Core Viewpoint - Dongrui Co., Ltd. (001201.SZ) expects to supply approximately 260,000 live pigs to Hong Kong and Macau in 2025, with self-operated exports accounting for about 210,000 pigs and supply exports for about 50,000 pigs [1] Group 1 - The company anticipates a total supply of 260,000 live pigs to Hong Kong and Macau in 2025 [1] - Self-operated exports are projected to be around 210,000 pigs [1] - Supply exports are expected to be approximately 50,000 pigs [1]

| | | | | 国留期货研究院 | | 投资咨询号:Z0015194 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 农产品研究中心一层到广杨璐琳 | | | 从业资格号:F3042528 | | 2025/11/18 | | | 地区 | 2025/11/17 | 涨跌值 | 升贴水(修改后) | | 与2601基差 | | 涨跌值 | | | 河南 | 11.53 | -0. 32 | | Or B | -270 | | -320 | | | 湖南 | 11. 33 | 0 | 100 | | -570 > | | 0 | | | 湖北 | 11.23 | -0.12012 | 0 | | -570 | | +1-120 | | | 安徽 | 11.65 | -0.26 | 200 | | -350 | | -260 | | | 江西 | 11.26 | -0. 08 | 100 | | -640 | | -80 | | | 山西 | 11.13 | -0. 32 | -100 | | -570 | | -32 ...

农产品日报 | 2025-11-18 消费跟进不足，猪价震荡调整 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2601合约11695元/吨，较前交易日变动-80.00元/吨，幅度-0.68%。现货方面，河南地区 外三元生猪价格11.60元/公斤，较前交易日变动-0.11元/公斤，现货基差 LH01-95，较前交易日变动-250；江苏地区 外三元生猪价格 11.75元/公斤，较前交易日变动-0.12元/公斤，现货基差LH01+55，较前交易日变动-150；四川地 区外三元生猪价格11.24元/公斤，较前交易日变动+0.00元/公斤，现货基差LH01-455，较前交易日变动+80。 据农业农村部监测，11月17日"农产品批发价格200指数"为125.44，比上周五下降0.05个点，"菜篮子"产品批发价格 指数为127.53，比上周五下降0.05个点。全国农产品批发市场猪肉平均价格为17.98元/公斤，比上周五下降0.4%； 牛肉66.54元/公斤，比上周五下降0.1%；羊肉62.33元/公斤，比上周五下降1.0%；鸡蛋7.35元/公斤，比上周五下降 2.3%；白条鸡17.78元/公斤，比上周五下降0.1 ...

Core Insights - The "14th Five-Year Plan" emphasizes high-quality construction of high-standard farmland, protection of black soil, and comprehensive utilization of saline-alkali land to enhance arable land quality [1] Group 1: Saline-Alkali Land Utilization - The 2025 Saline-Alkali Land Comprehensive Utilization Technology Innovation Conference highlighted the development of a regional governance model and the collaborative development of characteristic agriculture in saline-alkali areas [1] - The report outlines over 40 innovative achievements in biological breeding, productivity enhancement, and ecological utilization of saline-alkali land [2] - Various technical models have been established, such as the "dry sowing and wet harvesting" method for cotton in the Northwest Oasis area, promoting efficient use of resources and ecological improvement [2] Group 2: Agricultural Practices and Innovations - In Jiangsu's coastal saline-alkali areas, a rotation planting model has been developed, achieving a 20% increase in soil organic matter and maintaining soil salinity below 2‰ [2] - The report stresses the importance of preventing secondary salinization of arable land and establishing efficient drainage systems [3] - The report advocates for a differentiated approach to saline-alkali land usage, promoting various agricultural practices based on land conditions [4] Group 3: Development of Specialty Agriculture - The report indicates successful cultivation of varieties such as Huanghua drought-resistant wheat and Zhanhua winter jujube, enhancing the value of saline-alkali agricultural products [4] - The Yellow River Estuary sheep industry is highlighted as a model for developing specialty agriculture in saline-alkali areas, focusing on standardization and branding [5] Group 4: Breeding and Resource Management - The establishment of a breeding innovation system for saline-alkali land is underway, with 68 new varieties of salt-tolerant crops developed and promoted across 26.32 million acres [7] - The National Saline-Alkali Land Comprehensive Utilization Technology Innovation Center is working on enhancing breeding efficiency and resource management [7]

Core Viewpoint - China is actively exploring regional governance models for saline-alkali land management, aiming to enhance agricultural productivity and ecological sustainability through innovative techniques and practices [1][2]. Group 1: Saline-Alkali Land Utilization - The "14th Five-Year Plan" emphasizes high-quality construction of farmland and comprehensive utilization of saline-alkali land to improve soil quality [1]. - A recent report highlights over 40 innovative achievements in biological breeding, productivity enhancement, and ecological utilization of saline-alkali land [2]. - Various technical models have been developed, such as the "dry sowing and wet harvesting" method for cotton in the Northwest Oasis region, promoting efficient use of resources [2]. Group 2: Agricultural Practices and Crop Management - In Jiangsu's coastal saline-alkali areas, a rotation planting model has been implemented, achieving a 20% increase in soil organic matter and maintaining soil salinity below 2‰ [2]. - The report advocates for a differentiated approach to land use, promoting specific crops based on the salinity level of the land [4]. - Successful cultivation of saline-alkali resistant crops has been reported, including varieties like "Jiyang 12" with a yield of 317.9 kg per mu [5]. Group 3: Challenges and Solutions - Current challenges include issues with irrigation practices, freshwater resource shortages, and mismatched salt control technologies [3]. - The report stresses the importance of establishing efficient drainage systems and a dynamic monitoring network for soil salinity [3]. Group 4: Development of Specialty Agriculture - The development of specialty agriculture in saline-alkali areas is encouraged, focusing on high-value products and brand recognition [5]. - The report indicates that unique functional components in saline-alkali products can enhance their market value [4]. - A variety of specialty products have been developed, including deep-processed items from saline-alkali crops, significantly increasing industry value [4].

Core Insights - The article emphasizes the importance of high-quality agricultural land construction and the comprehensive utilization of saline-alkali land as part of China's "14th Five-Year Plan" [1] Group 1: Saline-Alkali Land Utilization - China is gradually forming a regional governance model and a collaborative development pattern for saline-alkali land and characteristic agriculture [2] - The report highlights over 40 innovative achievements in the fields of biological breeding, productivity enhancement, and ecological utilization of saline-alkali land [2] - The annual organic matter content in soil has increased by 20%, with soil salinity levels maintained below 2‰ and pH levels below 7.8 in certain regions [2] Group 2: Agricultural Development Strategies - 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 [3] - It suggests differentiated management of saline-alkali land usage to promote diverse agricultural outputs based on land conditions [3] - The development of characteristic agricultural products from saline-alkali land has been highlighted, with successful cultivation of varieties such as Huanghua drought-resistant wheat and Zhanhua winter jujube [4] Group 3: Breeding Innovation - The establishment of a breeding innovation system for saline-alkali land is underway, with the introduction of new salt-tolerant varieties like "Jiyang Gu 12" achieving a yield of 317.9 kg per mu [5] - A total of 68 new salt-tolerant crop varieties have been cultivated, with 26.32 million acres of new varieties and technologies promoted nationwide [5]

Core Viewpoint - The article discusses the impact of a nationwide cold wave and strong winds on various sectors, including agriculture, transportation, energy, and market supply, highlighting the measures taken by relevant departments to address these challenges [1][2][3]. Energy Supply and Demand - The cold wave is expected to increase energy demand, with daily gas consumption reaching 1.18 billion cubic meters and peak electricity load at 1.13 billion kilowatts, although still below peak winter levels [3][4]. - National energy supply remains sufficient, with coal reserves at 230 million tons, enough for 35 days, and gas storage at high levels to ensure stable operations [3][4]. Market Supply of Essential Goods - The Ministry of Commerce is focused on ensuring stable supply of essential goods during the cold wave, enhancing market monitoring and increasing the organization of goods to meet basic consumer needs [5][6]. - Prices for vegetables and fruits have risen by 1.7% and 1.9% respectively since the beginning of the month, while pork prices have decreased by 1.4%, indicating a mixed market response [6]. Agricultural Impact - The cold wave poses risks to agricultural production, particularly for facilities and crops, with warnings issued for snow and frost damage [7]. - The Ministry of Agriculture is coordinating with meteorological authorities to prepare for adverse weather effects, advising on crop management and facility protection [7]. Transportation and Logistics - The Ministry of Transport is implementing measures to ensure road and waterway safety during the cold wave, enhancing monitoring and response capabilities for extreme weather conditions [8]. - Specific focus is on maintaining traffic flow on critical routes and ensuring the safety of vessels during adverse weather [8]. Public Health Recommendations - The cold wave is expected to increase flu risks in several regions, prompting health officials to recommend reduced outdoor activities and increased indoor ventilation [9]. - Vulnerable populations, including the elderly and children, are advised to take precautions against cold-related health issues [9].

Core Points - Shennong Group announced the expiration of its share repurchase plan on November 15, 2025, having repurchased a total of 6,580,590 shares, which represents 1.25% of the company's total share capital [2]

巨星农牧11月17日大宗交易平台出现一笔成交，成交量510.07万股，成交金额8523.27万元，大宗交易成 交价为16.71元，相对今日收盘价折价10.16%。该笔交易的买方营业部为国泰海通证券股份有限公司北 京知春里证券营业部，卖方营业部为华西证券股份有限公司成都龙腾东路证券营业部。 证券时报·数据宝统计显示，巨星农牧今日收盘价为18.60元，上涨0.16%，日换手率为1.16%，成交额为 1.10亿元，全天主力资金净流入258.99万元，近5日该股累计下跌1.27%，近5日资金合计净流出689.83万 元。 11月17日巨星农牧大宗交易一览 | 成交量 （万 | 成交金额 | 成交价 | 相对当日收盘 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | | （万元） | 格 | 折溢价（%） | | | | 股） | | （元） | | | | | 510.07 | 8523.27 | 16.71 | -10.16 | 国泰海通证券股份有限公 | 华西证券股份有限公司成 | | | | | | 司北京知春里证券营业部 | 都龙腾东路证券营业 ...

Market Overview - As of the week ending November 14, the profit from self-breeding and self-raising of pigs is a loss of 114.81 yuan per head, compared to a loss of 89.21 yuan per head the previous week. The profit from purchasing piglets is a loss of 205.64 yuan per head, up from a loss of 175.54 yuan per head the previous week [1] - The planned pig output for November in key provinces is 13.90 million heads, a decrease of 2.54% compared to the actual output in October. Jiangsu shows the most significant increase, exceeding 7%, while Fujian shows the largest decrease, exceeding 11% [1] - The national pig price as of November 12 is 12.44 yuan per kilogram, down 0.80% from November 5. The corn price is 2.26 yuan per kilogram, down 0.89%, and the pig-to-grain ratio is 5.50, down 1.79% [1] Feed Industry Insights - According to the China Feed Industry Association, the national industrial feed output in October 2025 is 29.07 million tons, a decrease of 4.2% month-on-month but an increase of 3.6% year-on-year. The output prices of major feed products have decreased year-on-year, with compound feed and concentrated feed prices mainly declining month-on-month [2] - The corn usage ratio in compound feed is 38.0%, down 2.7 percentage points year-on-year, while the soybean meal usage ratio is 13.9%, down 0.4 percentage points month-on-month [2] Pig Price Trends - The current pig prices are weak due to the lack of demand as the cured meat season has not yet started. Many enterprises are still at a break-even point, and the market has not formed expectations for rapid capacity reduction and price stabilization [5] - The cost of soybean meal has seen a slight pullback but remains generally strong, raising questions about whether this cost support will lead to a quicker formation of a price bottom [5]