1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The supply and demand of live pigs are expected to increase this week, and the pig price is predicted to bottom out and rebound, maintaining a range - bound pattern. The live pig LH2511 is expected to fluctuate within the range of 13,400 to 13,800 [10]. 3. Summary According to the Table of Contents 3.1 Daily Tips - The fundamentals show that in August, the supply and demand peak season before the Mid - Autumn Festival and National Day is approaching. The supply of pigs and meat is expected to increase this week. The demand is affected by the pessimistic macro - environment and high - temperature weather, but the tariff increase on imported pork from the US and Canada boosts market confidence. The market is expected to have both supply and demand increase, and the pig price will maintain a short - term oscillatory pattern. Attention should be paid to the changes in the monthly group - farm slaughter rhythm and the secondary fattening market dynamics. The overall assessment is neutral. - The basis of the 2511 contract is - 20 yuan/ton, with the spot price at a discount to the futures price, also rated as neutral. - As of June 30, the live pig inventory was 424.47 million heads, a 0.4% month - on - month increase and a 2.2% year - on - year increase. As of the end of June, the inventory of breeding sows was 40.42 million heads, a 0.02% month - on - month increase and a 4.2% year - on - year increase, which is bearish. - The price is below the 20 - day moving average and the direction is downward, also bearish. - The net long position of the main contract is increasing, which is bullish. - It is expected that the supply and demand of live pigs will pick up recently, and the pig price will bottom out and rebound, maintaining a range - bound pattern this week [10]. 3.2 Recent News - China's tariff increase on imported pork from the US and Canada boosts market confidence. After the May Day holiday, the domestic live pig consumption market entered the off - season, with both supply and demand decreasing. The spot price oscillated weakly in the short term, and the futures market followed the same pattern. - After the May Day holiday, the demand for pork decreased in the short term. Affected by the decrease in both supply and demand, the spot price of live pigs oscillated weakly, but the decline may be limited due to the reduction in slaughter. - The profit of domestic pig farming remains at a low level, but there is still a short - term profit. The enthusiasm for slaughtering large pigs is relatively high in the short term. The decrease in both supply and demand suppresses the short - term price expectations of live pig futures and spot markets. - The spot price of live pigs may oscillate weakly after the May Day holiday, and the futures market will generally maintain a weakly oscillatory pattern. When the market stabilizes depends on the future reduction in supply and the recovery of demand [12]. 3.3 Bullish and Bearish Factors - Bullish factors include the year - on - year decline in domestic live pig inventory and the limited room for further decline in domestic live pig spot prices. - Bearish factors are the pessimistic expectations in the domestic macro - environment due to the Sino - US tariff war and the entry of the live pig and pork consumption market into the off - season after May Day. The current main logic is that the market focuses on the slaughter situation of live pigs and the demand for fresh meat [13]. 3.4 Fundamental Data - The report provides data on live pig futures, warehouse receipts, and spot prices from August 20th to 28th, including prices of near - month 2509, main 2511, and other contracts, as well as the spot prices of outer - ternary live pigs in different regions [14]. - There are also various charts showing the trends of live pig futures basis and spreads, spot prices of different specifications of pigs, and supply - side indicators such as the prices of binary sows, 7kg piglets, and culled sows, piglet feed - to - meat ratio and survival rate, inventory at different levels (rural agriculture department, scale farms), pork imports, fattening costs, feed profit expectations, slaughter volume, slaughter profit, and alternative meat price differences [15][17][23]. - On the demand side, there are charts showing the trends of slaughter - end prices, slaughter profit, demand slaughter volume, consumption trends, pig - to - grain ratio, and the situation of state reserve purchases and releases [50][54][60]. 3.5 Position Data No specific position data is summarized in the given content.

1、《中共中央国务院关于推动城市高质量发展的意见》对外公布。意见提出，到2030年，现代化人民城市建设取得重要进展， 适应城市高质量发展的政策制度不断完善，新旧动能加快转换，人居品质明显提升，绿色转型深入推进，安全基础有力夯实， 文化魅力充分彰显，治理水平大幅提高；到2035年，现代化人民城市基本建成。 2、印度政府决定将棉花进口关税豁免期限从2025年9月30日延长至2025年12月31日。 3、据Mysteel，截至8月28日当周，螺纹钢产量由降转增，厂库由增转降，社库连续第七周增加，表需连续第二周增加。其中， 螺纹社库453.77万吨，较上周增加21.26万吨，增幅4.92%；螺纹表需204.21万吨，较上周增加9.41万吨，增幅4.83%。 早盘速递 2025/8/29 热点资讯 品 各 板 块 资 金 占 比 -1.00 -0.50 0.00 0.50 板块持仓 (350,000) (300,000) (250,000) (200,000) (150,000) (100,000) (50,000) 0 50,000 100,000 150,000 Wind农副产品 Wind谷物 Wind化工 Win ...

Group 1 - Company reported a total operating revenue of 2.376 billion yuan, ranking 10th among disclosed peers [1] - The net profit attributable to shareholders was -23.507 million yuan, ranking 15th among disclosed peers [1] - The net cash inflow from operating activities was 145 million yuan [1] Group 2 - The latest debt-to-asset ratio is 72.08%, ranking 15th among disclosed peers, an increase of 0.64 percentage points from the previous quarter [3] - The latest gross profit margin is 7.47%, ranking 13th among disclosed peers, a decrease of 0.04 percentage points from the previous quarter and a decrease of 0.82 percentage points from the same period last year [3] - The latest return on equity (ROE) is -1.58%, ranking 13th among disclosed peers [3] - The diluted earnings per share is -0.03 yuan, ranking 14th among disclosed peers [3] - The latest total asset turnover ratio is 0.43 times, ranking 12th among disclosed peers [3] - The latest inventory turnover ratio is 3.21 times, ranking 8th among disclosed peers [3]

Group 1 - Dalian Commodity Exchange announced the addition of Siyang Dekang Agricultural and Animal Husbandry Co., Ltd. as a sub-warehouse for Sichuan Dekang Agricultural and Animal Husbandry Food Group Co., Ltd. [1] - Guangxi Nongken Yongxin Animal Husbandry Group Shengtang Animal Husbandry Co., Ltd. has been added as a non-group delivery warehouse for live pigs [1] - The newly added group and non-group delivery warehouses are qualified designated delivery locations [1] Group 2 - Jiangsu Lihua Animal Husbandry Co., Ltd. has changed its name to Jiangsu Lihua Food Group Co., Ltd. [1] - Jiangsu Lihua Food Group Co., Ltd. inherits the rights and obligations of the designated delivery warehouse for live pigs previously held by Jiangsu Lihua Animal Husbandry Co., Ltd. [1]

北京商报讯（记者 孔文燮）8月28日晚间，原生态牧业披露的2025年中期业绩显示，实现收益约13.12亿 元，同比增长8.88%；实现净利润约1.19亿元，同比减少7.85%。 ...

Core Viewpoint - Yisheng Co., Ltd. continues to lead the domestic white feather broiler breeding sector by importing a significant number of breeding stock from France, enhancing its market position and supply capabilities [1] Group 1: Company Developments - On August 28, Yisheng Co., Ltd. imported 14,000 sets of breeding stock of the Lihong Zuda white feather broiler chicken from France, marking the second batch of imports for the month and the tenth batch for the year [1] - The imported breeding stock has successfully cleared customs at Beijing Capital International Airport and completed the necessary quarantine procedures [1] Group 2: Market Position - With the latest import, Yisheng Co., Ltd. has achieved a cumulative import volume of 162,000 sets for the year, representing 59% of the total national import volume [1] - The company maintains a dominant position in the domestic white feather broiler breeding supply market, reinforcing its leadership status [1]

Core Viewpoint - Shennong Group reported strong financial performance for the first half of 2025, with significant increases in revenue and net profit, indicating improved profitability and operational efficiency [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 2.798 billion yuan, a year-on-year increase of 12.16% [1] - Net profit attributable to shareholders was 388 million yuan, up 212.65% year-on-year [1] - Gross margin improved to 21.89%, reflecting a 79.09% increase compared to the previous year [1] - Net margin rose to 13.85%, marking a 178.86% increase year-on-year [1] - Earnings per share (EPS) increased to 0.75 yuan, a rise of 212.5% [1] Cost Structure and Efficiency - The company aims to reduce costs by 1 yuan per kilogram by optimizing various cost components, including weaning costs and feed costs [5] - The total cost of piglets was reported at 2.9 yuan/kg, with feed costs at 6.7 yuan/kg [4] - Sales expenses increased by 24.64% due to expanded business scale and increased employee compensation [4] - Management expenses rose by 8.69%, attributed to higher employee costs [4] - Financial expenses decreased by 38.5% due to reduced interest payments [4] Investment and Cash Flow - Net cash flow from operating activities increased by 88.16%, driven by higher sales volumes [4] - The company reported a significant decrease in cash flow from financing activities, down 180.8%, due to reduced borrowing and increased land lease payments [2] Market Position and Future Outlook - The company has a strong return on invested capital (ROIC) of 13.49% for the previous year, indicating robust capital efficiency [4] - The company plans to enhance operational efficiency and replicate successful cost management practices across its units [5] - The proportion of contract farming is currently around 70%, with plans to increase this model in the future [6] Fund Holdings - The largest fund holding Shennong Group shares is the Yinhua Agricultural Industry Stock Fund, with a current scale of 430 million yuan [3]

Core Viewpoint - In August, the national pig prices experienced a downward trend due to a combination of increased supply from farms and the traditional off-season for consumption. The market is expected to continue facing oversupply in September, with potential downward pressure on prices, necessitating close monitoring of policy implementation [1]. Group 1: August Pig Price Trends - In August, the national average pig price was 13.80 yuan/kg as of August 27, reflecting a month-on-month decrease of 5.15% and a year-on-year decline of 32.16% [2]. - The highest price recorded was 14.27 yuan/kg on August 1, while the lowest was 13.59 yuan/kg on August 27, with a maximum price difference of 0.68 yuan/kg [2]. Group 2: Supply and Demand Dynamics - The supply side saw a high outflow from farms in early August, with larger pigs entering the market, leading to an abundance of supply. However, demand was weak due to high temperatures and the traditional off-season for pork consumption [4]. - As August progressed, smaller pigs (110-120 kg) began to dominate the market, which, due to their shorter turnover and lower costs, further pressured overall market prices downward [4]. - Despite a slight improvement in demand towards the end of August due to school and enterprise stocking, the overall purchasing volume was lower than in previous years, limiting the demand's impact on prices [4]. Group 3: September Price Outlook - In September, the pig supply is expected to increase due to delayed outflows from farms, with some farms possibly accelerating their outflow to avoid excessive supply pressure in the fourth quarter [5]. - The demand in early September is anticipated to remain weak, with only a slight improvement expected due to the upcoming National Day and Mid-Autumn Festival, but overall support for prices is limited [5]. - Policy changes regarding cross-province pig transportation starting September 1, 2025, may have mixed effects on different regions, necessitating ongoing observation of policy impacts on the market [5].

Core Insights - The livestock market in Xilin Gol Grassland is experiencing a peak season for livestock sales, with various sales channels facilitating the distribution of high-quality beef and lamb to national markets, thereby increasing income for herders [1][4] - Xilin Gol League is a significant output base for green agricultural and livestock products, with beef and lamb being primary products for local farmers [1][4] Group 1: Market Activity - The livestock trading market in West Ujumqin Banner is bustling, with merchants from Liaoning and Jilin selecting high-quality cattle and horses, often making large purchases of hundreds or thousands of heads [1] - Many herders are opting to sell their livestock earlier this year due to favorable weather conditions, which have led to better livestock condition and economic benefits [1][4] Group 2: Pricing and Sales - A herder in the West Ujumqin Banner sold seven bull calves at a satisfactory price of 8,800 yuan each, with an average weight of 500 pounds [1] - In Sunite Left Banner, the local meat processing industry is operational, with five companies processing sheep and several livestock trading markets beginning transactions [2] Group 3: Government Support and Future Plans - Local government departments have proactively coordinated efforts to ensure smooth livestock sales, monitoring purchase prices and facilitating market access [4] - There are currently 42 slaughter and processing enterprises operating in Xilin Gol League, with plans to sell over 8 million livestock by 2025 [4]

1. Report Industry Investment Ratings - The report does not provide overall industry investment ratings 2. Core Views of the Report - The dollar index is expected to move in a volatile manner due to EU sanctions on Russia and political events in France and Ukraine [14][15] - The upward trend of US stocks remains intact, and investors can buy on dips after short - term corrections, supported by tech giants' AI capital expenditure and interest - rate cut expectations [18][19] - For stock index futures, it is recommended to allocate evenly among various stock indices, considering policies to expand service consumption and industrial profit data [20][22] - In the bond market, unilateral long positions should be taken with caution. Investors with stock positions can consider long bonds to hedge potential stock price corrections [24][25] - For commodities, different investment suggestions are provided for each category based on their specific supply - demand fundamentals and market conditions 3. Summary by Directory 3.1 Financial News and Reviews 3.1.1 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Ukraine and the US will hold a meeting on the 29th to discuss security guarantees for Ukraine. France's Prime Minister will meet with the opposition to avoid a trust vote. The EU is considering secondary sanctions on Russia [12][13][14] - The dollar index is expected to move in a volatile manner due to these events [15] 3.1.2 Macro Strategy (US Stock Index Futures) - NVIDIA's data center revenue in the last fiscal quarter was lackluster, and the revenue guidance was not impressive. Fed official Williams hinted at a possible adjustment in interest - rate policy [16][17] - The short - term adjustment of US stocks is to release valuation pressure, and the upward trend remains intact. Investors can buy on dips [18][19] 3.1.3 Macro Strategy (Stock Index Futures) - The Ministry of Commerce will introduce policies to expand service consumption in September, and jointly formulate measures to promote service exports with relevant departments [20] - In July, the year - on - year decline in industrial enterprise profits narrowed. It is recommended to allocate evenly among various stock indices [21][22] 3.1.4 Macro Strategy (Treasury Bond Futures) - From January to July, the profit growth rate of industrial enterprises above designated size decreased by 1.7% year - on - year. The central bank conducted a 3799 - billion - yuan 7 - day reverse repurchase operation, with a net withdrawal of 2361 billion yuan [23][24] - Unless the stock market continues to adjust or the central bank's monetary policy turns unexpectedly loose, treasury bonds lack the opportunity for continuous growth. Unilateral long positions should be taken with caution [24][25] 3.2 Commodity News and Reviews 3.2.1 Agricultural Products (Soybean Meal) - In September, the estimated arrival of imported soybeans at domestic oil mills is about 10.3025 million tons, and the estimated arrivals in October and November are 9 million tons and 7.5 million tons respectively [26] - The USDA will release its export sales report. Sino - US relations are the most important uncertain factor affecting the price trend. The price of soybean meal is expected to move in a volatile manner [27] 3.2.2 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - From August 1 - 25, Malaysia's palm oil exports increased by 36.41% month - on - month. Malaysia has formulated an emergency plan for agricultural exports according to EU regulations [28][29] - The short - term trend of the oil market is expected to be volatile, waiting for more data [30] 3.2.3 Agricultural Products (Cotton) - New cotton picking in Xinjiang is expected to be advanced. Brazil's cotton harvesting progress is 60.3%, and the growth progress of US cotton is slow but the quality is high [31][32][33] - Before the new cotton is listed, the supply is tight, which will support the price in the short term. Zheng cotton is expected to move in a volatile manner [34] 3.2.4 Black Metals (Rebar/Hot - Rolled Coil) - From January to July, 19,800 old urban residential areas were newly started for renovation. In July, transportation fixed - asset investment was 306.1 billion yuan. In August, the retail and wholesale of passenger cars increased year - on - year [35][37][38] - Steel prices are expected to move in a volatile manner, and a short - term volatile trading strategy is recommended [38][39] 3.2.5 Black Metals (Coking Coal/Coke) - The price of coking coal in the southwest market is stable. The coking coal futures price is expected to adjust in the short term but has strong support below [40][42] 3.2.6 Agricultural Products (Corn Starch) - From August 21 - 27, the开机率 of the corn starch industry decreased slightly, and the inventory also decreased slightly. The current inventory is at a high level, and the seasonal de - stocking inflection point may be postponed [43] - The price difference between corn starch and corn has fallen to a low level, and investors can pay attention to the opportunity to widen it [44] 3.2.7 Agricultural Products (Corn) - As of August 22, the inventory of corn in the northern port continued to decline, and the grain inventory in the southern port increased slightly month - on - month [45] - Short positions can be held for a while, and attention should be paid to factors affecting supply and demand [45] 3.2.8 Agricultural Products (Pigs) - In the first half of 2025, Muyuan Co., Ltd. had significant growth in revenue and net profit. The short - term trend of pig futures is expected to be volatile and weak, and investors can pay attention to the reverse - spread opportunity [47][48] 3.2.9 Black Metals (Steam Coal) - In July, the coal import volume of the Philippines decreased. The price of steam coal is expected to continue its seasonal weakness [49][50] 3.2.10 Black Metals (Iron Ore) - Fortescue's iron ore shipments in FY25 reached 198.4 million tons, and its cost decreased. The iron ore price is expected to move in a volatile manner, and the iron - making volume is expected to decline next week and then rebound [51][52] 3.2.11 Agricultural Products (Red Dates) - The main producing areas of red dates in Xinjiang have entered the sugar - increasing period. The price of red date futures is expected to move in a narrow range around 11,400 yuan/ton, and investors are advised to wait and see [54][55] 3.2.12 Non - ferrous Metals (Lead) - On August 26, the LME0 - 3 lead was at a discount of $38.74/ton. The US may list lead as a critical mineral, and the regeneration rate in September may decline [56] - It is recommended to wait and see in the short term [57] 3.2.13 Non - ferrous Metals (Zinc) - On August 26, the LME0 - 3 zinc was at a discount of $4.61/ton. Zijin Mining's zinc production increased. The stock market decline affected zinc prices, and the domestic supply is loosening [58][59] - It is recommended to wait and see for unilateral trading and pay attention to medium - term positive - spread opportunities [60] 3.2.14 Non - ferrous Metals (Lithium Carbonate) - The phosphoric acid iron - lithium industry proposed to resist price competition and strengthen capacity self - discipline. The Bougouni lithium mine in Mali was attacked [61][62] - It is recommended to pay attention to the opportunity of buying on dips and positive - spread trading [63] 3.2.15 Non - ferrous Metals (Copper) - The second - stage pumping operation of the Kakula mine is about to start. Canada is researching a financing plan for key mineral projects [64][65] - The copper price is expected to remain high and volatile, and it is recommended to buy on dips [67] 3.2.16 Non - ferrous Metals (Nickel) - Eramet plans to increase its nickel ore production to 42 million tons this year. The price of nickel ore is expected to decline in September - October, and the nickel price is expected to have short - term band - trading opportunities and medium - term short - selling opportunities [69][71] 3.2.17 Energy Chemicals (Crude Oil) - From August 16 - 22, US EIA commercial crude oil and refined product inventories decreased. The oil price is expected to move in a volatile manner in the short term, and attention should be paid to the seasonal inventory accumulation in the fourth quarter [72][73] 3.2.18 Energy Chemicals (Caustic Soda) - On August 27, the price of liquid caustic soda in Shandong increased slightly. The supply is sufficient, and the demand is stable. The price of low - concentration liquid caustic soda is expected to remain stable in the near future [74][75] - Investors should be cautious when chasing high prices [76] 3.2.19 Energy Chemicals (Pulp) - The price of imported wood pulp decreased. The pulp market is expected to move in a weak and volatile manner [77][78] 3.2.20 Energy Chemicals (PVC) - The price of PVC powder decreased. The PVC futures price is expected to move in a volatile manner [79][81] 3.2.21 Energy Chemicals (Styrene) - From August 20 - 27, the inventory of styrene in East China ports increased. The styrene market in September is expected to improve marginally, but there may be inventory accumulation pressure in the fourth quarter [82][83] 3.2.22 Energy Chemicals (Bottle Chips) - The export quotes of bottle - chip factories are mostly stable, with individual slight decreases. The inventory of bottle chips is accelerating to decline, and attention should be paid to the pressure on processing fees from plant restart and new capacity in September [84][86] 3.2.23 Shipping Index (Container Freight Rate) - Portugal plans to invest 3.97 billion euros to upgrade its ports. The spot freight rate is weakening, and the demand is decreasing. The freight rate is expected to continue to decline [87][88][89]