新希望（000876）公告，2025年4月销售生猪159.6万头，环比变动2.92%，同比变动8.12%。收入22.78 亿元，环比变动2.24%，同比变动-2.52%。商品猪销售均价14.7元/公斤，环比变动1.03%，同比变 动-2.84%。 ...

Group 1: Agricultural Development in Qujing - Qujing, located in the eastern part of Yunnan, has a strong agricultural output, consistently ranking first in the province with an annual agricultural output value [1] - The Luliang Basin, known as the "granary of eastern Yunnan," is a major agricultural area with over 90,000 acres of vegetable cultivation planned for 2024, producing 2.45 million tons of various vegetables [2] - The unique artichoke, a trending vegetable, is part of Luliang's agricultural exploration, with local prices ranging from 15 to 20 yuan per kilogram, while retail prices in Shanghai can reach 60 yuan per kilogram [2][3] Group 2: Brand Development and High-Value Products - The Xuanwei ham, a premium product from Qujing, has become a billion-dollar industry, with a brand value of 10.284 billion yuan as of 2024 [4][5] - The Xuanwei ham industry has implemented a comprehensive industrial park to enhance production standards and product quality, resulting in over 100 new ham-related products by the end of 2024 [5] - The local government supports partnerships between companies and farmers to share the benefits of the ham industry, with an annual output value exceeding 11 billion yuan [5] Group 3: Digital Transformation and E-commerce - In 2024, rural online retail sales reached 2.65 trillion yuan, with agricultural live-streaming sales exceeding 800 billion yuan, indicating a significant shift towards digital sales channels [6] - Local influencer "Qujing Old Village Chief" has conducted over 100 live-streaming events, promoting more than 300 agricultural products and achieving sales of over 1 billion yuan annually [6][7] - Qujing's integration of traditional markets with live-streaming platforms is part of a broader strategy to enhance agricultural transformation and rural revitalization [7]

天邦食品公告，2025年4月份销售商品猪47.09万头(其中仔猪销售14.30万头)，销售收入6.91亿元，销售 均价16.29元/公斤(商品肥猪均价为14.81元/公斤)，环比变动分别为-12.02%、-8.25%、0.92%。2025年1-4 月销售商品猪195.09万头(其中仔猪销售60.87万头)，销售收入27.65亿元，销售均价16.25元/公斤(商品肥 猪均价为14.88元/公斤)，同比变动分别为-0.81%、18.04%、9.25%。 ...

西部牧业（300106）公告，2025年4月自产生鲜乳生产量为3024.95吨，同比增长0.47%。 ...

Group 1 - The core viewpoint indicates that the pork market is experiencing intensified supply-demand dynamics, with white pork prices expected to fluctuate slightly upward in May due to a potential tightening of supply and slight improvement in demand [1][2]. - In April, the average price of white pork in northern key markets was 18.94 yuan/kg, a 1.85% increase month-on-month, while in southern key markets, it was 19.61 yuan/kg, a 1.95% decrease month-on-month [1]. - The overall supply in April remained stable, with no significant positive impact on downstream demand, leading to intensified supply-demand competition [1]. Group 2 - In April, the average daily arrival volume in key wholesale markets was 25,300 heads, a 0.40% increase month-on-month [2]. - For May, the supply of suitable weight pigs is expected to increase slightly, but market participants have a bullish outlook, leading to increased secondary fattening, making it difficult for slaughter enterprises to procure pigs [2]. - The overall expectation for May is that white pork prices may experience slight fluctuations upward, despite low consumer demand and competitive pricing from substitutes [2].

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - In April, the progress of second - fattening procurement was over half, the sentiment of chasing high - price purchases cooled down, the group's supply volume decreased significantly during the holiday, and the spot price changed little. Currently, the price spreads between fat and standard pigs are inverted in both the north and the south, the group's piglet sales have decreased, the pen pressure in May has increased slightly, and staged de - stocking may start. The macro sentiment has cooled down, the capital disturbance has decreased, and the trading logic has switched to the industrial logic. Attention should be focused on the arbitrage strategy of the valuation deviation of the far - month inter - monthly spreads from the normal state. The liquidity of the 11 - 1 reverse spread is gradually increasing, and attention should be paid to stop - profit and stop - loss. The short - term support level of the LH2509 contract is 13,000 yuan/ton, and the pressure level is 15,000 yuan/ton [4] 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: The Henan spot price is 14,850 yuan/ton with a year - on - year increase of 100 yuan/ton; the Sichuan spot price is 14,450 yuan/ton with a year - on - year increase of 50 yuan/ton; the Guangdong spot price is 15,590 yuan/ton with no year - on - year change [2] - **Futures Prices**: The price of the Live Pig 2507 contract is 13,445 yuan/ton with a year - on - year decrease of 5 yuan/ton; the price of the Live Pig 2509 contract is 13,910 yuan/ton with a year - on - year decrease of 20 yuan/ton; the price of the Live Pig 2511 contract is 13,530 yuan/ton with a year - on - year decrease of 80 yuan/ton [2] - **Trading Volume and Open Interest**: The trading volume of the Live Pig 2507 contract is 5,632 lots, a decrease of 1,232 lots from the previous day, and the open interest is 31,498 lots, a decrease of 1,022 lots from the previous day; the trading volume of the Live Pig 2509 contract is 23,428 lots, a decrease of 15,573 lots from the previous day, and the open interest is 69,728 lots, a decrease of 3,220 lots from the previous day; the trading volume of the Live Pig 2511 contract is 4,524 lots, a decrease of 2,279 lots from the previous day, and the open interest is 27,719 lots, an increase of 103 lots from the previous day [2] - **Price Spreads**: The basis of the Live Pig 2507 contract is 1,405 yuan/ton with a year - on - year increase of 105 yuan/ton; the basis of the Live Pig 2509 contract is 940 yuan/ton with a year - on - year increase of 120 yuan/ton; the basis of the Live Pig 2511 contract is 1,320 yuan/ton with a year - on - year increase of 180 yuan/ton; the 7 - 9 spread of live pigs is - 465 yuan/ton with a year - on - year increase of 15 yuan/ton; the 9 - 11 spread of live pigs is 380 yuan/ton with a year - on - year increase of 60 yuan/ton [2] 3.2 Trend Intensity - The trend intensity is 0, with the value range being integers in the [- 2,2] interval. The strength levels are classified as weak, relatively weak, neutral, relatively strong, and strong, where - 2 represents the most bearish and 2 represents the most bullish [3] 3.3 Market Logic - The trading logic has switched to the industrial logic, and attention should be paid to the arbitrage strategy of the valuation deviation of the far - month inter - monthly spreads from the normal state. The liquidity of the 11 - 1 reverse spread is gradually increasing, and attention should be paid to stop - profit and stop - loss. The short - term support level of the LH2509 contract is 13,000 yuan/ton, and the pressure level is 15,000 yuan/ton [4]

1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 交易咨询业务资格：证监许可【2012】1091号 生猪期货早报 2025-05-06 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸生猪观点和策略 生猪： 1. 基本面：供应方面，五一小长假结束，国内出栏积极性减弱生猪价格节前小幅反弹节后或回归弱势 ，预计节后本周供给或猪、肉双减。需求方面，国内宏观环境预期偏悲观，五一假期结束居民整体 消费意愿热情回落，压制短期鲜猪肉消费，前期中国对美国和加拿大猪肉进口加征关税，提振市场 信心。综合来看，预计本周市场或供需双减、猪价短期呈震荡偏弱格局。关注月初集团场出栏节奏 变化、二次育肥市场动态变化情况。中性。 2. 基差：现货全国均价14790元/吨，2509合约基差880元/吨，现货升水期货。偏多。 ...

Group 1: Agricultural Development and Modernization - Agriculture serves as the foundation of the national economy, acting as a stabilizer and ensuring national security while meeting the needs of the people for a better life [1] - Nanjing is focusing on building a strong modern urban agriculture city, with stable agricultural production and growth in livestock and vegetables [1] - The use of modern agricultural equipment, such as drones for precision spraying, is enhancing productivity during critical growth periods like the grain filling stage of wheat [2][3] Group 2: Crop Production and Supply - The area planted with vegetables in Nanjing reached 238,600 acres in the first quarter, with a total output of 544,900 tons, remaining stable compared to the previous year; fruit production increased by 12.2% to 21,200 tons [5] - The "vegetable basket" products, including vegetables, fruits, and meat, are in sufficient supply, with daily supply from modern agricultural facilities expected to double as more crops come into season [4][5] Group 3: Major Agricultural Projects - Nanjing is advancing significant agricultural projects, with 206 planned projects totaling an investment of 29.194 billion yuan, and an annual planned investment of 11.938 billion yuan [7] - The logistics center project in Lishui District, covering about 40 acres with a total investment of 260 million yuan, aims to enhance agricultural efficiency and farmer income by integrating logistics services [6][7] - The duck processing project in Jiangning District, with an investment of 30 million yuan, is expected to produce 350 tons of duck products annually and create stable employment for around 50 people [7]

Group 1: Financial Performance - Ningbo Bank's net profit for 2023 is projected at 27,127 million, with a growth rate of 6% for 2024 and 9% for 2025[1] - Revenue for Ningbo Bank is expected to reach 71,169 million in 2024, growing by 8% and 7% in the following years[1] - The EPS for Ningbo Bank is forecasted to be 4.4 in 2024 and 4.7 in 2025, with a corresponding PB of 0.75x in 2025[1] Group 2: Market Trends and Risks - The medical imaging sector, led by United Imaging, is expected to see a non-net profit growth exceeding 20% year-on-year, outperforming peers[1] - Anke Innovation is projected to achieve a revenue of 1,985 million in 2024, with a growth rate of 23%[1] - Risks for Ningbo Bank include interest rate risk, market risk, and operational risk[1] Group 3: Strategic Insights - United Imaging benefits from domestic high-end equipment replacement and is expected to see over 30% growth in overseas markets in 2024[1] - Sany Heavy Industry is anticipated to maintain its market leadership with a projected revenue of 78,383 million in 2024, growing by 6%[1] - Satellite Chemical is expected to see a revenue increase of 27% in 2024, with significant growth potential in its third and fourth phases[1]

■本报记者曹沛原 2025年中央一号文件明确提出"推进肉牛、奶牛产业纾困，稳定基础产能。"交通银行积极响应国家号 召，结合地域特色"一地一品"创新信贷产品，以金融科技重塑业务流程，助力打通肉牛产业链痛点堵 点，在广袤乡村大地上书写金融支持产业振兴新篇章。 创新服务模式破解"融资难" 在"天府之国"四川，交行四川省分行深入研究本地肉牛产业特点，依托四川省供销科技产业集团有限公 司生物资产动态监测体系，创新推出"肉牛贷"。 交行可实时获取养殖户肉牛资产数据，结合订单、物流等全链条信息，构建养殖主体信用评估模型，同 时锁定贷款资金用途，确保定向支付至饲料、兽药等供应商账户，形成"数据监测—风险评估—资金闭 环"完整链条。养殖户仅需在平台注册、提交资料，即可开启贷款申请。系统高效运作，实现线上申 请、审批，单笔额度最高达300万元。 泸州养殖户王先生见证了科技助力金融惠农的力量。在扩建养殖场计划因资金缺口搁浅时，交行"肉牛 贷"助他完成牛舍升级、良种引进，肉牛品质跃升，销路快速打开。在交行助力下，他的养殖场已成为 当地乡村振兴标杆示范点。 目前，"肉牛贷"在四川已惠及众多养殖主体，累计投放超亿元，助力当地肉牛产业链完 ...