Core Viewpoint - The company reported significant growth in pig sales and revenue for May 2025, indicating a strong performance in the livestock sector despite a slight decline in average selling price [1] Sales Performance - In May 2025, the company sold 638,600 pigs, representing a month-on-month increase of 4.72% and a year-on-year increase of 158.02% [1] - The sales revenue for May 2025 was 731 million yuan, showing a month-on-month decrease of 0.98% but a year-on-year increase of 146.60% [1] Pricing and Weight Metrics - The average selling price of commercial pigs was 14.4 yuan per kilogram, which is a decrease of 0.29% compared to the previous month [1] - The average weight of pigs sold was 134.87 kilograms per head, reflecting a month-on-month increase of 1.57% [1] Cumulative Sales Data - From January to May 2025, the company sold a total of 2.8961 million pigs, which is a year-on-year increase of 114.26% [1] - The cumulative sales revenue for the same period reached 3.302 billion yuan, marking a year-on-year increase of 132.78% [1]

Core Viewpoint - The State Council of China has announced the implementation of the Fourth National Agricultural Census in 2026, which is crucial for understanding the current state of agriculture, rural development, and formulating relevant policies [1][2]. Group 1: Census Objectives and Scope - The census will target various entities, including rural households, agricultural production units, and local government bodies, covering sectors such as crop farming, forestry, animal husbandry, and aquaculture [1][2]. - It aims to investigate five key areas: agricultural production conditions, food production status, new agricultural productivity, rural development, and the living conditions of rural residents [2]. Group 2: Census Timeline and Methodology - The standard reference point for the census will be December 31, 2026, with data collection occurring throughout 2026 [3]. - The preparation phase will take place from 2025 to 2026, focusing on establishing census institutions, developing plans, and training personnel [3]. - The data processing and publication phase will occur from June to December 2027, involving quality checks and data analysis [3]. Group 3: Organizational Structure - A leadership group has been established to oversee the census, comprising members from various governmental departments, with the National Bureau of Statistics coordinating daily operations [4].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The spot price of live pigs is expected to fluctuate weakly. The supply of live pigs is likely to increase gradually by September, and the pig price is prone to fall and difficult to rise under abundant supply. The reduction of the slaughter weight by farmers will put pressure on the pig price, but the strength of the price difference between 150kg pigs and standard pigs needs attention. The LH2509 contract price is in a relatively reasonable range, and it is recommended to wait and see for now [1]. Summary by Directory 1. Futures End - **Main Contract Basis Situation**: Against the background of falling spot prices, the main contract (LH2509) of live pigs adjusted weakly. When the pig price accelerated its decline in the later part of the week, the decline of the LH2509 contract was limited [2]. - **Price Changes of Each Contract**: The prices of far - month contracts fluctuated and adjusted [5]. - **Inter - monthly Spread Changes**: Against the background of weak spot prices, the spreads of some contracts showed reverse arbitrage trends [8][11]. 2. Spot End - **Pig Price and Slaughter Volume**: The decrease in slaughter volume and the fall in pig prices indicate that the supply exceeds the demand, leading to the decline of pig prices [14]. - **Regional Price Difference**: The price in Henan region dropped significantly [16]. - **Price Difference between Fat and Standard Pigs**: The price difference between 150kg pigs and standard pigs adjusted strongly. If it continues to strengthen, it may weaken the farmers' willingness to reduce the weight of pigs [18]. - **Fresh Sales and Gross - to - Net Price Difference**: The terminal consumption was relatively stable year - on - year [20]. - **Related Product Price Ratios and Fresh - Frozen Price Difference**: The cost - performance of pork is average. There is almost no fresh - frozen price difference for No. 2 meat, and fresh products will replace frozen products, increasing the demand for live pigs [22]. - **Farming Profit**: The self - breeding and self - raising profit is still considerable, while the profit from purchasing piglets for fattening is slightly positive [24]. - **Slaughter Weight**: The slaughter weight decreased slowly, and it will take some time to release the previous inventory pressure [26]. 3. Production Capacity End - **Inventory of Reproductive Sows**: At the end of April, the national inventory of reproductive sows was 40.38 million, with a flat month - on - month and a year - on - year increase of 1.3%. According to different data sources, the inventory of reproductive sows continued to increase in May [28]. - **Sow Culling Situation**: The price of culled sows was weak this week. The slaughter volume of culled sows increased month - on - month in May but remained at a low level [30]. - **Sow Production Efficiency and Number of Newborn Healthy Piglets**: In May, the number of newborn healthy piglets increased by 2.91% month - on - month, corresponding to a continuous increase in the number of slaughtered pigs in October this year [32]. - **Sow and Piglet Replenishment Enthusiasm**: The price of 15kg piglets continued to fall this week, and the price of 50kg binary sows was stable with a weak trend [34]. 4. Slaughter End - **Slaughter Volume and Slaughter Profit**: The slaughter volume continued to increase month - on - month. In April, the slaughter volume of designated enterprises was 30.77 million, with a month - on - month increase of 0.5% and a year - on - year increase of 20%. The frozen product market gradually changed from inventory accumulation to inventory reduction, and its impact on pig prices changed from bullish to neutral - bearish [36]. 5. Import End In April 2025, the pork import volume was about 79,000 tons, a decrease of 11,000 tons from the previous month. Currently, the scale of pork imports is limited, and its impact on domestic pig prices is relatively small [39].

Core Viewpoint - Wang Ning, the founder of Pop Mart, has surpassed Qin Yinglin to become the new richest person in Henan, with a net worth of $20.3 billion, while Qin Yinglin's net worth stands at $16.3 billion [1][2]. Group 1: Company Overview - Pop Mart's stock price reached HKD 244.8 per share, with a total market capitalization of HKD 328.75 billion as of June 6 [3]. - The stock has increased by 174% this year, and since the beginning of 2024, it has surged over 11 times [3]. - Wang Ning holds a 48.73% stake in Pop Mart, translating to a market value of approximately RMB 146.7 billion [2]. Group 2: Financial Performance - The revenue from the IP "THE MONSTERS," which includes the character Labubu, reached RMB 3.04 billion, marking a year-on-year growth of 726.6%, making it the top revenue-generating IP for Pop Mart [3].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - In June, the pig market will enter the stage of accelerated weight reduction and inventory clearance. However, the market support in the first week of weight reduction is limited, leading to passive over - stocking by some enterprises and an accelerated decline in spot prices. The de - stocking in the summer weak - demand stage may last longer than expected, pressuring the July and September contracts. - Many enterprises have announced a policy to ban the resale of second - fattened pigs. The inventory clearance in the third quarter is conducive to the repair of long - term expectations. If the average weight per pig decreases by 10KG, the pork supply in the fourth quarter will drop by 6 - 8% with the same basic inventory. The January contract, a pure peak - season contract before the Spring Festival, has a consumption increase of over 30% compared to the third quarter, and its valuation will be reset. The liquidity of the fourth - quarter contract will increase, and the medium - term expectation turns stronger. Attention should be paid to setting stop - loss and take - profit levels. The short - term support level for the LH2509 contract is 12,500 yuan/ton, and the pressure level is 14,500 yuan/ton [5]. 3. Summary by Related Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: The Henan spot price is 14,000 yuan/ton, down 150 yuan/ton year - on - year; the Sichuan spot price is 13,850 yuan/ton, down 150 yuan/ton year - on - year; the Guangdong spot price is 15,140 yuan/ton, down 200 yuan/ton year - on - year [3]. - **Futures Prices**: The price of the Pig 2507 contract is 13,090 yuan/ton, down 135 yuan/ton year - on - year; the Pig 2509 contract is 13,460 yuan/ton, down 25 yuan/ton year - on - year; the Pig 2511 contract is 13,335 yuan/ton, down 10 yuan/ton year - on - year [3]. - **Trading Volume and Open Interest**: The trading volume of the Pig 2507 contract is 5,827 lots, an increase of 3,176 lots from the previous day, and the open interest is 16,017 lots, a decrease of 296 lots from the previous day; the Pig 2509 contract has a trading volume of 26,856 lots, an increase of 11,919 lots, and an open interest of 79,821 lots, an increase of 2,234 lots; the Pig 2511 contract has a trading volume of 5,203 lots, an increase of 1,757 lots, and an open interest of 37,784 lots, an increase of 332 lots [3]. - **Price Spreads**: The basis of the Pig 2507 contract is 910 yuan/ton, down 15 yuan/ton year - on - year; the Pig 2509 contract basis is 540 yuan/ton, down 125 yuan/ton year - on - year; the Pig 2511 contract basis is 665 yuan/ton, down 140 yuan/ton year - on - year. The 7 - 9 spread is - 370 yuan/ton, down 110 yuan/ton year - on - year, and the 9 - 11 spread is 125 yuan/ton, down 15 yuan/ton year - on - year [3]. 3.2 Trend Intensity The trend intensity is - 1, indicating a relatively bearish view, with the value ranging from - 2 (most bearish) to 2 (most bullish) [4].

Core Insights - Wang Ning, the founder of Pop Mart, has become the new richest person in Henan with a net worth of $20.3 billion, surpassing Qin Yinglin of Muyuan Foods, who has a net worth of $16.3 billion [1][4] Company Performance - Pop Mart's stock price has surged by 174% this year, reaching HKD 244.8 per share, with a total market capitalization of HKD 328.75 billion as of June 6 [5] - In 2024, Pop Mart reported revenue of CNY 13.04 billion, a year-on-year increase of 106.9%, and an adjusted net profit of CNY 3.4 billion, up 185.9% [6] - The IP "Labubu" under Pop Mart generated revenue of CNY 3.04 billion, marking a staggering year-on-year growth of 726.6% [7] Market Trends - The popularity of Labubu has led to significant media attention and sales, with some items being resold for over 28,000 yuan, indicating a high demand and market interest [8] - The brand has gained traction globally, with predictions that sales from the "THE MONSTERS" series could reach CNY 14 billion by 2027 [9] Consumer Behavior - The blind box mechanism of Labubu has been identified as a key factor in its success, providing consumers with a sense of excitement and surprise [12] - Labubu appeals to younger consumers by offering emotional value and affordable luxury, fitting into the "lipstick effect" where consumers seek small pleasures during tough times [13] Industry Impact - The success of Labubu has not only boosted Pop Mart's stock price but also highlighted the potential of Chinese original IPs in the global market, challenging the perception that trendy toys are dominated by Western brands [14]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights that the acceleration of pig weight reduction and the resulting supply contraction will likely support a gradual increase in pig prices in the second half of 2025. The current downward pressure on pig prices is expected to be limited due to a forthcoming supply gap [4][13] - The beef market is anticipated to remain strong through 2025-2026, driven by slow recovery in supply and the price disparity between pork and beef. Global beef prices reached a historical high of 294.07 cents per pound in April 2025, up 8.69% year-on-year [5][23] - The report emphasizes the low valuation of the pig farming sector, presenting a value opportunity for investors. It recommends several companies including Muyuan Foods and Wens Foodstuffs [6][29] Summary by Sections Weekly Observation - The report notes that the acceleration of pig weight reduction has led to a short-term decline in pig prices, with the national average price at 14.07 yuan/kg as of June 6, 2025, down 0.37 yuan/kg week-on-week and 4.38% year-on-year. The supply gap is expected to support prices in the latter half of 2025 [4][13][20] Weekly Market Performance - The agricultural index underperformed the market by 0.22 percentage points, with the agricultural index rising by 0.91% compared to a 1.13% increase in the Shanghai Composite Index. The pet food sector showed the highest gains [6][33] Price Tracking - As of June 6, 2025, the average price of external three-yuan pigs was 14.06 yuan/kg, down 0.41 yuan/kg from the previous week. The average price of piglets was 34.51 yuan/kg, down 0.73 yuan/kg. The profit for self-bred pigs was 33.83 yuan/head, while the profit for purchased piglets was -120.80 yuan/head [7][45][47] Recommendations - The report recommends investments in the pig farming sector due to its low valuation and potential for recovery, highlighting companies such as Muyuan Foods, Wens Foodstuffs, and Juxing Agriculture. It also suggests investing in the feed sector, which benefits from strong overseas demand [6][29][32]

Economic Impact - The ongoing conflict in Sudan has severely damaged the economy, leading to currency devaluation and a significant drop in income for the population [1][2] - The Sudanese pound has depreciated dramatically, with the exchange rate rising from approximately 600 to 2700 pounds per US dollar in the parallel market [1][2] Consumer Behavior - Many families are struggling to afford basic necessities, with purchasing livestock for celebrations becoming a luxury [1][2] - A local resident expressed that the price of sheep has nearly doubled compared to the previous year, making it unaffordable for many [2] Market Conditions - The livestock market is experiencing a surplus of animals with low demand, as most customers are only inquiring about prices without making purchases [2][3] - The cost of transporting sheep has increased tenfold, and the price of feed has surged from 500 to 4000 pounds per kilogram [2] Social Conditions - The conflict has resulted in significant loss of life and displacement, with approximately 29,700 deaths and over 12.4 million people displaced [2] - The unemployment rate is projected to reach 60.8% in 2024, with a forecasted GDP decline of 23.4% [2] Resilience and Hope - Despite the dire situation, there are signs of life returning to the capital, with markets showing increased activity and families beginning to celebrate together again [4] - A resident expressed relief at being able to celebrate the holiday with family after a long period of conflict, indicating a glimmer of hope amidst the challenges [4]

Group 1 - The company plans to deregister its Xiangxiang branch to enhance overall strategic planning, optimize resource allocation, and reduce management costs, thereby improving operational efficiency and overall business performance [1][5] - The Xiangxiang branch was established on May 27, 2004, and its business scope included the breeding and sale of fat pigs and breeding pigs, as well as consulting on breeding technology and the sale of feed additives [2] - The board of directors approved the deregistration proposal with a unanimous vote of 7 in favor, 0 against, and 0 abstentions during the 17th meeting of the 6th board on June 6, 2025 [3] Group 2 - The deregistration of the Xiangxiang branch will not affect the company's business development or profitability and will not harm the interests of the company or its shareholders, especially minority shareholders [5] - The deregistration does not involve related transactions and does not constitute a major asset restructuring [4]

新希望（000876）公告，公司2025年5月销售生猪133.39万头，环比变动-16.42%，同比变动-2.41%。收 入19.72亿元，环比变动-13.43%，同比变动-6.01%。商品猪销售均价14.59元/公斤，环比变动-0.75%， 同比变动-5.38%。 ...