【农业农村部：四季度中后期猪价有望止跌回升、窄幅波动】农业农村部发布农产品供需形势分析月 报，指出猪价有望止跌回升。从生产端看，二季度以来新生仔猪数量增长，将使四季度生猪出栏量达高 峰。前期压栏大猪出清，二次育肥减少，出栏节奏平稳，猪肉供给增幅低于出栏增幅。从消费端看，气 温下降后，南方将开展腊肉腌制，提振猪肉消费。从贸易端看，因对原产于欧盟的进口猪肉及猪副产品 实施临时反倾销措施，猪肉进口量或进一步下降。总体预计，生猪及猪肉价格四季度中后期有望止跌回 升、窄幅波动。 本文由 AI算法生成，仅作参考，不涉投资建议，使用风险自担 ...

Group 1 - The core point of the article is that New Wufeng (SH 600975) held its 19th meeting of the 6th Board of Directors on October 23, 2025, to review the proposal for the company's Q3 2025 report [1] - For the year 2024, New Wufeng's revenue composition is as follows: livestock industry accounts for 76.4%, wholesale and retail accounts for 22.81%, feed processing accounts for 0.69%, and other businesses account for 0.1% [1] - As of the time of reporting, New Wufeng has a market capitalization of 8 billion yuan [1] Group 2 - The article mentions that Chinese innovative drugs have generated $80 billion in overseas licensing this year, highlighting a hot secondary market in biomedicine, while the primary market is facing fundraising challenges [1]

Group 1 - New Wufeng reported a revenue of approximately 5.39 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 2.27% [1] - The net profit attributable to shareholders of the listed company was a loss of approximately 13.17 million yuan [1] - As of the report date, New Wufeng's market capitalization was 8 billion yuan [2] Group 2 - The Chinese innovative drug sector has sold overseas authorizations worth 80 billion US dollars this year [2] - The secondary market for biomedicine is experiencing a boom, while the primary market is facing challenges in fundraising [2]

Core Viewpoint - The Ministry of Agriculture and Rural Affairs forecasts that pig prices are expected to stop declining and experience narrow fluctuations in the later part of the fourth quarter [1] Production Analysis - Since the second quarter, the number of newborn piglets has increased, leading to a peak in pig slaughter volume in the fourth quarter [1] - The previous backlog of large pigs has been cleared, and secondary fattening has decreased, resulting in a stable slaughter rhythm [1] - The increase in pork supply is lower than the increase in slaughter volume [1] Consumption Analysis - With the drop in temperature, southern regions will begin the process of curing meat, which is expected to boost pork consumption [1] Trade Analysis - Temporary anti-dumping measures have been implemented on imported pork and pork by-products from the European Union, which may further reduce pork import volumes [1]

Company Overview - Luoniushan (SZ 000735) held a temporary board meeting on October 23, 2025, via telecommunication to review the proposal for increasing the expected amount of daily related transactions for 2025 [1] - As of the report, Luoniushan's market capitalization is 7.7 billion yuan [1] Revenue Composition - For the first half of 2025, Luoniushan's revenue composition is as follows: - Livestock industry: 64.6% - Agricultural and sideline food processing: 13.46% - Education: 7.73% - Real estate: 7.16% - Cold chain logistics: 4.05% [1]

Group 1 - Company Giant Star Agriculture reported Q3 performance, with revenue of approximately 5.639 billion yuan, a year-on-year increase of 42.57% [1] - Net profit attributable to shareholders was about 107 million yuan, a year-on-year decrease of 58.69% [1] - Basic earnings per share were 0.21 yuan, a year-on-year decrease of 58.82% [1] Group 2 - As of the report date, the market capitalization of Giant Star Agriculture was 9.4 billion yuan [2]

Core Viewpoint - The company reported a decline in net profit despite an increase in revenue, primarily due to a decrease in the average selling price of commodity pigs [1] Financial Performance - In Q3 2025, the company's operating revenue reached 1.922 billion yuan, representing a year-on-year increase of 11.57% [1] - For the first three quarters of 2025, the total operating revenue was 5.639 billion yuan, showing a year-on-year growth of 42.57% [1] - The net profit for Q3 was a loss of 74.0194 million yuan [1] - The net profit for the first three quarters was 107 million yuan, which is a year-on-year decline of 58.69% [1] - The basic earnings per share stood at 0.21 yuan [1]

Core Insights - On October 24, Jin Xin Nong executed a block trade of 763,000 shares, with a transaction value of 3.4717 million yuan, accounting for 3.64% of the total trading volume for the day, with a transaction price of 4.55 yuan, which remained stable compared to the market closing price of 4.55 yuan [1][2] Summary by Categories Trading Activity - The block trade involved 763,000 shares of Jin Xin Nong, with a total transaction amount of 3.4717 million yuan [1][2] - The transaction price was 4.55 yuan per share, which was consistent with the market closing price [1] Market Impact - The block trade represented 3.64% of the total trading volume on that day, indicating a significant but not dominant presence in the market [1]

巨星农牧公告，第三季度营收为19.22亿元，同比增长11.57%；净利润亏损7401.94万元，下降 124.32%。前三季度营收为56.39亿元，同比增长42.57%；净利润为1.07亿元，下降58.69%。 ...

Investment Rating - Industry Rating: Outperform the Market (maintained rating) [1] Core Viewpoints - The report highlights the ongoing challenges in the poultry industry due to the rising incidence of highly pathogenic avian influenza (HPAI), particularly in Europe, which has seen a significant increase in reported cases [4][5] - The report suggests that the heightened risk level for avian influenza in France may indicate an earlier onset of the flu season, impacting poultry farming practices and potentially leading to increased biosecurity measures [5] - There is a notable decline in the domestic breeding stock imports, with a 29.1% year-on-year decrease in the first nine months of 2025, primarily due to the suspension of imports from the US and New Zealand [6] Summary by Sections Industry Overview - The poultry industry is currently facing a critical period with the global outbreak of HPAI, which has resulted in 1,374 new cases reported globally, marking a 61.5% increase year-on-year [4] - The report emphasizes the need for close monitoring of overseas breeding stock imports and the structural changes in breeding practices as a response to the avian influenza threat [6] Market Trends - The report indicates that the poultry market is experiencing fluctuations, with a focus on the implications of avian influenza on supply chains and pricing strategies [6] - The report recommends paying attention to the emergence of domestic breeding opportunities and the importance of securing alternative breeding resources [6] Investment Recommendations - The report recommends focusing on companies that are well-positioned to adapt to the changing landscape, specifically highlighting Shengnong Development as a key player, while also suggesting to monitor Yisheng Livestock, Minhe Livestock, Hefeng Livestock, and Xiantan Livestock for potential investment opportunities [6]