Core Insights - The company, Jingji Zhino (000048.SZ), reported its pig sales for October 2025, indicating a total sale of 233,300 pigs, including 23,800 piglets, generating a revenue of 317 million yuan [1] - The average selling price for commercial pigs was 11.87 yuan/kg [1] - Cumulatively, from January to October 2025, the company sold 1,909,000 pigs, including 290,500 piglets, with a total revenue of 3.163 billion yuan [1] Summary by Categories Sales Performance - In October 2025, the company sold 233,300 pigs, with 23,800 being piglets [1] - The cumulative sales from January to October 2025 reached 1,909,000 pigs, including 290,500 piglets [1] Revenue Generation - The sales revenue for October 2025 was 317 million yuan [1] - The total revenue from January to October 2025 amounted to 3.163 billion yuan [1] Pricing Information - The average selling price for commercial pigs in October 2025 was 11.87 yuan/kg [1]

京基智农公告，2025年10月，公司销售生猪23.33万头（其中仔猪2.38万头），销售收入3.17亿元；商品 猪销售均价11.87元/kg。2025年1-10月，公司累计销售生猪190.9万头（其中仔猪29.05万头），累计销售 收入31.63亿元。 ...

Group 1: Investment Ratings - The investment strategy for the pig and egg industries is cautiously bearish [3][5] Group 2: Core Views - The supply of standard pigs is increasing, and pig prices are fluctuating and adjusting. The pattern of strong supply and weak demand in the pig market is difficult to change due to factors such as future supply pressure and potential over - supply at the end of the year [1][2] - For eggs, the situation of oversupply persists as new grain is concentrated on the market, and enterprises have low inventory and weak willingness to build up stocks. Attention should be paid to farmers' selling progress and traders' inventory strength [4] Group 3: Market News and Important Data Pig - Futures: The closing price of the live pig 2601 contract yesterday was 11,945 yuan/ton, a change of +260.00 yuan/ton from the previous trading day, an increase of +2.23% [1] - Spot: In Henan, the price of external ternary live pigs was 11.85 yuan/kg, a change of - 0.11 yuan/kg from the previous trading day; in Jiangsu, it was 11.96 yuan/kg, a change of - 0.19 yuan/kg; in Sichuan, it was 11.46 yuan/kg, a change of - 0.17 yuan/kg [1] - Agricultural product prices: On November 5th, the "200 - index of agricultural product wholesale prices" was 124.97, up 0.01 points from yesterday. The average wholesale price of pork in the national agricultural product wholesale market was 18.19 yuan/kg, up 0.9% from yesterday [1] Egg - Futures: The closing price of the egg 2512 contract yesterday was 3,217 yuan/500 kilograms, a change of +73.00 yuan from the previous trading day, an increase of +2.32% [3] - Spot: In Liaoning, the egg spot price was 2.69 yuan/jin, with no change from the previous trading day; in Shandong, it was 2.85 yuan/jin, with no change; in Hebei, it was 2.76 yuan/jin, a change of +0.07 yuan/jin [3] - Inventory: On November 5th, 2025, the national production - link inventory was 1.13 days, a decrease of 0.02 days from yesterday, a decrease of 1.74%. The circulation - link inventory was 1.29 days, unchanged from yesterday [3] Group 4: Market Analysis Pig - The inventory of large and medium - sized pigs over 5 months old nationwide decreased by 0.1% month - on - month, and the year - on - year decline narrowed by 2.4%. The number of newborn piglets increased by 0.3% month - on - month and 6.6% year - on - year, with a significant increase in large - scale farms, indicating obvious long - term supply pressure [2] Egg - Deep - processing and feed enterprises have relatively low inventory, weak willingness to build up stocks, and a strong wait - and - see attitude, with spot - purchasing as the main trend [4]

Group 1: New Listings - Two autonomous driving companies, Pony.ai and WeRide, are set to list on the Hong Kong stock market on November 6, marking them as the second and third Chinese concept stocks to achieve dual listings in Hong Kong and the U.S. this year after Hesai's return on September 16 [1] Group 2: Guizhou Moutai Announcements - Guizhou Moutai announced a share buyback plan with a total fund of no less than 15 billion yuan and up to 30 billion yuan, with a maximum buyback price of 1887.63 yuan per share [2] - The company also plans to distribute a cash dividend of 23.957 yuan per share, totaling approximately 300.01 billion yuan, subject to shareholder approval [2] Group 3: Macro News - The Central Financial Office emphasized the need to accelerate the construction of a financial power to support high-quality development, focusing on strategic tasks and financial support for key areas [4] Group 4: Tariff Adjustments - The State Council Tariff Commission announced a suspension of the 24% additional tariff on U.S. imports for one year while retaining a 10% tariff [5] Group 5: AI and Industry Integration - The Ministry of Industry and Information Technology is promoting the deep integration of artificial intelligence with industry, focusing on key areas such as AI+ manufacturing and technological innovation [6] Group 6: Gold Industry Development - Anhui Province is seeking to implement a high-quality development plan for the gold industry, aiming for a 5% increase in gold resources and production capacity by 2027 [6] Group 7: New Energy Storage - As of September, China's new energy storage capacity exceeded 100 million kilowatts, marking a more than 30-fold increase since the end of the 13th Five-Year Plan and accounting for over 40% of the global total [10] Group 8: Company Updates - Xintian Technology's stock price surged by 28.95% over two days, with the company stating no significant changes in its operations or external environment [13] - Muyuan Foods reported a revenue of 10.3 billion yuan from the sale of 707.6 million pigs in October, reflecting a 22.28% year-on-year decline [17] - Hengyuan Coal Power plans to acquire 100% equity of two companies for approximately 4.4 billion yuan and assume 11.37 billion yuan in debt [19] - Bertley announced a joint investment of 100 million yuan with Jinrun Electric to establish Bertley Drive, focusing on key components for humanoid robots [23] - Jiayuan Technology signed a cooperation framework agreement with CATL to expand their business relationship in the supply and production of copper foil products [24]

0:00 在土耳其，牧羊人成了"金饭碗"——月薪可达十几万里拉、约合人民币2万到3万元。即便这样，这个职业依旧无人问津。与此同时，饲料价格等成本不断攀 升，让从事传统畜牧业的农场主承受巨大压力。最终导致当地肉价飙升。 牧羊人 穆罕默德·亚拉伊：我们现在最大的困难就是缺水，大概三年了，水一直是个大问题。 为了缓解牧羊人短缺，2025年，土耳其开始允许农场雇佣外国牧羊人。现在，这里有三位来自叙利亚的牧羊人。 总台记者 陈慧慧：我觉得这个工作真的是挺辛苦的。刚才还了解到，它的饲料成本也非常的高，一头牛每天大概要吃掉10公斤的饲料，那么整个农场光光 是饲料的消耗，一个月就要4万里拉（约8千元人民币）。 在土耳其东南部，有一片古老的放牧地——卡拉贾达山。牧羊人陪着羊群迁徙、觅食，一起看日出日落。这种生活延续了几百年，如今却正在慢慢消失。 总台记者 陈慧慧：听说现在土耳其正在遭遇牧羊人危机，薪水已经开到了10万里拉（约2万元人民币）一个月，但还是没有人愿意干，为什么呢？ 牧羊人 穆罕默德·亚拉伊：为什么没人愿意把牧羊当职业？因为要离开亲朋和熟悉的生活，至少四到五个月。几乎与世隔绝，非常孤独。 风声大过人声。有时候，一天都 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Economic growth shows a strengthening trend in the auto market retail at the end of the month, while production is restricted by environmental protection measures. The inflation situation features a bottom - oscillating pork price and an oscillatingly strong oil price [1][2][3]. Summary by Relevant Catalogs 1. Economic Growth: Strengthening Auto Market Retail at the End of the Month 1.1 Production: Environmental Protection Restricts开工 - **Production End: Slowing Decline in Power Plant Daily Consumption** - On November 4, the average daily consumption of 6 major power - generating groups was 75.7 tons, a 1.4% decrease from October 28. On October 30, the daily consumption of power plants in eight southern provinces was 180.5 tons, a 2.9% decrease from October 22. Although the consumption has slowed down, industrial electricity consumption has increased due to the positive impact of Sino - US negotiations on the black - series products [5][12]. - **Production End: Local Sharp Decline in Blast Furnace Operating Rate** - On October 31, the national blast furnace operating rate was 81.7%, a 3.0 - percentage - point decrease from October 24, and the capacity utilization rate was 88.6%, a 1.3 - percentage - point decrease. In Tangshan, the blast furnace operating rate of steel mills was 68.3%, a 25.1 - percentage - point decrease from October 24. The start - up rate has dropped significantly due to the start of heavy - pollution weather warnings in many places [15]. - **Production End: Moderate Decline in Tire Operating Rate** - On October 30, the operating rate of all - steel tires for trucks was 65.3%, a 0.2 - percentage - point decrease from October 23, and the operating rate of semi - steel tires for cars was 73.4%, a 0.3 - percentage - point increase. The operating rate of downstream looms in the Jiangsu and Zhejiang regions reached a new high for the year [17]. 1.2 Demand: Strengthening Auto Market Retail at the End of the Month - **Demand End: Improved Monthly - on - Monthly New Home Sales in 30 Cities** - From November 1 - 4, the average daily sales area of commercial housing in 30 large and medium - sized cities was 155,000 square meters, a 145.6% increase from October, but a 53.3% decrease from November last year. Sales in first - tier, second - tier, and third - tier cities decreased year - on - year [22]. - **Demand End: Strengthening Auto Market Retail at the End of the Month** - In October, retail sales increased by 6% year - on - year, and wholesale sales increased by 7% year - on - year. In the fifth week of October, retail and wholesale reached daily averages of 155,000 and 210,000 vehicles respectively, with significant year - on - year and month - on - month growth [26]. - **Demand End: Weak Steel Prices** - On November 4, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil changed by - 1.2%, 0%, - 2.4%, and + 0.3% respectively compared to October 28. Since November, these varieties have shown different year - on - year and month - on - month changes. Steel inventories are seasonally decreasing [31]. - **Demand End: Oscillatingly Strong Cement Prices** - On November 4, the national cement price index increased by 0.1% compared to October 28, but prices in the East China and Yangtze River regions decreased. The year - on - year decline in cement prices has widened [32]. - **Demand End: Narrow - Range Oscillation of Glass Prices** - On November 4, the active glass futures contract price was 1,103 yuan/ton, a 0.5% decrease from October 28. Since November, glass prices have shown a month - on - month and year - on - year decline [37]. - **Demand End: Strong Increase in Container Shipping Freight Index** - On October 31, the CCFI index increased by 2.9% and the SCFI index increased by 10.5% compared to October 24. Since October, both indices have shown different year - on - year and month - on - month changes [39]. 2. Inflation: Bottom - Oscillating Pork Price 2.1 CPI: Bottom - Oscillating Pork Price - **Pork Price Bottom - Oscillating** - On November 4, the average wholesale price of pork was 18.0 yuan/kg, a 0.1% decrease from October 28. The supply has increased while the demand is weak, and the month - on - month decline has narrowed [45]. - **Slowing Growth Rate of Agricultural Product Price Index** - On November 4, the agricultural product wholesale price index increased by 0.9% compared to October 28. Different agricultural products showed different price changes. Since November, the index has shown year - on - year and month - on - month increases [51]. 2.2 PPI: Oscillatingly Strong Oil Price - **Oil Price Oscillatingly Strong** - On November 4, the spot prices of Brent and WTI crude oil were 65.5 and 60.6 dollars/barrel respectively, increasing by 1.6% and 0.7% compared to October 28. OPEC's decision to suspend production increase in the first quarter of next year supports the oil price [54]. - **Decline in Copper and Aluminum Prices** - On November 4, the prices of LME 3 - month copper and aluminum decreased by 2.9% and remained flat respectively compared to October 28. Since November, they have shown different year - on - year and month - on - month changes [58]. - **Most Industrial Product Prices Continue to Decline Month - on - Month** - Since November, industrial product prices have shown mixed changes. Most of the year - on - year declines have converged, but the year - on - year declines in cement and glass prices have widened [62].

Core Insights - In October 2025, the company sold 7.076 million live pigs, representing a year-on-year increase of 13.17% [1] - The average selling price of live pigs was 11.55 yuan per kilogram, showing a year-on-year decrease of 32.73% [1] - The total sales revenue from live pigs amounted to 10.331 billion yuan, reflecting a year-on-year decline of 22.28% [1] Sales Performance - The company sold 2.999 million live pigs to its wholly-owned subsidiary, Muyuan Meat Products Co., Ltd., and its subsidiaries [1] - The overall sales volume increased compared to the previous year, indicating a positive trend in sales volume despite price declines [1] Financial Impact - The significant drop in average selling price and total sales revenue suggests challenges in the market, potentially affecting profitability [1] - The decline in revenue by 22.28% indicates a need for the company to address pricing strategies and market conditions [1]

（编辑 任世碧） 证券日报网讯 11月5日晚间，正虹科技发布2025年10月份生猪销售简报称，公司2025年10月份销售生猪 0.40万头，销售收入432.06万元，环比变动分别减少50.47%、58.93%。同比变动分别减少54.19%、 52.80%。2025年1月-10月份，公司累计销售生猪10.82万头，累计销售收入14，718.81万元，同比分别增 加56.63%、22.95%。 ...

中国维生素产业发展高层论坛 REVIEW ◆ 今日猪价稳中偏弱，全国均价下跌0.15元/公kg，跌幅较前两日有所收窄，其中华南、西南、西北部分地区价格跌至11.5元/kg以下。随着二次育肥热度减 退，市场标猪供应增加，同时受标肥价差持续较大影响，大肥猪出栏意愿较强，整体生猪供应压力显著。十月下旬猪价上涨主要源于二次育肥集中入场造 成的阶段性供应收紧，随着二次育肥积极性减弱，北方猪价回调幅度较大，南北价差拉大，推动部分北方猪源外调。随着猪价持续下跌，养殖端抗价心态 增强，猪价再跌空间有限。今日市场情绪看稳、看涨、看跌并存，预计明日猪价震荡调整，北方低价区或有反弹，但幅度有限，关注养殖端出栏情况与终 端白条实际走货情况。 会议聚焦 中国氨基酸与饲料原料应用研讨会 （来源：博亚和讯） | 地区 | 日期 | | 外三元生猪价格 ( 元/kg ) | | | 外三元.仔猪(元/kg.20kg体重) | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 2025年 | 11月4日 | 11月5日 | 趋势 | 11月4日 | 11月5日 | 趋势 | | 东 ...

事件：公司公布2025 年三季报，公司2025 前三季度实现营业收入1117.90亿元，同比增长15.52%，实现 归母净利润147.79 亿元，同比增长41.01%。 审慎经营降负债，海外业务探索推进。25 年三季度末公司资产负债率55.5%，若考虑10 月份已完成50 亿元权益分配，公司年初制定的降负债目标已经超额完成。未来公司仍会坚持审慎经营原则，争取将资 产负债率降至50%以下。公司港股上市处于证监会备案环节，正在按照流程推进，本次港股发行募集的 资金主要用于拓展公司全球业务。公司积极探索海外业务发展机会，近期公司与BAF 越南公司签署合 作协议，将在越南建设运营楼房养殖项目，将自身技术与体系复制到海外，为公司创造新的增长点。 公司盈利预测及投资评级：我们看好公司作为生猪龙头企业的核心成本优势，预计公司25-27 年归母净 利分别为170.58、240.91 和341.71 亿元，EPS 为3.12、4.41 和6.26 元，PE 为16、12 和8 倍，维持"强烈 推荐"评级。 风险提示：公司生猪销售不及预期，生猪价格波动风险，生猪疫病风险等。 生猪增量降本，成本优势进一步强化。公司25 年前三季度 ...