Core Viewpoint - Sichuan Province is advancing high-quality development in the livestock industry through a draft proposal that includes ten measures aimed at enhancing the overall competitiveness of the sector [1] Group 1: Industry Development Measures - The draft proposal focuses on multiple aspects of high-quality development, including production incentive policies, cost reduction for farms, animal disease prevention, and strengthening leading enterprises in the livestock sector [1] - Specific measures include supporting the upgrade of facilities in large-scale farms, promoting mechanization and automation in livestock farming, and fostering strong leading enterprises to enhance industry quality and efficiency [1] - The proposal aims to cultivate well-known regional brands and public brands for Sichuan's livestock products, enhancing their market presence [1] Group 2: Company Responses and Industry Trends - Notable companies in Sichuan, such as New Hope Liuhe Co., Ltd. and Leshan Juxing Agricultural and Animal Husbandry Co., Ltd., are actively pursuing digital transformation and cost reduction strategies that align with the draft proposal [2] - New Hope is integrating AI and IoT technologies into its operations, showcasing its commitment to creating a "smart farming ecosystem" and leading the industry in technological advancements [2] - The industry is moving towards intelligent and intensive development, with expectations of increased production efficiency and concentration of competitive capacity among leading enterprises [3]

Group 1 - The core point of the article is that Muyuan Foods Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange [1] - The joint sponsors for the listing are Morgan Stanley, CITIC Securities, and Goldman Sachs [1]

Core Insights - The Agricultural and Rural Affairs Department's report indicates mixed trends in livestock and feed prices for the third week of May, with beef, lamb, and corn prices rising, while prices for pork products, eggs, chicken, and various feed types declined [1][2]. Livestock Prices - The average price of piglets nationwide was 39.01 yuan/kg, down 0.9% week-on-week but up 0.5% year-on-year [1] - The average price of live pigs was 14.93 yuan/kg, down 1.1% week-on-week and down 4.6% year-on-year [1] - The average price of pork was 25.68 yuan/kg, down 0.6% week-on-week but up 1.8% year-on-year [1] - The average price of eggs was 9.17 yuan/kg, down 0.8% week-on-week and down 8.3% year-on-year [1] - The average price of chicken was 22.81 yuan/kg, down 0.1% week-on-week and down 2.1% year-on-year [1] - The average price of broiler chicks was 4.12 yuan each, down 0.2% week-on-week but up 9.9% year-on-year [1] - The average price of meat chicks was 3.42 yuan each, down 0.9% week-on-week and down 2.3% year-on-year [1] Feed Prices - The average price of corn was 2.45 yuan/kg, up 0.8% week-on-week but down 3.5% year-on-year [2] - In the Northeast, corn prices were 2.24 yuan/kg, up 0.5% week-on-week; in Guangdong, prices were 2.53 yuan/kg, down 0.4% week-on-week [2] - The average price of soybean meal was 3.51 yuan/kg, down 2.8% week-on-week and down 6.4% year-on-year [2] - The average price of feed for fattening pigs was 3.42 yuan/kg, down 0.3% week-on-week and down 3.7% year-on-year [2] - The average price of feed for meat chickens was 3.53 yuan/kg, down 0.3% week-on-week and down 3.8% year-on-year [2] - The average price of feed for laying hens was 3.25 yuan/kg, down 0.3% week-on-week and down 3.8% year-on-year [2]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Pay attention to price fluctuations in the agricultural and black upstream sectors, and technological development in the agricultural midstream [1]. - Keep an eye on the promotion of elderly - care service - related products [1]. 3. Summary by Related Catalogs 3.1 Mid - level Event Overview - **Production Industry**: Sichuan has drafted measures to promote the high - quality development of animal husbandry, including supporting leading livestock enterprises and promoting the transformation and upgrading of pig slaughtering [1]. - **Service Industry**: As of April, there were 216,000 types of age - friendly products in the market, with 28,700 new varieties, especially in assistive walking products and daily - life aids [1]. 3.2 Industry Overview - **Upstream**: The prices of natural rubber, eggs, and glass have declined [1][2]. - **Midstream**: The PTA and asphalt开工率 have increased, while the PX开工率 has decreased [3]. - **Downstream**: The sales of first - tier city commercial housing have declined seasonally, and the number of international and domestic flights has decreased cyclically [3]. - **Market Pricing**: The credit spread of the pharmaceutical and biological industry has slightly declined [4]. 3.3 Industry Credit Spread Tracking - The credit spreads of multiple industries, such as agriculture, forestry, animal husbandry and fishery, mining, and chemical industry, have changed. For example, the credit spread of the agriculture, forestry, animal husbandry and fishery industry decreased from 62.07 last week to 58.65 this week [50]. 3.4 Key Industry Price Index Tracking - Various industries' price indicators have different trends. For example, the spot price of corn decreased by 0.25% year - on - year, and the spot price of natural rubber decreased by 4.07% year - on - year [51].

生猪日报 | 2025-05-27 另存为PDF 分享 【期价震荡调整】 【市场动态】 1、5月26日，生猪注册仓单700手； 2、LH2507合约以期现回归、交割博弈为主，远月受现货价格下跌和后续出栏量 或继续增加预期影响震荡偏弱运行； 3、主力合约（LH2509）今日减仓1898手，持仓约8万手，最高价13640元/吨， 最低价13550元/吨，收盘于13600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养殖端尚未进行降重，实则利空后市；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现货价格坚挺，说明供 需不像空头想的那么宽松；③后续出栏虽有增量但幅度有限，且三四季度逐渐 进入生猪消费旺季。 【策略建议】 1、观点：短期猪价或震荡，中长期来看猪价或仍有新低可能； 2、核心逻辑： ...

Group 1 - The Sichuan Provincial Department of Agriculture and Rural Affairs has drafted a document titled "Ten Measures to Promote High-Quality Development of Animal Husbandry (Draft for Comments)" [1] - The document emphasizes the importance of nurturing and strengthening leading enterprises in the animal husbandry sector, aiming to cultivate a group of strong, innovative companies that can drive industry development and improve quality and efficiency [1] - An investor inquiry to New Hope (000876) revealed that the company has just seen this document and is not currently aware of any plans for mergers or acquisitions, indicating that the company will conduct further research on the matter [1]

Group 1 - The core viewpoint of the article is the Sichuan Provincial Government's initiative to promote high-quality development in the livestock industry through a set of ten measures aimed at enhancing the sector's efficiency and competitiveness [1][2][3][4] Group 2 - The measures include fostering leading livestock enterprises that can drive industry development, with support for projects like the trillion-yuan livestock industry cultivation and modern agricultural industrial parks [1] - There is a focus on upgrading pig slaughtering processes and supporting mergers and acquisitions among slaughtering enterprises, with financial incentives for those meeting quality management standards by December 31, 2025 [1] - The plan emphasizes the importance of deep processing of meat products, with support for specialized meat processing enterprises and significant annual funding for national and provincial industrial clusters [1] Group 3 - The initiative aims to enhance market monitoring and early warning capabilities by establishing a smart management platform for pig production and improving data sharing among various government departments [2] - It proposes an optimized pork reserve adjustment mechanism to respond to price fluctuations, including a plan to initiate temporary reserves when prices drop significantly, with a minimum storage amount of 3,000 tons [2] Group 4 - The measures also include upgrading pig price insurance to a comprehensive income insurance for pig farming, indicating a shift towards more holistic risk management for farmers [3] Group 5 - The public consultation period for these proposed measures is from May 23, 2025, to June 23, 2025, allowing stakeholders to provide feedback [4]

Group 1 - The core viewpoint of the article is the introduction of ten measures by Sichuan Province to promote high-quality development in the livestock industry, focusing on expanding consumption markets and enhancing international trade capabilities [1] Group 2 - The measures emphasize the expansion of the domestic market by improving the cold chain logistics system and utilizing various e-commerce platforms, including new retail and "live streaming+" models [1] - There is a specific focus on promoting Sichuan's unique livestock products, such as Sichuan black pigs and yak meat (milk), to first-tier cities [1] - The initiative encourages the export of Sichuan livestock products, supporting the construction of breeding and processing bases that meet export requirements, and promoting participation in market expansion activities like "Chuanxing Tianxia" [1] - The use of transportation routes such as the China-Laos Railway and the Western Land-Sea New Corridor is highlighted to enhance the export capabilities of Sichuan livestock products to markets like Hong Kong and Southeast Asia [1]

Group 1: Pig Prices - The average price of external three yuan pigs in China decreased to 14.20 yuan/kg, a week-on-week decline of 2.81% [2] - The average price of 15 kg piglets is 35.56 yuan/kg, down 1.85% week-on-week [2] - The average weight of market pigs at slaughter is 129.38 kg, showing a week-on-week decrease of 0.25%, indicating a shift towards inventory reduction [2] Group 2: Broiler Chicken Prices - The price of white feather broiler chickens fell to 7.36 yuan/kg, a week-on-week decrease of 0.54%, while chick prices remained stable at 2.85 yuan/chick [3] - Increased supply of contract chickens and inventory pressure on slaughter enterprises have weakened the willingness to purchase social chickens [3] - Caution among farmers regarding chick replenishment is noted due to the upcoming busy farming season in the north [3] Group 3: Grain Prices - The average spot price of corn rose to 2376.08 yuan/ton, a slight increase of 0.05% week-on-week, while soybean meal and wheat prices fell [4] - Soybean meal prices decreased to 3028.00 yuan/ton, down 2.82%, reaching historically low levels [4] - Concerns over the import auction of corn and the release of targeted rice have led to a volatile short-term outlook for corn prices [4] Group 4: Natural Rubber Prices - The domestic natural rubber futures price is 14730 yuan/ton, reflecting a week-on-week decline of 1.96% [5] - Supply issues due to adverse weather conditions have resulted in lower production, while demand recovery in tire manufacturing remains slow [5] - Upcoming discussions on zero tariffs for rubber imports between China and Thailand may significantly impact the import structure and market valuation [5]

Group 1 - Guangdong province is intensifying efforts to combat illegal wildlife trade through the "Qingfeng Action 2025" and spring bird protection initiatives, running from February 1 to March 31 [3] - The "2025 Guangdong Lychee Procurement Map" has been launched to facilitate consumer purchases and help buyers accurately grasp procurement information, integrating details from 12 major lychee production areas [7] - The "Good Products Shandong" brand export center has been officially launched in the Guangdong-Macao deep cooperation zone, aiming to promote Shandong agricultural products overseas [10][11] Group 2 - The second "Qian Niu Ben Yue" production and sales connection conference was held to enhance cooperation between Guangdong and Guizhou, promoting the high-quality development of Guizhou's beef industry [13][14] - The "Yibangfu Jiangmen Pavilion" was inaugurated to deepen East-West cooperation and promote agricultural product circulation, marking a new attempt in rural revitalization [16][17] - The "Xianpin Lychee" from Suixi County was showcased in Chongqing, highlighting its unique qualities and early market entry, filling a gap in fresh fruit availability [19][22][24] Group 3 - Maoming lychee gained over 100 million exposures on Douyin last year, with a significant increase in merchant numbers and sales, indicating strong e-commerce potential for this year's harvest [26] - A delegation from Haifeng County visited Guangzhou to explore brand upgrading strategies for the Lianhua Mountain tea brand, aiming to enhance market channels [28][29]