Core Viewpoint - The Lu Chuan pig industry in Guangxi is developing a unique path characterized by quality foundation, brand promotion, and extended supply chains, contributing significantly to rural revitalization [1] Group 1: Quality Improvement - To ensure the stability of Lu Chuan pork products and enhance market recognition, local authorities have developed industry standards and local breeding standards, leading to Lu Chuan pig being included in the national agricultural brand cultivation plan as one of the three famous pigs in China [2] - The county has adopted a collaborative model involving companies, research institutions, and farmers, resulting in a total of 8,464 breeding farms, with 249 being large-scale operations, establishing Lu Chuan pig as a pillar of the local livestock economy [2] Group 2: Brand Promotion - The registration of geographical indication trademarks for Lu Chuan pig has facilitated its brand development, with 15 dedicated stores and 11 experience centers established in Guangxi, and 19 ordinary trademarks registered [3] - The company has developed over 60 products, including braised pork and cured meat, achieving a 20% year-on-year increase in revenue from January to May [3] Group 3: Market Expansion - Lu Chuan pig products are marketed through various platforms, including e-commerce and live streaming, and have successfully penetrated major cities and international markets, with a brand value of 3.628 billion yuan, ranking 14th among geographical indication brands in Guangxi [4] Group 4: Supply Chain Extension - The Lu Chuan pig geographical indication trademark is seen as a "golden card" for economic development, with a 2 billion yuan investment in a comprehensive industry park project that integrates production, research, exhibition, and sales [5] - The county's processing volume has reached 11,300 tons, with a total output value of 3.102 billion yuan, and aims to achieve a slaughter volume of over 1 million pigs and a processing volume of 25,000 tons by the end of 2025 [6] Group 5: Employment and Community Impact - The development of the Lu Chuan pig brand has created 4,560 jobs and involved 2,312 households in the breeding industry, benefiting approximately 26,300 people [6] - The integration of the Lu Chuan pig industry with rural tourism is expected to enhance local economic benefits and improve the quality of life for residents [6]

农产品日报 | 2025-06-25 供需博弈，猪价维持震荡 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2509合约13940元/吨，较前交易日变动-40.00元/吨，幅度-0.29%。现货方面，河南地区 外三元生猪价格14.70元/公斤，较前交易日变动-0.02元/公斤，现货基差 LH09+760，较前交易日变动+20；江苏地 区外三元生猪价格 14.95元/公斤，较前交易日变动+0.13元/公斤，现货基差LH09+1010，较前交易日变动+170；四 川地区外三元生猪价格13.75元/公斤，较前交易日变动+0.00元/公斤，现货基差LH09-190，较前交易日变动+40。 据农业农村部监测， 据农业农村部监测，6月24日"农产品批发价格200指数"为112.72，比昨天上升0.12个点，"菜 篮子"产品批发价格指数为112.74，比昨天上升0.14个点。全国农产品批发市场猪肉平均价格为20.29元/公斤，比昨 天上升1.0%；牛肉63.72元/公斤，比昨天下降0.5%；羊肉59.69元/公斤，比昨天上升0.2%；鸡蛋7.33元/公斤，比昨 天下降0.1%；白条鸡17.16元/公斤，比昨天上升1 ...

Group 1 - The core viewpoint of the articles highlights the importance of bond financing for technology innovation companies in Henan Province, aiming to enhance their funding channels and accelerate technological advancements [1][2] - The training session organized by the Henan Securities Regulatory Bureau and the Henan Listed Companies Association focused on the advantages and policies related to technology innovation bonds, providing insights into the bond market's role in supporting listed companies [1] - The issuance of the first technology innovation renewable corporate bond by Shennong Co., with a coupon rate of 2.59% and a subscription multiple of 3.69, demonstrates the growing interest and confidence in utilizing bond financing for innovation [2] Group 2 - Henan Province has cultivated a number of specialized and innovative enterprises that are crucial for the industrial transformation and upgrading of the region, although some still face challenges related to long financing cycles and high capital demands [2] - The technology innovation corporate bonds are seen as a vital tool for directing funds towards early-stage, small, long-term, and hard technology investments, injecting more vitality into the production capacity of Henan's listed companies [2] - The Henan Securities Regulatory Bureau plans to continue optimizing the regulatory environment and policy support to foster a healthy development ecosystem for corporate bond financing, thereby contributing to high-quality economic growth in the province [2]

Core Viewpoint - The article emphasizes the importance of implementing comprehensive strategies for rural revitalization and agricultural development in the province, guided by Xi Jinping's thoughts and the resolutions from the 20th National Congress of the Communist Party of China [1] Group 1: Agricultural Production and Supply - Ensure stable production and supply of key agricultural products, with grain planting area maintained at over 53.3 million acres and grain output around 50 billion pounds [2] - Stabilize livestock production, maintaining a breeding sow population of over 1.3 million heads and supporting the development of meat and dairy industries [2] - Strengthen farmland protection and construction, ensuring dynamic balance in annual farmland area and promoting high-standard farmland construction of 4.76 million acres [3] Group 2: Agricultural Technology and Disaster Resilience - Enhance agricultural technology and equipment levels, promoting biotechnology and smart agriculture [4] - Improve disaster prevention and reduction capabilities, including strengthening meteorological services and flood control projects [4] Group 3: Food Security and Trade - Implement food production support policies, including minimum purchase prices for rice and subsidies for land fertility protection [5] - Establish a diversified food supply system, expanding modern facility agriculture and supporting deep-sea fisheries [6] Group 4: Poverty Alleviation and Employment - Ensure no large-scale return to poverty, with stable employment for over 156,000 individuals from impoverished backgrounds [8] - Maintain overall stability in support policies and funding for rural revitalization, with at least 60% of funds directed towards industrial development [8] Group 5: Rural Infrastructure and Public Services - Advance rural infrastructure construction, including building 300 rural water supply projects and improving rural road conditions [13] - Enhance basic public service levels in rural areas, ensuring 90% of counties have established integrated medical service systems [14] Group 6: Environmental Protection and Governance - Strengthen rural ecological environment construction, including adding 14,000 garbage collection facilities and improving rural sewage treatment [15] - Build strong rural grassroots party organizations to enhance governance effectiveness and address corruption [16] Group 7: Talent Development and Investment - Cultivate rural talent through various training programs, aiming to train over 10,000 practical talents [24] - Improve the multi-source investment mechanism for rural revitalization, encouraging financial institutions to increase funding for agricultural sectors [27]

身处"天地之中"，河南素有"九州腹地、十省通衢"之誉，是全国重要的综合交通枢纽和人流物流信息流 中心。近年来，河南交通运输发展发生根本性变化，"米+井+人"综合运输通道基本形成，交通强省建 设迈出坚实步伐。大力发展多式联运，河南构筑起海陆空开放新格局，拓展了对外发展新空间。 嵩山少林的晨钟暮鼓，开封夜市的烟火升腾，洛阳满城的汉服华裳……近年来，河南文旅频频"出圈"， 圈粉无数。2024年，全省接待游客量首次突破10亿人次、旅游综合收入首次突破1万亿元。今年端午节 假期，全省接待游客1511.6万人次、旅游收入67.9亿元，同比分别增长4.7%、5.3%，实现文旅市场量质 齐升。以文塑旅、以旅彰文，让文化更有活力，让旅游更有魅力，河南围绕"吃、住、行、游、购、 娱"融入新消费场景，不断丰富旅游业态、延伸产业链条，持续推进文化和旅游深度融合发展。 未来五年是河南发展厚积薄发、崛起倍增的关键阶段。奋力建设农业强省、制造强省、数智强省、交通 强省、文旅强省，要推动经济持续向好，实施提振消费专项行动；建设现代化产业体系，推动科技创新 和产业创新深度融合；推进乡村全面振兴，延伸现代农业产业链条；推进以人为本的新型城镇化， ...

Core Viewpoint - The export of Jianzhou Big-Eared Goats to Uganda marks a significant step for Sichuan's livestock industry towards internationalization, creating a new breed suitable for local ecological conditions and enhancing local goat breeding capabilities [1][4]. Group 1: Export Details - A flight carrying 9 Jianzhou Big-Eared Goats departed from Chengdu Tianfu International Airport to Uganda, representing the first export of a new goat breed cultivated in Sichuan [1][2]. - The goats were selected after two Ugandan delegations visited Sichuan, and the Sichuan Tian Di Goat Biotechnology Co., Ltd. was chosen as the supplier [3][4]. - The transportation process involved strict quarantine and logistics, including a 21-day isolation period for the goats before export [3][5]. Group 2: Agricultural Collaboration - Since 2012, China has been sending agricultural experts to Uganda under the South-South Cooperation framework, with Sichuan province dispatching nearly 60 specialists to assist in various agricultural sectors [2]. - Goat farming is a major agricultural pillar in Uganda, with an annual breeding scale of approximately 17 million heads, but local breeds are smaller and have slower reproduction rates [2][4]. - The Jianzhou Big-Eared Goat, known for its rapid growth and strong reproductive capabilities, is expected to hybridize with local breeds to improve overall livestock quality [2][4]. Group 3: Transportation Challenges - The transportation of live goats faced challenges due to the lack of direct flights from Chengdu to Uganda, requiring a transfer in Ethiopia and a total travel time of 46 hours [4][5]. - Special arrangements were made for the goats during transit, including temperature control and provision of food and water [5]. - Upon arrival, the goats will not only contribute to breed improvement but also facilitate collaboration in breeding technology, forage cultivation, and the sheep meat supply chain between Sichuan and Uganda [5].

Investment Rating - The report maintains an "Outperform" rating for the agricultural products sector [1][5][4]. Core Views - The report is optimistic about the reversal of the beef cycle and recommends investments in leading companies in the livestock sector, particularly in beef and raw milk, which are expected to experience a positive resonance in 2025 [3][4]. - The pet industry is highlighted as a growth sector benefiting from demographic changes, while the feed sector, particularly Haida Group, is expected to gain from the recovery in aquaculture [3][4]. - The report notes that the pig industry shows insufficient expansion willingness, but the overall market conditions are expected to remain stable through 2025, with a focus on undervalued leading companies [3][4]. - Poultry production is expected to maintain low volatility, with white chicken consumption gradually increasing and yellow chicken likely to benefit from improved domestic demand [3][4]. Summary by Sections Livestock - **Pork**: The average price of live pigs is 14.16 CNY/kg, with a week-on-week increase of 1.22%. The price of 7kg piglets is approximately 446 CNY/head, down 4.98% week-on-week [1][13]. - **Beef**: The domestic beef market price is 59.35 CNY/kg, showing a slight decrease of 0.05% week-on-week but a significant increase of 27.63% year-on-year [1][15]. - **Poultry**: The price of broiler chicks is 1.23 CNY/bird, down 43% week-on-week, while the price of eggs in major production areas is 2.90 CNY/jin, up 9.85% week-on-week but down 35.27% year-on-year [1][14]. Feed and Raw Materials - **Soybean Meal**: The spot price is 3024 CNY/ton, with a week-on-week increase of 1%. The report indicates strong support for supply and demand in the medium to long term [2][3]. - **Corn**: The domestic corn spot price is 2415 CNY/ton, with a week-on-week increase of 0.37% and a year-on-year increase of 0.12% [2][3]. - **Sugar**: The price in Guangxi is 5980 CNY/ton, down 0.17% week-on-week, with attention on import rhythms and crude oil price fluctuations [2][3]. Investment Recommendations - Recommended stocks include: - **Beef**: Guangming Meat Industry - **Pets**: Guibao Pet, Zhongchong Co., and Ruipu Biological - **Feed**: Haida Group - **Pork**: Dekang Agriculture, Muyuan Foods, Huazhong Agriculture, and others - **Poultry**: Lihua Co., Yisheng Co., and Shengnong Development [3][4].

Investment Rating - The industry investment rating is maintained as "Outperform the Market" [1][40]. Core Viewpoints - The agricultural sector has experienced a significant decline, with the industry index dropping by 3.13%, ranking 26th among 31 primary industries in terms of performance [2][11]. - The report indicates that the pig market is under pressure, with prices continuing to decline, and the impact of regulatory policies is expected to manifest next year [3][17]. - The white feather chicken market is facing a decrease in chick prices, with a focus on domestic breeding opportunities due to uncertainties in imports [4][27]. Summary by Sections Market Review - The agricultural sector has seen a substantial drop, with the industry index down 3.13%, while the broader market indices like the CSI 300 and Shanghai Composite Index fell by 0.45% and 0.51% respectively [11][12]. - The core agricultural sectors have all declined, and the market sentiment remains cautious with a wait-and-see approach [12]. Livestock Industry Chain Tracking - Pig prices have continued to decline, with the national average price at 13.93 CNY/kg as of June 22, which is the second time this month it has fallen below 14 CNY [3][15]. - The price of 15 kg piglets has dropped to 400 CNY/head, down over 200 CNY from the year's peak [3][15]. - The supply of pigs is currently adequate, and the high temperatures in June have affected consumption, leading to increased selling activity from farmers [3][15]. - The report anticipates a seasonal increase in pig supply in the second half of 2025, with prices expected to fluctuate within a narrow range [17]. - The report suggests that the profitability of the industry will be a key focus this year, with cost differences being the most effective indicator of companies' profitability [17][18]. Poultry Industry Chain Tracking - As of June 20, the price of white feather chicken chicks in Yantai is 1.90 CNY/chick, a significant drop of 0.8 CNY from the previous week, while the price of broiler chickens is 3.48 CNY/jin, down 2.79% [4][27]. - The report highlights that the uncertainty surrounding imports has eased, and there is a growing focus on domestic breeding as a potential opportunity [4][27]. Planting Industry Chain Tracking - Sugar prices have adjusted downwards, with the price of white sugar in Liuzhou at 6055 CNY/ton, down 35 CNY from the previous week [32]. - Soybean prices have shown a slight increase, with the imported price at 3877 CNY/ton, up 1.9% from the previous week [32]. - Corn prices have continued to rise, with the national average at 2381 CNY/ton, up 25 CNY from the previous week [32].

农产品日报 | 2025-06-24 策略 谨慎偏空 出栏略有减少，猪价偏强震荡 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2509合约13980元/吨，较前交易日变动+85.00元/吨，幅度+0.61%。现货方面，河南地区 外三元生猪价格14.72元/公斤，较前交易日变动+0.16元/公斤，现货基差 LH09+740，较前交易日变动+305；江苏 地区外三元生猪价格 14.82元/公斤，较前交易日变动+0.07元/公斤，现货基差LH09+840，较前交易日变动+75；四 川地区外三元生猪价格13.75元/公斤，较前交易日变动+0.10元/公斤，现货基差LH09-230，较前交易日变动+15。 据农业农村部监测，6月23日"农产品批发价格200指数"为112.60，比上周五上升0.05个点，"菜篮子"产品批发价格 指数为112.60，比上周五上升0.05个点。全国农产品批发市场猪肉平均价格为20.08元/公斤，比上周五下降1.2%； 牛肉64.01元/公斤，比上周五上升0.2%；羊肉59.58元/公斤，比上周五上升0.2%；鸡蛋7.34元/公斤，比上周五上升 0.8%；白条鸡16.88元/公斤，比 ...

生猪日报 | 2025-06-24 另存为PDF 【期价震荡调整】 【市场动态】 【策略建议】 1、观点：震荡调整； 2、核心逻辑： 1） 从母猪、仔猪数据看，到12月生猪出栏量或逐月增加（不考虑养殖端提前 或延后出栏），供应充裕下猪价难有明显上涨； 1、6月23日，生猪注册仓单750手； 2、LH2507合约以期现回归、交割博弈为主，远月受现下降重利好后市影响震荡 偏强运行； 3、主力合约（LH2509）今日增仓945手，持仓约7.71万手，最高价14010元/ 吨，最低价13925元/吨，收盘于13980元/吨。 【基本面分析】 1、能繁母猪存栏量看，3-12月生猪供应量有望逐月增加，但幅度有限。仔猪数 据看，2025年二三季度生猪出栏量整体震荡增加；需求端来看，上半年较下半 年相比属需求淡季，下半年属需求旺季； 2、 从历史情况和现下基本面来看，肥标差或震荡调整； 3、市场多空逻辑： 空头：①养殖端降重缓慢，供应压力尚未完全释放；②后续 出栏量有望持续增加；③二三季度尚未到消费旺季，需求对猪价的支撑有限； 多头：①冻品库存仍有增加的空间，能给猪价以支撑；②现货价格韧性强，说 明供需不像空头想的那么宽松； ...