Core Insights - The seminar focused on the integration of synthetic biology and modern animal husbandry in Pingliang, aiming to establish a model for high-quality livestock industry in the western region of China [1] Group 1: Event Overview - The seminar was held on December 8, organized by various agricultural and scientific institutions from Tianjin and Pingliang, with over 50 participants including experts and local practitioners [1] - The event aimed to deepen technological cooperation between Tianjin and Gansu, emphasizing the collaborative model of "technology research in Tianjin, application in Pingliang" [1] Group 2: Key Presentations - Chen Jiexin, Vice President of Pingliang Agricultural Science Institute, highlighted synthetic biology as a core engine for agricultural modernization and industry upgrading, viewing the seminar as a valuable opportunity for collaboration [2] - Dr. Ma Yi, Chief Expert of Tianjin Dairy (Meat Sheep) Industry Technology System Innovation Team, discussed the importance of technological innovation in the livestock industry and proposed specific suggestions for integrating key technologies [2] - Zhang Xiaoli, Deputy General Manager of Baikui Rui (Tianjin) Biotechnology, presented on the applications of synthetic biology in agriculture, emphasizing its role in producing functional proteins and probiotics, and reducing antibiotic use [2] Group 3: Industry Perspectives - Zhang Tianti, Chairman of Auchan Yuan Intelligent Equipment Co., Ltd., discussed the potential of synthetic biology to cultivate nutrient-enhanced super crops and promote high-end health products through biomanufacturing [3] - The seminar included interactive discussions where local technicians engaged with experts on technology adaptability and the transformation of scientific achievements [3] - The event was seen as a model for technological empowerment in agriculture, promoting collaboration between eastern and western regions of China [3]

1. Report Industry Investment Ratings - Short-term adjustment: Soybean meal, Rapeseed meal [1] - Short-term consolidation: Palm oil [1] - Short-term bullish oscillation: Soybean oil [1] - Range oscillation: Rapeseed oil [1] - Cautiously bullish: Cotton [1] - Short-term rebound: Red dates, Live pigs [1] 2. Core Views of the Report - **Soybean meal**: Sino-US soybean procurement has started, but the US market has questioned the optimistic export prospects of US soybeans recently. The weak year-on-year export shipment data has led to a consolidation of US soybeans at a high level. The latest soybean and soybean meal inventories decreased week-on-week but were higher year-on-year, with short-term supply temporarily sufficient. Before the release of the USDA December report, the market expects the report to be bearish, with the possibility of a month-on-month increase in the global and US soybean ending stocks. Domestic soybean meal fell yesterday. It is expected to remain in a bearish adjustment before the release of the USDA report [1][3]. - **Rapeseed meal**: Coastal oil mills have zero rapeseed inventory, zero crushing, and low imports, but port inventories are still higher year-on-year. Spot prices are reduced to destock during the off-season. There is no major expected change in the fundamentals. The long-term supply and demand are relatively strong, but the near-term port inventory pressure is high. Rapeseed meal followed the decline in soybean meal prices yesterday. The short-term trend is expected to be in the range above 2,270 yuan. Attention should be paid to the USDA December report and the follow-up progress of Sino-Canadian trade [1][6]. - **Palm oil**: The export data of Malaysian palm oil in the first 30 days of November remained weak, and the output decreased slightly month-on-month, with the decline less than that of exports. Floods occurred in Southeast Asia in mid-November, triggering market expectations of palm oil entering the production reduction season. Increased purchases from India boosted market sentiment. The futures price continued to consolidate at a high level after the rebound yesterday. However, there is a high probability of inventory accumulation in Malaysian palm oil in November. As the data release approaches, be cautious about chasing long positions at high levels. For phased operations, pay attention to the opportunity to buy at low levels after the adjustment stabilizes [1][8]. - **Soybean oil**: The domestic soybean oil inventory decreased slightly month-on-month but was still higher than the five-year average. It closed slightly lower yesterday. Attention should be paid to the weather conditions of South American soybeans. It is expected to show a large-range trend this week [1]. - **Rapeseed oil**: Currently, coastal oil mills have zero operation, zero rapeseed inventory, and zero rapeseed imports in November. The port inventory continued to decline month-on-month, but the import sources are diversified, including Australian and Russian rapeseed. The latest data shows that the Canadian rapeseed output in 2025 is higher than market expectations, a year-on-year increase of 13.3%. Rapeseed oil closed lower yesterday. Attention should be paid to the previous low for technical support [1]. - **Cotton**: The US cotton harvest is nearing completion, and Brazil has started the new planting season. The proportion of weather-related trading in the market is gradually increasing. The current price is not high, and the ICE market is expected to fluctuate. In China, more than half of the new cotton has been inspected, and sales have continued to be relatively fast. The circulation of low-basis resources in the spot market has decreased, and cost support has increased. The cash flow of downstream textile enterprises has recovered in recent months, showing demand resilience. The narrowing decline in foreign trade in November further supported cotton prices. However, the upward trend is still restricted by high inventories and a dense hedging pressure area. For operations, consider buying on dips and continue to pay attention to the medium- to long-term moderate recovery opportunity after the supply pressure is digested [1][12]. - **Red dates**: At the end of the acquisition, the spot price increase has slowed down the downward trend. As the peak season for new product listing and consumption approaches, market volatility will increase. High inventories still put significant pressure on the price rebound. In a situation of loose supply and demand, a generally bearish attitude is recommended. On the futures market, most of the premium caused by the speculation of a large reduction in new-season red date production since early June has been gradually squeezed out. The downward trend of the futures has slowed down and is approaching the spot cost. With the cooling weather, the spot price has stopped falling. Short-term rebound opportunities are worth attention [1][15]. - **Live pigs**: The futures market has rebounded due to disruptions in epidemic prevention and control and macro sentiment, but the above logic has shown differentiation in the price spreads of different contracts. Therefore, the January contract is more likely to be affected by short-term capital. In the January contract, the market has started to price in the expectations of the peak pickling season and the large-scale slaughter at the end of the month, so market volatility is expected to increase. For the January contract, due to expected trading, secondary position limits, and the sentiment influence of the March contract, short-term long positions should be avoided. The March contract lacks fundamental support, but there is intense capital competition. Pay attention to the opportunity to short on rebounds and the 3 - 5 reverse spread opportunity. Also, keep an eye on the spot price and pickling progress [1][18]. 3. Summaries by Related Catalogs Soybean meal - **Price data**: The futures price of the main contract closed at 2,778 yuan/ton, a decrease of 43 yuan or 1.52% from the previous day. The national average spot price was 3,107.43 yuan/ton, a decrease of 4 yuan or 0.13% [2]. - **Inventory data**: As of December 5, 2025, the national port soybean inventory was 9.37 million tons, a decrease of 206,000 tons from the previous week and an increase of 2.2749 million tons from the same period last year. The soybean inventory of 125 oil mills was 7.1552 million tons, a decrease of 184,400 tons or 2.51% from the previous week and an increase of 1.6849 million tons or 30.80% from the same period last year. The soybean meal inventory was 1.1619 million tons, a decrease of 41,300 tons or 3.43% from the previous week and an increase of 481,400 tons or 70.74% from the same period last year [3]. Rapeseed meal - **Price data**: The futures price of the main contract closed at 2,342 yuan/ton, a decrease of 35 yuan or 1.47% from the previous day. The national average spot price was 2,474.74 yuan/ton, unchanged from the previous day [4]. - **Inventory data**: As of December 5, the coastal area's main oil mill rapeseed inventory was 0 tons, unchanged from the previous week; the rapeseed meal inventory was 20 tons, an increase of 10 tons from the previous week; the unexecuted contract was 0 tons, unchanged from the previous week [6]. Palm oil - **Price data**: The futures price of the main contract closed at 8,706 yuan/ton, a decrease of 64 yuan or 0.73% from the previous day. The national average price was 8,748 yuan/ton, a decrease of 50 yuan or 0.57% [7]. - **Inventory data**: As of December 5, 2025 (week 49), the national key area's palm oil commercial inventory was 683,700 tons, an increase of 30,200 tons or 4.62% from the previous week and an increase of 167,000 tons or 32.32% from the same period last year [8]. Cotton - **Price data**: The futures price of the main contract (CF2601) was 13,750 yuan/ton, unchanged from the previous day. The CCIndex (3218B) spot price was 15,009 yuan/ton, a decrease of 13 yuan or 0.09% [9]. - **Supply and demand data**: In the US, the new cotton harvest progress reached 79%, and 1.237 million tons of new cotton had been inspected, with a progress of about 40.2%. In India, the daily new cotton listing was between 16,000 and 20,000 tons, and nearly 42,500 tons had been purchased at the MSP. In Brazil, the 2025 cotton processing progress was 73.87%, and the non-main producing areas had started sowing the 2026 new cotton. In China, the new cotton picking was almost completed, with more than 4.74 million tons inspected. The new cotton sales progress continued to be relatively fast, and the new-season lint cost was basically locked between 14,600 and 15,000 yuan/ton [10][11]. Red dates - **Price data**: The futures price of the CJ2601 contract closed at 9,180 yuan/ton, an increase of 5 yuan or 0.05% from the previous day. The spot price of Kashgar common dates was 7 yuan/kg, an increase of 0 yuan or 4.00% [13]. - **Inventory data**: The latest 36 sample enterprises' physical inventory of red dates was 13,910 tons, an increase of 3,062 tons from the previous week and 270 tons lower than the same period [14]. Live pigs - **Price data**: The futures price of the main contract (1h2603) closed at 11,385 yuan/ton, an increase of 300 yuan or 2.71% from the previous day. The national average slaughter price was 11,270 yuan/ton, an increase of 80 yuan or 0.71% [16]. - **Supply and demand data**: In November, the breeding side actively slaughtered, with intense competition. The large-scale enterprises had high slaughter pressure, and the overall plan completion was not ideal. In December, the planned slaughter increased by 3.2%. The supply pressure was expected to be gradually released around the Winter Solstice in December. In the medium term, the number of new-born piglets in November decreased by 76,200 to 5.7031 million. In the long term, the number of fertile sows in October decreased to 39.9 million, and it was expected to complete the reduction target of 39.5 million by the end of the year. On the demand side, with the cooling weather, the pickling and enema activities in the southwest and other regions continued to increase, and the slaughtering enterprise's operating rate, pig - grain ratio, and fresh sales rate stopped falling and rebounded, gradually entering a period of high supply and demand [17].

Core Viewpoint - The conference on "Media + Finance" empowering the high-quality development of the livestock industry in the Guangdong-Hong Kong-Macao Greater Bay Area was successfully held in Zhaoqing, Guangdong, emphasizing the synergy between media and finance to enhance modern livestock development [1] Group 1: Conference Highlights - The theme of the conference was "Media Lights Up Value, Finance Empowers the Future," focusing on the integration of media and financial tools to drive the transformation and upgrading of the livestock industry [1][4] - A strategic cooperation framework agreement was signed among Huatai Futures, Zhaoqing Agricultural and Rural Bureau, China United Insurance, Postal Savings Bank, and Southern Daily Zhaoqing Branch, aiming to create a high-level communication platform for the livestock industry [4] Group 2: Financial Initiatives - Huatai Futures has established a close partnership with Zhaoqing Agricultural and Rural Bureau, successfully implementing the Dalian Commodity Exchange's "Farmer Income Guarantee Program" for four consecutive years, securing 10 million yuan in funding for the pig county project in 2022, the highest in the province for similar projects [3] - Over the past four years, innovative financial projects like "Insurance + Futures" have provided nearly 22 million yuan in risk compensation to local farmers, effectively mitigating the impact of price fluctuations on their operations [3] Group 3: Future Plans - In 2025, the collaboration will further upgrade with the launch of an 8 million yuan local specialty insurance project, establishing a comprehensive service system for the pig industry across Zhaoqing [3] - Huatai Futures aims to deepen cooperation with Zhaoqing Agricultural and Rural Bureau, expanding the application of financial tools in the livestock industry and facilitating effective connections between institutional resources and local industry needs [9]

就职于德康合广区域公司合川服务部专员李老师是一名动物医学专业硕士毕业生，硕士阶段的实验室研 究让他有了扎实的理论基础，而在德康这所社会大学里的实践与进修则让他真正成为了一名优秀的农场 守护者。从饲料配比到温度调控，从猪群行为观察到设备维护，正是在李老师的精细化管理下，2024 年，其管辖范围内的养户管理全年无异常，平均正品上市率达到96%以上。 然而，传统的自繁自养和"公司+农户"的仔猪代养模式一直是市场主流，起初即便是在企业内部王德根 想推广把母猪交给农民并教会农民养好母猪的"二号家庭农场"新模式都遇到了重重阻力，而要让农户打 心底里认可德康的创新做法更是难上加难。 本着"不难不做"的企业价值观，这十年里德康农牧硬是蹚出了一条深具自身特色的发展路径。在王德根 看来，让猪农"会养母猪"首先需要培养高质量的农民群体。为此，德康专门成立了农场服务部，以高质 量的专业人才队伍为抓手向农户持续输出"全套养母猪的方法"。 李老师所在的农场服务部，正是德康农牧触达并服务好家庭农场主的关键部门。在经历多年的探索与沉 淀后，德康农牧现已搭建完毕一整套针对家庭农场科学规范的管理模式，并能够为合作的家庭农场提供 覆盖全生命周期的 ...

农产品日报 | 2025-12-09 需求有所回升，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 2603合约11385元/吨，较前交易日变动+0.00元/吨，幅度+0.00%。现货方面，河南地区 外三元生猪价格11.30元/公斤，较前交易日变动-0.07元/公斤，现货基差 LH03-85，较前交易日变动-90；江苏地区 外三元生猪价格 11.40元/公斤，较前交易日变动+0.01元/公斤，现货基差LH03+15，较前交易日变动+20；四川地 区外三元生猪价格11.46元/公斤，较前交易日变动+0.11元/公斤，现货基差LH03+75，较前交易日变动+230。 据农业农村部监测，12月8日"农产品批发价格200指数"为129.26，比上周五上升0.48个点，"菜篮子"产品批发价格 指数为131.98，比上周五上升0.57个点。全国农产品批发市场猪肉平均价格为17.66元/公斤，比上周五下降0.1%； 牛肉66.03元/公斤，比上周五下降0.3%；羊肉62.71元/公斤，比上周五下降0.8%；鸡蛋7.32元/公斤，比上周五下降 1.6%；白条鸡17.26元/公斤，比上周五下降1.3%。 市 ...

Report Overview - Report Date: December 9, 2025 [1] - Report Title: "Pigs: Basis Logic Regression" [1] - Analysts: Zhou Xiaoqiu, Wu Hao [1] Industry Investment Rating - No information provided Core View - No information provided Summary by Directory 1. Fundamental Tracking - **Spot Prices**: Henan's spot price is 11,380 yuan/ton, down 150 yuan; Sichuan's is 11,500 yuan/ton, up 200 yuan; Guangdong's is 12,160 yuan/ton, up 200 yuan [2] - **Futures Prices**: The prices of "Pig 2601", "Pig 2603", and "Pig 2605" are 11,575 yuan/ton, 11,385 yuan/ton, and 11,955 yuan/ton respectively, with year - on - year increases of 190 yuan, 300 yuan, and 150 yuan [2] - **Trading Volume and Open Interest**: The trading volume of "Pig 2601", "Pig 2603", and "Pig 2605" is 51,761 lots, 108,904 lots, and 25,905 lots respectively, with increases of 17,755 lots, 69,636 lots, and 11,074 lots compared to the previous day. The open interest is 70,601 lots, 151,512 lots, and 78,481 lots respectively, with changes of - 12,739 lots, + 3,297 lots, and + 1,344 lots compared to the previous day [2] - **Price Spreads**: The basis of "Pig 2601", "Pig 2603", and "Pig 2605" is - 195 yuan/ton, - 5 yuan/ton, and - 575 yuan/ton respectively, with year - on - year changes of - 340 yuan, - 450 yuan, and - 300 yuan. The spread between "Pig 1 - 3" is 190 yuan/ton, down 110 yuan year - on - year; the spread between "Pig 3 - 5" is - 570 yuan/ton, up 150 yuan year - on - year [2] 2. Market Information - Yunnan Shennong registered 85 lots of warehouse receipts on December 4; Guizhou Fuyuan registered 23 lots of warehouse receipts on December 5 [3] 3. Trend Intensity - The trend intensity is - 1, indicating a bearish view, with the range of trend intensity being integers in the [-2, 2] interval [4]

2025年1-11月，公司累计销售生猪211.13万头(其中仔猪30.93万头)，累计销售收入34.64亿元。 京基智农（000048）(000048.SZ)披露2025年11月生猪销售情况，2025年11月，公司销售生猪20.23万头 (其中仔猪1.88万头)，销售收入3.01亿元;商品猪销售均价12.44元/kg。 ...

智通财经APP讯，京基智农(000048.SZ)披露2025年11月生猪销售情况，2025年11月，公司销售生猪 20.23万头(其中仔猪1.88万头)，销售收入3.01亿元;商品猪销售均价12.44元/kg。 2025年1-11月，公司累计销售生猪211.13万头(其中仔猪30.93万头)，累计销售收入34.64亿元。 ...

(本文来自第一财经) 京基智农公告，2025年11月，公司销售生猪20.23万头（其中仔猪1.88万头），销售收入3.01亿元；商品 猪销售均价12.44元/kg。1-11月，公司累计销售生猪211.13万头（其中仔猪30.93万头），累计销售收入 34.64亿元。 ...

格隆汇12月8日丨京基智农(000048.SZ)公布，2025年11月，公司销售生猪20.23万头（其中仔猪1.88万 头），销售收入3.01亿元；商品猪销售均价12.44元/kg。2025年1-11月，公司累计销售生猪211.13万头 （其中仔猪30.93万头），累计销售收入34.64亿元。 ...