticipated overall increase in stock prices of at least 30% [15][17] Additional Important Insights - **Production Efficiency Trends**: Despite a stable number of breeding sows, production efficiency has improved significantly, equating to an effective increase in supply by about 10% [8] - **Future Industry Trends**: The first half of next year is expected to see growth in output from most companies, with a focus on companies that are likely to increase breeding sow numbers again [16][17] - **Investment Strategy**: Investors are advised to focus on leading companies like Muyuan and Wen's Food Group, as well as those with growth potential, due to the anticipated long-term losses and significant capacity adjustment space in the market [15][17]

Core Viewpoint - After the National Day and Mid-Autumn Festival holiday, the price of live pigs has significantly dropped, with futures contracts falling nearly 6% to below 12,000 yuan per ton, contrasting with the rise in gold and silver prices [1] Group 1: Price Trends - The domestic pig price has accelerated its decline over the past two months, with the weighted average price for October futures contracts dropping by 7.9% and September's price falling by 8.4%, marking the largest monthly decline since January [2] - The sales data from listed pig companies indicate an increase in sales volume despite the drop in average selling prices, with companies like Wens Foodstuffs reporting a 2.45% month-on-month increase in sales [3] Group 2: Supply and Demand Dynamics - There is a significant increase in the outflow pressure of pigs, with planned slaughter volumes for October expected to rise by 5.48% compared to September [4] - The demand for live pigs is experiencing a phase of inertia decline, as post-holiday consumption is expected to weaken, leading to limited new orders for slaughterhouses [5] Group 3: Market Sentiment - The overall market sentiment is pessimistic, with institutions expressing a bearish outlook for pig prices over the next three months due to high levels of breeding sows and slow capacity reduction [6] - The industry is entering a phase of losses, with many companies focusing on cost-cutting and cash flow management, indicating a challenging environment ahead [6] Group 4: Future Outlook - Analysts suggest that while the current supply pressure is high, there may be hope for future price recovery as capacity reduction progresses, particularly with the expected decrease in the number of breeding sows [7] - The market is closely monitoring the potential for supply adjustments in the long term, as the current increase in slaughter volumes may lead to a more balanced supply-demand situation in the future [7]