Core Viewpoint - The meeting emphasized the importance of supporting high-quality agricultural development in Xinjiang and advancing comprehensive rural revitalization efforts, as highlighted by President Xi Jinping's recent speeches [1][2][3] Group 1: Agricultural Development Initiatives - The meeting called for enhancing agricultural production capacity, implementing a new round of actions to increase grain production by 1 trillion jin, and promoting high-standard farmland construction [2] - There is a focus on improving grain yield through comprehensive technology integration and promoting efficient water-saving agriculture [3] - The meeting stressed the need to support the development of organic fruits and vegetables, high-quality livestock products, and modern facility agriculture in Xinjiang [3] Group 2: Rural Revitalization Efforts - The meeting highlighted the importance of improving rural infrastructure, including roads, sanitation, and waste management, to enhance the living environment for farmers [3] - It emphasized the need to consolidate and expand the achievements of poverty alleviation, ensuring that there is no large-scale return to poverty [3] - The meeting also called for the care and support of agricultural aid workers in Xinjiang, enhancing their role in project and industry support [3]

Report Investment Rating - No relevant content provided. Core Viewpoints - The spot price is expected to adjust weakly and fluctuately. Considering the data of sows and piglets, the pig slaughter volume may still have a slight increase by December, and it's difficult for pig prices to rise significantly and continuously under sufficient supply. If the price weakness persists, a negative cycle may form, and the pig price is expected to rise at the end of the year. It is recommended to consider a reverse spread of the 11 - 01 contract [1]. Summary by Directory Futures End - **Main Contract Basis Situation**: Affected by the weak performance of the spot market, this week's futures prices adjusted weakly and fluctuated. On September 26, 2025, the benchmark basis of the main contract was 115 yuan/ton [2][3]. - **Price Changes of Each Contract**: The prices of far - month contracts adjusted weakly and fluctuated [7]. - **Inter - monthly Spread Changes**: The inter - monthly spreads adjusted fluctuately, and the 11 - 01 contract showed a reverse spread trend due to the weak spot market [8][11]. Spot End - **Pig Price and Slaughter Volume**: This week, the slaughter volume increased steadily, and the pig price adjusted weakly and fluctuated [14]. - **Regional Price Difference**: The pig price in Sichuan was relatively weak [16]. - **Fat - Standard Price Difference**: The fat - standard price difference adjusted fluctuately. Attention should be paid to whether it can strengthen after the weather turns cool, which may increase the weight - gain willingness of scattered farmers [18]. - **Fresh Sales and Gross - Net Price Difference**: Terminal consumption was relatively stable year - on - year [20]. - **Related Product Price Ratio and Fresh - Frozen Price Difference**: The cost - effectiveness of pork was average. The fresh - frozen price difference of No. 2 meat weakened, and the cost - effectiveness of frozen products was lower than that of fresh products [22]. - **Breeding Profit**: Self - breeding and self - raising still had profits, while purchasing piglets for fattening was slightly in the red [24]. - **Slaughter Weight**: The slaughter weight increased this week [26]. Production Capacity End - **Inventory of Reproductive Sows**: As of the end of July, the national inventory of reproductive sows was 40.42 million heads. Different data sources showed different trends in August, with some showing a slight increase and some a decrease [28]. - **Sow Culling Situation**: This week, the price of culled sows ran weakly. The slaughter volume of culled sows increased month - on - month in August, indicating an increase in the enthusiasm for capacity reduction [30]. - **Sow Production Efficiency and Number of Newborn Healthy Piglets**: In August, the number of newborn healthy piglets increased by 0.15% month - on - month, corresponding to an overall increase in the number of slaughtered pigs in February next year [32]. - **Enthusiasm for Sow and Piglet Replenishment**: This week, the price of 15 - kg piglets ran weakly, and the price of 50 - kg binary sows was stable with a weak trend [34]. Slaughter End - **Slaughter Volume and Slaughter Profit**: The slaughter volume continued to increase month - on - month. In July, the slaughter volume of designated enterprises was 31.66 million heads. The market will gradually enter the destocking stage, and the impact on pig prices will change from positive to neutral and bearish [36]. Import End - In August 2025, the pork import volume was about 80,000 tons, a decrease of about 7,600 tons from the previous month. Currently, the scale of pork imports is limited, and its impact on domestic pig prices is relatively limited [39].

Core Insights - The collaboration between Chengdu's Xinjin District and Xiaojin County focuses on mutual development, integrating resources and needs across various sectors including industry, culture, tourism, education, and healthcare [1][10] Industry Collaboration - A joint research team was formed to address the challenges of land scarcity and weak industries in high-altitude areas, leading to the establishment of a cooperative framework for the forage industry [2] - The "grass-cattle cycle" model has been implemented, with the leading company, Xueben Livestock, adopting a closed-loop system for yak breeding and processing, significantly improving efficiency and income for local farmers [3][4] - By 2025, Xinjin plans to invest over 2 million yuan in promoting new forage types and expanding cultivation areas, with Xiaojin already planting over 4,000 acres of forage [3] Cultural and Tourism Development - The integration of cultural and tourism resources aims to transform scattered and homogeneous offerings into a cohesive development strategy, with significant financial backing from Xinjin [5][6] - A new red-themed educational base is being developed to enhance tourism, expected to attract over 5,000 educational groups annually, benefiting local farmers economically [6] Healthcare Collaboration - A comprehensive healthcare collaboration has been established to enhance emergency medical services in the Four Girls Mountain area, addressing the needs of over a million annual visitors [7][8] - Xinjin is investing 1.2 million yuan to upgrade medical facilities and establish a four-tier emergency response network, significantly improving the region's medical capabilities [9]

农产品周报 | 2025-09-28 供应端来看，本周集团出栏继续保持较高水平，但整体成交一般，导致现货价格下跌较快。由于价格下降，散户 的压栏意愿减弱，开始同步出栏，导致市场供给进一步增加。从出栏进度来看集团出栏未来仍将保持高位，考虑 到节日需求提振，集团出栏有继续增加的可能。需求端来看，随着双节备货的开始，屠宰企业的开工率有所上升。 但相较于供应的增加仍然显得较为疲软，考虑到节日的消费透支，节后消费预计会有所下降。 综合来看，本周现货价格持续下滑，由于长假临近集团需要赶出栏进度，导致供应端持续增加。消费虽然有所增 长但整体幅度不大，从基本面的角度来看生猪目前仍处于供过于求的格局之中，虽然集团近期一直保持较高出栏 水平但从均重来看库存并未得到有效去化，随着节后的消费下降供应压力预计会继续增加。 策略 供求格局难改，生猪延续弱势 生猪市场要闻与重要数据 期货方面2025年9月26日收盘生猪2511合约收盘12575元/吨，较上周下跌250元/吨。现货方面，河南地区外三元生 猪价格12.66元/公斤，较上周下跌0.27元/公斤，现货基差LH011+85，环比下跌20；江苏地区外三元生猪价格12.76 元/公斤， ...

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [1][4]. Core Views - The report is optimistic about the reversal of the cattle cycle in 2025, with both domestic and international beef and raw milk markets expected to rise [3]. - The pig farming sector is expected to stabilize long-term prices due to reduced competition, with a focus on undervalued leading companies [3]. - The pet consumption market is identified as a growing sector benefiting from demographic changes [3]. - The feed industry, particularly Haida Group, is projected to achieve excess returns due to the recovery in aquaculture [3]. - The poultry sector is expected to see a long-term increase in consumption, with yellow chicken likely to benefit first from domestic demand recovery [3]. Summary by Sections Livestock - Beef prices have started to rise, with the average market price at 61.25 yuan/kg, unchanged from the previous week but up 21.29% year-on-year [2][3]. - Raw milk prices are expected to reach a turning point by the end of the year, with current prices at 3.03 yuan/kg, stable week-on-week but down 3.5% year-on-year [2][3]. Swine - The pig price as of September 26 is 12.44 yuan/kg, down 1.50% week-on-week and down 30.73% year-on-year [1][13]. - The price of 7kg piglets is approximately 210.95 yuan/head, down 12.45% week-on-week and down 30.67% year-on-year [1][13]. Poultry - The price of broiler chicks is 3.21 yuan/bird, down 2.13% week-on-week and down 9.07% year-on-year [1][14]. - The price of eggs in major production areas is 3.55 yuan/jin, down 3.01% week-on-week and down 19.50% year-on-year [1][14]. Feed - The domestic soybean spot price is 4061 yuan/ton, up 0.42% week-on-week, while soybean meal is priced at 2998 yuan/ton, down 0.46% week-on-week [2][3]. - The corn price is 2352 yuan/ton, up 0.09% week-on-week and up 8.49% year-on-year [2][3]. Sugar and Rubber - The sugar price in Guangxi is 5780 yuan/ton, down 1.03% week-on-week [2][3]. - The rubber price is expected to stabilize in the short term, with the Thai standard price at 1860 USD/ton, up 1.64% week-on-week [2][3].

Core Insights - The first "Shuitou Yangwan Cup" Innovation and Entrepreneurship Competition concluded successfully, focusing on youth talent and rural development [1][2] - The competition attracted 76 project entries, emphasizing agricultural upgrades, cultural tourism integration, and digital rural development [2][4] Group 1: Competition Overview - The competition was held in Shuitou Town, Foga County, and aimed to address the core needs of rural revitalization by gathering quality projects nationwide [2] - A total of 15 projects advanced to the finals after rigorous selection, showcasing innovation and feasibility across various sectors including modern agriculture and ecological tourism [2][4] Group 2: Project Highlights - The winning project in the entrepreneurial practice group, "Youth Flying: Shuitou Town Lianyao Village Maker Center Commercial Complex," plans to invest between 60-100 million yuan, covering an area of approximately 10,000 square meters [5] - The first prize in the creative dream group was awarded to a project that integrates animal husbandry with computer image recognition technology, promoting a data-driven approach in the livestock industry [5] Group 3: Future Directions - The deputy mayor of Foga County emphasized that the competition marks a new starting point for rural revitalization, highlighting the importance of integrating resources and establishing support mechanisms for project implementation [6] - Future initiatives will include the establishment of a rural industry incubation office and collaboration with educational institutions and enterprises to support project development [6][8]

Group 1 - The average wholesale price of pork in China's agricultural markets decreased to 19.42 CNY/kg on September 26, down 0.3% from 19.48 CNY/kg on September 19, and down 0.9% from the weekly average of 19.52 CNY/kg compared to 19.7 CNY/kg the previous week [1] - The average price of live pigs (external three yuan) was 12.51 CNY/kg on September 26, a decrease of 2.2% from 12.79 CNY/kg on September 19, and the weekly average price fell by 3.2% from 13.05 CNY/kg to 12.63 CNY/kg [1] - The average trading weight of live pigs was reported at 124.66 kg, showing a slight decrease of 0.05% week-on-week, with variations across provinces due to different market conditions [3] Group 2 - The price of live pigs (external three yuan) was recorded at 13 CNY/kg in mid-September, a decline of 0.7 CNY/kg or 5.1% compared to early September [4] - The average pig-to-grain price ratio in Guangdong province was 5.64:1, remaining within the 5:1 to 6:1 range for three consecutive weeks, indicating a stable market condition [4] - The market is expected to see a short-term increase in demand due to the upcoming double festival, but supply pressures are likely to continue, limiting significant price rebounds [4][5]

Core Points - The company announced the completion of the non-trading transfer of shares for the 2025 stock ownership plan, totaling 41.87 million shares, which accounts for 0.77% of the current total share capital [1] Summary by Category Share Transfer Details - The 2025 operator stock ownership plan involved the transfer of 9.613 million shares, representing 0.18% of the total share capital [1] - The 2025 fighter stock ownership plan accounted for the transfer of 23.4985 million shares, which is 0.43% of the total share capital [1] - The 2025 key employee stock ownership plan included the transfer of 8.7585 million shares, making up 0.16% of the total share capital [1] Share Buyback - The company has utilized all 41.87 million shares repurchased in 2023 for the 2025 stock ownership plan [1]

Core Viewpoint - Dongrui Co., Ltd. (001201.SZ) has stated that the company has not been affected by the Geita virus [1] Group 1 - The company confirmed its resilience against the Geita virus, indicating no operational disruptions [1]

Group 1: Report Industry Investment Rating - The investment rating for both the pig and egg industries is cautiously bearish [3][5] Group 2: Report Core Viewpoints - For the pig industry, the supply pressure continues to be released, and the pig price maintains a volatile trend. The future supply of pigs is expected to increase, and attention should be paid to policy changes [1][2] - For the egg industry, the current inventory at each link is abundant, the boost from the Double Festival is basically over, and the large inventory pressure may suppress the spot price [4] Group 3: Summary by Related Catalogs Pig Industry Market News and Important Data - Futures: The closing price of the live pig 2511 contract yesterday was 12,685 yuan/ton, a change of -45.00 yuan/ton from the previous trading day, a decrease of 0.35% [1] - Spot: The price of external ternary live pigs in Henan was 12.63 yuan/kg, a change of -0.16 yuan/kg from the previous trading day; in Jiangsu, it was 12.88 yuan/kg, a change of -0.01 yuan/kg; in Sichuan, it was 12.29 yuan/kg, a change of +0.00 yuan/kg [1] - Wholesale market: On September 25, the average price of pork in the national agricultural product wholesale market was 19.44 yuan/kg, a decrease of 0.8% from yesterday; beef was 66.31 yuan/kg, an increase of 0.2%; mutton was 61.87 yuan/kg, an increase of 0.4%; eggs were 8.48 yuan/kg, a decrease of 0.1%; white - striped chickens were 17.61 yuan/kg, a decrease of 1.9% [1] Market Analysis - Last week, the spot price dropped significantly, and the price of piglets also declined. The meeting targeting groups had little impact on the market. The future of live pigs will still follow the supply - demand logic. The continuous decline of corn and soybean meal has reduced the pig - raising cost. There is still a certain profit margin for self - breeding and self - raising, and the cost of fattening by purchasing piglets is advantageous, so the future supply of pigs is expected to increase [2] Strategy - Cautiously bearish [3] Egg Industry Market News and Important Data - Futures: The closing price of the egg 2511 contract yesterday was 3076 yuan/500 kilograms, a change of +20.00 yuan from the previous trading day, an increase of 0.65% [3] - Spot: The spot price of eggs in Liaoning was 3.42 yuan/jin, a change of -0.05 from the previous trading day; in Shandong, it was 3.75 yuan/jin, a change of +0.00; in Hebei, it was 3.20 yuan/jin, a change of -0.11 [3] - Inventory: On September 25, 2025, the national production - link inventory was 0.9 days, an increase of 0.17 days from yesterday, an increase of 23.29%. The circulation - link inventory was 1.03 days, an increase of 0.05 days from yesterday, an increase of 5.10% [3] Market Analysis - In terms of demand, last week, the terminal consumption was resistant to high prices, resulting in a decline in egg prices. Traders were cautious in purchasing, and each link accumulated inventory passively. The peak - season production of food enterprises is coming to an end, the procurement demand has declined significantly, and supermarkets and e - commerce are digesting the previously stocked inventory. The overall demand is gradually weakening. The large inventory pressure may suppress the spot price [4] Strategy - Cautiously bearish [5]