Report Summary Industry Investment Rating - No information provided Core View - The central price of live pigs may further decline [1] Summary by Relevant Catalogs Pig Fundamental Data - Henan spot price is 12,530 yuan/ton, up 50 yuan/ton year-on-year; Sichuan spot price is 12,250 yuan/ton, down 100 yuan/ton year-on-year; Guangdong spot price is 13,060 yuan/ton, unchanged year-on-year [3] - Futures prices: Live Pig 2601 is 11,815 yuan/ton, down 65 yuan/ton year-on-year; Live Pig 2603 is 11,375 yuan/ton, down 35 yuan/ton year-on-year; Live Pig 2605 is 11,895 yuan/ton, down 5 yuan/ton year-on-year [3] - Trading volume and open interest: Live Pig 2601 trading volume is 82,374 lots, down 30,030 lots from the previous day, and open interest is 134,889 lots, down 924 lots from the previous day; Live Pig 2603 trading volume is 20,882 lots, down 6,191 lots from the previous day, and open interest is 105,428 lots, up 1,344 lots from the previous day; Live Pig 2605 trading volume is 8,442 lots, down 5,429 lots from the previous day, and open interest is 56,238 lots, up 775 lots from the previous day [3] - Price spreads: Live Pig 2601 basis is 715 yuan/ton, up 115 yuan/ton year-on-year; Live Pig 2603 basis is 1,155 yuan/ton, up 85 yuan/ton year-on-year; Live Pig 2605 basis is 635 yuan/ton, up 55 yuan/ton year-on-year; Live Pig 1 - 3 spread is 440 yuan/ton, down 30 yuan/ton year-on-year; Live Pig 3 - 5 spread is -520 yuan/ton, down 30 yuan/ton year-on-year [3] Market Information - Trend intensity is -1, indicating a bearish view [4] Futures Research - Yuexiu and Yangxiang have added delivery warehouses [5] - The national feed output in September was 30.36 million tons, a month-on-month increase of 3.4% and a year-on-year increase of 5% [5]

Core Viewpoint - The company is adapting its feed formulation strategy by reducing soybean meal usage and exploring low-soy diets to enhance cost efficiency and reduce reliance on imported soybeans [2]. Group 1: Soybean Procurement and Usage - The company does not directly procure soybeans but uses soybean meal as a feed ingredient, with soybean meal accounting for approximately 7% of its feed usage this year [2]. - There is potential for further reduction in soybean meal usage in the company's feed formulations, which will be determined based on market prices of soybean meal and amino acids [2]. Group 2: Cost Optimization and Profit Impact - The company is implementing low-soy diet technology, utilizing synthetic amino acids to replace soybean meal, which is expected to improve the economic efficiency of feed formulations [2]. - The impact of these cost optimizations on the company's annual net profit is yet to be quantified, but the focus remains on enhancing profitability through these strategies [2].

Group 1 - The article discusses the concept of the "pig cycle" in relation to China's inflation, indicating that the Consumer Price Index (CPI) reflects the fluctuations in pork prices, which serve as both a barometer and a locator for inflation trends [5][6]. - In the period from January to September 2025, China's CPI remained in negative territory except for January and June-July, with pork prices also experiencing a downward trend during the same period [6]. - In September 2025, pork prices fell by 17.0%, contributing to a decrease in CPI by approximately 0.26%, highlighting that pork's weight in the CPI basket is only 1.53%, which is significantly lower than market expectations [6]. Group 2 - The article emphasizes that despite pork's minor share in the CPI, it has become a benchmark commodity for inflation in China due to its broad necessity and high elasticity characteristics [6].

Summary of Conference Call on Swine Industry Industry Overview - The swine market is currently experiencing a dual increase in supply and demand, but supply pressure remains significant. The number of new piglets is expected to rise in the first half of 2025, leading to increased fattening output in Q4 2025. However, the breeding group has a pessimistic outlook for 2026, compounded by high Q4 output, which continues to exert supply pressure [1][4]. Key Financial Insights - The swine industry faced losses at the end of Q3 and the beginning of Q4 2025, with cash costs around 11 RMB/kg. Small and medium-sized farmers are losing approximately 16 RMB and 34 RMB per pig, respectively, while those purchasing piglets are facing losses of 257 RMB per pig. The overall profitability of the industry is under pressure, and production capacity is entering a phase of reduction [1][5]. Production Capacity and Market Predictions - It is anticipated that swine production capacity will continue to decrease in the near term. In September 2025, the number of breeding sows decreased by 90,000 compared to the end of Q2. The industry is expected to face losses again in Q4 2025 and the first half of 2026, accelerating the capacity reduction process under government encouragement to control production [1][6]. Investment Recommendations - The company recommends investing in Muyuan Foods, which maintains industry-leading costs and is increasing its dividend levels while reducing its debt ratio, indicating potential for value re-evaluation. Other recommended companies include Wens Foodstuff Group and several second-tier firms with good growth potential, low costs, and attractive valuations, such as Dekang Bange, Shennong Group, Juxing Agriculture, Tiankang Co., and Lihua Co. These companies have relatively stable debt ratios and are expected to have advantages in the next cycle [1][7][8]. Market Trends and Opportunities - The current market price trend for swine is in a clear downward phase, with prices dropping below expectations post-October. Although there has been a recent rebound to 12.2 RMB/kg, this is primarily due to previous sharp declines and absorption by the breeding group. Overall, supply remains high, and prices are expected to remain under pressure in the coming months [3][4]. Historical Context and Future Outlook - Historical data indicates that excess returns in each cycle often occur during the capacity reduction phase. The current situation presents a critical opportunity for investment, as industry losses and accelerated capacity reduction lay the groundwork for future upward cycles [2][9].

■本报记者 王磊 近年来，作为全国重要的优质肉羊基地、山西省"北肉"平台主产区，朔州市依托雁门关农牧交错带核心 区优势，走出了一条"立草为业、种养结合、产业化发展"的现代畜牧业之路。 农行朔州分行深耕"三农"，以金融创新破解产业发展瓶颈，通过定制化信贷产品、数字化服务模式、全 链条金融支持，为当地肉羊、奶牛养殖等特色畜牧产业注入金融活水，助力产业链不断延伸，让养殖户 的致富路越走越宽。 创新产品破解融资困局 "以前由于活体不能抵押，我们这些养殖户很难通过传统贷款模式从银行融资，现在好了，农行创新推 出的'智慧畜牧贷'让活牛变成了能抵押的'活资产'，我们再也不用为短缺资金犯愁了。"在朔州市山阴县 马营庄乡故驿村经营一家牧场的拓莉告诉《农村金融时报》记者。她的牧场养了400多头奶牛，近几 年，畜牧业相关产品市场价格持续低迷，面对饲料价格上涨、牛奶单价下降的双重压力，牧场运营面临 巨大挑战。正当她为筹集运营资金而四处奔波时，农行的工作人员到村里开展农户贷款"一课堂·两公 开"活动，向村民宣传"智慧畜牧贷"等产品。了解到拓莉的情况后，农行工作人员第一时间到牧场实地 调查，为拓莉推荐了"智慧畜牧贷"，仅用一周时间就为她 ...

早 报 精 选 1、 公募基金业绩比较基准规则公开征求意见。 2、财政部、税务总局发布关于黄金有关税收政策的公告。 宏 观 新 闻 1、 当地时间11月1日上午，国家主席习近平出席亚太经合组织第三十二次领导人非正式会议东道主交接环节，宣布中方将于明年11 月在广东省深圳市举办亚太经合组织第三十三次领导人非正式会议。 2、政协第十四届全国委员会常务委员会第十四次会议1日上午举行全体会议，14位全国政协常委作大会发言。中共中央政治局常 委、全国政协主席王沪宁出席。 3、国务院总理李强10月31日主持召开国务院常务会议，研究深化重点领域改革扩大制度型开放工作。会议指出，要着力深化重点领 域改革，带动高水平对外开放，提升商品市场开放水平，优化服务市场准入规则，完善要素市场开放监管制度。要主动对接国际高标 准经贸规则，积极扩大自主开放，稳步扩大规则、规制、管理、标准等制度型开放。要注重发挥自由贸易试验区、自由贸易港等高能 级开放平台优势，探索形成更多可复制可推广的改革成果，持续提升制度型开放效能。 4、10月30日，中国证监会国际顾问委员会第22次会议在北京召开。中共中央政治局委员、国务院副总理何立峰29日在钓鱼台国宾 ...

Core Insights - The news highlights the unique local products of Yong'an, including Neijiang black pigs, white fish, and lemons, showcasing the region's agricultural strengths [4] Group 1: Local Products - Neijiang black pigs have an annual output of 33,000 heads [4] - The white fish supply reaches 1,000 fish daily [4] - The lemon production stands at 24,000 tons annually [4] Group 2: Event Highlights - A special press conference was held in a rural square, featuring local officials and entrepreneurs promoting Yong'an's specialties [4] - The event is part of the "Remarkable Town" series of press conferences organized by Neijiang City, aimed at engaging the community in a more relatable environment [4] - Attendees expressed positive feedback, describing the event as interesting and informative [4]

西藏工布江达养鹿基地蹚出致富新"鹿"径 2025年存栏将到达1000只 编辑：郭晋嘉 广告等商务合作，请点击这里 同吉村党支部书记旦增玉杰说，产业发展红利直达民生。2024年首年基地向同吉村村委会分红12万元， 带动当地民众增收30余万元。通过采购本地20余吨饲草料、引导民众采集林间落叶1.2万余斤，既验证 了饲草料本地化可行性，又拓宽增收渠道，还培育5名本地养殖技术人才，累计兑现工资28万余元。 图为工布江达县高原生态养鹿基地。 贡嘎来松 摄 西藏天边牧场农牧业科技发展有限公司总经理郑运飞说，依托高原生态优势，基地研发"藏地天鹿"系列 12种产品，年产鹿系列产品2000斤以上，年产值超1000万元。目前基地里100多只公鹿顺利实现丰茸、 收获鹿茸400余斤，自主培育的花马杂交鹿崽顺利降生、累计自主繁育鹿崽90余只，年底通过引进扩容 存栏有望突破1000只。 未来，基地将着力于打造养殖、产品研发和深加工于一体的高原鹿全产业链综合体，推动鹿产品与虫 草、灵芝等原生资源深度融合，打造"藏字号"高原鹿特色品牌。通过完善利益联结机制、推行种养结 合、探索入户养鹿模式，力争2025年存栏量突破1000只，让高原养鹿业成 ...

农产品研究团队 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 行业 鸡蛋月报 日期 2025 年 10 月 31 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 存栏小幅去化 蛋价仍有反复 请阅读正文后的声明 ＃summary＃ 月度报告 观点摘要 请阅读正文后的声明 - 2 - ＃summary＃ 供给端，目前在产蛋鸡存栏有逐步见顶之势，根据卓创资讯，截至 10 月末，全国在产蛋鸡月度存栏量约 13.59 亿只，9 月末为 ...

Core Viewpoint - The livestock industry in Xinjiang is undergoing a significant transformation from traditional practices to a more technology-driven and sustainable model, with a projected output value exceeding 112.2 billion yuan in 2024, indicating a complete industrial chain from breeding to processing and sales [1] Industry Transformation - The shift from "relying on nature for livestock" to "technology-driven animal husbandry" is highlighted, showcasing the integration of modern technology in livestock management [1] - The implementation of automated feeding systems and real-time data recording through electronic ear tags demonstrates the industry's move towards smart farming practices [1] Economic Impact - The establishment of a complete industrial chain encompassing breeding, processing, and sales is expected to enhance the economic output of the livestock sector significantly [1] - The transformation is contributing to high-quality development, improving both the industry and the livelihoods of local communities [1]