Core Viewpoint - The company, Tangrenshen (002567.SZ), is actively upgrading its breeding stock, with expectations of achieving a sow capacity utilization rate of over 90% by the end of the year and an own piglet supply ratio of 80% or more [1] Group 1 - The company is focusing on improving the quality of its breeding pigs and sows [1] - The expected sow capacity utilization rate is projected to exceed 90% by year-end [1] - The company aims for its own piglet supply to reach 80% or more [1]

农产品日报 | 2025-09-04 出栏积极性提升，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 2511合约13550元/吨，较前交易日变动-45.00元/吨，幅度-0.33%。现货方面，河南地区 外三元生猪价格13.96元/公斤，较前交易日变动-0.06元/公斤，现货基差 LH11+410，较前交易日变动-15；江苏地 区外三元生猪价格 14.14元/公斤，较前交易日变动-0.17元/公斤，现货基差LH11+590，较前交易日变动-125；四川 地区外三元生猪价格13.77元/公斤，较前交易日变动+0.00元/公斤，现货基差LH11+220，较前交易日变动+45。 据农业农村部监测，9月3日"农产品批发价格200指数"为117.58，比昨天上升0.17个点，"菜篮子"产品批发价格指数 为118.32，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20.04元/公斤，比昨天上升1.2%；牛肉65.33 元/公斤，比昨天上升0.2%；羊肉61.03元/公斤，比昨天上升0.4%；鸡蛋7.74元/公斤，比昨天上升2.0%；白条鸡17.28 元/公斤，比昨天下降0.9%。 市场分析 ...

Group 1 - The core viewpoint is that pig prices experienced an increase in early September due to rising orders from slaughter enterprises driven by the start of the school year, alongside a reduction in pig supply from farms, leading to a supply-demand imbalance [1][3]. - In early September, the average price of lean pigs was 13.98 yuan per kilogram, which is an increase of 0.41 yuan per kilogram compared to August 29 [1]. - The demand side saw a continuous increase in pig consumption due to low pork prices in August, with slaughter enterprises ramping up orders as schools reopened [3]. Group 2 - On the supply side, the reduction in pig outflow in early September contributed to the price increase, with daily outflow recorded at 14.20 million heads, a decrease of 4.58 million heads compared to August 26 [5]. - Despite the short-term price increase, the supply is expected to rise in September, with a planned outflow increase of 4.19% from over 200 surveyed breeding enterprises [5]. - The market is anticipated to see a price decline in mid-September, but there may be potential for price increases towards the end of the month as some farms may choose to increase the weight of pigs being sold [5].

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - At the end of the month and the beginning of the next month, large - scale pig farming groups significantly reduced the supply, and the spot price fulfilled the market's rebound expectation. The planned slaughter volume of large - scale groups will increase in August, and small - scale farmers are forced to hold back pigs. There is still supply pressure in September. The production capacity cycle and inventory cycle will resonate from September to October, and it is advisable to engage in the 11 - 1 reverse spread. The sentiment for purchasing piglets has declined, and the price decline has accelerated, corresponding to a decrease in the slaughter cost from March to May. Attention should be paid to the downward - shifting driving force of the central price in March and May. There is an expectation of further policy regulation and implementation for the July contract, and it is mainly bullish in the short - term, with attention to stop - loss and take - profit. The short - term support level for the LH2601 contract is 13,500 yuan/ton, and the pressure level is 14,500 yuan/ton [3] Group 3: Summary by Relevant Catalogs Fundamental Tracking - **Spot Prices**: The Henan spot price is 14,080 yuan/ton, a year - on - year decrease of 100 yuan/ton; the Sichuan spot price is 13,850 yuan/ton, unchanged year - on - year; the Guangdong spot price is 15,840 yuan/ton, unchanged year - on - year [1] - **Futures Prices**: The price of the生猪2511 contract is 13,550 yuan/ton, a year - on - year decrease of 45 yuan/ton; the price of the生猪2601 contract is 13,915 yuan/ton, a year - on - year increase of 55 yuan/ton; the price of the生猪2603 contract is 13,130 yuan/ton, a year - on - year increase of 35 yuan/ton [1] Trend Intensity - The trend intensity is 0, with a range of [-2, 2]. The strength levels are classified as weak, slightly weak, neutral, slightly strong, and strong, where -2 represents the most bearish view and 2 represents the most bullish view [2] Market Logic - At the end of the month and the beginning of the next month, large - scale pig farming groups significantly reduced the supply, and the spot price fulfilled the market's rebound expectation. The planned slaughter volume of large - scale groups will increase in August, and small - scale farmers are forced to hold back pigs. There is still supply pressure in September. The production capacity cycle and inventory cycle will resonate from September to October, and it is advisable to engage in the 11 - 1 reverse spread. The sentiment for purchasing piglets has declined, and the price decline has accelerated, corresponding to a decrease in the slaughter cost from March to May. Attention should be paid to the downward - shifting driving force of the central price in March and May. There is an expectation of further policy regulation and implementation for the July contract, and it is mainly bullish in the short - term, with attention to stop - loss and take - profit. The short - term support level for the LH2601 contract is 13,500 yuan/ton, and the pressure level is 14,500 yuan/ton [3] Futures Research - **Trading Volume and Open Interest**: The trading volume of the生猪2511 contract is 19,415 lots, a decrease of 6,627 lots from the previous day, and the open interest is 73,596 lots, an increase of 208 lots from the previous day; the trading volume of the生猪2601 contract is 7,959 lots, a decrease of 3,513 lots from the previous day, and the open interest is 48,179 lots, a decrease of 577 lots from the previous day; the trading volume of the生猪2603 contract is 3,160 lots, an increase of 315 lots from the previous day, and the open interest is 32,475 lots, a decrease of 109 lots from the previous day [4] - **Basis and Spread Data**: The basis of the生猪2511 contract is - 100 yuan/ton; the basis of the生猪2601 contract is 785 yuan/ton; the basis of the生猪2603 contract is 20 yuan/ton; the 11 - 1 spread of live pigs is 530 yuan/ton, a year - on - year decrease of 55 yuan/ton; the 1 - 3 spread of live pigs is 165 yuan/ton, a year - on - year decrease of 155 yuan/ton [4]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoint - The report suggests that the hog price will experience a period of oscillatory adjustment. The supply of hogs is expected to increase monthly until December, making it difficult for hog prices to rise significantly. However, the stable and rebounding price difference between 150Kg hogs and standard hogs will support the price to some extent. If the farming sector continues to reduce the weight of hogs or maintain a stable weight, the hog price may oscillate and adjust, which is beneficial to the November contract. Considering that the November contract is almost at par with the spot price, it is recommended to wait and see for now [4]. 3. Summary by Relevant Sections Market Dynamics - On September 3, the registered hog warehouse receipts were 430 lots. The short - term spot price has limited room for further decline, and attention should be paid to the extent of further weight reduction of hogs. The main hog contract (LH2511) increased its positions by 208 lots today, with a holding of about 73,600 lots. The highest price was 13,600 yuan/ton, the lowest was 13,510 yuan/ton, and it closed at 13,550 yuan/ton [2]. Fundamental Analysis - From the perspective of the number of breeding sows, the supply of hogs is expected to increase monthly from March to December, but the increase is limited. According to the piglet data, the hog slaughter volume will generally increase in the third and fourth quarters of 2025. On the demand side, consumption in the second half of the year is better than that in the first half. Historically, the price difference between fat and standard hogs may strengthen oscillatory. The market has both bearish and bullish logics. The bearish view believes that the weight - reduction of the farming sector is slow and difficult, the supply pressure has not been fully released, the subsequent slaughter volume is expected to continue to increase, and the demand support for hog prices is limited as the third quarter is not the peak consumption season. The bullish view holds that the farming sector has reduced the weight of hogs, which is beneficial to the future market, the spot price is resilient, indicating that the supply - demand situation is not as loose as the bears think, and although there will be an increase in the subsequent slaughter volume, the increase is limited, and the third and fourth quarters are gradually entering the peak consumption season for hogs [3]. Strategy Suggestion - The view is oscillatory adjustment. The core logic is that based on the data of sows and piglets, the hog slaughter volume may increase monthly until December, and it is difficult for hog prices to rise significantly under sufficient supply. The stable and rebounding price difference between 150Kg hogs and standard hogs will weaken the weight - reduction willingness of individual farmers and support the hog price. If the farming sector continues to reduce the weight of hogs or maintain a stable weight, the hog price may oscillate and adjust, which is beneficial to the November contract. Considering that the November contract is almost at par with the spot price, it is recommended to wait and see [4]. Market Overview - On September 3, the national average hog slaughter price was 13.97 yuan/kg, a decrease of 0.06 yuan/kg or 0.43% from the previous day. The hog slaughter price in Henan was 14.02 yuan/kg, a decrease of 0.06 yuan/kg or 0.43% from the previous day, and the price in Sichuan remained unchanged at 13.84 yuan/kg. Among the futures prices, the 01 contract increased by 55 yuan/ton or 0.4%, the 03 contract increased by 35 yuan/ton or 0.27%, the 05 contract increased by 75 yuan/ton or 0.55%, the 07 contract increased by 95 yuan/ton or 0.67%, the 09 contract decreased by 85 yuan/ton or 0.64%, and the 11 contract decreased by 45 yuan/ton or 0.33% [6]. Key Data Tracking - The report presents data on the national hog slaughter price, sample enterprise slaughter volume, white - strip pork average price, national corn purchase average price, futures contract closing prices in the past 180 days, the basis of the main hog contract in Henan, and the price differences between different contracts, but specific numerical analysis is not provided in the text, only the data trends are shown through charts [7][8][9][10][11][12][13].

北京商报讯（记者 孔文燮）9月3日，西部牧业晚间公告，8月公司自产生鲜乳生产量为2540.33吨，环比 增长4.8%，同比减少7.27%。 ...

智通财经APP讯，温氏股份(300498.SZ)公告，公司截至2025年8月31日以集中竞价交易方式累计回购公 司股份数量为5138.69万股，占公司总股本的0.7723%，成交总金额为9亿元(不含交易费用)。 ...

农产品日报 | 2025-09-03 需求略有回暖，猪价震荡调整 生猪观点 据农业农村部监测，9月2日"农产品批发价格200指数"为117.41，比昨天上升0.21个点，"菜篮子"产品批发价格指数 为118.13，比昨天上升0.25个点。全国农产品批发市场猪肉平均价格为19.80元/公斤，比昨天下降1.0%；牛肉65.19 元/公斤，比昨天上升1.1%；羊肉60.81元/公斤，比昨天上升1.2%；鸡蛋7.59元/公斤，比昨天下降2.1%；白条鸡17.44 元/公斤，比昨天下降1.1%。 市场分析 综合来看，虽然本周生猪出栏预计会有所缩量，由于短期的供应节奏调整，可能导致现货价格和近期合约价格会 趋于坚挺。但整体供过于求格局并未改变，对26年的生猪合约影响较小，利于套期保值需求逢高参与。当前的缩 量情况环比六七月底均有所增加，未来需持续关注。 策略 市场要闻与重要数据 期货方面，昨日收盘生猪 2511合约13595元/吨，较前交易日变动-30.00元/吨，幅度-0.22%。现货方面，河南地区 外三元生猪价格14.02元/公斤，较前交易日变动-0.15元/公斤，现货基差 LH11+425，较前交易日变动-120； ...

南农晨读 | 锦绣 山河_南方+_南 方plus 【今日关注】 评论丨铭记岭南 烽火 凝聚复兴 伟力 八十多年前，卢 沟桥的枪声点燃 忾、共赴国难。 彼时彼刻，华北 敌后战场的八路 军伏击日寇于平 型关，华中抗日 的新四军血战刘 老庄；在岭南， 东江纵队的木船 劈开敌寇封锁 线，坪石先生的 粉笔在战火中续 写文明。 潮起南粤！广东 海洋经济的"新 力量三重浪"| 海 上新广东系列报 道④ 了全民族抗战的 烽火，中华大地 山河破碎、生灵 涂炭。在这民族 危亡的至暗时 刻，岭南儿女与 全国同胞同仇敌 "看这筐梭子 蟹，凌晨三点刚 上岸，下午就能 送到你们嘴 里！"晨雾未 散，茂名博贺港 已热闹起 来。"电白妹"朱 香玲架起手机直 播，镜头里是叠 着层层海鲜的摊 位，刚捞起的金 鲳鱼沾着海水， 梭子蟹的钳子还 在一张一合。 海上新广东·新 力量图集 凌晨五点，博贺 港码头已人声鼎 沸。人群中，不 少人手持直播设 备，正将刚上岸 的海鲜推介给屏 幕另一端的食 农人借助互联网 破浪前行，成为 海洋经济转型的 鲜活注脚。 【乡村振兴】 推动各类资源向 基层倾斜丨市委 书记抓乡村振兴 （2025.08.25- 08.31） ...

Core Viewpoint - The recent fluctuations in national pork reserves and declining pig prices indicate a critical phase for the pork industry, with the government intervening to stabilize prices while promoting the transition to higher quality production capacity [1][4]. Group 1: Market Dynamics - The national average price for frozen pork was auctioned at 19.90 to 20.00 yuan per kilogram, translating to a live pig price of approximately 13.6 to 13.8 yuan per kilogram, marking a potential bottom for current pig prices [1]. - The pig-to-grain ratio has fallen below the warning line of 6:1, indicating a concerning trend for the industry [1]. - The overall pig inventory as of mid-2025 was reported at 42.447 million heads, reflecting a year-on-year increase of 2.2%, while the total number of pigs slaughtered in the first half of the year was 36.619 million, up 0.6% year-on-year [4]. Group 2: Production Adjustments - The Ministry of Agriculture and Rural Affairs has mandated the elimination of inefficient sows and control over secondary fattening and slaughter weights to alleviate overcapacity in the industry [1]. - In July, the number of sows eliminated increased by 2.1% month-on-month, while the total breeding sow inventory decreased by 10,000 heads to 40.42 million heads [2]. - Major enterprises are leveraging technological and managerial advantages to accelerate capacity consolidation, while smaller farms are gradually exiting low-efficiency production under policy guidance [1][2]. Group 3: Profitability and Cost Management - The profitability of pig farming has been maintained for about a year and a half, with leading companies reducing costs to around 12 yuan per kilogram, while others hover around 13 yuan per kilogram [3]. - Companies are optimizing sow structures and improving production efficiency, which has become a significant barrier to capacity reduction due to sustained profit realization [3]. - The average weight of pigs at the end of August was reported at 127.83 kilograms, an increase of 1.1 kilograms year-on-year, indicating a trend towards heavier pigs in the market [5]. Group 4: Future Outlook - The market is expected to face increased supply pressure in the second half of the year, with a predicted rise in the number of market-ready pigs due to higher birth rates in April and May [4]. - Short-term price increases are anticipated due to seasonal factors and market sentiment, but the overall price increase potential remains limited [5]. - The market is likely to experience a demand lull post the Mid-Autumn and National Day holidays, which may suppress pig prices as supply recovers [5].