1. Report Industry Investment Ratings - Oils and Fats: Oscillating, including soybean oil, palm oil, and rapeseed oil [5] - Protein Meals: Oscillating, covering soybean meal and rapeseed meal [5] - Corn/Starch: Oscillating [6] - Hogs: Oscillating weakly [2][8] - Natural Rubber: Oscillating [9] - Synthetic Rubber: Oscillating [11] - Cotton: Oscillating within a short - term range, with prices slightly stronger this week [12] - Sugar: Oscillating weakly [13] - Pulp: Oscillating weakly [14] - Offset Paper: Oscillating [16] - Logs: Oscillating [19] 2. Core Views of the Report - The agricultural product market shows a complex situation with different trends for various products. In the short - term, some products are affected by factors such as supply and demand, weather, and policies, while in the long - term, factors like production capacity changes and consumption trends play important roles. For example, the hog market is in a "weak reality + strong expectation" pattern, with short - term supply pressure but potential relief in the second half of 2026 [2][8]. 3. Summary by Relevant Catalogs 3.1 Oils and Fats - **View**: Continue to oscillate and consolidate, waiting for further information guidance. The market is affected by both macro and industrial factors. Macro factors include the US government "shutdown", expectations of Sino - US trade negotiations, and the Fed's interest - rate cut expectations. Industrial factors involve the suspension of US soybean data updates, expectations of lower US soybean yields, increased expected production of Brazilian new - season soybeans, and the inventory and export situations of palm oil [5]. - **Outlook**: Soybean oil, palm oil, and rapeseed oil are all expected to oscillate. The market lacks upward momentum due to factors such as the expected accumulation of Malaysian palm oil inventory, the suspension of US soybean data updates, and the smooth progress of Brazilian soybean planting [5]. 3.2 Protein Meals - **View**: Double meals are oscillating at a low level, and selling put options can be attempted. Internationally, US soybean production and exports are affected by policies, and Brazilian soybean planting is progressing smoothly. Domestically, short - term oil mill operations are increasing, and downstream inventory levels are not low. In the medium - term, Sino - US trade relations and downstream replenishment after seasonal destocking need to be monitored. In the long - term, domestic soybean meal supply is expected to be sufficient in the fourth quarter of 2025, with a possible small shortage in the first quarter of 2026 [5]. - **Outlook**: Soybean meal and rapeseed meal are expected to oscillate. The market should pay attention to the support level around 2850 - 2900, as well as weather and Sino - US trade trends. Selling out - of - the - money put options can be considered [5]. 3.3 Corn/Starch - **View**: There is a temporary shortage at ports, leading to a continuous rebound in futures and spot prices. Short - term price increases are due to factors such as bad weather, farmers' reluctance to sell, port shortages, and state - owned reserve purchases. However, the selling pressure has not been fully released, and the market is expected to be oscillating weakly in the short - term. In the long - term, the market is expected to be short - term bearish and long - term bullish [6][7]. - **Outlook**: Oscillating. If prices rebound slightly due to recent weather disturbances and inventory shortages, short - selling opportunities can be considered. In the long - term, the expectation of tight annual supply supports the idea of low - buying in the far - month contracts [7]. 3.4 Hogs - **View**: Second - fattening replenishment has diverted part of the supply pressure, leading to a rebound in hog futures and spot prices. In the short - term, consumption is in the off - season, and supply is abundant. In the medium - term, the high - level production capacity of sows in the first half of 2025 will lead to an increase in hog slaughter in the fourth quarter. In the long - term, sow production capacity is showing signs of reduction, and supply pressure is expected to ease in the second half of 2026 [8]. - **Outlook**: Oscillating weakly. Near - month contracts are under supply pressure, while far - month contracts are supported by the expectation of production capacity reduction. The hog industry presents a "weak reality + strong expectation" pattern, and attention can be paid to reverse - spread strategy opportunities [2][8]. 3.5 Natural Rubber - **View**: Return to the oscillating bottom - grinding trend. The recent divergence in the trends of light and dark rubber is due to factors such as the impact of state - reserve sales on RU and the low import volume and limited warehouse receipts of NR. The raw material price of cup rubber is relatively firm, and there are still some weather disturbances in the producing areas. The demand for tires in the fourth quarter is expected to decline [9][10]. - **Outlook**: Due to high macro uncertainty, if the overall commodity performance is poor, rubber prices are expected to continue to oscillate and find the bottom [10]. 3.6 Synthetic Rubber - **View**: The market performance is dull, with narrow - range oscillations. High production this year has been a major pressure on the market. Although downstream demand is increasing, the growth rate is lower than that of production, resulting in high social inventory. The price of butadiene, the raw material, has been fluctuating [11]. - **Outlook**: With high fundamental pressure and a lack of improvement in the raw material end, the market is expected to continue to oscillate and grind the bottom, and there is a possibility of hitting a new low for the year [11]. 3.7 Cotton - **View**: The purchase price has increased, leading to a rebound in cotton prices. The expected cotton production in Xinjiang has been adjusted downward, and the firm purchase price of seed cotton has provided cost - side support. In the short - term, the downward driving force of Zhengzhou cotton has weakened, and there is a demand for a rebound [12]. - **Outlook**: Oscillating within a short - term range, with prices slightly stronger this week. Attention should be paid to Sino - US trade negotiations, and upstream enterprises are advised to hedge actively when prices are high [12]. 3.8 Sugar - **View**: Sugar prices are oscillating at a low level, with weak supply and demand. In the medium - and long - term, the global sugar market is expected to have a surplus in the 25/26 crushing season, and sugar prices are in a bearish pattern. In the short - term, Brazilian sugar production has passed its peak, but exports have increased, and domestic sales and inventory situations are not optimistic [13]. - **Outlook**: Sugar prices are expected to oscillate weakly as a whole, and short - selling on rebounds is recommended [13]. 3.9 Pulp - **View**: Spot trading is light, and pulp prices are running at a low level. After the National Day, pulp futures have shown a bottom - oscillating trend. The supply and demand situation has not changed significantly, and the market is concerned about the high ratio of virtual to real pulp and the concentrated cancellation at the end of the year. However, the game sentiment for the 01 contract has weakened. In general, the pulp market is difficult to rise significantly [14]. - **Outlook**: Oscillating weakly. The market is dominated by warehouse receipts and weak supply - demand conditions, and the weakness of pulp futures is difficult to reverse [14][15]. 3.10 Offset Paper - **View**: With the approaching of tenders, offset paper prices may stabilize. The spot price center of offset paper remains stable, but the market is not active. The cost support is average, and the upcoming tenders have a pessimistic market expectation. Although the supply pressure has been alleviated to some extent, the increase in new production capacity in South China may restrict paper prices [16]. - **Outlook**: Oscillating. There is a possibility of a slight decline in spot prices in the short - term [16]. 3.11 Logs - **View**: Freight rates have increased, leading to the relatively strong operation of logs. The increase in port fees has raised the cost of some ships, affecting the price of logs. The market has been running weakly recently due to factors such as the negative impact of domestic timber delivery in Chongqing and the failure of the peak - season expectation. The inventory level is not low, and the demand in the real - estate market is weak [19]. - **Outlook**: In the next few weeks, due to the disturbance of increased port - fee costs, attention can be paid to the opportunity of buying on dips for the 01 contract. In the medium - term, attention should be paid to the progress of foreign merchants' replacement of involved ships and the risk of price decline after the relaxation of Sino - US policies [19].

Core Viewpoint - The pig futures market experienced a strong rebound after a period of decline, with the main contract closing at 12,155 yuan/ton, an increase of 2.88%. This rebound is attributed to market sentiment recovery and stabilization of short-term spot prices, although fundamental pressures in the industry remain significant, potentially limiting future price increases [1]. Group 1: Market Analysis - Analysts believe the recent price increase is due to the previous deep decline in pig futures prices, which left prices at relatively low levels. The stabilization in the spot market has led to bullish sentiment in the futures market [1]. - After the National Day holiday, spot prices for pigs dropped significantly, which stimulated terminal consumption and storage demand. Daily slaughter volumes have rebounded by 12% from post-holiday lows [2]. - The price gap between fat pigs and standard pigs continues to widen, and with decreasing temperatures, demand for fat pigs has increased. Additionally, there are expectations that large enterprises may reduce their slaughter volumes by the end of the month, which could boost short-term market expectations [1]. Group 2: Price Trends and Projections - Since October, spot prices for pigs have continued to decline, with some regions falling below 11 yuan/kg, exerting ongoing pressure on futures prices. The overall industry is actively reducing weights, with the pig-to-grain ratio quickly dropping to around 5:1 [2]. - The third quarter saw a weakening in breeding profits, leading to increased enthusiasm for large pig sales and a release of holding risks. Recent prices for piglets have fallen below 180 yuan/head, resulting in further losses for self-breeding operations [2]. - Looking ahead, the agricultural sector lacks effective positive factors post-National Day, with spot prices in the feed and breeding industry primarily declining. The futures market is expected to maintain a weak near-term and strong long-term structure due to significant pressure on near-term spot prices [2]. - Current data indicates that the national pig inventory at the end of the third quarter was 43.68 million heads, a year-on-year increase of 986,000 heads (2.3%) and a quarter-on-quarter increase of 1.233 million heads (2.9%), suggesting a production increase in the fourth quarter [3].

Core Viewpoint - The Chinese government has issued opinions on accelerating the digital and intelligent transformation of agriculture, emphasizing the necessity of this transformation for rural revitalization and the establishment of a modern agricultural powerhouse [1] Summary by Sections Agricultural Digital Transformation Progress - During the "14th Five-Year Plan" period, China's agricultural digital transformation has encompassed the entire industry chain, including smart breeding, precision planting, intelligent breeding, digital marketing, and smart logistics [2] - The informationization rate of agricultural production increased from 25.4% in 2021 to 27.6% in 2023, with the aquaculture sector reaching a digitalization rate of 35% and field crop informationization at 26.4% [2] - The market size of China's marine smart ranching is projected to reach 60 billion yuan in 2024, with a year-on-year growth of over 30% [2] Agricultural Equipment Digitalization - China has over 100,000 demonstration sites for agricultural IoT applications, with drone application areas exceeding 2.1 billion acres [3] - The market size for smart agricultural equipment is expected to reach 11.8 billion yuan in 2024, with a year-on-year growth of 122.64% [3] - By February 2025, over 1,000 unmanned farms are expected to be established, facilitating the last mile of agricultural digitalization [3] Data Platform Development - Provincial agricultural big data platforms have been established in major agricultural production areas, integrating various data types to support agricultural production [3] - The Ministry of Agriculture and Rural Affairs has supported the establishment of 34 national digital agriculture innovation centers and 116 smart agriculture innovation application projects [3] Support for Agricultural Digitalization - Over 50 agricultural universities have established smart agriculture programs, with central government funding exceeding 50 billion yuan for smart agriculture infrastructure [4] Focus Areas for Future Development - The "15th Five-Year Plan" period will require breakthroughs in core technologies and equipment autonomy, addressing challenges in application promotion and data sharing [5] - Key focus areas include accelerating intelligent variety breeding, targeted digital transformation in specific agricultural sectors, and expanding the scale of autonomous smart agricultural equipment [6][7] - The development of facility agriculture and the establishment of high-quality smart agricultural data sets are also emphasized [8][9] Resilience Against Extreme Weather - The establishment of climate-smart agriculture demonstration zones and the development of intelligent crop breeding technologies are crucial for enhancing resilience against extreme weather [9]

Group 1 - After the National Day and Mid-Autumn Festival holiday, the price of live pigs has accelerated its decline, with recent futures contracts falling below 12,000 yuan/ton. Despite multiple state interventions in frozen pork reserves, the market's recovery effect has been limited [1] - On October 10, the state stored 15,000 tons of frozen pork, marking the latest action in a series of state interventions. Even with five previous storage actions in August and September, and the traditional consumption peak during the holidays, pig prices have not improved, leading to further price drops post-holiday [1] - On October 9, the first trading day after the holiday, the main futures contract for live pigs closed at 11,595 yuan/ton, with a single-day decline of 6.15%. On October 17, the contract price dropped to as low as 11,020 yuan/ton, although there was a slight rebound on October 20, remaining below 11,500 yuan/ton [1] Group 2 - In the context of a "cold winter" for the domestic pig market, the "insurance + futures" project, driven by futures, insurance, and local governments, has played a crucial role in supporting small and medium-sized farmers. The "Luohe sample" is a benchmark project for the Dalian Commodity Exchange's "Farmer Income Protection Plan" [2] - Luohe, an important pig-producing city in Henan Province, has an annual output of over 3 million pigs, with the pig industry accounting for nearly 70% of the livestock industry's output value. The project was initiated in 2021, allowing farmers to manage price risks effectively [2] - The first domestic pig revenue index "insurance + futures" project was implemented in Luohe, with a payout of over 180,000 yuan, achieving a compensation rate of nearly 364%, which helped farmers mitigate losses from falling prices and stabilize operations [2] Group 3 - Facing continuous price declines, listed pig companies have shown increasing enthusiasm for engaging in commodity futures hedging. Since 2021, companies such as Haida Group, Tiankang Biological, and Muyuan Foods have announced their involvement in commodity futures hedging activities [3]

Core Insights - The article discusses the high domestic beef prices in the United States, attributed to drought conditions and reduced imports from Mexico due to livestock disease concerns [1] - The U.S. has suspended imports of live cattle from Mexico since May 11, with a brief resumption in July before halting again due to new infection cases [1] - President Trump announced the potential import of Argentine beef to lower domestic prices, indicating a strategic move to address rising costs [1] Summary by Sections - **Beef Prices in the U.S.** - U.S. domestic beef prices have remained high for several months due to drought and reduced imports from Mexico [1] - The suspension of live cattle imports from Mexico is a significant factor in the price increase [1] - **Import Suspension from Mexico** - The U.S. halted imports of live cattle from Mexico starting May 11 due to concerns over a livestock disease outbreak [1] - Although imports were briefly resumed in July, they were quickly suspended again following new infection reports [1] - **Potential Import from Argentina** - President Trump stated that the U.S. could import beef from Argentina to help reduce domestic beef prices [1] - This move is seen as a direct response to the ongoing high prices in the U.S. beef market [1]

Core Viewpoint - The event organized by the Chifeng City Veterans Affairs Bureau aims to enhance employment opportunities for veterans by facilitating direct engagement with quality companies in the region [1][5]. Group 1: Employment Opportunities - The event included visits to three companies: Inner Mongolia Mengdu Sheep Industry, COFCO Jiajia Kang, and China Life Insurance, providing veterans with insights into potential job roles [1][3]. - Veterans were able to observe production processes, ask questions about job responsibilities, work intensity, and salary, thereby alleviating concerns about job compatibility [3][5]. Group 2: Company Engagement - Inner Mongolia Mengdu Sheep Industry showcased its meat processing, packaging, and storage processes, allowing veterans to understand the operational aspects of the industry [3]. - COFCO Jiajia Kang focused on roles related to breeding technology, supply chain management, and quality inspection, explaining job responsibilities and growth opportunities [3]. - China Life Insurance introduced its corporate culture and career paths in the financial sector, helping veterans gain a new perspective on financial industry roles [3]. Group 3: Future Initiatives - The Chifeng City Veterans Affairs Bureau plans to continue focusing on the employment needs of veterans by integrating more quality company resources and conducting personalized employment matching activities [5]. - The initiative aims to bridge the gap in veteran employment, ensuring they can successfully transition into new roles [5].

"赫哲故里"同江：直播养猪 年味"云"订 中新网佳木斯10月20日电(闫瀛锟 梁晨 记者姜辉)透过一方小小的手机屏幕，"赫哲故里"黑龙江省同江 市的赫辽黑猪正"闯"入全国消费者年货清单。这些重达300多斤的"年猪明星"，通过"生态养殖+电商直 播"新模式，让千里之外的食客们通过镜头见证黑猪成长，实现"云养年猪"的独特消费体验。 近日，在同江市街津口赫哲族乡渔业村，阳光透过棚膜洒进猪舍，黝黑健壮的黑猪正悠闲地在稻壳铺就 的"暖床"上踱步。驻村第一书记张继伟正在直播间里介绍仅有两三个月大的小黑猪。下播没多久，今年 4月份下单了一只小黑猪的四川顾客王成龙就发来视频通话，询问黑猪的长势，并约定好猪肉寄送时 间。 王成龙说："我经常在网上搜索好吃的，也下单了不少东北土特产，包括黑猪和冷水鱼。当时订的时候 是个很小的猪，想着过年的时候能处理好给我寄到四川来，一天天看着它长大，很放心。" 张继伟说："现在一共是300多头黑猪，年底能出栏40多头，我们线上和线下同步卖，线上卖得挺好，直 播间里已经下单7头了。小猪的时候就可以选，饲养完补个差价，都是冷链给运输到家。订完的猪，我 们给打上标签，直播的时候，顾客在家就能看到猪长多 ...

Core Points - Zhengbang Technology (002157) announced the release of restricted shares totaling 67,214,964 shares, which accounts for 0.73% of the company's total share capital [1] - The listing date for the released restricted shares is set for October 22, 2025 [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The Ih2601 contract for live pigs is in a stage of oscillatory decline, and the later price center is expected to decrease. The supply of live pigs is increasing due to the high inventory of breeding sows and the recovery of production performance. The demand is expected to be seasonally strong, but the rebound space of pig prices in the second half of 2025 is limited, and the overall price will still be under pressure. Policy disturbances, sufficient supply, and insufficient demand acceptance lead to weak market sentiment. It is recommended to sell short on rallies [3]. - The jd2601 contract for eggs is also in a stage of oscillatory decline, and the later price center is expected to decrease. The inventory of laying hens is at a high level year-on-year, and the supply pressure continues to weigh on prices. The demand has seasonal changes within the year, but the fluctuation range is limited. Considering the cost and profit issues, the egg price is expected to remain at a low level. The 01 contract is in the peak demand season, but the high supply is expected to limit the demand acceptance, and the price will still be under pressure. It is recommended to sell short on rallies [3]. Summary by Directory Pig Section - **Supply Analysis** - The inventory of breeding sows has been stable at around 40.5 million since June 2024, higher than the normal level of 30 million. The supply of live pigs will remain high until the first half of 2026. The出栏 rhythm of farmers may affect the short - term supply [11]. - After the previous active selling by farmers, the large - sized pigs have been digested. The出栏 weight has decreased slightly, but due to the cold weather and the strong price difference between fat and standard pigs, the decrease in出栏 weight is expected to be limited, and the weight will still remain at a relatively high level [12]. - **Demand Analysis** - As the weather turns cooler, the downstream demand has rebounded slightly, and the slaughter volume is slowly increasing. In addition to the actual demand, secondary fattening and frozen product storage form short - term demand, but the secondary fattening sentiment has declined after the recent price rebound [25]. - **Cost and Profit Analysis** - As of October 16, the breeding cost of self - breeding and self - raising scale farms is 12.49 yuan/kg, and the cost of purchasing piglets is 14.39 yuan/kg. The breeding enterprises are in a loss state, and the production capacity has been reduced to some extent [35]. - **Policy Analysis** - The state has carried out central pork reserve purchase and storage work to regulate market supply and demand and ensure the stable operation of the pig market. In the case of excessive price decline, the third batch of central pork reserve purchase and storage work will be launched [42]. - **Spread and Basis Analysis** - The report provides data on various spreads and bases of live pigs, such as the 09, 01, 05, 03, 11, 07, 1 - 5, 5 - 9, 9 - 1, 3 - 5, 5 - 7, 1 - 3, 7 - 9, 9 - 11, 11 - 1 spreads and bases in Henan [50][56][65]. Egg Section - **Supply Analysis** - The supply of eggs is determined by the inventory of laying hens and the egg - laying rate. Since 2025, the enthusiasm for replenishment has weakened, and the number of new - hatched chickens in the fourth quarter will decrease. At the same time, the number of culled chickens has increased, so the inventory of laying hens in the fourth quarter may decline, but it will still remain at a high level year - on - year, and the egg supply is sufficient [72]. - Recently, the replenishment has weakened, and the number of culled chickens has increased, which has alleviated the supply pressure to some extent, but the inventory of laying hens is still high [73]. - **Cost Analysis** - Recently, the feed cost has decreased, and the breeding cost has also weakened. Currently, the breeding cost is about 3.2 - 3.3 yuan/jin [74]. - **Demand Analysis** - In the long - term, the egg consumption is related to population, economy, and consumer preferences. In the short - and medium - term, the egg demand has obvious seasonality, with peaks before traditional festivals. Currently, the downstream low - price replenishment and e - commerce promotions have provided some support [83][84]. - **Substitute and Inventory Analysis** - The report provides data on the prices of main meats and vegetables, as well as the inventory days of eggs in the production and circulation links [97]. - **Spread and Basis Analysis** - The report provides data on various spreads and bases of eggs, such as the 5 - 9, 1 - 5, 9 - 1 spreads and the 10, 12, 11, 01, 05, 09 bases in Hebei [97].

Core Viewpoint - The article highlights the transformation of Jishengtai Town in Inner Mongolia, focusing on the comprehensive rural revitalization efforts that enhance industry development, rural construction, and grassroots governance, creating a better living environment for farmers [1]. Group 1: Industry Development - Jishengtai Town has implemented a refined management model called "Five Good" to enhance agricultural productivity, integrating resources for better yield and disaster reduction [3]. - Farmers in the region have reported significant income increases, with one farmer expecting to earn approximately 1.5 million yuan from over 500 acres of corn and potatoes, alongside government subsidies [3][4]. - The establishment of a standardized breeding facility for sheep has also contributed to local income, with one farmer earning over 70,000 yuan from selling lambs while practicing crop cultivation for dual income [4]. Group 2: Improvement of Livelihood - The town has made significant investments in infrastructure, including the hardening of rural roads, ensuring accessibility for residents regardless of weather conditions [6]. - A community "love canteen" provides free meals for elderly residents, enhancing social welfare and community support [6]. - Educational support is robust, with approximately 340,000 yuan allocated annually for 668 students, ensuring a 100% enrollment rate, including special provisions for children with disabilities [6]. Group 3: Governance and Cultural Change - The establishment of a Red and White Council has helped modernize funeral practices, promoting simplicity and reducing costs, reflecting a shift towards more civilized customs [8]. - The town has introduced a points system to encourage community participation in governance, rewarding residents for engaging in volunteer activities and maintaining cleanliness [8]. - Cultural activities, such as dancing and community events, have increased, contributing to a higher quality of life and community cohesion among residents [8].