Core Viewpoint - The transformation of traditional sheep farming into a modern, standardized, and scalable industry is exemplified by the Huanghekou Tanyang Industrial Park, which has significantly improved the operational efficiency and profitability of local farmers [2][10]. Group 1: Industry Development - The Huanghekou Tanyang Industrial Park, located in Dongying City, Shandong Province, covers an area of 10,000 acres with a planned total investment of 2.86 billion yuan [3][10]. - The park has attracted over 350 scattered farmers, with a current sheep stock of over 420,000 and an annual output of over 1.1 million sheep, making it the largest standardized sheep farming park in China [10]. - The park has established a complete industrial chain for sheep farming, including breeding, feed processing, standardized farming, waste management, slaughtering, deep processing, and cold chain logistics [9][10]. Group 2: Financial Support and Growth - Local farmers, such as Lao Ji, have benefited from new loan products offered by Agricultural Bank, which provide easier access to financing without the need for collateral, with interest rates around 2% [4][5]. - The Agricultural Bank has issued 380 million yuan in loans to nearly 400 farmers, facilitating their expansion and modernization efforts [6][8]. - The bank's support has also extended to related enterprises, such as Datong Livestock Co., which has grown into a leading agricultural enterprise in Shandong Province with a loan limit of 10 million yuan [8][9]. Group 3: Modernization and Standardization - The transition from traditional farming to a more modern and standardized approach has led to improved environmental management and disease control within the industrial park [7][9]. - The park has implemented a set of 14 standards in collaboration with the Ministry of Agriculture and Rural Affairs to ensure quality and safety throughout the entire sheep production process [9]. - The introduction of advanced facilities, such as solar power generation and waste management systems, has further enhanced the sustainability and efficiency of sheep farming operations [7][9]. Group 4: Branding and Market Expansion - The Huanghekou Tanyang brand has been recognized as a national quality agricultural product, transitioning from a local specialty to a nationally recognized brand [10]. - The establishment of a professional market within the park allows farmers to buy and sell sheep efficiently, often facilitated by brokers, enhancing market access [7][8]. - The integration of e-commerce platforms for sheep trading has opened new sales channels for farmers, further boosting their income potential [8].

Core Viewpoint - The transformation of traditional sheep farming into a modern, standardized, and scalable industry is exemplified by the Huanghekou Tanyang Industrial Park, which has attracted numerous farmers and significantly improved operational efficiency and profitability [1][10]. Group 1: Industry Development - The Huanghekou Tanyang Industrial Park covers an area of 10,000 acres with a total planned investment of 2.86 billion yuan, aiming to enhance the local sheep farming industry [2][10]. - The park has attracted over 350 scattered farmers, with a current sheep stock of over 420,000 and an annual output of 1.1 million sheep, making it the largest standardized sheep farming park in the country [10]. - The park has established a complete industrial chain, including breeding, feed processing, standardized farming, waste treatment, slaughtering, deep processing, and cold chain logistics [7][9]. Group 2: Financial Support and Growth - Agricultural Bank of China has introduced new loan products tailored for farmers, facilitating easier access to financing for expanding their operations, with interest rates around 2% [3][4]. - The bank has provided 3.8 billion yuan in loans to nearly 400 farmers, supporting their growth and operational expansion [5]. - Successful cases like that of farmer Lao Ji have become effective promotional tools for the bank's financial products, leading to increased business volume [5]. Group 3: Modernization and Standardization - The industrial park has implemented a standardized breeding and farming model, improving the overall efficiency and environmental impact of sheep farming [6][8]. - The park collaborates with the Ministry of Agriculture and Rural Affairs to establish a comprehensive standard system for the entire sheep industry chain, addressing key issues in quality and safety [8]. - Upgraded facilities, including solar-powered barns and waste management systems, have reduced disease rates and improved the overall farming environment [6]. Group 4: Brand Development - The Huanghekou Tanyang brand has gained recognition as a national quality agricultural product, transitioning from a local specialty to a nationally recognized brand [9]. - The park's initiatives have contributed to the local economy, with many farmers achieving financial success and improved living standards [9]. - The region has been designated as a model area for rural revitalization, impacting 26 administrative villages and promoting integrated development [9].

来源：环球网 根据签约内容，BAF与牧原股份合作建设并运营高科技楼房养殖场，并配套饲料厂。项目建成达产后， 预计年存栏母猪6.4万头，年可向社会提供优质商品猪160万头；饲料厂年产能约60万吨；总投资金额达 12万亿越南盾（约合人民币32亿元）。 未来，双方将以开放合作、互利共赢为原则，稳步推进项目落地，助力当地经济社会发展，为越南市场 提供更健康、新鲜、优质的猪肉产品，推动越南畜牧业的现代化升级和可持续发展。 9月28日，牧原食品股份有限公司与BAF越南农业股份公司（HOSE: BAF）在越南胡志明市正式签署合 作协议。双方将合作在越南西宁省建设并运营高科技楼房养殖项目，发挥在技术、管理与本地资源上的 互补优势，打造高标准、智能化、绿色化的现代养殖示范，助力提升生物安全与环境友好水平，稳定供 应优质健康的猪肉产品。 ...

Report Industry Investment Rating Not mentioned in the provided content. Core Viewpoints of the Report The report analyzes various agricultural and related commodity markets, providing short - and long - term outlooks and investment suggestions for each commodity. Overall, the market shows a mixed trend with some commodities expected to be weak, some to be in a range - bound state, and others with potential for short - term rebounds [1][6][8]. Summary by Commodity 1. Livestock - **Pig**: In the short term, the planned pig出栏量 in September increased by 4% month - on - month, and the completion rate was 64.6%. There is still significant pressure at the end of the month. In the medium term, the number of pigs for sale is expected to increase in Q4. In the long term, if the "anti - involution" policy of reducing 1 million sows is implemented, the supply pressure will ease in the second half of 2026. The outlook is weak - side oscillation, and attention should be paid to reverse arbitrage strategies [1][8]. 2. Oils and Fats - **Oils**: The outlook is that soybean oil and palm oil will oscillate, while rapeseed oil will oscillate with a stronger bias. The US soybean harvest is normal, but the good - quality rate is decreasing. The domestic soybean import volume will seasonally decline, and the soybean oil inventory will peak. The palm oil inventory accumulation in September may be limited, and the rapeseed oil inventory will decline. Attention should be paid to trade relations, supply in producing areas, and overseas biodiesel demand [6]. 3. Protein Meals - **Protein Meals**: The outlook is that both soybean meal and rapeseed meal will oscillate. Internationally, the US crop harvest is progressing well, and Brazil's sowing has a record - fast start. Domestically, there is support from pre - holiday stocking, but the inventory pressure is large. The supply of soybean meal is expected to increase in Q4 2025 and Q1 2026. Attention should be paid to the impact of pig "anti - involution" on sentiment [6][7]. 4. Grains - **Corn/Starch**: New grain is gradually coming onto the market. In the short term, there is pressure from the concentrated listing of new grain, but there may be a small rebound before the holiday. In the long term, the market is expected to be short - term bearish and long - term bullish. Attention should be paid to short - selling opportunities [7][8]. 5. Rubbers - **Natural Rubber**: The short - term fundamentals are supportive, and the market is expected to maintain a range - bound state. The market has a strong spot, is de - stocking, and the basis is narrowing. However, there is an expectation of increased supply in Q4. Attention should be paid to raw material prices and domestic social inventory changes [10][11]. - **Synthetic Rubber**: The market will continue to oscillate within a range. There are many device overhauls expected from September to November, and the price is at a low level, so the bearish sentiment has cooled, but there is no continuous upward driving force [12]. 6. Fibers - **Cotton**: The medium - term outlook is weak - side oscillation. The expected increase in Xinjiang's cotton production in the 25/26 season will bring supply pressure. Before the holiday, the price fluctuation will narrow. After the holiday, as new cotton is listed, the downward driving force will increase. Attention should be paid to the seed cotton purchase price and trade negotiations [12]. 7. Sweeteners - **Sugar**: In the short term (around National Day), it will oscillate, and the decline may slow down with a potential for a rebound. In Q4, as new sugar is listed in the Northern Hemisphere, the supply pressure will increase, and the price is expected to be weak - side oscillating. Attention should be paid to production data in Brazil's central - southern region [13][14]. 8. Pulps and Papers - **Pulp**: The market is weak - side oscillating. The downstream paper production peak is coming to an end, and the supply is in an oversupply situation. Although there is support from the delivery price, there is no clear upward logic [16]. - **Double - Glued Paper**: The market is weak - side oscillating. The supply is relatively abundant, the demand is not strong, and there is no clear upward or downward driving force in the short term. The long - term outlook is weak [17]. 9. Logs - **Logs**: The market will oscillate around 800 before the holiday. The spot price is stable, the inventory is being de - stocked, and the fundamentals are marginally improving. However, the delivery situation has a negative impact on the market, and the selling hedging pressure is large [19][20].

每经AI快讯，9月30日，华储网发布通知，10月11日将进行2025年第5次中央储备冻牛羊肉收储竞价交 易，本次收储交易1300吨。 ...

Core Insights - The article emphasizes the importance of scientific innovation and popularization as essential components for achieving innovative development. It highlights a letter from President Xi Jinping, which encourages scientists to engage in science popularization efforts [1] Group 1: Importance of Science Popularization - Science popularization is viewed as a crucial foundational work for innovative development, as stated by President Xi Jinping [1] - Academicians play a key role in promoting high-level scientific self-reliance and are vital in conducting high-quality science popularization [1] Group 2: Personal Experiences in Science Popularization - Academician Kang Xiangtao shares his experience in agricultural science popularization, emphasizing that it is not merely about knowledge transfer but about practical application and community engagement [3][4] - The development of user-friendly technical manuals has significantly helped farmers improve their practices, demonstrating the effectiveness of well-crafted science popularization materials [4] Group 3: Engaging the Younger Generation - Academician Fan Huitao discusses the importance of instilling scientific thinking in children, highlighting that science popularization should adapt to modern information access methods [5][6] - Engaging with students of different ages requires tailored approaches to spark their interest in science [6][7] Group 4: Bridging Science and Society - Academician Wang Jiayao emphasizes that science popularization serves as a bridge between the scientific community and society, advocating for the use of accessible language to communicate scientific concepts [7][8] - The role of scientists in popularization is framed as a responsibility rather than an additional burden, highlighting the need for effective communication strategies [8][9] Group 5: Practical Applications in Agriculture - Academician Zhang Xinyou illustrates the importance of understanding farmers' needs and using relatable language to promote agricultural innovations effectively [10][11] - The success of agricultural science popularization is attributed to hands-on demonstrations and creating relatable experiences for farmers [10][11] Group 6: Collaborative Efforts in Science Popularization - Academician Chang Junbiao discusses the collaborative nature of science popularization, emphasizing that it should be a collective effort involving researchers and the public [12][13] - The establishment of a science popularization hall in a laboratory serves as a platform for engaging with the community and fostering interest in scientific research [12][13]

Core Viewpoint - The announcement by the National Intellectual Property Administration recognizes four distinctive agricultural products from Wudi County, enhancing the brand building of local agricultural products at a national level [1] Group 1: Product Recognition - Four products, namely "Wudi Black Cattle," "Wudi Donkey," "Wangzi Island Tongue Sole," and "Wudi Brine Shrimp Eggs," have been certified as geographical indication products [1] - These products are rooted in Wudi County's unique natural climate and geographical environment, gaining a good reputation in the market due to their quality and unique flavors [1] Group 2: Industry Development - Wudi County has established a national-level breeding farm for Bohai Black Cattle and a breeding farm for Wudi Donkeys, with both livestock products winning awards at national exhibitions [1] - The Wangzi Island Tongue Sole industry is well-structured, featuring two provincial-level breeding farms and a 100,000 square meter factory-style breeding workshop [1] - The Wudi Brine Shrimp Eggs industry is experiencing strong growth, currently holding the highest market share in the country [1] Group 3: Future Plans - The recognition will accelerate the brand upgrade of Wudi's distinctive agricultural products and enhance their core competitiveness in the market [1] - The Wudi County Market Supervision Administration will continue to promote the cultivation and protection of geographical indications, leveraging regional advantages and adhering to local conditions for high-standard protection and quality development [1] - This initiative aims to provide strong support for the in-depth implementation of the rural revitalization strategy [1]

根据股份购回授权，将予购回的H股数目不得超过于股东周年大会上通过特别决议案当日已发行H股总 数的10%(不包括任何已购回但尚未注销的H股)，即1280.64万股H股。 董事会决定行使股份购回授权，拟回购股份总额不超过5亿港元。本次购回的H股主要用于员工持股计 划或股权激励或法律、行政法规许可的其他情况。董事会将视乎市况适时在公开市场上购回H股(建议 股份购回)。 德康农牧(02419)发布公告，决议视乎市况行使根据公司股东于2025年4月22日举行的公司2024年股东周 年大会上通过的决议案授予董事会的一般授权(股份购回授权)项下的权力，以购回公司H股。 ...

Core Insights - The prices of chicken eggs, chicken meat, beef, mutton, and fresh milk have increased week-on-week, while prices for pork products, corn, soybean meal, and feed for fattening pigs have decreased [1] Price Trends Pork Products - The average price of piglets is 29.07 yuan/kg, down 3.2% week-on-week and down 26.2% year-on-year - The average price of live pigs is 13.52 yuan/kg, down 2.4% week-on-week and down 28.6% year-on-year - The average price of pork is 24.29 yuan/kg, down 0.9% week-on-week and down 21.2% year-on-year [2] Poultry Products - The average price of chicken eggs is 9.34 yuan/kg, up 1.2% week-on-week but down 19.7% year-on-year - The average price of chicken meat is 22.58 yuan/kg, up 0.3% week-on-week but down 5.2% year-on-year - The average price of broiler chicks is 3.74 yuan each, unchanged week-on-week and down 3.9% year-on-year [3] Beef and Mutton Products - The average price of beef is 71.11 yuan/kg, up 0.3% week-on-week and up 4.6% year-on-year - The average price of mutton is 69.79 yuan/kg, up 0.4% week-on-week but down 0.6% year-on-year [4] Fresh Milk - The average price of fresh milk is 3.04 yuan/kg, up 0.3% week-on-week but down 3.2% year-on-year [5] Feed Prices - The average price of corn is 2.48 yuan/kg, down 0.4% week-on-week but up 0.4% year-on-year - The average price of soybean meal is 3.28 yuan/kg, down 0.6% week-on-week and down 3.5% year-on-year - The average price of feed for fattening pigs is 3.38 yuan/kg, down 0.3% week-on-week and down 1.7% year-on-year [6]

Core Viewpoint - The continuous decline in pig prices is primarily driven by oversupply, with the national average price dropping to 12.26 yuan/kg, marking a new low for the year [1][2]. Supply and Demand Dynamics - The high inventory of breeding sows, which stood at 40.38 million heads as of August 2025, is 103.5% of the normal level, contributing to the oversupply [2]. - The planned pig slaughter volume for September is expected to reach 13.32 million heads, a 1.29% increase from August and a 17.46% increase year-on-year, indicating a growing supply pressure [2]. - Seasonal factors, such as typhoons in southern regions and the upcoming holidays, are expected to further increase market supply as producers rush to sell [2][3]. Production Efficiency and Costs - Leading enterprises are improving production efficiency, with some achieving a PSY (pigs per sow per year) of 28-29 heads, which supports supply despite the current low prices [3]. - The average cost of pig farming is around 6.5 yuan/kg for large groups and can reach 7 yuan/kg for smaller farmers, indicating that current prices are nearing the cost line for many producers [4]. Market Outlook - Analysts suggest that the pig price has not yet reached its bottom, with the industry likely to remain in a "bottoming phase" due to continued oversupply [4][5]. - Long-term improvements in the supply-demand balance are anticipated as production capacity control policies are implemented, potentially leading to a decrease in breeding sow inventory to around 39 million heads by late 2026 [5].