Core Insights - The company reported sales of 116.71 million meat chickens in August 2025, generating revenue of 2.956 billion yuan, with an average selling price of 12.15 yuan/kg [1] - The sales of white feather chicks reached 10.79 million in August 2025, with cumulative sales for the year at 110.41 million [1] - The company sold 3.2457 million pigs in August 2025, with revenue of 4.825 billion yuan and an average selling price of 13.90 yuan/kg [1] Sales Performance - Meat chicken sales in August 2025 showed a month-on-month increase of 5.20% in volume and 27.63% in revenue, while the average price increased by 22.85% [1] - Year-on-year comparisons for meat chicken sales indicated a volume increase of 7.40%, a slight revenue decrease of 0.71%, and a price drop of 8.02% [1] - White feather chick sales in August 2025 were part of a cumulative total of 110.41 million for the year [1] Pig Sales Analysis - The sales of pigs in August 2025 included 2.7351 million market pigs and 510,600 piglets, with a month-on-month revenue decrease of 1.07% and a price drop of 4.66% [1] - Year-on-year changes for pig sales showed a significant volume increase of 37.88%, but a revenue decrease of 17.70% and a price drop of 32.03% [1]

（原标题：温氏股份(300498.SZ)8月生猪销售收入48.25亿元） 公司2025年8月销售生猪324.57头(其中毛猪和鲜品273.51万头，仔猪51.06万头)，收入48.25亿元，毛猪 销售均价13.90元/公斤，环比变动分别为2.56%、-1.07%、-4.66%，同比变动分别为 37.88%、-17.70%、-32.03%。 智通财经APP讯，温氏股份(300498.SZ)发布公告，公司2025年8月销售肉鸡11,670.93万只(含毛鸡、鲜品 和熟食)，收入29.56亿元，毛鸡销售均价12.15元/公斤，环比变动分别为5.20%、27.63%、22.85%，同比 变动分别为7.40%、-0.71%、-8.02%。 ...

公司2025年8月销售肉鸡11670.93万只，收入29.56亿元，毛鸡销售均价12.15元/公斤，环比变动分别为 5.2%、27.63%、22.85%，同比变动分别为7.4%、-0.71%、-8.02%。 人民财讯9月4日电，温氏股份（300498）9月4日晚间公告，公司2025年8月销售生猪324.57头，收入 48.25亿元，毛猪销售均价13.9元/公斤，环比变动分别为2.56%、-1.07%、-4.66%，同比变动分别为 37.88%、-17.7%、-32.03%。 ...

Group 1 - The company focuses its pig production capacity mainly in Hunan, Guangdong, and Guangxi, with smaller portions in Henan, Hebei, Gansu, and Yunnan [1] - Guangdong is identified as a key development area for pig farming, with a growth rate in pig output surpassing the company's overall sales growth [1] - In the first half of 2025, pig sales in Guangdong increased by 56% year-on-year, accounting for 15% of the company's total output, while the company's overall pig sales rose by 37.75% year-on-year [1]

Core Viewpoint - The company Tangrenshen (002567) is actively upgrading its breeding stock, with expectations of achieving a high utilization rate of sows and a significant increase in self-supplied piglets by the end of the year [1] Group 1 - The company is currently enhancing the quality of its breeding pigs and sows [1] - By the end of the year, the sow capacity utilization rate is expected to reach over 90% [1] - The proportion of self-supplied piglets is anticipated to reach 80% [1]

Core Viewpoint - The company, Tangrenshen (002567.SZ), is actively upgrading its breeding stock, with expectations of achieving a sow capacity utilization rate of over 90% by the end of the year and an own piglet supply ratio of 80% or more [1] Group 1 - The company is focusing on improving the quality of its breeding pigs and sows [1] - The expected sow capacity utilization rate is projected to exceed 90% by year-end [1] - The company aims for its own piglet supply to reach 80% or more [1]

农产品日报 | 2025-09-04 出栏积极性提升，猪价震荡运行 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2511合约13550元/吨，较前交易日变动-45.00元/吨，幅度-0.33%。现货方面，河南地区 外三元生猪价格13.96元/公斤，较前交易日变动-0.06元/公斤，现货基差 LH11+410，较前交易日变动-15；江苏地 区外三元生猪价格 14.14元/公斤，较前交易日变动-0.17元/公斤，现货基差LH11+590，较前交易日变动-125；四川 地区外三元生猪价格13.77元/公斤，较前交易日变动+0.00元/公斤，现货基差LH11+220，较前交易日变动+45。 据农业农村部监测，9月3日"农产品批发价格200指数"为117.58，比昨天上升0.17个点，"菜篮子"产品批发价格指数 为118.32，比昨天上升0.19个点。全国农产品批发市场猪肉平均价格为20.04元/公斤，比昨天上升1.2%；牛肉65.33 元/公斤，比昨天上升0.2%；羊肉61.03元/公斤，比昨天上升0.4%；鸡蛋7.74元/公斤，比昨天上升2.0%；白条鸡17.28 元/公斤，比昨天下降0.9%。 市场分析 ...

Group 1 - The core viewpoint is that pig prices experienced an increase in early September due to rising orders from slaughter enterprises driven by the start of the school year, alongside a reduction in pig supply from farms, leading to a supply-demand imbalance [1][3]. - In early September, the average price of lean pigs was 13.98 yuan per kilogram, which is an increase of 0.41 yuan per kilogram compared to August 29 [1]. - The demand side saw a continuous increase in pig consumption due to low pork prices in August, with slaughter enterprises ramping up orders as schools reopened [3]. Group 2 - On the supply side, the reduction in pig outflow in early September contributed to the price increase, with daily outflow recorded at 14.20 million heads, a decrease of 4.58 million heads compared to August 26 [5]. - Despite the short-term price increase, the supply is expected to rise in September, with a planned outflow increase of 4.19% from over 200 surveyed breeding enterprises [5]. - The market is anticipated to see a price decline in mid-September, but there may be potential for price increases towards the end of the month as some farms may choose to increase the weight of pigs being sold [5].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - At the end of the month and the beginning of the next month, large - scale pig farming groups significantly reduced the supply, and the spot price fulfilled the market's rebound expectation. The planned slaughter volume of large - scale groups will increase in August, and small - scale farmers are forced to hold back pigs. There is still supply pressure in September. The production capacity cycle and inventory cycle will resonate from September to October, and it is advisable to engage in the 11 - 1 reverse spread. The sentiment for purchasing piglets has declined, and the price decline has accelerated, corresponding to a decrease in the slaughter cost from March to May. Attention should be paid to the downward - shifting driving force of the central price in March and May. There is an expectation of further policy regulation and implementation for the July contract, and it is mainly bullish in the short - term, with attention to stop - loss and take - profit. The short - term support level for the LH2601 contract is 13,500 yuan/ton, and the pressure level is 14,500 yuan/ton [3] Group 3: Summary by Relevant Catalogs Fundamental Tracking - **Spot Prices**: The Henan spot price is 14,080 yuan/ton, a year - on - year decrease of 100 yuan/ton; the Sichuan spot price is 13,850 yuan/ton, unchanged year - on - year; the Guangdong spot price is 15,840 yuan/ton, unchanged year - on - year [1] - **Futures Prices**: The price of the生猪2511 contract is 13,550 yuan/ton, a year - on - year decrease of 45 yuan/ton; the price of the生猪2601 contract is 13,915 yuan/ton, a year - on - year increase of 55 yuan/ton; the price of the生猪2603 contract is 13,130 yuan/ton, a year - on - year increase of 35 yuan/ton [1] Trend Intensity - The trend intensity is 0, with a range of [-2, 2]. The strength levels are classified as weak, slightly weak, neutral, slightly strong, and strong, where -2 represents the most bearish view and 2 represents the most bullish view [2] Market Logic - At the end of the month and the beginning of the next month, large - scale pig farming groups significantly reduced the supply, and the spot price fulfilled the market's rebound expectation. The planned slaughter volume of large - scale groups will increase in August, and small - scale farmers are forced to hold back pigs. There is still supply pressure in September. The production capacity cycle and inventory cycle will resonate from September to October, and it is advisable to engage in the 11 - 1 reverse spread. The sentiment for purchasing piglets has declined, and the price decline has accelerated, corresponding to a decrease in the slaughter cost from March to May. Attention should be paid to the downward - shifting driving force of the central price in March and May. There is an expectation of further policy regulation and implementation for the July contract, and it is mainly bullish in the short - term, with attention to stop - loss and take - profit. The short - term support level for the LH2601 contract is 13,500 yuan/ton, and the pressure level is 14,500 yuan/ton [3] Futures Research - **Trading Volume and Open Interest**: The trading volume of the生猪2511 contract is 19,415 lots, a decrease of 6,627 lots from the previous day, and the open interest is 73,596 lots, an increase of 208 lots from the previous day; the trading volume of the生猪2601 contract is 7,959 lots, a decrease of 3,513 lots from the previous day, and the open interest is 48,179 lots, a decrease of 577 lots from the previous day; the trading volume of the生猪2603 contract is 3,160 lots, an increase of 315 lots from the previous day, and the open interest is 32,475 lots, a decrease of 109 lots from the previous day [4] - **Basis and Spread Data**: The basis of the生猪2511 contract is - 100 yuan/ton; the basis of the生猪2601 contract is 785 yuan/ton; the basis of the生猪2603 contract is 20 yuan/ton; the 11 - 1 spread of live pigs is 530 yuan/ton, a year - on - year decrease of 55 yuan/ton; the 1 - 3 spread of live pigs is 165 yuan/ton, a year - on - year decrease of 155 yuan/ton [4]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoint - The report suggests that the hog price will experience a period of oscillatory adjustment. The supply of hogs is expected to increase monthly until December, making it difficult for hog prices to rise significantly. However, the stable and rebounding price difference between 150Kg hogs and standard hogs will support the price to some extent. If the farming sector continues to reduce the weight of hogs or maintain a stable weight, the hog price may oscillate and adjust, which is beneficial to the November contract. Considering that the November contract is almost at par with the spot price, it is recommended to wait and see for now [4]. 3. Summary by Relevant Sections Market Dynamics - On September 3, the registered hog warehouse receipts were 430 lots. The short - term spot price has limited room for further decline, and attention should be paid to the extent of further weight reduction of hogs. The main hog contract (LH2511) increased its positions by 208 lots today, with a holding of about 73,600 lots. The highest price was 13,600 yuan/ton, the lowest was 13,510 yuan/ton, and it closed at 13,550 yuan/ton [2]. Fundamental Analysis - From the perspective of the number of breeding sows, the supply of hogs is expected to increase monthly from March to December, but the increase is limited. According to the piglet data, the hog slaughter volume will generally increase in the third and fourth quarters of 2025. On the demand side, consumption in the second half of the year is better than that in the first half. Historically, the price difference between fat and standard hogs may strengthen oscillatory. The market has both bearish and bullish logics. The bearish view believes that the weight - reduction of the farming sector 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 hog prices is limited as the third quarter is not the peak consumption season. The bullish view holds that the farming sector has reduced the weight of hogs, which is beneficial to the future market, the spot price is resilient, indicating that the supply - demand situation is not as loose as the bears think, and although there will be an increase in the subsequent slaughter volume, the increase is limited, and the third and fourth quarters are gradually entering the peak consumption season for hogs [3]. Strategy Suggestion - The view is oscillatory adjustment. The core logic is that based on the data of sows and piglets, the hog slaughter volume may increase monthly until December, and it is difficult for hog prices to rise significantly under sufficient supply. The stable and rebounding price difference between 150Kg hogs and standard hogs will weaken the weight - reduction willingness of individual farmers and support the hog price. If the farming sector continues to reduce the weight of hogs or maintain a stable weight, the hog price may oscillate and adjust, which is beneficial to the November contract. Considering that the November contract is almost at par with the spot price, it is recommended to wait and see [4]. Market Overview - On September 3, the national average hog slaughter price was 13.97 yuan/kg, a decrease of 0.06 yuan/kg or 0.43% from the previous day. The hog slaughter price in Henan was 14.02 yuan/kg, a decrease of 0.06 yuan/kg or 0.43% from the previous day, and the price in Sichuan remained unchanged at 13.84 yuan/kg. Among the futures prices, the 01 contract increased by 55 yuan/ton or 0.4%, the 03 contract increased by 35 yuan/ton or 0.27%, the 05 contract increased by 75 yuan/ton or 0.55%, the 07 contract increased by 95 yuan/ton or 0.67%, the 09 contract decreased by 85 yuan/ton or 0.64%, and the 11 contract decreased by 45 yuan/ton or 0.33% [6]. Key Data Tracking - The report presents data on the national hog slaughter price, sample enterprise slaughter volume, white - strip pork average price, national corn purchase average price, futures contract closing prices in the past 180 days, the basis of the main hog contract in Henan, and the price differences between different contracts, but specific numerical analysis is not provided in the text, only the data trends are shown through charts [7][8][9][10][11][12][13].