中国2001年因日本发生疯牛病（BSE）而停止进口日本产牛肉。两国政府于2019年签署了作 为重启日本产牛肉对华出口前提的检疫协议，并于2025年7月生效。当时已进入推动中国重 启进口的最后阶段。 日本政府高官透露，原定与中国进行的谈判已被取消。日本外务省高官表示，需与中国确认 辐射测量方法等技术流程。 中日两国此前就日本产牛肉重启对华出口进行了协商 日本政府高官透露，原定与中国进行的谈判已被取消。日本外务省高官表示，需与中国确认辐射测量方 法等技术流程…… 日本经济新闻11月21日获悉，日本与中国之间关于重启日本产牛肉对华出口的协商已经停 止。尽管双方此前为实现24年来首次重启出口推进了各项手续，但后续协调工作变得困难。 此事被认为是受中日关系恶化的影响。 日经中文网 https://cn.nikkei.com 视频号推荐内容： 由于日本首相高市早苗关于台湾有事的国会答辩和驻大阪总领事薛剑的社交媒体发帖，中日 关系迅速降温。中国政府实际上也停止了日本产水产品的进口。 日本政府设定了到2030年将牛肉出口额增加到目前的近两倍，达到1132亿日元的目标。原本 设想通过恢复对华出口，把对中国市场的牛肉出口额提高到 ...

投资咨询业务资格：证监许可【2011】1778 号 期货研究报告 资讯早班车-2025-11-24 一、 宏观数据速览 | 发布日期 | 指标日期 | 指标名称 | 单位 | 当期值 | 上期值 | 去年同期值 | | --- | --- | --- | --- | --- | --- | --- | | 20251020 | 2025/09 | GDP:不变价:当季同比 | % | 4.80 | 5.20 | 4.60 | | 20251031 | 2025/10 | 制造业 PMI | % | 49.00 | 49.80 | 50.10 | | 20251031 | 2025/10 | 非制造业 PMI:商务活 动 | % | 50.10 | 50.00 | 50.20 | | 20251113 | 2025/10 | 社会融资规模增量:当 | 亿元 | 8161.00 | 35299.00 | 14120.00 | | | | 月值 | | | | | | 20251113 | 2025/10 | M0(流通中的现金):同 比 | % | 10.60 | 11.50 | 12.80 | | 202511 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The domestic pig market is in the off - season after the Mid - Autumn Festival and National Day. Supply is expected to decrease this week as large farms reduce their slaughter. Demand is also weak as consumer willingness declines after the long holiday. The market may see a double - decline in supply and demand, with short - term pig prices oscillating downward and medium - term prices maintaining a range - bound pattern. The report suggests paying attention to the monthly group farm slaughter rhythm and the dynamics of the secondary fattening market [10]. - The basis shows that the spot price is at a premium to the futures price, which is a bullish signal. However, inventory, market trends, and main positions all indicate a bearish outlook. Overall, it is expected that pig prices will bottom out and return to an oscillatory pattern this week, with the LH2601 contract oscillating between 11,200 and 11,600 [10]. Summary by Directory 1. Daily Hints - The supply of pigs and pork is expected to decrease this week. The market may experience a double - decline in supply and demand, with short - term pig prices oscillating downward and medium - term prices maintaining a range - bound pattern. Attention should be paid to the monthly group farm slaughter rhythm and the dynamics of the secondary fattening market [10]. 2. Recent News - The domestic pig consumption market is affected by the off - season. After the Mid - Autumn Festival and National Day, the slaughter of large pigs has decreased, resulting in a double - decline in supply and demand. Spot prices are short - term weak but may bottom out and rebound, with medium - term prices maintaining a range - bound pattern [12]. - Pig farming profits have recently expanded their losses, reducing the short - term enthusiasm for large pig slaughter. The double - decline in supply and demand supports short - term pig futures and spot price expectations [12]. 3. Bullish and Bearish Factors - **Bullish Factors**: The domestic pig supply is in the off - season after the long holiday, and there may be limited room for further decline in domestic pig spot prices [13]. - **Bearish Factors**: The domestic macro - environment is expected to improve due to the preliminary Sino - US trade agreement, and the year - on - year increase in domestic pig inventory [13]. - **Main Logic**: The market focuses on pig slaughter and fresh meat demand [13]. 4. Fundamental Data - **Supply - side Indicators**: - As of September 30, the pig inventory was 436.8 million heads, a month - on - month increase of 0.2% and a year - on - year increase of 2.3%. As of the end of September, the inventory of breeding sows was 40.35 million heads, a month - on - month increase of 0.01% and a year - on - year decrease of 0.66% [10]. - As of March 31, the pig inventory was 408.5 million heads, a month - on - month decrease of 5.9% and a year - on - year decrease of 5.2%. As of the end of May 2024, the inventory of breeding sows was 39.96 million heads, a month - on - month increase of 0.2% and a year - on - year decrease of 6.2% [28]. - **Demand - side Indicators**: The report mentions that after the long holiday, consumer willingness has declined, suppressing short - term fresh pork consumption [10]. 5. Position Data - The main positions are net short, and short positions are increasing, which is a bearish signal [10].

每日经济新闻 每经AI快讯，11月24日，猪肉板块盘初活跃，天康生物涨超5%，牧原股份、立华股份、巨星农牧、罗 牛山跟涨。 ...

Group 1: Company Performance - As of September 30, 2025, the company achieved a revenue of 1.024 billion yuan, representing a year-on-year growth of 58.98% [2] - The net profit attributable to the parent company for the same period was 183 million yuan, showing a significant year-on-year increase of 2243.97% [2] - The company has distributed a total of 93.93 million yuan in dividends since its A-share listing, with 37.14 million yuan distributed over the past three years [3] Group 2: Shareholder and Financing Information - As of November 21, 2023, the company had a total of 17,300 shareholders, an increase of 1.12% from the previous period [2] - The average number of circulating shares per shareholder was 7,211, which decreased by 1.10% compared to the previous period [2] - On November 21, 2023, the company recorded a financing buy-in amount of 14.68 million yuan, with a net financing buy of 4.22 million yuan, indicating a relatively high financing balance of 124 million yuan, accounting for 3.39% of the circulating market value [1]

高空近月或反套 生猪周报 2025/11/22 028-86133280 wangja@wkqh.cn 从业资格号：F0273729 交易咨询号：Z0002942 王 俊 （农产品组） CONTENTS 目录 01 周度评估及策略推荐 04 需求端 02 期现市场 05 成本和利润 03 供应端 06 库存端 01 周度评估及策略推荐 周度评估及策略推荐 ◆ 现货端：上周国内猪价小涨后小落，周初受降温影响，下游加大收购量，养殖端亦有缩量挺价动作，但涨价后出栏积极性提升，猪价小幅反弹 后再度回落，周内屠宰量环比增加，体重继续小幅上升，肥标价差小幅回落；具体看，河南均价周落0.02元至11.7元/公斤，周内最低11.6元/ 公斤，四川均价周涨0.14元至11.3元/公斤，周内最低11.2元/公斤，广东均价周持平于12.36元/公斤；北方出栏进度正常，但南方市场计划完 成度偏慢，加量出猪下可能利空行情，反观需求端因气温偏高，表现始终不温不火，仅局部有零星腌腊出现，预计下周猪价仍以缓慢阴跌为主。 ◆ 供应端：9月官方母猪存栏为4035万头，环比小落0.1%，仍比正常母猪保有量多3.5%，去年以来母猪产能的持续增加，或 ...

Core Insights - In October, China's total electricity consumption reached 857.2 billion kWh, marking a year-on-year growth of 10.4%, the first monthly increase exceeding 10% this year [1][3] Group 1: Electricity Consumption by Industry - The primary industry saw a 13.2% increase in electricity consumption, significantly driven by the electrification transformation in livestock and fishery sectors [3] - The secondary industry, which accounts for over 60% of total electricity consumption, experienced a growth rate of 6.2%. Notably, high-tech and equipment manufacturing led with an 11.0% increase, while electrical machinery and equipment manufacturing surged by 19.8% [3] - The tertiary industry exhibited the most remarkable growth at 17.1%, largely fueled by the rapid advancement of the digital economy, with internet data services related to big data and AI skyrocketing by 46% [3] Group 2: Factors Influencing Growth - The consumption surge during the National Day and Mid-Autumn Festival contributed significantly, with the accommodation and catering sectors increasing electricity usage by 18.4% [5] - The electric vehicle industry experienced explosive growth, with charging and swapping services seeing a staggering 61.8% increase in electricity consumption [5] - Urban and rural residential electricity consumption grew by 23.9%, attributed to the unusual weather conditions in October, particularly the high temperatures in southern regions [5] Group 3: Economic Implications - The electricity consumption data reflects three new trends in the Chinese economy: a shift towards high-tech manufacturing, rapid growth in the service sector driven by digitalization and holiday consumption, and resilient consumer spending [5] - The overall electricity usage illustrates a vivid narrative of economic recovery, showcasing the dynamic pulse of China's economy through various sectors [5]

Core Insights - The national average price for live pigs has shown a downward trend, with the average price at 5.86 yuan per jin, a decrease of 0.02 yuan from the previous day [3][4] - There is one region with rising prices, 14 regions with falling prices, and 13 regions remaining stable [3] - The lowest price for live pigs is reported in Guangxi at 5.2 yuan per jin, while the highest price is in Hainan at 7.2 yuan per jin [3] Price Trends - In the Northeast region, prices have weakened by 0.05 yuan, with mainstream quotes ranging from 5.7 to 5.9 yuan [4] - In Henan, the price for pigs has remained stable but slightly weaker by 0.05 to 0.1 yuan [4] - In Guangdong, prices are stable, while scattered prices are showing a weak trend [4] Market Dynamics - The market for live pigs is currently under pressure, with a general weak performance observed [4] - There is some positive news regarding the initiation of the Southwest cured meat market, which may provide some support to the overall market [4] - Further cooling in the market is anticipated, indicating a need for monitoring future developments [4]

Core Insights - The article emphasizes the stability of essential commodity prices in Changchun, with a focus on maintaining supply and price stability for basic living needs [1] Group 1: Grain and Oil - Grain and oil supplies are sufficient, with stable prices reported: rice at 2.80 yuan per 500 grams, flour at 2.34 yuan, and 5L bottled soybean oil at 66.00 yuan, all unchanged from the previous week [2][6] Group 2: Meat, Eggs, and Poultry - Chicken egg prices remain stable, while pork prices have decreased to 10.96 yuan, down by 1.79%. Beef and lamb prices have slightly increased, with beef at 35.00 yuan (up 0.57%) and lamb at 36.20 yuan (up 1.12%) [3][6] Group 3: Vegetables and Fruits - Vegetable prices have decreased, with an overall average of 4.87 yuan, down by 2.93%. Among the monitored vegetables, 3 increased, 5 decreased, and 4 remained stable. Notably, the price of bell peppers rose by 6.67%, while spinach saw a significant drop of 10.61%. Fruit prices remained mostly stable, with duck pears at 4.78 yuan (up 2.14%), bananas at 3.90 yuan (down 2.50%), and apples at 6.60 yuan (unchanged) [4][6][7]

（文章来源：证券时报网） 证券时报·数据宝统计，截至发稿，西部牧业收盘价为10.82元，下跌4.92%，本期筹码集中以来股价累 计下跌8.92%。具体到各交易日，3次上涨，6次下跌。 公司发布的三季报数据显示，前三季公司共实现营业收入6.67亿元，同比下降5.01%，实现净利 润-3665.81万元，同比增长11.85%，基本每股收益为-0.1735元。（数据宝） 西部牧业11月21日披露，截至11月20日公司股东户数为21700户，较上期（11月10日）减少1900户，环 比降幅为8.05%。 ...