Group 1: Investment Ratings - The investment strategy for both the pig and egg industries is cautiously bearish [3][5] Group 2: Core Views - Future supply - side pressure in the pig market will persist, and if consumption recovers, the supply - side出栏量 will increase synchronously. Supply is expected to remain high until March next year. The support for prices comes from fourth - quarter consumption and secondary fattening, and if frozen products increase significantly, prices may drop to near the cost price [2] - In the egg market, it has entered the pre - Mid - Autumn Festival stocking period. Although weather issues make egg storage difficult and traders are cautious in purchasing, overall demand is increasing. Spot prices are expected to fluctuate upward next week, but attention should be paid to the impact of cold - storage egg outflows on the spot market [4] Group 3: Market News and Key Data (Pig) - Futures: The closing price of the live pig 2509 contract yesterday was 13,820 yuan/ton, a change of - 125.00 yuan/ton from the previous trading day, a decrease of 0.90% [1] - Spot: In Henan, the price of external ternary live pigs was 13.59 yuan/kg, unchanged from the previous trading day; in Jiangsu, it was 13.75 yuan/kg, a decrease of 0.05 yuan/kg; in Sichuan, it was 13.44 yuan/kg, unchanged from the previous trading day [1] - Agricultural product wholesale prices on August 18: The "Agricultural Product Wholesale Price 200 Index" was 115.24, up 0.36 points from last Friday. The "Vegetable Basket" product wholesale price index was 115.59, up 0.39 points. The average price of pork was 20.20 yuan/kg, up 0.7%; beef was 64.87 yuan/kg, down 0.3%; mutton was 60.17 yuan/kg, up 0.9%; eggs were 7.59 yuan/kg, unchanged;白条鸡 was 17.51 yuan/kg, up 0.7% [1] Group 4: Market News and Key Data (Egg) - Futures: The closing price of the egg 2509 contract yesterday was 3,113 yuan/500 kilograms, a change of - 69.00 yuan from the previous trading day, a decrease of 2.17% [3] - Spot: In Liaoning, the egg spot price was 3.24 yuan/jin, an increase of 0.22; in Shandong, it was 3.25 yuan/jin, an increase of 0.10; in Hebei, it was 2.69 yuan/jin, an increase of 0.07 [3] - On August 18, the national production - link inventory was 0.65 days, a decrease of 0.12 days from the previous trading day, and the circulation - link inventory was 1.00 days, a decrease of 0.05 days [3]

Group 1 - The "Chicken and Vegetable Symbiosis" project in Chizhongyuan Village, Hangzhou, integrates poultry farming with vegetable cultivation, allowing for efficient resource recycling and space utilization [3] - Each acre of the 70-acre vegetable garden is equipped with 10 chicken coops, each housing approximately 15 chickens, creating a vertical space layout that promotes ecological balance [3] - The project includes a "New Urban Farmer" model, enabling urban residents to adopt a nest of chickens and monitor their growth through a mobile app, enhancing engagement with agricultural practices [3] Group 2 - Zhejiang Province has recognized the "Chicken and Vegetable Symbiosis" as a typical case of green ecological farming among 31 innovative development models in animal husbandry [3] - Other notable cases include smart breeding of egg-laying hens and brand marketing strategies for local chicken products, showcasing a variety of innovative approaches in the region [4] - Hangzhou's livestock industry is focusing on urban-rural integration and reducing disparities, with significant increases in poultry production, including 1.5 million ducks and 1 million mountain chickens, contributing over 1 billion yuan to farmers' income [4]

1. Report Title and General Information - The report is titled "Egg Weekly Report: Demand Improves Slightly, Egg Prices Stabilize" and is from Galaxy Futures' Bulk Agricultural Products research team, with researcher Liu Qiannan [1] 2. Core Viewpoints - Egg prices are currently at a low point in recent years. Although there is a slight improvement in demand, the supply - demand pattern remains "strong supply, weak demand". School - opening preparations may support prices next week [5] - Supply pressure is significant, with an increase in the number of newly - opened laying hens and a high inventory of cold - storage eggs. Demand is generally weak, and egg prices may continue to face downward pressure [18] 3. Section Summaries 3.1 Spot Analysis - This week, the average price of eggs in the main producing areas was 2.97 yuan/jin, up 0.11 yuan/jin from last Friday, and in the main selling areas it was 3.2 yuan/jin, up 0.12 yuan/jin. The price in the main producing areas was generally stable. The terminal demand improved slightly at the beginning of the week, but the price rebound was limited due to weak demand and increased supply. The egg price remained stable and weak in the second half of the week. The price of culled chickens fell this week as farmers' confidence was hit and they increased the slaughter [5] 3.2 Supply Analysis - From August 7 - 14, the national main - producing area's culled chicken slaughter volume was 14.42 million, a 5% increase from the previous week. The average culling age of culled chickens was 506 days, the same as the previous week [10] - In July, the national laying - hen inventory was 1.356 billion, an increase of 0.016 billion from the previous month and a 6.1% year - on - year increase. The monthly egg - chick hatching volume of sample enterprises in July was 39.98 million, a 2% decrease from the previous month and a 4% year - on - year decrease. Without considering delayed culling and concentrated culling, the estimated laying - hen inventory from August to November 2025 is 1.356 billion, 1.36 billion, 1.358 billion, and 1.351 billion respectively [10] 3.3 Cost Analysis - As of August 7, the corn price was around 2395 yuan/ton, the soybean meal price was 3008 yuan/ton, and the comprehensive feed cost was about 2579 yuan/ton, equivalent to about 2.83 yuan/jin for eggs. The cost of egg - chicken farming increased slightly this week. As of August 14, the weekly average profit per jin of eggs was - 0.26 yuan/jin, the same as the previous week. On August 8, the expected profit of egg - chicken farming was 11.92 yuan/hen, a decrease of 2.02 yuan/jin from the previous week [13] 3.4 Demand Analysis - The egg price first rose and then fell this week. The sales volume increased at the beginning of the week but decreased later as the price reached a peak and the hot weather made storage difficult. As of August 14, the sales volume of eggs in representative selling areas was 7605 tons, a 1% increase from the previous week [16] - Due to high humidity, farmers sold eggs promptly, and the production - link inventory decreased. Traders maintained a fast - in, fast - out strategy, and the circulation - link inventory decreased significantly. As of August 7, the average weekly inventory in the production link was 0.92 days, a decrease of 0.17 days from the previous week, and in the circulation link it was 1.03 days, a decrease of 0.2 days from the previous week [16] - The vegetable price index rebounded slightly, and the pork price index changed little. On August 14, the total vegetable price index in Shouguang was 123.94, and on August 13, the national average wholesale price of pork was about 15.58 yuan/kg [16] 3.5 Trading Strategies - Unilateral trading: Consider short - selling at high prices as the supply pressure is significant, demand is weak, and the cold - storage eggs are being released [18] - Arbitrage: Wait and see [18] - Options: Sell put options [17] 3.6 Weekly Data Tracking - The report provides historical data charts on laying - hen inventory, culled - chicken slaughter, chick - hatching volume, cold - storage eggs, egg - chicken farming conditions, and price spreads and basis [22][23][24]

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [1][5][4] Core Views - The report is optimistic about the reversal of the livestock cycle in 2025, the growth of pet consumption, and the undervaluation of leading companies in the breeding chain [3][4] - It highlights a new round of beef price increases and expects strong support for pork prices due to low production capacity [1][3] Summary by Relevant Sections Livestock - Pork prices are expected to maintain low volatility, with a price of 13.70 CNY/kg as of August 15, 2025, up 0.37% week-on-week [1][13] - The beef market is seeing a new price increase, with an average price of 60.58 CNY/kg, up 0.41% week-on-week and 24.91% year-on-year [1][15] - The report anticipates a sustained improvement in the beef and raw milk markets due to domestic and international demand [3] Poultry - White chicken supply has slightly increased, with a price of 7.06 CNY/kg, down 1.67% week-on-week [1][14] - Yellow chicken supply remains at a low level, with prices for various types showing increases of 13% to 5% week-on-week [1][14] - The report expects long-term consumption levels for white chicken to rise, benefiting from domestic demand recovery [3] Feed and Other Agricultural Products - Soybean prices are at 3953 CNY/ton, up 0.67% week-on-week, while soybean meal prices are at 3092 CNY/ton, up 2.79% week-on-week [2][15] - Corn prices are expected to maintain a moderate increase, with a current price of 2376 CNY/ton, down 0.34% week-on-week but up 1.19% year-on-year [2][15] - The report notes that sugar prices have increased slightly, with a current price of 5960 CNY/ton, up 0.85% week-on-week [2][15] Investment Recommendations - Recommended stocks include: - Livestock: Youan Livestock, Modern Animal Husbandry, China Shengmu, Guangming Meat [3][4] - Pet Industry: Guibao Pet, Zhongchong Co., RuiPu Bio [3][4] - Feed: Haida Group [3][4] - Swine: Dekang Agriculture, Muyuan Foods, Huazhong Foods, Wens Foodstuffs, and others [3][4] - Poultry: Lihua Co., Yisheng Co., Shengnong Development [3][4]

Core Insights - The agricultural sector in Fugu County, Shaanxi Province, is experiencing a dual win of industrial upgrading and increased income for villagers through innovative models such as industrial integration and ecological cycles [1][2] - The establishment of agricultural bases is leading to significant improvements in local livelihoods, with villagers now able to work closer to home and earn a stable income [1] - The county has actively cultivated various agricultural entities, resulting in a steady increase in both quantity and quality of agricultural operations [2] Group 1 - The agricultural base in Tianqiaoze Village is thriving, with a variety of crops such as watermelons, eggplants, and peppers showing strong growth, contributing to local income [1] - Villager testimonials highlight the positive impact of local agricultural jobs on their quality of life, allowing for better work-life balance and financial stability [1] - The agricultural base is also expanding into livestock farming, with goats and pigs being raised, indicating a diversification of agricultural activities [1] Group 2 - The ecological model in Hongya Village features a symbiotic relationship between trees and livestock, where poultry feed on insects and weeds, reducing costs and enhancing product quality [2] - The use of poultry manure as fertilizer for trees exemplifies the successful implementation of an ecological cycle that benefits both the environment and economic returns [2] - Fugu County has developed a range of agricultural entities, including 1497 family farms and 151 registered farmer cooperatives, showcasing a robust growth in agricultural infrastructure [2]

Group 1: Livestock Industry - Tongwei County focuses on upgrading agricultural structure through livestock farming, aiming to expand cattle and sheep farming while stabilizing pig and poultry production [2] - The establishment of a grass-livestock circular industry park promotes integrated development of breeding, processing, and sales [2] - The local market for livestock has seen a transaction volume exceeding 60 million yuan, with a new slaughterhouse and meat storage facility set to enhance processing capabilities [2] Group 2: Fruit and Vegetable Industry - The county has achieved significant yields in highland summer vegetables, with local peppers yielding 8,000 to 10,000 pounds per acre, generating net incomes of approximately 3,000 yuan [3] - A cooperative model has been implemented to enhance apple production, with 36,000 acres of orchards generating an annual output value of 130 million yuan [3] - The vegetable planting area has reached 80,000 acres, with an annual production value exceeding 800 million yuan, supported by cold storage and logistics facilities [3] Group 3: Traditional Chinese Medicine Industry - Tongwei County has a robust traditional Chinese medicine sector, with 350,000 acres dedicated to medicinal herbs, generating an estimated annual output of over 160,000 tons and a total industry value of 3.3 billion yuan [4] - Recent investments in the industry include 19 projects worth 3.19 billion yuan aimed at enhancing the processing and development of traditional medicine [4][5] - The county is also integrating traditional medicine with wellness tourism, planning to launch over five health products this year with a projected output value exceeding 20 million yuan [5] Group 4: Renewable Energy Sector - The county is developing a wind power project with an investment of 560 million yuan and a capacity of 100 MW, expected to generate 200 million kWh annually [6] - Total installed renewable energy capacity in Tongwei County has reached 1.4624 million kW, making it a significant clean energy production base in Gansu [6] - The county is also investing in energy storage solutions to stabilize power supply, including a 100 MW/400 MWh independent storage project [6] Group 5: Textile and Apparel Industry - The textile and apparel sector is becoming a key driver of employment and economic growth, with several companies achieving significant production outputs [7][8] - A new garment industrial park has been established with an investment of 55 million yuan, aiming to produce over 5 million garments annually and create more than 1,500 stable jobs [8] - The apparel industry has generated over 400 million yuan in output value in the first half of the year, providing employment opportunities for over 2,000 individuals [8]

Group 1 - The company reported that the total cost of fattening pigs in July was approximately 13 to 13.5 yuan per kilogram [2] - The company is currently facing low capacity utilization in its pig farms, leading to high depreciation and amortization costs [2] - There is potential for further improvement in costs through enhancements in supply chain efficiency, genetic upgrades, and hardware optimization in pig farms, contingent on cash flow improvements [2]

Report Summary Core View - The northern market is weak with increased supply from enhanced selling intentions of放养 companies and retail farmers, while some leading enterprises cut supply to slow down price drops; the southern market is stable with some areas seeing slight price increases, and currently there is a lack of obvious positive support in the market [2] Data and Indicators - **Price and Quantity**: The report presents data on China's average hog slaughter price, hog warehouse receipt quantity, comparison between national and Henan hog prices, and average hog slaughter weight [3][4] - **Inventory**: It includes data on the number of fertile sows, hog inventory structure, PSY production index of fertile sows, and frozen pork storage capacity ratio [4][5][7] - **Profit**: Data on the average price of culled sows, profit from purchasing and self - raising hogs, slaughter gross profit, and the average price of piglets are provided [7][9][10][13] - **Slaughter**: Information on the slaughter volume of key enterprises and their开工率 is shown [6][11]

新希望（000876.SZ）8月18日在投资者互动平台表示，公司二季度正常运营场线的成本也已降至13元左 右，虽然相比同行友商仍存在差距，但同比去年同期，也下降了1.6元。今年到年底还可以再降低几毛 钱。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：牧原的成本已经到12以内了，为何贵公司的成本下降 如此之慢，差距之大。有什么好的措施吗？今年年底预计成本能降低到多少？ ...

Report Industry Investment Rating - Not provided Core Viewpoints - The overall performance of the live hog market last week was weak with regional differentiation, and the price may fluctuate at a low level in the short term; the corn market was weak and adjusted, and the futures main contract may continue to decline in the short term [5][9] Summary by Relevant Catalogs Live Hogs - Futures: The live hog futures first rose and then fell last week. The LH2511 contract closed at 13,945 yuan/ton, a decrease of 1.38% from the previous week's settlement price [5] - Spot: As of August 15, the self - breeding and self - raising live hog breeding profit was 28.85 yuan/head, a week - on - week decrease of 16.28 yuan/head; the profit of purchasing piglets for breeding was - 157.05 yuan/head, a week - on - week decrease of 22.91 yuan/head; the pig - grain ratio was 5.84, a week - on - week decrease of 0.09. The national live hog spot market showed regional differentiation last week, with the overall being weak. Supply pressure was high due to weight reduction and delayed slaughter in July, and high - temperature inhibited consumption, resulting in oversupply. However, after continuous price drops, farmers had resistance sentiment, and the price decline space was limited [5] Corn - Futures: Last week, the performance of the far - month contracts of corn futures was worse than that of the near - month contracts. The C2509 contract closed at 2,266 yuan/ton, an increase of 0.4% from the previous week's settlement price; the C2511 contract closed at 2,190 yuan/ton, a decrease of 0.59% from the previous week's settlement price [7] - Spot: The national average spot price of corn was 2,394.12 yuan/ton, a week - on - week decrease of 1.47 yuan/ton. The prices in ports were mostly stable with some minor adjustments [7] - Industrial Consumption: From August 7 to August 13, 2025, 149 major corn deep - processing enterprises in the country consumed 1.1406 million tons of corn, a decrease of 24,000 tons from the previous week. The processing volume of corn starch enterprises increased by 15,500 tons to 576,000 tons, and the weekly output of corn starch increased by 10,700 tons to 289,200 tons, with the weekly operating rate rising by 2.07% to 55.9%. The operating rate of the DDGS industry was 42.00%, a decrease of 1.08% from the previous week, and the weekly production decreased by 2,200 tons to 85,470 tons, a decrease of 2.51% [8] - Inventory: As of August 13, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 3.402 million tons, a decrease of 6.62%. As of August 15, the total corn inventory in the four northern ports was about 1.74 million tons, and the corn inventory in Guangdong ports was 750,000 tons [8] - Market Outlook: The national corn spot market was stable with a weak trend last week. Policy grain was continuously put into the market in the Northeast, and the market quotation declined slightly; traders in North China sold at high prices, increasing market circulation, and enterprises lowered purchase prices. Some starch enterprises resumed work, increasing the operating rate, while some alcohol enterprises continued maintenance, reducing the operating rate. In the short term, the corn market will be weakly adjusted, and the main contract on the futures market may continue to decline [9]