Core Viewpoint - The People's Bank of China (PBOC) is implementing a new management approach for relending, closely integrating it with the financial "five major articles" to stimulate local economic development through targeted financial support for specific industries [1] Group 1: Relending and Financial Support - The PBOC is leveraging monetary policy tools to create a virtuous cycle of "central bank relending - bank precision lending - entity development - farmer income increase" [1] - The PBOC has introduced differentiated financial products such as "Red Fire Loan," "Goji Trust Loan," and "Goods Easy Loan" to support the goji berry industry, facilitating financing for over 950 market entities with a relending balance of 430 million yuan by the end of Q3 [2] - The PBOC is guiding financial institutions to utilize low-cost funds to support the beef cattle industry, resulting in a relending balance of 460 million yuan by the end of Q3, benefiting 3,756 market entities [3] Group 2: Industry-Specific Initiatives - The PBOC is focusing on the goji berry supply chain, collaborating with five units to promote financial support and innovative products tailored to the needs of goji berry enterprises [2] - The PBOC is supporting the beef cattle industry in Haiyuan County, aiming to create a national-level beef cattle industry demonstration county, with loans provided to cooperatives to expand their operations significantly [3] - The PBOC is promoting the cultivation of the Xian Shaguo watermelon by developing financial products like "Xian Shaguo E-loan" and "Agricultural Material Loan," with a relending balance of 410 million yuan supporting 3,068 market entities by the end of Q3 [4]

农产品日报 | 2025-12-11 出栏压力延续，猪价偏弱震荡 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2603合约11310元/吨，较前交易日变动-140.00元/吨，幅度-1.22%。现货方面，河南地区 外三元生猪价格11.27元/公斤，较前交易日变动+0.01元/公斤，现货基差 LH03-40，较前交易日变动+150；江苏地 区外三元生猪价格 11.44元/公斤，较前交易日变动+0.04元/公斤，现货基差LH03+130，较前交易日变动+180；四 川地区外三元生猪价格11.83元/公斤，较前交易日变动+0.17元/公斤，现货基差LH03+520，较前交易日变动+310。 据农业农村部监测，12月10日"农产品批发价格200指数"为129.46，比昨天上升0.25个点，"菜篮子"产品批发价格指 数为132.21，比昨天上升0.29个点。全国农产品批发市场猪肉平均价格为17.88元/公斤，比昨天上升1.8%；牛肉66.12 元/公斤，比昨天下降0.6%；羊肉62.73元/公斤，比昨天上升0.4%；鸡蛋7.50元/公斤，比昨天上升1.5%；白条鸡18.00 元/公斤，比昨天上升0.3%。 市 ...

Report Information - Report Title: Pig Daily Report [1] - Date: December 11, 2025 [2] Investment Rating - No investment rating information provided. Core Viewpoint - The supply of live pigs is expected to increase slightly, and there is still demand elasticity before the Spring Festival. However, the concentrated pressure on the栏舍 in October and the continuous release of production capacity have created double supply pressure, continuing to put pressure on the 01 and 03 contracts. But the price decline compared with the same period last year is already large, and the recent increase in the epidemic in the north has stimulated the sentiment of a low - level rebound, increasing the frequency of bottom oscillations. The spot market is mainly in a state of shock due to the weak enthusiasm of secondary fattening [8]. Summary by Section 1. Market Review and Operation Suggestions - **Futures Market**: On the 10th, the main 2603 contract of live pigs opened slightly higher and then oscillated downward, closing in the negative. The highest was 11,480 yuan/ton, the lowest was 11,305 yuan/ton, and the closing price was 11,310 yuan/ton, a decrease of 1.01% from the previous day. The total open interest of the index decreased by 5,022 lots to 356,347 lots [7]. - **Spot Market**: On the 10th, the average price of ternary pigs in the country was 11.39 yuan/kg, an increase of 0.06 yuan/kg from the previous day [7]. - **Supply - side**: In the long - term, the slaughter of live pigs may basically maintain a slight growth trend until the first half of next year. The secondary fattening and pressure on栏舍 were concentrated in October, and the utilization rate of secondary fattening栏舍 is currently high, reaching the level of the same period last year, increasing the supply pressure before the Spring Festival. In December, the planned slaughter of sample breeding enterprises is 27.72 million heads, a monthly increase of 4.64%. Currently, most breeding farms are slaughtering at a normal pace [8]. - **Demand - side**: The utilization rate of栏舍 is at a high level, and secondary fattening is mainly waiting and watching. There may still be a small amount of rolling replenishment demand in December. With the continuous cooling of the weather, the demand for curing and sausage - making has gradually increased, the terminal consumer demand has continued to rise, and the increase in orders from slaughtering enterprises has significantly supported the slaughter volume. The slaughter volume and operating rate of slaughtering enterprises have increased slightly. On December 10th, the slaughter volume of sample slaughtering enterprises was 183,600 heads, a decrease of 1,300 heads from the previous day, an increase of 7,000 heads week - on - week, and an increase of 19,000 heads month - on - month [8]. 2. Industry News - No specific industry news content provided. 3. Data Overview - **Slaughter Volume**: The actual slaughter volume of Yongyi sample enterprises in November was 26.49 million heads, with a completion rate of 99.36%. The planned slaughter volume in December is 27.72 million heads, a monthly increase of 4.64% and a daily average increase of 1.27% [13]. - **Breeding Profit**: As of the week ending December 4th, the average profit per head of self - breeding and self - raising pigs was - 135.01 yuan/head, a decrease of 23.88 yuan/head from the previous week; the profit of purchasing piglets for breeding was - 273 yuan/head, an increase of 2 yuan/head week - on - week [13]. - **Fattening Cost**: As of the week ending December 4th, the cost of purchasing 110kg pigs and fattening them to 140kg was 11.00 yuan/kg, a decrease of 0.12 yuan/kg from the previous week; the cost of purchasing 125kg pigs and fattening them to 150kg was 11.39 yuan/kg, a decrease of 0.12 yuan/kg from the previous week [13]. - **Average Slaughter Weight**: As of the week ending December 4th, the average slaughter weight of live pigs was 129.82kg, an increase of 0.60kg from the previous week, a month - on - month increase of 0.46%. Among them, the average slaughter weight of group farms was 124.71kg, an increase of 0.16kg from the previous week, a month - on - month increase of 0.13%, and the average slaughter weight of散户 was 146.08kg, an increase of 0.91kg from the previous week, a month - on - month increase of 0.63% [13].

1. Report Industry Investment Rating - Not provided in the given content. 2. Core Viewpoints of the Report - The supply of pigs and pork is expected to increase as China enters the off - season of supply and demand after the Mid - Autumn Festival and National Day, and the recent increase in swine fever has led to a short - term increase in slaughter, suppressing pig prices. The demand side shows that the overall consumer willingness of residents has weakened after the long holiday, suppressing short - term fresh pork consumption, but the demand for cured meat gradually supports the price bottom. The market may see an increase in both supply and demand this week, with pig prices expected to decline in the short - term and maintain a range - bound pattern in the medium - term. The report has a neutral view on the overall situation. The expected trading range for the LH2603 contract of live pigs is around 11100 - 11500 [8]. 3. Summary According to Relevant Catalogs 3.1 Daily Tips - Not provided in the given content. 3.2 Recent News - The domestic live pig consumption market is affected by the arrival of the off - season, swine fever has spread, pig slaughter has increased, and the spot price is weak in the short - term and maintains a range - bound pattern in the medium - term [10]. - After the Mid - Autumn Festival and National Day, pork demand has weakened in the short - term. Affected by the increase in supply, the live pig spot price is oscillating weakly. The continued decline space may be limited, and it may show a bottom - fishing and rebound trend [10]. - The loss of domestic live pig breeding profits has recently expanded, short - term profits have deteriorated, and the enthusiasm for slaughtering large pigs has weakened in the short - term. The reduction in both supply and demand supports the short - term expected price of live pig futures and spot [10]. - The live pig spot price is oscillating downward, and the futures are weak in the short - term and may maintain a range - bound pattern in the medium - term as a whole. Further observation of the growth of supply and demand is needed in the future [10]. 3.3 Bullish and Bearish Concerns Bullish Factors - The domestic live pig supply enters the off - season after the long holiday [11]. - The continued decline space of the domestic live pig spot price may be limited [11]. Bearish Factors - The domestic macro - environment is expected to improve due to the initial Sino - US trade agreement [11]. - The domestic live pig inventory has increased year - on - year [11]. Main Logic - The market focuses on the pig slaughter situation and fresh meat demand [11]. 3.4 Fundamental Data - As of September 30, the live pig inventory was 436.8 million heads, a month - on - month increase of 0.2% and a year - on - year increase of 2.3%. As of the end of September, the inventory of breeding sows was 40.35 million heads, a month - on - month increase of 0.01% and a year - on - year decrease of 0.66% [8]. - The annual live pig consumption volume has increased month - on - month, indicating a rebound in pork consumption preference due to price advantages [60]. 3.5 Position Data - The net position of the main force is short, and the short position is decreasing [8]. 3.6 Other Data Presented - **Price Data**: The report provides data on live pig futures prices (near - month 2601 and main 2603 contracts), live pig futures warehouse receipts, and ex - factory prices of ternary live pigs in different regions from December 3 to December 10 [12]. - **Graphical Data**: The report includes multiple graphs showing the trends of live pig futures basis and spreads, prices of different specifications of live pigs, various supply - side indicators (such as binary sow prices, piglet indicators, inventory, import, cost, profit, etc.), slaughter - end prices and profits, demand - side consumption trends, pig - grain ratio, and the situation of pig purchase and release reserves from 2019 to 2024 [13][15][21][48][58][61][65][67][69].

11 月生猪数据解读及行业近况更新 20251210 摘要 2025 年母猪产能去化幅度约为 2%，低于前两轮（15%和 7%），但 8 月起出现小幅下降趋势，预计产能调整将持续至 2026 年上半年。集团 企业产能利用率从 78%降至 73%，预示产能去化刚开始。 11 月新生仔猪数量首次环比下跌 1.2%，但同比仍增加 8%，预示至 2026 年 5 月前生猪供应量将持续增加，之后才会环比减少。仔猪价格 自 9 月起亏损，7 公斤重仔猪价格已降至 200 元以下，补栏意愿低迷。 2025 年疫病较 2024 年严重，但轻于 2023 年。11 月起山东、苏北等 地出现零星疫病，12 月有所扩散，山东商品猪受损约 10%。江苏苏北、 河南等地疫情上升，对商品猪影响较大，但对母猪影响相对较小。 受疫病影响，北方养殖户积极出栏，南方因消费习惯偏好大肥猪导致标 猪需求不足，出栏节奏偏慢。冬至前及春节前将有集中抛售行为，需重 点关注供应释放情况。 12 月二育入场比例下降，栏舍利用率环比下降约 5%，因疫情严重及调 运频繁，二育意愿降低。前期二育尚未完全出栏，约 30%-40%待出。 局部疫情导致中大猪损失占比达 ...

| 周小球 | | 投资咨询从业资格号：Z0001891 | | | zhouxiaoqiu@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | | 吴昊 | | 投资咨询从业资格号：Z0018592 | | | wuhao8@gtht.com | | | 【基本面跟踪】 | | | | | | | | 生猪基本面数据 | | | | | | | | | | 单 位 | 价 格 | | 同 | 比 | | 价 格 | 河南现货 | 元/吨 | 11330 | | 50 | | | | 四川现货 | 元/吨 | 11850 | | 200 | | | | 广东现货 | 元/吨 | 12410 | | 0 | | | | | 单 位 | 价 格 | | 同 | 比 | | | 生猪2601 | 元/吨 | 11535 | | -40 | | | | 生猪2603 | 元/吨 | 11310 | | -140 | | | 期 货 | 生猪2605 | 元/吨 | 11840 | | -140 | | | | | 单 位 | 成交量 | 较前日 | 持仓量 ...

Core Viewpoint - The company has made significant progress in reducing pig farming costs since 2023, aiming for further reductions by 2026 [1] Group 1: Cost Reduction Efforts - The average cost per pig has decreased by 380 yuan per head, with an average PSY (Pigs Weaned per Sow per Year) of 28.06, and some top-performing breeding farms achieving 30 [1] - A special cost reduction team has been established to focus on lowering costs in areas such as feed, veterinary vaccines, and labor compensation [1] - The company aims to further reduce the average cost by 100 yuan per head by 2026, targeting a total cost of around 12.6 yuan per kilogram for fattened pigs, which would place it at an upper-middle level in the industry [1] Group 2: Supply Chain Improvements - The company expects to achieve a 100% self-supply rate of piglets by 2026 [1]

Group 1: Sales Performance - In November 2025, the company sold 27.79 million chicks, representing an 18.79% year-on-year increase and a 3.49% month-on-month increase [2] - The sales revenue for the same period was 96.55 million yuan, showing a 5.84% year-on-year decrease but a 7.75% month-on-month increase [2] Group 2: Management Changes - The company's General Manager, Sun Xianfa, submitted his resignation to focus on his role as Chairman, effective upon delivery of the resignation report [7] - Zhang Dongming, the Vice General Manager, also resigned to ensure a smooth transition for the new General Manager position, but will continue to serve as a board member and secretary [8] - Zhang Dongming has been appointed as the new General Manager, with his term starting from the board's approval date [8][31] Group 3: Guarantee Matters - The company has provided guarantees for its subsidiaries, with a total guarantee amount of 1 billion yuan approved, and actual guarantees amounting to 604.65 million yuan, which is 29.81% of the company's latest audited net assets [28] - Recent guarantees include a 20 million yuan loan for its subsidiary and a 40 million yuan credit agreement, both backed by the company [13][14]

格隆汇12月10日丨西部牧业(300106.SZ)公布，公司及全资子公司天山云牧乳业合计收到与收益相关的 政府补助12,941,100元，占公司2024年度经审计归属于上市公司股东净利润的10.89%。 ...

分析来看，今日生猪市场延续小幅上涨态势，北方地区养殖户挺价出栏，南方腌腊需求好转，支撑猪价 上行。但供应端压力巨大，规模场月度计划出栏量环比增加，且北方多地疫病蔓延加速了散户出栏，使 得猪价反弹空间受限，预计明日价格继续上涨。 （文章来源：新华财经） 新华财经北京12月10日电国家级生猪大数据中心监测显示，2025年12月10日，31个省（自治区、直辖 市）外三元生猪价格11涨1跌19平，呈稳中上涨趋势。 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0.46元／公斤，较昨日下跌0.03元／公斤， 低于平均调运成本0.60元／公斤。 具体来看，今日（12月10日）价格监测情况显示，全国生猪均价为11.37元／公斤，较昨日上涨0.05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0.36%。 ...