出栏量方面，25H1 公司共销售商品猪3839.4 万头，同比+33%；销售仔猪829.1 万头，同比+168%；销 售种猪22.5 万头，同比-28%。截至H1 末能繁母猪存栏343.1 万头，较Q1 末减少约5.4 万头。当前出栏 量较全年7200-7800 万头商品猪出栏目标完成度约49%-53%，整体节奏较为稳定，预期全年可实现目标 值。 均重方面，受市场标肥价差影响，我们测算，H1 公司商品猪头均重量保持上行至5 月，6 月均重环比下 降，预期后续降重趋势将延续。 事件：公司发布2025H1 业绩预告，预计实现净利润105~110 亿元，同比+925%~+973%；归母净利润 102~107 亿元，同比+1130%~+1190%；对应EPS1.9~2.0 元/股。 点评： 受益于出栏量的同比增长以及养殖成本的持续优化，2025H1 公司业绩实现较大幅度提升，预期下半年 价格优于前期悲观预期，看好公司全年盈利表现。 价格方面，公司H1 商品猪销售均价约14.5 元/kg，同比-3%，主要因24Q2起生猪价格显著回升。我们认 为，当前行业整体供给处于合理区间，且政策调控较为明确，未来中长期生猪价格表现或 ...

农产品日报 | 2025-07-10 走货压力略大，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 2509合约14265元/吨，较前交易日变动-10.00元/吨，幅度-0.07%。现货方面，河南地区 外三元生猪价格15.01元/公斤，较前交易日变动-0.04元/公斤，现货基差 LH09+745，较前交易日变动-30；江苏地 区外三元生猪价格 15.30元/公斤，较前交易日变动+0.00元/公斤，现货基差LH09+1035，较前交易日变动+10；四 川地区外三元生猪价格14.38元/公斤，较前交易日变动+0.01元/公斤，现货基差LH09+115，较前交易日变动+20。 据农业农村部监测， 据农业农村部监测，7月9日"农产品批发价格200指数"为112.90，比昨天上升0.16个点，"菜篮 子"产品批发价格指数为112.98，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20.53元/公斤，比昨天 上升0.1%；牛肉63.44元/公斤，比昨天下降0.2%；羊肉59.55元/公斤，比昨天上升0.7%；鸡蛋7.02元/公斤，比昨天 上升1.0%；白条鸡17.02元/公斤，比昨天上升0 ...

Core Viewpoint - The company, Muyuan Foods, is expected to report a significant increase in net profit for the first half of 2025, with projections indicating a growth of approximately 924.60% to 973.39% year-on-year, primarily driven by increased pig sales and reduced breeding costs [1][2][5]. Financial Performance - Estimated net profit for the first half of 2025 is projected to be between 10.5 billion to 11 billion yuan, compared to 1.025 billion yuan in the same period last year, reflecting a year-on-year growth of 924.60% to 973.39% [1][4]. - Profit attributable to the parent company is expected to be between 10.2 billion to 10.7 billion yuan, marking a year-on-year increase of 1,129.97% to 1,190.26% [1][4]. - Net profit after excluding non-recurring gains and losses is anticipated to be between 10.6 billion to 11.1 billion yuan, representing a growth of 882.95% to 929.31% year-on-year [2][4]. Sales and Production - The company reported a total sale of 38.394 million pigs and 8.291 million piglets in the first half of 2025, with June alone seeing sales of 7.019 million pigs, a year-on-year increase of 58.35% [5]. - Despite a decrease in the average selling price of pigs to 14.08 yuan/kg (down 20.59% year-on-year), the increase in sales volume led to a revenue of 12.799 billion yuan from pig sales, up 27.65% year-on-year [5]. Cost Management - The breeding cost for pigs has decreased to approximately 12.2 yuan/kg as of May, a reduction of nearly 0.2 yuan/kg from the previous month, attributed to improved production performance [5]. - The company aims to achieve a cost target of 12 yuan/kg through technological innovation and refined management practices in health management, breeding, nutrition, and smart applications [5]. Industry Context - Other leading pig farming companies, such as Wens Foodstuff Group and New Hope Liuhe, have also reported significant sales figures, indicating a trend of increasing industry concentration [6]. - Analysts predict that the pig price may stabilize and improve in the latter half of 2025, potentially benefiting companies with strong cost advantages and profitability [7]. Market Reaction - Despite the positive earnings forecast, the stock price of Muyuan Foods experienced a decline, closing down 0.44% at 44.90 yuan per share after an initial rise of 2.04% [7].

生猪期货早报 2025-07-10 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 交易咨询业务资格：证监许可【2012】1091号 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 1. 基本面：供应方面，五一假期后国内出栏积极性减弱生猪价格短期维持弱势，预计节后本周供给或 猪、肉双减。需求方面，国内宏观环境预期偏悲观，五一假期结束居民整体消费意愿热情回落，压 制短期鲜猪肉消费，前期中国对美国和加拿大猪肉进口加征关税，提振市场信心。综合来看，预计 本周市场或供需双减、猪价短期回归震荡格局。关注月中集团场出栏节奏变化、二次育肥市场动态 变化情况。中性。 2. 基差：现货全国均价14860元/吨，2509合约基差595元/吨，现货升水期货。偏多。 3. 库存：截至3月31日，生猪存栏量41731万头，环比减少0.8%，同比减少2.2%；截至2月底，能繁母 猪存栏为4066万头，环比变动0， ...

| | | 油脂产业期现日报 | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025年7月10日 | 投资咨询业务资格:证监许可 【2011】1292号 | | | | 王速棒 | Z0019938 | | 原田 | | | | | | | | | | | 7月9日 | 7月8日 | 涨跌 | 旅跌幅 | | | 现价 | 江苏一级 | 8170 | 8130 | 40 | 0.49% | | | 期价 | Y2509 | 7920 | 7946 | -26 | -0.33% | | | 墓差 | Y2509 | 250 | 184 | ୧୧ | 35.87% | | | 现货基差报价 | 江苏6月 | 09+210 | 09+210 | 0 | - | | | 仓車 | | 22826 | 22963 | -137 | -0.60% | | 棕榈油 | | | | | | | | | | | 7月9日 | 7月8日 | 张跃 | 涨跌幅 | | | 现价 | 广东24度 | 8700 | 8550 | 120 | 1.75% | | | 期价 ...

暗盘资金正涌入这些股票，点击速看>>> 猪肉板块盘初拉升，正虹科技（000702）触及涨停，天邦食品（002124）涨超6%，天域生物 （603717）、新希望（000876）、傲农生物（603363）跟涨。 ...

Core Points - The Sichuan provincial government has issued a set of ten measures aimed at promoting high-quality development in the livestock industry, focusing on comprehensive improvements across the entire industry chain [1][6] - The measures include support for facility upgrades in large-scale farms, enhanced insurance for pig farming, and financial backing for key enterprises in the livestock sector [2][4] Group 1: Policy Measures - Support for the renovation and upgrading of facilities and equipment in large-scale farms, ensuring that agricultural machinery purchase subsidies are fully provided [1][2] - When prices drop excessively, a storage plan will be initiated, with a minimum storage amount of 3,000 tons during emergency procedures [1][3] - Upgrading pig price insurance to a comprehensive income insurance for pig farming, with risk coverage of up to 2,000 yuan per head and death risk coverage of up to 1,200 yuan per head [1][3] Group 2: Industry Development Goals - The measures aim to support leading enterprises in participating in modern agricultural parks and livestock industry clusters, fostering the growth of deep processing of meat products [1][4][5] - The provincial government plans to provide 30 million yuan annually to industry clusters included in national cultivation plans, and 20 million yuan annually for meat processing clusters entering provincial key manufacturing clusters [5] - A brand cultivation plan will be implemented to expand the market for livestock products, with financial support for high-performing regional public brands [5][6] Group 3: Financial and Resource Support - The measures propose support for major livestock projects to apply for local government special bonds, ensuring land use policies are in place for livestock production [5][6] - The overall strategy emphasizes a problem and goal-oriented approach, aiming for full-chain value enhancement and resource guarantee to strengthen the supply security of Sichuan's livestock industry [6]

在内蒙古自治区乌兰察布市四子王旗草原，一场以羊为纽带的产业变革正重塑传统牧业格局。2024年， 当地肉羊产业链总产值突破13.6亿元，带动1.7万户农牧民年增收2.6亿元，一条覆盖育种、加工、物 流、品牌的现代产业闭环，将"草原羊"锻造成乡村振兴的"芯片产业"。 这套攻克了活体采卵与工厂化生产关键技术的体系，成功打破了国外种源垄断，培育出兼具蒙古羊耐寒 基因与杜泊羊生长优势的新品种——杜蒙羊。该品种4月龄羔羊体重可达40公斤，繁殖率达180%，较传 统品种提升近一倍。 历经20年技术攻关，这里已构建7个世界级肉羊品种核心群，规模达2.5万只，年产能覆盖20余省份。 据四子王旗农牧局副局长宝达介绍，依托国家核心育种场资源，当地建成25处标准化养殖小区，配套智 能饲喂与疫病防控系统，目前肉羊良种覆盖率跃升至80%，育肥增值达1.5亿元。 一只羊的"72变" 实验室育出"羊芯片" 走进赛诺种羊科技有限公司的胚胎实验室，价值千万元的体外生产系统正高速运转。畜牧师仇春娟通过 显微操作仪，将精选的杜泊羊遗传物质注入卵母细胞。"我们每天处理超2000枚卵细胞，24小时就能产 出早期胚胎。" 在四子王旗民族贸易公司车间，自动 ...

蜀道装备公告，公司于2025年2月17日签订《股份收购意向性协议》，计划购买河南科益气体股份有限 公司65.43%股权。协议签署后，各方就交易条件进行了多轮磋商，但最终在关键条款上未能达成一 致。 业绩披露 每经记者｜王琳 每经编辑｜文多 并购重组 华大九天：终止筹划重大资产重组事项 华大九天公告，公司董事会于7月9日审议通过了终止发行股份及支付现金购买资产的相关议案。公司原 计划收购芯和半导体科技（上海）股份有限公司100%股份，但交易各方未就核心条款达成一致。 蜀道装备：终止收购科益气体65.43%股权 牧原股份：预计上半年归母净利润同比增长1130%~1190% 牧原股份公告，预计2025年上半年净利润为105亿元~110亿元，同比增长924.6%~973.39%；归属于上市 公司股东的净利润为102亿元~107亿元，同比增长1129.97%~1190.26%。 上海医药：预计上半年归母净利润同比增长约52% 上海医药公告，预计2025年上半年实现归母净利润为44.50亿元，与上年同期相比，将增加15.08亿元， 同比增长约52%。主要原因是公司于2025年4月完成收购上海和黄药业有限公司10%股权的交 ...

志特转债：强赎 友发集团：预计2025年半年度盈利2.77亿至3.07亿，同比增长151.69%至178.93% 福斯特：预计上半年净利润同比减少49.05% 牧原股份：预计2025年半年度盈利102亿至107亿，同比增长1129.97%至1190.26% 锡振转债：7月14日上市 华辰转债，路维转债：【上市】 关注集思录微信 特别提示 本文不构成任何投资建议，仅为信息分享。任何因本文导致的投资行为发生的亏损，本公众号 及作者概不承担任何责任。 集思录(www.jisilu.cn)是一个以数据为本的投资理财社区，专注于新股、可转债、债券、封闭 基金等数据服务。我们的理念是在保证本金安全的前提下，使资产获得稳健增长。 快捷查询： 搜索公众号"jisilu8"添加我们 泰福泵业：公司拟现金收购南洋华诚不低于51%股份 漱玉转债，声迅转债，文科转债：不下修 ...