Core Viewpoint - The market is in a bearish trend with a strong supply and weak demand dynamic. The recent decline in pig prices during the holiday period reflects a significant increase in supply, while demand has not matched this increase, indicating that the bottom for pig prices may not have been reached yet [4]. Supply and Demand Logic - Short-term supply pressure continues with no positive drivers for pig prices, which are currently weak. The average price in many regions has fallen below 12 yuan per kilogram. The post-holiday demand is expected to decline, leading to sustained pressure on supply and prices [8]. - In the medium to long term, the supply base is established, and the overall trend for pig prices is expected to remain weak. There is potential for inventory accumulation in the fourth quarter, but speculative demand may influence short-term price movements [10]. Breeding and Slaughtering - The breeding sector is experiencing increased output, with the average weight of pigs being slightly reduced, indicating a stronger willingness to sell among farmers. However, the overall weight remains high compared to the same period last year, suggesting continued pressure [20][21]. - The slaughtering industry is seeing a post-holiday decline in operational rates and slaughter volumes, with average daily slaughtering volume dropping by 4.53% [35][36]. Cost and Profit Analysis - The breeding costs have remained relatively stable, but profits are being heavily influenced by falling pig prices. Currently, the breeding sector is experiencing losses, with self-breeding profits at approximately -135.62 yuan per head [48]. - The price of piglets continues to decline, leading to negative profits for piglet sales, which may affect the overall production capacity in the future [52]. Price Structure - The market is characterized by oversupply, leading to continued declines in spot prices. The price difference between fat and lean pigs has widened, indicating a more significant drop in lean pig prices compared to fat pigs [28][62].

Market Overview - A-shares experienced a collective pullback on October 10, with the ChiNext and STAR Market showing larger adjustments compared to other indices [1] - High-dividend stocks, such as the S&P Dividend ETF, rose by 1.2%, while sectors like batteries, semiconductors, and non-ferrous metals faced declines [1][2] Sector Performance - The agricultural sector, particularly the first agricultural ETF, saw a maximum intraday increase of 1.5% and closed up by 0.8%, indicating potential turning points in the pig cycle [1][4] - The technology sector faced significant declines, with the AI-focused STAR Market ETF dropping by 4.75%, suggesting a potential short-term impact on investor sentiment [1][3] Investment Insights - Analysts suggest that the coal sector may see a rebound due to increased winter heating demand, with potential price increases if supply constraints are enforced [3] - The agricultural sector is viewed positively due to recent policy signals aimed at reducing production capacity, which could lead to long-term price increases for pork [6][8] ETF Highlights - The agricultural ETF (159275) recorded a net subscription of 52 million units, reflecting strong investor interest [4] - The Hong Kong Internet ETF (513770) experienced a price drop of 3.41%, but maintained a premium, indicating active buying interest despite market volatility [9][14] Geopolitical and Economic Factors - The easing of geopolitical tensions, such as the approval of a ceasefire in Gaza, has led to a decrease in safe-haven demand, impacting gold prices negatively [2][11] - The market is also influenced by the Federal Reserve's cautious stance on interest rate adjustments, contributing to short-term uncertainties [12][13] Future Outlook - Analysts expect the pig farming industry to undergo capacity reduction, which could enhance long-term profitability for leading companies in the sector [7][8] - The overall sentiment in the market remains cautious, with expectations of continued volatility but potential for recovery in the long term [12][13]

Core Viewpoint - The company is facing higher pig farming costs due to factors such as biosecurity, regional environmental investments, and smaller farming scale, leading to losses in the first half of the year [1] Cost Management - The company aims to reduce costs and improve efficiency in its pig farming operations through various measures, including optimizing asset allocation and shutting down inefficient farms [1] - The company plans to implement a categorized management strategy for farms, which includes cleaning up redundant personnel and low-efficiency positions [1] - The company is focusing on lean farming practices and enhancing pig farming technology [1] Business Focus - The meat business, including pork and beef, is the core operation of the company, which will further concentrate on its meat business [1] - The company is committed to a "meat industry integration" strategy, enhancing operational efforts around resource control, processing collaboration, and market expansion [1] - The company aims to strengthen the entire meat industry chain, including feed production, pig farming, slaughtering, and fresh meat processing and sales [1]

Report Overview - Report Name: Weekly Report on the Pig Market [2] - Date: October 10, 2025 - Researcher: Zhang Xin - Industry: Pig Market 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - The pig price opened significantly lower and declined after the holiday, with the main contract 2511 falling 8.38% weekly. In the short - term, the supply - demand pattern of pigs remains loose, and the pig price will oscillate weakly. It is recommended to conduct short - side trading on the 2601 contract or perform reverse arbitrage operations on pig futures [7]. 3. Summary by Relevant Catalogs 3.1 Week - to - Week Highlights - **Market Review**: The pig price opened low and dropped after the holiday, with the main contract 2511 down 8.38% weekly [7][10]. - **Market Outlook**: Supply pressure persists in the near - term due to the inventory cycle of piglets and breeding sows and postponed slaughter plans. Retail farmers are actively selling due to losses and pessimism. Post - holiday demand declines, and slaughterhouse operations decrease. The short - term supply - demand pattern remains loose, and the pig price will oscillate weakly. Suggest short - side trading on the 2601 contract or reverse arbitrage on pig futures [7]. 3.2 Futures Market - **Price Movement**: The futures price fell, and the main contract 2511 dropped 8.38% weekly [7][10]. - **Net Position and Warehouse Receipts**: As of October 10, the net short position of the top 20 holders increased by 5388 lots to 33089 lots, and the number of futures warehouse receipts remained at 0, unchanged from before the holiday [16]. - **Contract Spreads**: The spread between lh2601 and lh2603 contracts was 180, and the spread between lh2601 and lh2605 contracts was - 385 [22]. 3.3 Spot Market - **Basis**: The basis of the November contract was - 320 yuan/ton, and the basis of the January contract was - 1140 yuan/ton [27]. - **Pig and Piglet Prices**: The national average pig price was 12.5 yuan/kg, down 0.08 yuan/kg from last week and 5.94% from last month. The average price of 15 - kg weaned piglets was 24.86 yuan/kg, down 0.52 yuan/kg from last week and 11.21% from last month [34]. - **Pork and Breeding Sow Prices**: The national average pork price on September 25 was 24.29 yuan/kg, down 0.22 yuan/kg from the previous week. The average price of binary sows last week was 32.50 yuan/kg, unchanged from the previous week [38]. - **Pig - to - Grain Ratio**: As of September 24, the pig - to - grain ratio was 5.68, down 0.13 from the previous week and below 6:1 [42]. 3.4 Upstream Situation - **Breeding Sow Inventory**: In August 2025, the national breeding sow inventory was 40380000 heads, down 40000 heads month - on - month, up 0.05% year - on - year, and 103.5% of the normal level. Among the 208 sample enterprises, the inventory of 123 large - scale farms was 5056500 heads, down 0.83% month - on - month and up 1.86% year - on - year; the inventory of 85 small and medium - sized farms was 173900 heads, down 0.09% month - on - month and up 5.92% year - on - year [47]. - **Pig Inventory**: In Q2 2023, the national pig inventory was 424470000 heads, up 7160000 heads from the previous quarter and 9140000 heads year - on - year. In August, the inventory of 123 large - scale farms was 3614500000 heads, up 1.11% month - on - month and 5.28% year - on - year; the inventory of 85 small and medium - sized farms in July was 148820000 heads, up 2.49% month - on - month and 7.23% year - on - year [52]. - **Pig Slaughter Volume and Average Weight**: In August, the slaughter volume of 123 large - scale farms was 1070350000 heads, up 2.56% month - on - month and 23.49% year - on - year; the slaughter volume of 85 small and medium - sized farms in July was 47370000 heads, down 1.44% month - on - month and up 54.30% year - on - year. The average slaughter weight of national outer - ternary pigs was 123.48 kg, up 0.01 kg from last week [57]. 3.5 Industry Situation - **Breeding Profits**: As of September 26, the loss of purchasing piglets for breeding was 236.57 yuan/head, an increase of 37.25 yuan/head; the loss of self - breeding and self - raising was 74.11 yuan/head, a decrease of 49.66 yuan/head. The profit of laying hens was 0.11 yuan/head, down 0.06 yuan/head week - on - week, and the profit of 817 meat - hybrid chickens was 1.40 yuan/head [62]. - **Pork Imports**: From January to August 2025, the cumulative pork imports were 710000 tons, with a monthly average of 88750 tons. In August, the imports were 80000 tons, down 11.11% year - on - year [63][67]. - **Substitute Products**: As of September 26, the price of white - striped chickens was 14.4 yuan/kg, up 0.1 yuan/kg from last week. As of October 9, the average price difference between standard and fat pigs was - 0.59 yuan/kg, with the price difference of fat pigs expanding by 0.2 yuan/kg [70]. - **Feed Situation**: As of October 10, the spot price of soybean meal was 3013.71 yuan/ton, down 4.86 yuan/ton from the previous week; the price of corn was 2311.57 yuan/ton, down 57.06 yuan/ton from the previous week. The closing price of the Dalian Commodity Exchange pig feed cost index was 877.43, down 0.99% from last week. The price of finishing pig compound feed was 3.34 yuan/kg, down 0.01 yuan/kg from last week. In August 2025, the monthly feed output was 2927200 tons, up 99900 tons month - on - month; the sales of piglet feed decreased by 0.04% month - on - month and 0.74% year - on - year [76][82][85]. - **CPI**: As of August 2025, China's CPI decreased by 0.4% year - on - year [89]. 3.6 Downstream Situation - **Slaughterhouse Operations**: In the 41st week, the slaughterhouse operation rate was 34.53%, down 1.24 percentage points from last week but higher than the same period last year. The domestic frozen - product storage rate was 17.75%, up 0.1 percentage points from last week [92]. - **Slaughter Volume and Catering Consumption**: As of August 2025, the slaughter volume of designated pig slaughterhouses was 33500000 heads, up 5.81% month - on - month. In August 2025, the national catering revenue was 44957000000 yuan, up 2.1% year - on - year [97]. 3.7 Pig Stocks - The report presents the trend charts of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis is provided [98][101]

Group 1 - Dongfang Caifu announced that shareholders plan to transfer a total of 237.8 million shares at a price of 24.40 yuan per share, with 32 institutional investors participating in the bidding [1] - Laofengxiang's subsidiary plans to invest 24 million USD to acquire a 20% stake in Maybach Luxury Goods Asia Pacific, becoming the second-largest shareholder [1] - Saito Bio's subsidiary received a CEP certificate for Dexamethasone Sodium Phosphate, allowing it to sell in international markets [2] Group 2 - Jianglong Shipbuilding is expected to win a bid for a 600-ton fishery enforcement vessel project worth 72.99 million yuan, accounting for 4.22% of its audited revenue for 2024 [3] - Shikong Technology is planning to acquire control of Shenzhen Jiahe Jinwei Electronic Technology Co., Ltd., with stock trading suspended for up to 5 trading days [4] - Mould Technology's controlling shareholder plans to reduce its stake by up to 1% due to funding needs [5] Group 3 - Guokong Electronics expects a net profit increase of 64.72% to 80.17% for the first three quarters of 2025, with projected revenue of 340 million to 370 million yuan [7] - Beimo High-Tech anticipates a net profit increase of 50% to 60% for the same period, with a projected net profit of 125 million to 133 million yuan [8] - ST Haofeng's controlling shareholder has transferred 15.0046% of shares to Zhixin Network at a price of 6 yuan per share, totaling 331 million yuan [9] Group 4 - ST Changyuan's major shareholder plans to reduce its stake by up to 3% within 90 days due to risk management [11] - Runze Technology's shareholder plans to reduce its stake by up to 1% due to personal funding needs [12] - Limin Co. expects a net profit increase of 649.71% to 669.25% for the first three quarters of 2025, with a projected net profit of 384 million to 394 million yuan [14] Group 5 - Kanda New Materials received a government subsidy of 10.05 million yuan, accounting for 4.08% of its latest audited net profit [15] - Keheng Co.'s shareholder plans to reduce its stake by up to 1% due to personal funding needs [16] - New Hope reported a September sales revenue of 1.746 billion yuan from 1.3942 million pigs sold, with a year-on-year decline of 23.82% [18] Group 6 - Wan'an Technology plans to invest 150 million yuan to establish a joint venture in Wuhan for automotive chassis systems [19] - Wan'an Technology also intends to acquire a 40% stake in Fuao Wan'an for 26.22 million yuan, aiming for full ownership [19] - Kuai Ke Electronics' controlling shareholder plans to transfer 4% of the company's shares through an inquiry [20] Group 7 - Changan Automobile's joint venture Avita Technology has completed payment of 3.45 billion yuan for a 10% stake in Huawei's Yiwang [21]

Group 1 - The report emphasizes the importance of focusing on the pig farming industry, highlighting both offensive and defensive investment opportunities, with a potential downward trend in pig prices expected in 2025 due to breeding sow efficiency and market conditions [1] - The August Consumer Price Index (CPI) showed a year-on-year decline of 0.4%, with food prices down 4.3%, and pork prices specifically down 16.1% year-on-year [1] - The agricultural trade deficit in August was $10.647 billion, a slight decrease of 2.54% year-on-year, with imports at $18.748 billion and exports at $8.102 billion [1] Group 2 - The agricultural index underperformed compared to the CSI 300 index from early September to September 26, with a decline of 1.36% while the CSI 300 rose by 1.19% [2] - Within the agricultural sectors, feed saw a relative increase of 0.86%, while agricultural product processing and animal health sectors declined by 5.11% and 3.78%, respectively [2] Group 3 - As of August, the breeding sow inventory decreased by 0.1% month-on-month, with the pig price hitting a new low of 13.71 yuan/kg on September 17, down 16% from the end of 2024 [3] - The overall industry losses may lead to capacity reduction, with breeding profits for self-bred and purchased piglets at -74 yuan/head and -237 yuan/head, respectively [3] - The report anticipates a year-on-year decline in average pig prices for 2025, influenced by the optimization of costs by leading pig companies [3] Group 4 - In August, the export value of pet food was 834 million yuan, a year-on-year decrease of 15.5%, while the export volume increased by 3.53% to 29,500 tons [4] - The cumulative export value from January to August was 6.764 billion yuan, down 2.35% year-on-year, with an export volume of 230,400 tons, reflecting a 6.23% increase [4]

Core Viewpoint - The pork market is experiencing a "旺季不旺" (旺季不旺) situation during the traditional demand peak season, with prices under pressure due to oversupply and weak consumption [1][2]. Market Performance - The national mainstream transaction price for live pigs is running between 11.0 to 12.6 yuan/kg, with prices in the Sichuan-Chongqing region dropping below 11 yuan/kg [1]. - On October 9, live pig futures opened lower, with the main contract hitting a low of 11,535 yuan/ton, down 5.88% by midday [1]. - Trading volume increased to over 50,000 lots, a growth of more than 30% compared to September 30 [1]. Supply and Demand Dynamics - Analysts indicate that the simultaneous decline in both futures and spot prices reflects a pessimistic market outlook regarding future supply and demand dynamics [1]. - The current supply pressure is expected to persist, with the national pig output maintaining an upward trend due to high breeding sow inventory levels [2][3]. Policy and Industry Response - The Ministry of Agriculture and Rural Affairs is actively promoting high-quality development in the pig industry, emphasizing strict capacity control measures [2]. - Despite positive policy signals, the actual pace of capacity reduction is slower than expected, with breeding sow inventory remaining above the target adjustment level [2]. Future Outlook - Analysts believe that the current pig prices are in a bottoming phase, with short-term pressures from strong supply and weak demand [3]. - The potential for a seasonal rebound in Q4 will depend on the weight of pigs at market release; a decrease in weight could alleviate supply pressure and allow for price recovery, albeit with limited upward potential [3][4].

Group 1 - The company reported sales of 351,800 pigs in September 2025, generating revenue of 577 million yuan from pig sales, with 348,800 of those being market pigs [2][3] - The sales data is based on internal statistics and may differ from periodic report disclosures, serving as a reference for investors [3] - The company faces systemic risks in the pig farming industry, including significant price fluctuations and animal diseases, which could impact operational performance [3] Group 2 - As of September 30, 2025, the cumulative amount of the convertible bond "Juxing Convertible Bond" that has been converted is 100,261,000 yuan, resulting in 3,976,890 shares, accounting for 0.7858% of the total shares before conversion [7][13] - The amount of unconverted "Juxing Convertible Bond" as of September 30, 2025, is 899,739,000 yuan, representing 89.9739% of the total issuance [7][13] - No conversions occurred in the third quarter of 2025, with a conversion amount of 0 yuan and 0 shares formed [8][13] Group 3 - The company issued a total of 1,000 million yuan in convertible bonds on April 25, 2022, with a face value of 100 yuan per bond and a maturity of 6 years [9] - The bond was listed on the Shanghai Stock Exchange on May 17, 2022, under the name "Juxing Convertible Bond" [10] - The conversion price for the bonds was adjusted from 25.24 yuan to 25.21 yuan on August 8, 2023, and further adjusted to 25.04 yuan on June 17, 2025 [11][12]

登录新浪财经APP 搜索【信披】查看更多考评等级 2025年1-9月，公司累计销售生猪167.57万头（其中仔猪26.67万头），累计销售收入28.46亿元。 上述销售数据未经审计，与定期报告披露的数据之间可能存在差异，因此上述数据仅作为阶段性数据供 投资者参考。 注：因四舍五入，以上数据可能存在尾差。 二、风险提示 （一）生猪养殖行业均面临生猪市场价格波动的风险。生猪市场价格的大幅波动，可能会对公司的经营 业绩产生重大影响。敬请广大投资者注意投资风险。 （二）动物疫病是畜牧行业发展中面临的主要风险，可能会对公司的经营业绩产生重大影响。敬请广大 投资者注意投资风险。 证券代码：000048 证券简称：京基智农 公告编号：2025-052 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 深圳市京基智农时代股份有限公司（以下简称"公司"）下属公司从事生猪养殖业务，根据《深圳证券交 易所上市公司自律监管指引第3号——行业信息披露》的相关规定，现将公司每月生猪销售情况公告如 下： 一、2025年9月生猪销售情况 2025年9月，公司销售生猪22.05万头（其中仔猪5. ...

Core Viewpoint - The company, Jiangxi Zhengbang Technology Co., Ltd., reported significant increases in pig sales and revenue for September 2025, indicating a recovery in its business operations [1][4][5]. Group 1: Sales Performance - In September 2025, the company sold 790,700 pigs, which includes 461,600 piglets and 329,100 market pigs, representing a month-on-month increase of 18.07% and a year-on-year increase of 107.64% [1]. - The sales revenue for September 2025 reached 683 million yuan, showing a month-on-month increase of 6.88% and a year-on-year increase of 33.35% [1]. - For the period from January to September 2025, the cumulative sales of pigs amounted to 5,732,100, reflecting a year-on-year increase of 131.43%, with total sales revenue of 6.141 billion yuan, up 98.52% year-on-year [2][5]. Group 2: Price Trends - The average selling price of market pigs (excluding piglets) in September 2025 was 12.75 yuan per kilogram, which represents a decrease of 7.33% compared to the previous month [2]. Group 3: Business Recovery - The substantial year-on-year growth in both sales volume and revenue is attributed to the gradual recovery of the company's business operations [4][5]. Group 4: Guarantee and Financial Support - The company approved a total guarantee limit of up to 2.1 billion yuan for its subsidiaries to ensure stable operations, with specific allocations based on the subsidiaries' debt-to-asset ratios [10]. - Additionally, the company agreed to provide guarantees of up to 1.6 billion yuan to support financing for its ecosystem partners, including quality breeding households and distributors [11]. - As of September 30, 2025, the total guarantee amount provided by the company and its subsidiaries was approximately 4.012 billion yuan, accounting for 21.12% of the audited total assets [12].