Core Viewpoint - The 18th Livestock Product Exhibition in Naqu City, Tibet, concluded with significant sales, highlighting the importance of livestock farming in the region and showcasing local products [1][3]. Group 1: Event Overview - The exhibition lasted for five days and featured over 100 specialty exhibition booths and more than 400 vehicle exhibition spots, attracting over 10,000 consumers daily [1]. - The total sales reached 4.06 billion yuan, marking the first time sales exceeded 4 billion yuan [1]. Group 2: Participation and Sales - A total of 1,485 business entities participated, including 172 cooperative organizations and nearly 1,000 farmers and herders [3]. - The leading county in sales was the Sini District, with a total sales amount of over 97.4 million yuan [3]. Group 3: Local Impact - The exhibition serves as a crucial income source for local herders, with one representative bringing livestock worth over 500,000 yuan to sell [3]. - The event has evolved from a spontaneous market for selling meat to a government-supported exhibition, reflecting its growing significance [6]. Group 4: Innovation and Consumer Engagement - The exhibition adopted innovative communication methods, including live streaming by video bloggers, allowing for broader online engagement [6]. - Strict quarantine and inspection processes were implemented to ensure consumer and exhibitor rights, enhancing the overall experience [6].

Core Insights - The average wholesale price of pork in China increased slightly to 17.53 yuan/kg on December 19, 2025, up 0.2% from 17.5 yuan/kg on December 12, 2025, but down 1.1% from the previous week's average of 17.65 yuan/kg [1] - The average price of live pigs (external three yuan) rose to 11.71 yuan/kg on December 19, 2025, marking a 2.3% increase from 11.45 yuan/kg on December 12, 2025, and a 2% increase from the previous week's average of 11.37 yuan/kg [1] Price Trends - The average transaction weight of live pigs was reported at 124.79 kg, showing a slight increase of 0.15% week-on-week [3] - The operating rate of major domestic slaughter enterprises increased to an average of 43.16%, up 2.08 percentage points from the previous week, driven by rising demand for pork as winter approaches [3] Market Dynamics - The recent rebound in live pig prices is attributed to stronger consumer demand during the consumption phase, although the overall supply of live pigs is expected to increase by the end of Q1 next year [4] - Short-term demand is anticipated to weaken post-winter solstice, with a potential increase in purchasing activity before the Spring Festival [4] - The market outlook suggests a narrowing upward trend followed by a potential decline in prices due to increased supply and reduced demand after the winter solstice [4]

冬日的清晨，扎嘎沟深处的平琼村，羊圈闸门一开，500多只扎嘎山羊就像开闸的潮水，争先恐后奔向 草坡。山峦间，这些顶着"瓜子脸"、垂着蓬松"刘海"的羊，宛若滚动的"白珍珠"，把空荡荡的山沟衬得 热闹极了。 50多岁的金珠益西跟羊打了大半辈子交道。以前他是单打独斗的散养户，"规模小抗风险能力弱，守着 青山难见金山"。如今，他成了村里养殖合作社的职业牧羊人，每天挥挥牧羊鞭，收入比以前翻了 番。"做梦也没想到，搬了家还能靠养羊致富！" 这一切，都源于乡里想出的妙招。去年，桑日县启动地质灾害搬迁，扎嘎沟5个行政村合并成扎嘎新 村，800名村民实现了从"忧居"到"优居"的蜕变。"搬得出，更要稳得住、能致富！"绒乡党委书记桑旦 罗布说，干部们琢磨来琢磨去，把主意打到了当地独有的扎嘎山羊身上。 山沟里的19万亩草场，不能荒！得让它变成羊群的"优质粮仓"。而村民的牛羊，散养收益低，得搞集中 饲养。于是，湖南省岳阳市援藏工作组投资140万元，建起3座标准化养殖场。绒乡创新推出"集中饲养 ＋优先收购"模式，把养殖场承包给养殖能手，还鼓励村民成立合作社。 200户乡亲搬出扎嘎沟，住进雅江沿岸的新房子，日子是越来越舒坦了，可大伙儿心里 ...

"'思南黄牛'深受大湾区消费者青睐，供不应求。"姜仕举说，取得资质当月，中心就通过港澳专车直供 了100余头，销售金额200余万元。现在存栏的1000余头牛都已被大湾区的商超、屠宰场、火锅店等客户 预定。 家住中心附近的养殖大户黎强，是出了名的养牛老把式，他养的牛在中心的帮助下也成功卖到了大湾 区。"只要按照标准养殖，检测达标，养殖户养出的好牛我们都会帮助销往大湾区，卖上一个好价 钱。"姜仕举说，目前，思南县养牛户约3万户，肉牛存栏量达14万头，年出栏超4万头，主要销往大湾 区，今年销售额近6亿元。 转自：贵州日报 本报讯（记者 陈刚）"你来晚了，这批黄牛已被大湾区客户预定完，现在可以帮你登记预定下一批 货。"12月18日，正在指导养殖户喂料的思南县孙家坝肉牛集散及其育肥中心技术总监姜仕举，对前来 买牛的客商表达歉意和建议。 今年7月，该中心凭借"思南黄牛"国家地理标志保护品牌优势，获得了全省首家"供港澳活牛养殖场"资 质，至此，中心所养殖的黄牛可直通大湾区市场。 ...

Core Viewpoint - The ongoing protests by farmers in Europe against the EU-Mercosur free trade agreement highlight significant concerns regarding the potential negative impact on local agriculture due to increased competition from South American agricultural products [1][2][3]. Group 1: Protests and Concerns - Thousands of farmers from multiple European countries protested in Brussels, driving hundreds of tractors to express their opposition to the EU-Mercosur free trade agreement [1]. - Farmers argue that the influx of cheaper South American agricultural products will severely impact local farmers, particularly in sectors like beef and poultry [2]. - The protests are not limited to Belgium; farmers in France, Poland, and Greece have also been demonstrating against agricultural policies and the potential impacts of the agreement [3]. Group 2: Agreement Details and Implications - The EU-Mercosur free trade agreement, which has been in negotiation for over 20 years, aims to facilitate trade between the EU and South American countries, allowing for reduced tariffs on various goods [1]. - If approved by at least 15 of the 27 EU member states, the agreement would create a free trade zone covering over 700 million people, significantly impacting trade dynamics [1]. - While the agreement poses risks to European agriculture, it may benefit other sectors, such as industrial goods, and help mitigate inflation by increasing agricultural imports from developing countries [3]. Group 3: Political Dynamics - There are divisions among EU leaders regarding the agreement, with French President Macron advocating for stronger protections for European agriculture, while Italian Prime Minister Meloni has called for a delay in signing [2][3]. - The signing of the agreement has been postponed to January 2026, contingent on Italy's support at that time [3].

Core Viewpoint - Algeria is facing a severe shortage of feed resources due to ongoing drought conditions, leading livestock farmers to increasingly rely on barley and bran as primary feed sources, resulting in a significant rise in demand for these products [1] Group 1: Government Measures - The Algerian government has implemented several measures to ensure feed supply and curb speculative behavior, including capping bran prices at 2,000 dinars per quintal, significantly lower than the previous informal market high of 5,000 dinars [1] - Due to challenges in combating hoarding and resale practices, the government has transferred the responsibility of bran sales to the National Feed Office (ONAB) for centralized management [1] Group 2: ONAB Operations - ONAB is currently implementing a limited sales system based on livestock farmer credentials, providing subsidized feed prices only to those holding agricultural department-issued livestock cards to prevent non-farmers from accessing subsidized resources [1] - In some regions, ONAB facilities are operating seven days a week to meet the peak feed demand during the winter lambing season, although there are still imbalances in sales outlet distribution, requiring some farmers to transport feed over long distances [1] Group 3: Long-term Solutions - The Algerian authorities view the current measures as a temporary response to the drought and pasture degradation, emphasizing the need for long-term solutions such as expanding forage cultivation and improving distribution systems to alleviate structural feed shortages [1]

价格监测情况显示，全国生猪均价为11.63元／公斤，较昨日下跌0.02元／公斤。重庆市肉品供给指数显 示，今日肉品供给比昨日上涨0.61%。北京市白条猪批发交易量为62.07万公斤，较昨日上涨3.09%。 外三元生猪价差监测显示，今日全国21组大区间平均价差约0.42元／公斤，较昨日下跌0.01元／公斤， 低于平均调运成本0.64元／公斤。 转自：新华财经 新华财经北京12月19日电 据国家级生猪大数据中心官方微信发布，截至19日，31个省（自治区、直辖 市）外三元生猪价格10涨2跌19平，呈稳中上涨趋势。 综合分析，今日价格南北涨跌互现，大猪供应充沛，标肥价差走阔，下游承接能力有限，对高价猪源接 受无能，短期涨势受供应端制约，预计周末猪价弱势运行。 编辑：吴郑思 ...

证券日报网讯 12月19日，罗牛山在互动平台回答投资者提问时表示，海南大东海旅游中心股份有限公 司作为公司控股子公司，其财务报表编制及信息披露严格遵循《企业会计准则》及相关监管规定。目 前，其土地资产按历史成本进行计量与列报符合现行会计准则和信息披露要求。公司始终致力于保护全 体投资者的合法权益，并将以审慎、负责任的态度持续提升信息披露的质量与透明度。 （文章来源：证券日报） ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The supply of live pigs has increased as large - scale farms have normal slaughter volumes, heavy pigs from the previous period are actively sold, and some regions affected by diseases are also selling standard pigs. On the demand side, the activities of curing bacon and making sausage have increased, leading to a rise in terminal consumption, and the slaughtering enterprise's operating rate has continuously rebounded. Overall, the situation of both supply and demand increasing continues, and the live pig price is mainly in a volatile market. The near - month basis has returned, and the main contract price on the futures market is relatively weak [7]. Summary by Relevant Catalogs 1. Weekly Highlights Summary - **Market Review**: The live pig price fluctuated, rising first and then falling, and the main contract 2603 closed flat for the week [7][11]. - **Market Outlook**: Supply increased due to normal slaughter by large - scale farms, active sales of heavy pigs, and disease - affected sales of standard pigs. Demand increased as curing and sausage - making activities drove up terminal consumption and the slaughtering enterprise's operating rate rebounded. The price will mainly show a volatile trend [7]. 2. Futures and Spot Markets Futures Market - **Price Movement**: The futures price fluctuated, rising first and then falling, and the main contract 2603 closed flat for the week [7][11]. - **Net Position and Warehouse Receipts**: As of December 19, the net short position of the top 20 holders increased by 3748 lots to 46394 lots, and the number of futures warehouse receipts was 823, an increase of 300 from the previous week [17]. - **Contract Spreads**: The spread between lh2603 and lh2605 was - 600, and the spread between lh2603 and lh2607 was - 1335 [21]. Spot Market - **Base Difference**: The basis of the January contract was 650 yuan/ton, and the basis of the March contract was 475 yuan/ton this week [26]. - **Prices of Live Pigs and Piglets**: The national average price of live pigs was 11.60 yuan/kg, up 0.07 yuan/kg from the previous week. The average price of 15 - kg weaned piglets was 23.38 yuan/kg, the same as the previous week [36]. - **Prices of Pork and Sows**: On December 11, the national average price of pork was 22.59 yuan/kg, down 0.15 yuan/kg from the previous week. The average price of binary sows was 32.46 yuan/kg, the same as the previous week [40]. - **Pig - to - Grain Ratio**: As of the week of December 10, 2025, the pig - to - grain ratio was 5.18, down 0.03 from the previous week [44]. 3. Industry Situation Upstream - **Sow Inventory**: In October 2025, the inventory of breeding sows was 39.9 million, a month - on - month decrease of 1.12% and a year - on - year decrease of 2.038%. In November, according to Mysteel data, the inventory of breeding sows in large - scale farms decreased by 0.37% month - on - month and increased by 0.07% year - on - year, and that in small and medium - sized farms decreased by 0.78% month - on - month and increased by 0.78% year - on - year [49]. - **Live Pig Inventory**: At the end of the third quarter of 2025, the live pig inventory was 436.8 million, a month - on - month increase of 2.9% and a year - on - year increase of 2.3%. In November, according to Mysteel data, the inventory of commercial pigs in large - scale farms increased by 0.32% month - on - month and 5.28% year - on - year, and that in small and medium - sized farms decreased by 0.07% month - on - month and increased by 6.94% year - on - year [53]. - **Slaughter Volume and Average Weight**: In November, according to Mysteel data, the slaughter volume of commercial pigs in large - scale farms decreased by 0.65% month - on - month and increased by 5.59% year - on - year, and that in small and medium - sized farms decreased by 2.03% month - on - month and increased by 29.75% year - on - year. The average slaughter weight of live pigs was 123.67 kg, down 0.03 kg from the previous week [58]. Industry as a Whole - **Breeding Profits**: As of December 19, the loss of purchasing piglets for breeding was 189.5 yuan/head, a reduction of 51.19 yuan/head; the loss of self - breeding and self - raising was 130.88 yuan/head, a reduction of 32.46 yuan/head. The egg - laying hen breeding profit was - 0.36 yuan/head, the same as the previous week, and the 817 hybrid broiler breeding profit was 0.4 yuan/head, an increase of 0.42 yuan/head [63]. - **Pork Imports**: From January to November 2025, the cumulative pork imports were 920,000 tons, with an average monthly import of 83,600 tons. In November, the import volume was 60,000 tons, a year - on - year decrease of 33.33% [64][68]. - **Substitute Products**: As of the week of December 19, the price of white - striped chickens was 14.1 yuan/kg, an increase of 0.2 yuan/kg from the previous week. As of the week of December 18, the average price difference between standard and fat pigs was - 0.48 yuan/kg, a reduction of 0.02 yuan/kg from the previous week [71]. - **Feed Situation**: As of December 19, the spot price of soybean meal was 3137.14 yuan/ton, a decrease of 22.29 yuan/ton from the previous week; the corn price was 2348.63 yuan/ton, a decrease of 8.04 yuan/ton from the previous week. The closing price of the DCE pig feed cost index was 880.96, and the price of finishing pig compound feed was 3.33 yuan/kg, an increase of 0.01 yuan/kg from the previous week. In November 2025, the monthly feed output was 29.77 million tons, a month - on - month increase of 209,000 tons, and the sales of piglet feed increased by 0.42% month - on - month and 53.28% year - on - year [76][79][83]. - **CPI**: As of November 2025, China's CPI increased by 0.7% year - on - year [87]. Downstream - **Slaughtering Enterprises**: In the 51st week, the operating rate of slaughtering enterprises was 39.87%, an increase of 1.33 percentage points from the previous week and 2.08 percentage points from the same period last year. The fresh - meat sales rate was 87.86%, an increase of 0.79% from the previous week, and the frozen - product storage rate was 18.19%, a decrease of 0.07% from the previous week [90]. - **Slaughter Volume and Catering Consumption**: As of October 2025, the slaughter volume of designated pig slaughtering enterprises was 38.34 million, an increase of 6.98% from the previous month and 33.31% from the same period last year. In November 2025, the national catering revenue was 605.7 billion yuan, a year - on - year increase of 3.2% [95]. 4. Live Pig - Related Stocks - The report shows the trend charts of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis is provided [96][99]

Core Insights - The Nouakchott Autonomous Port is undergoing a significant transformation in 2025, focusing on social, economic, and training initiatives to become a key driver of Mauritania's socio-economic development [1] Labor Care - In March, President Ghazwani shared an Iftar meal with port workers, symbolizing a pivotal moment in labor reform [1] - SOGITRAP was established to regulate labor management, employing 520 workers and providing medical insurance for 114 dock workers [1] - In July, the port authority director conducted a land allocation ceremony for some SOGITRAP workers, fulfilling President Ghazwani's commitment to the worker community and securing livelihoods for dozens of families [1] Livelihood and Development - In May, the construction of the "Awkar" tugboat, with a power of 4,318 horsepower, commenced, which will enhance port operational capacity in one year [1] - In March, a contract was signed with Arise IIP to develop a port economic zone focusing on natural resource processing in fisheries, agriculture, livestock, and mining, promoting public-private partnerships to create job opportunities and industrialization [1] - In August, the port organized hepatitis screenings and vaccinations for workers, benefiting dozens and demonstrating humanistic care [1] Cooperation and Talent Development - In February, the new Chinese ambassador to Mauritania, Tang Zhongdong, was received for an inspection, reaffirming the historic partnership between the two countries, with the "Friendship Port" being one of the outcomes of this cooperation [2] - In September, the new Minister of Fisheries, Maritime Affairs, and Port Infrastructure, Bouzef, visited the port [2] - In January, the second phase of modern management training was launched, and in July, on-site training was provided for students from the National School of Administration, solidifying the foundation for development [2]