风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 牧原股份：上半年净利润105.3亿元，同比增长1,169.77%；拟10派9.32元。 ...

*ST天山8月20日交易公开信息 证券时报·数据宝统计显示，上榜的前五大买卖营业部合计成交6167.83万元，其中，买入成交额为 1659.19万元，卖出成交额为4508.64万元，合计净卖出2849.45万元。 具体来看，今日上榜营业部中，第一大买入营业部为国融证券股份有限公司广州华夏路证券营业部，买 入金额为409.91万元，第一大卖出营业部为平安证券股份有限公司深圳分公司，卖出金额为1388.81万 元。 资金流向方面，今日该股主力资金净流出6374.82万元，其中，特大单净流出4594.20万元，大单资金净 流出1780.63万元。近5日主力资金净流出8613.87万元。（数据宝） *ST天山今日下跌16.07%，全天换手率11.99%，成交额2.22亿元，振幅12.25%。龙虎榜数据显示，营业 部席位合计净卖出2849.45万元。 深交所公开信息显示，当日该股因日收盘价跌幅达-16.07%上榜，营业部席位合计净卖出2849.45万元。 （文章来源：证券时报网） | 买/ 卖 | 会员营业部名称 | 买入金额（万元） | 卖出金额（万元） | | --- | --- | --- | --- | | 买 ...

天眼查商业履历信息显示，牧原食品股份有限公司，成立于2000年，位于南阳市，是一家以从事畜牧业 为主的企业。企业注册资本546276.8135万人民币，实缴资本20000万人民币。公司法定代表人为曹治 年。 通过天眼查大数据分析，牧原食品股份有限公司共对外投资了157家企业，参与招投标项目148次，知识 产权方面有商标信息177条，专利信息1483条，此外企业还拥有行政许可266个。 来源：金融界 金融界消息 截至2025年8月20日收盘，牧原股份（002714）报收于47.5元，上涨1.69%，换手率1.08%， 成交量40.97万手，成交金额19.30亿元。 资金流向方面，今日主力资金净流入1.08亿元，占比成交额5.62%。其中，超大单净流入8701.17万元、 占成交额4.51%，大单净流入2144.35万元、占成交额1.11%，中单净流出流出8163.65万元、占成交额 4.23%，小单净流出2681.87万元、占成交额1.39%。 牧原股份最新一期业绩显示，截至2025一季报，公司营业总收入360.61亿元、同比增长37.26%，归属净 利润44.91亿元，同比增长288.79%，扣非净利润45. ...

Core Viewpoint - Gansu Pingliang is actively developing modern agriculture by focusing on high-quality agricultural products, integrating cultural tourism, and enhancing the agricultural supply chain, aiming to establish a model for modern agriculture in the western region of China [1][10]. Agricultural Development - Pingliang has implemented actions to expand and enhance the quality of its specialty industries, particularly in beef, fruits, and vegetables, leading to a comprehensive rural industrial system characterized by distinct features and optimized structures [1][5]. - The vegetable planting area in Pingliang has reached 540,000 acres, with a production volume of 870,000 tons and a total industry chain output value of 3.6 billion yuan [5]. - The city has established a modern agricultural industrial park covering 11,000 acres, featuring 2,700 high-standard solar greenhouses and generating an annual sales revenue of 116 million yuan [4][5]. Livestock and Fruit Industry - The beef industry in Pingliang has seen significant growth, with a total cattle population of 1.05 million and an industry chain output value of 18 billion yuan [5]. - The apple industry maintains an area of 1.5 million acres, with an output of 2.54 million tons and an industry chain output value of 24 billion yuan [5][6]. Agricultural Processing - Pingliang has focused on enhancing the processing of agricultural products, achieving a processing conversion rate of 65% for agricultural products [6][7]. - The city has established 23 organic fertilizer processing lines and 8 beef slaughtering and processing lines, with an annual slaughter capacity of 200,000 heads [7]. Integration of Agriculture and Tourism - The integration of agriculture and tourism in Pingliang has transformed rural tourism into a key economic driver, providing over 300 jobs and increasing household income by more than 2,000 yuan per person [9][10]. - The city has developed various new agricultural business models, including leisure agriculture and rural tourism, to enhance agricultural functions and promote economic growth [10].

1. Report Industry Investment Rating - The investment rating for both the pig and egg sectors is cautiously bearish [3][5] 2. Core Views - For the pig market, future supply - side pressure will persist, and if consumer demand recovers, the supply - side slaughter volume will increase accordingly. From the breeding sow data, the supply is expected to remain high until March next year. The price support lies in the fourth - quarter consumption and secondary fattening, and if the frozen product volume increases significantly, the price may drop to near the cost price [2] - For the egg market, it has entered the pre - Mid - Autumn Festival stocking period. Although the egg storage is difficult recently due to weather issues and traders are cautious in purchasing, overall demand is increasing. The spot price is expected to fluctuate upward this week, but attention should be paid to the impact of cold - storage egg outflows on the spot market [4] 3. Summary by Relevant Catalogs Pig Section Market News and Important Data - Futures: The closing price of the live pig 2509 contract yesterday was 13,900 yuan/ton, a change of +80 yuan/ton from the previous trading day, with a change rate of +0.58% [1] - Spot: In Henan, the price of external ternary live pigs was 13.63 yuan/kg, a change of +0.04 yuan/kg; in Jiangsu, it was 13.82 yuan/kg, a change of +0.07 yuan/kg; in Sichuan, it was 13.44 yuan/kg, with no change. The spot basis for Henan was LH09 - 270, a change of - 40; for Jiangsu, it was LH09 - 80, a change of - 10; for Sichuan, it was LH09 - 460, a change of - 80 [1] - Agricultural product prices: On August 19, the "Agricultural Product Wholesale Price 200 Index" was 115.33, up 0.09 points from the previous day. The "Vegetable Basket" product wholesale price index was 115.70, up 0.11 points. The average wholesale price of pork was 20.21 yuan/kg, unchanged; beef was 64.76 yuan/kg, down 0.2%; mutton was 59.72 yuan/kg, down 0.7%; eggs were 7.73 yuan/kg, up 1.8%; and white - striped chickens were 17.42 yuan/kg, down 0.5% [1] Market Analysis - The future supply - side pressure will continue. Based on the breeding sow data, the supply until next March will remain high. The price support comes from fourth - quarter consumption and secondary fattening, and a significant increase in frozen products may push the price down to near the cost [2] Strategy - Cautiously bearish [3] Egg Section Market News and Important Data - Futures: The closing price of the egg 2509 contract yesterday was 3065 yuan/500 kg, a change of - 48 yuan from the previous trading day, with a change rate of - 1.54% [3] - Spot: In Liaoning, the egg spot price was 3.24 yuan/jin, with no change; in Shandong, it was 3.25 yuan/jin, with no change; in Hebei, it was 2.64 yuan/jin, a change of - 0.05 yuan. The spot basis for Liaoning was JD09 + 175, a change of +48; for Shandong, it was JD09 + 185, a change of +48; for Hebei, it was JD09 - 425, a change of - 2 [3] - Inventory: On August 19, the national production - link inventory was 0.74 days, an increase of 0.09 days from the previous day, with an increase rate of 13.85%. The circulation - link inventory was 1.1 days, an increase of 0.10 days, with an increase rate of 10.00% [3] Market Analysis - It has entered the pre - Mid - Autumn Festival stocking period. Some food companies and schools are stocking up, and tourism and catering consumption are strong. Although the egg storage is difficult due to weather and traders are cautious, overall demand is increasing. The spot price is expected to fluctuate upward this week, but attention should be paid to the impact of cold - storage egg outflows [4] Strategy - Cautiously bearish [5]

【导语】2025年前三季度，猪业上下游产品皆呈现缓跌的走势，其中生猪及白条猪肉价格跌幅有限，冻品猪肉受价格优势削弱带来的需求低迷影响，价格跌幅尤为明显，部分产品甚至处于有价 从图1看到，2025年1-8月，国内生猪及白条猪肉价格跌后窄幅震荡运行，冻品二号肉价格震荡下降，其中国产冻品二号肉价格跌幅大于进口二号肉。据卓创资讯统计，截至2025年8月19日，1 导致前三季度生猪与白条猪肉价格低位运行的主要原因在于供应的充裕以及需求的不及预期。经过2024年上游能繁母猪的持续扩产，至2025年适重猪源增多；在居民饮食结构调整、主力消费人 但冻品猪肉与生猪及鲜品猪肉价格走势有一定差距。从图2看到，国产冻品二号肉价格跌幅最为明显，这主要源于国产鲜品猪肉价格较低，冻品的价格优势不断削弱，下游经销商、餐饮等群体提 后期来看，预计四季度生猪及白条猪肉价格仍或低位运行。供应方面，从图3看到，至2025年7月，国内能繁母猪存栏量已升至偏高水平，根据生猪的生长周期推算，至四季度国内生猪供应充裕 冻品方面，预计四季度国产及进口冻品二号肉价格仍有下降风险。供应方面，从图4、图5看到，前三季度猪肉及猪副进口量相对平稳，屠宰企业库容率缓升， ...

Core Viewpoint - Dekang Agriculture (02419) shares increased by nearly 9%, with a current price of 85.4 HKD and a trading volume of 119 million HKD, following the announcement of its mid-year results for 2025 [1] Financial Performance - The company reported a revenue of 11.695 billion RMB for the period, representing a year-on-year growth of 24.3% [1] - The fair value adjustment profit of biological assets reached 1.273 billion RMB, showing a significant increase of 250.6% year-on-year [1] Segment Performance - The swine segment generated revenue of 9.879 billion RMB, which is a year-on-year increase of 32.6% [1] - The total sales volume of pigs was 5.1174 million heads, reflecting a year-on-year growth of 27.1% [1]

智通财经APP获悉，德康农牧(02419)涨近9%，截至发稿，涨8.93%，报85.4港元，成交额1.19亿港元。 消息面上，德康农牧近日公布2025年中期业绩，期内公司实现营业收入116.95亿元，同比增长24.3%； 公司生物资产公允价值调整前利润为12.73亿元，同比增长250.6%。其中，生猪板块收入达人民币98.79 亿元，同比增长32.6%，生猪销量511.74万头，同比增长27.1%。 ...

Group 1: Report Overview - Report date: August 20, 2025 [1] - Main topic: Pig market analysis, waiting for the end - of - month spot verification [1] Group 2: Analysts - Zhou Xiaoqiu, investment consulting qualification number: Z0001891, email: zhouxiaoqiu@gtht.com [2] - Wu Hao, investment consulting qualification number: Z0018592, email: wuhao8@gtht.com [2] Group 3: Pig Fundamental Data Spot prices - Henan spot price: 13,880 yuan/ton, year - on - year increase of 100 yuan/ton [3] - Sichuan spot price: 13,550 yuan/ton, year - on - year unchanged [3] - Guangdong spot price: 14,990 yuan/ton, year - on - year unchanged [3] Futures prices - Pig 2509: 13,780 yuan/ton, year - on - year increase of 140 yuan/ton [3] - Pig 2511: 13,900 yuan/ton, year - on - year increase of 80 yuan/ton [3] - Pig 2601: 14,200 yuan/ton, year - on - year increase of 40 yuan/ton [3] Trading volume and open interest - Pig 2509: trading volume 3,384 lots, down 4,450 lots from the previous day; open interest 13,091 lots, down 1,000 lots from the previous day [3] - Pig 2511: trading volume 20,770 lots, down 14,938 lots from the previous day; open interest 67,934 lots, down 3,259 lots from the previous day [3] - Pig 2601: trading volume 7,300 lots, down 5,823 lots from the previous day; open interest 47,359 lots, down 424 lots from the previous day [3] Price spreads - Pig 2509 basis: 100 yuan/ton, year - on - year decrease of 40 yuan/ton [3] - Pig 2511 basis: - 20 yuan/ton, year - on - year increase of 20 yuan/ton [3] - Pig 2601 basis: - 320 yuan/ton, year - on - year increase of 60 yuan/ton [3] - Pig 9 - 11 spread: - 120 yuan/ton, year - on - year increase of 60 yuan/ton [3] - Pig 11 - 1 spread: - 300 yuan/ton, year - on - year increase of 40 yuan/ton [3] Group 4: Trend Intensity - Trend intensity: - 1, indicating a relatively bearish view. The range of trend intensity is [- 2,2], with - 2 being the most bearish and 2 being the most bullish [4] Group 5: Market Logic - In August, the planned slaughter volume of large - scale pig farms increased, small - scale farmers had passive pressure on inventory, demand growth was limited, and market pressure was high. Recent daily transactions were poor, and it was difficult to absorb market supply. Weekend spot performance was again below expectations, and there was a sentiment of panic selling [5] - The September contract was still at a premium to the warehouse - receipt cost, which increased the industry's willingness to deliver, and the premium - narrowing market continued [5] - The sentiment of purchasing piglets declined, and the price decline accelerated, corresponding to a decrease in the cost of slaughter in March. Attention should be paid to the risk of a downward shift in the far - end price center, and profit - taking and stop - loss should be noted [5] - The short - term support level for the LH2509 contract was 13,000 yuan/ton, and the pressure level was 14,500 yuan/ton [5]

(相关资料图) 智通财经APP获悉，德康农牧 (02419) 公布截至2025年6月30日止六个月中期业绩。报告期内，公司 实现营业收入116.95亿元，同比增长24.3%; 公司生物资产公允价值调整前利润为12.73亿元，同比增长 250.6%。其中，生猪板块收入达人民币98.79亿元，同比增长32.6%，生猪销量511.74万头，同比增长 27.1%。 标签： 财经频道 财经资讯 ...