2025 年 3 月养殖业务主要经营数据公告 证券代码：605296 证券简称：神农集团 公告编号：2025-031 云南神农农业产业集团股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 云南神农农业产业集团股份有限公司（以下简称"公司"）现将 2025 年 3 月养殖业务主要经营数据披露如下： 一、2025 年 3 月养殖业务主要经营数据 单位：万头 | 主要产品 | 销售量 | | 销售量同比增减(%) | | | --- | --- | --- | --- | --- | | | 当月 | 累计 | 当月 | 累计 | | 生猪 | 35.14 | 86.04 | 105.74 | 73.15 | 2025 年 3 月份，公司销售生猪 35.14 万头（其中：商品猪销售 24.31 万头， 仔猪销售 10.43 万头），销售收入 5.08 亿元。其中向集团内部屠宰企业销售生 猪 3.69 万头。 2025 年 3 月份，公司商品猪价格呈现上涨趋势，商品猪销售均价 14.83 元/ 公斤，比 2025 年 2 ...

智通财经APP获悉，光大证券发布研报称，从行业成长角度来看，生猪养殖行业正处于规模化加速过程 中，龙头企业通过一体化整合，正在向"养殖-屠宰-流通"全产业链延伸，未来成长空间广阔。从周期角 度来看，2024年行业迎来景气回升，但随后产业端迅速补充母猪产能、提升生产效率，导致25年H1开 始全国生猪供给压力重回高位，低价预期之下，去产能逻辑再度兑现具备确定性。考虑到2024年行业高 景气持续性较短，养殖主体资产负债表修复有限，在此背景下，25年行业一旦再度步入深亏，届时的产 能去化极有可能表现为猪舍等长期资产的出清，而更为彻底的产能出清会大幅提升行业在下轮周期中的 景气持续性。 光大证券主要观点如下： 美国生猪养殖业的规模化启示 风险分析：重大动物疫情发生风险;原料价格波动风险;生猪价格不及预期;生猪出栏量不达预期。 对标美国生猪养殖产业规模化进程，该行认为当前中国生猪养殖集中度仍有较大的提升空间。在行业长 期规模化趋势下，行业各方面也都将发生深刻变革： (1)成本：规模化加速阶段也是养殖效率提升最快的阶段，有望带动实际成本的下降。规模化完成后， 行业养殖技术的革新会推动养殖效率的进一步提升，但整体优化幅度有所 ...

Group 1 - The core viewpoint of the news highlights the impact of the recent tariff increases between China and the United States on domestic agricultural prices, particularly pork prices, which are expected to rise due to increased costs of feed and imported meat [1][2] - China has announced a 34% tariff on all imports from the U.S., which, combined with previous tariffs, brings the total tariff rate on U.S. goods to 54% [1] - The domestic supply and demand outlook suggests that pork prices will have support in the medium term, with a gradual upward trend expected as the market adjusts to the new tariff environment [1] Group 2 - COFCO Jiajia Kang reported a revenue of 16.326 billion RMB for the fiscal year 2024, a decrease of 5.29% year-on-year, but achieved a net profit of 538 million RMB, reversing a loss from the previous year [2] - The improvement in profitability is attributed to significant cost reductions in pig farming, driven by better management practices and operational efficiencies [2] - The company has increased its breeding stock to 345,000 heads by the end of 2024, a 4.5% increase compared to the previous year, with plans for further capacity expansion [2]

美国生猪养殖业的规模化启示 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 对标美国生猪养殖产业规模化进程，我们认为当前中国生猪养殖集中度仍有较大的提升空间。在行业长期 规模化趋势下，行业各方面也都将发生深刻变革：（1）成本：规模化加速阶段也是养殖效率提升最快的 阶段，有望带动实际成本的下降。规模化完成后，行业养殖技术的革新会推动养殖效率的进一步提升，但 整体优化幅度有所放缓。（2）周期长度：养殖规模化将拉长猪价波动周期，并在部分时间段呈现不规律 化，但不会彻底消除周期。（3）波动幅度：周期性的猪价振幅并不一定会随着养殖规模化的发展而缩 窄，阶段性猪价的振幅可能会收敛或呈现不规律变化。具体而言，规模化加速期周期波动幅度尤其是下行 周期波动幅度明显增大；规模化完成后猪价超跌现象明显改善，但上 ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Insights - The report highlights that the recent increase in tariffs imposed by the US on Chinese imports, along with China's retaliatory measures, is expected to positively impact domestic agricultural product prices, particularly pork prices [5][15] - The average price of live pigs in China as of April 6, 2025, is 14.60 yuan/kg, showing a week-on-week increase of 0.05 yuan/kg, indicating a gradual upward trend in pork prices supported by improved demand and reduced supply pressure [6][18] - The report recommends actively allocating investments in the pig farming sector due to its defensive attributes amid macroeconomic shocks and the strengthening investment logic [6][28] Summary by Sections Weekly Observation - The US has imposed a 34% tariff on Chinese imports, leading to a cumulative tariff rate of 54% on Chinese goods, which is expected to benefit domestic agricultural prices [5][15] - The report notes that the dependency of key agricultural products on imports from the US is significant, with soybeans and beef having high foreign dependency rates of 81.49% and 25.22%, respectively [16][17] Weekly Market Performance - The agricultural index outperformed the market by 1.79 percentage points, with the agricultural index rising by 1.51% during the week [32][34] - Key stocks such as Huisheng Biological and Jinhai Biological saw significant gains, with increases of 39.96% and 18.80%, respectively [32][36] Price Tracking - As of April 4, 2025, the average price of live pigs is 14.60 yuan/kg, with a slight increase from the previous week, while the price of piglets has risen to 37.08 yuan/kg [39][40] - The report indicates that the price of beef has also increased, reaching 66.38 yuan/kg, reflecting a positive trend in meat prices [43][46] Recommendations - The report suggests focusing on the pig farming sector, with specific recommendations for companies such as Muyuan Foods, Wens Foodstuff Group, and Juxing Agriculture [7][28] - In the feed sector, companies like Haida Group and New Hope are recommended due to their potential benefits from the recovery in livestock and poultry production [28]

证券代码：605296 证券简称：神农集团 公告编号：2025-030 云南神农农业产业集团股份有限公司 关于子公司与丘北县人民政府签订框架协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 近日，公司全资子公司文山神农猪业发展有限公司与丘北县人民政府签订了 《生猪全产业链项目投资合作协议书》，双方本着平等互利、优势互补、共同发 展的原则，就文山神农猪业发展有限公司在丘北县投资约 7 亿元建设生猪产业建 设项目达成合作协议，具体情况如下： 一、框架协议签订的基本情况 （一）合作方的具体情况 （二）协议签署的地点、方式 本协议在丘北县以书面方式签署。 －1－ （三）签订协议已履行的审议决策程序 本次协议为意向性协议，协议涉及的项目数量、投资金额等数值为双方合作 目标，实际发生额以未来实际对外投资金额为准，具体合作项目的实施内容和进 度存在不确定性，该事项无需提交公司董事会或股东大会审议。公司将在确定各 具体项目投资方案和投资金额后，严格按照《上海证券交易所股票上市规则》等 法律、法规、规范性文件及《公司章 ...

宁证期货投资咨询中心 期货交易咨询业务资格： 宁证期货投资咨询中心 期货交易咨询业务资格： 证监许可【2011】1775 号 猪价短期震荡运行，中长期偏强运行 摘 要： 供需关系： 从供应端来看，养殖端出栏或无明显调整，尤其规模 企业目前出栏进度尚可，无明显增减，供应端变化不明显。 从需求端来看，天气转暖，节日库存消化陆续结束， 且清明节在即，需求或小幅增加，但需求恢复缓慢，且同 比二育进场数量不多。需求端或小幅增加，但利好有限。 综合来看，预计均价重心小幅上移。生猪市场供应端 出栏或无明显增加，月初开始，清明节前少量备货，尤其 南方祭祀活动，需求端缓慢恢复，略有支撑，价格或稳定 偏强。操作上建议短多交易为主。 期货投资咨询从业证号：Z0015369 邮箱：kuaisanke@nzfco.com 电话：025-52865121 作者姓名：高剑飞 作者姓名：蒯三可 期货从业资格号：F0279818 期货交易咨询从业证号：Z0014742 邮箱：gaojianfei@nzfco.com 请务必阅读正文之后的免责条款部分 1 证监许可【2011】1775 号 期货从业资格号：F3040522 生猪专题报告 1.生猪 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - Short - term prices will fluctuate at a low level, and there is a possibility of new lows in the medium - to - long - term [1]. - Pig prices are unlikely to rise significantly due to abundant supply in the first half of 2025, but short - term sharp declines are also unlikely as there may be secondary fattening when prices approach 14 yuan/kg. The 2505 contract price is in a relatively reasonable range, and it is recommended to wait and see for now [1]. 3. Summary by Relevant Catalogs 3.1 Futures End 3.1.1 Main Contract Basis - In the context of weakening spot prices and a pessimistic market outlook for April pig prices, the price of the LH2505 contract fluctuated downward this week [2]. - On March 28, 2025, the benchmark ground (Henan) had a base price of 14.53 yuan/kg, and the main contract basis was 1305 yuan/ton [3]. 3.1.2 Price Changes of Each Contract - Far - month contracts continued to fluctuate widely [5]. 3.1.3 Inter - monthly Spread Changes - Affected by the weakening of spot prices, the reverse spread trend of the 5 - 7 and 5 - 9 contracts was obvious in the latter part of the week [7][10]. 3.2 Spot End 3.2.1 Pig Prices and Slaughter Volumes - This week, the slaughter volume began to decline, and pig prices fell in the latter part of the week [13]. 3.2.2 Regional Spreads - The spreads among selected regions were within a relatively reasonable range [15]. 3.2.3 Fat - Standard Price Spreads - The fat - standard price spread continued to decline, which would stimulate farmers to slow down weight gain or even reduce weight [17]. 3.2.4 Fresh Sales and Gross - to - Net Price Spreads - Terminal consumption was relatively stable year - on - year [19]. 3.2.5 Related Product Price Ratios and Fresh - Frozen Spreads - Beef prices have risen recently, increasing the cost - effectiveness of pork [21]. 3.2.6 Breeding Profits - Self - breeding and self - fattening remained profitable, while purchased piglet fattening was slightly profitable [23]. 3.2.7 Slaughter Weights - The slaughter weight continued to increase this week, but the growth rate slowed down [25]. 3.3 Capacity End 3.3.1 Reproductive Sow Inventory - In January, the national reproductive sow inventory was 40.62 million heads, a year - on - year decrease of 0.1%. In February, the reproductive sow inventory in relevant samples continued to increase [27]. 3.3.2 Sow Culling Situation - The price of culled sows remained stable this week, and the slaughter volume of culled sows increased slightly month - on - month in February [30]. 3.3.3 Sow Production Efficiency and Newborn Healthy Piglet Numbers - In February, the number of newborn healthy piglets was basically stable month - on - month, corresponding to an increase in the number of slaughtered pigs in July and stable numbers in August [32]. 3.3.4 Sow and Piglet Replenishment Enthusiasm - The price of 15 - kg piglets continued to rise this week due to increased enthusiasm among farmers for replenishment as the weather warmed up. The price of 50 - kg binary sows remained stable [34]. 3.4 Slaughter End - The slaughter volume increased month - on - month. In January, the slaughter volume of designated enterprises was 38.16 million heads, a month - on - month decrease of 8.3% and a year - on - year increase of 2.4%. Some slaughterhouses carried out segmentation and warehousing operations, which supported pig prices [36]. 3.5 Import End - In February 2025, the pork import volume was about 80,000 tons, a decrease of 20,000 tons from the previous month. The current scale of pork imports has a limited impact on domestic pig prices [39].

近期，A股及海外市场面临多重潜在风险，投资者需高度关注。从国内经济数据到公司经营状况，再到 国际经济环境的变化，市场不确定性显著增加。本文将围绕退市风险警示、股份减持计划、猪价波动以 及国际经济信息展开分析，为投资者提供风险提示。 退市风险警示频现，多家公司面临压力 退市风险警示不仅影响公司股价，还可能引发市场对A股整体健康状况的担忧。近年来，汇金科技业绩 持续下滑，2021年至2023年营收逐年下降，归母净利润已连续七年同比下滑。公司表示，亏损主要受银 行自助设备现金管理系统销量下降及市场竞争加剧影响。 股份减持计划密集，市场信心受挫 股份减持计划也成为市场关注的焦点。嘉和美康、红旗连锁（002697）、联合水务（603291）等多家公 司股东宣布减持计划，合计减持比例从1%至4.5%不等。股东减持通常被视为对公司未来前景的负面信 号，尤其是在当前经济环境下，更容易影响投资者信心。 猪价波动对养殖行业影响显著，尤其是中小型养殖企业可能面临更大的经营压力。投资者需关注相关企 业的财务状况及应对策略，以规避潜在风险。 国际经济环境动荡，美股大幅收跌 海外市场方面，美股近期表现不佳。上周五，美股三大指数均大幅收跌 ...

Group 1 - The core viewpoint of the articles indicates that the pig futures market is experiencing pressure due to stable spot prices early in the week and increased supply as companies accelerate sales to meet monthly targets [1][2] - The average price of live pigs in China as of March 28 was 14.64 yuan per kilogram, showing a slight decline from the previous week [1] - Analysts predict that the supply of pigs will increase from April to May, leading to a market condition of excess supply and weak demand, which will limit the potential for price increases [2][3] Group 2 - Major pig farming company Muyuan Foods reported a revenue of 137.947 billion yuan for 2024, a year-on-year increase of 24.43%, and a net profit of 17.881 billion yuan, up 519.42% [3] - Muyuan Foods has successfully reduced its pig farming costs from 15.8 yuan per kilogram in January-February to 13 yuan per kilogram by December, a decrease of 17.7% [3] - The company aims for a stable growth strategy, with a target of maintaining an average cost of 12 yuan per kilogram in 2025, having already achieved a cost of 12.9 yuan per kilogram in February [3][4]