Core Viewpoint - The livestock industry is crucial for national economy and people's livelihood, with the government emphasizing support for stable development in this sector [1][2]. Group 1: Industry Development - China is a major player in the livestock industry, with a projected production of 96.63 million tons of meat from pigs, cattle, sheep, and poultry in 2024, reflecting a 0.2% increase from the previous year [1]. - The industry is experiencing rapid modernization through the adoption of new technologies such as IoT, blockchain, and AI, transitioning from traditional farming methods to green and intelligent farming [1][3]. - The livestock sector plays a vital role in ensuring food security, increasing farmers' income, and promoting rural revitalization [1]. Group 2: Challenges and Solutions - The livestock industry faces multiple challenges, including increased competition from imported products, limited financial support, insufficient domestic supply of breeding stock and feed, and shrinking profit margins [2]. - The government report emphasizes the need for policy support to stabilize the livestock and fishery sectors, focusing on enhancing supply security and accelerating industrial transformation [2]. - A comprehensive supply chain system is proposed, integrating feed, breeding, slaughtering, and cold chain logistics to improve resilience and ensure stable production [2]. Group 3: Transformation and Upgrading - The industry is encouraged to shift from single farming to large-scale operations, promoting ecological circular models and integrated agricultural systems [3]. - Emphasis is placed on technological innovation and application, transitioning from speed-focused growth to quality and efficiency [3]. - Ensuring safety in ecological practices, animal disease prevention, product quality, and veterinary production is critical for the industry's sustainable development [3].

Core Viewpoint - The President of Mexico anticipates that the United States will soon resume imports of live cattle [1] Group 1 - The expectation of the U.S. resuming live cattle imports indicates a potential recovery in trade relations between Mexico and the U.S. [1]

Core Viewpoint - The company, Muyuan Foods Co., Ltd., has successfully issued its first phase of technology innovation bonds for the year 2025, raising a total of 300 million RMB to optimize its financing structure and reduce financing costs [1]. Group 1: Bond Issuance Details - The bond issuance was approved during the meetings of the board of directors and the first extraordinary general meeting of shareholders held on December 5 and December 21, 2023 [1]. - The total issuance scale was 300 million RMB, and the funds have been fully received as of the specified date in May 2025 [1]. - The bond, identified as SCP001 (Technology Innovation Bond), has a term of 270 days, with an interest rate of 1.95% and a face value price of 100 RMB per 100 RMB [1]. Group 2: Underwriters and Regulatory Compliance - The lead underwriter for this bond issuance is CITIC Bank Corporation Limited, with joint lead underwriters being Bank of China Limited and Zhejiang Commercial Bank [1]. - The company has ensured that the information disclosed is true, accurate, and complete, with no misleading statements or significant omissions [1].

Investment Rating - The overall industry investment rating is "Positive" for planting, livestock, and agricultural product processing sectors, while "Neutral" for forestry and fishery sectors [2]. Core Views - Recent grain price increases indicate a potential bottoming out of the planting industry chain, while livestock prices remain low with potential for high-level capacity adjustments. The importance of domestic agricultural supply is highlighted by tariff countermeasures, suggesting a favorable policy environment for industry development [20][23]. Summary by Sections 1. Livestock Industry Chain - **Pork**: Production capacity growth has stagnated, with the sector's valuation at a historical low, indicating long-term investment opportunities. The average price of pork is 14.82 CNY/kg, down 0.02 CNY from last week. The demand is expected to weaken in the short term, leading to a potential weak fluctuation in pork prices [5][20]. - **Poultry**: Chicken prices are fluctuating, with the average price for white feather broilers at 3.75 CNY/jin, up 0.02 CNY from last week. The industry faces high production levels, but potential price increases may occur due to reduced imports from the U.S. following tariff impositions [9][21]. - **Yellow Chicken**: Prices are expected to rise as supply tightens and consumption recovers, with prices for yellow chicken at 11.2 CNY/kg, up 0.51 CNY from last month [10][23]. - **Animal Health**: The industry shows signs of recovery, with improved performance in Q1. The introduction of domestic vaccines is expected to drive growth in the sector [11][23]. 2. Planting Industry Chain - **Seed Industry**: The focus on food security is leading to improved policies for the seed industry, with expectations for transgenic technology to accelerate. The performance of leading companies is expected to improve as valuations are currently low [12][24]. - **Grain Prices**: Recent increases in grain prices, with corn at 2327 CNY/ton (up 30 CNY) and wheat at 2462 CNY/ton (up 10 CNY), suggest investment opportunities in the sector. The decline in grain imports in Q1 indicates a tightening supply [13][24]. 3. Recommended Companies and Ratings - **Companies with Buy Ratings**: Zhongchong Co., Muyuan Foods, and Suqian Agricultural Development are highlighted as recommended investments [3][52].

大宗商品研究所 农产品研发报告 生猪日报 2025 年 5 月 12 日 研究员：陈界正 期货从业证号： F3045719 投资咨询证号： Z0015458 联系方式： chenjiezheng_qh@chinastock.c om.cn | | | | | 生猪价格日报 | | 2025/5/8 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 现货价格 | | | | | | | 今 日 | 昨 日 | 变 化 | | 今 日 | 昨 日 | 变 化 | | 河南（0） | 15.11 | 15.06 | 0.05 | 山 西 | 14.89 | 14.85 | 0.04 | | 湖北（0） | 14.61 | 14.53 | 0.08 | 辽 宁 | 14.58 | 14.54 | 0.04 | | 安徽（300） | 15.19 | 15.15 | 0.04 | 吉 林 | 14.51 | 14.42 | 0.09 | | 湖南（100） | 14.53 | 14.53 | 0.00 | 黑龙江 | 14.41 | 14.37 ...

牧原股份：子公司卧龙牧原与常先云合同纠纷案一审判决胜诉 智通财经5月12日电，牧原股份子公司卧龙牧原与客户常先云的合同纠纷诉讼，今日收到河南省南阳内 乡县人民法院《民事判决书》。判决结果为：1、被告卧龙牧原交付案涉生猪检疫合格，临床检查无蓝 耳病症状，案涉生猪检疫符合相关规定。2、卧龙牧原向常先云猪场交付生猪前，常先云场区已存在蓝 耳病毒、圆环 2 型病毒。 3、内乡县动物卫生监督所出具的鸿福农牧（常先云猪场） 2024 年4-7月份无 害化处理能繁母猪15头，与常先云诉状声称6 月初涉案 149 头母猪及所产仔猪、原有 76 头母猪、3340 头保育仔猪均感染病毒死亡情况不符 。4、判决驳回原告内乡县鸿福农牧有限公司的诉讼请求。（智通 财经记者 王平安 张晨静） ...

| 证券代码：603477 | | 证券简称：巨星农牧 公告编号：2025-044 | | | --- | --- | --- | --- | | 债券代码：113648 | | 债券简称：巨星转债 | | | | | 乐山巨星农牧股份有限公司 | | | | | 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 | | | | | 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | | | 重要内容提示： | | | | | ? | | 被担保人名称及是否为上市公司关联人：被担保人包括乐山巨星农牧 | | | | | 股份有限公司（以下简称"公司"或"上市公司"）合并报表范围内的子公 | | | 司（19 | | 家）、部分优质养殖户、客户、合作伙伴（376 户），不存在关联担 | | | 保。 | | | | | ? | | 本次担保金额及已实际为其提供的担保余额：公司 2025 年 4 月（以 | | | | | 下简称"本期间"）新增担保金额合计 17,342.75 万元，其中，对子公司新 | | | 增的担保金额为 | | 16,642.75 万元，对优质养殖户、客 ...

Group 1 - In 2024, the beef and dairy cattle market in China is experiencing a downturn, prompting multiple departments to propose a package of relief policies [1] - As these relief policies are implemented, live cattle prices have been steadily recovering since 2025, reducing losses in beef cattle farming, with some regions turning profitable in the fattening stage [1] - The Agricultural and Rural Affairs Department reports a gradual warming of beef market prices since March [1] Group 2 - In Jilin Province, a key beef cattle production area, beef prices have shown significant increases since April [5] - To address price volatility, Jilin Province has introduced various policy measures to enhance beef cattle farming quality and stability, including a fund of 47.75 million yuan for free distribution of quality beef cattle frozen semen [6] - The province is also promoting a shift in cattle feed from "dry straw" to "fermented silage," improving feed quality and reducing costs [8] Group 3 - The dairy market is facing challenges due to seasonal consumption declines, with fresh milk prices remaining low [9] - In Ningxia, a significant dairy cattle region, 288 dairy farmers are experiencing varying degrees of losses due to market conditions [11] - The government is providing subsidies for feed, frozen semen, and interest to help dairy farms recover, with financial institutions offering loans totaling over 19 billion yuan [13] Group 4 - Ningxia's government has allocated over 100 million yuan to support dairy farmers and stabilize fresh milk prices, boosting farmer confidence [14] - Some dairy farmers are processing surplus fresh milk into various dairy products to enhance sales through innovative channels [17][19] - Efforts to optimize the dairy cattle structure in Ningxia have led to stable fresh milk production and increased prices for bulk milk [21] Group 5 - To help the beef and dairy industries recover from downturns, Jilin Province is focusing on building industrial clusters to lower farming costs and mitigate market risks [22] - The establishment of a beef slaughter and processing industrial park in Jilin is reducing risks for local farmers and promoting regional beef industry development [26] - National efforts are underway to develop a modern forage industry to ensure quality feed supply, with various regions, including Shandong and Ningxia, issuing development plans for forage production [28]

债券市场"科技板"是中国人民银行、证监会为贯彻落实党中央关于构建同科技创新相适应的科技金融体 制部署，于近期新推出的一个专门板块，旨在为金融机构、科技型企业、股权投资机构提供更多融资渠 道，更好促进科技创新和经济发展。相关工作启动以来，人民银行河南省分行积极与银行间市场交易商 协会沟通对接，多渠道开展政策宣传解读，推动辖内主承销商提前摸排重点企业发债需求，并有针对性 地加强发债辅导。此次我省牧原食品股份有限公司成功发行全国首批"科技板"科技创新债券，将有力提 升该企业科技研发和农业现代化发展能力，也将极大鼓舞我省更多科技型企业在债券市场"科技板"募集 资金，进一步加大科技创新投入力度。 下一步，人民银行河南省分行将会同有关部门在我省推动实施银行间市场债券融资增量提质行动，全面 摸排我省科技型企业、股权投资机构发债意愿，将符合政策条件、发债意愿较强的相关企业和机构优先 纳入"白名单"企业库，作为债券市场"科技板"重点培育对象，组织金融机构开展常态化发债辅导，推动 有关部门和机构合理给予风险分担和信用增进支持，促进我省更多科技型企业、股权投资机构参与债券 市场"科技板"融资，进一步赋能经济高质量发展。 大象新闻记 ...

Core Viewpoint - The U.S. has suspended imports of live cattle, horses, and bison from the southern border with Mexico due to concerns over the destructive "New World Screw-worm" (NWS) pest, which previously caused significant damage to the cattle industry [1] Group 1: U.S. Actions - The U.S. Secretary of Agriculture, Tom Vilsack, announced the immediate suspension of imports to prevent the potential spread of NWS [1] - The last significant NWS infestation took 30 years for the U.S. cattle industry to recover from, highlighting the severity of the threat [1] Group 2: Mexico's Response - Mexico's Secretary of Agriculture, Julio Berdegue, condemned the U.S. action but expressed hope for a swift agreement between the two countries regarding the NWS issue [1] - An agreement had been reached between the U.S. and Mexico the previous month to address the NWS problem [1]