Report Summary 1. Core View - When supply is large and demand lacks concentrated boost, the spot market is weak, and near - month contracts follow the spot with a volatile and bearish trend. Spot prices remain volatile and weak. Recent demand support and unsold fat pigs provide some support, but the sustainability of cold - weather - driven traditional demand needs observation. The overall loss in pig - farming profit is not large, the duration is short, and the de - stocking speed is limited. There is still pressure on the supply - side for pig sales, and although there are local diseases, they are within the normal range. The 01 contract entered the position - limit period one month before delivery this week, and due to concerns about winter pig diseases, the futures price rose. Currently, the 01 contract has a premium over the spot [3]. 2. Key Data 2.1 Spot Prices - On November 26, 2025, the national average pig price was 11.42 yuan/kg, down 0.2 yuan/kg. Different regions had different price changes, such as Henan at 11.35 yuan/kg (up 0.01 yuan/kg), Hunan at 11.1628 yuan/kg (down 0.25 yuan/kg), etc [3]. 2.2 Futures Prices - LH2601 was at 11,540 yuan, up 125 yuan; LH2603 was at 11,365 yuan, up 70 yuan; LH2605 was at 12,060 yuan, up 65 yuan. The spread between LH2601 and LH2603 was 175 yuan (up 55 yuan) on November 26 [3]. 2.3 Pig - related Data - According to Yongyi data, the average weight of pigs for sale this week was 128.81 kg, an increase of 0.33 kg from last week, with a week - on - week increase of 0.26% [3].

农产品日报 | 2025-11-27 需求提振不足，猪价延续震荡 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2601合约11540元/吨，较前交易日变动+125.00元/吨，幅度+1.10%。现货方面，河南地 区外三元生猪价格11.34元/公斤，较前交易日变动-0.01元/公斤，现货基差 LH01-200，较前交易日变动-135；江苏 地区外三元生猪价格 11.34元/公斤，较前交易日变动-0.11元/公斤，现货基差LH01-200，较前交易日变动-235；四 川地区外三元生猪价格11.57元/公斤，较前交易日变动+0.00元/公斤，现货基差LH01+30，较前交易日变动-125。 据农业农村部监测，11月26日"农产品批发价格200指数"为126.14，比昨天上升0.20个点，"菜篮子"产品批发价格指 数为128.36，比昨天上升0.23个点。全国农产品批发市场猪肉平均价格为17.87元/公斤，比昨天上升0.8%；牛肉66.02 元/公斤，比昨天下降1.3%；羊肉63.20元/公斤，比昨天上升1.0%；鸡蛋7.27元/公斤，比昨天下降1.1%；白条鸡17.35 元/公斤，比昨天下降1.1%。 市 ...

Core Viewpoint - The press conference highlighted the achievements of Shaanxi's agricultural and rural development during the "14th Five-Year Plan" period, emphasizing food security, poverty alleviation, and the promotion of modern agriculture [6][39]. Agricultural Production Capacity - Significant enhancement in the production capacity of food and important agricultural products, with a projected grain output of over 13.5 million tons in 2024, ranking among the top ten in the country [6][43]. - The province has built 24.68 million acres of high-standard farmland, with a continuous net increase in arable land for three consecutive years [6][43]. - The production of oilseeds, vegetables, and meat has increased by 6.3%, 10%, and 20.9% respectively compared to 2020 [6][43]. Poverty Alleviation - Continuous consolidation of poverty alleviation achievements, with a risk elimination rate of 78.7% for monitored individuals, ensuring no large-scale return to poverty [7][44]. - Over 210 million person-times of employment for the impoverished population have been recorded for five consecutive years [7][44]. Development of Characteristic Industries - Implementation of a five-year action plan for the construction of key agricultural industry chains, with an expected comprehensive output value of 664.9 billion yuan by 2025 [8][44]. - Establishment of collaborative mechanisms for various local products, with apples, kiwis, and goat milk leading in national production [8][44]. Rural Construction - Steady progress in building beautiful villages, with 1,008 provincial-level demonstration villages established and 748 key poverty alleviation villages improved [8][45]. - Infrastructure improvements include a 98.2% tap water coverage rate and a 99.9% reliability rate for rural power supply [8][45]. Technological Support - Strengthening agricultural technology and equipment support, with the establishment of 120 regional agricultural service centers and 477 emergency service teams [9]. - Continuous promotion of key agricultural technologies, with significant advancements in drought-resistant agricultural practices [9]. Agricultural Reform - Ongoing deepening of agricultural and rural reforms, including the extension of land contracts and the promotion of new collective economic models [9]. - The per capita disposable income of rural residents reached 14,395 yuan in the third quarter of this year, growing faster than urban residents' income [9]. Agricultural International Cooperation - Expansion of agricultural international cooperation, with over 50 major foreign affairs activities hosted and a projected agricultural product export of 6.59 billion yuan in 2024 [10]. - Establishment of overseas agricultural technology demonstration parks and training programs for agricultural officials from member countries of the Shanghai Cooperation Organization [10].

Core Viewpoint - After the Double Festival, supply and demand remain stable, with milk prices entering a bottoming phase, and both contract and spot prices showing stable month-on-month changes. The demand for dairy products continues to face pressure, with ambient products performing weaker than chilled ones. However, deep processing and overseas expansion are growing rapidly from a low base, indicating a promising future [1] Group 1: Dairy Industry - Milk prices are stabilizing after the holiday season, indicating a bottoming phase [1] - Demand for dairy products is under pressure, particularly in ambient segments compared to chilled segments [1] - Deep processing and overseas markets are experiencing rapid growth from a low base, suggesting a bright outlook for the future [1] Group 2: Beef Industry - In Q3, beef cattle prices have shown high volatility, with a cumulative reduction in stock expected to exceed 10% since the beginning of 2024 [1] - By 2026, there is anticipated downward pressure on the supply side of beef cattle, referencing the previous cycle's reduction and price recovery patterns [1] - The current cycle for live cattle prices is expected to have upward potential, with a positive outlook for the synergy between beef cattle and raw milk cycles [1]

Group 1 - The core point of the news is that Dekang Agriculture and Animal Husbandry has been actively repurchasing its shares, with a total of 66.24 million shares repurchased this year, amounting to 4897.63 million HKD [2][3] - On November 26, the company repurchased 151,900 shares at a price range of 71.900 to 75.150 HKD, totaling 11.098 million HKD, while the stock closed at 72.750 HKD, down 3.19% for the day [2] - Since November 25, the company has conducted share buybacks for two consecutive days, repurchasing a total of 409,300 shares with a cumulative amount of 30.3715 million HKD, during which the stock price has decreased by 4.46% [2] Group 2 - The detailed buyback information shows that the highest repurchase price on November 26 was 75.150 HKD, while the lowest was 71.900 HKD [3] - The company has conducted six buybacks this year, with the most significant repurchase occurring on November 25, where 257,400 shares were bought back for 19.2734 million HKD [3] - The total repurchase amounts and share counts indicate a strategic effort by the company to support its stock price amid recent declines [3]

Summary of Key Points from Conference Call Records Industry Overview - **Federal Reserve's Interest Rate Expectations**: The divergence in expectations regarding the Federal Reserve's interest rate cuts in December has increased, with dovish officials citing a weak labor market as support for cuts, while hawkish officials express concerns over inflation rebound, leading to increased policy uncertainty [1][3][4][5] - **Domestic Macro Economy**: The LPR remained unchanged in November, indicating that the central bank believes there is still room for monetary policy, but the marginal efficiency is declining, making further easing unlikely this year [1][7][8] Commodity Market Insights - **Black Commodities**: There is a significant divergence in the performance of black commodities. Coal and coke prices have dropped sharply, with coking coal down 9% and coke over 4%. In contrast, iron ore has shown relative strength, increasing by approximately 1.2% [1][9][12] - **Iron Ore Market**: Iron ore has performed better than other commodities recently, but with increased shipments and port arrivals, supply-demand conflicts may intensify, leading to potential price volatility in the short term [1][12] - **Precious Metals**: The precious metals market remains weak, with the gold-silver ratio hovering around 81. Factors such as internal divisions within the Federal Reserve and geopolitical tensions have limited upward momentum for gold [1][15] - **Oil Market**: The oil market is under pressure from a mid-term supply surplus, with IEA predicting continued oversupply in global oil markets this year and next, leading to a bearish outlook for oil prices [1][20] Specific Commodity Analysis - **Coking Coal and Coke**: The coking coal market is facing increased supply due to domestic production recovery and rising imports from Mongolia. The coke market is also under pressure, with limited price increases expected [1][13][14] - **Steel Market**: The rebar and hot-rolled coil markets are experiencing narrow fluctuations, with recent data showing improvements in both supply and demand, although overall market sentiment remains cautious [1][10][11] - **Nonferrous Metals**: The nonferrous metals market is generally weak, with copper prices expected to remain volatile but high. The aluminum market faces seasonal inventory increases, limiting upward price potential [1][17] - **New Energy Materials**: The polysilicon and industrial silicon markets are weak, while lithium carbonate prices have risen unexpectedly due to improved fundamentals, although risks of price declines remain [1][18][19] Additional Insights - **Market Sentiment**: The overall market sentiment is cautious due to mixed economic data and geopolitical uncertainties, impacting various commodity prices and investor strategies [1][6][17] - **Future Expectations**: The outlook for many commodities remains uncertain, with potential for volatility driven by supply-demand dynamics and macroeconomic factors [1][20][21][25]

Core Insights - Beijing has implemented the strictest farmland protection system, restoring the cultivated land area to 1.97 million acres and completing the mapping of 1.5 million acres of permanent basic farmland [1][2] - The city has made significant advancements in agricultural technology, achieving a 75% contribution rate from agricultural technology progress and leading the nation in comprehensive technological strength [2][3] - The development of rural industries has been prioritized, with a focus on enhancing the production of local specialties and creating new rural business models [6][4] Group 1: Agricultural Development - The area of high-standard farmland built has reached 840,000 acres, with a focus on modern facility agriculture and the establishment of demonstration zones [2] - The self-sufficiency rates for key agricultural products such as vegetables, eggs, and milk have steadily increased [2] - Beijing has developed a robust seed industry, with 214.4 million preserved germplasm resources, ranking first in the country [3] Group 2: Rural Infrastructure and Services - Over 95% of administrative villages have completed village planning, and rural infrastructure improvements have been largely completed [4] - The city has introduced over 200 new urban entrepreneurial entities to develop rural new business formats, enhancing the local economy [4] - The income of rural residents has consistently grown faster than that of urban residents, with a projected increase of 9,730 yuan per capita by 2024 [7] Group 3: Policy and Governance - Beijing has implemented various policies to support rural collective economic development and improve governance in rural areas [8] - The city has made progress in land reform, with 23,87 plots of land entering the open market for transactions since 2021 [8] - The government aims to continue promoting urban-rural integration and modern agricultural development in the next five years [9]

Core Viewpoint - Dekang Agriculture and Animal Husbandry (02419.HK) announced a share buyback of 152,000 shares at a cost of HKD 11.098 million on November 26 [1] Group 1 - The company spent HKD 11.098 million for the repurchase [1] - A total of 152,000 shares were bought back [1]

Core Viewpoint - Dekang Agriculture and Animal Husbandry (02419) announced a share buyback plan, investing HKD 11.098 million to repurchase 151,900 shares at a price range of HKD 71.90 to HKD 75.15 per share [1] Group 1 - The company plans to execute the buyback on November 26, 2025 [1] - The total investment for the buyback is approximately HKD 11.098 million [1] - The number of shares to be repurchased is 151,900 [1]

News Summary Core Viewpoint - The national pig price has decreased, while corn prices have increased, leading to a decline in the pig-to-feed price ratio, indicating potential challenges for the pig farming industry in the near future [1][2][3]. Group 1: Market Data - As of November 19, the national pig price is 12.24 yuan/kg, down 1.61% from November 12 [1]. - The wholesale corn price is 2.28 yuan/kg, up 0.88% from November 12 [1]. - The pig-to-feed price ratio is 5.37, down 2.36% from November 12 [1]. - The average loss per pig in the current breeding model is estimated at 232.66 yuan [1]. Group 2: Company Insights - Shennong Group aims to achieve a pig output target of approximately 3 million heads, with a complete cost of 12.2 yuan/kg in October [1]. Group 3: Institutional Perspectives - Zhengxin Futures predicts that pig prices may continue to face pressure over the next three months, recommending a short position on March contracts while suggesting a wait-and-see approach for short-term trading [2]. - Yide Futures notes that while demand for pigs is stable or increasing, the supply is also rising significantly, leading to continued pressure on pig prices in the short term [3]. - The acceleration in the elimination of breeding sows may provide some downward space, but the market bottom may take time to develop, with near-term futures expected to remain under pressure [3].