Core Viewpoint - The article emphasizes the importance of rural revitalization and agricultural development in China, highlighting efforts to enhance productivity, improve living standards, and promote sustainable practices in various regions [7]. Group 1: Agricultural Development - Inner Mongolia's Alukerqin Banner is focusing on alfalfa cultivation, showcasing advancements in agricultural technology and practices [1]. - Hubei's Yunxi County is actively developing a cultural tourism industry chain, integrating agriculture with cultural and tourism sectors [3]. - Qinghai's Delingha City is utilizing collective land to develop a comprehensive rural economy, contributing to local income growth [5]. Group 2: Rural Revitalization - The article discusses the significant role of agriculture in providing employment for nearly 200 million people and housing for around 500 million farmers, underlining the sector's contribution to national food security [7]. - There is a concerted effort across various regions to enhance crop yields and quality, with a focus on local conditions to develop specialty industries [7]. - The "Light and Shadow China" photography team is documenting successful rural practices and resource utilization in regions like Inner Mongolia and Liaoning, showcasing progress in building livable and prosperous rural communities [7][8].

Core Viewpoint - The company is expanding its business into digital cultural creativity through the establishment of a new subsidiary, aiming to diversify its revenue streams and enhance its risk resilience [2] Group 1: Company Overview - Shenzhen Jiankai Zhino Agricultural Technology Co., Ltd. has established a wholly-owned subsidiary, Shenzhen Jiutian Zhishang Technology Media Co., Ltd., which focuses on digital cultural creative businesses, including the development, operation, and sales of trendy IP products [2] - The registered capital of Shenzhen Yingyun Zhidai Cultural Technology Co., Ltd. is 1 million yuan, with Jiutian Zhishang holding 51% and a professional team holding 49% [2] Group 2: Market Positioning - The company differentiates itself from other IP operators by focusing on the back-end operations of IP, targeting existing user bases for precise engagement and differentiated monetization strategies [2] - The cultural consumption market is evolving, with younger generations seeking personalized experiences, leading to a shift in focus from front-end IP incubation to back-end operational capabilities [2] Group 3: Future Plans - The company currently has over 50 IPs available for collaboration and plans to sign and incubate more than 10 new IPs in the coming year [2] - The new IP operation business will adopt a light asset model, allowing for quicker business cycles and potentially creating a significant profit stream as a second growth curve for the company [2]

今 日 昨 日 变 化 今 日 昨 日 变 化 河南（0） 14.59 14.72 -0.13 山 西 14.55 14.58 -0.03 湖北（0） 14.43 14.43 0.00 辽 宁 14.29 14.36 -0.07 安徽（300） 14.77 14.81 -0.04 吉 林 14.24 14.27 -0.03 湖南（100） 14.28 14.28 0.00 黑龙江 14.20 14.24 -0.04 四川（-200） 14.27 14.27 0.00 福 建 14.72 14.72 0 江西（100） 14.37 14.37 0.00 广 东 15.18 15.09 0.09 山东（0） 14.85 14.88 -0.03 广西(-200) 14.11 14.03 0.08 江苏（500） 14.87 14.87 0.00 云 南 14.37 14.27 0.1 河北（-100） 14.63 14.76 -0.13 贵 州 14.27 14.17 0.1 内蒙（-800） 14.29 14.32 -0.03 陕西(-300) 14.33 14.43 -0.1 浙江（1100） 14.93 14 ...

农产品日报 | 2025-05-21 供需博弈，猪价维持震荡 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13690元/吨，较前交易日变动+5.00元/吨，幅度+0.04%。现货方面，河南地区 外三元生猪价格14.75元/公斤，较前交易日变动-0.11元/公斤，现货基差 LH09+1060，较前交易日变动-115；江苏 地区外三元生猪价格 14.90元/公斤，较前交易日变动+0.00元/公斤，现货基差LH09+1210，较前交易日变动-5；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+570，较前交易日变动-5。 据农业农村部监测，5月20日"农产品批发价格200指数"为113.92，比昨天下降0.17个点，"菜篮子"产品批发价格指 数为114.09，比昨天下降0.19个点。全国农产品批发市场猪肉平均价格为20.76元/公斤，比昨天下降0.7%；牛肉63.06 元/公斤，与昨天持平；羊肉59.39元/公斤，比昨天上升0.6%；鸡蛋7.83元/公斤，比昨天下降1.4%；白条鸡17.29元/ 公斤，比昨天下降1.0%。 市场分析 综合来看，未 ...

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]

Core Viewpoint - The Chinese government aims to support the beef and dairy industries by addressing financial difficulties and stabilizing production capacity, as outlined in the 2025 Central Document No. 1 [1] Group 1: Industry Characteristics - The livestock industry is primarily composed of family-run operations, which have fragmented management and short supply chains, making it difficult to use livestock as collateral [1] - The industry exhibits significant cyclical characteristics, with cash flow heavily reliant on the sale of livestock products, and is affected by seasonal factors [3] - The industry faces high risks, including disease outbreaks and natural disasters, which can lead to substantial production interruptions [3] - The valuation of live livestock as collateral is challenging due to price volatility and the lack of standardized assessment systems [3] Group 2: Financial Innovations - Banks have introduced innovative financing products like "Beef Cattle Loans," which utilize real-time asset data and a comprehensive credit assessment model to facilitate loans for livestock farmers [2] - The Agricultural Bank of China has developed a "Smart Livestock Loan" that combines government, insurance, banks, and farmers to create a comprehensive financial service model [4] - Financial institutions are encouraged to provide differentiated financial products based on the production cycles of livestock, allowing for tailored loan terms and cash flow management tools [4][5] Group 3: Risk Management and Cost Control - The futures market plays a crucial role in risk management by allowing farmers to hedge against price fluctuations in feed costs, which constitute 50%-60% of beef cattle farming expenses [6] - Recent price increases in futures for corn and soybean meal highlight the importance of futures contracts in stabilizing costs for livestock producers [6] - The integration of technology, such as IoT and blockchain, is essential for improving asset management and risk assessment in the livestock sector [5][6]

Group 1 - The livestock ETF (159867.SZ) increased by 1.16%, with the related index, the CSI Livestock Index, rising by 1.41% [1] - Major constituent stocks such as Haida Group, Ruipeng Biological, and Juxing Agriculture saw significant increases, with Ruipeng Biological up by 12.46% [1] - The Hong Kong government announced a suspension of imports of poultry and poultry products from certain regions in Brazil and the United States due to outbreaks of highly pathogenic H5N1 avian influenza, which has led to increased attention on the domestic livestock industry [1] Group 2 - According to Citic Securities, the pig price is expected to show a weak fluctuation due to post-holiday demand decline and increased large pig slaughter, while the white feather chicken breeding sector may also experience weak price fluctuations due to easing supply tensions [2] - The analysis from Industrial Securities focuses on the beef cattle breeding industry, highlighting the advantages of imported breeds like Simmental in growth rate and slaughter yield, while local breeds maintain competitive adaptability [2] - The livestock ETF is associated with several key stocks, including Haida Group, Muyuan Foods, and Wens Foodstuffs, among others [2]