Core Viewpoint - The traditional seasonal characteristics of pork consumption are weakening, with the upcoming festive season not showing significant demand due to persistently low market prices [1] Group 1: Market Trends - The pork market is entering a festive consumption peak, but the characteristics of the traditional pre-Spring Festival peak may not be evident this year [1] - As of November 27, the national average pork price was 15.18 yuan per kilogram, reflecting a month-on-month increase of 2.89% but a year-on-year decrease of 28.96% [1] - The highest price recorded in November was 15.76 yuan per kilogram, while the lowest was 14.74 yuan per kilogram [1] Group 2: Consumer Behavior - There is a noted shift in consumer dietary structure and consumption concepts, leading to a gradual decline in traditional peak consumption periods such as "Golden September and Silver October" and winter sausage and cured meat production [1] - Analysts indicate that the seasonal characteristics of pork consumption are expected to further weaken by 2025 [1]

时至年末，生猪市场又将迎来节庆消费旺季。不过在当前市场价格持续维持低位的背景下，今年传统春节前夕旺 季的特征或不明显。 生猪期货处年内低位 12月1日，国内期货市场上生猪期货主力合约2601收于1.15万元/吨，依然处于年内低位。而现货市场上，据搜猪网 数据，上周市场加速下探，全国仅四川地区猪价受腌腊活动零星启动支撑出现0.2元/公斤左右的上涨，其余大部地 区受供需错配影响价格下跌。进入11月，猪价呈现持续性单边下跌态势，截至11月28日全国均价较上月末12.39元/ 公斤的阶段性高点累计下跌近1.3元/公斤，与10月中旬10.87元/公斤低点仅相差0.3元/公斤左右，基本已回吐10月下 半月涨幅。 "2025年猪肉消费季节性特征进一步弱化。伴随居民饮食结构的调整和消费观念的转变，传统'金九银十'与冬季灌 香肠、腌腊在年内表现逐年递减。"卓创资讯猪肉市场分析师高婷婷表示，四季度截至11月底，猪肉价格表现呈现 宽幅震荡的运行趋势。价格在10月触底后虽有阶段提升，但11月份猪肉价格再次回落，迫近年内前低。卓创数据 显示，截至11月27日，猪肉全国11月均价为15.18元/公斤，环比上涨2.89%，同比下跌28.9 ...

Group 1 - The core point of the article is that *ST Tianshan (300313.SZ) reported significant increases in both the number of livestock sold and sales revenue for November 2025, indicating strong performance in the livestock sector [1] Group 2 - In November 2025, the company sold 2,892 head of livestock, representing a month-on-month increase of 111.56% [1] - The sales revenue for the same month reached 35.3362 million yuan, with a month-on-month increase of 164.72% [1] - Year-on-year comparisons show a substantial increase in livestock sales by 531.44% and sales revenue by 725.16% [1]

Group 1 - The company has decided to terminate the "Tianbang Co., Ltd. Intelligent Pig Farm Upgrade Project" due to considerations of current industry capacity regulation, market economic environment, and the progress of fundraising investment projects [1] - The decision also reflects the company's cash flow situation and its current reality of being in a pre-restructuring phase [1]

Group 1 - The company has decided to terminate the "Tianbang Co., Ltd. Intelligent Pig Farm Upgrade Project" due to considerations of current industry capacity regulation, market economic environment, and the progress of fundraising investment projects [1] - The decision also reflects the company's cash flow situation and its current reality of being in a pre-restructuring phase [1]

Core Viewpoint - Spain has deployed military forces to control an outbreak of African swine fever near Barcelona, marking the first reported cases since 1994, which poses significant economic risks to the country as a major pork exporter [1]. Group 1: Outbreak Details - On November 28, Spain's agriculture department reported two wild boars near Barcelona tested positive for African swine fever [1]. - The outbreak has led to import bans from multiple countries, affecting Spain's pork export licenses [1]. Group 2: Economic Impact - Approximately one-third of Spain's pork export licenses are hindered due to the outbreak [1]. - The situation presents a major economic risk for Spain, which is one of the world's largest pork exporters [1]. Group 3: Response Measures - A total of 300 Catalonia police and rural agency personnel were deployed on November 30, followed by the deployment of 117 members of the Spanish military emergency unit on December 1 [1].

格隆汇12月1日丨德康农牧(02419.HK)公告，12月1日耗资535.8万港元回购7.3万股，回购价格每股72.05- 75.3港元。 ...

德康农牧(02419)发布公告，于2025年12月1日，该公司斥资535.78万港元回购7.26万股股份，每股回购 价格为72.05-75.3港元。 ...

研究所 农产品研发报告 农产品日报 2025 年 12 月 01 日 研究员：刘倩楠 期货从业证号： Z0014425 联系方式： :liuqiannan_qh@chinastock. com.cn 数据来源：银河期货、wind 咨询 1/7 F3013727 投资咨询证号： 研究所 农产品研发报告 一、基本面信息 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 | 3201 | 3293 | -92 | 01-05 | -392 | -315 | -77 | | JD05 | 3593 | 3608 | -15 | 05-09 | -544 | -412 | -132 | | JD09 | 4137 | 4020 | 117 | 09-01 | 936 | 727 | 209 | | 今收 | | 昨收 | 涨跌 | | 今收 | 昨收 | 涨跌 | | 01鸡蛋/玉米 | 1.43 ...

Core Insights - The average price of external three yuan pigs in China increased to 11.45 yuan/kg as of December 1, 2025, reflecting a rise of 0.26 yuan/kg from the previous week [1] - The average price of piglets rose to 19.20 yuan/kg, up by 0.02 yuan/kg from last week [1] - The average price of white strip meat reached 15.32 yuan/kg, an increase of 0.17 yuan/kg compared to last week [1] Price Trends - The pig feed ratio is currently at 3.45:1, which is an increase of 0.08 from last week [1] - The southern region experienced a more significant price increase, contributing to the overall national average rise [1] - Market sentiment improved due to a combination of factors, including reduced supply from large-scale farms and seasonal temperature drops in the northern region, which are favorable for the cured meat market [1] Market Outlook - Short-term expectations indicate a gradual recovery in consumer demand as temperatures drop, although the supply from large-scale farms is beginning to increase [1] - Current temperature conditions are not sufficient to support a peak in cured meat demand, leading to limited upward movement in white strip meat prices [1] - The price difference between live pigs and white strip meat remains below 4 yuan/kg, indicating limited order growth from slaughter enterprises [1] - Market sentiment is mixed, with expectations of weak adjustments in pig prices in the coming days, influenced by the outflow rhythm from large-scale farms and the sales situation of white strip meat [1]