Group 1: Report Industry Investment Rating - The investment rating for both the pig and egg markets is cautiously bearish [3][5] Group 2: Core Viewpoints - In the pig market, the pre - holiday stocking during the Double Festival was lackluster, with limited overall demand growth. The October holiday affected the pig slaughter schedule, leading to an accelerated post - holiday slaughter rhythm by group farms and concentrated slaughter by散户. The supply pressure is gradually being released, and the demand side is expected to decline in the short term. The oversupply situation in the pig market is unlikely to change in the short term [2] - In the egg market, after the holiday, egg prices dropped rapidly. Traders were cautious in purchasing, and all sectors accumulated inventory passively. The consumer terminal has returned to the off - season normal demand this week, with no short - term positive factors. All sectors are mainly digesting the previous inventory, and the consumption demand has declined significantly. During the seasonal off - season, the large supply pressure suppresses the spot price, and the market sentiment is pessimistic [4] Group 3: Market News and Important Data Pig Market - Futures: The closing price of the live hog 2511 contract yesterday was 11,450 yuan/ton, up 325 yuan/ton or 2.92% from the previous trading day [1] - Spot: The ex - ternary live hog price in Henan was 11.10 yuan/kg, down 0.01 yuan/kg; in Jiangsu, it was 11.20 yuan/kg, down 0.01 yuan/kg; in Sichuan, it was 10.43 yuan/kg, unchanged. The spot basis in Henan was LH11 - 350, down 335; in Jiangsu, it was LH11 - 250, down 335; in Sichuan, it was LH11 - 1020, down 325 [1] - Agricultural product prices: On October 14, the "Agricultural Product Wholesale Price 200 Index" was 118.92, up 0.22 points; the "Vegetable Basket" product wholesale price index was 119.86, up 0.25 points. The average wholesale price of pork in the national agricultural product market was 18.48 yuan/kg, up 0.1%; beef was 66.05 yuan/kg, down 0.4%; mutton was 61.85 yuan/kg, down 0.3%; eggs were 7.60 yuan/kg, down 2.1%; white - striped chicken was 17.66 yuan/kg, up 0.6% [1] Egg Market - Futures: The closing price of the egg 2511 contract yesterday was 2,852 yuan/500 kilograms, up 44 yuan or 1.57% from the previous trading day [3] - Spot: The egg spot price in Liaoning was 2.71 yuan/jin, unchanged; in Shandong, it was 2.75 yuan/jin, unchanged; in Hebei, it was 2.42 yuan/jin, unchanged. The spot basis in Liaoning was JD11 - 142, down 44; in Shandong, it was JD11 - 102, down 44; in Hebei, it was JD11 - 432, down 44 [3] - Inventory: On October 14, 2025, the national production - link inventory was 1.73 days, down 0.21 days or 10.82%; the circulation - link inventory was 1.77 days, down 0.20 days or 10.15% [3]

Core Insights - The holiday consumption effect on pig prices is weakening, with average prices dropping to 12.90 yuan/kg in the first week of October, a decrease of 2.8% week-on-week and 29.5% year-on-year [1][3] - The overall pig price has been on a downward trend since mid-July, with a decline of over 22% compared to the beginning of the year [1][3] - Analysts suggest that the supply pressure may gradually ease as production capacity is reduced, but pig prices may still have room to decline in the near term [1][6] Supply and Demand Dynamics - The supply of pigs remains abundant, with a significant number of breeding sows still in production, leading to a situation where supply exceeds demand [4][6] - Analysts predict that as the weather cools and seasonal demand for pork increases, there may be some support for pig prices in November, but overall supply is expected to outpace demand, leading to continued price declines [2][5] - The current market conditions indicate a potential for a negative feedback loop where falling prices lead to reduced weights and increased slaughtering, further driving prices down [4][5] Production Capacity Adjustments - The Ministry of Agriculture has emphasized the need for strict production capacity controls, aiming to reduce the number of breeding sows by approximately 1 million [6][7] - Some companies have begun to take action to reduce production capacity, such as culling low-yield sows and managing slaughter weights [7] - Despite these measures, the overall impact on pig prices may be limited in the short term due to the proximity of the upcoming festive season, which may keep some producers optimistic about future prices [7][8] Profitability and Market Pressure - The ongoing decline in pig prices has led to significant losses for producers, with self-breeding operations reporting an average loss of 206.91 yuan per head and fattening operations facing even greater losses [6] - Smaller producers are experiencing the most pressure due to higher costs, while larger companies are better positioned to withstand market fluctuations [6][7] - The overall market sentiment remains cautious, with producers exhibiting reluctance to sell at low prices, which could signal a potential bottoming out of prices [5][6]

Core Insights - South Africa's agricultural sector is experiencing a complex yet positive development trend, driven by strong crop production in Q3 and a push for market diversification amid international trade barriers [1] Group 1: Production Dynamics - The agricultural sector contributes 3% to South Africa's GDP, with strong linkages to processing and logistics, enhancing its economic impact [2] - Summer grains and oilseeds have seen a remarkable 28% year-on-year increase in production, reaching nearly 20 million tons, although price pressures exist due to ample supply [2] - The horticulture sector is performing well, with citrus, deciduous fruits, and wine grapes showing increased yields, and a record citrus harvest of 180 million boxes is expected by 2025 [2] Group 2: Trade Adaptation - South Africa's agricultural sector is adapting to a 30% tariff imposed by the US on certain agricultural products, which has impacted exports of citrus and wine, potentially affecting up to 80,000 jobs [3] - The US accounts for only 4%-6.5% of South Africa's agricultural exports, with the Southern African Development Community (SADC) and the EU being more significant markets, comprising 39% and 25% respectively [3] - South Africa is successfully diversifying its markets, having opened the Philippine fresh grape market and increasing exports of citrus to Vietnam and avocados to China [3] Group 3: Policy and Innovation - The South African government is focusing on inclusivity and technological innovation as key strategies for growth and competitiveness in agriculture [4] - The small drone market is expected to grow at an annual rate of 22.35% from 2020 to 2025, reaching a size of $138 million by 2025 [4] - Agricultural technology cooperation with China has shown significant results, enhancing efficiency and connecting South Africa to the global digital agriculture network [4] Group 4: Challenges and Resilience - Despite positive trends, the agricultural sector faces challenges such as market friction with the US and slow diversification of exports [5] - Young people in rural areas show a strong preference for non-agricultural employment, hindered by education and skill shortages [5] - The government and industry are collaborating to address these challenges, with initiatives like the "Farmer Field School" program adding 260 agricultural technicians [6]

Group 1 - The core view of the report indicates that the pig farming industry is experiencing price fluctuations, with a shift in policy focus towards "anti-involution," leading to a potential lack of seasonal price increases in Q4 2025 [2][6][11] - For the pig sector, as of October 12, 2025, the average price of live pigs was 10.94 yuan/kg, reflecting a month-on-month decline of 17.81% and a year-on-year decline of 39.46% [6][11] - The report suggests focusing on high-quality growth stocks with efficiency barriers, particularly leading companies such as Muyuan Foods, Wens Foodstuff Group, and Dekang Animal Husbandry, as well as smaller pig companies with high elasticity [5][16] Group 2 - In the beef sector, prices have been stable with an upward trend, supported by traditional demand in Q4 and a market shortage of cattle, with prices for calves, fattened bulls, and cull cows reaching 32.19, 25.73, and 19.33 yuan/kg respectively [18][21] - The report anticipates that the beef price will continue to rise due to a combination of market shortages and seasonal demand in Q4, recommending attention to leading beef companies such as Youran Dairy, Modern Farming, and China Shengmu [21][22] Group 3 - In the poultry sector, the report forecasts a slight recovery in white feather chicken prices in Q4, despite ongoing supply pressures, with a focus on integrated industry leaders like Shennong Development [24] - For yellow feather chickens, the report notes a potential price increase supported by seasonal demand, while also highlighting the importance of cost control for profitability, recommending companies like Lihua Stock [26] Group 4 - The feed sector is expected to see increased sales, supported by rising corn prices, with a focus on the outcomes of Sino-US negotiations regarding soybean meal prices [29][33] - In the animal health sector, the report predicts an increase in sales during the high disease incidence period in Q4 2025, despite short-term price pressures due to intensified competition, recommending companies like Reap Bio and Kexin Biological [34][37]

Core Viewpoint - *ST Tianshan reported significant month-on-month increases in live livestock sales and revenue for September, despite year-on-year declines in both metrics [1] Sales Performance - In September, the company sold 294 head of livestock, marking a month-on-month increase of 500% [1] - The sales revenue for September reached 2.8667 million yuan, reflecting a month-on-month increase of 422.14% [1] - Year-on-year, the sales volume decreased by 35.38%, while the revenue dropped by 53.02% [1]

Group 1 - The national average price of live pigs today is 10.91 yuan/kg, showing a slight increase of 0.01 yuan/kg compared to yesterday [1] - The supply index for meat in Chongqing has increased by 3.08% compared to yesterday [1] - The wholesale trading volume of pork in Beijing is 575,900 kg, which is an increase of 5.38% from the previous day [1] Group 2 - The average price difference for external three-yuan pigs across 21 major regions is approximately 0.53 yuan/kg, down by 0.01 yuan/kg from yesterday, which is below the average transportation cost of 0.52 yuan/kg [3] - The overall national pig market is experiencing a trend of rising prices in the north and falling prices in the south, with northern regions supported by farmers holding back sales and new entrants, while southern regions face supply pressure leading to price declines [3] - The national average pig price remains below 11 yuan/kg, indicating a low-level fluctuation, with expectations for prices to stabilize tomorrow [3]

Core Insights - *ST Tianshan (300313.SZ) reported its livestock sales for September 2025, with a total of 294 heads sold and revenue of 2.8667 million yuan, indicating significant month-on-month growth [1] - The month-on-month changes in sales volume and revenue were 500.00% and 422.14%, respectively, showcasing a strong recovery compared to the previous month [1] - However, year-on-year comparisons reveal a decline, with sales volume and revenue decreasing by 35.38% and 53.02%, respectively, indicating potential challenges in maintaining sales levels compared to the previous year [1]

Group 1 - The company, Western Pastoral (300106), reported that as of October 10, the total number of shareholders is 22,700 [1]

Core Insights - *ST Tianshan (300313.SZ) reported a significant increase in sales of live livestock in September 2025, with 294 heads sold and revenue of 2.8667 million yuan, reflecting a month-on-month change of 500.00% in sales volume and 422.14% in revenue [1] Sales Performance - The sales volume of live livestock increased by 500.00% compared to the previous month [1] - The sales revenue saw a month-on-month increase of 422.14% [1] - Year-on-year comparisons show a decline, with sales volume down by 35.38% and revenue down by 53.02% [1]

Core Viewpoint - *ST Tianshan (300313) reported a significant increase in livestock sales volume and revenue in September, but both metrics showed a year-on-year decline [1] Sales Performance - In September, the company sold 294 head of livestock, generating sales revenue of 2.8667 million yuan [1] - The month-on-month changes were substantial, with sales volume and revenue increasing by 500% and 422.14%, respectively [1] - Year-on-year, the sales volume and revenue decreased by 35.38% and 53.02%, respectively [1] Reasons for Performance - The increase in sales volume and revenue compared to the previous month was attributed to a higher number of livestock being sold in September, although it remained lower than the same period last year [1]