12月19日，罗牛山涨5.12%，截至发稿，报9.45元/股，成交11.86亿元，换手率11.60%，总市值108.82亿 元。 资料显示，罗牛山股份有限公司位于海南省海口市美兰区国兴大道5号海南大厦农信楼12楼，成立日期 1987年12月19日，上市日期1997年6月11日，公司主营业务涉及生猪养殖和屠宰加工业务、冷链业务、 房地产业务和教育服务业务。主营业务收入构成为：畜牧业64.60%，农副食品加工业13.46%，教育业 7.73%，房地产业7.16%，仓储物流业4.05%，其他2.99%。 从罗牛山十大流通股东角度 截至发稿，梁杏累计任职时间9年197天，现任基金资产总规模306.17亿元，任职期间最佳基金回报 1112.34%， 任职期间最差基金回报-57.29%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，国泰基金旗下1只基金位居罗牛山十大流通股东。国泰中证畜牧养殖ETF（159865）三季度 增持740万股，持有股数205 ...

齐鲁晚报.齐鲁壹点连宁燕 12月19日9:00，威海市政府新闻办举行新闻发布会。威海市统计局党组成员王曰瑞，威海市统计局四级调研员、新闻发言人刘俊，国家统计局威海调查队 党组成员、副队长段磊，介绍第四次全国农业普查有关情况。 根据《中华人民共和国统计法》和《全国农业普查条例》规定，农业普查每10年进行一次，尾数逢6的年份为普查年度。2026年将开展第四次全国农业普 查。目前，按照国家和省部署要求，威海市各项工作正在稳步有序推进。 第四次全国农业普查，是我国踏上新征程、进入新发展阶段后开展的一项重大普查，也是"十四五"规划顺利收官、"十五五"规划起步开局关键时期开展的 一项重大普查。第四次全国农业普查，将全面摸清新时代威海市"三农"家底，客观反映农业发展新情况、乡村建设新面貌、农民生活新变化、农村改革新 成效，对于科学制定"三农"政策、全面推进乡村振兴，为不断开创"精致城市.幸福威海"建设新局面夯基固本具有重大而深远的意义。 第四次全国农业普查的对象及范围 第四次全国农业普查的对象是在威海境内的下列个人和单位：农村住户，包括农村农业生产经营户和其他住户；城镇农业生产经营户；农业生产经营单 位；村民委员会；镇人民 ...

2025 年 12 月 19 日 商 品 研 究 生猪：冬至需求高峰已至 | 周小球 | 投资咨询从业资格号：Z0001891 | zhouxiaoqiu@gtht.com | | --- | --- | --- | | 吴昊 | 投资咨询从业资格号：Z0018592 | wuhao8@gtht.com | | 【基本面跟踪】 | | | 趋势强度：-1 注：趋势强度取值范围为【-2,2】区间整数。强弱程度分类如下：弱、偏弱、中性、偏强、强，-2 表示最看空，2 表示最看多。 国 泰 君 安 期 货 研 生猪基本面数据 | | | 单 位 | 价 格 | | 同 比 | | | --- | --- | --- | --- | --- | --- | --- | | 价 格 | 河南现货 | 元/吨 | 11880 | | 100 | | | | 四川现货 | 元/吨 | 12150 | | 0 | | | | 广东现货 | 元/吨 | 12360 | | 0 | | | 期 货 | | 单 位 | 价 格 | | 比 同 | | | | 生猪2601 | 元/吨 | 11220 | | -155 | | | ...

1. Report Industry Investment Rating - The investment rating for the pig industry is cautiously bearish [3]. - The investment rating for the egg industry is also cautiously bearish [6]. 2. Core Viewpoints - For the pig market, the demand is boosted by the Winter Solstice stocking and the reluctance of farmers to sell, causing the pig price to maintain an upward trend. However, after the festival, the supply pressure may be released, which will restrict the pig price [2]. - For the egg market, although the festival stocking has accelerated the market turnover, the egg price remains in a low - level shock pattern due to the off - season consumption. The slow decline in inventory pressure on the supply side also restricts the egg price [5]. 3. Summary by Relevant Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live pig 2603 contract was 11,325 yuan/ton, a change of - 110.00 yuan/ton or - 0.96% from the previous trading day [1]. - Spot: In Henan, the price of external ternary live pigs was 11.80 yuan/kg, a change of - 0.01 yuan/kg; in Jiangsu, it was 12.15 yuan/kg, a change of + 0.25 yuan/kg; in Sichuan, it was 12.25 yuan/kg, with no change. The national average wholesale price of pork in agricultural product markets was 17.51 yuan/kg, up 0.5% from the previous day [1]. Market Analysis - The demand is boosted by the Winter Solstice stocking and farmers' reluctance to sell, and the supply is slightly tight in some northern areas, so the pig price keeps rising. The demand increase is mainly in East China, Shandong, and Henan. The pickling demand in Southwest China has also increased, while that in South China is relatively weak. After the festival, the supply pressure may be released and restrict the pig price [2]. Strategy - The strategy for the pig market is to be cautiously bearish [3]. Egg Market Market News and Important Data - Futures: The closing price of the egg 2601 contract was 2,916 yuan/500 kilograms, a change of - 176.00 yuan or - 5.69% from the previous trading day [3]. - Spot: In Liaoning, the egg spot price was 2.96 yuan/jin, with no change; in Shandong, it was 3.10 yuan/jin, with no change; in Hebei, it was 2.80 yuan/jin, with no change. On December 18, 2025, the production - link inventory was 0.94 days, and the circulation - link inventory was 1.29 days, both unchanged from the previous day [3][4]. Market Analysis - The festival stocking has accelerated the market turnover, but since it is the off - season for egg consumption, the support of festival purchases from catering and households for the egg price is unsustainable. The slow decline in inventory pressure on the supply side restricts the egg price [5]. Strategy - The strategy for the egg market is to be cautiously bearish [6].

中金公司认为，展望2026年，猪业新范式有望进一步强化。我们认为，猪价新范式方面，或继续验 证周期长度缩短、振幅收敛、波动下降的价格特征，2026年猪价或温和回落，龙头或有望保持全年盈 利；成长新范式方面，生猪龙头"成长新范式"迎来机遇期，成长与价值属性双升；投资新范式方面，板 块投资从纯周期思维向周期与价值思维兼顾切换，低成本、大体量龙头企业估值体系持续重塑，龙头企 业有望持续跑赢行业。 （责任编辑：郭健东 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Abstract 摘要 展望2026，我们判断"猪业新范式"、"宠物经济黄金时代"等产业变迁仍将持续，猪业龙头成长与价值属性双升，宠业龙头以品牌矩阵高端化突破中局。此 外，中国农牧业"大航海时代"已开启，"机器换人"等中国农业科技的AI赋能新叙事也迎拐点。 周期：猪业新范式强化，中国农牧业开启大航海时代。我们认为1）生猪： 新范式特征贯穿始终，龙头成长与价值属性双升。价格端，我们测算26年猪价 或延续振幅收敛、波动下降的新范式特征，价格中枢回落、节奏先抑后扬，高效龙头有望保有年度盈利。经营端，猪企开启降成本、增价值、扩海外的成 长新范式，企业出栏保持平稳。投资端，核心龙头兼顾成长与价值，有望持续领跑。 2）肉鸡： 供应宽松，把握种源、渠道、品牌的优势龙头有望提升经 营溢价。 3）饲料： 水产料龙头国内价值、海外成长逻辑持续强化，预计26年饲料龙头国内高质量提份额，加速开启全球大航海时代。 4）农产品： 供需 格局边际改善，粮食价格有望走出谷底。 消费：宠物经济行至中局，产品创新、渠道效率定胜负。 我们认为 1）宠物食品： 竞争行至中局，高端化创新破局。随行业换挡至高质量增长、叠加资 本及产业加大投入，竞争边际 ...

Core Viewpoint - The article highlights the effective measures taken by Yan'an City to prevent poverty and support rural revitalization through targeted assistance and dynamic monitoring systems [1][5]. Group 1: Poverty Prevention Measures - Yan'an City has implemented a "four-color management" system to categorize households based on their poverty risk levels, allowing for precise identification of those in need of assistance [2]. - The city has established a dynamic adjustment mechanism, allowing for the addition and removal of households from monitoring lists based on their changing circumstances [2][4]. - Various support measures are tailored to individual households, focusing on their specific needs in areas such as industry, employment, and finance [2][4]. Group 2: Economic Support Initiatives - The city has made significant investments in agricultural development, including the transformation of 663,400 acres of old apple orchards and the establishment of 198 apple sorting lines, benefiting 23,700 households [4]. - Employment support has enabled 58,000 individuals from labor-capable families to secure jobs, ensuring at least one member of each family is employed [4]. - Financial assistance has been substantial, with 22,800 households receiving small loans totaling 1.598 billion yuan and 166,000 households benefiting from mutual aid funds amounting to 1.814 billion yuan [4]. Group 3: Monitoring and Evaluation - Yan'an City has established a hotline for monitoring poverty prevention efforts, conducting random checks to ensure the implementation of support policies and addressing urgent community needs [4]. - Regular evaluations are conducted to optimize support measures, ensuring that assistance is effectively targeted and meets the needs of the community [4][5]. Group 4: Overall Impact - The comprehensive approach to poverty prevention and rural revitalization in Yan'an City aims to create sustainable improvements in the living conditions of local residents, contributing to the broader goal of rural prosperity [5].

Core Viewpoint - The Ministry of Finance has revised the management measures for the reward funds for major pig (and sheep) producing counties to enhance the capacity for pig and sheep supply, aligning with national policies aimed at stabilizing meat production and ensuring market supply [1][2]. Group 1: Policy Changes - The revised measures allocate reward funds based on a factor method, considering the average annual pig output, slaughter volume, and stock over the past three years, with respective weights of 50%, 25%, and 25% [1]. - The distribution of reward funds will now support the top 500 pig-producing counties nationwide, while the range for sheep-producing counties has been adjusted to the top 100 [1]. Group 2: Financial Implications - The revised measures clarify that reward funds will serve as general transfer payments to support local financial resources, allowing local governments to allocate these funds as needed [2]. - The distribution of provincial reward funds will consider the production situation of pigs and sheep in each province, based on the average annual output over the past three years [2]. Group 3: Market Impact - The stability of agricultural product supply is emphasized as a key area for fiscal support, with the revised measures expected to motivate local governments to enhance production and supply stability [2]. - The Ministry of Finance has allocated a total of 3.33 billion yuan for the 2026 pig (and sheep) producing county reward funds, with the top three provinces receiving significant amounts: Hunan (368 million yuan), Henan (347 million yuan), and Sichuan (313 million yuan) [3].

Group 1 - The core issue is the continuous rise in beef prices in the U.S., with ground beef averaging $6.781 per pound in November, a 2.1% increase from September and a 15% increase year-over-year. Steak prices also saw a slight increase [1][3] - The U.S. cattle inventory is at a historical low, contributing to the record-high beef prices, while demand for products like ground beef remains strong as they are relatively affordable options on meat shelves [1][3] - Despite a decrease in the overall Consumer Price Index (CPI) to 2.7% in November, beef prices continue to surge, indicating a disconnect between general inflation trends and specific commodity prices [1][3] Group 2 - Darden Restaurants' CFO, Raj Vennam, stated that beef prices are nearing historical peaks and are expected to remain high into the next quarter, posing a significant challenge for the company's growth [2][4] - The rise in commodity prices, particularly beef, is identified as a major obstacle for Darden Restaurants, which operates brands like LongHorn Steakhouse and Olive Garden [2][4] Group 3 - The U.S. government is actively addressing the soaring beef prices by investigating price monopolies in the meat processing industry and has eliminated import tariffs on Brazilian beef [1][3] - The USDA has raised its beef import forecast for 2026, predicting a 15% increase in beef imports for the current year due to the removal of tariffs [1][3]

Group 1 - The EU has become increasingly reliant on China for rare earth materials, with a dependency rate of 98%, which directly impacts key industries such as renewable energy, military, and aerospace [4] - In September 2025, China exported 2,582 tons of rare earth magnets to the EU, marking a 21% month-on-month increase and reaching a recent high [1] - The EU is planning to impose a 50% tariff on Chinese steel and has initiated 20 anti-dumping investigations, indicating a shift towards protectionist measures against Chinese imports [1] Group 2 - The EU's recent sanctions against 12 Chinese companies, accused of helping Russia evade sanctions, have raised concerns among European businesses about the potential disruption of supply chains [1][9] - China's recent export controls on rare earth materials include a compliance review system, which could impact global supply chains and create a "valve" controlled by China [7] - The EU's Critical Raw Materials Act aims to reduce reliance on single third-country suppliers to below 65% by 2030, but challenges remain due to slow progress in domestic rare earth projects [6] Group 3 - European companies are facing production disruptions due to China's tightened rare earth export controls, with some firms experiencing a 40% drop in imports and a 15% increase in production costs [9] - The political tensions between the EU and China are creating a complex environment for businesses, as companies like those in Bavaria are successfully navigating through established "green channels" for importing rare earth materials [10] - The EU's internal contradictions regarding its approach to China are evident, as it seeks to balance geopolitical alignment with the U.S. while also recognizing the necessity of maintaining stable supply chains from China [6]