Report Information - Report Title: Pig Daily Report [1] - Report Date: May 21, 2025 [2] Industry Investment Rating - Not provided in the content Core Viewpoints - The supply of live pigs is increasing while demand is weakening, leading to a generally loose supply - demand situation and a weakening trend in spot prices. Futures contracts are also expected to remain weak due to the off - season demand, loose supply - demand, and expected second - round fattening sales [7]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 20th, the main 2509 live pig futures contract opened slightly higher and fluctuated narrowly, closing down. The highest price was 13,730 yuan/ton, the lowest was 13,665 yuan/ton, and the closing price was 13,690 yuan/ton, up 0.18% from the previous day. The total open interest of the index decreased by 1,149 lots to 160,627 lots [6]. - **Spot Market**: On the 20th, the national average price of external ternary pigs was 14.50 yuan/kg, down 0.01 yuan/kg from the previous day [6]. - **Demand Side**: Currently, the fattening cost is low and the breeding profit is good, but the price difference between fat and standard pigs is inverted, and the pen utilization rate is relatively high. The enthusiasm for second - round fattening replenishment is average, with mostly sporadic and continuous entry. As the temperature rises, terminal demand weakens, slaughter enterprise orders decrease, and the slaughter rate and volume decline. On May 20, the slaughter volume of sample slaughter enterprises was 143,500 heads, a decrease of 11,000 heads from the previous day and 40,000 heads from a week ago [7]. - **Supply Side**: According to Yongyi sample data, the planned sales volume in May is 23.65 million heads, a 1.98% increase from the actual slaughter volume in April. Farmers are actively selling pigs, and with the continuous sales of previously second - round fattened pigs, the average slaughter weight has increased slightly [7]. 2. Industry News - From May 11 - 17, the average market sales price of 15kg piglets was 630 yuan/head, down 17 yuan/head from the previous week [10]. - As of May 15, the average profit per self - bred and self - raised pig was 170 yuan/head, a weekly decrease of 19 yuan/head; the average profit per pig fattened from purchased piglets was 118 yuan/head, a weekly decrease of 14 yuan/head [10][11] 3. Data Overview - From May 11 - 17, the national average slaughter weight was 129.71 kg, unchanged from the previous week, a monthly increase of 0.89% and an annual increase of 3.52% [21]. - From May 11 - 17, the price difference between 150 - kg fat pigs and standard pigs was 0.02 yuan/jin, a weekly decrease of 0.01 yuan/jin [21]. - As of May 15, the expected cost of self - bred and self - raised pigs was 13.09 yuan/kg, a weekly increase of 0.1 yuan/kg. The expected cost of fattening purchased piglets to 125 kg and then selling was 15.09 yuan/kg, a weekly decrease of 0.04 yuan/kg [21].

2025 年 5 月 21 日 生猪：情绪偏弱，阶段性去库 | 周小球 | 投资咨询从业资格号：Z0001891 | zhouxiaoqiu@gtht.com | | --- | --- | --- | | 吴昊 | 投资咨询从业资格号：Z0018592 | wuhao8@gtht.com | | 【基本面跟踪】 | | | 生猪基本面数据 | | | 单 位 | 价 格 | | 同 | 比 | | --- | --- | --- | --- | --- | --- | --- | | 价 格 | 河南现货 | 元/吨 | 14750 | | -50 | | | | 四川现货 | 元/吨 | 14250 | | 0 | | | | 广东现货 | 元/吨 | 15140 | | 150 | | | 期 货 | | 单 位 | 价 格 | | 同 | 比 | | | 生猪2507 | 元/吨 | 13355 | | 55 | | | | 生猪2509 | 元/吨 | 13690 | | 5 | | | | 生猪2511 | 元/吨 | 13360 | | -20 | | | | | 单 位 | 成交量 | 较前日 ...

企业代表温氏股份董事长温志芬致辞中表示，温氏集团自2003年首届畜博会起连续二十余年参展，见证 了展会从区域性平台发展为亚洲第一、全球第二的国际畜牧盛会。2025畜博会规模再创新高，展览面积 超18万平方米，吸引全球1500余家展商，覆盖种畜禽、饲料、兽药、畜牧机械等全产业链，专业观众数 量持续攀升。2025畜博会举办期间的高峰论坛、技术研讨会等活动，为行业提供了技术交流与合作契 机。温氏集团积极响应号召，持续加大科技投入，提升核心竞争力，致力于提供优质安全畜产品，同时 践行绿色可持续发展理念，助力畜牧业低碳转型。温氏将深化与行业伙伴合作，共同探索现代化产业体 系建设，并呼吁各界把握畜博会平台机遇，推动技术转化与资源整合。 第二十二 届（2025）中国畜牧业博览会暨2025中国国际畜牧业博览会开幕式（中国畜牧业协会供图） 据了解，2025畜博会特设智能装备、低碳技术、数字解决方案及优质畜产食品展区，集中展示全产业链 创新成果。同期举办"优化产能，提振消费"系列高端论坛，汇聚全球智慧共谋发展路径。 开幕式上，中国畜牧业协会会长蔡辉益在致辞中表示，中国畜牧业正以科技创新和开放合作为引擎，迈 向高质量发展新征程。近 ...

Core Insights - In 2024, Shaanxi province achieved a "four consecutive increases" in grain area, yield, and total production, with output surpassing 13.5 million tons [1][2] - The province has established 8 key industrial chains with a combined output value of 648 billion yuan, and has developed 281 provincial-level integration carriers, leading to the growth of 26 municipal-level chains exceeding 10 billion yuan and 131 county-level chains exceeding 1 billion yuan [1][2] - The number of specialty agricultural products ranks first in the country, with green agricultural products exceeding 1,000 for the first time, and an annual agricultural product inspection pass rate of 99.4% [1][3] Agricultural Development - Shaanxi has intensified efforts in "good fields, good seeds, good opportunities, good methods, and good systems" to reduce costs, increase production capacity, and enhance efficiency in grain production [2] - The province is leveraging smart agriculture technologies, such as water and fertilizer integration systems, to improve production efficiency and quality, benefiting both farmers and the agricultural sector [2] Rural Revitalization - The "Ten Thousand Project" is a key initiative for promoting comprehensive rural revitalization, with 503 provincial-level demonstration villages completed and accepted in 2024 [4] - Infrastructure and public service levels in rural areas, including roads, water supply, internet, education, medical care, and elderly care, have seen continuous improvement [4] - The rural household toilet coverage rate has reached 83.9%, and the comprehensive utilization rates of livestock manure and straw exceed the national average [4]

2025年中央一号文件明确提出"推进肉牛、奶牛产业纾困，稳定基础产能"。 《中国经营报》记者采访了解到，畜牧业经营以家庭散户为主（如家庭农场），管理分散且产业链短， 资产多为活禽活畜，难以作为抵押物。这些经营户现金流不稳定，且具有季节性特征，生产周期长且现 金流依赖畜产品变现。 "银行可在畜牧业的现金流、供应链、技改等方面，开发差异化产品予以支持。如根据畜牧品种生产周 期（如肉牛18—24个月、生猪6—8个月）设计差异化贷款期限，避免短贷长用，并提供现金流缓冲工 具，在价格低谷期允许养殖户暂缓或减少还款，将部分销售收入自动转入还款账户，缓解集中偿债压力 等。"沈佳庆指出。 邵科认为，银行业需围绕行业特点提供金融支持。第一，提供全产业链金融服务，针对规模化养殖企业 提供育种研发采购、养殖和环保设施建设、冷链仓储等中长期信贷，利用供应链金融降低上下游配套企 业以及中小养殖户的融资门槛，根据牲畜生长繁殖周期设计贷款期限，匹配企业现金流；第二，强化科 技赋能业务，利用物联网等技术实时采集活体资产数据，利用区块链技术构建透明、可信的活体资产档 案，缓解评估难、抵押难、管理难等问题，提升融资质效；第三，完善风险分担机制， ...

Core Viewpoint - The successful launch of the first batch of data intellectual property pledge loans by the Bank of China Yunnan Branch expands the channels for inclusive finance to support "high-tech enterprises" and "specialized, refined, and innovative" companies [1] Group 1: Data Intellectual Property Financing - The first data intellectual property pledge loan of 1.2 million yuan was successfully issued to Shengshi Zhiyun (Yunnan) Software Co., Ltd., marking a significant case in Yunnan Province [2] - The data intellectual property was assessed at 3.52 million yuan, showcasing the potential value of data assets in financing [2] - The financing initiative aims to explore market-oriented allocation of data elements and promote high-quality development of the digital economy [2][5] Group 2: Cross-Regional Cooperation - The establishment of a cross-regional registration mutual recognition mechanism between Shanghai and Yunnan has facilitated the financing of agricultural data products, exemplifying a new paradigm of digital economy cooperation [3] - The first data product intellectual property registration certificate in Yunnan was awarded to a company for its "beef cattle physiological data product," enabling a financing model that integrates regional resources [3] Group 3: Financial Innovation for Tech Enterprises - The Bank of China Yunnan Branch has innovated credit assessment models to convert data assets into tangible financial support, particularly for tech and innovative enterprises [4] - A green channel for small and micro enterprises was established, allowing for credit approval and disbursement within two working days [4] Group 4: Collaborative Ecosystem for Digital Economy - The successful implementation of data intellectual property financing is a result of collaboration among government, banks, enterprises, and service providers, providing a replicable model for sustainable development in the digital economy [5] - The initiative highlights the effectiveness of market-oriented reforms in data asset allocation, addressing financing challenges for innovative enterprises [5][6]

从今年的中央一号文件部署推动金融机构加大对乡村振兴领域资金投放，到《加快建设农业强国规划 （2024—2035年）》提出健全农村金融服务体系，随着乡村全面振兴蓝图的铺开，重点旨在促进农村地 区产业发展的普惠金融被寄予更多的希望和重任。 业界人士认为，普惠金融能否取得更大突破，关键节点在于生物性资产能否成为有效的抵（质）押 物。"家财万贯，带毛的不算"，这句俗语说明了牲畜作为生物性资产的特性。而"地是租来的，厂房是 临时的，牛有一大堆"，又是很多养殖业生产主体的真实写照。因为易受疫病、自然灾害的影响以及难 以交易变现和精确计价，生物性资产无法抵押，一直制约着很多农业经营主体难以获得融资。对此， 《国务院办公厅关于做好金融"五篇大文章"的指导意见》明确提出，探索拓宽生物性资产、养殖设施等 抵（质）押资产范围。 数字技术的运用，将生物性资产转化为数字资产，使得活体牲畜抵押逐渐成为现实。今年以来，多地生 物性资产抵押应用突破的消息不断传来。3月份，兴业银行大连分行成功利用"活体奶牛抵押+数字化生 物资产监管"的综合金融服务方案，为大连金弘基种畜有限公司提供1000万元资金支持。据了解，兴业 银行推出的生物资产数字化监 ...

农产品日报 | 2025-05-20 养殖端积极出栏，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13685元/吨，较前交易日变动+25.00元/吨，幅度+0.18%。现货方面，河南地区 外三元生猪价格14.86元/公斤，较前交易日变动-0.06元/公斤，现货基差 LH09+1175，较前交易日变动-65；江苏地 区外三元生猪价格 14.90元/公斤，较前交易日变动-0.06元/公斤，现货基差LH09+1215，较前交易日变动-85；四川 地区外三元生猪价格14.26元/公斤，较前交易日变动+0.00元/公斤，现货基差LH09+575，较前交易日变动-125。 据农业农村部监测，5月19日"农产品批发价格200指数"为114.09，比上周五下降0.75个点，"菜篮子"产品批发价格 指数为114.28，比上周五下降0.89个点。全国农产品批发市场猪肉平均价格为20.91元/公斤，比上周五下降0.1%； 牛肉63.07元/公斤，比上周五下降0.1%；羊肉59.06元/公斤，比上周五下降0.7%；鸡蛋7.94元/公斤，比上周五下降 1.4%；白条鸡17.46元/公斤，比上周五上升 ...

交易咨询业务资格：证监许可【2012】1091号 生猪期货早报 2025-05-20 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 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。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸生猪观点和策略 生猪： 1. 基本面：供应方面，五一小长假结束，国内出栏积极性减弱生猪价格节前小幅反弹节后或回归弱势 ，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、猪价短期呈震荡偏弱格局。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14450元/吨，2509合约基差765元/吨，现货升水期货。偏多。 ...

21世纪经济报道记者唐婧 北京报道 5月19日，第26届中国·青海绿色发展投资贸易洽谈会（以下简称"青洽会"）新闻发布会在京召开。记者 从发布会上获悉，第26届青洽会将于6月25日至29日在西宁举办。 由青海省人民政府主办的青洽会已连续成功举办25届。25年来，青洽会从区域性经贸活动起步，逐步成 长为具有广泛影响力的贸易合作与投资促进平台，成为青海省扩大高水平对内对外开放、深化区域交流 合作的重要窗口和金色名片。 青海省委宣传部供图 青海省人民政府副秘书长史瑞明介绍，本届青洽会以"推介—洽谈—签约"全链条对接为导向，推 出"8+6+3"系列活动，商贸对接更加精准。8项重点活动涵盖中国（青海）—主宾国经贸合作交流会、 青洽会投资说明会暨重大合作项目签约仪式等核心议程；6场专项活动聚焦青海民营经济、特色农牧业 品牌等，开展推介和集中签约；3项配套活动通过成果发布和"云上青洽会"强化线上线下协调联动。通 过分层级、分领域活动设计，精准匹配和对接产业供需资源。 青海省工业和信息化厅副厅长杨忠透露，本届青洽会启用青海国际会展中心（新展馆），展览展示总面 积约6万平方米，展示内容突出青海省产业"四地"建设、绿色算力、生态 ...