行 业 研 究 研 究 所 晨 会 观 投资咨询业务资格： 证监许可[2011]1771号 HTTP://WWW.QH168.COM.CN 1 / 8 请务必仔细阅读正文后免责申明 点 精 萃 从业资格证号：F0256916 投资咨询证号：Z0000671 电话：021-80128600-8632 邮箱：jialj@qh168.com.cn 明道雨 从业资格证号：F03092124 投资咨询证号：Z0018827 电话：021-80128600-8631 邮箱：mingdy@qh168.com.cn 刘慧峰 从业资格证号：F3033924 投资咨询证号：Z0013026 电话：021-80128600-8621 邮箱：Liuhf@qh168.com.cn 刘兵 从业资格证号：F03091165 投资咨询证号：Z0019876 联系电话：021-80128600-8630 邮箱：liub@qh168.com.cn 王亦路 从业资格证号：F03089928 投资咨询证号：Z0019740 电话：021-80128600-8622 邮箱：wangyil@qh168.com.cn 冯冰 从业资格证号：F3077183 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Short - term hog prices may fluctuate, and in the medium - to - long - term, hog prices may still hit new lows [4] - The reasons include sufficient hog supply in Q2, Q3, and Q4 of 2025, weak demand support in Q2 and Q3, increasing hog slaughter weight indicating inventory accumulation by the farming end, and potential price drops if concentrated weight reduction occurs [4] 3. Summary by Relevant Catalogs 3.1 Market Dynamics - On April 28, the registered warehouse receipts of live hogs were 705 lots [2] - The LH2505 contract is mainly about spot - futures convergence and delivery games. The far - month contracts are strongly supported by the expectations of limited subsequent slaughter increase, the consumption peak season in the second half of the year, and potential increases in far - month farming costs [2] - The main contract (LH2509) added 1071 lots in positions today, with a position of about 73,400 lots, a maximum price of 14,230 yuan/ton, a minimum price of 14,100 yuan/ton, and a closing price of 14,130 yuan/ton [2] 3.2 Fundamental Analysis - From the perspective of the inventory of breeding sows, the hog supply is expected to increase month - by - month from March to December, but the increase is limited. According to the piglet data, the hog slaughter volume will generally increase in Q2 and Q3 of 2025. In terms of demand, the first half of the year is the off - season, while the second half is the peak season [3] - Based on historical and current fundamentals, there is still room for the fat - standard price difference to decline [3] - Short - side logic: The farming end has not yet reduced the weight, which is actually bearish for the future market; subsequent slaughter volume is expected to continue to increase; Q2 and Q3 are not the consumption peak seasons, and demand support for hog prices is limited. Long - side logic: Slaughterhouses' inventory replenishment is not over, which can support hog prices; the spot price is firm, indicating that the supply - demand situation is not as loose as the short - side thinks; although there will be an increase in subsequent slaughter, the increase is limited, and Q3 and Q4 will gradually enter the hog consumption peak season; rising prices of corn and soybean meal may increase hog farming costs [3] 3.3 Strategy Suggestions - Short - term hog prices may fluctuate, and in the medium - to - long - term, hog prices may still hit new lows. The core logic is that hog supply is abundant in Q2, Q3, and Q4 of 2025, demand support in Q2 and Q3 is weak, the current hog slaughter weight is still increasing, indicating inventory accumulation by the farming end. If there is concentrated weight reduction later, hog prices may hit new lows. However, due to high uncertainty and weak short - term weight - reduction drive in the market, and the futures price being in a relatively reasonable range, it is recommended to wait and see for now [4] 3.4 Market Overview - On April 28, the national average hog slaughter price was 14.73 yuan/kg, a decrease of 0.05 yuan/kg or 0.34% from April 25. The average hog slaughter price in Henan was 14.82 yuan/kg, an increase of 0.05 yuan/kg or 0.34% from April 25. The average hog slaughter price in Sichuan was 14.35 yuan/kg, a decrease of 0.17 yuan/kg or 1.17% from April 25 [6] - Among futures prices, the prices of all contracts decreased compared with April 25, with the 05 contract having the largest decline of 0.99%, and the 09 contract having a decline of 0.14%. The main basis in Henan decreased by 120 yuan/ton or 14.81% from April 25 [6] 3.5 Key Data Tracking - The report presents data trends such as the closing prices of futures contracts in the past 180 days, the basis of the main hog contract in Henan, the price differences between the 05 - 07 and 05 - 09 contracts, etc., but specific numerical trends are not detailed in the text [14]

Financial Data and Indicators - The basic earnings per share for Q1 2025 is -0.0158 yuan, showing a 31.3% improvement compared to Q1 2024's -0.0230 yuan [1] - The net asset per share is -0.03 yuan, a significant decrease of 116.67% from 0.18 yuan in Q1 2024 [1] - The operating revenue for Q1 2025 is 0.25 billion yuan, representing a 38.89% increase from 0.18 billion yuan in Q1 2024 [1] - The net profit for Q1 2025 is -0.05 billion yuan, which is an improvement of 28.57% from -0.07 billion yuan in Q1 2024 [1] - The return on equity is not provided for Q1 2025, but was -12.31% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders hold a total of 11,337.99 million shares, accounting for 57.45% of the circulating shares, with a decrease of 441,200 shares compared to the previous period [1] - The largest shareholder, Huzhou Haohui Enterprise Management Consulting Co., Ltd., holds 6,921.13 million shares, representing 35.07% of the total share capital, with no change [2] - The second-largest shareholder, Xinjiang Animal Husbandry Group Co., Ltd., holds 3,302.60 million shares, accounting for 16.73%, also unchanged [2] - Notable changes include a 90.00 million share increase for Zhong Linwa and an 83.89 million share decrease for Wu Yangxin [2] Dividend Distribution - The company will not distribute dividends or transfer shares in this period [3]

一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | -0.2107 | -0.0700 | -201 | -0.1000 | | 每股净资产（元） | -0.01 | 0.2 | -105 | 0.27 | | 每股公积金(元) | 0.51 | 0.51 | 0 | 0.51 | | 每股未分配利润(元) | -1.56 | -1.35 | -15.56 | -1.28 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 1.38 | 1.37 | 0.73 | 0.76 | | 净利润(亿元) | -0.66 | -0.22 | -200 | -0.32 | | 净资产收益率(%) | | -30.07 | 100 | -33.81 | 前十大流通股东累计持有： 11382.11万股，累计占流通股比： 57.67%，较上期变化： 1337.19万股。 | 名称 | 持有数量(万股) | 占总股本 ...

大宗商品研究所 农产品研发报告 农产品日报 2025 年 04 月 28 日 研究员：刘倩楠 期货从业证号： Z0014425 联系方式： :liuqiannan_qh@chinastock. com.cn 鸡蛋日报 第一部分鸡蛋日报 | 期货市场 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 今收 | | 昨收 | 涨跌 | JD跨月价差 | 今收 | 昨收 | 涨跌 | | JD01 | 3684 | 3696 | -12 | 01-05 | 551 | 532 | 19 | | JD05 | 3133 | 3164 | -31 | 05-09 | -679 | -654 | -25 | | JD09 | 3812 | 3818 | -6 | 09-01 | 128 | 122 | 6 | | 今收 | | 昨收 | 涨跌 | | 今收 | 昨收 | 涨跌 | | 01鸡蛋/玉米 | 1.61 | 1.62 | -0.01 | 01鸡蛋/豆粕 | 1.22 | 1.21 | 0.01 | | 05鸡蛋/玉米 | 1. ...

| | | | | 生产量 | 销售量比上 | 库存量 | | --- | --- | --- | --- | --- | --- | --- | | 主要产品 | 生产量 | 销售量 | 库存量 | 比上年 增减（%） | 年增减（%） | 比上年 增减（%） | | 生猪（万头） | 126.67 | 125.89 | | 37.12 | 43.32 | | | 饲料（吨） | 238,914.15 | 4,119.20 | 3,185.25 | 57.77 | -0.66 | 45.02 | | 屠宰肉品（吨） | 12,485.64 | 11,851.74 | 2,431.15 | -26.85 | -24.47 | -59.02 | 注：生猪生产量 126.67 万头，其中，以活猪销售 125.89 万头，以肉品销售 0.78 万头。生猪销售量 125.89 万头，其中，自有活猪销售 125.89 万头。 以上经营数据未经审计，仅供投资者参考。 特此公告。 证券代码：600975 证券简称：新五丰 公告编号：2025-022 湖南新五丰股份有限公司 2025 年 1-3 月主要经营数据公告 本公司董 ...

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 46340.49万股，累计占流通股比： 88.55%，较上期变化： 44518.08万 股。 一、主要会计数据和财务指标 | 报告期指标 | 2024年年报 | 2023年年报 | 本年比上年增减(%) | 2022年年报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 1.3100 | -0.7700 | 270.13 | 0.4900 | | 每股净资产（元） | 9.21 | 7.99 | 15.27 | 8.92 | | 每股公积金(元) | 3.94 | 3.92 | 0.51 | 3.86 | | 每股未分配利润(元) | 4.13 | 2.83 | 45.94 | 3.88 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 55.84 | 38.91 | 43.51 | 33.04 | | 净利润(亿元) | 6.87 | -4.01 | 271.32 | 2.56 | | 净资产收益率(%) | 15.08 | -9.07 | 266.26 | ...

神农集团（605296）公告，2025年第一季度营收为14.72亿元，同比增长35.97%；净利润为2.29亿元， 去年同期净亏损356.59万元。 ...

新五丰（600975）公告，2025年第一季度营收为18.63亿元，同比增长30.32%；净利润为1962.06万元， 去年同期净亏损2.54亿元。 ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - The supply of the pig market continues to put pressure on pig prices, but the decline in the first quarter was weaker than expected. The second quarter will continue to focus on supply pressure, and there is a risk of compression in pig prices and breeding profits [3][4]. - Policy support for the corn market is nearing its end, and in the fourth quarter, it will be tested whether downstream consumption can support prices [5]. - In the first quarter of 2025, the global oilseed and fat market first rose and then fell, with the domestic market outperforming the international market. The second quarter will continue to be troubled by trade uncertainties, and attention should be paid to changes in biodiesel policies [7]. 3. Summaries According to the Table of Contents First Part: Factors Affecting the Pig Market in the Second Quarter - Pig prices in the first quarter were stronger than expected, but supply pressure still exists. The terminal demand entered the off - season after the Spring Festival, and pig prices oscillated at a low level [3][4]. - Affected by the change in the mentality of the breeding side, the price of piglets first rose, then fell, and then rose again in the first quarter [3]. - The inventory of breeding sows decreased for two consecutive months. If this trend continues, the supply pressure in the second half of the year will be substantially improved [3]. - In the first quarter, the slaughter weight of pigs first decreased and then increased. The import volume of pork decreased as domestic pig prices were at a low level [3][4]. - The breeding profit of self - breeding and self - raising decreased, while that of purchasing piglets increased. The slaughter opening rate was higher than the same period last year, but it was not driven by the increase in terminal demand [4]. - In the futures market, pig prices stabilized and rebounded in the first quarter. In the second quarter, the supply pressure of increased inventory will continue to affect spot pig prices and long - term trading sentiment [4]. Second Part: Analysis of Factors Affecting the Corn Market - From January to March, the prices of US wheat and corn first rose and then fell. Affected by weather, policy, and other factors, the CBOT grain futures prices declined jointly [5]. - The spot price of domestic corn rose with the futures price. By the end of March, the average domestic corn spot price increased by 163 yuan/ton compared with the beginning of January. After mid - March, due to multiple negative factors, the futures and spot prices of corn fell back [5]. - The 5 - month contract of corn oscillated repeatedly at the 2300 - yuan integer mark, and the market was worried about the lack of upward space in the future. Pay attention to the price performance of the 5 - month corn futures price at the previous support level of 2260 [6]. - The supply of new - season corn is expected to increase, and the inventory in the quarterly report at the end of March decreased by 2.4% compared with the same period. The ratio of US soybeans to corn is at a low level, which is conducive to the expansion of corn planting area [15][29][39]. - Affected by policies and other factors, the import of corn and its substitutes decreased in 2025, which increased the consumption of domestic corn. In the second quarter, the problem of limited supply of imported corn and substitutes will still appear periodically [52]. - In early April, the average price of wheat in the main producing areas decreased. The price of wheat followed the rise of corn in March and continued to oscillate weakly in April. The supply of wheat was relatively abundant, and the downstream demand was weak [55]. - In mid - April, the operating rate of the corn starch industry decreased, and the processing in Shandong was in a state of loss. The contradiction in the starch market was prominent, and the support from the demand side was insufficient [56]. Third Part: Analysis of Factors Affecting the Soybean Meal Market - The global oilseed and fat trade pattern has changed. Brazil supplies soybeans to China, the EU, etc., the US supplies soybeans to other regions, and Canadian rapeseed competes for the US soybean market [105]. - China's pig industry has strong demand for replenishment, which increases the demand for feed. The price is strong in stages, and the supply pressure is postponed [112]. - From January to February 2025, the feed output increased year - on - year, and the consumption of soybean meal also increased [116]. - The inventory of soybeans in China showed an inflection point in April, but the soybean procurement of oil mills from June to September was slow [119]. - The spot basis of soybean meal weakened, and the inter - month spread changed from backwardation to contango [121]. Fourth Part: Outlook for the Future Market - In the second quarter, pay attention to tariffs and weather for the US corn market. The policy support of CGC is nearing its end, and it will be tested whether downstream demand can accept high - priced raw materials [66][68]. - Russia's corn production has decreased, and the toxin content in domestic corn is high. The CBOT corn has emerged from the trough. In the future, Sino - US relations will determine the country of import and the rhythm [70]. - In the first quarter, the price of US corn rebounded to the profit range. The market expects an increase in the sown area of new - season corn, and the area will be confirmed in June [77]. - In the first quarter, the spot price of corn rebounded, and the futures price followed. The basis of the 3 - month and 5 - month contracts returned to normal. In the second quarter, the market will speculate on the sowing and cost changes of new - season grain [84]. - In 2024, the cost of corn planting decreased by 15 - 20%. The market expects the cost of corn planting in the new year to decrease by 100 - 150 yuan/ton [90]. - The by - products of starch rose and fell alternately. In 2024, the spread between starch and corn mainly widened. In 2025, pay attention to starch exports and the substitution of tapioca starch [97]. - In 2024, the supply of corn exceeded demand, and the price declined all the way. In 2025, it remains to be seen whether the strengthening of supply and demand can drive the price to rise continuously [102].