Group 1: Report Title and Date - The report is titled "Livestock Daily Report" and dated November 18, 2025, focusing on the hog market [1] Group 2: Investment Rating - No investment rating for the industry is provided in the report Group 3: Core Viewpoints - The overall hog supply is stable, and prices are fluctuating slightly. The subsequent supply pressure in the hog market may still be significant, and the general trend of spot hog prices is expected to be weak. Futures prices are also under pressure in the medium to long - term [1][3][4] Group 4: Spot Price Summary - Today, hog spot prices across the country showed a slight rebound. The average price remained unchanged at 11.29 yuan/kg. Some regions had price increases, such as Hebei with an increase of 0.11 yuan/kg, while Guizhou had a decrease of 0.07 yuan/kg [3] - The scale enterprises' hog出栏量 increased overall. Although the monthly hog出栏 plan decreased, the overall supply pressure still exists. Ordinary farmers'出栏 enthusiasm decreased, and the overall出栏 pressure improved compared to before [3] - The number of secondary fattening entrants decreased recently. The price difference between large and small hogs decreased, and hog prices declined, reducing the enthusiasm for replenishment [3] - The current hog出栏 weight rebounded, and the supply of large - weight hogs is still relatively large. The slowdown in出栏 rhythm supported hog prices to some extent. Due to the high hog inventory and relatively large出栏 weight, the subsequent supply pressure in the hog market may still be reflected, and the general trend of hog spot prices is expected to be weak [3] Group 5: Futures Price Summary - Hog futures prices showed a downward trend, affected by the large subsequent supply pressure. However, due to the full reflection of negative factors in the previous decline of the futures market, the recent futures market reaction to the decline in spot prices was not obvious [4] - In the short - term, the change in monthly hog出栏量 may be limited, and prices will generally fluctuate. In the medium - term, due to the high overall inventory and obvious supply pressure, the general trend of spot prices will be downward. Therefore, both spot and futures prices may fluctuate recently, but in the medium to long - term, hog prices are under obvious downward pressure, and the futures market also has certain pressure [4] Group 6: Other Price and Data Summary - Piglet and sow prices remained unchanged this week compared to last week, at 209 yuan and 1546 yuan respectively [3] - The spot breeding profit for self - breeding and self - raising decreased by 25.60 yuan to - 114.81 yuan/head, and for purchasing piglets, it decreased by 30.09 yuan to - 205.64 yuan/head [3] - The slaughter volume decreased by 228 heads to 165,897 heads. The price difference between standard hogs and medium - sized hogs increased by 0.02 yuan, while the price difference between large hogs and standard hogs decreased by 0.05 yuan [3] Group 7: Trading Strategies - Unilateral trading: Hold a wait - and - see attitude [5] - Arbitrage: Hold a wait - and - see attitude [5] - Options: Implement a strategy of selling wide straddles [5]

Core Insights - The article emphasizes the importance of high-quality agricultural land construction and the comprehensive utilization of saline-alkali land in China, highlighting the establishment of a breeding innovation system for saline-alkali land [1] Group 1: Saline-Alkali Land Utilization - The report outlines over 40 innovative achievements in biological breeding, productivity enhancement, and ecological utilization of saline-alkali land in China [2] - Various regional governance models and technical modes have been created, such as the "dry sowing and wet harvesting" in the Northwest oasis area and integrated grass and livestock systems in the Ningxia Hetao Plain [2] - In Jiangsu's coastal saline-alkali areas, annual rainfall supports a rotation planting model, achieving a 20% increase in soil organic matter and maintaining soil salinity below 2‰ [2] Group 2: Challenges and Solutions - The comprehensive utilization of saline-alkali land faces challenges such as water resource shortages and mismatched salt control technologies [3] - The report stresses the need for effective drainage systems and a dynamic monitoring network for soil salinity to implement differentiated irrigation and drainage standards [3] Group 3: Agricultural Development - The report advocates for a combination of "suitable crops for the land" and "suitable land for crops" to maximize the potential of saline-alkali land [4] - It highlights the high functional component content and biological activity of many saline-alkali agricultural products, urging the development of a data-sharing platform for salt-tolerant plant resources [4] Group 4: Breeding Innovation - Successful varieties such as the Huanghua drought-resistant wheat and saline-alkali goji berry have been developed, enhancing the value of saline-alkali agricultural products [5] - The National Saline-Alkali Land Comprehensive Utilization Technology Innovation Center has established a breeding innovation system, with 68 new salt-tolerant crop varieties developed and promoted across 26.32 million acres [6]

智通财经APP讯，德康农牧(02419)发布公告，于2025年11月18日，该公司斥资213.97万港元回购2.95万 股股份，每股回购价格为72.2-72.95港元。 ...

格隆汇11月18日丨德康农牧(02419.HK)公告，11月18日耗资214万港元回购3万股。 ...

Core Insights - The overall trend in pig prices across 31 provinces is showing a steady decline, with 10 regions experiencing price increases, 20 regions seeing decreases, and 1 region remaining stable [1] - The national average price for pigs on November 18 is reported at 11.56 yuan per kilogram, reflecting a decrease of 0.03 yuan per kilogram from the previous day [1] - The supply index for meat in Chongqing has increased by 3.43% compared to the previous day, indicating a rise in meat supply [1] - In Beijing, the wholesale trading volume of pork is recorded at 591,200 kilograms, which is a decrease of 0.29% from the previous day [1] - The average price difference for external three yuan pigs across 21 major regions is approximately 0.47 yuan per kilogram, down by 0.01 yuan from the previous day, and is below the average transportation cost of 0.58 yuan per kilogram [1] Market Analysis - The enthusiasm for pig sales from the breeding sector is generally moderate, with no significant improvement in demand following the drop in temperature [3] - Slaughterhouses are applying pressure on prices and purchasing based on demand, leading to some group farms reducing prices for sales [3] - Despite the overall trend, some breeders are holding firm on prices and reluctant to sell, with expectations of a price increase tomorrow [3]

Core Insights - The average price of external three yuan live pigs in China increased by 0.02 yuan/kg to 11.59 yuan/kg on November 18, 2025, while the average price of piglets rose by 0.03 yuan/kg to 19.11 yuan/kg [1][2] - The market sentiment is mixed, with some regions experiencing slight price adjustments, but overall, the market remains in a "strong supply, weak demand" situation [2] Price Trends - The average price of external three yuan live pigs across various regions shows slight increases, with notable prices including: - Heilongjiang: 11.71 yuan/kg - Guangdong: 12.21 yuan/kg - Shanghai: 11.95 yuan/kg [1] - The average price of piglets also varies by region, with the highest price in Guangdong at 20.28 yuan/kg [1] Market Dynamics - The recent drop in temperatures has led to increased optimism among farmers, with some engaging in limited curing activities in southern regions [2] - Despite the positive sentiment, overall consumption remains weak, impacting the sustainability of price increases [2] - The risk of disease in pig herds is rising with the temperature drop, which may lead to earlier market exits by farmers for disease control [2]

人民财讯11月18日电，唐人神（002567）11月18日公告，公司拟终止"东冲三期生猪养殖基地建设项 目"的募集资金投入，并将剩余募集资金7895.87万元永久补充流动资金。 ...

格隆汇11月18日丨唐人神(002567.SZ)公布，第十届董事会第六次会议，审议通过了《关于终止部分募 投项目并将剩余募集资金永久补充流动资金的议案》，同意终止"东冲三期生猪养殖基地建设项目"的募 集资金投入，并将剩余募集资金7,895.87万元（含累计收到的银行存款利息及扣除银行手续费等的净 额，最终以资金转出当日银行结息余额为准）永久补充流动资金，上述议案尚需提交公司股东会审议。 ...

Core Viewpoint - The company anticipates exporting approximately 260,000 live pigs to Hong Kong and Macau in 2025, with 210,000 being self-operated exports and 50,000 as supplied exports [2]. Group 1 - The company estimates that the total number of live pigs exported to Hong Kong and Macau in 2025 will be around 260,000 [2]. - Of the total, approximately 210,000 will be self-operated exports [2]. - The remaining 50,000 will be supplied exports [2].

人民财讯11月18日电，东瑞股份（001201）11月18日在互动平台表示，预计公司2025年全年供港澳活大 猪约26万头，其中自营出口约21万头，供货出口约5万头。 ...