1. Report Industry Investment Rating - The investment strategy for both the pig and egg industries is cautiously bearish [3][5] 2. Core Viewpoints - The pig market remains in a situation of strong supply and weak demand, and this pattern is difficult to change. The secondary fattening pigs entering the market in October are expected to be slaughtered around the Winter Solstice, and there may be a risk of early slaughter if prices decline. The future supply of pigs is still in an oversupply state, and the subsequent slaughter of secondary fattening pigs will further increase supply pressure [2] - The egg market is currently in a situation where supply exceeds demand, and this pattern is difficult to change in the short - term. Although the egg production capacity is slowly being reduced, the overall demand remains weak. After the "Double Eleven" boost, the current consumption demand has returned to the off - season normal level [4] 3. Summary by Relevant Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live pig 2601 contract yesterday was 11,795 yuan/ton, up 40 yuan/ton or 0.34% from the previous trading day [1] - Spot: In Henan, the price of external ternary live pigs was 11.86 yuan/kg, down 0.09 yuan/kg from the previous trading day; in Jiangsu, it was 12.04 yuan/kg, down 0.19 yuan/kg; in Sichuan, it was 11.38 yuan/kg, down 0.05 yuan/kg [1] - Wholesale market: On November 12, the "Agricultural Product Wholesale Price 200 Index" was 125.55, down 0.02 points from the previous day. The average wholesale price of pork was 17.89 yuan/kg, down 1.2%; beef was 66.61 yuan/kg, down 0.3%; mutton was 62.46 yuan/kg, down 0.7%; eggs were 7.46 yuan/kg, up 0.4%; and white - striped chickens were 17.71 yuan/kg, down 0.3% [1] Market Analysis - The secondary fattening pigs entering the market in October may be slaughtered around the Winter Solstice, and there is a risk of early slaughter if prices fall. The future supply of pigs is in an oversupply state, and the subsequent slaughter of secondary fattening pigs will increase supply pressure, making the pattern of strong supply and weak demand difficult to change [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2512 contract yesterday was 3063 yuan/500 kg, down 89 yuan or 2.82% from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 2.80 yuan/jin; in Shandong, it was 3.05 yuan/jin; in Hebei, it was 2.76 yuan/jin. The spot basis changed +89 in all three regions [3] - Inventory: On November 12, 2025, the national production - link inventory was 1.08 days, unchanged from the previous day. The circulation - link inventory was 1.37 days, up 0.08 days or 6.20% [3] Market Analysis - After the "Double Eleven" boost, the current consumption demand has returned to the off - season normal level. Although the egg production capacity is slowly being reduced, the short - term pattern of supply exceeding demand remains unchanged [4] Strategy - Cautiously bearish [5]

11月10日，记者从西安海关获悉：陕西秦洲盛达实业有限公司养殖的首批15头秦川牛日前从延安发 往香港。这标志着延安活牛供港实现零的突破，填补了延安活畜禽出口的空白。 延安海关关长马丁介绍，延安是特色农业大市，农产品出口有着得天独厚的优势。今年以来，延安 海关聚焦县域经济发展，积极开展"一县一策"送政策上门活动，监管放行价值近7000万元的农食产品， 延安连续9个月出口增速位列全省第一。 今年1月至10月，西安海关检疫监装供港澳活牛2624头，同比增长18.3%，占内地同期供港澳活牛 总量约三成，平均每头活牛出口附加值较内销提升30%，带动畜牧业形成"以贸促产"良性循环。 西安海关动植物检疫处副处长刘文武表示，西安海关对供港澳活牛实施"日常监测、出栏预检、现 场监装"全链条监管，持续为地方农业部门提供从养殖场选址、规划到管理体系建设全流程指导，推动 陕西建成9家供港澳活牛注册饲养场，数量居全国首位。（记者：肖倩 见习记者：柯雁清） "公司获批延安市首家供港澳活牛资质企业后，今年一直在为出口忙活。多亏了延安海关手把手指 导，让我们能顺利完成活牛供港业务。"陕西秦洲盛达实业有限公司负责人陈银河说。 为帮助企业顺利出 ...

Core Insights - The company has reported a significant decline in pig prices since the third quarter, leading to overall losses in the pig farming sector, although the feed business remains profitable, resulting in a slight overall profit for the third quarter [1][2] - For the first three quarters of the year, the company's pig farming business incurred cumulative losses of approximately 180 million yuan, with a loss of 230 million yuan in the third quarter alone, although this represents a reduction in losses of 270 million yuan compared to the same period last year [1] - The company has seen a decrease in pig farming costs, with the cost of fattened pigs dropping to 12.9 yuan/kg in the third quarter, and further reductions to 12.7 yuan/kg in September and 12.5 yuan/kg in October [1] Industry Analysis - The recent sharp decline in pig prices is attributed to several factors, including a peak in the number of breeding sows last November, effective disease control measures, and increased production efficiency, leading to a surplus of pigs in the market [1] - The company believes that the current price drop is not alarming, as the overall market supply is relatively stable, and the excess capacity must be resolved through sales, which may accelerate market clearing [1] - The industry is facing widespread losses at current prices around 11 yuan/kg, with many leading enterprises also experiencing losses, which may force weaker players to exit the market, ultimately benefiting larger, cash-rich companies in the long run [1]

Group 1: Macro Economic Insights - The current internal and external environment is increasingly complex and severe, necessitating counter-cyclical and cross-cyclical adjustments. The report aligns with the Fourth Plenary Session's assessment of the economic situation, highlighting the impact of trade issues on global economic growth and the need for a consumption-driven economic model in China [4][5]. - The report indicates improvements in price operations, with both CPI and PPI showing year-on-year increases in October. It emphasizes the need for coordinated macro policies to promote reasonable price recovery, including advancing the construction of a unified national market and boosting consumption [4]. Group 2: Monetary Policy Adjustments - The report outlines changes in the monetary policy framework, emphasizing the construction of a scientific and robust monetary policy system and a comprehensive macro-prudential management system. This indicates a future focus on systematic development in monetary policy [5][6]. - The importance of stabilizing growth has been elevated, with monetary policy expected to remain "moderately loose," including potential rate cuts and reserve requirement ratio reductions as necessary. The report suggests that the broad fiscal or social financing will be a major support in 2026, with a need for lower financing costs for residents and enterprises [6][7]. Group 3: Banking Sector Insights - Banks are accelerating the disposal of non-performing assets, particularly real estate, due to multiple considerations including capital consumption and market risks. This strategy aims to alleviate capital pressure and supplement profits amid rising retail risks [11][12]. - The report highlights significant disparities in the scale and impairment provisions of non-performing assets among listed banks, with state-owned banks accelerating asset disposals to release capital and enhance profitability [12][13]. Group 4: Agricultural Sector Insights - The pig farming sector is entering a destocking cycle driven by policy and market factors, with a recommendation to actively invest in leading companies like Wens Foodstuffs and Muyuan Foods due to the sector's defensive attributes amid low prices [17][18]. - The beef cattle sector is experiencing a favorable demand cycle, with expectations of continued profitability improvements through 2027. The report suggests investing in companies within the beef cattle industry chain [18]. Group 5: Pharmaceutical Sector Insights - The report discusses the promising results of DR10624 for treating severe hypertriglyceridemia, showing significant reductions in triglyceride levels and liver fat. The company maintains a "buy" rating based on projected net profits for 2025-2027 [30][31]. - The competitive landscape in the pharmaceutical sector is intensifying, with multiple multinational corporations targeting the FGF21 pathway, indicating a potential for differentiated market positioning for the company [31].

Core Insights - Qinghai Province has maintained the highest annual output of yak and Tibetan sheep in China for five consecutive years, with over 9 million livestock being produced annually [1] Group 1: Livestock Production - Qinghai's livestock output has remained stable at over 9 million heads annually, with yak and Tibetan sheep leading in production [1] - In 2024, Qinghai is projected to have a livestock inventory of 19.6012 million heads, a year-on-year decrease of 0.6%, while the output is expected to reach 9.3659 million heads, reflecting a year-on-year increase of 1.6% [1] Group 2: Industry Transformation - The province is transitioning its livestock industry from a quantity-based model to a quality and efficiency-oriented model, supporting the establishment of 554 yak and Tibetan sheep breeding bases [1] - Qinghai has implemented production models such as "herd breeding in shelters" and "household breeding in farms," promoting practical technologies like "one calf per year" for yaks and "three births in two years" for Tibetan sheep [1] Group 3: Policy Support - Local governments have introduced reward and subsidy policies for livestock output, effectively encouraging farmers to increase their production and improve the commercialization rate of livestock [1]

（文章来源：证券日报） 证券日报网讯神农集团11月12日在互动平台回答投资者提问时表示，截至11月10日，公司的股东人数为 19154户。 ...

Core Viewpoints - The pig farming sector is experiencing a favorable configuration opportunity due to accelerated breeding stock reduction driven by market and policy resonance, with current prices at a relatively low level [18][43]. - The beef industry is in a cyclical uptrend, with demand increasing and supply constraints expected to continue until 2027, making it a favorable time to invest in beef-related companies [18][51]. - The poultry sector is seeing improved investment logic as it enters a demand peak season, despite challenges from disease outbreaks and production capacity reductions [19][4]. Pig Farming - The supply pressure in pig farming is gradually increasing, leading to continued downward pressure on prices, with the national average price at 11.87 yuan/kg as of November 11, 2025, down 4.85 yuan/kg year-on-year [20][23]. - Policy measures are focused on reducing breeding stock, particularly among large enterprises, while smaller farms are expected to reduce stock due to losses and disease impacts [29][41]. - The current market conditions suggest a significant opportunity for investment in the pig farming sector, with recommended companies including Wens Foodstuffs, Muyuan Foods, and Juxing Agriculture [18][43]. Beef Industry - The beef supply is tightening, with a decrease in stock levels and an expected cyclical uptrend in demand, particularly as domestic beef consumption continues to rise [46][51]. - The average beef price in September 2025 was 70.52 yuan/kg, reflecting a year-on-year increase of 5.36% [51]. - Recommended companies in the beef sector include Bright Dairy, Fucheng Co., and several Hong Kong-listed firms such as Modern Farming and China Shengmu [18][51]. Poultry Sector - The white chicken market is entering a peak demand season, with prices expected to rise due to reduced production capacity and increased demand [19][4]. - The supply of white feather chicken breeding stock is projected to decline, supporting a price increase for meat chickens in 2026 [19][4]. - Recommended companies in the poultry sector include Shennong Development and Hefeng Co. [19][4]. Seed Industry - The grain price cycle is at a low point, with expectations for upward trends supported by food security policies and the acceleration of genetically modified seed commercialization [19][5]. - Recommended companies in the seed industry include Dabeinong Technology, Longping High-Tech, and Denghai Seeds [19][5]. Pet Industry - The pet food export volume in China increased by 7.55% year-on-year from January to September 2025, indicating strong growth in the sector [19][7]. - Domestic pet consumption is expected to continue growing, driven by emotional value and increasing market share of domestic brands [19][7]. - Recommended companies in the pet sector include Guibao Pet, Zhongchong Co., and Petty Co. [19][7].

Core Viewpoint - The recent decline in pig prices and the adjustment of breeding capacity have become hot topics in the industry, with New Hope acknowledging significant losses in its pig farming business due to low prices around 11 yuan/kg, leading to widespread losses across the sector [1][5]. Financial Performance - In the first three quarters of the year, New Hope reported a net profit attributable to shareholders of 7.6 billion yuan, a nearly 400% increase year-on-year, with the third quarter contributing a net profit of 513 million yuan [3]. - The company's feed business generated a net profit of 10.3 billion yuan in the first three quarters, up 23% year-on-year, maintaining a monthly profit level above 1 billion yuan [3]. - The pig farming segment, however, faced a cumulative loss of 180 million yuan in the first three quarters, with a significant loss of 230 million yuan in the third quarter due to rapidly falling pig prices [4][5]. Market Conditions - The rapid decline in pig prices since the third quarter has shifted the industry from profit to loss, with many leading enterprises experiencing losses across most of their operations [5]. - The current price of approximately 11 yuan/kg has led to a situation where many enterprises are unable to sustain operations, resulting in forced sell-offs that may accelerate market clearing [5]. Production Adjustments - New Hope plans to gradually reduce the number of breeding sows by the end of January next year, which will also lead to a decrease in the number of pigs marketed [1][7]. - The company is increasing the proportion of self-breeding and self-fattening pigs, moving from a previous ratio of 30:70 to 35:65, as the cost of self-breeding becomes more competitive [8]. Strategic Focus - New Hope is not in a hurry to expand its pig farming capacity overseas, focusing instead on optimizing domestic idle capacity under favorable policy conditions [8]. - The company has seen significant growth in its overseas feed business, with a sales growth rate of 21% in the first three quarters, supported by new production capacities coming online [9].

Core Viewpoint - The successful cloning of three healthy white wash piglets using somatic cell nuclear transfer technology marks a significant advancement in the preservation and development of endangered local pig breeds in Guizhou Province [1][2]. Group 1: Cloning Achievement - Guizhou University successfully cloned three healthy white wash piglets, including two females and one male, using somatic cell nuclear transfer technology [1]. - The cloning process involved the collection of fibroblast cells from the ear tissues of a male and female white wash pig, which were preserved in liquid nitrogen at -196°C for over two years [1]. - A total of 315 cloned embryos were created, with three piglets being born on September 20, weighing 1.54 kg, 1.37 kg, and 1.36 kg, all of which are developing well [1]. Group 2: Importance of Local Pig Breeds - Local pig breeds are crucial for biodiversity and are considered strategic resources for achieving self-sufficiency in breeding [2]. - Guizhou Province is home to 11 types of local pig genetic resources, including the white wash pig, which is facing threats from the rapid development of modern pig farming and the encroachment of foreign breeds [2]. - Traditional live preservation methods face challenges such as high costs, disease risks, and genetic drift due to long-term isolation [2]. Group 3: Technological and Cultural Impact - The successful application of this technology establishes a comprehensive protection system for local pig breeds, combining live preservation, somatic cell cryopreservation, and crisis recovery [2]. - The local breakthrough in this technology is expected to accelerate the rescue and restoration of endangered local pig breeds, enhancing their economic value and supporting the preservation of agricultural cultural heritage [3].

Core Viewpoint - The inventory of breeding sows and pigs increased slightly in October, but is expected to decrease marginally in November due to losses in farming, lack of confidence in future markets, and policy guidance [1][3][4] Group 1: Breeding Sows Inventory - In October, the inventory of breeding sows showed a slight month-on-month increase and a year-on-year growth, driven by multiple factors including the response of farming groups to national capacity regulation policies and a halt in the decline of piglet prices [1][4] - The forecast for November indicates a likely slight decrease in the breeding sow inventory, as farmers may accelerate the culling of low-yield and older sows to mitigate losses and optimize herd structure [3][6] Group 2: Pig Inventory - The pig inventory also saw a slight increase at the end of October, attributed to the breeding cycle logic where the increase in breeding sows from 4-5 months prior should theoretically lead to a significant rise in pig inventory [4][6] - Despite a slight increase in pig inventory, the overall market conditions suggest limited upward movement in pig prices, which may restrict significant growth in inventory levels [3][6]