行 业 研 究 农林牧渔行业：4 月猪价震荡，企 业出栏体重上行 2025 年 5 月 22 日 看好/维持 农林牧渔 行业报告 ——生猪养殖行业月度跟踪 行业供需表现：4 月生猪价格震荡，仔猪价格表现偏强。农业农村部监测数据 显示，2025 年 4 月仔猪、活猪和猪肉均价分别为 39.16 元/公斤、15.20 元/公 斤和 26.07 元/公斤，环比变化分别为 5.15%、-1.00%和-1.19%。4 月猪价围 绕 15 元/公斤窄幅震荡，五一期间全国生猪价格以稳为主，局地小幅震荡，截 止 5 月 15 日，全国出栏生猪均价 14.98 元/公斤。 供应端：24 年年中能繁母猪存栏微增，对应 4 月出栏生猪量整体充足，叠加 饲料成本低位，养殖压栏增重意愿增强，生猪体重整体增长。需求端：4 月二 次育肥补栏增加，截留标猪货源；下旬五一备货积极性提升，共同对猪价形成 支撑。4 月生猪屠宰开工率回升 1.42 个百分点至 27.53%，屠宰企业收购顺畅。 3 月白毛比价 1.37，4 月毛白价差 4.33 元/公斤，终端消费底部小幅回升。供 给端出栏节奏与二育对短期价格影响更大。 建议持续关注大宗原料走势。5 ...

Core Viewpoint - Nanyang County in Henan Province is showcasing innovative practices for high-quality development of the county economy, focusing on the integration of five chains: innovation, industry, finance, talent, and policy [1] Group 1: Economic Development Strategies - Nanyang County emphasizes a market-driven approach with enterprises as the main players, supported by talent and government initiatives [1] - The county leverages the presence of Muyuan Group, the world's largest pig farming enterprise, to develop traditional industries such as equipment manufacturing and deep processing of agricultural products [1] - Nanyang is actively pursuing new industries, particularly in synthetic biology, life health, and new energy, aiming to establish a provincial-level synthetic biology future industry pilot zone worth 10 billion [1] Group 2: Policy and Innovation Support - The "Technology Strong County" strategy is implemented to support key technology breakthroughs and enhance innovation capabilities [1] - Nanyang has cultivated 586 national technology-based small and medium-sized enterprises and is promoting the high-end, intelligent, and green transformation of industrial enterprises [1] - The county has established a national-level green park, with 2 national green factories, 9 provincial intelligent factories, and 17 intelligent workshops [1] Group 3: Financial and Talent Integration - The deep integration of the financial chain and industry chain is highlighted by a digital supply chain financial service platform centered around Muyuan Group, providing over 40 billion in financial support to supply chain enterprises [2] - Nanyang County has developed a comprehensive talent mechanism focusing on attracting, nurturing, utilizing, and retaining talent based on industry needs [2] - The county has established a provincial engineering technology research center and a postdoctoral innovation practice base to create quality platforms for talent utilization [2]

Core Viewpoint - The company, Jingji Zhinong, is expanding into the "IP economy" sector to create a second growth curve while continuing to meet essential consumer needs in modern agriculture [2][3]. Group 1: Business Strategy - Jingji Zhinong aims to construct a multi-level growth model combining "physical industry + IP ecosystem" [2]. - The IP ecosystem business is centered around its subsidiary, Shenzhen Yingyun Zhidi Cultural Technology Co., Ltd., focusing on IP licensing and distribution [2]. - The business model includes an "IP matrix - traffic operation - secondary market management" approach, emphasizing brand positioning and product quality [2]. Group 2: Innovation and Technology - The company plans to explore AI's role in empowering IP, creating AI co-created IP that covers the entire operational ecosystem from design to sales [3]. - The cautious approach to initial investments will not significantly impact overall performance, allowing for flexible scaling of future investments [3]. Group 3: Financial Outlook - Jingji Zhinong will maintain stable operations in its main livestock business while leveraging technological innovation to enhance efficiency [3]. - The new spiritual consumption business is seen as a light asset that complements the existing heavy asset agricultural operations, potentially creating new long-term profit opportunities [3]. - The company's experience in cross-industry operations provides sufficient capital and risk management support for new business ventures, which may enhance overall profitability and mitigate cyclical risks in the pig farming industry [3].

Group 1: Economic Performance - The total import and export value of the Beijing-Tianjin-Hebei region reached 1.43 trillion yuan in the first four months of 2025, accounting for 10.1% of China's total during the same period, with exports hitting a record high of 445.46 billion yuan, a growth of 1.7% [1][2] - In April 2025, exports from the Beijing-Tianjin-Hebei region amounted to 121.66 billion yuan, marking a historical high for the same period, with an increase of 8%, the highest growth rate since June 2024 [1][2] Group 2: Technological Advancements - By the end of 2027, Beijing aims to achieve large-scale 5G applications, having already established over 140,000 5G base stations and more than 3.5 million 5G terminal connections [2] - The hydrogen energy industry is being prioritized in Beijing's 14th Five-Year Plan, focusing on key areas of the hydrogen supply chain, including production, storage, transportation, and refueling [4] Group 3: Renewable Energy Initiatives - Beijing and Xinjiang have successfully implemented a peak-shifting green electricity trading model, with 12 million kilowatt-hours of green electricity traded, primarily from photovoltaic power plants in Xinjiang [3] - The first offshore photovoltaic project in Hebei, with a total capacity of 1,800 megawatts, has entered large-scale construction, expected to generate approximately 2.75 billion kilowatt-hours annually, saving 840,000 tons of standard coal and reducing CO2 emissions by 2.1595 million tons [6] Group 4: Employment and Skills Development - Tianjin has launched a training initiative aiming to provide subsidized vocational skills training for over 100,000 individuals in 2025, focusing on advanced manufacturing, health care, and modern services [9] - The platform economy in Tianjin generated revenue of 157.8 billion yuan in the first quarter of 2025, reflecting a year-on-year growth of 23% [10] Group 5: Urban Development and Infrastructure - The 2025 Service Trade Fair will be held from September 10 to 14 at the Shougang Park, with over 30 countries and regions expressing intent to participate, aiming to enhance the event's international profile [5] - Hebei's port and shipping construction projects completed an investment of 1.84 billion yuan in the first quarter of 2025, achieving a year-on-year growth of 17.3% [8]

Group 1 - The core focus of Jingji Zhino is on establishing a wholly-owned subsidiary, Yingyun Zhi Di, which specializes in IP post-link operations to provide emotional value and meet market demands and social responsibilities [1] - The core team of Yingyun Zhi Di covers all functions of IP operations, possessing rich experience and competitive advantages in IP operation cases, planning capabilities, and traffic management [1] - The company offers IP post-link operation services, including derivative design, large-scale events, and user operations, with over 50 cooperative IPs and plans to add more than 10 new ones next year, managed under a horse racing principle [1] Group 2 - The pig farming business of Jingji Zhino is steadily developing, and the new IP operation business is expected to become a second growth curve [1] - The financial condition of the company is good, and it plans to reasonably allocate funds for the new business [1] Group 3 - Beijing Dingsa Investment Co., Ltd. was established in March 2012 and has since become a member of the China Securities Investment Fund Industry Association and the China Securities Association [2] - The founder, Mr. Peng Xu, is a well-known investment director and star fund manager in the public fund industry, adhering to a "value + growth" stock selection investment strategy [2] - The company has received several awards, including the champion of the "Stock-type Sunshine Private Equity Company 2019 Revenue Ranking (Beijing Region)" and the third place in the "Stock-type Sunshine Private Equity Company 2020 First Half Revenue Ranking (Beijing Region)" [2]

Core Viewpoint - Jingji Zhino is expanding into the IP industry while maintaining steady growth in its modern agriculture business, aiming to create a second growth curve for profitability [1] Group 1: Business Expansion - The company is actively exploring the IP new business layout to open up new growth spaces while ensuring the stability of its modern agriculture core business [1] - Jingji Zhino's chairman stated that the company has been deeply engaged in modern agriculture for six years, achieving a profit level that ranks among the industry's top tier [1] - The new business unit, Yingyunzhidi, focuses on IP licensing and distribution, aiming to create a "three-in-one" business model that includes IP matrix, traffic operation, and secondary market management [1] Group 2: Market Potential - According to the International Licensing Industry Association, the global IP licensing market is projected to reach $356.5 billion in 2023, with China's IP licensing market expected to exceed 168.9 billion yuan in 2024, reflecting a 40% year-on-year growth [1] Group 3: Competitive Strategy - The company’s strategy for Yingyunzhidi focuses on post-IP operation, targeting existing users and enhancing user engagement through differentiated scene monetization and derivative product design [2] - Jingji Zhino aims to create unique and scarce IP content and experiences for consumers, maximizing value through exclusive channels [2] - The company has established strategic partnerships with emerging artists and leading gaming IPs, indicating strong commercial collaboration [2] Group 4: Long-term Vision - Yingyunzhidi's long-term vision is to become a "global top fashion and art brand," expanding its operational scope to include trendy toys and core IP products [3] - The company plans to gradually develop its own core IP products and terminal operation stores based on market performance, aiming to build a business moat while expanding profitability [3] Group 5: Agricultural Business Performance - Jingji Zhino's pig farming business continues to perform well, with projected revenue of 3.901 billion yuan in 2024, representing a year-on-year growth of 38.69% [3] - In the first four months of 2025, the company sold 678,000 pigs, achieving a sales revenue of 1.222 billion yuan, a year-on-year increase of 25.59% [3] - The company maintains a leading position in cost control, with the complete cost of fattening pigs around 13 yuan/kg as of March 2025 [3] Group 6: Strategic Exploration - The expansion into the IP new business is a strategic exploration based on the stable development of the modern agriculture core business [3] - The company is pursuing a multi-driven development strategy, optimizing capacity in its core heavy asset business while actively exploring light asset operation models [3] - The IP business is expected to become a second growth curve following the pig farming business, reshaping the company's overall valuation system [3]

Group 1: Company Overview and Strategy - The company has established a wholly-owned subsidiary, "Yingyunzhidi," to enter the optional spiritual consumption sector, aiming to provide emotional value through IP operations [3] - The market for cultural consumption is growing, with a shift towards personalized demands and self-expression, indicating a significant market opportunity for back-end IP operations [3][5] - The company plans to explore the IP operation field continuously and validate its capabilities through practical actions [3] Group 2: Competitive Advantage - "Yingyunzhidi" has a strong core team with extensive experience in IP operations, covering areas such as IP identification, event planning, product design, and supply chain management [4][5] - The company’s competitive edge lies in its ability to quickly facilitate authorized cooperation and effectively push IP to target audiences for commercial returns [5] - Strong traffic management capabilities allow the company to convert user traffic into private domains, achieving precise user engagement and customer acquisition [5] Group 3: Products and Services - The company offers back-end operational services for IP, including derivative product design, large-scale offline events, and user operations, aiming for long-term deep integration with IP [5][6] - Currently, the company has over 50 IPs available for cooperation and plans to add more than 10 new IPs in the coming year [6] Group 4: Financial Health and Future Plans - As of the end of Q1 2025, the company's debt-to-asset ratio is approximately 59%, with interest-bearing debt below 20%, indicating a stable financial condition [8] - The company will continue to invest in its stable pig farming business while also accelerating the new light-asset IP operation business, which is expected to create significant profits and become a second growth line [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The report identifies the company as a high-quality breeding target with excellent cost management, rapid expansion, and extremely low debt levels. The latest complete cost is 12 RMB/kg, the lowest among listed companies. The target for 2025 is to reach an output of 3.2 to 3.5 million heads, with a goal of 5 million heads by 2027. The company has a very low debt ratio and ample funds, indicating strong certainty in low costs and high growth potential. The management team has a high level of expertise, with both the chairman and the head of breeding being graduates from South China Agricultural University [2][4]. Financial Performance - In 2024, the company's net profit attributable to shareholders is approximately 690 million RMB, and for Q1 2025, it is about 230 million RMB, both showing a year-on-year turnaround to profitability [4]. - The company’s breeding business is expected to contribute significantly to profits, with projections of 927 million RMB and 1.16 billion RMB in net profit for 2025 and 2026, respectively [2][4]. Production and Cost Analysis - The company’s output for 2024 is projected at 2.27 million heads, a year-on-year increase of 49%, with a sales price of approximately 16.2 RMB/kg and a complete cost of about 13.9 RMB/kg. The average profit per head is 285 RMB, leading to a breeding business profit of around 620 million RMB [9]. - For Q1 2025, the company expects to sell approximately 860,000 heads, a 73% increase year-on-year, with a sales price of 14.9 RMB/kg and a complete cost of 12.4 RMB/kg, resulting in an average profit of 308 RMB per head [9]. Growth Strategy - The company has maintained a debt ratio below 30% since its listing, with annual capital expenditures around 1 billion RMB from 2021 to 2024, supporting sustainable growth. The output is expected to grow from 650,000 heads in 2021 to 2.27 million heads in 2024, with a compound annual growth rate (CAGR) of over 30% from 2024 to 2027 [9].

Core Viewpoint - The article highlights the journey and contributions of Wang Hongling, a feed formulation expert at Hunan New Wufeng Co., Ltd., in the pig farming industry, emphasizing her role in cost reduction and innovation in feed formulation amidst fluctuating raw material prices [1][4][6]. Group 1: Company Overview - Hunan New Wufeng Co., Ltd. specializes in pig farming and meat product sales, transitioning from primarily supplying Hong Kong and Macau to also supplying fresh pork and meat products to mainland China [8]. - The company has expanded its scale in feed production and pig farming, with an output of nearly 4.25 million pigs in 2024, supplying over 4.18 million to the mainland [8]. Group 2: Industry Challenges and Innovations - The pig farming industry faces significant cost pressures, with feed accounting for 60% to 70% of total costs [6]. - Wang Hongling successfully implemented a feed formulation strategy that replaced corn with wheat, reducing costs by 150-300 yuan per ton [6]. - In response to the surge in soybean meal prices due to the Russia-Ukraine conflict, the company adopted low-protein diet technology, decreasing soybean meal usage from 15% to below 5% [6]. Group 3: Professional Development and Research - Wang Hongling pursued advanced studies, earning a Ph.D. in Animal Production and Animal Husbandry Engineering, becoming the first Ph.D. nurtured by the company [7]. - The company emphasizes continuous improvement in research and development to enhance feed quality and production efficiency, reflecting a commitment to advancing China's feed and livestock standards [10].

研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 行业 生猪日报 日期 2025 年 05 月 20 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 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，19 日生猪主力 2509 合约小幅低开后探底回升，尾盘收阳，最高 13730 元/吨，最低 13590 元/吨， ...