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]

Group 1 - The core point of the article is that *ST Tianshan has announced the release of a portion of shares pledged by its shareholder, Huzhou Haohui, which may impact the company's stock performance and investor sentiment [1] - Huzhou Haohui has released 5.35 million shares from pledge, while the total pledged shares amount to 10 million, representing 14.45% of its holdings [1] - As of the announcement date, *ST Tianshan has a market capitalization of 3 billion yuan [1] Group 2 - For the first half of 2025, *ST Tianshan's revenue composition is as follows: livestock industry accounts for 54.91%, while asset leasing contributes 45.09% [1]

Core Viewpoint - Shennong Group (605296.SH) has completed its share repurchase plan, with a total of 6.5806 million shares repurchased, representing 1.25% of the company's total share capital [1] Summary by Relevant Categories Share Repurchase Details - The share repurchase plan is set to expire on November 15, 2025 [1] - The highest repurchase price was 29.20 CNY per share, while the lowest was 24.68 CNY per share [1] - The average repurchase price was 27.35 CNY per share [1] - The total amount of funds used for the repurchase was 180 million CNY (excluding stamp duty, transaction commissions, and other trading costs) [1]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The supply pressure of the live pig market is increasing, and the prices of both spot and futures are showing a downward trend. In the short - term, the market may fluctuate, but in the medium - to long - term, the downward pressure on prices is obvious due to high inventory and large - weight pig supply [3][5]. - The profitability of live pig breeding has declined, with both self - breeding and self - raising and purchasing piglets for breeding showing losses that have widened compared to the previous period [3]. 3. Summary by Related Content Spot Market - **Price**: Today, the live pig prices across the country continued to decline. The average price remained unchanged at 11.29 yuan/kg, but most regional prices decreased, with Shandong having the largest decline of 0.37 yuan/kg [3]. - **Supply**: The overall出栏量 of large - scale enterprises has decreased, and the enthusiasm of ordinary farmers to sell has also decreased. The number of second - fattening entrants has decreased recently. The current live pig出栏体重 has rebounded, and the supply of large - weight pigs is still relatively large [3]. - **Profit**: The spot breeding profit (self - breeding and self - raising) was - 114.81 yuan/head, a decrease of 25.60 yuan/head from the previous period; the spot breeding profit (purchasing piglets) was - 205.64 yuan/head, a decrease of 30.09 yuan/head from the previous period [3]. - **Slaughter**: The slaughter volume was 166,125 heads, a decrease of 416 heads from the previous day [3]. Futures Market - **Price**: Futures prices also showed a downward trend. For example, LH01 decreased by 80 yuan to 11,695 yuan, and LH03 decreased by 95 yuan to 11,470 yuan [3]. - **Spread**: The spreads between some contracts have changed. For example, LH9 - 1 increased by 70 to 1950, and LH11 - 1 increased by 80 to 105 [3]. Trading Strategy - For single - sided trading, it is recommended to wait and see. - For arbitrage, it is recommended to wait and see. - For options, a strategy of selling wide - straddles is recommended [6].

期货研究报告 2025年11月17日 生猪期货：震荡偏弱，空头主导 高剑飞 投资咨询从业资格号：Z0014742 gaojianfei@nzfco.com 报告导读： 1、市场回顾与展望：上周生猪现货价呈"企稳 - 回落 - 收窄 - 反弹"的震荡偏弱走势，整体重心 下移，均价从11.97/公斤逐步波动调整，虽周末出现小幅反弹，但未能改变全周偏弱的整体格局，且同比仍 处于大幅下跌区间。国家统计局及期货机构数据显示，11月上旬生猪（外三元）价格环比下降1.7%，全周现 货均价围绕11.7-12.0元/公斤区间波动，年末供应压力与季节性需求预期的矛盾成为市场核心矛盾点。 供应端方面，进入下旬后养殖场出栏积极性普遍较高，尤其集团场受进度偏慢影响存在一定追赶计划， 加之部分压栏大猪逐步流入市场，带动出栏均重整体上移，市场猪肉供应呈现充足态势。需求端方面，屠 宰企业因利润空间有限暂无主动入库意愿，加之下游市场产品消化速度依然缓慢，因此屠宰量波动有限。 随着气温下降，南方地区腌腊需求将小幅启动，对消费形成一定支撑，但提振力度预计有限，难以完全对 冲供应压力，市场短期仍以偏弱震荡为主。 关注因素：1.能繁母猪存栏变化；2. ...

据商务部市场运行监测系统显示，压栏增重及二次育肥现象增多，10月27日至11月2日，全国36个大中 城市猪肉零售价格环比上涨0.4%。西部地区猪肉价格涨幅居前，其中贵阳、西安分别上涨3.4%和 1.8%。 ...

证券研究报告 | 2025年11月17日 农产品研究跟踪系列报告（182） 优于大市 肉牛价格有望持续上涨，奶牛产能或将去化加速 周度农产品跟踪：牛价有望持续上涨，反内卷支撑中长期生猪价格。 生猪：行业反内卷有望支撑猪价中长期表现。11 月 14 日生猪价格 11.73 元/ 公斤，周环比-1.5%；15kg 仔猪价格约 316.5 元/头，周环比+1%。 白鸡：供给小幅增加，关注旺季消费修复。11 月 14 日，鸡苗价格 3.55 元/ 羽，周环比+3%；毛鸡价格 7.16 元/公斤，周环比+3%。 黄鸡：供给维持底部，有望率先受益内需改善。11 月 14 日浙江快大三黄鸡/ 青 脚 麻 鸡 / 雪 山 草 鸡 斤 价 分 别 为 4.1/5.0/7.8 元 ， 周 环 比 分 别 +0.0%/-2.0%/+0.0%。 鸡蛋：在产父母代存栏维持增长，中期供给压力较大。11 月 14 日，鸡蛋主 产区批发均价价 3.76 元/斤，周环比+2.31%，同比-27%。 肉牛：新一轮牛价上涨开启，看好 2025 年牛周期反转上行。11 月 14 日，牛 肉市场价为 66.63 元/kg，周环比-0.25%，同比+1 ...

益生股份（002458.SZ）11月17日在投资者互动平台表示，公司11月引种3.4万套，12月引种计划还在商 谈中，目前公司引种未受法国禽流感的影响。 每经AI快讯，有投资者在投资者互动平台提问：贵公司预计11月和12月引种多少？是否受法国禽流感 疫情影响？ （记者 王瀚黎） ...

每经AI快讯，11月17日，据国家发改委网站消息，截至11月12日当周，全国猪料比价为4.78，环比下跌 1.65%。按目前价格及成本推算，未来仔猪育肥模式的生猪养殖头均盈利为-199.68元。当周生猪均价环 比下滑。养殖端出栏节奏加快，生猪供应充裕，但终端需求跟进有限，且二次育肥减少补栏，供大于求 拖累猪价回落。 ...