Core Viewpoint - Domestic pig prices are experiencing limited fluctuations, with large-scale farms not significantly reducing the weight of pigs for sale [1] Group 1: Market Conditions - The average weight of pigs sold in the week of May 15 was 124.12 kg, remaining stable compared to the previous week and showing a year-on-year increase of 1.08% [1] - Southern regions still exhibit a price gap for standard pigs, leading farmers to prefer selling heavier pigs [1] Group 2: Industry Trends - The overall trend indicates that the average weight of pigs being sold remains at a high level, reflecting the current market dynamics [1] - Smaller farms are also aligning with this trend, indicating a consistent approach across different scales of operations [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Short - term hog prices may fluctuate, and in the medium - to - long - term, hog prices may still hit new lows [4] - The basis is that from sow and piglet data, hog supplies in Q2, Q3, and Q4 of 2025 are abundant, demand support in Q2 and Q3 is weak, current hog slaughter weight is increasing, and although there is uncertainty about new lows in the medium - to - long - term, the short - term market has no strong motivation to reduce weight and the futures price is in a reasonable range [4] 3. Summary by Directory 3.1 Market Dynamics - On May 15, the number of registered hog warehouse receipts was 701 lots [2] - The LH2507 contract is mainly about spot - futures convergence and delivery game, and the far - month contracts are fluctuating weakly due to the possible increase in subsequent slaughter volume [2] - The main contract (LH2509) added 5,221 lots today, with a position of about 77,600 lots, a maximum price of 14,015 yuan/ton, a minimum price of 13,735 yuan/ton, and a closing price of 13,780 yuan/ton [2] 3.2 Fundamental Analysis - From the perspective of the number of fertile sows, the hog supply from March to December is expected to increase monthly but with a limited range. From the piglet data, the hog slaughter volume will increase in Q2 and Q3 of 2025. The first half of the year is the off - season for demand, and the second half is the peak season [3] - Based on historical situations and current fundamentals, the fat - standard price difference may fluctuate and adjust [3] - Short - side logic: The breeding side has not reduced weight, subsequent slaughter volume is expected to increase, and demand support in Q2 and Q3 is limited. Long - side logic: There is still room for an increase in frozen product inventory, the spot price is firm, the increase in subsequent slaughter volume is limited, and rising corn and soybean meal prices may increase hog breeding costs [3] 3.3 Strategy Suggestions - The view is that short - term hog prices may fluctuate, and in the medium - to - long - term, there may be new lows [4] - The core logic includes abundant hog supplies in Q2, Q3, and Q4 of 2025, weak demand support in Q2 and Q3, increasing hog slaughter weight indicating inventory accumulation by the breeding side, and although there may be new lows in the medium - to - long - term, due to high uncertainty and weak short - term weight - reduction motivation, it is recommended to wait and see [4] 3.4 Market Overview - On May 15, the national average hog slaughter price was 14.68 yuan/kg, down 0.06 yuan/kg or 0.41% from the previous day. The prices in Henan and Sichuan also decreased [6] - Futures prices of various contracts decreased, with the 09 - contract dropping by 240 yuan/ton or 1.71% [6] - The main basis in Henan increased by 140 yuan/ton or 13.46% [6] 3.5 Key Data Tracking - The report presents data on the closing prices of futures contracts in the past 180 days, the basis of the main hog contract in Henan, the price difference between the 07 - 09 contracts, and the price difference between the 09 - 11 contracts [14]

农产品日报 | 2025-05-16 需求略显清淡，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 2509合约13780元/吨，较前交易日变动-240.00元/吨，幅度-1.71%。现货方面，河南地区 外三元生猪价格14.95元/公斤，较前交易日变动-0.09元/公斤，现货基差 LH09+1170，较前交易日变动+150；江苏 地区外三元生猪价格 15.09元/公斤，较前交易日变动-0.10元/公斤，现货基差LH09+1310，较前交易日变动+140； 四川地区外三元生猪价格14.46元/公斤，较前交易日变动-0.15元/公斤，现货基差LH09+680，较前交易日变动+90。 据农业农村部监测，5月15日"农产品批发价格200指数"为114.82，比昨天下降0.33个点，"菜篮子"产品批发价格指 数为115.14，比昨天下降0.35个点。全国农产品批发市场猪肉平均价格为20.90元/公斤，与昨天持平；牛肉63.02元/ 公斤，比昨天下降0.3%；羊肉59.33元/公斤，比昨天下降1.1%；鸡蛋7.97元/公斤，比昨天上升1.5%；白条鸡17.57 元/公斤，比昨天上升1.4%。 市场分析 ...

行业 生猪日报 日期 2025 年 05 月 16 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 升水修复，重新起航 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：涌益，建信期货研究中心 生猪行情： 期货方面，15 日生猪主力 2509 合约小幅低开后震荡下跌，尾盘收阴，最高 14015 元/吨，最低 13735 元/吨， ...

Core Viewpoint - Qingdao Bank is actively supporting the real economy through targeted financial services, focusing on local development and innovative financing solutions to enhance the growth of various industries [1][5]. Group 1: Financial Support and Growth - As of the end of Q1, Qingdao Bank's corporate loan balance reached 279.56 billion yuan, an increase of 6.56% from the end of the previous year [1]. - The bank's technology finance loan balance was 27.30 billion yuan, reflecting a growth of 5.67% compared to the previous year [1]. Group 2: Case Studies of Financial Impact - The 5 million yuan credit line provided to Pusu Hotel Management has enabled the transformation of abandoned farmhouses into cultural-themed inns, boosting local consumption and increasing handmade craft orders by 60% and rural tourism revenue by 35% [2]. - Qingdao Bank's innovative "live collateral" model allowed Longming Cattle Industry to secure a loan of 288 million yuan for a cattle breeding project, marking the largest single credit in Shandong's livestock sector [3]. - Northqi Industrial received a credit line of 200 million yuan to expand production capacity in response to increased demand for high-quality milk powder cans, achieving a market share of 25% in the domestic milk powder can segment [4]. Group 3: Strategic Initiatives - Qingdao Bank is developing a dual-driven system of "industry mapping + financial modeling" to integrate deeply into Shandong's key industry clusters, aiming to enhance credit support and financial innovation for high-quality regional economic development [5].

Group 1 - The trend of upgrading agricultural product consumption is evident, with consumers shifting from quantity to quality, willing to pay for premium products from specific origins and unique flavors [1] - The Guangxi Zhuang Autonomous Region's Department of Commerce has launched initiatives to enhance quality consumption, focusing on expanding and promoting the "Gui" brand [1] - The "Yongxin Source" pork products from Guangxi Nongken Yongxin Animal Husbandry Group have gained popularity at the "Guangxi March 3rd · Eight桂 Carnival" event, showcasing the impact of quality enhancement on consumer engagement [1] Group 2 - The company's pork products feature a unique traceability code, allowing consumers to track the entire process from breeding to sale, enhancing transparency and trust [2] - Strict record-keeping and quality control measures are implemented from the birth of the pig, ensuring that every step is documented and monitored [2] - The company has established a comprehensive quality management system, including consumer complaint handling and emergency response plans, to maintain product integrity [2] Group 3 - The introduction of an intelligent environmental control system in pig farms optimizes conditions such as temperature, humidity, and ventilation, promoting healthier growth for the pigs [3] - The effective management system and technological advancements have positioned "Yongxin Source" as a visible quality brand in the pork market [3] - By the end of 2024, Guangxi is expected to have recognized 641 "Gui" agricultural brands, with a total output value exceeding 1.6 trillion yuan and a brand value surpassing 5 trillion yuan [3]

证券代码：600975 证券简称：新五丰 公告编号：2025- 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 投资标的名称：湖南新五丰股份有限公司（以下简称"新五丰"）与法 国科普利信集团（以下简称"科普利信"）拟成立合资公司湖南五丰利信育种公 司（暂定名，以下简称"合资公司"）。 ● 投资金额：该合资公司注册资本 8,000 万元，其中：新五丰以货币出资 的 49%。 ● 相关风险提示：本次设立合资公司尚需办理工商注册登记相关手续。未 来经营过程中，可能面对宏观政策调控、市场变化、经营管理等方面因素的影 响，导致投资收益存在不确定性的风险。 ● 其他事项：上述对外投资事项，不构成关联交易，也不构成上市公司重 大资产重组。 一、对外投资概述 （一）对外投资基本情况 新五丰与科普利信拟成立合资公司开展联合育种项目合作，该合资公司注 册资本 8,000 万元，其中：新五丰以货币出资 4,080 万元，占注册资本的 51%； 科普利信以货币出资 3,920 万元，占注册资本的 49%，新五丰与科普利信成立 合资 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The supply - side pressure of live pigs is gradually emerging, with prices showing an obvious downward trend. The overall pig price is expected to fluctuate. The futures market also declined significantly, but the continuous decline space is limited [4][5]. 3. Summary by Relevant Catalogs 3.1 Price Information - **Spot Prices**: Today, live pig prices across the country showed an obvious downward trend. For example, the price in Henan dropped from 15.06 to 14.96, and in Guangdong from 15.20 to 15.04. The average price remained unchanged at 14.37 [4]. - **Futures Prices**: All futures contracts showed a downward trend. For instance, LH01 dropped from 13825 to 13720, and LH09 dropped from 14020 to 13780 [4]. - **Sow/Piglet Prices**: Piglet prices decreased from 529 to 517, while sow prices remained unchanged at 1631 [4]. 3.2 Profit Information - **Spot Breeding Profits**: Self - breeding and self - raising profits decreased from 85.05 to 84.33, while profits from purchasing piglets increased from 48.53 to 58.46 [4]. 3.3 Slaughter - end Information - The slaughter volume decreased from 147682 to 146858, a decrease of 824 [4]. 3.4 Price Difference Information - **Contract Price Differences**: For example, LH7 - 9 increased from - 375 to - 285, while LH9 - 1 decreased from 195 to 60 [4]. - **Size Pig Price Differences**: The price difference between standard pigs and medium - sized pigs decreased from 0.28 to 0.27, while the price difference between large pigs and standard pigs increased from - 0.15 to - 0.13 [4]. 3.5 Market Situation and Forecast - The supply - side pressure is gradually emerging. The enthusiasm for secondary fattening has declined. The scale enterprises' monthly - end出栏 rhythm has accelerated, and it is expected to continue in the short term. The overall supply pressure is limited, and the pig price is expected to fluctuate. The futures market also has limited continuous decline space [4][5]. 3.6 Trading Strategies - Unilateral: Mainly fluctuate. - Arbitrage: LH79 reverse arbitrage. - Options: Sell the wide - straddle strategy [6].

Group 1: Company Operations - The company is able to maintain stable production with normal procurement of parent stock chickens despite restrictions on the introduction of grandparent stock chickens [2] - The company currently has no plans for share repurchase, and any future plans will be disclosed publicly [2] Group 2: Employee Benefits - The company complies with regulations by providing employees with social insurance and housing fund contributions [2]

Group 1 - The company, New Hope (000876), reported that the complete cost of raising fat pigs has decreased to 12.9 yuan/kg as of April [1] - The company anticipates a further reduction of a few cents by the end of this year, with potential for greater decreases in the long term due to breakthroughs in breeding [1] - The company expects a slight increase in scale this year compared to last year [1]