Industry Overview - Pork concept stocks experienced a strong rally on the 11th, with Lihua Co. rising approximately 13%, reaching a nearly one-year high; Tiankang Biological and Muyuan Foods increased over 7%, while Wens Foodstuff and Shennong Group rose about 6% [1] - As of September 7, the national average price of live pigs was 13.64 yuan/kg, with prices fluctuating within a narrow range during the week [1] Supply and Demand Dynamics - Institutions indicate that the supply side is experiencing a temporary tightening due to reduced output from group farms at the beginning of the month; however, the goal of reducing weight at group farms has not yet been achieved, coupled with an increase in the inventory levels of standard pigs and large pigs, leading to persistent oversupply pressure [1] - Demand is not expected to improve significantly in the short term, suggesting a continued imbalance with strong supply and weak demand [1] Future Projections - An increase in pig production capacity is anticipated from May 2024, with a peak expected in the second half of 2025, alongside a rise in the number of newborn piglets in the first half of 2025 [1] - Supply pressure is expected to be significant in the second half of the year, particularly in the fourth quarter; however, under policy guidance, the decline in pork prices may be relatively moderated [1] Policy Implications - Zhongyou Securities notes that the government has repeatedly emphasized controlling production capacity, reducing weight, and limiting secondary breeding, aiming to guide the pork market towards "high-quality development," reflecting the government's determination to regulate pork production capacity and stabilize prices [1] - The supply of pigs in the second half of 2025 will be determined by production capacity from the second half of 2024 to the first half of 2025, with the effects of policies expected to manifest around the second half of 2026, potentially raising the price center of pork [1] Company Performance - There are significant cost differences among companies, with outstanding companies still able to achieve profitability; it is recommended to prioritize companies with cost advantages [1]

Group 1 - The core viewpoint of the news is the strong performance of pork stocks in the early trading session on September 11, with notable gains observed in several companies [1][2] - Leading the gains, Lihua Co., Ltd. saw an increase of over 10% in its stock price [1] - Other companies in the pork sector, including Wens Foodstuff Group, Muyuan Foods, Shennong Group, Dongrui Co., Ltd., and Juxing Agriculture, also experienced upward movement in their stock prices [1]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The overall view of the report is that the price of live pigs will experience a period of oscillatory adjustment [4]. - The core logic is that based on sow and piglet data, the supply of live pigs is expected to increase monthly until December, making it difficult for pig prices to rise significantly. However, the stable rebound of the price difference between 150Kg pigs and standard pigs and the potential for this difference to continue to strengthen seasonally will support pig prices to some extent. Additionally, if the price weakness persists, a negative cycle may form, and if this occurs, pig prices are expected to rise at the end of the year [4]. 3. Summary by Relevant Catalogs 3.1 Market Dynamics - On September 10, the registered warehouse receipts for live pigs were 428 lots [2]. - In the short term, there is limited room for further decline in spot prices. Attention should be paid to the extent of further weight reduction of live pigs [2]. - The main contract of live pigs (LH2511) reduced its positions by 2,241 lots today, with a position of approximately 75,700 lots. The highest price today was 13,400 yuan/ton, the lowest was 13,210 yuan/ton, and it closed at 13,315 yuan/ton [2]. 3.2 Fundamental Analysis - From the perspective of the inventory of breeding sows, the supply of live pigs is expected to increase monthly from March to December, but the increase will be limited. Based on piglet data, the overall slaughter volume of live pigs will increase in the third and fourth quarters of 2025. In terms of demand, consumption in the second half of the year is better than in the first half [3]. - Historically, the price difference between fat and standard pigs may strengthen oscillatory [3]. - Market bearish and bullish logics: Bears believe that the weight reduction of the breeding end is slow and difficult, the supply pressure has not been fully released, the subsequent slaughter volume is expected to continue to increase, and the demand support for pig prices is limited as the third quarter is not the peak consumption season. Bulls believe that the breeding end has already reduced weight, which is beneficial for the future market, consumption is expected to gradually improve after the weather turns cool, and although there will be an increase in subsequent slaughter volume, the increase will be limited [3]. 3.3 Strategy Suggestions - The view is oscillatory adjustment [4]. - The core logic is that based on sow and piglet data, the slaughter volume of live pigs may increase monthly until December (without considering early or delayed slaughter by the breeding end), and with abundant supply, it is difficult for pig prices to rise significantly. The stable rebound of the price difference between 150Kg pigs and standard pigs and the potential for this difference to continue to strengthen seasonally will weaken the willingness of individual farmers to reduce weight, providing some support for pig prices. If the price weakness persists, a negative cycle of "price decline → increased slaughter enthusiasm → price decline" may form. If this cycle occurs, pig prices are expected to rise at the end of the year, and a reverse spread of the 11 - 01 contract can be considered (for reference only, not constituting investment advice) [4]. 3.4 Market Overview - National live pig slaughter price on September 10 was 13.31 yuan/kg, a decrease of 0.06 yuan/kg or 0.45% compared to September 9 [6]. - In Henan, the live pig slaughter price on September 10 was 13.51 yuan/kg, a decrease of 0.09 yuan/kg or 0.66% compared to September 9 [6]. - In Sichuan, the live pig slaughter price on September 10 was 13.17 yuan/kg, a decrease of 0.1 yuan/kg or 0.75% compared to September 9 [6]. - Futures prices of various contracts on September 10 showed an upward trend compared to September 9, with increases ranging from 0.42% to 0.99% [6]. - The main contract basis in Henan on September 10 was 195 yuan/ton, a decrease of 175 yuan/ton or 47.3% compared to September 9 [6]. 3.5 Key Data Tracking - The report provides data on the closing prices of futures contracts in the past 180 days, the basis of the main live pig contract in the Henan region, the price difference between the 11 - 01 contracts, and the price difference between the 01 - 03 contracts [14].

Supply Side - The number of breeding sows is projected to be 40.42 million by the end of July 2025, exceeding the official normal level of 39 million, indicating a capacity in the green zone [2] - The breeding sow inventory has been gradually recovering since May 2024, suggesting an increase in pig supply starting in March 2025, with a 10-month lag in the market [2] - The current supply of pigs remains ample, leading to downward pressure on prices [2] Demand Side - The upcoming fourth quarter is traditionally a peak demand season, with factors such as lower temperatures, school procurement, and holiday preparations contributing to improved demand for pigs [4] - Higher slaughter profits typically indicate greater consumer acceptance of high-priced pork; however, current trends show low acceptance of high pork prices at the consumer level [4] Market Outlook - Despite a potential demand improvement in the fourth quarter, the high breeding sow inventory suggests continued supply abundance, limiting price increases [6] - The price difference between fresh and frozen pork products is at a historical low, and low storage costs have not led to significant demand for frozen products, further constraining overall demand for pigs [6] - The overall market fundamentals for pigs remain loose, with limited upward price potential expected in the fourth quarter [6]

Core Insights - The research team at China Agricultural University has developed the world's first multi-tissue single-cell expression atlas for dairy cows, covering 59 tissues and 1.79 million cells, which is crucial for understanding genetic regulation mechanisms of important traits in cattle and advancing precision breeding [1][2] Group 1: Research Significance - This study fills a gap in the field of single-cell biology for dairy cows, providing essential foundational data for genetic breeding, immunology research, and comparative medicine [2] - The technical approach and analytical framework established in this research can serve as a reference for constructing single-cell atlases for other livestock, promoting innovation in breeding technologies and ensuring the utilization of agricultural animal genetic resources [2] Group 2: Methodology and Findings - The research utilized single-cell transcriptome sequencing technology on one Holstein cow fetus, four calves, and ten adult Holstein cows (including both bulls and cows), resulting in the annotation of 131 cell types across seven major cell lineages [1] - The study successfully identified high-quality cells from 59 tissues, which include immune cells, endothelial cells, epithelial cells, stromal cells, nerve cells, muscle cells, and reproductive cells [1]

Core Viewpoint - Global beef prices have reached an all-time high, significantly impacting consumer spending in Chile, where some meat prices have surged nearly 30% [1] Group 1: Price Trends - The global beef price index set by the Food and Agriculture Organization has broken records for two consecutive months [1] - In the UK, beef prices rose nearly 25% year-on-year in July [1] Group 2: Supply Constraints - Global supply is tight due to climate change and diseases, leading to the lowest cattle inventory in decades in the United States [1] - Brazil, a major beef exporter, has also experienced production declines due to climate fluctuations [1] Group 3: Dairy Industry Impact - High profits in the butter and cheese sectors have incentivized ranchers to retain dairy cows for milk production rather than selling them for beef, further constraining beef supply [1]

Core Insights - The article highlights the unique camel dairy industry in Keping County, Xinjiang, which has transformed the local economy and improved the livelihoods of its residents [1] Industry Overview - Keping County has a 2000-year tradition of camel husbandry, with over 56,000 camels raised by more than 60,000 residents, effectively providing one camel per person [1] - The county has focused on camel milk production, achieving a daily output of nearly 40 tons [1] Economic Impact - By the end of 2024, the camel industry is projected to generate a total output value of 2 billion yuan [1] - The development of this industry has contributed to poverty alleviation and increased income for local farmers and herders [1]

牧原股份9月10日大宗交易平台出现一笔成交，成交量168.83万股，成交金额9214.63万元，大宗交易成 交价为54.58元，相对今日收盘价溢价0.33%。该笔交易的买卖双方均为机构专用席位。 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为1.47亿元。 证券时报·数据宝统计显示，牧原股份今日收盘价为54.40元，下跌0.33%，日换手率为0.90%，成交额为 18.52亿元，全天主力资金净流入1127.88万元，近5日该股累计上涨1.04%，近5日资金合计净流出1.11亿 元。 两融数据显示，该股最新融资余额为49.20亿元，近5日增加985.24万元，增幅为0.20%。（数据宝） 9月10日牧原股份大宗交易一览 | 成交量（万 | 成交金额（万 | 成交价格 | 相对当日收盘折溢价 | 买方营业 | 卖方营业 | | --- | --- | --- | --- | --- | --- | | 股） | 元） | （元） | （%） | 部 | 部 | | 168.83 | 9214.63 | 54.58 | 0.33 | 机构专用 | 机构专用 | （文章来源：证券时报网） ...

证券日报网讯温氏股份（300498）9月10日在互动平台回答投资者提问时表示，2024年9月18日，公司董 事会审议通过了《关于回购公司股份方案的议案》。截至2025年8月31日，公司回购总金额为9亿元(不 含交易费用)。 ...

进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为1.47亿元。该股近5个交易日累计 上涨1.04%，主力资金合计净流出2.34亿元。 责任编辑：小浪快报 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月10日，牧原股份收跌0.33%，收盘价为54.40元，发生1笔大宗交易，合计成交量168.83万股，成交金 额9214.63万元。 第1笔成交价格为54.58元，成交168.83万股，成交金额9,214.63万元，溢价率为0.33%，买方营业部为机 构专用，卖方营业部为机构专用。 ...