Core Insights - Morocco's government announced that this winter's abundant rainfall has ended a seven-year drought, with rainfall increasing by 95% compared to the previous winter and exceeding the winter average by 17% [1] - The average water reservoir capacity in Morocco has risen to 46%, with several key reservoirs now fully filled [1] - The prolonged drought has severely impacted Morocco's agriculture and livestock sectors, affecting employment, as approximately one-third of job opportunities in the country are linked to agriculture [1] Water Management Initiatives - In response to the seven-year drought, Morocco has accelerated its seawater desalination projects and is advancing water transfer projects to supply water from the Sebou River to water-scarce cities like Rabat and Casablanca [1] - The government aims to increase the share of desalinated water in drinking water supply from 25% to 60% by 2030, while reserving reservoir water primarily for inland areas [1] Geographic Context - Morocco is located in northwest Africa, with its rainy season typically lasting from October to April, and rainfall decreasing from north to south [1]

Core Viewpoint - Ningxia is fostering new agricultural entities and creating a network for shared prosperity among farmers through the "Four Strengthenings and Four Linkages" initiative [3][4]. Group 1: Policy and Financial Support - Since 2025, Ningxia's agricultural department has allocated a total of 1.115 billion yuan in agricultural support funds, with 130 million yuan specifically for upgrading facilities and technical training for new agricultural entities [3]. - Financial institutions have been engaged to provide targeted credit support, addressing the funding bottleneck for agricultural entities [3]. Group 2: Development of Agricultural Entities - By the end of 2025, Ningxia has cultivated 5,927 farmer cooperatives and 11,925 family farms, focusing on new operational entities like family farms and cooperatives [3][4]. - The initiative aims to deeply integrate small farmers with large industries, enhancing their participation in the agricultural value chain [4]. Group 3: Brand Development and Market Expansion - Ningxia encourages various operational entities to collaborate and extend their industrial chains into processing, cold chain logistics, and e-commerce [4]. - The establishment of brands, such as the "Jingyuan Yellow Cattle" brand with annual sales exceeding 25.2 million yuan, illustrates the potential for increased income for farmers [4]. Group 4: Benefit Sharing and Employment - The initiative promotes diverse models for farmers to benefit directly from industrial development, including employment opportunities and profit-sharing through stock ownership [4]. - Ningxia has compiled 94 typical development cases to share successful experiences and promote replication through specialized training and exchanges [4].

Group 1: Report Investment Rating - No information provided on the industry investment rating Group 2: Core Viewpoints - The main logic in 2026 is that the increase in supply is coming to an end, and the call for capacity reduction has been sounded, with the market waiting for verification [2][5][9] - The pig price in 2026 is expected to show different trends in different quarters, with potential fluctuations and limited upside space in the second half of the year Group 3: Summary by Directory 2026 Q1 Pig Price Forecast - The pig price in Q1 2026 may rise first and then fall. Before the Spring Festival, the national average pig price high is expected to be between 12.5 - 13 yuan/kg; after the Spring Festival, the pattern of strong supply and weak demand will pressure the pig price to weaken again, with the low point of the national average pig price expected to be between 10.5 - 11.5 yuan/kg [2][7] - Supply: The number of newborn piglets from January - September 2025 increased month - on - month (only decreased in July), corresponding to an increasing trend in the number of pig slaughter before March 2026. The number of newborn piglets in October and November 2025 decreased month - on - month by 1% and 0.8% respectively, corresponding to a relief in supply pressure from April 2026 [6] - Demand: It is currently the traditional peak season for pork consumption. The seasonal consumption increment of southern cured meat still exists but with a decreased growth rate. Before the Spring Festival, the consumption in the north is expected to be strong while that in the south is weak. After the Spring Festival, it will enter the traditional consumption off - season [6] 2026 Q2 Pig Price Forecast - In Q2 2026, pig supply is expected to form an inflection point, and the pig price may stop falling, stabilize, and start to recover, with the national average pig price expected to be between 11 - 12.5 yuan/kg [2][8] - The number of piglets in October 2025 decreased month - on - month by 1%, corresponding to a weakening of the pig slaughter pressure in April 2026. The market expects a slight month - on - month decline in the number of piglets in November 2025 [8] 2026 H2 Pig Price Forecast - In the second half of 2026, the pig price is expected to strengthen but with limited upside space. In Q3 2026, it may show a phased seasonal upward trend, and the upward space depends on the impact of winter diseases, with the national monthly average pig price expected to be between 12 - 13.5 yuan/kg. The pig price in Q4 2026 depends on the sow inventory from December 2025 to February 2026, which cannot be predicted by current data [3][9] - Pig supply is composed of three dimensions: sow inventory, production efficiency, and slaughter weight. If the sow inventory remains above 39 million heads and the industry average production efficiency continues to improve in the coming months, it will limit the upside space for the pig price in the second half of 2026 [3][9][10] - It is recommended that breeding enterprises conduct sell - hedging in the far - month contracts of live - hog futures when the prices rise to lock in breeding profits in advance [3][10]

截至1月12日，全国瘦肉型白条猪肉市场均价16.39元/公斤，较上一工作日上涨0.08元/公斤，南方原料 成本抬升，但周末效应一般，白条走货一般，价格上涨幅度有限。今日养殖端出栏量尚可，屠宰企业标 猪收购难度不大，供应宽松，但南方受大猪供应收紧支撑，个别省份价格上涨，但整体看，需求提振一 般，宰量下滑，因此今日白条价格或稳定为主。(卓创资讯) ...

生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2603合约11735元/吨，较前交易日变动-35.00元/吨，幅度-0.30%。现货方面，河南地区 外三元生猪价格12.83元/公斤，较前交易日变动+0.00元/公斤，现货基差 LH03+1095，较前交易日变动-65；江苏地 区外三元生猪价格 13.20元/公斤，较前交易日变动+0.02元/公斤，现货基差LH03+1465，较前交易日变动+45；四 川地区外三元生猪价格12.98元/公斤，较前交易日变动+0.00元/公斤，现货基差LH03+1245，较前交易日变动+35。 农产品日报 | 2026-01-13 重回基本面叙事，养殖出栏暂维稳 据农业农村部监测，1月12日"农产品批发价格200指数"为128.40，比上周五下降0.31个点，"菜篮子"产品批发价格 指数为130.93，比上周五下降0.35个点。全国农产品批发市场猪肉平均价格为17.83元/公斤，比上周五下降0.8%； 牛肉66.12元/公斤，比上周五上升0.1%；羊肉63.50元/公斤，比上周五上升0.2%；鸡蛋7.61元/公斤，比上周五上升 0.8%；白条鸡17.67元/公斤，比上周五上 ...

Core Insights - The article emphasizes the growing importance of animal welfare as a key factor in determining the quality of pork, alongside traditional factors like price, appearance, and taste. Atria, a Finnish brand with 122 years of history, exemplifies this commitment by adhering to strict animal welfare standards and providing high-quality antibiotic-free pork products [1]. Group 1: Animal Welfare and Quality - Animal welfare significantly impacts meat quality, as stress and discomfort can adversely affect pigs' physiological responses and growth. Atria incorporates "comfortable living" into its farming standards, ensuring pigs are raised in spacious environments that minimize aggression and stress [3]. - Finland's stringent animal welfare laws allow Atria to implement detailed care practices, such as prohibiting tail docking to reduce pain and providing more space for pigs compared to their counterparts in Central Europe [3]. Group 2: Assurance Mechanisms - Atria employs a three-tiered assurance system to ensure animal welfare throughout the farming process. This includes integrating all farms into the Sikava national livestock quality system, which is verified by third-party audits to maintain welfare standards [5]. - The company implements a proactive healthcare plan, with over 5,000 veterinary visits annually across its farming network, ensuring compliance with health and welfare standards [5]. - Atria adheres to an antibiotic-free farming (ABFG) system, where piglets are marked with green ear tags at birth, and any sick animals are removed from the process to protect the health of the remaining herd [5]. Group 3: Product Quality and Consumer Appeal - Atria's commitment to animal welfare translates into the advantages of its antibiotic-free pork, characterized by firmer and more tender meat. The company ensures zero tolerance for salmonella and complies with stringent global standards, appealing to health-conscious consumers [7]. - Each piece of Atria pork reflects the company's dedication to high-quality farming standards, enhancing the overall consumer experience [9].

Group 1 - The company, Muyuan Foods Co., Ltd. (牧原股份), successfully issued the first phase of its 2026 technology innovation bonds [1] - The bond issuance took place on January 7, with a total scale of 500 million RMB, and the funds were fully received by January 9 [1] - The bond, named "26 Muyuan Foods MTN001 (科技创新债)", has a term of 2 years, with an interest rate of 2.23% and a face value price of 100 RMB per 100 RMB [1] Group 2 - The main underwriter for the bond issuance was CITIC Bank, with joint lead underwriters being China Merchants Bank and Industrial Bank [1]

Group 1 - Overall, Sichuan's CPI shows a low-level moderate recovery trend, with core CPI continuing to strengthen, having risen for 10 consecutive months [1][2] - In December 2025, pork prices in Sichuan decreased by 16.6% year-on-year and 0.8% month-on-month, primarily due to industry overcapacity and weak terminal demand [1][2] - The increase in consumer demand policies and pre-New Year consumption has led to price increases in communication tools, entertainment durable goods, and household appliances [1][2] Group 2 - In December 2025, the core CPI excluding food and energy prices rose by 0.9% year-on-year, maintaining the same growth rate as the previous month [2] - The core CPI is supported by a 0.9% year-on-year increase in service prices, indicating that positive factors in price movements are gradually accumulating [2]

Group 1 - Overall, Sichuan's CPI shows a low-level moderate recovery trend, with core CPI continuing to strengthen, having risen for 10 consecutive months [1][2] - In December 2025, pork prices in Sichuan decreased by 16.6% year-on-year and 0.8% month-on-month, attributed to industry overcapacity and weak terminal demand [1][2] - The prices of communication tools, entertainment durable goods, and household appliances have increased due to the effects of consumption-boosting policies and rising demand before the New Year [2] Group 2 - In December 2025, the core CPI, excluding food and energy prices, rose by 0.9% year-on-year, maintaining the same growth rate as the previous month [2] - The increase in core CPI is primarily driven by a 0.9% rise in service prices, indicating that positive factors in price movements are gradually accumulating [2]

Core Viewpoint - After the New Year, the live pig spot prices are experiencing a range of fluctuations due to supply and demand dynamics, with a notable decrease in terminal demand for pork products [1][4] Group 1: Supply Dynamics - As of the end of October 2025, the national breeding sow inventory was 39.9 million heads, a decrease of 450,000 heads (1.1% decline), marking the first drop below 40 million heads since 2019 [1] - The completion rate of large-scale enterprises' pig output in December 2025 was 103.57% of planned output, indicating a slight easing of supply pressure at the beginning of January [1] - The market's attitude towards culling sows has weakened, with the number of culled sows increasing by 19.75% and 11.65% in September and October respectively, but declining by 3.27% and 5.06% in November and December [2] Group 2: Price Trends - The live pig prices are under pressure due to reduced demand for processed pork and a lack of significant increases in terminal prices, despite some support from large farming groups adjusting their output rhythm [1][4] - The market is expected to see a high level of pig supply in the first half of 2026, influenced significantly by secondary fattening operations [3] - The overall supply volume is anticipated to be relatively ample in January, limiting the upward potential for live pig prices [4] Group 3: Market Sentiment - There is a renewed enthusiasm for restocking among farmers, driven by low secondary fattening inventory and a limited number of large pigs in hand [3] - The market is closely monitoring the price differences between fattened pigs and costs, especially in the absence of price-driven incentives for secondary fattening [3] - The demand for large pigs is expected to remain high before the Spring Festival, but the overall weight of pigs being sold is relatively low, which may impact market dynamics [3]