毛宁当天还指出，如果日方拒不撤回，甚至一错再错，中方将不得不采取严厉坚决的反制措施，由此产 生的一切后果由日方承担。 本文系观察者网独家稿件，未经授权，不得转载。 此外，据日本广播协会（NHK）19日报道，中方已向日方正式通报将暂停进口日本水产品。 中国外交部发言人毛宁同日主持例行记者会时回应，近期由于日本首相高市早苗倒行逆施，在台湾等重 大问题上的错误言论引起中国民众的强烈公愤。当前形势下，即使日本水产品向中国出口，也不会有市 场。 当地时间19日，日本共同社援引多名日本政府消息人士的话报道称，根据中方的意向，有关恢复日本牛 肉对华出口的政府间磋商已中止。 共同社称，中国自2001年起暂停进口日本产牛肉，两国政府在2019年签署动物卫生检疫协定，但后来停 滞，未能推进。今年7月，日方表示中方关于日本牛肉的动物卫生检疫协定已正式生效，这一协定生效 是日本牛肉重启出口的重大前提。为实现实际重启出口，双方将围绕食品卫生和检疫方面继续展开谈 判。 ...

Core Insights - The Tai Xing Livestock and Veterinary Center is focusing on enhancing the new quality productivity of the livestock industry through professional technical support and efficient service guarantees, aiming to boost both scale and efficiency in the industry, thereby injecting strong momentum into rural revitalization [1] Group 1: Industry Development Initiatives - The center has selected 52 key personnel to form 9 technology service teams, providing "one-on-one" services to 74 large and medium-sized breeding and slaughter enterprises in the city, addressing critical areas such as feed formulation, environmental control, and breeding [1] - A total of 707.8 million yuan has been integrated to support the development of the livestock industry, with policies like pig subsidy, smart farm construction, and disease prevention showing effective results [2] - The black pig industry has seen growth, with 26 pig farms enhancing their production capacity through partnerships with large enterprises, such as the Suzi Black Pig completing three generations of genetic improvement [2] Group 2: Disease Prevention and Sustainability - The center emphasizes a "prevention first, control combined" approach, achieving a 98% compliance rate for livestock antibodies and a more than 30% year-on-year decrease in pig mortality [2] - The resource utilization rate of livestock manure is projected to reach 98.53% by 2024, with enterprises like Hongtai Livestock Breeding Center benefiting from financial subsidies for manure facility upgrades [2] Group 3: Future Directions - The center plans to strengthen party leadership, refine service measures, and focus on the intelligent and green transformation of the industry, aiming to enhance the technical service and collaborative support systems for high-quality development in the livestock sector [3]

Core Viewpoint - The report from Dongxing Securities indicates that pig prices experienced a bottom rebound in October, rising above 12 yuan/kg by the end of the month, but the sustainability of this upward trend is weak, leading to a price correction in November, with an average price of 11.80 yuan/kg as of November 10 [1][2]. Supply and Demand Analysis - Supply Side: In October, some enterprises reduced the weight of pigs to accelerate cash flow, resulting in actual slaughter exceeding planned numbers. Following a slight rebound in prices, there is an increased tendency to secure profits due to pessimistic market expectations, leading to significant monthly slaughter pressure [2][4]. - Demand Side: The pace of secondary fattening increased in mid-October, providing slight support for short-term prices. However, after the price rebound, market participants returned to a wait-and-see attitude. Additionally, the rise in northern temperatures at the end of October suppressed meat consumption, and demand for cured meat in the south has not yet started, indicating insufficient demand support [2][4]. Capacity Change Trends - As of the end of September, the number of breeding sows was 40.35 million, a decrease of 0.70% month-on-month. Data from various sources show a mixed trend in October, with a slight decline in breeding sow samples and a minor increase in others, indicating limited willingness to reduce production capacity due to previous backlogs and a slight price rebound [3]. Policy and Market Outlook - With ongoing policy adjustments and low prices, capacity reduction is expected to accelerate. Recent meetings have emphasized production capacity control and other requirements, with leading enterprises responding positively. As of November 14, 2025, the average profit per head for self-bred pigs was -114.81 yuan, indicating continued losses in the industry. The combination of policy implementation and accumulated losses suggests a potential upward price turning point in the second half of 2026 [4][5]. Future Cycle Prediction - The core theme for the near future will be capacity control guided by policy, with expectations for the elimination of outdated capacity increasing. The cost advantages of high-quality production capacity are expected to become more pronounced, leading to better profit elasticity post-regulation. Although the industry index PB has rebounded, it remains below historical median levels, indicating a safety margin for valuations. Recommended stocks include leading breeding companies with high performance realization rates, such as Muyuan Foods (002714.SZ), along with other related companies like Wens Foodstuff Group (300498.SZ), Tiankang Biological (002100.SZ), and Shennong Group (605296.SH) [5]. October Sales Data of Listed Companies - The average sales price in October decreased month-on-month for major companies, with Muyuan Foods, Wens, Zhengbang Technology, and New Hope reporting average prices of 11.55, 11.57, 11.28, and 11.28 yuan/kg, respectively, reflecting declines of 10.33%, 12.22%, 11.53%, and 12.49% [6]. - Slaughter volumes increased significantly, with Muyuan Foods, Wens, New Hope, and Zhengbang Technology achieving sales of 708, 389, 169, and 91 million heads, respectively, marking increases of 26.97%, 17.07%, 20.87%, and 14.81% month-on-month [6]. - The average slaughter weight showed a slight increase, with Muyuan Foods, Wens, and New Hope reporting average weights of 126.41, 112.08, and 100.91 kg, respectively, indicating a general upward trend in average slaughter weights [6].

Core Insights - Xilin Gol League is leveraging its regional advantages to establish itself as a significant agricultural and livestock product production base, focusing on high-quality development in animal husbandry through the "grassland meat library," "ecological milk can," and "green grass city" initiatives [1] Group 1: Grassland Meat Library - The city is promoting a shift from quantity to quality in sheep farming, emphasizing the importance of superior breeding stock to enhance income and reduce pasture burden [2] - A breeding system has been established for the Ujumqin sheep, including a breeding center and multiple breeding farms, with an annual supply capacity of over 3,000 breeding sheep [2] - The beef cattle industry is also seeing improvements, with the establishment of two breeding farms and a focus on high-quality breeds like Simmental and Huaxi, leading to increased profitability for local farmers [3] Group 2: Ecological Milk Can - The city is transitioning from selling live animals and fresh milk to selling processed dairy products, enhancing the value chain through industrial parks and integrating processing with tourism [4] - The establishment of the Shifang Food Industrial Park and the Cheese Culture Industrial Park has led to significant investments and production capacity, with annual output reaching approximately 28,000 tons of various dairy products [4][5] - A cooperative model led by grassroots organizations is helping small dairy producers improve sales and profitability, with a focus on direct sales and e-commerce [6] Group 3: Green Grass City - The city is prioritizing ecological protection while enhancing forage supply, integrating natural grassland management with technological advancements in forage production [7] - The Maodeng Ranch has developed a 360,000-acre ecological park, significantly improving vegetation coverage and forage variety, which has led to increased production [8] - Technological innovations, such as hydroponic forage systems, are addressing challenges related to weather dependency in forage supply, creating a robust supply system for the livestock industry [9]

农产品日报 | 2025-11-19 终端消费疲软，猪价震荡运行 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11535元/吨，较前交易日变动-160.00元/吨，幅度-1.37%。现货方面，河南地区 外三元生猪价格11.60元/公斤，较前交易日变动+0.00元/公斤，现货基差 LH01+65，较前交易日变动+160；江苏地 区外三元生猪价格 11.75元/公斤，较前交易日变动+0.00元/公斤，现货基差LH01+215，较前交易日变动+160；四 川地区外三元生猪价格11.25元/公斤，较前交易日变动+0.01元/公斤，现货基差LH01-285，较前交易日变动+170。 据农业农村部监测，11月18日"农产品批发价格200指数"为125.41，比昨天下降0.03个点，"菜篮子"产品批发价格指 数为127.51，比昨天下降0.02个点。全国农产品批发市场猪肉平均价格为17.89元/公斤，比昨天下降0.5%；牛肉66.90 元/公斤，比昨天上升0.5%；羊肉62.95元/公斤，比昨天上升1.0%；鸡蛋7.35元/公斤，与昨天持平；白条鸡17.57元/ 公斤，比昨天下降1.2%。 市场分析 ...

Price Trends - The current mainstream pig prices are showing a weak downward trend, with significant price drops observed in both major sales and supply areas across the country [1] - In mid-October, pig prices rebounded strongly in northern regions, with the national average price rising from 11.17 yuan/kg to 12.49 yuan/kg, an increase of 11.8% driven by factors such as farmers holding back pigs and seasonal consumption recovery [1] - However, by early November, prices began to decline again, with many regions experiencing price drops due to increased supply from large-scale farms and slaughterhouses taking advantage of the situation to lower prices [1] Demand Factors - Demand for fresh pork has been weak entering November, with a lack of festive atmosphere and limited consumer spending, particularly in urban dining, leading to overall poor pork sales [1][2] - Although the upcoming腌腊 season may boost demand, the overall growth in consumption remains limited, as younger consumers prefer alternatives like chicken breast and older consumers reduce fatty meat intake for health reasons [2] Supply Issues - The high number of breeding sows (40.38 million) and improved breeding efficiency (over 24 piglets per sow annually) indicate an oversupply of pigs in the market [1] - Farmers are holding back heavier pigs, which could lead to a price crash if there is a concentrated release of these pigs into the market [3] Industry Challenges - The process of reducing production capacity is slow, as lower feed costs prolong the time farmers can endure losses, meaning that even if sows are eliminated now, supply reductions may not be seen until the second half of 2026 [4] - The government's frozen pork storage program is limited in scale (35,000 tons), providing only short-term price stabilization, with long-term improvements relying on supply-demand dynamics [5] Market Outlook - In the short term, pig prices are expected to continue fluctuating downward, with attention needed on the slaughtering pace of large pig enterprises and disease risks [6] - In the long term, if production capacity continues to decrease alongside seasonal demand recovery, a turning point may be reached in the second half of 2026 [7]

新华财经北京11月18日电据国家级生猪大数据中心18日发布，监测显示，今日（2025年11月18日），31 个省（自治区、直辖市）外三元生猪价格1涨10跌20平，呈稳中下跌趋势。 分析来看，今日养殖端出栏积极性一般，气温下降后需求没有明显好转，屠企多压价按需采购，部分集 团场降价出栏，采购基本无难度，但仍有部分养殖端挺价惜售，预计明日价格上涨。 （文章来源：新华财经） 具体价格监测情况显示，18日全国生猪均价为11.56元／公斤，较前一日下跌0.03元／公斤。重庆市肉品 供给指数显示，今日肉品供给比昨日上涨3.43%。北京市白条猪批发交易量为59.12万公斤，较昨日下跌 0.29%。 外三元生猪价差监测显示，今日全国21组大区间平均价差约0.47元／公斤，较昨日下跌0.01元／公斤， 低于平均调运成本0.58元／公斤。 ...

Group 1: Report Title and Date - The report is titled "Livestock Daily Report" and dated November 18, 2025, focusing on the hog market [1] Group 2: Investment Rating - No investment rating for the industry is provided in the report Group 3: Core Viewpoints - The overall hog supply is stable, and prices are fluctuating slightly. The subsequent supply pressure in the hog market may still be significant, and the general trend of spot hog prices is expected to be weak. Futures prices are also under pressure in the medium to long - term [1][3][4] Group 4: Spot Price Summary - Today, hog spot prices across the country showed a slight rebound. The average price remained unchanged at 11.29 yuan/kg. Some regions had price increases, such as Hebei with an increase of 0.11 yuan/kg, while Guizhou had a decrease of 0.07 yuan/kg [3] - The scale enterprises' hog出栏量 increased overall. Although the monthly hog出栏 plan decreased, the overall supply pressure still exists. Ordinary farmers'出栏 enthusiasm decreased, and the overall出栏 pressure improved compared to before [3] - The number of secondary fattening entrants decreased recently. The price difference between large and small hogs decreased, and hog prices declined, reducing the enthusiasm for replenishment [3] - The current hog出栏 weight rebounded, and the supply of large - weight hogs is still relatively large. The slowdown in出栏 rhythm supported hog prices to some extent. Due to the high hog inventory and relatively large出栏 weight, the subsequent supply pressure in the hog market may still be reflected, and the general trend of hog spot prices is expected to be weak [3] Group 5: Futures Price Summary - Hog futures prices showed a downward trend, affected by the large subsequent supply pressure. However, due to the full reflection of negative factors in the previous decline of the futures market, the recent futures market reaction to the decline in spot prices was not obvious [4] - In the short - term, the change in monthly hog出栏量 may be limited, and prices will generally fluctuate. In the medium - term, due to the high overall inventory and obvious supply pressure, the general trend of spot prices will be downward. Therefore, both spot and futures prices may fluctuate recently, but in the medium to long - term, hog prices are under obvious downward pressure, and the futures market also has certain pressure [4] Group 6: Other Price and Data Summary - Piglet and sow prices remained unchanged this week compared to last week, at 209 yuan and 1546 yuan respectively [3] - The spot breeding profit for self - breeding and self - raising decreased by 25.60 yuan to - 114.81 yuan/head, and for purchasing piglets, it decreased by 30.09 yuan to - 205.64 yuan/head [3] - The slaughter volume decreased by 228 heads to 165,897 heads. The price difference between standard hogs and medium - sized hogs increased by 0.02 yuan, while the price difference between large hogs and standard hogs decreased by 0.05 yuan [3] Group 7: Trading Strategies - Unilateral trading: Hold a wait - and - see attitude [5] - Arbitrage: Hold a wait - and - see attitude [5] - Options: Implement a strategy of selling wide straddles [5]

Core Insights - The article emphasizes the importance of high-quality agricultural land construction and the comprehensive utilization of saline-alkali land in China, highlighting the establishment of a breeding innovation system for saline-alkali land [1] Group 1: Saline-Alkali Land Utilization - The report outlines over 40 innovative achievements in biological breeding, productivity enhancement, and ecological utilization of saline-alkali land in China [2] - Various regional governance models and technical modes have been created, such as the "dry sowing and wet harvesting" in the Northwest oasis area and integrated grass and livestock systems in the Ningxia Hetao Plain [2] - In Jiangsu's coastal saline-alkali areas, annual rainfall supports a rotation planting model, achieving a 20% increase in soil organic matter and maintaining soil salinity below 2‰ [2] Group 2: Challenges and Solutions - The comprehensive utilization of saline-alkali land faces challenges such as water resource shortages and mismatched salt control technologies [3] - The report stresses the need for effective drainage systems and a dynamic monitoring network for soil salinity to implement differentiated irrigation and drainage standards [3] Group 3: Agricultural Development - The report advocates for a combination of "suitable crops for the land" and "suitable land for crops" to maximize the potential of saline-alkali land [4] - It highlights the high functional component content and biological activity of many saline-alkali agricultural products, urging the development of a data-sharing platform for salt-tolerant plant resources [4] Group 4: Breeding Innovation - Successful varieties such as the Huanghua drought-resistant wheat and saline-alkali goji berry have been developed, enhancing the value of saline-alkali agricultural products [5] - The National Saline-Alkali Land Comprehensive Utilization Technology Innovation Center has established a breeding innovation system, with 68 new salt-tolerant crop varieties developed and promoted across 26.32 million acres [6]

智通财经APP讯，德康农牧(02419)发布公告，于2025年11月18日，该公司斥资213.97万港元回购2.95万 股股份，每股回购价格为72.2-72.95港元。 ...