11月25日，罗牛山盘中上涨2.18%，截至11:19，报8.44元/股，成交3.70亿元，换手率3.86%，总市值 97.19亿元。 资金流向方面，主力资金净流出897.90万元，特大单买入1624.75万元，占比4.39%，卖出2769.99万元， 占比7.49%；大单买入6991.12万元，占比18.89%，卖出6743.79万元，占比18.22%。 罗牛山今年以来股价涨27.11%，近5个交易日涨0.12%，近20日涨23.57%，近60日涨30.85%。 资料显示，罗牛山股份有限公司位于海南省海口市美兰区国兴大道5号海南大厦农信楼12楼，成立日期 1987年12月19日，上市日期1997年6月11日，公司主营业务涉及生猪养殖和屠宰加工业务、冷链业务、 房地产业务和教育服务业务。主营业务收入构成为：畜牧业64.60%，农副食品加工业13.46%，教育业 7.73%，房地产业7.16%，仓储物流业4.05%，其他2.99%。 罗牛山所属申万行业为：农林牧渔-养殖业-生猪养殖。所属概念板块包括：海南自贸区、职业教育、生 态农业、小盘、乡村振兴等。 截至11月20日，罗牛山股东户数8.68万，较上期减少7. ...

Key Points - The article discusses significant events in the private equity fund market from November 17 to November 23, highlighting various government-led and market-driven funds established to support innovation and technology sectors [5]. Government-Backed Funds - Hong Kong has launched a HKD 10 billion Innovation and Technology Industry Fund, focusing on five key sectors including life sciences and AI, with a target of establishing multiple sub-funds totaling at least HKD 40 billion [7]. - Sichuan Province has established a CNY 10 billion electronic information sub-fund, the largest in its government fund system, aimed at strategic projects in the electronic information sector [8]. - Hangzhou has set up a CNY 2 billion "Run Miao Fund" to address early-stage financing challenges for tech startups, focusing on projects with valuations under CNY 100 million [8]. - A CNY 10 billion pig industry chain fund is being established in Sichuan to support the development of the pig industry cluster [9]. - The Nantong Baoyuehu Science and Technology Mother Fund is seeking managers for sub-funds focusing on strategic emerging industries [9]. - Nanjing is selecting managers for a CNY 200 million silicon-based micro-display industry fund, with a focus on local investments [9]. - Hainan is looking for managers for a CNY 500 million healthcare fund targeting seed and early-stage tech companies [10]. - The Yulin Science and Technology Innovation City Fund has been established with a CNY 200 million scale, focusing on various strategic emerging industries [10]. Market-Driven Funds - Wuhan has established a CNY 1 billion Future Intelligent Venture Capital Fund, focusing on private equity investment management [12]. - Nanjing has launched a CNY 1 billion artificial intelligence fund, targeting cutting-edge fields like AI and big data [12]. - Zhengzhou has registered a CNY 200 million angel investment fund aimed at supporting early-stage tech startups [12]. - The Chuchang Tongda Industrial Fund has completed registration with an initial scale of CNY 14 million, focusing on the life sciences sector [13][14]. - The Anhui Huidao Transportation Science and Technology Fund has been established with a scale of CNY 1 billion, focusing on transportation technology [14]. - The Yantai Happiness New City Mother Fund has been set up with a CNY 1 billion scale, focusing on private equity investments [15]. - A CNY 3 billion investment fund for new materials has been established, with a focus on unlisted companies in the new materials sector [18]. - The Hangzhou Guoling Yuanqi Fund has been established with a total scale of CNY 1 billion, focusing on energy-related projects [18].

（来源：猪兜） 近期，生猪养殖行业正经历一场深刻的调整。从提前终止猪场租赁，到多家行业龙头陆续叫停多个养殖 项目、主动关停部分猪场，行业整体收缩产能的态势明显。这一系列动作背后，是生猪价格持续低迷、 养殖成本高企、市场供需失衡的现实压力。不少企业选择"减重前行"，通过终止项目、退租猪场、优化 资产来应对行业寒冬。然而，就在这片收缩声中，一家以"清远鸡"闻名的企业，却凭借其在生猪养殖领 域的深耕，成功向港交所递交招股书，走出了一条不一样的道路。 一 行业收缩，产能调控成共识 今年以来，生猪养殖企业普遍面临经营压力。多家养猪业龙头企业认为继续推进可能面临投资回报不达 预期的风险；有的陆续终止七个猪场建设项目，将剩余资金用于补充流动资金；温氏股份也关停了部分 猪场，有的因政策调整被划入限养区，有的则暂缓运营以进行升级改造。行业整体转向谨慎，反映出对 当前市场环境的共识：生猪产能过剩、价格低迷，企业必须通过收缩战线、优化结构来抵御风险。 这一趋势也与政策导向相契合。农业农村部近期审议通过的《关于加强产能综合调控促进生猪产业高质 量发展的意见》明确提出，要加强生猪产能综合调控，动态调整能繁母猪保有量目标，开展逆周期调 ...

Core Viewpoint - The report from Minsheng Securities highlights the cyclical recovery in the livestock industry, emphasizing the valuation shift for leading companies in the sector [1] Livestock Industry - The domestic livestock cycle is expected to reverse, with both domestic and international beef and raw milk markets likely to experience upward momentum [1] - Official capacity regulation in the pig industry is anticipated to accelerate cash flow improvements for leading enterprises, potentially transforming them into dividend stocks as industry capacity contracts [1] - In the poultry sector, limited supply fluctuations are expected, with market conditions likely to improve alongside demand recovery, allowing leading companies to achieve higher cash flow and dividend returns [1] Feed Industry - The deepening industrialization of livestock and poultry farming, along with clear industry segmentation, positions leading feed companies to further enhance their competitive advantages through technology and service [1] Pet Industry - The pet industry is identified as a scarce growth sector, expected to benefit from demographic changes [1] Investment Recommendations - Recommended livestock companies include: - For livestock: Youran Dairy, Modern Dairy, and China Shengmu [1] - For pigs: Huazhong Holdings, Dekang Agriculture, Muyuan Foods, Wens Foodstuff, Tiankang Biological, and Shennong Group [1] - For poultry: Lihua Stock, Yisheng Shares, and Shennong Development [1] - For feed: Haida Group [1] - For pets: Guibao Pet [1]

Core Viewpoint - Dekang Agriculture (02419) experienced a significant stock price increase, attributed to government policies aimed at stabilizing pig prices and enhancing the quality of the pig industry [1] Company Summary - Dekang Agriculture's stock rose over 6% in early trading, currently at 77.15 HKD with a trading volume of 34.26 million HKD [1] - The company has a competitive advantage in breeding costs, ranking among the top in profitability per head among listed pig companies [1] - Dekang's light asset model has allowed the company to improve its profitability, transitioning from catching up to surpassing competitors [1] Industry Summary - The Ministry of Agriculture and Rural Affairs held a meeting to discuss comprehensive capacity regulation to promote high-quality development in the pig industry [1] - The meeting emphasized the need for dynamic supply-demand matching and collaborative enhancement of the industry chain [1] - Analysts predict that the government's commitment to stabilizing pig prices will lead to increased regulatory efforts on industry capacity, benefiting cost-efficient and community-oriented companies [1]

Core Insights - The overall trend in the pig market indicates a continued decline in prices, with a significant drop in live pig prices observed in November, reflecting a supply surplus and weak demand [1][5]. Price Trends - As of mid-November 2025, 30 out of 50 monitored products saw price increases, while 17 experienced declines, with live pig prices reported at 11.6 yuan/kg, down 1.7% from the previous period [1]. - The price of live pigs (external three yuan) fell from 12.05 yuan/kg on November 1 to 11.65 yuan/kg by November 24, marking a 3.3% decrease [1]. Policy and Industry Response - The Ministry of Agriculture and Rural Affairs has proposed measures to strengthen comprehensive capacity regulation in the pig industry, aiming for high-quality development and dynamic supply-demand adjustments [2]. - Analysts suggest that the upcoming southern cured meat season may provide some support for pig prices, but the overall supply-demand imbalance is expected to limit any significant price rebound [2]. Market Dynamics - According to Dongfang Securities, the current low prices for fat and piglets may lead to a market-driven capacity reduction, with historical patterns indicating a likelihood of industry contraction [4]. - The number of breeding sows has decreased significantly, with a reported decline of 90,000 heads in the third quarter and a total below 40 million by the end of October, indicating accelerated capacity reduction [4]. Supply and Demand Outlook - Huatai Futures anticipates that the upcoming months will see increased pressure on pig supply due to concentrated market exits and seasonal peaks in slaughtering, despite ongoing demand growth [4]. - The chief economist at Zheshang Securities notes that the current pig cycle is characterized by shorter cycles and increased volatility, with a supply surplus expected to persist in the near term [5]. - Seasonal demand for cured meats in November and December may provide temporary support for prices, but the overall market remains oversupplied, limiting potential price increases [5].

农牧渔板块今日（11月24日）开盘大涨。全市场"含猪量"最高的农牧渔ETF（159275）开盘后场内价格 一度涨超2%，截至发稿，涨1.01%。 展望后市，国信证券指出，生猪方面，官方产能调控将加速头部企业现金流快速好转，并有望转型为红 利标的，在全行业产能收缩的背景下，龙头的成本优势有望明显提高，强者恒强；禽养殖方面，供给波 动幅度有限，行情有望随需求复苏，龙头企业凭借单位超额收益优势有望实现更高现金流分红回报；饲 料方面，畜禽养殖工业化加深，产业分工明确，饲料龙头凭借技术和服务优势，有望进一步拉大竞争优 势。 一键布局猪周期反转，重点关注全市场"含猪量"最高农牧渔ETF（159275）。根据中证指数公司统计， 农牧渔ETF（159275）被动跟踪中证全指农牧渔指数，权重股包括牧原股份、温氏股份等生猪养殖行业 龙头个股，亦覆盖饲料、粮食种植、动保等农牧渔产业链主要细分行业。场外投资者亦可通过农牧渔 ETF联接基金（A类013471/C类013472）布局农牧渔板块。 图片、数据来源：沪深交易所等，截至2025.11.24。 注：全市场唯一农牧渔ETF（159275）指唯一跟踪中证全指农牧渔指数的ETF。全市 ...

生猪产能去化加速，板块迎来配置机遇 20251123 目前生猪板块正处于新一轮的起点，进入了去产能的逻辑。自 2025 年 6 月以 来，行业逐步从政策炒作转向稳定发展，并在 10 月份加速了去产能进程。农 业农村部数据显示，10 月份能繁母猪存栏量已降至 4,000 万头以下，相比 9 月份下降了 0.9%。这一趋势表明行业正在加速去化。 2025 年下半年的猪价走势如何？ 2025 年下半年猪价持续低迷。尽管市场上曾有部分观点看好下半年猪价，但 我们一直持悲观态度。从数据来看，今年头部猪企出栏增速显著，全年出栏增 速达 20%，绝对值增加了 3,400 多万头。而去年（2024 年）仅为 5%左右， 增加约 800 万头。这种快速增长导致供给压力巨大，加之需求端未见显著变化， 10 月份能繁母猪数量加速下降，预计下降速度可能会维持在每月环比 0.9%至 1%左右，行业将逐步进入产能去化加速的阶段。市场情绪非常 悲观。 当前行业环境下，应选择成本低、具有扩张潜力、资产负债率低且现金 流强劲的公司作为投资标的。推荐牧原股份和温氏股份，小型企业如天 康、德康、神农、巨星和丽华也值得关注。年底是政策密集出台期，对 ...

公司方面，据中证报表示，A股相关概念股有海大集团、罗牛山等。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 据中证报报道，11月21日，农业农村部部长韩俊主持召开部常务会议。会议要求，要加强生猪产能综合 调控，加快构建供需动态适配、规模结构合理、产业链协同提升的生猪产业高质量发展格局。 要加强生产和市场监测预警，动态调整全国能繁母猪正常保有量目标，提早开展逆周期调节，防止出现 大的波动。要全链条提高生猪产业竞争力，健全现代生猪良种繁育体系，深入开展养殖业节粮行动，优 化生猪屠宰加工布局，积极推动粪肥无害化处理和资源化利用，切实抓好非洲猪瘟等重大动物疫病常态 化防控。要引导大型生猪企业提质增效、稳健发展，支持中小养殖场户发展适度规模养殖。 中证报指出，生猪产业已被明确为"现代化大产业"的重要组成部分，国家支持产业向规模化、标准化、 智能化、现代化发展。我国将用5-10年时间，基本形成产出高效、产品安全、资源节约、环境友好、调 控有效的生猪产业高质量发展新格局。我国生猪养殖产业正从传统养殖向现代化、可持续化转型，通 过"种源、高效、绿色、智能"四大核心方向的协同推进，构建起更加 ...

Investment Rating - The report maintains an "Outperform" rating for the agricultural products sector, particularly focusing on the livestock industry and its cyclical recovery [1][4]. Core Insights - The livestock industry is experiencing a reversal of internal competition, which is expected to support long-term pig prices. As of November 21, the price of live pigs was 11.67 CNY/kg, with a week-on-week decrease of 0.4% [1]. - The beef market is entering a new price increase phase, with the average price of beef at 66.38 CNY/kg, showing a year-on-year increase of 8% [2]. - The report emphasizes the importance of leading companies in the livestock sector, suggesting that their cash flow will improve due to official capacity control measures [3]. Summary by Sections 1. Weekly Overview and Data Summary - The report provides a weekly summary of agricultural product data, highlighting trends in livestock prices and supply dynamics [12]. 2. Fundamental Tracking 2.1 Swine - The swine industry is seeing orderly progress in reversing internal competition, which is expected to stabilize profitability [13]. 2.2 White Chicken - A slight increase in supply is noted, with attention on seasonal consumption recovery [13]. 2.3 Yellow Chicken - Supply remains at a low level, with potential benefits from improved domestic demand [13]. 2.4 Eggs - The egg market faces significant mid-term supply pressure, with wholesale prices at 3.63 CNY/jin, down 28% year-on-year [13]. 2.5 Beef - A new round of beef price increases is anticipated, with a focus on the upward trend in the beef cycle for 2025 [13]. 2.6 Raw Milk - The report suggests that the de-stocking of dairy cows may accelerate in Q4, potentially leading to a price turning point for raw milk [13]. 2.7 Soybean Meal - Short-term supply is expected to be ample, while medium-term demand and supply dynamics are projected to strengthen [13]. 2.8 Corn - Domestic supply and demand balance is tightening, with prices expected to maintain a moderate upward trend [13]. 2.9 Sugar - Short-term increases in imports are noted, with attention on the rhythm of arrivals and fluctuations in crude oil prices [13]. 2.10 Rubber - Prices are expected to stabilize in the short term, with a positive outlook for the medium term [13]. 2.11 Palm Oil - Short-term performance is weak, with medium-term policy support being a focus [13]. 2.12 Cotton - Inventory pressure is neutral, with demand still needing recovery [13]. 2.13 Red Dates - Limited demand recovery is noted, with attention on weather conditions in new production areas [13]. 3. Market Trends - The report discusses market trends and price movements across various agricultural products, indicating a complex interplay of supply and demand factors [12].