Group 1: Investment Ratings - The investment rating for both the pig and egg industries is neutral [2][5] Group 2: Core Views - For the pig industry, although the supply of pigs is increasing monthly, the spot price is not under significant pressure and hovers around 15 yuan. The growth in demand can currently absorb the supply. The spot price is expected to remain stable, and the futures market is deeply discounted. In the long term, the pig supply will continue to grow, and changes in supply and demand need to be monitored [2] - For the egg industry, after the May Day holiday, demand weakened, spot prices declined, inventory increased, and breeding profits remained in the red. As the Dragon Boat Festival approaches, food companies have pre - holiday stocking needs, but due to weather in southern sales areas, the overall demand is increasing slowly. In the short term, the supply - demand imbalance of oversupply is difficult to change, and attention should be paid to Dragon Boat Festival stocking [4][5] Group 3: Market News and Key Data (Pig) - Futures: The closing price of the live pig 2509 contract was 14,020 yuan/ton, up 135 yuan/ton or 0.97% from the previous trading day [1] - Spot: In Henan, the price of external ternary live pigs was 15.04 yuan/kg, down 0.03 yuan/kg; in Jiangsu, it was 15.19 yuan/kg, unchanged; in Sichuan, it was 14.61 yuan/kg, unchanged [1] - Agricultural product wholesale prices: On May 14, the "Agricultural Product Wholesale Price 200 Index" was 115.15, down 0.15 points; the "Vegetable Basket" product wholesale price index was 115.49, down 0.17 points. The average price of pork was 20.90 yuan/kg, up 0.4%; beef was 63.24 yuan/kg, down 0.3%; mutton was 59.96 yuan/kg, up 0.4%; eggs were 7.85 yuan/kg, down 0.1%; and white - striped chickens were 17.32 yuan/kg, up 2.3% [1] Group 4: Market News and Key Data (Egg) - Futures: The closing price of the egg 2506 contract was 2,921 yuan/500 kilograms, up 3 yuan or 0.10% from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 3.16 yuan/jin, unchanged; in Shandong, it was 3.35 yuan/jin, unchanged; in Hebei, it was 2.89 yuan/jin, down 0.04 yuan [3] - Inventory: On May 14, 2025, the national production - link inventory was 0.82 days, up 0.01 days or 1.23%; the circulation - link inventory was 1.21 days, down 0.05 days or 3.97% [3]

行业 生猪日报 日期 2025 年 05 月 15 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： 二、行业要闻 请阅读正文后的声明 - 2 - 期货方面，14 日生猪主力 2509 合约平开后震荡走高，尾盘收阳，最高 14 ...

Group 1 - The wind power industry chain, including complete machines and core components, is expected to see simultaneous growth in volume and profit [1][19] - The offshore and overseas wind power markets are anticipated to lead industry growth due to increasing domestic and international demand [19] Group 2 - The U.S. has committed to canceling 91% of tariffs on Chinese goods and suspending 24% of reciprocal tariffs, which is expected to positively impact trade relations [4][5] - The Chinese government has also agreed to cancel 91% of its counter-tariffs and suspend 24% of reciprocal tariffs, indicating a mutual effort to lower trade barriers [5] Group 3 - In April, the total social financing stock reached 424 trillion yuan, with a year-on-year growth of 8.7% [6] - The broad money (M2) balance was 325.17 trillion yuan, reflecting an 8% year-on-year increase [6][7] Group 4 - Tencent reported Q1 revenue of 180 billion yuan, a 13% year-on-year increase, with a net profit of 49.7 billion yuan, up 17% [13] - The company’s non-IFRS operating profit was 69.32 billion yuan, representing an 18% increase year-on-year [13] Group 5 - Huazhong shares reported April sales revenue of 375 million yuan from pig sales, with a year-on-year increase of 2.92% [16] - The average selling price for commodity pigs remained stable at 14.8 yuan per kilogram [16]

Group 1: Livestock Industry Transformation - Shandong Minhe Livestock Co., Ltd. has evolved from a traditional farm to a leading agricultural enterprise with an annual output of 350 million chickens over 39 years [1] - The bank has provided nearly 60 million yuan in loans since 2024 to support the company's smart equipment upgrades and international market expansion [1] - The company has achieved high production and sales volumes, entering the EU meat product import list and obtaining BRCGS global food safety certification [1] Group 2: Digital Agriculture Advancements - The bank has injected 350 million yuan in credit to develop a modern agricultural complex in Weifang, which integrates vegetable processing and cold chain storage [3] - The bank utilizes real-time satellite remote sensing data to monitor crop growth, enabling precise identification of crop types and growth conditions [3] - The "Xingcun Loan" program provides targeted financial support to enhance agricultural productivity [3] Group 3: Fisheries Financial Support - The bank issued its first marine ranch project loan, revitalizing the local marine economy [4] - A new mechanism was established to provide one-stop financial services to fishermen, addressing their funding challenges during fishing moratoriums [4] - Over 6 million yuan in specialized credit funds have been disbursed to support local fisheries, improving equipment and operational capabilities [4]

Group 1 - The core viewpoint of the article is the implementation of the "Action Plan for Promoting High-Quality Development of the Private Economy in Henan Province," which includes six special actions and 21 key tasks aimed at enhancing the contribution of the private economy to the province's overall economic growth [1] - The plan aims for a qualitative improvement and reasonable quantitative growth of the private economy in Henan over approximately three years, with a focus on increasing the number of operating entities and enhancing the core competitiveness of leading private enterprises [1][3] - The private economy in Henan contributes over 55% of the province's GDP, around 65% of tax revenue, approximately 70% of total imports and exports, over 85% of high-tech enterprises, and over 90% of new urban employment [1] Group 2 - As of the end of 2024, the number of private economic entities in Henan is expected to reach 10.817 million, accounting for 96% of all operating entities [2] - The plan includes specific actions such as cultivating backbone private enterprises, increasing support for transformation and upgrading, and encouraging research and development investments [5][6] - The plan also emphasizes the need to match the number of private enterprises in the "Top 500 Private Enterprises in China" with the province's economic scale [3]

Group 1: Agricultural Technology Advancements - The introduction of mechanized harvesting in Guangyuan City has significantly improved efficiency, with a harvesting machine completing the task for over 40 acres in just 4 hours, while also reducing pest populations and disease transmission [1] - The use of automated seedling production lines and advanced equipment in rice cultivation has reduced the time for transplanting seedlings by approximately 15 days, while increasing rice yield by about 10% per acre [2][3] - The establishment of a digital agriculture platform in the modern agricultural park allows for real-time monitoring of environmental conditions, enhancing the management of kiwi fruit cultivation [5] Group 2: Crop and Livestock Production Goals - Guangyuan City plans to plant 125,000 acres of rice by 2025, with transplanting expected to be completed by early June [4] - The implementation of double-layer chicken housing has doubled the capacity for raising chickens, allowing for 200,000 meat chickens to be produced this year, generating an estimated output value of 120 million yuan [7][8] Group 3: Sustainable Agricultural Practices - The district is focusing on high-quality grain production and the promotion of modern agricultural practices, including the replacement of traditional methods with technology-driven solutions [8]

*ST傲农（603363）今日参加2025年福建辖区上市公司投资者网上集体接待日活动，在活动中回答了投 资者净利润、营收规模等问题，提到公司今年业务恢复性增长，预计生猪出栏量为250万头，未来不再 盲目追求营收的快速增长。 公司表示，重整后新傲农在经营管理及重大决策方面的机制、体制及治理体系，做了重新的优化与完 善，特别在人力资源、投资、风控、法务、监察审计等方面全面加强。 有投资者询问，傲农从重整后市值变大，如何撑起现在的市值。 *ST傲农回应，公司经过重整，一方面改善了资本结构，负债率大幅度下降，流动性显著改善；另一方 面通过重整淘汰了大部分低效资产，特别是养猪产业，保留了江西、福建等几个地区的优质猪场。公司 未来围绕"突破饲料、优化养猪、发展食品"的战略，根据公司的规划有序开展各项业务，公司未来不再 盲目追求营收的快速增长，而是根据资源匹配通过改善经营质量来为投资者创造价值。同时公司通过增 强信息披露质量和透明度，积极采取措施提振投资者信心，未来条件具备的情形下，公司也会积极考虑 运用分红、回购、并购等措施，依法依规实施，推动提升公司投资价值。 此外，*ST傲农表示，公司重整后有序开展母猪场的满产及复产 ...

英国坚持拒绝进口美国激素喂养牛肉，英国还拒绝购买美国使用激素处理的鸡肉。（华盛顿邮报） ...

Group 1 - Australia's beef export volume reached a record high of 127,000 tons in April, with the United States being the largest destination at 37,213 tons, followed by China at 21,572 tons [1] - The increase in beef exports is attributed to record supply levels, with both beef export and production hitting new highs last year, leading to a steady rise in total production and export volumes [3] - Demand for grain-fed beef from China surged, with exports exceeding 37,000 tons in April, marking a historical monthly high, and imports from Australia reaching approximately 42,000 tons year-to-date, a 36% increase compared to the same period last year [3] Group 2 - The ongoing U.S.-China trade war has led to a near halt in U.S. beef exports to China, with recent cancellations of 5,500 tons of orders, although other international markets, particularly South Korea and Japan, are absorbing these lost orders [5] - Drought conditions in southern Australia have forced many farmers to sell off cattle, resulting in record numbers of cattle entering markets, with Wagga Wagga seeing nearly 8,700 cattle traded recently [6][8] - The overall cattle prices have stabilized due to strong demand from feedlots and northern farmers, despite a general decline in national cattle indicators, with slaughter cow prices dropping by 22 Australian cents per kilogram to the lowest level of the year [10][12]

华统股份（002840）公告，2025年4月份，公司生猪销售数量20.82万头，环比变动-8.74%，同比变动 3.36%。生猪销售收入3.75亿元，环比变动-4.28%，同比变动2.92%。商品猪销售均价14.8元/公斤，与 2025年3月份持平。2025年4月份鸡销售数量77.81万只，环比变动12.97%，同比变动-56.91%。鸡销售收 入1196.39万元，环比变动5.31%，同比变动-41.32%。 ...