Core Viewpoint - The article highlights the significance of the cashmere harvesting season for the local economy in the Ordos region, particularly focusing on the high-quality "Albas" white cashmere goats and the innovative practices adopted by local herders to enhance the value of cashmere production [5][6]. Group 1: Cashmere Production - Ordos is known for its world-renowned "Albas" white cashmere goats, with peak raw cashmere production exceeding 3,300 tons, accounting for 47% of Inner Mongolia's output, 22% of China's total, and 13% globally [5]. - The cashmere harvesting season is crucial for local herders, as timely collection prevents significant losses due to natural shedding [5][6]. Group 2: Innovative Practices - The Ulanwusu Agricultural Social Service Team, established in 2021, provides cashmere harvesting services, along with cashmere testing and breeding improvement, enhancing the efficiency and profitability of local herders [5]. - Herders are adopting scientific breeding techniques, such as gene testing for selecting breeding goats, which has led to a stable cashmere fiber diameter of 13.7 microns, setting a quality benchmark in the region [6]. Group 3: Economic Impact - The organized approach to cashmere collection and grading is expected to increase the selling price of cashmere by approximately 20% due to better quality management [5]. - Local agricultural authorities are promoting detailed grading of cashmere based on fiber thickness to maximize the benefits for herders, ensuring they receive more subsidies and rewards [6].

Core Viewpoint - The company plans to increase its daily related transactions for the year 2025 with its affiliated parties, including specific financial estimates for these transactions [1][2][5]. Summary by Sections 1. Overview of Related Transactions - The company held meetings on November 26, 2024, and December 12, 2024, to discuss and approve the expected daily related transactions for 2025 with its affiliates [1][2]. - The transactions will involve the company and its subsidiaries engaging with related parties such as Muyuan Industrial Group and its subsidiaries [2]. 2. Expected Transaction Categories and Amounts - The company anticipates various categories of related transactions, with estimated amounts as follows: - Purchase of vehicles and parts from Muyuan Industrial Group: Adjusted amount of 160 million yuan [2]. - Procurement of machinery and equipment from Henan Zhengtai Muyuan Intelligent Electric Technology Co., Ltd.: Adjusted amount of 60 million yuan [2]. - Acceptance of construction services from Henan Muyuan Construction Engineering Co., Ltd.: Adjusted amount of 4 billion yuan [2]. - Sale of pork products and other goods to Muyuan Industrial Group: Adjusted amount of 156 million yuan [3]. 3. Related Party Information - Muyuan Industrial Group, the controlling shareholder of the company, has total assets of 208.855 billion yuan and net assets of 78.542 billion yuan as of December 31, 2024 [4]. - Henan Zhengtai Muyuan Intelligent Electric Technology Co., Ltd. has total assets of 45.4642 million yuan and net assets of 30.1803 million yuan as of December 31, 2024 [4]. - Henan Muyuan Construction Engineering Co., Ltd. has total assets of 8.262 billion yuan and net assets of 3.633 billion yuan as of December 31, 2024 [5]. 4. Purpose and Impact of Related Transactions - The daily related transactions are necessary for the company's operational needs and are conducted on a fair and mutually beneficial basis [5][6]. - The pricing of these transactions adheres to market principles, ensuring that the interests of both parties are maintained without harming the interests of minority shareholders [5][6]. 5. Independent Directors' Review - The independent directors have unanimously agreed that the proposed increase in daily related transactions complies with relevant laws and regulations, ensuring no harm to the company or non-related shareholders [6].

Group 1: Report Industry Investment Rating - The investment rating for the pig and egg markets is neutral [3][5] Group 2: Core Viewpoints of the Report - The future supply of live pigs will further increase, while the consumption side is expected to remain stable, leading to increased pressure on the spot market. As the weather gets hotter, the demand for secondary fattening will be suppressed, and the price difference between large fat pigs and standard pigs may continue to widen, accelerating the slaughter of large fat pigs [2] - In the short term, the market pattern of oversupply in the egg market is difficult to change, and the consumer end has limited ability to accept high prices [4] Group 3: Summary by Related Catalogs Live Pig Market Market News and Important Data - Futures: The closing price of the live pig 2509 contract yesterday was 13,580 yuan/ton, a change of -70.00 yuan/ton from the previous trading day, a decrease of 0.51% [1] - Spot: The price of external ternary live pigs in Henan was 14.33 yuan/kg, a change of -0.27 yuan/kg from the previous trading day; in Jiangsu, it was 14.57 yuan/kg, a change of -0.31 yuan/kg; in Sichuan, it was 14.16 yuan/kg, a change of -0.10 yuan/kg [1] - Agricultural product wholesale prices: On May 22, the "Agricultural Product Wholesale Price 200 Index" was 114.02, down 0.07 points from the previous day. The average wholesale price of pork in the national agricultural product wholesale market was 20.67 yuan/kg, down 0.2% from the previous day [1] Market Analysis - Future live pig supply will increase, consumption will remain stable, and spot pressure will increase. Secondary fattening demand will be suppressed by hot weather, and the price difference between large fat pigs and standard pigs may widen, accelerating the slaughter of large fat pigs [2] Strategy - The live pig market is expected to maintain a pattern of strong supply and weak demand, with a neutral strategy [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2507 contract yesterday was 2,957 yuan/500 kilograms, a change of -2.00 yuan from the previous trading day, a decrease of 0.07% [3] - Spot: The egg spot price in Liaoning was 3.04 yuan/jin, unchanged from the previous trading day; in Shandong, it was 3.10 yuan/jin, a change of -0.10 yuan; in Hebei, it was 2.62 yuan/jin, a change of -0.05 yuan [3] - Inventory: On May 22, 2025, the national production - link inventory was 1.31 days, an increase of 0.20 days from the previous day, an increase of 18.02%. The circulation - link inventory was 1.87 days, an increase of 0.24 days from the previous day, an increase of 14.72% [3] Market Analysis - Last week was the post - stocking digestion period, demand was difficult to increase, market transactions slowed down, and festival stocking by supermarkets and e - commerce had not started. Considering the limited boost from the Dragon Boat Festival, the storage time of eggs was reduced due to weather, and traders were cautious in purchasing, resulting in weak overall demand [4] Strategy - The egg market is expected to maintain a pattern of oversupply in the short term, with a neutral strategy [5]

生猪日报 | 2025-05-23 另存为PDF 【期价震荡偏弱】 【市场动态】 1、5月22日，生猪注册仓单663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）今日增仓2101手，持仓约8.07万手，最高价13685元/ 吨，最低价13515元/吨，收盘于13580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； 4）虽然我们认为中长期看现货仍有新低可能，但由于其不确定性较高，且短期 市场降重驱动尚不强烈，盘面价格处于相对合理区间，建议暂时观望。 作者： 史香迎 生猪分析师 期货从业资格：F03086321 交易咨询资格：Z0019355 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 ...

Group 1 - Traditional agriculture in rural China is experiencing a revitalization through the integration of technological innovation and industrial transformation, leading to a new landscape for rural revitalization [1] - In Sichuan, the oilseed rape harvest is underway, with demonstration plots undergoing yield measurement, indicating a breakthrough in single yield that lays the foundation for large-scale promotion [4] - The "flower economy" is being promoted in Shanxi's Wenxi County, using roses to enhance rural revitalization, while in Jilin, the pear orchards attract tourists with their beautiful blossoms [5][7] Group 2 - In Guangdong, a "cucumber light rail" transportation line has been established, increasing cucumber harvesting efficiency by 80%, thus paving the way for farmers' income growth and agricultural efficiency [9] - Ningxia's Yanchi County is focusing on the development of the high-quality saltwater sheep industry, enhancing the product chain and increasing added value through supportive policies and market cultivation [12] - In Yunnan, logistics companies are building an efficient service system for fresh agricultural products, reducing logistics costs and injecting new momentum into rural revitalization [15] Group 3 - The transformation in rural areas is characterized by breakthroughs in yield, scale efficiency, and the shift from traditional farming to digital empowerment, creating a new path for higher quality, better efficiency, and optimized structure in rural development [18]

Core Viewpoint - The fourth China-Central and Eastern European Countries (CEEC) Expo and International Consumer Goods Expo highlights the potential and vitality of the Chinese market, attracting significant participation from various countries and industries [1][3]. Group 1: Expo Overview - The expo features an exhibition area of 20,000 square meters with over 400 exhibitors showcasing more than 8,000 types of CEEC specialty products [2]. - The event includes participation from 14 CEEC countries and 9 other nations, expanding the scope from CEEC to "CEEC+" [2]. Group 2: Business Opportunities - A total of 24 projects were signed during the procurement event, with a total contract value of 2.49 billion yuan, covering various categories such as mineral procurement, pet health products, and beverages [1]. - The expo serves as a platform for Chinese companies to strengthen existing partnerships and explore new collaborations with CEEC partners [7]. Group 3: Industry Insights - Livestocker, a Hungarian company, introduced a digital animal management software solution, predicting that by 2025-2026, over 75% of China's livestock industry will be large-scale and intelligent, with AI device penetration reaching 40% [5]. - 24alife from Slovenia focuses on digital health and remote patient monitoring, aiming to promote health awareness in China and seek partnerships with large Chinese enterprises [5]. Group 4: Trade and Investment - The expo's consumer goods direct procurement conference emphasized "precise matching," facilitating connections between over 40 international buyers and more than 50 suppliers from various Chinese provinces [6]. - Ningbo aims to create a "golden channel" for CEEC products entering China, enhancing bilateral trade and investment opportunities in emerging sectors like AI and renewable energy [9]. Group 5: Government Support - Chinese State Councilor Chen Yiqin emphasized the commitment to multilateralism and the expansion of imports from CEEC countries, aiming to enhance bilateral trade and cooperation in high-quality initiatives [10]. - The expo is expected to attract over 15,000 professional visitors, with more than 3,000 foreign buyers from 72 countries, anticipating procurement intentions exceeding 10 billion yuan from CEEC imports [10].

研究员：陈界正 期货从业证号： 大宗商品研究所 农产品研发报告 生猪日报 2025 年 5 月 22 日 【生猪日报】供应压力仍存 价格偏弱运行 今 日 昨 日 变 化 今 日 昨 日 变 化 河南（0） 14.35 14.59 -0.24 山 西 14.25 14.55 -0.3 湖北（0） 14.14 14.43 -0.29 辽 宁 14.10 14.29 -0.19 安徽（300） 14.52 14.77 -0.25 吉 林 14.03 14.24 -0.21 湖南（100） 14.21 14.28 -0.07 黑龙江 14.00 14.20 -0.2 四川（-200） 14.14 14.27 -0.13 福 建 14.72 14.72 0 江西（100） 14.37 14.37 0.00 广 东 15.17 15.18 -0.01 山东（0） 14.6 14.85 -0.25 广西(-200) 14.13 14.11 0.02 江苏（500） 14.65 14.87 -0.22 云 南 14.37 14.37 0 河北（-100） 14.38 14.63 -0.25 贵 州 14.17 14.27 - ...

1. Report Industry Investment Rating - The investment rating for the pig market is neutral [3]. - The investment rating for the egg market is also neutral [5]. 2. Core Viewpoints - For the pig market, future pig supply will further increase while consumption is expected to remain stable, leading to increased pressure on spot prices. As the weather gets hotter, the demand for secondary fattening will be suppressed, and the price difference between large - fat pigs and standard pigs may widen, accelerating the slaughter of large - fat pigs. The market is expected to maintain a pattern of strong supply and weak demand [2][3]. - For the egg market, last week was the digestion period after stockpiling, and demand was hard to increase. The current market transaction has slowed down, and festival stockpiling by supermarkets and e - commerce has not started. Considering the limited boost from the Dragon Boat Festival, the storage time of eggs has decreased due to the weather, and traders are cautious in purchasing, mostly choosing to buy as needed. The short - term market pattern of oversupply is difficult to change, and the consumer end has limited ability to accept high prices [4]. 3. Summary by Relevant Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live pig 2509 contract yesterday was 13,650 yuan/ton, a change of - 40.00 yuan/ton from the previous trading day, a decrease of 0.29%. - Spot: In Henan, the price of external ternary live pigs was 14.60 yuan/kg, a change of - 0.15 yuan/kg from the previous trading day; in Jiangsu, it was 14.88 yuan/kg, a change of - 0.02 yuan/kg; in Sichuan, it was 14.26 yuan/kg, a change of + 0.00 yuan/kg. The "Agricultural Product Wholesale Price 200 Index" on May 21 was 114.09, up 0.17 points from the previous day. The average wholesale price of pork in the national agricultural product wholesale market was 20.72 yuan/kg, a decrease of 0.2% from the previous day [1]. Market Analysis - Future pig supply will increase, consumption will be stable, and spot pressure will rise. The demand for secondary fattening will be restricted by hot weather, and the price difference between large - fat and standard pigs may widen, accelerating the slaughter of large - fat pigs [2]. Strategy - The strategy is neutral, and the pig market is expected to maintain a pattern of strong supply and weak demand [3]. Egg Market Market News and Important Data - Futures: The closing price of the egg 2507 contract yesterday was 2,959 yuan/500 kg, a change of - 5.00 yuan from the previous trading day, a decrease of 0.17%. - Spot: In Liaoning, the egg spot price was 3.04 yuan/jin, with no change from the previous trading day; in Shandong, it was 3.20 yuan/jin, with no change; in Hebei, it was 2.67 yuan/jin, a change of - 0.04 yuan/jin. On May 21, 2025, the national production - link inventory was 1.11 days, an increase of 0.01 days from the previous day, an increase of 0.91%. The circulation - link inventory was 1.63 days, an increase of 0.03 days from the previous day, an increase of 1.88% [3]. Market Analysis - Last week was the post - stockpiling digestion period, demand was hard to increase, market transactions slowed down, festival stockpiling had not started, the Dragon Boat Festival boost was limited, egg storage time decreased due to weather, traders were cautious in purchasing, and the short - term oversupply pattern was difficult to change [4]. Strategy - The strategy is neutral [5].

Core Points - The 2025 provincial document emphasizes deepening rural reform and advancing comprehensive rural revitalization, signaling strong support for agriculture and rural development [1] - The document outlines key focus areas for the province's "three rural" work, including ensuring food security and preventing large-scale poverty [1][2] Group 1: Food Security and Agricultural Production - The province aims to maintain grain production above 1.3 trillion jin, with a total grain output of 1.344 trillion jin in 2024, marking eight consecutive years above this threshold [1][2] - Strategies include stabilizing grain acreage while enhancing yield, implementing a new round of grain production capacity enhancement, and improving agricultural disaster prevention capabilities [2][3] Group 2: Rural Economic Development - The document highlights the importance of cultivating county-level industries and improving rural living conditions, focusing on practical measures for industrial quality enhancement and environmental improvement [3][4] - It emphasizes the development of collective rural economies and the establishment of rural collective economic organizations to enhance income and service capabilities [4][5] Group 3: Governance and Community Engagement - The governance framework aims to strengthen grassroots party organization, address formalism, and promote rural harmony through a combination of self-governance, rule of law, and moral governance [5][6] - The document outlines the need for a new agricultural operation support policy that links agricultural enterprises with farmers to enhance income sharing [5][6] Group 4: Technological and Reform Initiatives - The document stresses the dual approach of technological innovation and reform to drive agricultural modernization, including the establishment of innovation platforms and support for seed industry development [6][7] - It calls for the extension of land contracts and the establishment of a rural credit system to support rural revitalization and protect farmers' rights [7]

Core Concept - The article emphasizes the importance of the "Big Agriculture" concept as a guiding worldview and methodology for modern agricultural development, highlighting its role in enhancing agricultural efficiency, rural vitality, and farmers' income [1][2]. Agricultural Development Concept Innovation - "Big Agriculture" contrasts with the traditional "Small Agriculture" concept, which is limited to small-scale farming and often disconnected from other industries. The historical small-scale farming model has led to inefficiencies and sustainability issues in agricultural development [1][2]. Adaptation to Modernization - The transition from "Small Agriculture" to "Big Agriculture" reflects the evolving understanding of agricultural development needs, with significant milestones in policy discussions since the 1990s [2]. Resource Perspective - "Big Agriculture" broadens the scope of agricultural resources beyond just arable land to include forests, grasslands, water bodies, and various biological resources, emphasizing a holistic approach to resource management [3]. Integrated Development - The concept promotes an integrated development model that encompasses the entire agricultural value chain, from production to processing, transportation, and consumption, thereby enhancing resilience and competitiveness [3][4]. Multifunctionality and Systematic Thinking - "Big Agriculture" recognizes the multifaceted roles of agriculture, including economic, social, ecological, and cultural functions, advocating for a systematic approach to agricultural development [4]. Green Development - The article stresses the need for sustainable practices in agriculture, promoting ecological, organic, and low-carbon farming methods to mitigate negative environmental impacts [4]. Diverse Pathways for Implementation - The implementation of "Big Agriculture" requires breaking traditional boundaries and emphasizing multi-functional, open, and integrated development, focusing on the synergy between different agricultural sectors [6]. Resource Utilization - Given the limited arable land in China, the article advocates for the comprehensive utilization of various agricultural resources, including non-traditional land types, to meet diverse agricultural demands [7]. Modern Agricultural Industry System - The development of a modern agricultural industry system is essential, with a focus on enhancing the entire agricultural value chain and promoting digital transformation [8]. Community Development - The article highlights the importance of integrating small farmers into the modern agricultural system, creating a community of shared interests and responsibilities [9]. Regional Adaptation - The development of modern agriculture should be tailored to regional characteristics, promoting large-scale agriculture in areas with sufficient land while supporting moderate-scale operations in regions with limited arable land [10][11]. Urban Agriculture - The article discusses the potential for developing modern urban agriculture in large cities, integrating agricultural functions with urban living and ecological considerations [11]. Specialty Agriculture - The promotion of specialty agriculture, leveraging unique regional resources, is seen as a promising avenue for modern agricultural development [12].