金融界8月11日消息，有投资者在互动平台向牧原股份提问：董秘您好，请问公司7月份的生猪养殖完全 成本是多少？全程成活率是多少？肥猪日增重是多少？育肥阶段料肉比是多少？ 公司回答表示：您好，公司2025年7月的生猪养殖完全成本在11.8元/kg左右，全程成活率在87%左右， 断奶到上市的成活率在92%左右，肥猪日增重在860克左右，育肥阶段料肉比在2.7左右。感谢您的关 注！责任编辑：栎树 ...

Core Viewpoint - The Ministry of Agriculture and Rural Affairs of China has announced a comprehensive adjustment of pig production capacity to prevent significant fluctuations in production and prices, aiming to reduce the breeding sow population by approximately 1 million heads [1] Group 1: Current Market Conditions - China's pig production capacity is currently at a phase of being excessively high, prompting the need for regulatory measures [1] - Short-term pig prices are under pressure due to factors such as high temperatures, concentrated market supply from individual farmers, and panic selling [1] Group 2: Future Outlook - As temperatures are expected to cool in late August, there may be a marginal improvement in demand, while supply tightens due to previous overselling of pigs, potentially leading to a higher price center for pigs [1] - The third quarter of 2025 is anticipated to be a critical period for policy-driven price increases and adjustments in breeding sows, with ongoing supportive policies expected to strengthen the pig sector [4]

Core Insights - The company has sold 1.7517 million pigs from January to July 2025, achieving approximately 50% of its target output, and is confident in meeting its established goals for the year [1] - The company plans to implement several measures to ensure steady growth in pig output, including advancing a 300,000-head breeding project, optimizing the sow population structure, and establishing a comprehensive biosecurity system [1] - The company is closely monitoring industry policies and market supply-demand changes, aiming to enhance production efficiency and reduce costs through refined management practices and hedging tools to mitigate market price fluctuations [1] Measures for Production Growth - The company is actively promoting a breeding project in the 37th regiment of the Second Division of the Xinjiang Production and Construction Corps, expected to be operational in the second half of 2025 [1] - The company aims to optimize the sow population by scientifically selecting and eliminating low-yield sows to improve reproductive performance and production efficiency [1] - A comprehensive biosecurity system will be constructed, covering site selection, disinfection protocols, vaccination, and health monitoring to ensure the health of the pig population [1] Market Strategy - The company is focused on closely monitoring industry policy dynamics and market supply-demand changes [1] - It plans to enhance production efficiency and reduce costs through meticulous breeding management and feed cost control [1] - The company will utilize hedging tools to address market price volatility, thereby strengthening its competitiveness and risk resistance for long-term stable development [1]

内蒙古日报锡林郭勒8月9日电 （记者 张璐）8月8日，"草原涮肉·锡林郭勒"内蒙古第二届草原涮肉 产业品牌推介会在锡林郭勒盟启幕。在初秋鲜香弥漫的微风中，为期3天的关于舌尖美味与文化传承的 盛宴正式开启。 乌兰察布市农牧局市场科副科长高文娟说："这次活动让'原味乌兰察布'区域公用品牌得以向全国 人民展示。通过活动提升品牌价值，农畜产品才能走得更远、飞得更高。"锡林郭勒盟农牧局副局长贾 振东表示，以草原涮肉为媒介，可串联养殖、加工、餐饮、旅游全产业链，构建"草原+美食+文旅"超 级符号，推进农牧、文旅、餐饮等产业深度融合，实现从"一只羊"到"一桌宴"的价值跃升，推动优质畜 产品从"卖资源"向"卖品牌"转变，助力内蒙古建设国家重要农畜产品生产基地。 活动吸引了来自全国各地的230多位著名餐饮企业、销售企业、金融机构代表，40多家企业及近万 人参与。高效对接平台促成多笔实质性订单与合作意向，真正将"流量"转化为产业发展的"增量"，打通 了从牧场到市场的关键环节。 活动在乌兰牧骑悠扬热烈的暖场表演中拉开大幕，来自内蒙古各盟市及锡林郭勒盟各旗县市（区） 的涮肉品牌企业大厨现场献艺，以"庖丁解羊"的精湛技艺上演视觉盛宴。 ...

Core Viewpoint - The article discusses the recent trends in the pig farming industry, highlighting a decline in pig prices and changes in production and sales metrics among major pig farming companies [3][4]. Group 1: Pig Price Trends - As of August 8, the average price of external three yuan pigs in China was 13.71 yuan/kg, reflecting a week-on-week decrease of 4.33%. The average price for 15 kg piglets was 30.4 yuan/kg, down 1.65% week-on-week [3]. - The overall trend shows a decline in pig prices, with supply remaining strong and demand weak, leading to prices falling below 14 yuan/kg [3]. Group 2: July Sales Report Analysis - In July, 13 listed pig companies collectively sold 15.27 million pigs, a decrease of 6.15% month-on-month but an increase of 25.12% year-on-year. Major companies like Muyuan Foods and Wens Foodstuff saw varying changes in their sales volumes [4]. - The total number of market pigs sold in July was approximately 12.47 million, down 7.93% month-on-month but up 16.54% year-on-year. This decline is attributed to a temporary supply shortage due to reduced piglet supply earlier in the year [4]. - The average selling price of pigs showed a slight increase in July, with most companies experiencing price changes within 3% month-on-month, although prices were down about 20% year-on-year [4]. - The average weight of pigs sold in July was 124.16 kg, a decrease of 0.9 kg month-on-month, continuing a trend of reduced weights since May [4].

Key Points - The company announced the interest payment for its convertible bonds, "Mu Yuan Convertible Bonds," for the fourth year, covering the period from August 16, 2024, to August 15, 2025, with an interest amount of 12 RMB (including tax) per bond [1][3] - The annual interest calculation formula is provided, where the interest amount (I) is calculated as the product of the total face value of the bonds held (B) and the annual coupon rate (i) [2] - The interest payment will be made once a year, with the payment date being the anniversary of the bond issuance date. If the payment date falls on a holiday, it will be postponed to the next working day [2][3] - The bondholders will receive their interest payments through the designated securities companies or other recognized institutions after the company transfers the funds to the China Securities Depository and Clearing Corporation [4] - Individual bondholders are subject to a 20% withholding tax on the interest income, while qualified foreign institutional investors (QFII and RQFII) are exempt from corporate income tax and value-added tax for this period [4][5] - The bond's credit rating is AA+ with a stable outlook, as per the tracking rating report issued by the relevant authority [2]

Core Insights - China's pork production and consumption account for approximately 60% of the total meat market, indicating the significance of the pork industry in the country's agricultural sector [1] - The Ministry of Agriculture and Rural Affairs has announced a comprehensive adjustment of pig production capacity, aiming to reduce the breeding sow population by about 1 million to prevent extreme fluctuations in production and prices [1] Production and Inventory - As of the end of June, the national pig inventory stood at 424 million heads, reflecting a 2.2% increase [1] - The breeding sow inventory reached 40.43 million heads, which is 103.7% of the normal retention level, nearing the upper limit of reasonable production capacity [1] - The inventory of pigs over five months old and the number of newborn piglets in the first half of the year are at historical highs, suggesting a significant increase in pig slaughter in the second half of the year and after the Spring Festival next year [1] Market Outlook - Expert Zhu Zengyong from the Ministry of Agriculture and Rural Affairs warns that without timely adjustments, there could be a risk of losses in pig farming, especially after the Spring Festival next year, due to potential oversupply during peak consumption seasons [1]

Core Viewpoint - Chile's Agricultural and Livestock Service (SAG) has suspended imports of animals and animal products from Argentina's Patagonia region due to changes in Argentina's sanitary regulations that relax foot-and-mouth disease prevention standards [1] Summary by Relevant Sections Import Suspension - The suspension affects the import of bone-in meat from Patagonia, which had been recognized as a "foot-and-mouth disease-free non-immunized zone" since 2008 [1] - The new Argentine regulations allow bone-in meat from immunized areas in northern Argentina to enter Patagonia, prompting Chile to revoke its sanitary recognition of the region [1] Economic Impact - The suspension could impact approximately $30 million in annual exports of sheep and beef to Chile, which, while not substantial, poses a significant threat to Patagonia's meat processing plants and ranches that rely on the Chilean market [1] - Argentine agricultural groups have criticized the government's lack of transparency in decision-making and warned that the European Union might follow Chile's lead, further affecting exports [1] Future Actions - Chile has clarified that the ban is specific to Patagonia and that imports of northern Argentine beef will not be affected [1] - A technical team from Chile is scheduled to assess the epidemic risk in early September, while the Argentine government hopes to restore trade following this evaluation [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The US corn market is experiencing a bottom - side oscillation. The US corn 12 - contract is expected to have limited downside below 400 cents per bushel. Corn auctions are ongoing, and with the upcoming new - season corn harvest in September, the market anticipates that Shandong corn prices may drop below 2,200 yuan/ton when a large amount of North China corn hits the market in mid - October. The 09 corn contract may trade in a narrow range around 2,250 yuan/ton, while the 01 corn contract may decline to around 2,150 yuan/ton under favorable weather conditions. The 09 starch contract is expected to remain weak due to its high price differentials with corn and the 01 starch contract [4]. - For trading strategies, one can consider buying the US corn 12 - contract below 400 cents per bushel, buying the 01 corn contract around 2,150 yuan/ton, and paying attention to the 9 - 1 starch reverse spread opportunity (around 100) and the opportunity to narrow the spread between the 09 corn and starch contracts (420 - 380). Options trading should be on hold [5]. 3. Summary by Directory 3.1 Chapter 1: Comprehensive Analysis and Trading Strategies - **Corn Situation**: The US corn is at the bottom and oscillating, with the price significantly below the cost (480 cents per bushel). The 12 - contract is expected to have limited downside below 400 cents per bushel. As of August 8, 2.89 million tons of corn were up for auction, with 1.18 million tons sold, a 41% success rate. High 09 - contract warehouse receipts (1.5 million tons), reduced domestic planting costs, and large losses in deep - processing industries are causing domestic corn spot prices to decline. The market is shifting focus to new crops, especially in North China, where it is expected that North China corn prices will likely fall below 2,200 yuan/ton in October. The 09 corn contract may trade narrowly around 2,250 yuan/ton, and the 01 corn contract may drop to 2,150 yuan/ton under good weather [4]. - **Starch Situation**: Starch factory operating rates are rising, but downstream demand remains weak. Although corn spot prices are falling, starch spot prices are also dropping, and starch factories are still facing large losses. The operating rates of North China starch enterprises will decline later, and with the upcoming new - corn harvest, North China starch prices will continue to fall. The 09 starch contract is expected to remain weak due to its high price differentials [4]. - **Trading Strategies**: - **Unilateral Trading**: Consider buying the US corn 12 - contract below 400 cents per bushel. The 09 corn contract may trade in a narrow range of 2,230 - 2,280 yuan/ton, and the 01 corn contract can be bought around 2,150 yuan/ton [5]. - **Arbitrage**: Pay attention to the 9 - 1 starch reverse spread opportunity around 100 and the opportunity to narrow the spread between the 09 corn and starch contracts (420 - 380) [5]. - **Options**: Hold off on options trading [5]. 3.2 Chapter 2: Core Logic Analysis 2.1 International Market - **US Corn Weather and Supply - Demand**: Favorable weather conditions are contributing to the bottom - side oscillation of US corn. The US corn import tariff is 26% for corn and 23% for sorghum. The domestic import profit has widened, with a 390 - yuan profit in the Guangdong port as Brazilian corn is expected to arrive at 2,040 yuan/ton in September while the Guangdong port price is 2,430 yuan/ton [8]. - **US Corn Export and Inventory**: As of July 31, the weekly US corn export inspection volume was 1.21 million tons, with a cumulative export volume of 61.56 million tons. The weekly export volume to China was 0 tons, and the cumulative export volume to China was 270,000 tons, accounting for 0.04%. In June, 160,000 tons of corn were imported, and from January to June, the cumulative import volume was 790,000 tons, compared with 11.05 million tons in the same period last year [9]. - **US Corn Non - Commercial Net Short and Ethanol Production**: As of July 29, the non - commercial net short position of US corn decreased to 130,000 lots, and US ethanol production rebounded. The US corn 12 - contract is expected to have limited downside below 400 cents per bushel in the short term [15]. 2.2 Domestic Market - **Deep - Processing and Feed Inventory**: Feed enterprise corn inventories are decreasing but are higher than the same period last year. As of August 7, the average corn inventory of 47 large - scale feed mills was 30.44 days, a decrease of 0.14 days from the previous week and a 3.4% increase from the same period last year. Deep - processing consumption is rising, with 1.1646 million tons of corn consumed by 149 major corn deep - processing enterprises from August 1 to August 8, an increase of 26,900 tons from the previous week. Deep - processing inventories are decreasing, with the inventory of 96 deep - processing enterprises at 3.643 million tons as of August 6, a 4.06% decrease from the previous week [19][20]. - **Port Inventories**: Northern port corn inventories are declining, while southern port grain inventories are stable. On August 1, the corn inventory at the four northern ports was 1.905 million tons, a decrease of 201,000 tons from the previous week, and the four - port shipping volume was 240,000 tons, a decrease of 153,000 tons from the previous week. In the Guangdong port, the total grain inventory increased by 22,000 tons to 1.728 million tons [23]. - **Starch Market**: Starch factory operating rates are rising, with the national corn processing volume at 560,500 tons and the starch production at 278,500 tons from August 1 to August 7, an increase of 10,700 tons from the previous week. The operating rate reached 53.83%, a 2.07% increase from the previous week. Although corn prices are falling, starch prices are also dropping, and the profit loss is expanding. The Heilongjiang profit per ton of corn is - 107 yuan/ton, an increase of 17 yuan from the previous week, while the Shandong profit is - 118 yuan/ton, a decrease of 18 yuan from the previous week. Starch inventories are rising, with the inventory at 1.32 million tons as of August 6, an increase of 27,000 tons from the previous week, a 2.1% increase [26]. - **Substitute Products**: Wheat prices are basically stable, with the North China arrival price around 2,450 yuan/ton. The price differential between wheat and corn is widening, North China corn prices are falling while Northeast corn prices are relatively strong, and the price differential between North China and Northeast corn is expanding [32]. 3.3 Chapter 3: Weekly Data Tracking - **Livestock and Poultry Farming**: From August 1 to August 7, the self - breeding and self - raising profit for pigs was 31 yuan/head, a decrease of 13 yuan/head from the previous week, and the profit from purchasing piglets was - 187 yuan/head, a decrease of 16 yuan/head from the previous week. The white - feather broiler farming profit was 1.16 yuan per chicken, compared with 0.03 yuan per chicken in the previous week. The egg - laying hen farming cost was 3.54 yuan per catty, and the profit was - 0.53 yuan per catty, compared with - 0.29 yuan per catty in the previous week [42][48]. - **Starch Downstream Consumption**: The F55 high - fructose corn syrup operating rate was 58.12%, an increase of 0.69% from the previous week, and the maltose syrup operating rate was 46.9%, an increase of 3.32% from the previous week. The corrugated paper operating rate was 61.9%, a decrease of 1.22% from the previous week, and the box - board paper operating rate was 68.68%, an increase of 1.33% from the previous week [51]. - **Price and Spread Data**: The report also tracks prices of corn and substitute products, as well as various price spreads such as corn 09 basis, corn 9 - 1 spread, and corn starch 9 - 1 spread [52][60].

Group 1: Consumer Price Index (CPI) Insights - In July, the Consumer Price Index (CPI) increased by 0.4% month-on-month, reversing a previous decline, while year-on-year it remained flat [2][6] - The core CPI, excluding food and energy prices, rose by 0.8% year-on-year, marking the highest increase since March 2024 and continuing a trend of expansion for three consecutive months [2][6] - The rise in CPI was primarily driven by increases in service and industrial consumer goods prices, with notable price hikes in airfares, tourism, hotel accommodations, and vehicle rentals [2][4] Group 2: Producer Price Index (PPI) Insights - The Producer Price Index (PPI) decreased by 0.2% month-on-month, with the decline narrowing by 0.2 percentage points compared to the previous month, while year-on-year it fell by 3.6% [6][8] - The construction of a unified national market is improving market competition in industries such as coal, steel, photovoltaic, cement, and lithium batteries, leading to positive price changes in these sectors [6][8] Group 3: Agricultural Products Price Trends - In July, the wholesale price of pork increased by 1.3% month-on-month, influenced by tight supply due to low market release from farmers, although prices later stabilized as supply improved [8][10] - The average wholesale price of pork in Beijing was reported at 18.16 yuan per kilogram, reflecting a month-on-month increase of 4.37% but a year-on-year decrease of 20.18% [12] - The wholesale price of eggs decreased by 1.8% month-on-month and 25% year-on-year, attributed to increased supply and weak demand, although prices are expected to rise due to seasonal demand factors [15][17]