Core Viewpoint - The collaboration between Guangdong Agricultural Academy's Gene Center and Lejiaozhuang aims to enhance local pig breeding through technology and talent integration, addressing industry challenges and promoting high-quality development [4][6][41]. Group 1: Collaboration and Agreements - A seminar focused on agricultural biotechnology was held in Foshan, where experts gathered to strategize for local pig industry development [2][3]. - The Gene Center and Lejiaozhuang signed a technology cooperation agreement to establish a local pig breeding technology cooperation base [4][5]. Group 2: Industry Challenges and Solutions - The local pig industry faces challenges such as long growth cycles, high feed costs, and low reproductive efficiency, which hinder large-scale and high-quality development [10][11]. - The collaboration aims to innovate and streamline the transition from laboratory research to practical production, addressing these pain points through technological advancements [12][13]. Group 3: Breeding and Genetic Improvement - The breeding base project focuses on disease-resistant breeding of local pig varieties, utilizing a collaborative model between production enterprises and research institutions [9][10]. - The initiative includes efforts to purify and restore local pig populations while exploring hybrid systems to meet consumer demands for better quality pork [21][22]. Group 4: Government Support and Policy - The government has increased its focus on protecting local livestock genetic resources, implementing policies to support the preservation and development of the Guangdong small-eared flower pig [27][28][31]. - The establishment of a live gene bank for local pig breeds aims to ensure the long-term preservation of superior genetic traits [33][34]. Group 5: Technological and Talent Development - The Gene Center and research institutions are actively integrating technology and talent into the local pig industry, enhancing breeding techniques and providing professional guidance [41][43]. - The dual approach of technology and talent support aims to resolve current technical challenges while fostering a sustainable talent pool for the industry [67][68]. Group 6: Future Prospects - With ongoing collaboration and technological innovation, the local pig industry is expected to modernize and capitalize on market opportunities, enhancing the brand value of Guangdong small-eared flower pig [72][74].

Report Industry Investment Rating No relevant information provided. Core Viewpoints - The theoretical and planned slaughter volume is large, and the supply in September remains bearish. However, potential supporting factors such as consumption, weight gain, and state purchases are also accumulating. Spot prices are likely to fluctuate within a narrow range, lacking the basis for significant increases or decreases. - The market has already priced in the reality of an oversupply of pigs. The futures market, especially the near - term contracts, has been falling and is at a discount to the spot market. Over - shorting is not cost - effective. The strategy should focus on potential low - level rebounds due to factors like consumption and short - selling opportunities after the rebound. The reverse spread strategy for far - term contracts continues [11][12]. Summary by Directory 1. Monthly Assessment and Strategy Recommendation - **Spot Market**: Since August, domestic pig prices have mainly fluctuated downward with a small range. The planned monthly slaughter volume was high, slaughter volume was significantly large, the average weight of group - farmed pigs for sale continued to decline, the number of pigs sold by散户 increased, and the price difference between fat and standard pigs remained high. In September, the theoretical and planned slaughter volume remains high, but factors such as post - cooling pig retention, increased demand in cool weather, state purchases, and festivals may limit price drops. Pig prices are expected to fall first and then stabilize, with a slight decline overall [11][22]. - **Supply Side**: In July, the official sow inventory was 40.42 million, a slight monthly decrease of 10,000, still 3.6% higher than the normal level. The continuous increase in sow production capacity since last year may lead to a weaker fundamental situation in 2025 than in 2024. There is a strong expectation of policy - driven capacity reduction, which may improve next year's supply. From the piglet data, the basic supply from September to November will increase significantly, but the continuous weight reduction by group farms from June to August has advanced some supply, which may partially offset the supply pressure. Recently, the slaughter volume has been increasing month - on - month, and the weight of large - scale farms has been decreasing [11]. - **Demand Side**: The start of school in early September, temperature drops in the middle and late September, and stocking for the Mid - Autumn Festival and National Day may lead to marginal improvement in demand. However, demand will enter a slump after the National Day until the temperature drops and the Spring Festival approaches [11]. - **Trading Strategy**: For unilateral trading, it is recommended to wait and see, and short - sell contracts 11 and 01 after a rebound. For arbitrage, a 3 - 5 reverse spread is recommended with a profit - loss ratio of 2:1 for a 2 - month period, driven by policies, weight, basic supply, and the fat - standard price difference [13]. 2. Futures and Spot Market - **Spot Price Trend**: Since August, domestic pig prices have fluctuated downward. In September, prices are expected to fall first and then stabilize with a slight decline [22]. - **Basis and Spread Trend**: The futures market has priced in the pessimistic outlook in advance, and the basis and monthly spreads have fluctuated within a narrow range [25]. 3. Supply Side - **Reproductive Sows**: In July, the official sow inventory was 40.42 million, slightly down from the previous month, still 3.6% higher than the normal level. There is a strong expectation of policy - driven capacity reduction, but more evidence is needed to determine if capacity reduction is effective [33]. - **Inventory and Slaughter**: From the piglet data, the basic supply from September to November will increase significantly, but the continuous weight reduction by group farms from June to August has advanced some supply, which may partially offset the supply pressure. Recently, the slaughter volume has been increasing month - on - month, and the weight of large - scale farms has been decreasing [42][49]. - **Import and Pig Feed**: No specific analysis conclusions are provided in the text, only relevant data charts are presented [50]. 4. Demand Side - **Slaughter Volume and Related Indicators**: The start of school in early September, temperature drops in the middle and late September, and stocking for the Mid - Autumn Festival and National Day may lead to marginal improvement in demand. However, demand will enter a slump after the National Day until the temperature drops and the Spring Festival approaches [58]. 5. Cost and Profit - **Cost and Breeding Profit**: Due to factors such as feed cost and efficiency improvement, the cost has been continuously declining. Despite the weak pig prices compared to the same period in previous years, large - scale losses have not occurred because of the low cost [69]. 6. Inventory Side - **Frozen Product Inventory**: The frozen product inventory is slowly increasing [74].

Core Insights - China Agricultural Development Group Co., Ltd. (China Agri-Development Group) held a collective performance briefing for its three listed subsidiaries to share operational results and enhance investor confidence [1][2] Group 1: Company Overview - China Agri-Development Group was established in October 2004 and is a large state-owned enterprise directly managed by the State-owned Assets Supervision and Administration Commission [1] - The company has evolved into a comprehensive agricultural production and service enterprise, covering six core industries: seed industry, fishery, animal husbandry, agricultural planting, agricultural machinery, and service trade [2] - As of the end of 2024, the group has nearly 300 member enterprises and three listed companies, with projects in over 30 countries [2] Group 2: Financial Performance - For the first half of 2025, China Agri-Development Group's listed companies reported the following: - China Agri-Seed Industry Group achieved revenue of 2.916 billion yuan, a year-on-year increase of 47.86%, and a net profit of 63.04 million yuan, up 14.13% [2][3] - China Water Group's revenue was 1.747 billion yuan, a decrease of 10.66%, while net profit rose to 86.31 million yuan, an increase of 22.12% [3] - China Animal Husbandry's revenue reached 2.793 billion yuan, a growth of 12.63%, with net profit at 81.76 million yuan, up 30.19% [3][4] Group 3: Strategic Initiatives - China Agri-Seed Industry focused on innovation and research, with eight new crop varieties approved during the first half of the year and 53 research projects initiated [3] - China Water Group adopted a high-quality development approach, overcoming challenges and enhancing production safety while managing risks effectively [3] - China Animal Husbandry implemented various measures to improve operational performance amidst a competitive market, maintaining market share and resilience [4]

Group 1 - The company Jin Xin Nong (002548.SZ) reported a pig sales volume of 108,000 heads for August 2025, which includes 66,800 heads of commercial pigs, 40,100 heads of piglets, and 800 heads of breeding pigs [1] - The sales revenue from pig sales amounted to 121.065 million yuan [1] - The average selling price of commercial pigs was 13.84 yuan per kilogram [1]

（编辑 王雪儿） 证券日报网讯 益生股份9月5日在互动平台回答投资者提问时表示，公司饲养的鸡主要为大型白羽肉种 鸡，晓鸣股份饲养的鸡为蛋鸡，白羽肉鸡和蛋鸡属于不同的细分市场，各有自己的市场行情，目前公司 商品代白羽肉鸡苗报价为4元/只，公司鸡苗报价详情请关注公司微信公众号-微官网-行情资讯栏目。 ...

Core Viewpoint - China has decided to implement temporary anti-dumping measures on imported pork and pork products originating from the European Union (EU) due to substantial damage to the domestic industry caused by dumping practices [1][2]. Group 1: Anti-Dumping Investigation - The Ministry of Commerce initiated an anti-dumping investigation on EU-origin pork and pork products on June 17, 2024, following a request from the domestic industry [1]. - The investigation period was extended from June 10, 2025, to December 16, 2025 [1]. Group 2: Preliminary Findings - Preliminary findings indicate that EU-origin pork and pork products are being dumped, causing substantial harm to the domestic industry, with a causal relationship established between dumping and the harm [1]. - The preliminary tax rates for sampled companies are as follows: 15.6% for Spain's Litera Meat Company, 31.3% for Denmark's Crown Company, and 32.7% for the Netherlands' Vion Boxtel Company [1]. - Other cooperating EU companies will face a uniform tax rate of 20.0%, while non-cooperating companies will be subject to a rate of 62.4% [1]. Group 3: Trade Relief Measures - The Ministry of Commerce emphasized a cautious and restrained approach to trade relief measures, noting that no new investigations have been initiated against the EU since 2025 [2]. - The Ministry has concluded two anti-dumping cases related to brandy and urea-formaldehyde, while the EU has initiated six anti-dumping investigations against China during the same period [2]. - The Ministry expressed a willingness to resolve trade frictions through dialogue and cooperation with the EU to maintain the overall economic and trade cooperation [2].

Group 1 - The company is aware that the industry is currently undergoing capacity adjustment and structural optimization [1] - The company adheres to a philosophy of steady operation and sustainable development, focusing on improving production efficiency, optimizing germplasm resources, and managing costs meticulously [1] - The company aims for quality-driven, intrinsic growth in its future development [1] Group 2 - The company's expansion path is diverse, and it will strictly comply with industry policies and capital market regulations [1] - The company will prudently evaluate various financing methods, ensuring that any major decisions undergo rigorous review and disclosure processes [1] - The company is committed to safeguarding investor interests [1]

Core Insights - The company Jin Xin Nong (002548.SZ) reported its pig sales for August 2025, indicating a total sales volume of 108,000 pigs, which includes 66,800 commercial pigs, 40,100 piglets, and 800 breeding pigs [1] - The sales revenue from pig sales reached 121 million yuan, with the average selling price of commercial pigs at 13.84 yuan per kilogram [1] Sales Performance - Total pig sales volume: 108,000 pigs [1] - Breakdown of sales: 66,800 commercial pigs, 40,100 piglets, and 800 breeding pigs [1] - Sales revenue: 121 million yuan [1] - Average price of commercial pigs: 13.84 yuan/kg [1]

Group 1 - The company announced that the sales volume of live pigs in August 2025 is expected to be 108,000 heads, including 66,800 heads of commercial pigs, 40,100 heads of piglets, and 800 heads of breeding pigs [1] - The sales revenue from live pigs in August 2025 is projected to be 121 million yuan, with the average selling price of commercial pigs at 13.84 yuan per kilogram [1] - Cumulatively, the sales volume of live pigs for the year 2025 is expected to reach 819,700 heads, with total sales revenue amounting to 980 million yuan [1]

Core Viewpoint - New Hope (000876.SZ) reported a decrease in revenue and sales prices for its hog sales in August 2025, primarily due to changes in the domestic hog market conditions [1] Sales Performance - The company sold 1.3378 million hogs in August 2025, representing a month-on-month increase of 2.71% and a year-on-year increase of 4.72% [1] - Revenue from hog sales was 1.722 billion yuan, showing a month-on-month decrease of 4.45% and a year-on-year decrease of 30.73% [1] Pricing Trends - The average selling price of hogs was 13.54 yuan per kilogram, with a month-on-month decrease of 6.23% and a year-on-year decrease of 32.74% [1] - The significant year-on-year decline in selling prices was mainly influenced by fluctuations in the domestic hog market [1]