Group 1 - The Ministry of Agriculture and Rural Affairs emphasized the importance of ensuring the harvest of autumn grains and maintaining stable production of winter wheat and winter rapeseed [1] - The meeting highlighted the need to stabilize the supply of "vegetable basket" products and ensure the production of winter and spring vegetables, while also managing the comprehensive adjustment of pig production capacity [1] - There is a strong focus on agricultural product quality and safety supervision, particularly in key areas such as fishing vessels and agricultural machinery to prevent major safety accidents [1]

Core Viewpoint - The article discusses the emerging "donkey shortage" crisis in China, highlighting the paradox of increasing consumer demand for donkey products while the supply is dwindling due to declining breeding interest among farmers [1][4][7]. Group 1: Current Market Situation - The term "donkey shortage" has gained popularity on social media, with discussions indicating that while cattle and horses are abundant, donkeys are in short supply [1][2]. - China's donkey population has drastically decreased from 11.2 million in the early 1990s to approximately 1.46 million in 2023, primarily due to changes in agricultural practices and consumer preferences [2][6]. - The demand for donkey-derived products, such as donkey-hide gelatin (Ejiao), has surged, necessitating the slaughter of over one million donkeys annually to meet consumer needs [4][6]. Group 2: Economic Factors - The high costs associated with donkey farming, including long breeding cycles (one offspring per year and 2-3 years to reach market weight), deter farmers from raising donkeys compared to more profitable livestock like pigs and chickens [2][3][6]. - The limited economic return from donkey products compared to other livestock further contributes to the decline in domestic donkey farming [2][3]. Group 3: Import Trends - As domestic supply fails to meet rising demand, imports of donkeys are becoming increasingly important, with Pakistan emerging as a key supplier due to its large donkey population [6][7]. - The global donkey market is shifting, with countries like Ethiopia, Sudan, and Pakistan leading in donkey farming, while new regulations in Africa may impact supply chains [6][7]. Group 4: Market Dynamics - The donkey market has experienced a U-shaped demand curve, initially declining due to mechanization and then rebounding as health trends favor donkey products [7][9]. - Companies are expected to adapt by establishing their own breeding bases and creating a dual supply model to stabilize the supply chain, addressing the current "donkey shortage" [9].

Group 1 - The 70th anniversary celebration of the Xinjiang Uyghur Autonomous Region highlighted significant developments and changes in the region, particularly in Karamay, which has transformed from a petroleum city to a "digital computing hub" [1] - Karamay recently hosted an AI application competition, showcasing how young individuals are using technology to innovate traditional industries and connect the future [4] - In 2025, herders in Bole City utilized online consultations to connect with experts 500 kilometers away in Urumqi, successfully treating over 100 sheep and reducing farming losses by 80,000 yuan [6] Group 2 - A team of young professionals from Karamay, with an average age of under 30, developed an app to assist herders in managing animal diseases and mitigating farming risks, demonstrating a commitment to empowering traditional industries with technology [10] - The traditional oil industry is also undergoing transformation through innovation, exemplified by a newly developed welding robot capable of autonomously performing welding tasks on oil storage tanks [12] - Technological advancements have extended into education, with a biology teacher collaborating with companies to create an AI voice answering device that enhances student engagement and interaction in the classroom [14][16]

Group 1: Report Industry Investment Rating - The investment rating for the pig industry is cautiously bearish [3][5] Group 2: Report's Core View - The pig market will continue to follow the supply - demand logic. With the decline in corn and soybean meal prices, the pig - raising cost decreases, and there is still profit in self - breeding and self - raising. Falling piglet prices make it cost - effective to raise pigs by purchasing piglets, which is expected to increase future pig supply. Attention should be paid to policy changes [2] - The egg market has weakening demand. Terminal consumers are resistant to high prices, food companies' procurement demand declines after the peak season, and all sectors have abundant inventories. The large inventory pressure may suppress the spot price [4] Group 3: Summary by Related Catalogs Pig Market News and Important Data - Pig futures: The closing price of the live hog 2511 contract was 12,730 yuan/ton, up 65 yuan/ton (+0.51%) from the previous trading day [1] - Pig spot: In Henan, the price of external ternary live hogs was 12.79 yuan/kg, down 0.03 yuan/kg; in Jiangsu, it was 12.89 yuan/kg, up 0.01 yuan/kg; in Sichuan, it was 12.29 yuan/kg, unchanged [1] - Agricultural product wholesale prices on September 24: The "Agricultural Product Wholesale Price 200 Index" was 118.78, up 0.50 points; the "Vegetable Basket" product wholesale price index was 119.70, up 0.58 points. The average wholesale price of pork was 19.60 yuan/kg, up 0.2%; beef was 66.16 yuan/kg, up 0.3%; mutton was 61.63 yuan/kg, up 0.1%; eggs were 8.49 yuan/kg, unchanged; white - striped chicken was 17.96 yuan/kg, up 1.1% [1] Market Analysis - Last week, the spot price of pigs dropped significantly, and piglet prices also fell. Some piglets in certain areas fell below the cost line. The meeting targeting groups had little impact on the market. The future of the pig market will still follow the supply - demand logic [2] Strategy - Cautiously bearish [3] Egg Market News and Important Data - Egg futures: The closing price of the egg 2511 contract was 3,056 yuan/500 kg, down 9 yuan (-0.29%) from the previous trading day [3] - Egg spot: In Liaoning, the egg price was 3.47 yuan/jin, unchanged; in Shandong, it was 3.75 yuan/jin, unchanged; in Hebei, it was 3.31 yuan/jin, down 0.07 yuan [3] - On September 24, 2025, the national production - link inventory was 0.73 days, up 0.02 days (2.82% increase) from the previous day, and the circulation - link inventory remained unchanged at 0.98 days [3] Market Analysis - In terms of demand, last week, terminal consumers were resistant to high prices, causing egg prices to decline from the high level. Traders were cautious in purchasing, and all sectors accumulated inventory passively. The peak - season production of food companies is coming to an end, and the procurement demand has decreased significantly. Supermarkets and e - commerce platforms are digesting their previous inventory, and overall demand is weakening [4] Strategy - Cautiously bearish [5]

Core Viewpoint - The article discusses tax incentives for agricultural enterprises, including reduced corporate income tax rates and exemptions for specific agricultural processing projects [3][6]. Group 1: Corporate Income Tax Reductions - Enterprises engaged in the cultivation of flowers, tea, and other beverage crops, as well as spice crops, are eligible for a 50% reduction in corporate income tax [3]. - Aquaculture activities, including marine and inland farming, also qualify for the same tax reduction [3]. Group 2: Exemptions for Agricultural Processing - Certain agricultural processing projects are exempt from corporate income tax, including initial processing of grains, forestry products, horticultural plants, oilseeds, sugar crops, tea, medicinal plants, fiber plants, tropical crops, livestock, feed, forage, aquatic animals, and aquatic plants [3]. - Specific guidelines are provided for the treatment of livestock and poultry farming, as well as ornamental crop cultivation, under the relevant tax policies [3]. Group 3: Documentation and Compliance - Enterprises must self-assess and declare their eligibility for tax incentives, maintaining relevant documentation for review by tax authorities [3]. - Required documentation includes certificates or proof of qualifications related to the agricultural activities undertaken [4].

Group 1 - The company emphasizes the importance of disease prevention in pig farming and has established a regular disease control system [1] - The company has implemented widespread training on biosecurity measures for all employees [1] - Overall, the company's situation is stable, and production operations are normal [1]

Group 1: Government Bond Trading and Monetary Policy - The expectation for government bond trading is heating up, while the reality is cooling down, with liquidity management remaining a key focus [1] - If interest rate cuts occur, the extent of the cuts will significantly impact the bond market, with a likely continuation of a 10 basis point reduction seen in the first half of the year [1] - The central bank's potential reintroduction of government bond trading tools is expected to enhance banks' asset-liability management stability [5] Group 2: Innovation in Pharmaceutical Industry - The Chinese innovative drug industry is transitioning towards global commercialization, with a strong pipeline of quality projects driving industry growth [8] - Early drug development in China is significantly faster than the global average, saving 30%-50% of time from target validation to product commercialization [8] - Future innovation will further unlock commercial value, with academic and industrial collaborations playing a crucial role in successful drug development [8] Group 3: Dairy and Meat Industry Trends - The dairy sector is experiencing a strong supply contraction, with demand expected to rise due to seasonal consumption and supportive policies [11] - The meat industry is at a super cycle turning point, with reduced import volumes anticipated due to narrowing price differentials [11] - The interconnection between dairy and meat sectors is expected to enhance profitability for livestock companies [11] Group 4: Company Performance and Projections - A company reported a 44.50% year-on-year increase in revenue for the first half of 2025, driven by demand in the smart connected vehicle and edge AI hardware sectors [14] - Another company achieved a 13.55% year-on-year revenue growth in 2024, with a significant market share in the global SSD controller market [16] - A third company reported a 11.02% year-on-year revenue increase in the first half of 2025, with ongoing acquisitions to expand its product offerings [22]

Report Overview - Report Date: September 24, 2025 [2] - Report Type: Pig Daily Report [2] - Researcher: Chen Jiezheng [3] Industry Investment Rating No relevant content provided. Core Views - The overall supply pressure in the live pig market is expected to persist, and the subsequent spot prices are likely to remain weak. The futures market also faces certain pressure, with the overall price trend expected to be downward [4][6]. Summary by Relevant Catalogs Spot Price - Today, the live pig prices across the country showed an overall oscillating trend. The average price remained unchanged at 12.38 yuan/kg. The prices in most regions showed only slight fluctuations, with some increasing and some decreasing [4]. Futures Price - Futures prices showed a small rebound. LH01 rose by 130 yuan to 13,345 yuan, LH03 rose by 120 yuan to 12,755 yuan, LH05 rose by 75 yuan to 13,160 yuan, LH07 rose by 140 yuan to 13,860 yuan, LH09 remained unchanged at 12,600 yuan, and LH11 rose by 65 yuan to 12,730 yuan [4]. Sow/Piglet Price - Piglet prices decreased by 22 yuan to 236 yuan this week, while sow prices remained unchanged at 1,588 yuan [4]. Spot Breeding Profit - The spot breeding profit for self - breeding and self - raising decreased by 41.29 yuan to - 24.44 yuan, and the profit for purchasing piglets decreased by 37.38 yuan to - 199.31 yuan [4]. Slaughter End - The slaughter volume increased by 1,071 heads to 155,064 heads [4]. Size Pig Price Difference - The price difference between standard pigs and medium - sized pigs increased by 0.01 yuan to 0.34 yuan, the price difference between medium - large pigs and standard pigs decreased by 0.01 yuan to 0.13 yuan, the price difference between large pigs and medium - large pigs decreased by 0.02 yuan to 0.1 yuan, and the price difference between large pigs and standard pigs decreased by 0.03 yuan to 0.23 yuan [4]. Market Analysis - The supply pressure in the live pig market is expected to remain high. Although the scale enterprise's slaughter volume has slightly decreased, it is still at a high level. The enthusiasm of ordinary farmers to slaughter has decreased compared with the previous period, but the pressure has increased due to the relatively large inventory. The inventory of secondary fattening has decreased, and the recent entry has increased as the price has fallen to a low level. The slaughter weight of live pigs remains high, and the supply of large - weight pigs may continue to increase [4]. Trading Strategy - Unilateral: Short on rallies for near - term contracts. - Arbitrage: Reverse spread for LH15. - Options: Hold off on trading. [7]

Group 1 - Xinjiang's agricultural production has significantly transformed over the past 70 years, with per capita grain consumption increasing from less than 200 kg to achieving the highest grain yield in the country [1] - In 2024, Xinjiang's grain yield reached 1049.7 jin per mu, with total root crop production increasing from 30.35 billion jin in 2012 to 46.6 billion jin in 2024, a growth of 53.6% [2] - Xinjiang cotton production in 2024 totaled 5.686 million tons, accounting for 92.3% of the national total, maintaining its position as the leading cotton-producing region for 32 consecutive years [3] Group 2 - Modern technology has transformed livestock farming in Xinjiang, making it a major producer of high-quality livestock products [4] - Xinjiang's fruits, such as Hami melons, Turpan grapes, Korla pears, and Aksu apples, are highly favored in the national fruit market, benefiting from unique climatic conditions that enhance their sweetness and aroma [7] - In 2024, Xinjiang's aquatic product output reached 192,500 tons, with the region becoming known for its diverse seafood offerings [9]

Core Insights - The Global Development Initiative proposed by President Xi Jinping has gained traction over the past four years, fostering a consensus on prioritizing development and contributing to the construction of a community with a shared future for mankind [1] Agricultural Modernization in Uganda - Uganda, known for its favorable climate and abundant rainfall, is experiencing significant agricultural modernization, particularly through the South-South cooperation project involving China and the FAO [1] - The project has led to substantial increases in rice yields, with hybrid rice production reaching 2 to 3 times that of conventional varieties [2][3] Impact on Local Farmers - Approximately 90,000 acres of rice fields have achieved high yields, benefiting nearly 8,000 farmers with an average annual income increase of about 8 million Ugandan Shillings [3] - The introduction of high-quality millet varieties has also resulted in yield increases of 4 to 5 times compared to local varieties, with demonstration planting covering 1,000 acres [3] Innovative Agricultural Techniques - The rice-fish co-culture technique has been successfully implemented, providing ecological benefits and increasing productivity without the use of pesticides [5] - The establishment of agricultural technology demonstration centers has facilitated the training of local farmers, enhancing their agricultural skills and knowledge [6] Broader Agricultural Cooperation - The collaboration between Uganda and China in agriculture is seen as a successful model of South-South cooperation, with potential to elevate agricultural development across the region [7] - Ongoing projects include agreements for the export of various agricultural products to China and the establishment of a working station for agricultural technology exchange [6][7]