Report Industry Investment Ratings No relevant content provided. Core Views - The stock market may experience increased short - term volatility after continuous previous gains, but the general approach is to go long on dips. The bond market is expected to have a downward trend in interest rates in the long run, with a possible short - term return to a volatile pattern. Precious metals prices are supported by Trump's influence on the Fed, and it is advisable to buy on dips. Base metals, black building materials, energy chemicals, and agricultural products each have their own supply - demand and price trends, and corresponding trading strategies are recommended [3][5][6]. Summary by Category Macro - Financial Stock Index - **News**: The central bank will conduct a 7000 - billion - yuan repurchase operation on August 8th. Huawei may launch a triple - folding eSIM phone, and eSIM services are resumed. Seven departments aim to make breakthroughs in brain - computer interface technology by 2027. Apple will invest 6000 billion dollars in the US in the next four years [2]. - **Basis Point Ratios**: The basis point ratios of different contracts for IF, IC, IM, and IH are provided. The trading logic is to go long on dips in the long - term despite short - term volatility [3]. Treasury Bonds - **Quotes**: On Thursday, the main contracts of TL, T, TF, and TS had different increases. - **News**: China's July exports and imports increased year - on - year. The central bank will conduct a 7000 - billion - yuan repurchase operation. The central bank had a net withdrawal of 1225 billion yuan on Thursday [4]. - **Strategy**: Interest rates are expected to decline in the long run, but the bond market may return to a volatile pattern in the short term [5]. Precious Metals - **Quotes**: Shanghai gold and silver, COMEX gold and silver all rose. The US 10 - year Treasury yield is 4.23%, and the US dollar index is 98.00 [6]. - **Market Outlook**: Trump's influence on the Fed supports precious metals prices. It is recommended to buy on dips, with reference price ranges provided for Shanghai gold and silver [6][7]. Non - Ferrous Metals Copper - **Quotes**: LME copper closed down 0.04%, and Shanghai copper closed at 78360 yuan/ton. - **Industry**: LME copper inventory decreased, and domestic social inventory decreased slightly. The price is expected to have a limited upside in the short term, with reference price ranges provided [9]. Aluminum - **Quotes**: LME aluminum closed down 0.42%, and Shanghai aluminum closed at 20670 yuan/ton. - **Industry**: Domestic aluminum ingot inventory is relatively low, but the short - term upward movement is difficult, with reference price ranges provided [10]. Zinc - **Quotes**: Shanghai zinc index rose 0.97%. - **Industry**: Zinc ore inventory is increasing, and domestic zinc ingot inventory is accumulating. The short - term consumption is weakening, and the price decline risk is rising [11][12]. Lead - **Quotes**: Shanghai lead index rose 0.19%. - **Industry**: Lead ore inventory is decreasing, and lead ingot supply is tightening. The short - term price is expected to be strong [13]. Nickel - **Quotes**: Nickel price rebounded slightly. - **Industry**: Nickel price is still anchored to nickel iron price. It is recommended to wait and see, with reference price ranges provided [14]. Tin - **Quotes**: Shanghai tin rose 0.38%. - **Industry**: Tin supply and demand are both weak in the short term, and the price is expected to be volatile and weak, with reference price ranges provided [15][16]. Carbonate Lithium - **Quotes**: The spot index was flat, and the futures contract rose 3.85%. - **Industry**: The supply is increasing, and the inventory is rising. The price is affected by capital games, with a reference price range provided [17]. Alumina - **Quotes**: The index fell 0.62%. - **Industry**: The supply is expected to be in excess. It is recommended to short on rallies, with a reference price range provided [18]. Stainless Steel - **Quotes**: The futures contract rose 0.50%. - **Industry**: The social inventory decreased, and the short - term price is expected to be strong [19]. Cast Aluminum Alloy - **Quotes**: The contract rose 0.3%. - **Industry**: The downstream is in the off - season, and the price rebound space is limited [20][21]. Black Building Materials Steel - **Quotes**: Rebar and hot - rolled coil prices declined. - **Industry**: The supply and demand of rebar increased, and those of hot - rolled coil decreased. The inventory is rising, and the price may return to the supply - demand logic. It is recommended to pay attention to demand and cost [23][24]. Iron Ore - **Quotes**: The futures contract fell 0.19%. - **Industry**: The supply is affected by overseas shipments, and the demand is related to iron water production. The short - term trend is not strong, and attention should be paid to demand and possible production restrictions [25][26]. Glass and Soda Ash - **Glass**: The spot price was flat, and the inventory increased. The short - term price is expected to be volatile, and the long - term trend depends on real estate policies [27]. - **Soda Ash**: The spot price fell, and the inventory increased. The short - term price is expected to be volatile, and it is recommended to wait and see in the short term and short on rallies in the long term [28]. Manganese Silicon and Ferrosilicon - **Quotes**: Manganese silicon fell 0.52%, and ferrosilicon fell 1.25%. - **Industry**: The short - term price is expected to be volatile. It is recommended to wait and see for investment positions and choose hedging opportunities for hedging positions [29]. Industrial Silicon and Polysilicon - **Industrial Silicon**: The futures contract fell 0.52%. The supply is in excess, and the demand is insufficient. The price is expected to be volatile, and attention should be paid to relevant initiatives [33][34]. - **Polysilicon**: The futures contract fell 2.41%. The price is affected by capacity policies and is expected to be volatile. It is recommended to be cautious [35][36]. Energy and Chemicals Rubber - **Quotes**: NR and RU rebounded and then oscillated. - **Industry**: The tire industry has different operating rates. The rubber price is recommended to be traded with a slightly long - biased and fast - in - and - out strategy [38][39][41]. Crude Oil - **Quotes**: WTI, Brent, and INE crude oil futures all fell. - **Industry**: The fundamentals are healthy, but the seasonal demand will limit the upside. It is recommended to go long on dips and set a target price [42]. Methanol - **Quotes**: The 09 contract fell 8 yuan/ton. - **Industry**: The supply is expected to increase, and the demand is weak. It can be considered as a short - position variety in the sector [43]. Urea - **Quotes**: The 09 contract fell 13 yuan/ton. - **Industry**: The supply is relatively loose, and the demand is weak in the short term. It is recommended to go long on dips [44]. Styrene - **Quotes**: The spot and futures prices rose. - **Industry**: The BZN spread is expected to repair, and the price may follow the cost to rise after the port inventory is reduced [45]. PVC - **Quotes**: The 09 contract fell 5 yuan. - **Industry**: The supply is strong, the demand is weak, and the valuation is high. It is recommended to wait and see [47]. Ethylene Glycol - **Quotes**: The 09 contract fell 18 yuan. - **Industry**: The supply and demand are changing, and the inventory is expected to increase. The short - term valuation may decline [48]. PTA - **Quotes**: The 09 contract fell 36 yuan. - **Industry**: The supply is expected to increase, and the demand is about to end the off - season. It is recommended to go long on dips following PX [49]. p - Xylene - **Quotes**: The 09 contract fell 38 yuan. - **Industry**: The load is high, and the inventory is expected to decrease. It is recommended to go long on dips following crude oil [50]. Polyethylene PE - **Quotes**: The futures price fell. - **Industry**: The price is affected by cost and supply - demand. It is recommended to hold short positions [51]. Polypropylene PP - **Quotes**: The futures price fell. - **Industry**: The price is expected to follow crude oil to rise in July, affected by supply and demand [52]. Agricultural Products Live Pigs - **Quotes**: The domestic pig price continued to fall. - **Industry**: The supply is abundant, and the demand is limited. It is recommended to focus on the spread opportunities [54]. Eggs - **Quotes**: The egg price was mostly stable. - **Industry**: The supply is large, and the price is expected to be stable in the short term. It is recommended to short on rallies in the medium term [55]. Soybean and Rapeseed Meal - **Important Information**: Malaysian palm oil export and production data, and Brazilian soybean planting area forecast are provided [56]. - **Trading Strategy**: The palm oil price is expected to be volatile, and it is recommended to go long on dips for soybean meal and expand the spread between soybean meal and rapeseed meal [58][61]. Sugar - **Quotes**: Zhengzhou sugar futures fell. - **Industry**: The import supply is increasing, and the price is expected to continue to fall [62][63]. Cotton - **Quotes**: Zhengzhou cotton futures continued to oscillate. - **Industry**: The downstream consumption is average, and the price is expected to be short - term bearish [64].

Group 1: Sales Performance - In July 2025, the company sold 324,100 pigs, generating sales revenue of 563 million yuan, with 319,100 being market pigs and 4,900 being piglets [1] - From January to July 2025, the company reported sales data for its pig farming business, although specific figures were not disclosed in the provided text [1] Group 2: Shareholding Increase - The controlling shareholder, Sichuan Juxing Enterprise Group, plans to increase its stake in the company by at least 50 million yuan over a 12-month period starting from August 13, 2024 [6] - As of August 7, 2025, the controlling shareholder has cumulatively acquired 2,791,408 shares, representing 0.547% of the total share capital, with a total investment of approximately 53.09 million yuan [7] - The increase in shareholding will not lead to a change in the controlling shareholder or actual controller of the company [9]

Group 1 - The core viewpoint of the announcement is to provide the main operational data for the pig farming business of Tianyu Biotechnology Co., Ltd. for July 2025, highlighting significant changes in sales volume and revenue compared to previous periods [1][3]. - In July 2025, the company sold 17,200 pigs, generating a revenue of 21.03 million yuan, with month-on-month changes of -45.86% in sales volume and -43.89% in revenue, while year-on-year changes were +3.81% in sales volume and -37.23% in revenue [1]. - For the period from January to July 2025, the cumulative sales volume reached 221,400 pigs, representing a year-on-year increase of 19.93%, and the cumulative revenue was 332.56 million yuan, reflecting an 11.35% year-on-year increase [1]. Group 2 - As of the end of July 2025, the company's pig inventory stood at 163,800 pigs, showing a year-on-year increase of 10.26% and a month-on-month increase of 13.43% [1]. - The announcement includes a note that the operational data is unaudited and may differ from the data disclosed in regular reports, serving only as a reference for investors [3]. - The company cautions that future sales volume and revenue may experience monthly fluctuations due to significant price volatility in the pig market and changes in the company's breeding schedule [3].

Summary of Conference Call Records Industry Overview - The conference call discusses the **pig farming industry** in the context of the "anti-involution" policy aimed at addressing low-price disorderly competition and promoting supply-side reforms [1][2][7]. Key Points and Arguments 1. **Anti-Involution Policy**: The policy aims to control basic production capacity, breeding sow inventory, and the weight of pigs at market release, thereby preventing drastic fluctuations in production and prices [1][8]. 2. **Supply-Side Reforms**: The reforms are expected to lead to an optimized supply structure in the pig farming industry, enhancing overall efficiency and resource conservation [1][3]. 3. **Economic Environment**: The current economic environment is characterized by a transition from financial re-inflation to food re-inflation, with significant changes in household savings and investment behaviors [4][5]. 4. **Inflation Understanding**: Inflation levels should be understood through both supply reform and demand stimulation, with a focus on supply-side adjustments before demand-side interventions [6]. 5. **PPI Impact**: A narrowing decline in the Producer Price Index (PPI) is anticipated to have a strong impact on asset allocation strategies [6]. Specific Measures in Pig Farming - The anti-involution measures include controlling the number of breeding sows, reducing the weight of pigs at market release, and timely reporting of production data [1][8]. - The goal is to prevent overproduction and stabilize prices, which is crucial for maintaining profitability in the sector [7][14]. Industry Challenges and Responses 1. **Overcapacity Issues**: The pig farming industry has faced overcapacity challenges, with a slow exit of outdated production capacity despite profitability since May 2024 [2][9]. 2. **Animal Health Industry**: The veterinary medicine and vaccine sectors are experiencing intense competition, with many companies reporting declining performance [2][10][16]. 3. **Market Dynamics**: The market for veterinary products is expected to improve as the anti-involution policy encourages innovation and higher standards for new product approvals [16][18]. Future Projections - The breeding sow inventory is expected to gradually decrease, impacting pig supply and prices in the second half of 2026 [14]. - Short-term price pressures are anticipated due to seasonal factors, but overall price stability is expected as supply adjustments take effect [15]. Investment Opportunities - Companies with efficiency advantages in pig farming and leading firms in the veterinary medicine sector are identified as having high investment value [19]. - Specific companies such as Keqian Bio, Ruipu Bio, and Huisheng Bio are highlighted as potential beneficiaries of the anti-involution policy [19]. Conclusion - The anti-involution policy is set to reshape the pig farming industry, addressing overcapacity and enhancing product quality while also impacting related sectors such as veterinary medicine. The overall economic environment and inflation dynamics will play a crucial role in shaping future market conditions and investment strategies [1][5][20].

证券代码：000876 证券简称：新希望 公告编号：2025-81 债券代码：127015、127049 债券简称：希望转债、希望转 2 新希望六和股份有限公司 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。 | | 生猪销售数量 | | 生猪销售收入 | | 商品猪价格 | | --- | --- | --- | --- | --- | --- | | 月份 | （万头） | | （亿元） | | （元/公斤） | | | 当月 | 累计 | 当月 | 累计 | 当月 | 二、特别提示 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。 特此公告 新希望六和股份有限公司 新希望六和股份有限公司（以下简称"公司"）下属子公司从事 生猪养殖业务。按照《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》规定，深交所鼓励从事畜禽、水产养殖业务的上 市公司每月通过临时公告形式披露相关业务销售情况，公司将参照指 引相关规定执行。 一、2025 年 7 月份生猪销售情况 公司 2025 年 7 月销售生猪 130.25 万头， ...

Group 1 - The report identifies investment opportunities in various industries under the "anti-involution" theme, drawing parallels with the supply-side reform period from 2015 to 2018, focusing on policy effects, inventory cycles, and industry prosperity [1][8] - The current "anti-involution" theme has a broader industry coverage, with a positive outlook on photovoltaic and medical devices based on their clearing reversal elasticity, while chemicals and building materials are favored for their certainty in prosperity [2][14] Group 2 - The report outlines the criteria for selecting actively managed equity funds related to the "anti-involution" theme, requiring a significant holding in relevant industry stocks and a minimum fund size [3][16] - For ETF funds, a scoring system based on various performance metrics is used to identify the top products in the same category [3][16]

转自：前瞻产业研究院 2024年，种猪销量超20万头的企业有四家：牧原、中芯种业、正大、加大，其中牧原销售46.5万头，遥 遥领先。桂垦、金龙集团等10家企业销量超5万头。 3、中国种猪企业品系分布 从品系来看，TOP20种猪企业中，饲养美系与法系的企业持平，占比均为28%;其次是加系、丹系和台 系，分别占比13%、12%和12%。 行业主要上市公司：牧原股份(002714.SZ)、正邦科技(002157.SZ)、温氏股份(300498.SZ)、新希望 (000876.SZ)等 本文核心数据：种猪销量;品系分布 1、市场概述 种猪育种是畜牧业中至关重要的环节，对于提高生猪产量和质量、推动养猪业的可持续发展具有决定性 作用。管我国在种猪育种技术上取得了一定进展，但总体水平仍然不高。一方面，我国通过与欧美发达 国家的合作，引入了部分先进的育种技术，但在自主创新能力上仍显不足;另一方面，相比国际领先的 育种企业，我国的育种企业在技术研发和应用方面的投入较少，导致育种效率和质量仍有待提升。 | 重点成分 | 功能 | | --- | --- | | 育种观念相对落后 | 部分规模化养殖场缺乏专业育种人员,无法快速适应 ...

Core Viewpoint - The pig farming industry is entering a new cycle of prosperity, with Zhengbang Technology showing signs of recovery after overcoming significant financial difficulties [1][2]. Financial Performance - Zhengbang Technology is expected to achieve revenue between 190 million to 210 million yuan in the first half of the year, successfully turning a profit compared to the same period last year [4]. - The company's net profit attributable to shareholders, excluding non-recurring gains and losses, is projected to be between 50 million to 70 million yuan [4]. - From 2021 to 2024, Zhengbang Technology reported cumulative net losses of 34.819 billion yuan, with total liabilities reaching 34.83 billion yuan in 2022 and a debt-to-asset ratio of 148.38% [2][3]. Support and Restructuring - Zhengbang Technology received substantial support from various government and financial institutions, including 33 banks that provided continuous lending support [2][3]. - The "white knight" Twin Group took over Zhengbang Technology in December 2023, injecting 4.34 billion yuan to aid in its restructuring [3]. Operational Recovery - The company has resumed operations at 59 pig farms and 16 feed mills, with feed sales increasing by 94% year-on-year to 1.24 million tons [3]. - As of the first quarter of this year, Zhengbang Technology's total liabilities decreased to 8.717 billion yuan, with a debt-to-asset ratio of 44.91% [3]. Stock Performance - Despite improved financial metrics, Zhengbang Technology's stock price remains low at 2.83 yuan per share, down 3.08% since the beginning of 2025, and has decreased nearly 90% from its peak of 25.98 yuan per share [5]. - The company's market capitalization has evaporated by over 200 billion yuan [5]. Industry Context - The pig farming industry has entered a low-profit era, where only companies with strong cost control can thrive [6]. - Zhengbang Technology's current fattening cost is 13.3 yuan per kilogram, which, while reduced, still lags behind industry leaders [6]. - There are indications of a potential decline in pork prices, which could impact future profitability [6]. Conclusion - While Zhengbang Technology has navigated past bankruptcy risks and financial distress, the company faces a long road ahead in a competitive and challenging pig farming industry [7].

1. Report Industry Investment Ratings - **Oils and Fats**: Oscillating with a slight upward bias [8] - **Protein Meal**: Oscillating [9] - **Corn/Starch**: Oscillating with a slight downward bias [10] - **Hogs**: Oscillating [11] - **Natural Rubber**: Oscillating [13] - **Synthetic Rubber**: Oscillating [15] - **Cotton**: Oscillating [16] - **Sugar**: Long - term: oscillating with a downward bias; Short - term: maintain the view of shorting on rebounds [17] - **Pulp**: Oscillating [18] - **Logs**: Oscillating with a slight downward bias [19] 2. Core Views of the Report The report analyzes multiple agricultural products, including oils and fats, protein meal, corn/starch, hogs, rubber, cotton, sugar, pulp, and logs. It provides insights into their market trends, supply - demand relationships, and price outlooks. For example, the hog market shows a pattern of "weak present + strong future" due to policy - induced production - cut expectations; the oils and fats market is expected to be oscillating with a slight upward bias considering overseas bio - diesel demand and domestic export expectations [11][8]. 3. Summary According to Relevant Catalogs 3.1 Market Views 3.1.1 Oils and Fats - **Industry Information**: MPOA data shows a 9.01% month - on - month increase in estimated Malaysian palm oil production in July. The overall estimated production is 1.84 million tons. ITS and AmSpec data indicate a decline in July's Malaysian palm oil exports [8]. - **Logic**: Due to the expected high yield of US soybeans and concerns about demand, US soybeans fell on Tuesday. Domestic oils showed a differentiated trend, with soybean oil being stronger. The global and domestic supply - demand situation of different oils varies, with soybean oil having inventory increases and export expectations, palm oil facing inventory pressure, and rapeseed oil having high inventory [8]. - **Outlook**: In the short - term, palm oil and soybean oil are likely to be stronger, influenced by the expected increase in overseas bio - diesel demand and domestic soybean oil export expectations [8]. 3.1.2 Protein Meal - **Industry Information**: On August 6, 2025, international soybean trade premiums and discounts showed different trends. The average profit of Chinese imported soybean crushing increased [9]. - **Logic**: Internationally, the good growth of US soybeans and the expected high yield, along with changes in trade relations and CFTC net short positions, affect the market. Domestically, in the short - term, due to the peak season of aquaculture, rapeseed meal is stronger than soybean meal. In the long - term, there is a potential supply gap in the fourth quarter [9]. - **Outlook**: In the next two weeks, the inventory of soybean meal may reach a peak. Spot and basis prices may oscillate at a low level. The far - month contracts are expected to strengthen [9]. 3.1.3 Corn/Starch - **Industry Information**: The average domestic corn price and the closing price of the main contract decreased [10]. - **Logic**: On the supply side, there are differences in the judgment of channel inventory, and the auction transaction rate of imported corn is low. On the demand side, downstream acceptance of high - priced grains is low. Policy - wise, the transaction rate and premium of imported corn are decreasing [10]. - **Outlook**: In the short - term, there is uncertainty in the old - crop inventory reduction. After the new - crop is listed, there is a downward pressure on prices [10]. 3.1.4 Hogs - **Industry Information**: On August 6, the spot price of hogs in Henan decreased slightly, while the futures closing price increased [11]. - **Logic**: The proposed meeting by the China Animal Husbandry Association to discuss sow production cuts triggered market sentiment. In the short - term, large - scale farms are actively reducing weight and inventory, but the inventory of secondary - fattening by smallholders is high. In the medium - term, the supply is expected to increase. In the long - term, policies may lead to a reduction in production capacity [11]. - **Outlook**: The hog market shows large fluctuations. The spot and near - month contracts are under pressure, while the far - month contracts are influenced by production - cut expectations [11]. 3.1.5 Natural Rubber - **Industry Information**: The prices of various rubber products in Qingdao Free Trade Zone remained stable, and the prices of raw materials in the Thai market increased slightly [13]. - **Logic**: The macro - environment is favorable, and there is some speculative sentiment in the market. The supply is limited due to the rainy season, and the demand is relatively stable in the short - term [13]. - **Outlook**: In the short - term, it follows the overall commodity sentiment, and attention should be paid to capital sentiment [13]. 3.1.6 Synthetic Rubber - **Industry Information**: The prices of butadiene rubber and butadiene showed different trends [15]. - **Logic**: The BR futures rose slightly, driven by natural rubber and the macro - environment, and supported by the tight supply of butadiene. However, the fundamental driving force is not clear [15]. - **Outlook**: It will generally maintain an oscillating range, and attention should be paid to device changes [15]. 3.1.7 Cotton - **Industry Information**: As of August 6, the number of registered warrants and the closing price of Zhengzhou cotton increased slightly [16]. - **Logic**: In the 2025/2026 season, the global cotton supply is expected to be abundant. The downstream demand is in the off - season, and the inventory is at a low level compared to the same period. The price is oscillating within a range [16]. - **Outlook**: It will oscillate within the range of 13,500 - 14,300 yuan/ton, and attention should be paid to the 11 - 1 reverse spread [16]. 3.1.8 Sugar - **Industry Information**: On August 6, the closing price of Zhengzhou sugar decreased [17]. - **Logic**: In the long - term, the new season is expected to have a loose supply. In the short - term, the supply pressure will increase due to the peak production and export season in Brazil and the concentrated import in China [17]. - **Outlook**: In the long - term, the price is expected to oscillate with a downward bias. In the short - term, it is recommended to short on rebounds [17]. 3.1.9 Pulp - **Industry Information**: The prices of various pulp products in Shandong remained stable or decreased slightly [18]. - **Logic**: The futures price fluctuated at a low level. The supply of broad - leaf pulp is abundant, the demand is weak, and the overseas market is also weak. However, the recent increase in domestic broad - leaf pulp prices is worth noting [18]. - **Outlook**: It is expected to oscillate widely, and attention can be paid to the low - absorption long - matching opportunity when the main contract falls to 5,200 - 5,250 yuan/ton [18]. 3.1.10 Logs - **Industry Information**: After the first - month delivery of logs, the short - term fundamentals changed little [19]. - **Logic**: The new foreign quotation has increased, but the domestic market is in the off - season. There are both positive and negative factors in the market, and the supply pressure is gradually easing [19]. - **Outlook**: The market is intertwined with multiple factors. It is recommended to operate within the range of 800 - 850, and the industrial side can participate in hedging according to its own costs [19]. 3.2 Variety Data Monitoring The report also mentions data monitoring for various products such as oils and fats, corn/starch, hogs, rubber, cotton, sugar, pulp, and logs, but specific data details are not provided in the text [22][53][72].

Group 1 - The stock price of Jin Xin Nong is reported at 4.01 yuan, down 0.99% from the previous trading day, with a trading volume of 206,900 hands and a transaction amount of 83 million yuan [1] - Jin Xin Nong's main business includes pig farming and feed production, and it is recognized as a key national agricultural industrialization enterprise in Shenzhen [1] - The company has three pig farming bases that meet the supply standards for Hong Kong and Macau, primarily providing pig supply services for the Greater Bay Area's "vegetable basket" project [1] Group 2 - In July, Jin Xin Nong sold 79,400 pigs, generating sales revenue of 96.73 million yuan, with an average selling price of 14.98 yuan per kilogram for commodity pigs [1] - The company plans to supply 70,000 to 100,000 live pigs to Hong Kong and Macau by 2025, and it has not yet started fresh meat business operations [1] - On the funding side, Jin Xin Nong experienced a net outflow of 1.87 million yuan in main funds on the day, with a cumulative net outflow of 19.11 million yuan over the past five trading days [1]