证券日报网讯 罗牛山（000735）9月19日在互动平台回答投资者提问时表示，海南（潭牛）文昌鸡股份 有限公司是公司的参股公司，近年来其业务处于快速发展和规模扩张阶段，为支持市场拓展和产能建 设，利润主要用于再投入，因此暂未进行现金分红。公司将持续关注其经营发展，积极维护上市公司投 资权益。相关信息请以公司公开披露的定期报告和公告为准。 ...

Core Points - The central reserve frozen pork storage auction will take place on September 23, 2025, with a total of 15,000 tons available for bidding [1] - The auction will have a minimum bidding increment of 20 yuan per ton, and the maximum price will be set according to relevant government regulations [4] - Eligible enterprises must meet specific criteria, including having independent legal status and a good financial reputation, and must register in the bidding system [4][5] Auction Details - The auction will occur from 8:30 AM to 4:30 PM on September 23, 2025 [4] - Each participating enterprise can bid for a maximum of 3,000 tons [5] - A deposit of 1,000 yuan per ton and a transaction fee of 10 yuan per ton must be paid by September 22, 2025 [6][7] Transaction Process - Bidding will be conducted through an electronic system, with two methods for registration [5][7] - The auction will follow a "lowest price first" principle, and contracts will be effective upon successful bidding [9] - The quality and quantity of the pork must meet strict standards, with the processing and storage responsibilities resting with the winning enterprises [10][11] Quality Control - The pork must be sourced from domestic non-epidemic areas and must comply with various health and safety regulations [11][12] - Strict inspection and verification processes will be in place to ensure compliance with quality standards [18][19] Financial Aspects - Funding for the storage will be self-sourced by the enterprises, with potential loans from local banks supported by central government interest subsidies [26] - Storage fees will be calculated at a rate of 2.4 yuan per ton per day, and losses from price differences will be covered by the central government [26] Compliance and Regulations - Enterprises must adhere to all relevant regulations and may face penalties for non-compliance, including disqualification from future auctions [27][28] - The management of the central reserve pork must be transparent, with strict monitoring and reporting requirements [30][31]

Core Viewpoint - The Federal Reserve's interest rate cut cycle has officially begun, presenting new opportunities and challenges for the commodity market [1] Group 1: Impact of Interest Rate Cuts on Commodities - Historically, commodities tend to benefit from interest rate cuts, with an average increase of 3% in the nine months following the first cut [1] - The price movement of commodities typically follows a specific pattern: an initial rise in the first month after the cut, followed by a pullback in the second and third months, and a resurgence in the fourth month [2] - The performance of commodities during rate cut cycles is influenced by various factors, with the macroeconomic backdrop being crucial [1][4] Group 2: Differentiation Between "Healthy" and "Recessionary" Rate Cuts - In "healthy" rate cut cycles, such as those in 1995 and 2024, commodities have shown an average return of 15% over nine months, primarily driven by energy and precious metals [4] - Conversely, in "recessionary" rate cut cycles, like those in 1998, 2001, and 2019, commodities faced an average decline of 16% [4] Group 3: Sector Performance During Rate Cuts - Energy and precious metals are the strongest performing sectors during rate cut cycles, with average increases of 10% and 7% respectively in the nine months following the first cut [6] - Industrial metals lag behind, with an average decline of 4% during the same period [6] - Agricultural products and livestock show no clear performance trends during rate cut cycles [6] Group 4: Future Scenarios for Commodities - Three potential scenarios for the future of commodities have been outlined: 1. "Bronzilocks" scenario: Global economy remains resilient, leading to strong commodity returns [10] 2. Recession scenario (40% probability): High risk of U.S. economic recession, resulting in downward pressure on commodities [10] 3. Re-inflation scenario (45% probability): Risk of persistent inflation, with commodities expected to yield an average monthly return of 1.6% [10]

Group 1 - The rise of "play corn" has led to some corn selling for thousands of yuan each, attracting both young consumers and rural farmers [3][4][5] - The fresh corn industry in Guangdong has seen rapid growth, with the annual planting area reaching approximately 700,000 acres and the national planting area exceeding 25 million acres [17][18] - The fresh corn industry faces challenges such as insufficient genetic resource exploration, tightening production resources, and increased natural disasters and pests [19] Group 2 - The national agricultural technology promotion center has released scientific fertilization guidelines for tea trees to enhance production quality and efficiency [11][12][13] - Yunfu City has made significant progress in its "zero waste city" initiative, completing 28 construction indicators and 54 system construction tasks ahead of schedule [30][32]

Economic Growth - South Africa's GDP grew by 0.8% in Q2 2025, marking the strongest growth quarter in nearly two years, indicating robust economic momentum [1][5] - The growth follows a slight increase of 0.1% in Q1 2025, demonstrating a continuation of positive economic trends [1] Sector Performance - Key sectors such as manufacturing, mining, and trade led the supply-side growth, while household consumption and reduced imports contributed to demand-side growth [2] - Manufacturing output increased by 1.8%, driven by the automotive, petroleum, chemicals, rubber, and plastics sectors [2] - Mining output rose by 3.7%, the fastest growth since Q1 2021, with platinum group metals, gold, and chrome contributing significantly [2] - The trade, accommodation, and food services sectors grew by 1.7%, reaching the highest level since Q1 2022 [2] - Agriculture continued its positive trend with a third consecutive quarter of growth, supported by increased horticultural and livestock activities [2] Consumer Activity - Household consumption has shown consistent growth for five consecutive quarters, with a 0.8% increase in Q2 2025, fueled by spending in dining, hospitality, clothing, and insurance [2][4] - The retail trade, automotive trade, and food and beverage sectors also experienced growth, contributing positively to the overall economic performance [4] Challenges and Declines - Despite the overall growth, there were declines in demand for alcoholic beverages and housing-related services, as well as a drop in wholesale trade [3] - The construction sector contracted for the third consecutive quarter, with a decline of 0.3%, and transportation, storage, and communication sectors also saw a decrease of 0.8% [3] - Fixed capital investment fell by 1.4%, marking a third consecutive quarter of decline [3] Government Response and Outlook - The South African government views the Q2 2025 economic data as a sign of resilience amid global trade challenges, emphasizing the effectiveness of policies aimed at stimulating growth and supporting local industries [4][5] - Economic analysts predict a moderate acceleration in South Africa's economy, despite the low growth rate, indicating an overall improving trend [5]

Core Insights - The national average price of live pigs in China is experiencing a downward trend, with a current price of 13.32 yuan per kilogram, reflecting a decrease of 0.09 yuan from the previous day [1][3] - The overall pig price across 31 provinces shows 29 declines, 2 stable prices, indicating a significant drop and reaching a new low for the year [1][3] Price Monitoring - The average price difference for external three yuan pigs across 21 major regions is approximately 0.51 yuan per kilogram, down by 0.01 yuan from the previous day, which is below the average transportation cost of 0.55 yuan per kilogram [3] - Weekly data indicates that the average price for the week of September 11 to 17 is 13.62 yuan per kilogram, a week-on-week decrease of 2.06%, and down by 0.29 yuan compared to the previous week [3] Supply and Demand Analysis - The supply side shows that the enthusiasm for pig sales remains high, while the demand side is weak, with downstream purchasing intentions being generally low [3] - The operating rate of slaughter enterprises is at 32.63%, reflecting a decrease of 0.82% week-on-week, indicating reduced processing activity [3] - The market is under pressure from both supply and weak demand, leading to a pessimistic outlook for pig prices in the coming week [3]

Group 1: Report Overview - Report Title: "Pig Daily Report" [2] - Date: September 18, 2025 [2] - Researcher: Chen Jiezheng [3] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core Viewpoints - The overall supply pressure in the pig market remains high, and the subsequent spot prices are expected to be weak. Futures prices are also under pressure and are expected to trend downward [4][7] - The decline in futures prices is mainly due to the expected supply pressure, and the far - month contracts are affected by capacity changes. Although the current price is low, there is still a certain downward pressure [7] Group 4: Price and Profit Data Summary Spot Prices - The average spot price of pigs today is 12.68 yuan/kg, down 0.1 yuan/kg from yesterday. Prices in various regions have generally declined [4] Futures Prices - Futures prices of various contracts have mostly declined, such as LH01 down 180 to 13330, LH03 down 150 to 12855 [4] Piglet and Sow Prices - Piglet prices are 259 yuan, down 32 from last week; sow prices are 1590 yuan, down 2 from last week [4] Breeding Profits - Self - breeding and self - raising profit is 16.84 yuan/head, down 15.39 from yesterday; profit from purchasing piglets is - 161.93 yuan/head, down 13.53 from yesterday [4] Contract Spreads - Spreads between different contracts have changed, such as LH7 - 9 down 150 to 1165, LH9 - 1 up 180 to - 345 [4] Slaughter Data - The slaughter volume is 149450 heads, an increase of 842 from yesterday [4] Group 5: Trading Strategies - Unilateral: Short near - month contracts on rallies - Arbitrage: Reverse spread on LH15 - Options: Hold off on trading [8]

Group 1: Desertification Control and Ecological Restoration - Inner Mongolia's Uxin Banner has achieved over 80% vegetation coverage in the Mu Us Sandy Land through continuous afforestation and desertification control efforts [1][2] - The local government is committed to the "Three-North" project, aiming to create new achievements in desertification control in the new era [1] - Historical efforts since the 1950s have transformed nearly 60,000 acres of barren land into lush pastures, showcasing a successful narrative of turning deserts into oases [1] Group 2: Technological Innovations in Desertification Control - Advanced technologies such as drone-assisted precision seeding and various mechanized tools have been widely adopted to enhance the efficiency of desertification control [2] - The introduction of scientific methods, including the "three-dimensional" governance model, has led to significant improvements in afforestation practices [2] - The Uxin Banner Forestry and Grassland Bureau has developed 15 types of machinery to improve the mechanization rate of ecological construction projects [2] Group 3: Economic Development through Green Industries - The establishment of biomass pellet factories in the Mu Us Sandy Land has created new income opportunities for local farmers, with annual incomes rising from 12,000 yuan in 2018 to 30,000 yuan by 2024 [3] - The promotion of green industries, including ecological agriculture and tourism, is contributing to the economic upliftment of local communities [3] - The cultivation of drought-resistant crops and the development of a complete industrial chain from biomass to furniture are enhancing the economic landscape of the region [3] Group 4: Deer Farming Industry in Xifeng County - Xifeng County has established itself as a national standardization demonstration area for Sika deer farming, with a total population exceeding 60,000 deer and nearly 300 farming households [14][15] - The county's focus on purebred Sika deer has led to the successful selection of high-quality breeding stock, contributing to the local economy [15][16] - The integration of modern breeding techniques and collective economic projects has enabled local villagers to benefit from the deer farming industry, with some households reporting annual incomes of up to 250,000 yuan [16]

Core Viewpoint - The government of Dongying City is actively promoting agricultural development in Lijin County, focusing on resource utilization, brand building, and the enhancement of agricultural productivity through innovative practices and projects [1][3]. Group 1: Agricultural Development Strategies - Lijin County is leveraging its resource endowments and industrial foundation to enhance agricultural productivity, focusing on the development of a unique rural revitalization model [3]. - The county has established a "1+4" agricultural industry chain structure, emphasizing project layout along the chain, factor aggregation, and leveraging chain strengths to boost productivity [4]. - Key projects include the establishment of an embryo factory and the renovation of old breeding facilities, which support a comprehensive "breeding, raising, and selling" development model [4]. Group 2: Innovations in Crop Production - Lijin County is implementing a project to improve 40,536 acres of saline-alkali land, which has led to a 60% reduction in water usage and a 30% reduction in fertilizer usage, while also decreasing soil salinity from 5‰ to 2‰ [5]. - The introduction of new crop varieties, such as the salt-tolerant corn variety "Dongyu 5," has been prioritized, with high-value crops like Jerusalem artichokes and potatoes being cultivated in saline-alkali conditions [5]. Group 3: Brand Development and Market Positioning - The county is actively promoting its agricultural products through a brand-building strategy, resulting in several products being recognized as "nationally renowned special new agricultural products," accounting for 57% of the city's total [6]. - Notable products include "Tianhao brand Lijin bass," which has been included in the "2024 third batch of agricultural product memory index," and various organic products that have received certification [6].

Group 1 - The recognition of rural local experts in Guangdong Province for 2025 has officially started, focusing on enhancing agricultural production technology at the grassroots level to support high-quality agricultural development and increase farmers' income [4][5]. - The "Xinjiang Products Southward" event will take place in Guangzhou from September 28-30, showcasing high-quality products from Xinjiang to the Greater Bay Area [10][11]. - The "Green Food Promotion" event in Xiamen, themed "Green Food Boosts Consumption," featured high-quality agricultural products from Guangdong, attracting significant attention from buyers [26][28]. Group 2 - The establishment of modern high-standard farmland is emphasized in the agricultural development strategy, with new irrigation and drainage systems being implemented in areas like Shaoguan's Nanxiong City [30][31]. - The local economy in Longxian Town, Wengyuan County, is being supported through the cultivation of edible fungi, which is part of a broader rural revitalization initiative [15][19].