Core Insights - The average wholesale price of lamb in China's agricultural markets has increased to 62.56 yuan per kilogram, up from 62.15 yuan per kilogram on September 30, marking a 0.66% rise [1] - Experts predict that lamb prices may end a four-year decline and enter a rising cycle starting this winter, according to the chief expert of lamb monitoring and early warning at the Ministry of Agriculture and Rural Affairs, Xiao Haifeng [1] Price Trends - The current average price of lamb is 62.56 yuan/kg, reflecting a slight increase from the previous month [1] - The anticipated shift in price trends suggests a potential recovery for the lamb market after years of decline [1]

Core Viewpoint - The upcoming 52nd Pig Industry Conference in December 2025 in Guangzhou will feature the third "Yidun Award," which aims to honor industry pioneers who have significantly contributed to the "Linking Farmers and Agriculture" initiative, a core aspect of the agricultural and livestock enterprise development outlined in the 14th Five-Year Plan [7][31]. Group 1 - The "Linking Farmers and Agriculture" concept has historical roots dating back to the Spring and Autumn period, exemplified by the ancient figure Yidun, who transformed from a poor individual to a wealthy merchant through innovative agricultural practices [7][8][12]. - Yidun's early practices in large-scale livestock farming and his focus on breeding and technological innovation laid the groundwork for modern agricultural techniques, emphasizing the importance of species selection and practical feeding methods [17][20][22]. - The "Linking Farmers and Agriculture" model pioneered by Yidun, which involved sharing resources and reducing risks for farmers, has evolved into a precursor of contemporary agricultural business models that promote professional and large-scale farming [23][25]. Group 2 - Yidun's activities in the Jin Nan region not only enhanced local agricultural productivity but also attracted many impoverished individuals, fostering a thriving livestock community and contributing to regional economic development [26][28]. - The challenges faced in the current agricultural landscape, such as environmental concerns and disease control, highlight the relevance of Yidun's ancient wisdom in achieving sustainable development in the livestock industry [29][30]. - The third "Yidun Award" at the upcoming conference serves as a recognition of significant contributions to the industry and a commitment to the original mission of enriching farmers [31][32].

Group 1 - The core viewpoint of the article is that Shennong Group has set a target of approximately 3 million pigs for slaughter by 2025 and reported a complete cost of 12.2 yuan per kilogram in October [1]

智通财经APP讯，德康农牧(02419)发布公告，于2025年11月25日，该公司斥资约1927.34万港元回购 25.74万股H股股份，每股回购价73.9-76.15港元。 ...

德康农牧(02419)发布公告，于2025年11月25日，该公司斥资约1927.34万港元回购25.74万股H股股份， 每股回购价73.9-76.15港元。 ...

Core Viewpoint - Decon Agricultural and Animal Husbandry (02419.HK) announced a share buyback of 257,000 shares at a cost of HKD 19.27 million on November 25 [1] Group 1 - The company spent HKD 19.27 million for the repurchase [1] - A total of 257,000 shares were bought back [1]

Core Viewpoint - The pork concept sector experienced a slight decline of 0.03% as of the market close on November 25, with notable declines in stocks such as Jingji Zhino, Haida Group, and Tiankang Biological, while some stocks like Roniu Mountain and Tianyu Biological saw gains [1] Group 1: Market Performance - The pork concept sector ranked among the top decliners, with Jingji Zhino hitting the daily limit down [1] - The top gainers in the pork sector included Roniu Mountain, Tianyu Biological, and Delisi, with respective increases of 4.60%, 2.63%, and 1.77% [1] - Other concept sectors that performed well included F5G concept (+4.52%), Co-packaged Optics (+3.62%), and Optical Fiber concept (+3.61%) [1] Group 2: Capital Flow - The pork concept sector saw a net outflow of 137 million yuan, with 17 stocks experiencing net outflows [1] - Jingji Zhino led the outflow with 123.1 million yuan, followed by Haida Group and Wens Foodstuffs with outflows of 91.66 million yuan and 39.27 million yuan, respectively [1] - Stocks with net inflows included Roniu Mountain, Zhengbang Technology, and Muyuan Foods, with inflows of 54.44 million yuan, 34.87 million yuan, and 31.26 million yuan, respectively [1][2]

Core Viewpoint - The recent losses in pig farming, combined with the implementation of capacity control policies, are expected to enhance the expectation of capacity reduction in the pig industry, potentially leading to a long-term increase in pig prices. Low-cost, high-quality pig enterprises are likely to gain excess returns [1][3]. Pig Farming - The national breeding sow inventory fell below 40 million heads by the end of October, a reduction of over 350,000 heads compared to September, indicating gradual effects of capacity reduction [1][3]. - Pig prices initially declined but later showed slight recovery due to improved terminal consumption as temperatures dropped. As of November 21, the pig price was 11.62 yuan/kg, with a week-on-week decrease of 0.04 yuan/kg [2]. - The average weight of pigs marketed increased to 128.81 kg as of November 20, with a week-on-week increase of 0.33 kg, driven by rising weights due to lower temperatures and increased marketing by farmers [2]. Cattle Industry - Short-term prices for beef cattle have slightly declined, with the price of calves at 32 yuan/kg (up 0.63% week-on-week) and fattened bulls at 25.58 yuan/kg (down 0.16% week-on-week). The cumulative increase for calves since the beginning of the year is 32.73% [4]. - The Ministry of Commerce's investigation into import beef safeguard measures has been extended to November 26, 2025, due to complex case circumstances, warranting attention to upcoming import safeguard measures [4]. - Long-term supply tightness in beef is anticipated due to previous losses leading to significant capacity reduction, with prices expected to enter an upward cycle around 2026-2027 [4]. Dairy Industry - Raw milk prices are currently at a cyclical low, with a price of 3.03 yuan/kg as of November 14, reflecting a 31% decline from the cyclical peak. Continued losses in raw milk are expected to drive ongoing capacity reduction [4]. - As supply contracts due to capacity reduction, raw milk prices are anticipated to stabilize and recover in the future. Companies to watch include Yuran Dairy and China Shengmu [4]. Poultry Sector - The price of white feather broilers is under pressure due to reduced purchasing activity, with a current price of 7.15 yuan/kg (up 0.03% week-on-week) and chick prices at 3.48 yuan each (down 0.01% week-on-week). Ongoing avian influenza outbreaks may restrict upstream capacity [5]. - The average price of eggs is 6.25 yuan/kg (down 0.24% week-on-week), with chick prices at 2.80 yuan each (down 0.1% week-on-week). The ongoing avian influenza is causing a shortage of quality breeding stock, which may drive egg prices up in the future [5]. Agricultural Products - The USDA report for November has led to a pullback in soybean meal prices, with spot prices at 3070 yuan/ton (down 28 yuan/ton week-on-week) and futures prices at 3012 yuan/ton (down 80 yuan/ton week-on-week) [6][7]. - The market is expected to remain volatile in the short term, awaiting positive drivers, while attention should be paid to actual soybean purchases and South American planting weather [7].

格隆汇11月25日丨神农集团(605296.SH)在互动平台表示，2025年公司生猪出栏目标约为300万头，10月 份完全成本为12.2元/公斤。 ...

Report Industry Investment Rating - The investment strategy for both the pig and egg industries is cautiously bearish [3][5] Core Viewpoints - In the pig industry, future supply will increase, especially with concentrated slaughtering in December. The supply-demand pattern of loose supply will continue due to supply growth outpacing consumption [2] - In the egg industry, current consumption demand is weak. Although egg production capacity is slowly decreasing, the short - term oversupply situation is hard to change, and spot prices are expected to fluctuate at a low level [4] Market News and Important Data Pig - Futures: The closing price of the pig 2601 contract yesterday was 11,400 yuan/ton, up 50 yuan/ton (+0.44%) from the previous trading day [1] - Spot: In Henan, the price of external ternary pigs was 11.40 yuan/kg, down 0.32 yuan/kg; in Jiangsu, it was 11.65 yuan/kg, down 0.09 yuan/kg; in Sichuan, it was 11.57 yuan/kg, unchanged from the previous day [1] - Agricultural product wholesale prices on November 24: The "Agricultural Product Wholesale Price 200 Index" was 125.70, up 0.33 points; the "Vegetable Basket" product wholesale price index was 127.85, up 0.39 points. The average wholesale price of pork was 17.92 yuan/kg, up 0.1%; beef was 66.43 yuan/kg, up 0.1%; mutton was 62.76 yuan/kg, up 0.3%; eggs were 7.35 yuan/kg, up 1.2%; white - striped chicken was 17.50 yuan/kg, down 0.4% [1] Egg - Futures: The closing price of the egg 2601 contract yesterday was 3210 yuan/500 kilograms, up 26 yuan (+0.82%) from the previous trading day [3] - Spot: In Liaoning, the egg price was 2.73 yuan/jin, up 0.09 yuan; in Shandong, it was 2.95 yuan/jin, unchanged; in Hebei, it was 2.64 yuan/jin, up 0.06 yuan [3] - Inventory: On November 24, the national production - link inventory was 1.16 days, unchanged; the circulation - link inventory was 1.35 days, down 0.04 days (-2.88%) [3] Market Analysis Pig - Future supply will increase, especially with concentrated slaughtering of retail farmers and secondary fattening pigs in December. Although demand is growing, the supply growth rate is higher than the consumption rate, so the loose supply pattern will continue [2] Egg - Current consumption demand is at a normal low level. Although temperature drop is conducive to egg storage and there is some replenishment by supermarkets and e - commerce, it has limited impact on overall demand. The short - term oversupply situation is hard to change [4] Strategy Pig - Cautiously bearish [3] Egg - Cautiously bearish [5]