Core Viewpoint - The Chinese government is promoting high-quality development in the livestock industry by enhancing the resource utilization of livestock waste, aiming for a comprehensive utilization rate of over 80% by 2025 [1][2] Group 1: Policy and Guidelines - The State Council issued opinions to advance the resource utilization of livestock waste and promote agricultural and livestock cycles [1] - The Ministry of Agriculture and Rural Affairs has developed technical guidelines for assessing the land carrying capacity of livestock waste and for constructing waste treatment facilities [1] - Policies are being implemented to optimize the regional layout of livestock farming and promote local utilization of livestock manure [1] Group 2: Technological Support and Innovation - The government is enhancing technological support by encouraging research institutions and enterprises to develop technologies for the resource utilization of agricultural waste [1] - A technology innovation alliance for livestock waste utilization has been established to promote nine typical technical models based on agricultural integration [1] Group 3: Demonstration Projects and Investment - Demonstration projects are being implemented in major livestock provinces and key agricultural areas to promote green agricultural practices [2] - Central investment of 11.802 billion yuan has been allocated to support 337 counties in implementing green agricultural projects, achieving a comprehensive utilization rate of 79.4% for livestock waste [2]

Core Viewpoint - The transformation of the livestock industry in the Altay region of Xinjiang is crucial for ecological restoration and economic development, balancing environmental protection with the livelihoods of local herders [4][5][9]. Group 1: Ecological and Economic Initiatives - The Buerjin County has implemented various ecological protection projects, including returning pastures to grassland, resting and banning grazing, and developing grassland carbon sinks, leading to a green development path [4][5]. - The county has a total of 10.15 million acres of natural grassland, with 8.2 million acres available for development, which is essential for sustainable livestock farming [5]. - The government has adopted measures such as balancing livestock and grassland, reducing livestock numbers, and providing ecological rewards to protect and restore the environment [6][9]. Group 2: Livestock Industry Transformation - The county has shifted from traditional livestock farming to a new model of "warm-season grazing and cold-season feeding," improving the economic situation of herders [6][9]. - In 2022, Buerjin County was included in the national pilot program for grassland livestock industry transformation, and in 2023, it was recognized as one of the 15 demonstration counties for this transformation [6][9]. Group 3: Carbon Sink Development - The Xinjiang Development and Reform Commission secured 215 million yuan in central budget investment to support livestock industry transformation projects in Buerjin County and four other counties [10]. - Buerjin County has initiated carbon sink development, converting ecological value into economic benefits, with the first carbon trading project generating 67,000 tons of carbon credits and revenue of 19.765 million yuan [10]. - The VCS carbon sink project is expected to produce approximately 8 million tons of carbon credits over a 40-year period, with a static total revenue of about 280 million yuan [10].

Group 1 - The stock price of Tangrenshen is reported at 4.86 yuan as of August 13, 2025, with a decrease of 0.03 yuan, representing a decline of 0.61% from the previous trading day [1] - The trading volume for the day was 362,900 hands, with a total transaction value of 176 million yuan [1] - Tangrenshen's main business includes feed production, breeding of breeding pigs, commodity pig farming, pig slaughtering, and meat processing, forming a complete industrial chain for pigs [1] Group 2 - The company produces various products including pig feed, poultry feed, and aquatic feed, and is also involved in pig farming and meat processing [1] - A major shareholder, Daxinghang Feed Co., Ltd., plans to reduce its holdings by up to 9.93 million shares, accounting for approximately 0.70% of the company's total share capital, between September 3 and December 1, 2025 [1] - The company has repaid a total of 15 million yuan of raised funds, with 283 million yuan of idle raised funds to be fully repaid before the due date [1]

鸡蛋主力合约走势图 ◎丁鹏 记者 荆淮侨 "今天的大号鸡蛋报价是3.27元/斤，我们厂的养殖成本算下来约为3.44元/斤。"8月13日，武汉市金凤源 养殖有限公司负责人付美萍在接受上海证券报记者采访时表示，目前的蛋价已再次跌穿成本，远不及企 业对销售旺季的预期。 7至9月通常是鸡蛋销售旺季，然而今年鸡蛋市场正经历一场"旺季不旺"行情。中国畜牧业协会蛋鸡业分 会秘书长腰文颖表示，2021年至2024年，蛋鸡产业处在一个长时间的盈利周期，各方持续加大投资，导 致鸡蛋产能增加显著，价格下降主要由这一供求关系导致。今年以来，蛋价行情不算理想。 广发期货研究所总经理助理刘珂认为，近期鸡蛋采购量虽有所增加，但蛋鸡存栏量维持高位，加之冷库 蛋冲击，市场鸡蛋供应充足，蛋价在旺季上涨空间有限。 短暂上涨后跌回低位 蛋商反映的销售情况也不及预期。8月12日上午，记者走访了武汉市黄陂区新华南国际农贸产业园内的 两家实体蛋商，工作人员介绍，今年以来走货量不及去年同期，需求旺季暂未带来预期中的出货量。记 者在现场待了约1小时，其中一家店仅售出两箱鸡蛋，另一家店售出不到10箱。据了解，一箱45斤的鸡 蛋批发价利润在2元到5元之间。当晚， ...

Group 1 - The company responded to investor inquiries regarding the progress of its Huizhou and Yunfu projects, indicating that the Huizhou project involves breeding and selling a small number of chickens through self-breeding methods [2] - The company advised investors to refer to its regular reports and other publicly disclosed documents for specific details about the projects [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Economic growth shows mixed signals with high power plant daily consumption but weakening demand in some sectors such as real - estate and shipping [4][21]. - Inflation presents different trends, with CPI affected by falling pork prices and PPI influenced by declining oil prices [2][4]. 3. Summary by Relevant Catalogs 3.1 Economic Growth: Power Plant Daily Consumption Reaches a New High in Recent Years 3.1.1 Production: Power Plant Daily Consumption Reaches a New High in Recent Years - On August 12, the average daily consumption of 6 major power - generating groups was 955,000 tons, up 7.3% from August 5. On August 6, the daily consumption of power plants in eight southern provinces was 2.502 million tons, up 12.3% from July 31 [11]. - The daily consumption of coastal eight - province power plants reached a five - year high due to high - temperature and humid weather [11]. 3.1.2 Production: Partial Decline in Blast Furnace Operating Rate - On August 8, the national blast furnace operating rate was 83.8%, up 0.3 percentage points from August 1; the capacity utilization rate was 90.1%, down 0.2 percentage points from August 1. The blast furnace operating rate of Tangshan steel mills was 92.6%, down 0.8 percentage points from August 1 [14]. - There is a possibility of stricter environmental protection control in Tangshan due to air quality concerns [14]. 3.1.3 Production: Weakly Stable Tire Operating Rate - On August 7, the operating rate of truck all - steel tires was 61.0%, down 0.1 percentage points from August 1; the operating rate of car semi - steel tires was 74.4%, down 0.1 percentage points from August 1 [16]. - On August 7, the operating rate of polyester filament in the Jiangsu - Zhejiang region was 90.7%, down 0.9 percentage points from July 31; the operating rate of downstream looms was 55.8%, up 0.2 percentage points from July 31 [16]. 3.1.4 Demand: Nine - Consecutive - Day Decline in Container Shipping Freight Index - From August 1 - 12, the average daily sales area of commercial housing in 30 large and medium - sized cities was 175,000 square meters, down 12.5% from July, 15.9% from August last year, and 32.5% from August 2023 [21]. - In August, retail sales of cars decreased by 4% year - on - year, while wholesale sales increased by 16% year - on - year [23]. - On August 12, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil increased by 0.6%, 1.0%, 2.0%, and 0.8% respectively compared to August 5. The inventory of five major steel products increased by 201,000 tons from August 1 to August 8 [30]. - On August 12, the national cement price index decreased by 0.1% compared to August 5. The average cement price has been falling both month - on - month and year - on - year [31]. - On August 12, the active glass futures contract price was 1,067 yuan/ton, down 0.6% from August 5. The decline in glass prices has slowed [36]. - On August 8, the CCFI index decreased by 2.6% and the SCFI index decreased by 3.9% compared to August 1. The container shipping market is in a wait - and - see state due to the uncertainty of Sino - US tariffs [40]. 3.2 Inflation: Pork Prices Fall to a One - Year Low 3.2.1 CPI: Pork Prices Fall to a One - Year Low - On August 12, the average wholesale price of pork was 20.3 yuan/kg, down 0.3% from August 5. The average wholesale price of pork in August decreased by 0.9% month - on - month and 24.2% year - on - year [48]. - The agricultural product price index's upward inflection point is later than in previous years. On August 12, the agricultural product wholesale price index increased by 0.8% from August 5 [54]. 3.2.2 PPI: Oil Prices Continue to Decline - On August 12, the spot prices of Brent and WTI crude oil were 67.6 and 63.2 dollars/barrel respectively, down 2.8% and 3.1% from August 5. The prices have been falling both month - on - month and year - on - year [55]. - On August 12, the LME 3 - month copper and aluminum prices increased by 1.1% and 1.7% respectively compared to August 5 [60]. - Most industrial product prices increased in August. The month - on - month increase of the domestic commodity index narrowed [60].

Investment Rating - The report maintains an "Outperform" rating for the agricultural sector [1][6]. Core Views - The report is optimistic about the reversal of the livestock cycle in 2025, with expectations of a simultaneous rise in domestic and international beef and raw milk markets [4]. - The pet consumption sector is identified as a growing industry that will benefit from demographic changes [4]. - The feed industry, particularly Haida Group, is expected to achieve excess returns due to the recovery of the aquaculture market [4]. - The pig farming sector shows insufficient expansion willingness, but a stable market is anticipated in 2025, with a focus on undervalued leading companies [4]. - The poultry sector is expected to see a long-term increase in consumption, with yellow chicken likely to benefit first from domestic demand recovery [4]. Summary by Sections Livestock - Beef prices have started to rise, with the average price on August 8 being 60.33 yuan/kg, a 0.97% increase from the previous week and a 29.74% increase year-on-year [2][16]. - The pig price on August 8 was 13.65 yuan/kg, down 3.81% week-on-week and down 33.51% year-on-year [14]. - The report forecasts a stable pig market in 2025, with a focus on leading companies like Muyuan and Wens [4][5]. Poultry - The price of broiler chicks increased by 23.08% week-on-week to 3.36 yuan/chick, while the price of broilers rose by 7.16% to 7.18 yuan/kg [15]. - The report anticipates a long-term increase in consumption for white chickens and expects yellow chickens to benefit from improved domestic demand [4]. Feed and Other Agricultural Products - The report notes that soybean meal prices are at historical lows, with a current price of 3008 yuan/ton, a 0.33% increase week-on-week [3][16]. - Corn prices are expected to maintain a moderate upward trend, with the current price at 2384 yuan/ton, down 0.71% week-on-week but up 0.76% year-on-year [3][16]. - Sugar prices have decreased slightly, with the current price at 5910 yuan/ton, down 1.34% week-on-week [3][16]. Investment Recommendations - Recommended stocks include: - Livestock: YouRan, Modern Farming, China Shengmu, and Guangming Meat [4][5]. - Pet industry: Guibao Pet, Zhongchong Co., and Ruipu Biotech [4]. - Feed industry: Haida Group [4]. - Pig farming: Dekang Agriculture, Muyuan, Huadong, Wens, and others [4]. - Poultry: Lihua, Yisheng, and Shengnong Development [4].

大宗商品研究所 农产品研发报告 生猪日报 2025 年 8 月 13 日 | | | | | 生猪价格日报 | | 2025/8/13 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 现货价格 | | | | | | | 今 日 | 昨 日 | 变 化 | | 今 日 | 昨 日 | 变 化 | | 河南（0） | 13.81 | 13.73 | 0.08 | 山西（-100） | 13.51 | 13.44 | 0.07 | | 湖北（0） | 13.72 | 13.66 | 0.06 | 辽 宁 | 13.46 | 13.39 | 0.07 | | 安徽（200） | 13.72 | 13.65 | 0.07 | 吉林（-300） | 13.37 | 13.34 | 0.03 | | 湖南（100） | 13.71 | 13.70 | 0.01 | 黑龙江 | 13.38 | 13.35 | 0.03 | | 四川（-100） | 13.47 | 13.31 | 0.16 | 福建（500） | 14.73 | 14.73 | 0 ...

金融界消息 截至2025年8月13日收盘，温氏股份（300498）报收于17.56元，上涨0.29%，换手率 0.64%，成交量38.41万手，成交金额6.71亿元。 天眼查商业履历信息显示，温氏食品集团股份有限公司，成立于1993年，位于云浮市，是一家以从事畜 牧业为主的企业。企业注册资本665391.2797万人民币，实缴资本80939.4788万人民币。公司法定代表人 为温志芬。 通过天眼查大数据分析，温氏食品集团股份有限公司共对外投资了344家企业，参与招投标项目194次， 知识产权方面有商标信息470条，专利信息805条，此外企业还拥有行政许可24个。 来源：金融界 资金流向方面，今日主力资金净流出3694.11万元，占比成交额5.5%。其中，超大单净流出1590.61万 元、占成交额2.37%，大单净流出2103.50万元、占成交额3.13%，中单净流出流出312.42万元、占成交 额0.47%，小单净流入4006.53万元、占成交额5.97%。 温氏股份最新一期业绩显示，截至2025一季报，公司营业总收入243.31亿元、同比增长11.37%，归属净 利润20.01亿元，同比增长261.92%， ...

（文章来源：证券日报） 证券日报网讯天康生物8月13日在互动平台回答投资者提问时表示，截至2025年8月8日收盘，公司股份 持有人数为68，856户。 ...