罗牛山（000735）公告，2024年第一季度营业收入8.94亿元，同比下降35.54%。净利润1.1亿元，同比 增长128.81%。 ...

Investment Rating - The industry investment rating is "Overweight" [5] Core Views - The report highlights a divergence in the data for breeding sows, with a 0.96% decrease in the breeding sow inventory at the end of Q1, marking the end of three consecutive quarters of increase. This indicates a potential shift in production capacity [1][2] - Despite the recent increase in pig prices, the report suggests that the downward trend in prices may be difficult to reverse in the future due to increased supply from rising breeding sow inventories and piglet numbers [1][3] - The report emphasizes the importance of monitoring the official start of production capacity reduction, which could present investment opportunities in companies such as Muyuan Foods, Wens Foodstuff Group, Juxing Agriculture, and Shennong Group [1][3] Summary by Sections Breeding Sow Inventory - As of the end of Q1, the national breeding sow inventory was reported at 40.39 million heads, a decrease of 390,000 heads or approximately 0.96% from the previous quarter, ending a trend of increases observed from Q2 to Q4 of the previous year [2] - Third-party monitoring data shows mixed results, with some reporting increases while others indicate a decrease, suggesting a more accurate reflection of actual production capacity trends [2] Pig Prices - Post-Spring Festival, pig prices have remained stable, fluctuating between 14.5 to 14.7 yuan per kilogram, with a brief increase to 15 yuan per kilogram around mid-April, which was stronger than market expectations [3] - The report attributes the stability in prices to factors such as low frozen product inventories and increased market demand, although it warns that the overall trend may still be downward due to rising supply [3] Investment Recommendations - The report recommends focusing on companies that may benefit from the anticipated changes in production capacity, specifically highlighting Muyuan Foods, Wens Foodstuff Group, Juxing Agriculture, and Shennong Group as key investment opportunities [1][3][8]

Group 1: Report Information - Report Name: Pig Daily Report [1] - Date: April 17, 2025 [2] - Core View: The supply of pigs tends to increase, demand is weakening, and the market is in a state of loose supply and demand. However, the active entry of secondary fattening in the short - term has intercepted part of the supply and boosted the spot price. The futures contracts show a pattern of near - term weakness and long - term strength [8] Group 2: Market Review and Operation Suggestions Pig Market - Futures: On the 16th, the main 2509 contract of live pigs opened slightly lower and fluctuated downwards, closing in the negative. The highest was 14,530 yuan/ton, the lowest was 14,275 yuan/ton, and the closing price was 14,325 yuan/ton, a decrease of 1.17% from the previous day. The total open interest of the index decreased by 2,253 lots to 160,482 lots [7] - Spot: On the 16th, the national average price of foreign ternary pigs was 14.90 yuan/kg, a decrease of 0.06 yuan/kg from the previous day [7] Pig Market Analysis - Demand Side: The utilization rate of pig fattening pens is rising slightly. Due to low fattening costs and favorable fat - standard price differentials, the enthusiasm for secondary fattening has increased recently. As the weather warms, some farmers are replenishing their stocks. Terminal demand is gradually weakening, and the slaughter rate and volume of slaughtering enterprises have decreased. On April 16th, the slaughter volume of sample slaughtering enterprises was 135,900 heads, a decrease of 2,200 heads from the previous day and 1,000 heads from a week ago [8] - Supply Side: The planned sales volume in April is 23.16 million heads, a 3.67% increase from the actual slaughter volume in March and a 7.13% daily increase. In the short - term, the slaughter of farmers has decreased slightly, and the slaughter weight has declined slightly [8] - Overall Market: Supply is increasing, demand is weakening, and the supply - demand relationship is loose. However, the active entry of secondary fattening in the short - term has intercepted part of the supply and boosted the spot price. Futures contracts are at a discount to the spot. Near - term contracts (2505/2507) are weak due to the off - season demand, while the far - term 2509 contract is strong due to expected growth in demand and rising feeding costs [8] Group 3: Industry News - According to Yongyi's tracking and research data, in the week of April 10th, the weekly slaughter volume of the sample was 1.5005 million heads, a decrease of 30,700 heads or 2.01% from the previous week. The average daily slaughter volume of the daily sample was 138,836 heads, a decrease of 1,391 heads or 0.99% from the previous week [9][11] Group 4: Data Overview - On April 10th, the average market price of 15 - kg piglets was 659 yuan/head, unchanged from the previous week [18] - As of April 10th, the average profit per self - bred and self - raised pig was 170 yuan/head, a weekly increase of 18 yuan/head; the average profit per pig fattened with purchased piglets was 161 yuan/head, a weekly increase of 19 yuan/head [18] - As of April 10th, the expected cost of self - bred and self - raised pigs was 13.32 yuan/kg, a weekly increase of 0.08 yuan/kg. The expected cost of fattening purchased piglets to 125 kg for slaughter was 15.23 yuan/kg, a weekly increase of 0.3 yuan/kg [18] - In the week of April 10th, the average slaughter weight nationwide was 128.81 kg, a decrease of 0.08 kg or 0.06% from the previous week [18]

Report Summary Industry Investment Rating - Not provided Core View - In Q1 2025, the supply of live pigs was higher than that in 2024 but lower than the same period in 2023. The increase in pork production due to higher slaughter weights compensated for the supply shortage in terms of headcount, resulting in a slightly higher pork supply than in Q1 2023. Weight remains an important variable driving the supply side of live pigs this year and should be closely monitored [3] Summary by Relevant Catalog - **Production Data**: In Q1 2025, the output of pork, beef, and poultry increased by 1.2%, 2.7%, and 5.1% respectively, while mutton output decreased by 5.1%. Milk output increased by 1.7%, and egg output decreased by 0.1%. The total output of pork, beef, mutton, and poultry was 25.4 million tons, a year-on-year increase of 2.0% [3] - **Inventory and Slaughter Data**: At the end of Q1 2025, the inventory of live pigs was 417.31 million heads, a year-on-year increase of 2.2%. In Q1 2025, the number of slaughtered live pigs was 194.76 million heads, a year-on-year increase of 0.1% [3] - **Output Calculation**: Based on the pork output of 15.83 million tons in Q1 2024, the pork output in Q1 2025 was estimated to be about 16.02 million tons, a year-on-year increase of 1.2% and an increase of 0.75% compared to Q1 2023 [3]

来源：环球网 【环球网财经综合报道】4月15日，牧原股份发布公告称，为深入推进国际化战略，打造国际化资本运 作平台，公司拟发行境外上市外资股（H股）股票并在香港联合交易所有限公司（香港联交所）主板挂 牌上市。 （图片来 源：上市公司公告） 公告显示，牧原股份将充分考虑现有股东的利益和境内外资本市场的情况，在股东大会决议有效期内 （即经公司股东大会审议通过之日起24个月或同意延长的其他期限）选择适当的时机和发行窗口完成本 次发行并上市。目前，公司正积极与相关中介机构就本次发行并上市的相关工作进行商讨，除本次董事 会、监事会审议通过的相关议案外，其他关于本次发行并上市的具体细节尚未确定。 牧原股份在公告中提醒广大投资者，本次发行并上市能否通过审议、备案和审核程序并最终实施具有重 大不确定性，请关注后续公告，注意投资风险。 公开资料显示，牧原股份的主营业务为生猪的养殖销售、生猪屠宰，主要产品包括商品猪、仔猪、种猪 及白条、分割品等猪肉产品。截至2024年末，公司已有养殖产能约8100万头/年，共投产10家屠宰厂， 屠宰产能2900万头/年，所有屠宰生猪均来源于公司自有养殖场。 2024年，牧原股份实现营业收入137 ...

金融界4月15日消息，牧原股份发布公告，将于2025年5月20日召开年度股东大会，网络投票同日进行。 股权登记日为5月12日，当日收市后持有牧原股份股票的投资者可以参与投票。 1、《关于 <公司董事会2024年度工作报告> 的议案》 2、《关于 <公司监事会2024年度工作报告> 的议案》 3、《关于 <公司2024年年度报告及摘要> 的议案》 4、《关于 <公司2024年度财务决算报告> 的议案》 5、《关于 <公司2025年度财务预算报告> 的议案》 6、《关于公司2024年度利润分配方案及2025年中期分红规划的议案》 7、《关于公司2025年度董事薪酬方案的议案》 8、《关于公司2025年度监事薪酬方案的议案》 9、《关于聘任公司2025年度审计机构的议案》 10、《关于修订 <公司章程> 的议案》 11、《关于公司发行 H 股股票并在香港联合交易所有限公司上市的议案》 12、《关于公司发行 H 股股票并在香港联合交易所有限公司上市方案的议案》 13、《关于公司转为境外募集股份有限公司的议案》 14、《关于公司前次募集资金使用情况报告的议案》 15、《关于公司发行H股股票募集资金使用计划的议案》 16 ...

行业 生猪日报 日期 2025 年 04 月 15 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 升水修复，重新起航 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：涌益，建信期货研究中心 生猪行情： 期货方面，14 日生猪主力 2509 合约高开后冲高回落震荡走低，尾盘收阴， 最高 14645 元/吨，最低 14425 元 ...

Core Insights - Sichuan is launching a plan to develop a trillion-level livestock industry, focusing on building strong agricultural industry chains [1][2] - The livestock sector is the largest agricultural industry in Sichuan, with a total output value exceeding 730 billion yuan, making it the most promising area to reach the trillion-level target [2][3] Industry Overview - The livestock industry in Sichuan has a high proportion of large-scale farming, with over 60% of farms having an annual output of more than 500 pigs, leading the nation [3] - Sichuan has nine agricultural industry clusters recognized as national-level advantageous and characteristic industry clusters, with four of them in the livestock sector [3] Challenges and Opportunities - Despite the strong foundation, the livestock industry faces challenges such as a lack of leading enterprises and incomplete deep processing chains, with deep processing of pork accounting for less than 25% of consumption [4] - The plan aims to increase the total output value of the livestock industry chain by 269 billion yuan within 3-5 years, targeting a trillion-level milestone [6] Company Initiatives - Companies like DeKang Agricultural Group are key players in the industry, implementing advanced slaughtering technologies and expanding their operations in Sichuan [5][6] - DeKang Group is also collaborating with local governments to enhance the entire livestock supply chain, including breeding, farming, slaughtering, and processing [7]

华统股份（002840）公告，2025年3月份，公司生猪销售数量22.82万头(其中仔猪销售7,978头)，环比变 动4.01%，同比变动-3.50%。生猪销售收入3.92亿元，环比变动11.76%，同比变动-2.49%。商品猪销售 均价14.8元/公斤，比2025年2月份下降1.40%。2025年3月份鸡销售数量68.88万只，环比变动46.79%，同 比变动-66.29%。鸡销售收入1136.06万元，环比变动64.31%，同比变动-50.85%。 ...

"希望借助此次展会平台，吸引更多大型企业入驻，带来先进的技术、管理经验、资金和人才，为新津 乃至成都畜牧业发展注入强大动力。"新津区畜牧业协会会长白勇表示，目前新津已形成绿色食品、新 能源、轨道交通为主导，新型材料、智能装备等新兴产业蓬勃发展的现代化产业体系，为畜牧行业发展 打下坚实的产业基础。 新华财经成都4月12日电（记者袁波）4月10日至11日，2025中国（成都）畜牧业博览会在位于成都市新 津区的天府农业博览园举行，吸引超过300家参展企业，现场成交额达6000余万元。 AI边缘计算服务器、AI智慧育种大数据分析仪、智能生物照明灯……现场设置品牌展示、智慧畜牧、 机械设备、畜牧粪污处理、动保饲料、优质畜产品等展区。展会组织负责人介绍，博览会全面展示畜牧 产业链的新技术、新产品与新服务，希望依托成都独特的区位优势，为国内外畜牧行业企事业单位搭建 深化全方位交流合作的平台。 四川是畜牧业大省，生猪出栏量常年位居全国首位，家禽、牛羊、肉兔等主要畜产品产量也稳居全国前 列。2024年，四川省畜牧业总产值达2977亿元。在四川省畜牧业协会相关负责人看来，从国内外大量生 产实践来看，数智技术有利于突破传统农业发展 ...