据商务部市场运行监测系统显示，养殖端出栏积极性较高，市场供应充足，10月13日至19日，全国36个 大中城市猪肉零售价格环比下降1.0%，降幅比前一周扩大0.8个百分点。东部地区猪肉价格降幅居前， 其中广州、济南和南京分别下降4.6%、2.9%和2.2%。 ...

Core Insights - The Chinese pig industry in 2025 is characterized by high capacity adjustments and a reshaping of regional patterns, with the breeding sow inventory reaching a five-year high [1][2] - The trend of pig transportation has shifted from "North pigs South" to "South pigs North," with southern regions continuing to dominate supply while northern provinces gradually recover their capacity [2][5] Group 1: Breeding Sow Inventory - The breeding sow inventory is projected to reach a near five-year high by the end of September 2025, with a total of 9.0629 million heads, reflecting a year-on-year increase of 4.45% [1] - The inventory trend in 2025 shows an initial increase followed by a decrease, influenced by high breeding profits in the first half and a subsequent slowdown in expansion due to declining pig prices [1] Group 2: Transportation Patterns - The transportation pattern of pigs has evolved, with southern regions increasingly supplying the market while northern regions like Shandong are seeing a recovery in local production [2] - The implementation of new regulations for cross-province transportation in September 2025 is expected to raise costs and suppress long-distance transport, thereby enhancing regional supply-demand balance [2][5] Group 3: Future Outlook - The "South pigs North" transportation characteristic is anticipated to continue into 2026, with southern provinces maintaining their dominant supply position and ongoing pressure on outflows from provinces like Sichuan and Guangdong [5] - The new transportation regulations are likely to lead to a more stable overall transportation structure, focusing on internal supply-demand balance across regions [5]

1. Report Industry Investment Rating - For the pig market, the strategy is cautiously bearish [3] - For the egg market, the strategy is also cautiously bearish [5] 2. Core Views - The recent firmness of live pig spot prices is supported by the hot demand for secondary fattening, but it will lead to an increase in pig supply in a few months, causing the "seesaw effect" in the market, with near - term contracts and spot prices firm and forward contracts weakening due to expected supply increase [2] - For eggs, after the previous inventory clearance, the current consumer demand is weak in the short - term, and the large supply pressure during the seasonal consumption off - season suppresses the spot price, with the market sentiment being pessimistic and the spot price expected to fluctuate weakly [4][5] 3. Summary by Related Catalogs 3.1 Pig Market 3.1.1 Market News and Important Data - Futures: The closing price of the live pig 2601 contract yesterday was 12,200 yuan/ton, a change of - 20.00 yuan/ton (- 0.16%) from the previous trading day [1] - Spot: In Henan, the price of external ternary live pigs was 11.87 yuan/kg, unchanged from the previous trading day; in Jiangsu, it was 12.15 yuan/kg, up 0.07 yuan/kg; in Sichuan, it was 11.53 yuan/kg, up 0.12 yuan/kg [1] - Agricultural product prices: On October 23, the "Agricultural Product Wholesale Price 200 Index" rose 0.68 points, the "Vegetable Basket" product wholesale price index rose 0.79 points. The average wholesale price of pork was 17.62 yuan/kg, down 0.6%; beef was 66.41 yuan/kg, up 0.3%; mutton was 61.82 yuan/kg, up 0.2%; eggs were 7.42 yuan/kg, up 0.4%; white - striped chicken was 17.72 yuan/kg, down 0.3% [1] 3.1.2 Market Analysis - Secondary fattening, mainly carried out by retail investors who prefer to raise large fat pigs, leads to a prominent problem of postponed pig supply, causing the "seesaw effect" in the market [2] 3.1.3 Strategy - Cautiously bearish [3] 3.2 Egg Market 3.2.1 Market News and Important Data - Futures: The closing price of the egg 2512 contract yesterday was 3027 yuan/500 kilograms, a change of + 102.00 yuan (+ 3.49%) from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 2.80 yuan/jin, up 0.09; in Shandong, it was 2.85 yuan/jin, unchanged; in Hebei, it was 2.53 yuan/jin, unchanged [3] - Inventory: On October 23, 2025, the national production - link inventory was 1.24 days, down 0.03 days (- 2.36%); the circulation - link inventory was 1.32 days, down 0.08 days (- 5.71%) [3] 3.2.2 Market Analysis - After the previous inventory clearance due to improved weather and high replenishment enthusiasm of traders, the current consumer demand is weak with no short - term positive factors, and each link is mainly digesting the previous inventory [4] 3.2.3 Strategy - Cautiously bearish, with the spot price expected to fluctuate weakly due to large supply pressure during the seasonal consumption off - season [5]

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories indicates a mixed trend in prices, with 17 products experiencing price increases, while 30 saw declines, and 3 remained stable [1] Price Changes Summary - Among the monitored products, the price of live pigs (external three yuan) decreased by 12.1% compared to the end of September [1]

希腊《论坛报》10月3日报道，根据希腊畜牧协会（SEK）提供的数据，希腊牛肉生产仅能满足全 国需求的10%，其余90%依赖进口。对国际市场的高度依赖使希腊消费者容易受到全球价格波动的影 响。近年来，约6%的养殖户退出导致希腊牛肉产量下降约8%，恶劣天气影响牛只繁殖，今年预计小牛 数量同比减少近3%。此外，干旱等气候以及欧盟有关减少牲畜温室气体排放的环保政策，影响了养殖 生产。 （原标题：希腊牛肉价格飙升 进口主导供应） ...

中新网长治10月23日电 题：山西长子：羊业崛起 年入百万带动村民增收 作者 刘小红 杨林陆 王浩东 近日，走进山西省长子县大堡头镇崇仁村土门岭，50亩荒坡上现代化羊舍与饲料厂房排列有序，黑山羊 们正悠闲地低头进食。 崇仁村借助山地生态资源优势，发展特色山羊养殖。杨林陆摄 "这儿的黑山羊喝山泉水、吃自配饲料，品质优，单只售价比普通肉羊高200多元，实实在在带动了村民 增收。"雷鑫农业种养殖专业合作社负责人赵雷雷说。 近年来，崇仁村借助山地生态资源优势，引导村民发展特色山羊养殖，拓宽增收渠道，让村民在家门口 开启发"羊"财之旅。 50亩荒坡上现代化羊舍与饲料厂房排列有序。王浩东摄 为提升肉羊品质，合作社自建饲料加工厂，以玉米、秸秆等为原料，科学配比制成专用饲料，还专门打 了一眼深井，让黑山羊喝上清洁的山泉水。"山泉饮水搭配生态喂养，让黑山羊肉质紧实，一只80斤左 右的羊能卖约1500元。"赵雷雷说。 推进养殖产业的过程中，合作社积极探索"养殖—肥料—种植"生态循环模式，建成4座高标准蔬菜大 棚，构建起资源高效利用的闭环系统。经过三年发展，合作社肉羊存栏量达3000多只，年出栏12000余 只，年收入超200万元 ...

Core Viewpoint - The increasing trend of mid-term dividend announcements among A-share companies reflects a shift in the Chinese capital market towards balancing financing and shareholder returns, indicating improved corporate profitability and cash flow [4][5][6]. Group 1: Dividend Announcements - Wens Foodstuff Group plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 1.994 billion yuan [1]. - A total of 13 companies, including Jinning Mining and Yanjing Beer, announced mid-term dividend plans, with a combined payout of 3.338 billion yuan [4]. - As of October 21, 843 A-share companies have released 850 mid-term dividend plans, amounting to a total of 662.026 billion yuan, with 595 already implemented [4][5]. Group 2: Market Trends - The trend of mid-term dividends is characterized by a high number of companies and significant payout amounts, with 52.43% of the 843 companies having a market capitalization exceeding 10 billion yuan [4][5]. - The increase in mid-term dividends is seen as a response to the new "National Nine Articles" policy, reflecting companies' commitment to enhancing shareholder value [5]. - The mid-term dividend amount for this year is approaching last year's total, indicating a recovery in corporate earnings and effective regulatory policies promoting shareholder returns [6]. Group 3: Investment Strategies - With the recent market fluctuations, there is a shift in investor focus towards dividend-paying stocks, particularly in sectors like coal, steel, and utilities, which are seen as safer investments [6][7]. - Analysts suggest a "barbell strategy" for investors, maintaining positions in growth sectors while also increasing allocations to dividend stocks to enhance portfolio stability [7].

行业 生猪日报 日期 2025 年 10 月 23 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 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，22 日生猪主力 2601 合约平开后探底回升窄幅震荡，尾盘收阴， 最高 12275 元/吨，最低 12135 元/吨，收盘报 122 ...

农产品日报 | 2025-10-23 需求略有回暖，猪价震荡运行 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2601合约12220元/吨，较前交易日变动-15.00元/吨，幅度-0.12%。现货方面，河南地区 外三元生猪价格11.87元/公斤，较前交易日变动+0.04元/公斤，现货基差 LH01-350，较前交易日变动+55；江苏地 区外三元生猪价格 12.08元/公斤，较前交易日变动+0.29元/公斤，现货基差LH01-140，较前交易日变动+305；四川 地区外三元生猪价格11.41元/公斤，较前交易日变动+0.20元/公斤，现货基差LH01-810，较前交易日变动+215。 综合来看，近期生猪现货价格受二次育肥需求火热支撑坚挺，但二次育肥是生猪再生产环节，并未改变市场总供 应而且会导致几月后的生猪供应进一步增加，当前二次育肥主要由散户承接，且散户更倾向养殖大肥猪，这直接 导致生猪供应后移问题凸显。供需节奏的变化使得市场"跷跷板效应"明显，近月合约与现货价格坚挺，远期合约 因预期供应增加而表现趋弱。 策略 谨慎偏空 风险 政策变化 鸡蛋观点 市场要闻与重要数据 期货方面，昨日收盘鸡蛋 2511 ...

Report Summary 1. Report Industry Investment Rating - No information on the report industry investment rating is provided in the given content. 2. Report's Core View - The report focuses on the short - term resonance of slaughter, fat - standard, and second - fattening emotions in the pig market [1]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: Henan spot price is 11,980 yuan/ton with a year - on - year increase of 250 yuan/ton; Sichuan spot price is 11,500 yuan/ton with a year - on - year increase of 250 yuan/ton; Guangdong spot price is 11,460 yuan/ton with no year - on - year change [2]. - **Futures Prices**: The price of Live Pig 2511 is 11,460 yuan/ton with a year - on - year decrease of 65 yuan/ton; Live Pig 2601 is 12,220 yuan/ton with a year - on - year decrease of 15 yuan/ton; Live Pig 2603 is 11,585 yuan/ton with a year - on - year decrease of 30 yuan/ton [2]. - **Trading Volume and Open Interest**: For Live Pig 2511, the trading volume is 10,907 lots, a decrease of 10,641 lots from the previous day, and the open interest is 20,254 lots, a decrease of 1,687 lots from the previous day; for Live Pig 2601, the trading volume is 80,626 lots, a decrease of 52,113 lots from the previous day, and the open interest is 103,570 lots, an increase of 408 lots from the previous day; for Live Pig 2603, the trading volume is 15,659 lots, a decrease of 13,058 lots from the previous day, and the open interest is 84,415 lots, an increase of 1,227 lots from the previous day [2]. - **Price Spreads**: The basis of Live Pig 2511 is 520 yuan/ton with a year - on - year increase of 315 yuan/ton; the basis of Live Pig 2601 is - 240 yuan/ton with a year - on - year increase of 265 yuan/ton; the basis of Live Pig 2603 is 395 yuan/ton with a year - on - year increase of 280 yuan/ton; the spread between Live Pig 11 - 1 is - 760 yuan/ton with a year - on - year decrease of 50 yuan/ton; the spread between Live Pig 1 - 3 is 635 yuan/ton with a year - on - year increase of 15 yuan/ton [2]. 3.2 Market Information - **Trend Intensity**: The trend intensity is 0, indicating a neutral market sentiment. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [3]. 3.3 Futures Research - New delivery warehouses have been added by Yuexiu and Yangxiang. - In September, the national feed production of the Feed Industry Association was 30.36 million tons, with a month - on - month increase of 3.4% and a year - on - year increase of 5% [4].