Group 1 - The company Jingji Zhino (000048) reported sales of 186,600 pigs in April 2025, including 23,200 piglets, generating a revenue of 343 million yuan [1] - The average selling price of commercial pigs was 15.19 yuan/kg in April 2025 [1] - For the period from January to April 2025, the company sold a total of 678,000 pigs, including 102,700 piglets, with a cumulative revenue of 1.222 billion yuan [1]

巨星农牧（603477）公告，2025年4月，公司销售生猪32.86万头，同比增长115.46%。2025年1至4月， 累计销售生猪116.16万头，累计销售收入21.11亿元。4月生猪销售收入5.88亿元。 ...

温氏股份（300498）公告，2025年4月销售肉鸡1.04亿只，收入25.43亿元，毛鸡销售均价11.24元/公斤。 肉猪销售317.57万头，收入55.45亿元，毛猪销售均价14.92元/公斤。 ...

克明食品（002661）公告，2025年4月份，公司控股子公司兴疆牧歌销售生猪6.39万头，同比增长 33.00%，环比增长14.53%；销售收入7090.48万元，同比增长16.04%，环比增长4.94%。2025年1-4月， 公司累计销售生猪19.02万头，同比增长11.52%；累计销售收入2.18亿元，同比增长6.61%。 ...

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Short - term pig prices may fluctuate, and in the medium - to - long - term, pig prices may still reach new lows [4] - The basis is that from sow and piglet data, the supply of pigs in the second, third, and fourth quarters of 2025 is abundant, and there is no basis for a significant increase in pig prices; demand support for pig prices is weak in the second and third quarters; the current live - pig slaughter weight is still increasing, indicating inventory accumulation by the breeding side, which is bearish for the future market [4] Group 3: Summary by Related Catalogs 1. Market Dynamics - On May 6, the registered warehouse receipts of live pigs were 705 lots [2] - The LH2507 contract is mainly about spot - futures convergence and delivery game, and the far - month contracts are weakly operating due to the expected increase in subsequent slaughter [2] - The main contract (LH2509) added 1030 lots in positions today, with a position of about 70,800 lots, a maximum price of 13,970 yuan/ton, a minimum price of 13,855 yuan/ton, and a closing price of 13,960 yuan/ton [2] 2. Fundamental Analysis - From the perspective of the number of breeding sows, the supply of live pigs from March to December is expected to increase month - by - month, but the increase is limited. From piglet data, the slaughter volume of live pigs will generally increase fluctuantly in the second and third quarters of 2025. The first half of the year is the off - season for demand, and the second half is the peak season [3] - Based on historical situations and current fundamentals, the fat - standard price difference may fluctuate and adjust [3] - Bearish logic: The breeding side has not yet reduced the weight, which is actually bearish for the future market; subsequent slaughter volume is expected to continue to increase; the second and third quarters are not the peak consumption season, and demand support for pig prices is limited [3] - Bullish logic: Slaughter enterprises' inventory replenishment is not over, which can support pig prices; the spot price is firm, indicating that supply and demand are not as loose as the bears think; although there will be an increase in subsequent slaughter, the increase is limited, and the third and fourth quarters are gradually entering the peak consumption season for live pigs; the increase in the prices of corn and soybean meal may raise the cost of pig farming [3] 3. Strategy Suggestions - The view is that short - term pig prices may fluctuate, and in the medium - to - long - term, pig prices may still reach new lows [4] - The core logic is that the supply of live pigs in the second, third, and fourth quarters of 2025 is abundant, demand support is weak in the second and third quarters, the current live - pig slaughter weight is increasing, indicating inventory accumulation, and if there is a concentrated weight reduction later, pig prices may reach new lows. Due to high uncertainty in the medium - to - long - term and weak short - term weight - reduction drive, and the futures price being in a relatively reasonable range, it is recommended to wait and see for now [4] 4. Market Overview - The national average live - pig slaughter price on May 6 was 14.81 yuan/kg, a decrease of 0.01 yuan/kg or 0.07% compared to April 30. The average slaughter prices in Henan and Sichuan remained unchanged [6] - Among futures prices, the prices of all contracts from 01 to 11 increased compared to April 30, with the increase ranging from 0.15% to 0.48% [6] - The main - contract basis in Henan increased by 170 yuan/ton or 19.32% compared to April 30 [6] 5. Key Data Tracking - It shows the closing prices of futures contracts in the past 180 days, the basis of the main live - pig contract in the Henan region, the price difference between the 05 - 07 contracts, and the price difference between the 05 - 09 contracts [14]

Group 1 - The core point of the article indicates that there are mixed trends in the prices of important production materials in the market, with 20 products experiencing price increases, 25 products seeing price decreases, and 5 products remaining stable [1] - Specifically, the price of live pigs (external three yuan) remains stable at 14.9 yuan per kilogram, showing no change compared to the previous period [1] - The price of soybean meal (with crude protein content ≥ 43%) has increased by 10.4%, reaching 3721.4 yuan per ton [1]

Core Viewpoint - The article emphasizes the importance of implementing comprehensive strategies for rural revitalization and agricultural development in Shaanxi Province, guided by Xi Jinping's thoughts and the directives from the 20th National Congress of the Communist Party of China. The focus is on ensuring food security, preventing large-scale poverty, and enhancing rural industries, governance, and infrastructure to support the modernization of the region. Group 1: Agricultural Production and Security - The plan aims to enhance the supply capacity of important agricultural products, ensuring stable grain planting areas of over 45.1 million acres and maintaining a total grain output of over 13 million tons [2] - The strategy includes optimizing livestock production, particularly stabilizing the breeding sow population at around 750,000 heads and implementing support policies for the dairy industry [2][3] - There is a strong emphasis on protecting arable land, with a target to ensure the protection of 43.2756 million acres of farmland and to establish a unified management mechanism for farmland [3] Group 2: Technological and Infrastructure Development - The initiative includes strengthening agricultural technology and equipment support, focusing on key agricultural technology breakthroughs and promoting modern agricultural practices [4] - High-standard farmland construction will be prioritized in key grain-producing counties and irrigation areas to enhance agricultural productivity [4] - The plan also emphasizes the need for improved rural infrastructure, including water supply, electricity, and transportation systems to support agricultural activities [13] Group 3: Poverty Alleviation and Rural Employment - The strategy aims to consolidate and expand the achievements of poverty alleviation, establishing a monitoring and support system to prevent the return to poverty [8] - It includes measures to enhance employment opportunities for rural populations, particularly targeting vulnerable groups and promoting labor cooperation [25] - The plan encourages the development of new rural collective economies and supports farmers in expanding production scales and improving income [26][29] Group 4: Rural Governance and Community Development - The article highlights the importance of strengthening grassroots party organizations to lead rural revitalization efforts and improve governance [17] - It promotes the cultivation of a civilized rural culture and the establishment of community norms to enhance social cohesion [18] - The plan also addresses the need for maintaining rural stability and managing social issues effectively [19] Group 5: Financial and Investment Support - The strategy outlines the establishment of a diversified investment mechanism for rural revitalization, including public budget allocations and financial support for agricultural projects [21] - It encourages the development of a rural credit system and the issuance of special financial bonds to support agricultural initiatives [21] - The plan emphasizes the importance of enhancing agricultural insurance systems to protect farmers' incomes and investments [21]

Group 1: Economic Impact - The U.S. tariff policy is expected to harm key sectors in Thailand, including automotive, food processing, and agriculture, potentially causing losses up to 800 billion THB (approximately 24 billion USD), which is about 4% of Thailand's GDP [1] - Thailand's GDP for 2024 is projected to be around 19.8 trillion THB [1] - The U.S. is Thailand's largest trading partner, with exports reaching 55 billion USD last year [1] Group 2: Affected Industries - The automotive industry, employing around 700,000 people, is anticipated to be severely impacted, with a 25% tariff on Thai automotive and parts exports likely leading to a decline in exports [1] - In the first two months of 2025, total vehicle exports from Thailand were 143,644 units, a decrease of 18.12% compared to the same period in 2024 [1] - The processed food and seafood sectors previously enjoyed zero tariffs, with the U.S. being a major market for Thai seafood, accounting for over 25% of U.S. tuna imports, valued at 584 million USD [1] Group 3: Tourism and Agriculture - The tourism sector in Thailand is facing challenges due to U.S. tariffs, which may increase prices and weaken purchasing power, affecting American tourists' travel plans [2] - In the previous year, Thailand welcomed 1.03 million American tourists, with an average spending of over 70,000 THB per person [2] - Thai pig farmers oppose the government's proposal to import U.S. pork, fearing it will undermine local livestock industries [2] Group 4: Economic Growth Forecast - Thailand has revised its economic growth forecast downward, with exports expected to grow only 2.3% this year, significantly lower than the previous estimate of 4.4% [2]

今年一季度，畜牧行业在多重挑战中展现韧性。 上海钢联电子商务股份有限公司农产品事业部生猪分析师杨志远在接受《证券日报》记者采访时表 示："生猪养殖行业整体仍将保持盈利，但成本差异将加速行业分化，具备成本优势的企业有望温和扩 张，而高成本企业可能被淘汰。" 在此背景下，杨志远建议，相关企业要深化降本增效，强化成本管控，推广智能化技术，加强种猪育种 与疫病防控，降低疾病风险，提高成活率和生产稳定性。 据同花顺数据统计，2025年一季度17家畜牧上市公司（按证监会行业分类）中，有10家净利润为正值， 其中，6家公司同比实现扭亏为盈。17家畜牧上市公司共实现净利润50.8亿元。 2025年第一季度，牧原食品股份有限公司（以下简称"牧原股份"）实现营业收入360.61亿元，同比增长 37.26%；归属于上市公司股东的净利润为44.91亿元，同比扭亏为盈；经营活动产生的现金流量净额为 75.06亿元，同比增长48.14%。在生猪养殖业务方面，2025年第一季度，公司销售生猪2265.8万头，其 中商品猪1839.5万头，仔猪414.9万头，种猪11.3万头。 记者查阅畜牧业头部上市公司的公开信息了解到，控制成本是各家关注 ...

生猪出栏显著增长，高质量发展成本持续降低。2024年，公司生猪出栏量达到275.52 万头，其中商品猪 出栏 268.38 万头，较上年增加 50.76%。公司通过自繁自养模式和"公司+农户"模式，不仅提高了养殖 效率，还有效减轻了资金压力。公司商品猪完全成本保持在6.75 元/斤以内，其中商品猪养殖成本为 6.13元/斤（2023 年肥猪生产成本7.34 元/斤）。公司规划的2025 年商品猪完全成本目标为6.5 元/斤以 内。公司计划2025 年实现商品猪出栏400 万头以上，公司现有18 万头以上种猪场产能和26 万头以上存 栏种猪，能够有效保障公司生猪养殖产能规模的稳健、持续增长。 业绩总结：公司2025年第一季度实现营业收入16.45亿元，同比增长73.45%；实现归母净利润1.30 亿 元，较上年同期亏损1.38 亿元实现扭亏为盈；实现扣非后归母净利润1.32 亿元，较上年同期亏损1.12 亿 元实现扭亏为盈。 新项目稳步推进，产能扩张支撑公司养殖业务规模再上新阶。公司德昌巨星生猪繁育一体化项目在2024 年四季度已完成计划母猪的配种工作并达到满产状态，预计2025 年上半年出栏提供商品猪产品。截 ...