Core Viewpoint - The article discusses the emerging "donkey shortage" crisis in China, highlighting the paradox of increasing consumer demand for donkey products while the supply is dwindling due to declining breeding interest among farmers [1][4][7]. Group 1: Current Market Situation - The term "donkey shortage" has gained popularity on social media, with discussions indicating that while cattle and horses are abundant, donkeys are in short supply [1][2]. - China's donkey population has drastically decreased from 11.2 million in the early 1990s to approximately 1.46 million in 2023, primarily due to changes in agricultural practices and consumer preferences [2][6]. - The demand for donkey-derived products, such as donkey-hide gelatin (Ejiao), has surged, necessitating the slaughter of over one million donkeys annually to meet consumer needs [4][6]. Group 2: Economic Factors - The high costs associated with donkey farming, including long breeding cycles (one offspring per year and 2-3 years to reach market weight), deter farmers from raising donkeys compared to more profitable livestock like pigs and chickens [2][3][6]. - The limited economic return from donkey products compared to other livestock further contributes to the decline in domestic donkey farming [2][3]. Group 3: Import Trends - As domestic supply fails to meet rising demand, imports of donkeys are becoming increasingly important, with Pakistan emerging as a key supplier due to its large donkey population [6][7]. - The global donkey market is shifting, with countries like Ethiopia, Sudan, and Pakistan leading in donkey farming, while new regulations in Africa may impact supply chains [6][7]. Group 4: Market Dynamics - The donkey market has experienced a U-shaped demand curve, initially declining due to mechanization and then rebounding as health trends favor donkey products [7][9]. - Companies are expected to adapt by establishing their own breeding bases and creating a dual supply model to stabilize the supply chain, addressing the current "donkey shortage" [9].

央视网消息：新疆维吾尔自治区成立70周年庆祝大会9月25日隆重举行。这些年，新疆的新发展、新变化体现在新疆的每一寸 土地上、每一个家庭中、每一个人身上。克拉玛依是新疆著名的石油之城，现在它已经"更新"成了一个"数字算力高地"，越来越多 的新疆青年在新产业里展现着新的风貌。 企业负责人余江华介绍，2025年2月份，博乐市的牧民通过线上问诊，找到了远在乌鲁木齐500公里以外的专家，救治了100多只 羊，为他们直接减少养殖损失高达8万元。 余江华的团队都是土生土长的克拉玛依人，平均年龄不到30岁。这些学习软件开发、大数据分析的年轻人，回到家乡后却出人意料 地投身畜牧业，开发了一款App，帮助牧民应对动物疾病，降低养殖风险。 以石油闻名的克拉玛依，近日迎来了一场充满科技感的人工智能应用大赛。一群年轻人站上舞台，展示他们如何用技术改变传统、 连接未来。 余江华表示，自豪感肯定有，他们选择回到家乡，用技术赋能传统行业。 克拉玛依市第一中学生物教师马兰表示，她觉得这是一件特别酷的事情，AI时代这样来做老师非常有意思，以后克拉玛依会 很"AI"。 不仅如此，传统石油行业也在年轻人的创新中悄然蜕变。这款最新研发的焊接机器人可以 ...

农产品日报 | 2025-09-25 挺价情绪渐起，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12730元/吨，较前交易日变动+65.00元/吨，幅度+0.51%。现货方面，河南地区 外三元生猪价格12.79元/公斤，较前交易日变动-0.03元/公斤，现货基差 LH11+60，较前交易日变动-95；江苏地区 外三元生猪价格 12.89元/公斤，较前交易日变动+0.01元/公斤，现货基差LH11+160，较前交易日变动-55；四川地 区外三元生猪价格12.29元/公斤，较前交易日变动+0.00元/公斤，现货基差LH11-440，较前交易日变动-65。 据农业农村部监测，9月24日"农产品批发价格200指数"为118.78，比昨天上升0.50个点，"菜篮子"产品批发价格指 数为119.70，比昨天上升0.58个点。全国农产品批发市场猪肉平均价格为19.60元/公斤，比昨天上升0.2%；牛肉66.16 元/公斤，比昨天上升0.3%；羊肉61.63元/公斤，比昨天上升0.1%；鸡蛋8.49元/公斤，与昨天持平；白条鸡17.96元/ 公斤，比昨天上升1.1%。 市场分析 综合来看， ...

Core Viewpoint - The article discusses tax incentives for agricultural enterprises, including reduced corporate income tax rates and exemptions for specific agricultural processing projects [3][6]. Group 1: Corporate Income Tax Reductions - Enterprises engaged in the cultivation of flowers, tea, and other beverage crops, as well as spice crops, are eligible for a 50% reduction in corporate income tax [3]. - Aquaculture activities, including marine and inland farming, also qualify for the same tax reduction [3]. Group 2: Exemptions for Agricultural Processing - Certain agricultural processing projects are exempt from corporate income tax, including initial processing of grains, forestry products, horticultural plants, oilseeds, sugar crops, tea, medicinal plants, fiber plants, tropical crops, livestock, feed, forage, aquatic animals, and aquatic plants [3]. - Specific guidelines are provided for the treatment of livestock and poultry farming, as well as ornamental crop cultivation, under the relevant tax policies [3]. Group 3: Documentation and Compliance - Enterprises must self-assess and declare their eligibility for tax incentives, maintaining relevant documentation for review by tax authorities [3]. - Required documentation includes certificates or proof of qualifications related to the agricultural activities undertaken [4].

Group 1 - The company emphasizes the importance of disease prevention in pig farming and has established a regular disease control system [1] - The company has implemented widespread training on biosecurity measures for all employees [1] - Overall, the company's situation is stable, and production operations are normal [1]

Group 1: Government Bond Trading and Monetary Policy - The expectation for government bond trading is heating up, while the reality is cooling down, with liquidity management remaining a key focus [1] - If interest rate cuts occur, the extent of the cuts will significantly impact the bond market, with a likely continuation of a 10 basis point reduction seen in the first half of the year [1] - The central bank's potential reintroduction of government bond trading tools is expected to enhance banks' asset-liability management stability [5] Group 2: Innovation in Pharmaceutical Industry - The Chinese innovative drug industry is transitioning towards global commercialization, with a strong pipeline of quality projects driving industry growth [8] - Early drug development in China is significantly faster than the global average, saving 30%-50% of time from target validation to product commercialization [8] - Future innovation will further unlock commercial value, with academic and industrial collaborations playing a crucial role in successful drug development [8] Group 3: Dairy and Meat Industry Trends - The dairy sector is experiencing a strong supply contraction, with demand expected to rise due to seasonal consumption and supportive policies [11] - The meat industry is at a super cycle turning point, with reduced import volumes anticipated due to narrowing price differentials [11] - The interconnection between dairy and meat sectors is expected to enhance profitability for livestock companies [11] Group 4: Company Performance and Projections - A company reported a 44.50% year-on-year increase in revenue for the first half of 2025, driven by demand in the smart connected vehicle and edge AI hardware sectors [14] - Another company achieved a 13.55% year-on-year revenue growth in 2024, with a significant market share in the global SSD controller market [16] - A third company reported a 11.02% year-on-year revenue increase in the first half of 2025, with ongoing acquisitions to expand its product offerings [22]

大宗商品研究所 农产品研发报告 生猪日报 2025 年 9 月 24 日 【生猪日报】出栏压力略有好转 现货小幅震荡 Z0015458 联系方式： chenjiezheng_qh@chinastock.c om.cn | | | | | 生猪价格日报 | | 2025/9/24 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 现货价格 | | | | | | 今 日 | 昨 日 | 变 化 | | 今 日 | 昨 日 | 变 化 | | 河南（0） | 12.78 | 12.88 | -0.10 | 山西 （-100） | 12.24 | 12.28 | -0.04 | | 湖北（0） | 12.52 | 12.52 | 0.00 | 辽 宁 | 12.69 | 12.65 | 0.04 | | 安徽（200） | 12.87 | 12.90 | -0.03 | 吉林（-300） | 12.68 | 12.65 | 0.03 | | 湖南（100） | 12.40 | 12.40 | 0.00 | 黑龙江 | 12.59 | 12 ...

Group 1 - Xinjiang's agricultural production has significantly transformed over the past 70 years, with per capita grain consumption increasing from less than 200 kg to achieving the highest grain yield in the country [1] - In 2024, Xinjiang's grain yield reached 1049.7 jin per mu, with total root crop production increasing from 30.35 billion jin in 2012 to 46.6 billion jin in 2024, a growth of 53.6% [2] - Xinjiang cotton production in 2024 totaled 5.686 million tons, accounting for 92.3% of the national total, maintaining its position as the leading cotton-producing region for 32 consecutive years [3] Group 2 - Modern technology has transformed livestock farming in Xinjiang, making it a major producer of high-quality livestock products [4] - Xinjiang's fruits, such as Hami melons, Turpan grapes, Korla pears, and Aksu apples, are highly favored in the national fruit market, benefiting from unique climatic conditions that enhance their sweetness and aroma [7] - In 2024, Xinjiang's aquatic product output reached 192,500 tons, with the region becoming known for its diverse seafood offerings [9]

Core Insights - The Global Development Initiative proposed by President Xi Jinping has gained traction over the past four years, fostering a consensus on prioritizing development and contributing to the construction of a community with a shared future for mankind [1] Agricultural Modernization in Uganda - Uganda, known for its favorable climate and abundant rainfall, is experiencing significant agricultural modernization, particularly through the South-South cooperation project involving China and the FAO [1] - The project has led to substantial increases in rice yields, with hybrid rice production reaching 2 to 3 times that of conventional varieties [2][3] Impact on Local Farmers - Approximately 90,000 acres of rice fields have achieved high yields, benefiting nearly 8,000 farmers with an average annual income increase of about 8 million Ugandan Shillings [3] - The introduction of high-quality millet varieties has also resulted in yield increases of 4 to 5 times compared to local varieties, with demonstration planting covering 1,000 acres [3] Innovative Agricultural Techniques - The rice-fish co-culture technique has been successfully implemented, providing ecological benefits and increasing productivity without the use of pesticides [5] - The establishment of agricultural technology demonstration centers has facilitated the training of local farmers, enhancing their agricultural skills and knowledge [6] Broader Agricultural Cooperation - The collaboration between Uganda and China in agriculture is seen as a successful model of South-South cooperation, with potential to elevate agricultural development across the region [7] - Ongoing projects include agreements for the export of various agricultural products to China and the establishment of a working station for agricultural technology exchange [6][7]

1)去化或已进入尾声。奶价下行4年，行业亏损1.5年，带来奶牛产能已去化约8%(截至25年8月)，叠加 三季度青贮饲料采购季临近，资金需求陡增，或将迫使资金状况不佳的牧场存栏量被动加速出清。以24 年年底产能为基数，该行测算行业有望在今年年底或26H1完成产能筑底，实现奶价拐点。 天风证券（601162）发布研报称，25H1奶价承压，牧企中报表现分化。相较于猪养殖，牛行业的补栏 周期显著更长。从犊牛培育到可投产的成牛，整个周期通常需要约2年时间，远长于猪的10个月补栏周 期。这种更长的生产周期特性，使得行业产能调整相对滞后，因此其周期性的景气阶段往往持续时间更 久。此外，与传统畜禽不同，牛养殖的供给端扰动因素较少(如无禽类行业的换羽等现象)，使得产能变 化趋势的确定性更强。当前肉牛价格进入上行通道，淘汰母牛价格同步回暖，考虑到淘汰母牛占牧场生 物资产存量的重要比重，其价格回暖对当期利润的提振作用不容忽视，有望成为牧企短期业绩的重要助 推力。 天风证券主要观点如下： 奶牛板块：供给强收缩，去化或已进入尾声! 具体标的 1)肉牛在母牛持续减产+奶牛淘牛减少+进口增量受限下，2025H2商品肉牛供给预计进入收缩通道 ...