Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The overall price of live pigs across the country is mainly fluctuating, with slight declines in some areas. The supply - side pressure is relatively limited, and it is expected that the pig price will generally continue to fluctuate. The futures market is expected to have a narrow - range oscillation [4][6]. 3. Summary by Related Content 3.1 Price Information - **Spot prices**: Today, the average spot price of live pigs was 14.37 yuan/kg, down 0.06 yuan/kg from yesterday. Prices in most regions remained stable, with slight declines in some areas such as Hubei, Anhui, Jiangsu, Yunnan, Hebei, and Guizhou [4]. - **Futures prices**: Some futures contracts showed an upward trend. For example, LH07 increased by 50 to 13,575, and LH09 increased by 15 to 13,885. However, some contracts declined, like LH01 decreased by 5 to 13,780, and LH05 decreased by 110 to 14,090 [4]. - **Prices of sows and piglets**: Piglet prices were 517 yuan this week, down 12 yuan from last week, while sow prices remained unchanged at 1,631 yuan [4]. - **Breeding profits**: The self - breeding and self - raising profit was 84.33 yuan/head, down 0.71 yuan/head from yesterday, and the profit from purchasing piglets was 58.46 yuan/head, up 9.92 yuan/head from yesterday [4]. 3.2 Supply - side Situation - **Slaughter volume**: The slaughter volume today was 147,333 heads, an increase of 100 heads from yesterday [4]. - **Weight and price difference of pigs**: The price difference between different weights of pigs has significantly decreased compared to before. The enthusiasm for weight gain on the breeding side is average. The enthusiasm for secondary fattening has declined [4]. - **Farmers' sales**: The sales situation on the breeding side has slightly improved. The sales of large - weight pigs have increased, while the motivation for selling standard pigs remains low. The sales of large - scale enterprises have returned to normal after a previous increase in the sales rhythm [4]. 3.3 Trading Strategies - **Single - side trading**: Mainly fluctuate [7]. - **Arbitrage**: LH79 reverse arbitrage [7]. - **Options**: Sell the wide - straddle strategy [7].

销售均价：重点上市猪企四月商品猪销售均价环比小幅上涨 重点上市猪企四月生猪出栏量同比+37.2% 13家重点上市猪企中，12家出栏量同比为正值，其中正邦科技(+236.0%)、正虹科技(+111.3%)同比增幅 超100%，增幅较大;仅京基智农(-2.8%)同比出栏量小幅下降。由于牧原股份出栏量占比较大，剔除其影 响后，剩余12家重点猪企4月出栏量同比+27.4%。牧原股份4月商品猪出栏量在24年大基数之上，同比 再增长51.8%。 出栏体重：该行测算，重点猪企四月生猪出栏均重环比约+0.6% 4月，8家重点上市猪企生猪出栏均重约124.7kg/头，高位环比持续增长。其中，仅金新农(-2.1%)、温氏 股份(-1.0%)出栏均重小幅下调，重点猪企出栏均重基本在120kg以上。该行认为，受标肥价差影响，上 市猪企为优化头均盈利水平，普遍采取增重出栏措施，后续压栏情绪或随价差收窄有所减弱。 智通财经APP获悉，方正证券发布研报称，4月重点上市猪企整体出栏量环比小幅下降，变动值在正常 生产经营调整范围内。该行测算，重点猪企四月生猪出栏均重环比约+0.6%。重点上市猪企四月商品猪 销售均价环比小幅上涨生猪板块在低猪价 ...

Core Viewpoint - The Xinjiang Production and Construction Corps's 12th Division is demonstrating a strong commitment to high-quality development, achieving a GDP of 5.23 billion yuan in Q1, with a year-on-year growth of 5.6%, despite facing multiple challenges [1] Economic Performance - The primary industry saw a significant increase in value added by 33.6% year-on-year, driven by the flourishing flower gardening and livestock sectors, indicating a successful transition from traditional agriculture to modernization and branding [2] - The industrial sector also showed stable growth, with industrial production increasing by 13.6% year-on-year, supported by energy supply and food processing [2] Industrial Growth - Natural gas supply doubled, contributing to a 100% increase in output value for Xinjiang Dexin Hengyang Gas Co., which boosted the overall industrial output value by 6.58 percentage points [3] - The construction industry experienced a 7.8% increase in total output value, with major contributions from leading companies [3] Demand Recovery - Investment, consumption, and exports are identified as the three driving forces of economic growth, with wholesale sales increasing by 20.88% year-on-year [4] - Fixed asset investment grew by 16.6%, with a focus on infrastructure and livelihood projects, indicating a structural optimization [4] Investment and Innovation - The 12th Division is emphasizing effective investment, with significant progress in major projects and strong support from industrial and private investments [5] - As part of the first pilot free trade zone in Northwest China, the 12th Division is exploring new paths for an outward-oriented economy, with foreign trade enterprises achieving an import-export value exceeding 5.4 billion yuan [6] New Consumption Trends - The rise of night economy and experiential consumption is evident, with new shopping centers attracting significant foot traffic and boosting local business revenues [7] - Non-profit service industries are also growing, contributing positively to GDP, with companies providing safety services and community support seeing substantial revenue increases [7]

Report Information - Report Title: Pig Daily Report [1] - Date: May 14, 2025 [2] Industry Investment Rating - No information provided Core View - The supply of live pigs is increasing, demand is weakening, and the supply - demand situation is relatively loose, resulting in a weak spot price. The futures contracts are all at a discount to the spot, and they are mainly oscillating weakly due to the off - season demand and the expected second - fattening出栏 [7] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 13th, the main 2509 contract of live pigs opened flat, then bottomed out and rebounded, closing up at the end of the session. The highest was 13,910 yuan/ton, the lowest was 13,845 yuan/ton, and the closing price was 13,885 yuan/ton, unchanged from the previous day. The total index position decreased by 725 lots to 150,659 lots [7] - **Spot Market**: On the 13th, the national average price of external ternary pigs was 14.75 yuan/kg, down 0.02 yuan/kg from the previous day [7] - **Demand Side**: Currently, the fattening cost is low and the breeding profit is good, but the price difference between fat and standard pigs is inverted, and the utilization rate of pigsty is relatively high. The enthusiasm for secondary fattening to replenish inventory is average, mainly in a sporadic and continuous entry state. Terminal demand has weakened, and the slaughter rate and volume of slaughtering enterprises have declined. On May 13, the slaughter volume of sample slaughtering enterprises was 147,300 heads, an increase of 100 heads from the previous day and a decrease of 3,100 heads from a week ago [7] - **Supply Side**: According to Yongyi sample data, the planned sales volume in May is 23.65 million heads, a 1.98% increase from the actual slaughter volume in April. The breeding side is actively slaughtering, and with the continuous slaughter of previously second - fattened pigs, the slaughter weight has increased slightly [7] 2. Industry News - From May 8th, the average market sales price of 15 - kg piglets was 647 yuan/head, a decrease of 3 yuan/head from the previous week [10] - As of May 8th, the average profit per self - bred and self - raised pig was 189 yuan/head, a week - on - week decrease of 2 yuan/head; the average profit per pig purchased with piglets was 132 yuan/head, a week - on - week increase of 13.5 yuan/head [10] - From May 8th, the average national slaughter weight was 129.71 kg, an increase of 0.5 kg from the previous week, with a week - on - week increase of 0.39% [11]

Core Viewpoint - *ST Tianshan is implementing a strategic contraction of its upstream breeding business due to significant financial pressure, as evidenced by a drastic decline in livestock sales and revenue [1][4]. Sales Performance - In April, *ST Tianshan sold only 4 head of livestock, generating a revenue of 70,500 CNY, which represents a month-on-month decline of 33.33% in sales volume and 20.89% in revenue [2][4]. - Year-on-year comparisons show a staggering drop of 98.23% in sales volume and 95.68% in revenue [2][4]. Financial Condition - For the year 2024, *ST Tianshan reported total revenue of 138 million CNY, a slight increase of 0.07% year-on-year, but a net loss of approximately 65.95 million CNY, which is a 199.74% increase in losses compared to the previous year [4]. - In the first quarter of 2025, the company achieved a revenue of approximately 24.65 million CNY, marking a year-on-year growth of 40.5%, while the net loss was reduced to about 4.96 million CNY, a decrease in losses by 31.19% [4]. Business Strategy - The company plans to strategically reduce its breeding operations to stabilize overall operations, with intentions to expand breeding scale when financial conditions improve [4]. - Approximately 80% of *ST Tianshan's main business is in the livestock industry, primarily focusing on cattle breeding and beef cattle farming [4].

Group 1 - The total output value of agriculture, forestry, animal husbandry, and fishery in Heihe City reached 1.35 billion yuan in the first quarter, with a growth rate of 4%, surpassing the provincial average by 0.2 percentage points and last year's growth of 3.3 percentage points, laying a solid foundation for the continuous improvement of agricultural economy throughout the year [1] - The agricultural sector has implemented the "Agricultural Quality Improvement and Efficiency Enhancement Action," focusing on policy implementation, industry cultivation, technical support, and service guidance, which has contributed to a good start for the agricultural economy [1] - In the planting industry, the production of vegetables and edible fungi reached 552.5 tons, an increase of 10.6%, while the fruit production increased by 109.6% to 18.7 tons, with the planting industry output value achieving 22.68 million yuan, a growth of 5.9% [1] Group 2 - The animal husbandry sector has introduced reward measures for development, implemented high-end beef cattle projects, and stabilized pig production capacity, resulting in an output value of 1.17289 billion yuan, with a growth of 3.5% [1] - The fishery sector has actively implemented provincial policies and conducted winter fishing activities, achieving an output value of 5.59 million yuan, with a remarkable growth of 351% [1] - The forestry sector has efficiently utilized timber harvesting quotas, with timber production reaching 4,565 cubic meters and wild mountain product collection at 2,549.45 tons, resulting in a forestry output value of 31.05 million yuan, a growth of 2.5% [2] Group 3 - The agricultural authorities plan to enhance mechanization, promote high-yield technologies, and develop facility agriculture to increase planting industry output [2] - The focus will be on livestock, particularly cattle and geese, with efforts to implement provincial policies to boost livestock production and provide technical support to farmers [2] - The overall strategy aims to activate the potential of specialty industries, enhance guidance services, and promote continuous improvement in the agricultural economy, ultimately increasing farmers' income [2]

Core Insights - China is diversifying its agricultural imports, with Brazil surpassing the US as the largest soybean supplier to China, and a procurement agreement worth approximately $900 million signed with Argentina [1][10] - The recent adjustments in US-China tariffs have created both opportunities and challenges for agricultural exporters in various countries, including Brazil and Australia [4][7] Group 1: Agricultural Trade Dynamics - Brazil has replaced the US as China's largest soybean supplier, with a significant procurement contract for at least 2.4 million tons of soybeans signed in April [3][4] - The US-China trade negotiations have led to a rise in soybean prices, returning to pre-trade conflict levels, which is a positive sign for US soybean farmers [3][4] - Argentina is focusing on increasing its agricultural exports to China, with 80% of its beef exports directed to the Chinese market [9][10] Group 2: Impact of Tariff Adjustments - The US soybean market is expected to face increased competition from Brazil if tariffs remain low, potentially affecting US market share in China [4][7] - Australia is experiencing pressure on its agricultural exports due to US tariffs, prompting the government to allocate funds to help farmers explore markets outside the US [5][6] - Brazil's agricultural sector is adapting to the new pricing models and is encouraged to diversify its markets to reduce reliance on a single trading partner [8][11] Group 3: Future Prospects - The ongoing US-China trade discussions are viewed as crucial for global trade stability, with experts emphasizing the importance of a cooperative approach [1][9] - China's efforts to build a more diversified agricultural supply structure are expected to create new business opportunities for countries like Argentina [10][11] - The overall sentiment in the agricultural sector is one of cautious optimism, with stakeholders recognizing both the risks and opportunities presented by the evolving trade landscape [5][7]

如今，润坤牧业在杨巷镇这片土地上蓬勃发展，生猪养殖产业也成为了当地的一张亮丽名片。近年来， 润坤牧业因自身资金充足已经归还了银行贷款，但金融与农业产业的深度融合，让更多从业者看到了发 展的广阔前景，激发了他们投身农业产业的热情，也为当地经济的可持续发展奠定了坚实基础。江南农 村商业银行将继续书写更多乡村振兴的精彩篇章，让这片土地焕发出更加蓬勃的生机与活力。 江文澜张辰冰 润坤牧业是宜兴地区一家颇具规模的畜牧业企业，数年前，公司计划与正大集团开展合作，扩建母猪扩 繁场和商品猪育肥场，按智能化、标准化、生态化的养殖管理模式进行生猪养殖管理，计划产能每年供 应生猪十万头以上，但对企业的养殖规模、资金周转等提出了更高的要求。关键时刻，江南农商银行向 其伸出援手。该行宜兴支行丁蜀分理处在了解到企业面临的资金需求后，经过详细调研和深入评估，为 企业办理了300万元的贷款，并给予了当期较低水平的贷款利率。这笔贷款犹如一场及时雨，解了润坤 牧业的燃眉之急。 有了资金的支持，新项目建设如火如荼地开展起来。通过引入丹麦进口的环控系统、温控系统，新建标 准化猪舍，改善了生猪的生长环境。当前，基地设施设备处于国内外领先水平，猪舍温度 ...

Core Viewpoint - New Hope Liuhe Co., Ltd. has completed the investment projects funded by the proceeds from its non-public stock issuance in September 2020 and public convertible bond issuance in November 2021, reaching the predetermined usable status and meeting the completion conditions [1][5]. Fundraising Overview - In September 2020, the company issued 177,147,918 shares at a price of RMB 22.58 per share, raising a total of approximately RMB 3.999 billion, with a net amount of approximately RMB 3.995 billion after deducting issuance costs [1][2]. - In November 2021, the company issued RMB 815 million in convertible bonds, with a net amount of approximately RMB 813 million after deducting issuance costs [3]. Fund Management - The company has established special accounts for the proceeds from both the non-public stock issuance and the public convertible bond issuance, ensuring that all funds are stored in these accounts and are subject to a tripartite supervision agreement with the sponsoring institution and the bank [4]. Project Completion Status - All investment projects funded by the proceeds from the September 2020 stock issuance and the November 2021 convertible bond issuance have been completed and reached the predetermined usable status, with no remaining funds [5].

Core Viewpoint - The Mexican Agriculture Minister announced stricter restrictions on the circulation of cattle from the southern region of the country to combat the spread of spiraling worms, but there are no plans to close the southern border [1] Group 1 - Stricter regulations will be implemented for cattle movement from southern Mexico to address health concerns related to spiraling worms [1] - The decision aims to enhance biosecurity measures without resorting to closing the southern border [1]