湘佳股份（002982）(002982.SZ)披露2025年11月份活禽销售情况，公司2025年11月份销售活禽364.30万 只，销售收入8509.86万元，销售均价10.72元/公斤，环比变动分别为-6.35%、-9.42%、-5.49%，同比变 动分别为-5.39%、3.77%、1.66%。 ...

智通财经APP讯，湘佳股份(002982.SZ)披露2025年11月份活禽销售情况，公司2025年11月份销售活禽 364.30万只，销售收入8509.86万元，销售均价10.72元/公斤，环比变动分别 为-6.35%、-9.42%、-5.49%，同比变动分别为-5.39%、3.77%、1.66%。 ...

农林牧渔 2025 年 12 月 08 日 业 研 究 农林牧渔 猪价弱势运行，11 月第三方能繁延续去化 投资要点： 行 业 定 期 报 告 生猪养殖：猪价维持弱势，11 月第三方能繁延续去化。（1）月初缩 量拉涨有限，本周猪价窄幅回调。本月初集团场缩量拉涨猪价，但市场接 受度有限，散户大猪顺势出栏，供应压力持续，供大于求格局持续。12 月 5 日猪价 11.19 元/公斤，周环比-0.01 元/公斤。（2）本周屠宰量继续增长。 受降温天气带动，四川地区腌腊、灌肠活动陆续启动，对生猪屠宰量形成 支撑。本周样本屠宰企业日均屠宰量为 17.66 万头，周环比+1.83%。（3） 本周生猪出栏均重继续增长。本周集团出栏节奏收窄后放量，集团出栏均 重小幅增加；散户受制于资金和疫情影响，北方多地散户大猪出栏积极性 偏强，散户出栏均重增幅明显。截至 12 月 4 日当周，行业生猪出栏均重 129.82 公斤，周环比+0.60 公斤。展望后市，养殖已陷入亏损状态，叠加产 能调控政策推进，行业产能去化预计持续，有望推动长期猪价中枢上移， 低成本优质猪企将获得超额收益。根据农业农村部数据，10 月末全国能繁 母猪存栏量降至 ...

根据老井报价数据平台，统计结果显示：昨天， 鸡蛋全国均价2.95元/斤，较前日减0.01元/斤，减幅0.34%！ 淘汰鸡均价3.94元/斤，较前日减0.01元/斤，减幅0.25%！ 老井报价新的数据系统，只要正确提交鸡蛋价格信息，就能即时反馈给您全国鸡蛋均价信息，点此进入老井蛋价实时收集系统： http://laojingvip.vip/main/egg_report_form 根据老井报价数据平台，统计结果显示：昨天， 鸡蛋全国均价2.95元/斤，较前日减0.01元/斤，减幅0.34%！对后市看涨的人数占比，由前天的3.6%，增至 昨天的21.97%，报跌养殖单位，由前天总量的84.89%，减至昨天的3.79%，从今天统计的库存情况来看，反映库存有所增加的，由前天17.99%，减至昨天 的15.15%，反映库存减少的，由前天15.11%，增至昨天的15.15%，库存量统计，仅有一天以下（含一天）库存的占比71.32%，较前日稍增（前日 69.93%）。 （来源：老井扯鸡蛋） 来源：老井扯鸡蛋 来源：老井扯鸡蛋 根据老井报价数据平台，统计结果显示：昨天， 鸡蛋全国均价2.95元/斤，较前日减0.01元/斤，减 ...

Core Insights - The total number of grandparent stock updates in November 2025 was 197,000 sets, a month-on-month decrease of 3.9% but a year-on-year increase of 18.67% [3] - From January to November 2025, the total updates amounted to 1.3312 million sets, reflecting a year-on-year decline of 9.61% [5] Group 1: Update Trends - The grandparent stock updates showed a continuous increase in the second half of 2025, with a total of 501,100 sets in the first half, down 37.01% year-on-year [3] - The updates from July to September totaled 418,100 sets, with October at 205,000 sets and November at 197,000 sets [3] Group 2: Update Sources - The updates in 2025 were primarily from domestic breeding and imports, with the first eleven months seeing 60% from domestic sources and 40% from imports [10] - The imported varieties included AA+, Ross, and Lifen, while domestic breeds included Cobb, SZ901, and Guangming No. 2 [10] Group 3: Update Distribution by Variety - The total updates from January to November included Cobb at 361,500 sets, AA+ at 205,200 sets, and Lifen at 256,000 sets [6] - The market share for the varieties was Cobb at 27.2%, AA+ at 15.4%, and Lifen at 19.2% [6] Group 4: Company Market Share - A total of 18 companies were involved in grandparent stock updates, with Yisheng occupying the largest share at 236,000 sets, representing 17.7% [11] - Other notable companies included Fujian Shengze at 227,000 sets (17.1%) and Beijing Poultry Breeding at 10.5% [11] Group 5: Future Projections - The grandparent stock updates for 2025 are expected to exceed 1.45 million sets [13]

Investment Rating - The industry rating is "Strongly Outperform the Market" [5][72]. Core Viewpoints - The supply-demand imbalance in the pig farming sector continues, leading to downward pressure on pig prices. As of November 28, the pig price was 11.20 CNY/kg, a decrease of 0.42 CNY/kg week-on-week. The average weight of pigs sold increased to 129.22 kg, up 0.41 kg week-on-week, indicating a potential recovery in prices in the long term due to capacity reduction policies [2][10][30]. - In the beef sector, calf prices have rebounded, and the long-term trend for beef prices is upward. As of November 28, the price for fattened bulls was 25.55 CNY/kg, down 0.12% week-on-week, while calf prices rose to 32.09 CNY/kg, up 0.28% week-on-week. The market is expected to tighten due to a reduction in breeding cows [3][33]. - The poultry sector is experiencing a decrease in the enthusiasm for restocking broiler chicks, with prices slightly adjusting. As of November 28, the price for white feather broilers was 7.19 CNY/kg, up 0.04% week-on-week, while broiler chick prices were 3.47 CNY each, down 0.01 CNY [4][40]. - The agricultural products sector, particularly soybean meal, is seeing price fluctuations. As of November 28, the spot price for soybean meal was 3100 CNY/ton, up 30 CNY/ton week-on-week. The market is expected to continue its oscillating trend due to high domestic inventory levels [4][55]. Summary by Sections Pig Farming - The supply-demand imbalance persists, leading to a decrease in pig prices. The average price on November 28 was 11.20 CNY/kg, with a week-on-week decrease of 0.42 CNY/kg. The average weight of pigs sold increased to 129.22 kg, indicating a potential recovery in prices in the long term due to capacity reduction policies [2][10][30]. - The average profit for self-bred pigs was -147.99 CNY/head, and for purchased piglets, it was -248.82 CNY/head, reflecting ongoing losses in the sector [10]. Beef Industry - Calf prices have shown signs of recovery, with the price for fattened bulls at 25.55 CNY/kg, down 0.12% week-on-week, and calf prices at 32.09 CNY/kg, up 0.28% week-on-week. The market is expected to tighten due to a reduction in breeding cows, leading to a potential upward trend in beef prices in the coming years [3][33]. Poultry Sector - The enthusiasm for restocking broiler chicks has decreased, with broiler prices at 7.19 CNY/kg, up 0.04% week-on-week, and broiler chick prices at 3.47 CNY each, down 0.01 CNY. The ongoing avian influenza outbreak may lead to a contraction in upstream production capacity [4][40][43]. Agricultural Products - The soybean meal market is experiencing price fluctuations, with a spot price of 3100 CNY/ton, up 30 CNY/ton week-on-week. The market is expected to continue its oscillating trend due to high domestic inventory levels and external factors affecting supply [4][55].

Investment Rating - The industry investment rating is "Maintain Increase" [4] Core Views - The trend of pig reduction continues, suggesting a strategic opportunity for participation in the sector [15][16] - The price of lean meat pigs as of November 28, 2025, is 11.09 CNY/kg, down 9.1% from the previous month, indicating ongoing industry losses [15][18] - The average profit for self-breeding pigs is -147.99 CNY/head, a decrease of 58.66 CNY/head from the previous month, while the profit for purchased piglets is -248.82 CNY/head, down 69.1 CNY/head [15][23] - The number of breeding sows has decreased to 39.9 million, and further production capacity reduction is expected due to policy and low prices [15][16] - The mushroom sector shows a sustained price rebound for enoki mushrooms, with strong performance expected from key companies [16] - The seed industry is seeing a clear trend of variety replacement, with transgenic varieties entering commercial sales, indicating potential growth for related companies [16] - In poultry farming, seasonal price elasticity opportunities are noted for yellow feathered chickens, while white feathered chickens are affected by avian influenza in Europe [17] Summary by Sections Pig Farming - The lean meat pig price is 11.09 CNY/kg, down 9.1% from last month [18] - The average wholesale price of pork is 17.83 CNY/kg, down 1.1% [18] - The profit for self-breeding pigs is -147.99 CNY/head, a decrease of 58.66 CNY/head [23] - The profit for purchased piglets is -248.82 CNY/head, down 69.1 CNY/head [23] Mushroom Sector - Enoki mushroom prices remain strong, confirming a sustained price rebound [16] - The release period for Cordyceps sinensis as a key new product is approaching, with strong performance expected [16] Seed Industry - A clear trend of variety replacement in corn is noted, with transgenic varieties entering commercial sales [16] - Companies like Kangnong Seed Industry and Longping High-Tech are highlighted for potential growth [16] Poultry Farming - The price of meat chicken chicks is 3.47 CNY/chick, down 3.1% from last month [28] - The average price of white feathered chickens is 7.19 CNY/kg, up 1.4% [32] - The average price of chicken products is 8.95 CNY/kg, up 0.6% [32] Agricultural Products - Domestic corn prices increased to 2329.8 CNY/ton, up 4.0% [44] - Domestic wheat prices rose to 2507.28 CNY/ton, up 0.7% [46] - Domestic soybean prices increased to 4014.74 CNY/ton, up 0.4% [57]

Core Viewpoint - The "Pubei Chenpi Cultural Tourism Promotion Week" investment promotion conference successfully attracted nearly 300 entrepreneurs and resulted in the signing of 8 key projects with a total investment of 860 million yuan, highlighting the potential of Pubei's Chenpi industry and its role in regional economic development [2][5][52]. Group 1: Investment and Economic Development - The investment promotion conference showcased Pubei as a significant agricultural production area and a key county for industrial development in Guangxi, emphasizing its role in high-quality economic growth [9][10]. - The Guangxi government has allocated over 3.4 billion yuan in various funds to support infrastructure development for the Chenpi industry park and related projects [15][16]. - The Pubei Chenpi industry has a planting area of 190,000 mu and is projected to achieve an industrial chain output value exceeding 6 billion yuan by 2024 [27][28]. Group 2: Project Signings and Industry Diversification - Eight quality projects were signed at the conference, covering various sectors including Chenpi industry services, trendy toys, eel feed, e-commerce, electronics manufacturing, ecological breeding, and new water purification materials [41][42]. - The successful signing of these projects demonstrates the strong "attraction" capability of the Pubei Chenpi industry and marks a significant step towards diversified industrial development in the region [52][54]. Group 3: Business Environment and Support - Pubei's government officials highlighted the favorable living conditions and efficient administrative support for businesses, including policies for talent housing and children's education [45][46]. - The local government is committed to providing the best services to ensure that businesses can thrive in Pubei, emphasizing a supportive and welcoming business environment [48][49].

根据公报，在此之前，拉脱维亚家禽中尚未发现新城疫，不过实验室检测显示，新城疫病毒已在野生鸟 类种群中传播。与发现高致病性禽流感疫情时类似，当发现新城疫时，养殖场内将采取疾病控制措施， 所有禽鸟均会被扑杀，蛋类会被销毁。 拉脱维亚食品和兽医服务局27日发布新闻公报说，该国首次发现家禽新城疫感染病例。 新城疫是一种急性、高度传染性的禽类病毒，其临床特征包括呼吸与消化系统功能紊乱、神经系统症状 及败血症。野生鸟类是该病毒的自然宿主，家禽可通过接触感染病毒的野生鸟类患病，也可经由被病毒 污染的饲料或物品感染。 公报说，发现新城疫病例的是该国塔尔西地区一家养鸡场，养有35只鸡。其周围已设立了3公里和10公 里的保护区和监测区，禁止在这些区域内运输活禽和家禽产品。 （文章来源：新华社） ...

Core Viewpoint - The yellow-feathered chicken market in China is experiencing a decline in output and market size due to factors like avian influenza and tightened live poultry trading, but it is expected to recover in the long term as consumer demand for high-quality chicken increases [1][11]. Overview - The Chinese poultry market consists mainly of white-feathered and yellow-feathered chickens, with the latter being a domestically bred variety that is well-suited for traditional Chinese cooking [2][11]. Market Policy - The Chinese government has implemented various policies to support the development of the poultry industry, including guidelines for rural revitalization and agricultural green development, creating a favorable environment for the yellow-feathered chicken sector [6][11]. Industry Chain - The yellow-feathered chicken industry chain includes upstream sectors like breeding, feed, veterinary medicine, and farming equipment, midstream farming, and downstream processing and sales, with a focus on quality control and high-value products [8][11]. Current Development - The yellow-feathered chicken is favored for its taste and quality, aligning with consumer preferences for natural and safe food. However, the output is projected to drop to 3.334 billion birds and a market size of 87.4 billion yuan in 2024 due to recent challenges [1][11]. Competitive Landscape - The market concentration has increased, with leading companies like Wens Foodstuffs Group and Lihua Food Group dominating the industry through comprehensive supply chain management and cost advantages. Wens is expected to sell 1.208 billion birds in 2024, while Lihua anticipates a 12.95% increase in sales [11][12]. Future Trends - The yellow-feathered chicken industry is expected to shift towards high-value processed products, with an emphasis on convenience items like ready-to-cook meals. The industry will also focus on improving quality certification systems and enhancing cold chain logistics to support the trend towards fresh and frozen products [14][15].