Core Insights - The Tai Xing Livestock and Veterinary Center is focusing on enhancing the new quality productivity of the livestock industry through professional technical support and efficient service guarantees, aiming to boost both scale and efficiency in the industry, thereby injecting strong momentum into rural revitalization [1] Group 1: Industry Development Initiatives - The center has selected 52 key personnel to form 9 technology service teams, providing "one-on-one" services to 74 large and medium-sized breeding and slaughter enterprises in the city, addressing critical areas such as feed formulation, environmental control, and breeding [1] - A total of 707.8 million yuan has been integrated to support the development of the livestock industry, with policies like pig subsidy, smart farm construction, and disease prevention showing effective results [2] - The black pig industry has seen growth, with 26 pig farms enhancing their production capacity through partnerships with large enterprises, such as the Suzi Black Pig completing three generations of genetic improvement [2] Group 2: Disease Prevention and Sustainability - The center emphasizes a "prevention first, control combined" approach, achieving a 98% compliance rate for livestock antibodies and a more than 30% year-on-year decrease in pig mortality [2] - The resource utilization rate of livestock manure is projected to reach 98.53% by 2024, with enterprises like Hongtai Livestock Breeding Center benefiting from financial subsidies for manure facility upgrades [2] Group 3: Future Directions - The center plans to strengthen party leadership, refine service measures, and focus on the intelligent and green transformation of the industry, aiming to enhance the technical service and collaborative support systems for high-quality development in the livestock sector [3]

Core Viewpoint - The report from Dongxing Securities indicates that pig prices experienced a bottom rebound in October, rising above 12 yuan/kg by the end of the month, but the sustainability of this upward trend is weak, leading to a price correction in November, with an average price of 11.80 yuan/kg as of November 10 [1][2]. Supply and Demand Analysis - Supply Side: In October, some enterprises reduced the weight of pigs to accelerate cash flow, resulting in actual slaughter exceeding planned numbers. Following a slight rebound in prices, there is an increased tendency to secure profits due to pessimistic market expectations, leading to significant monthly slaughter pressure [2][4]. - Demand Side: The pace of secondary fattening increased in mid-October, providing slight support for short-term prices. However, after the price rebound, market participants returned to a wait-and-see attitude. Additionally, the rise in northern temperatures at the end of October suppressed meat consumption, and demand for cured meat in the south has not yet started, indicating insufficient demand support [2][4]. Capacity Change Trends - As of the end of September, the number of breeding sows was 40.35 million, a decrease of 0.70% month-on-month. Data from various sources show a mixed trend in October, with a slight decline in breeding sow samples and a minor increase in others, indicating limited willingness to reduce production capacity due to previous backlogs and a slight price rebound [3]. Policy and Market Outlook - With ongoing policy adjustments and low prices, capacity reduction is expected to accelerate. Recent meetings have emphasized production capacity control and other requirements, with leading enterprises responding positively. As of November 14, 2025, the average profit per head for self-bred pigs was -114.81 yuan, indicating continued losses in the industry. The combination of policy implementation and accumulated losses suggests a potential upward price turning point in the second half of 2026 [4][5]. Future Cycle Prediction - The core theme for the near future will be capacity control guided by policy, with expectations for the elimination of outdated capacity increasing. The cost advantages of high-quality production capacity are expected to become more pronounced, leading to better profit elasticity post-regulation. Although the industry index PB has rebounded, it remains below historical median levels, indicating a safety margin for valuations. Recommended stocks include leading breeding companies with high performance realization rates, such as Muyuan Foods (002714.SZ), along with other related companies like Wens Foodstuff Group (300498.SZ), Tiankang Biological (002100.SZ), and Shennong Group (605296.SH) [5]. October Sales Data of Listed Companies - The average sales price in October decreased month-on-month for major companies, with Muyuan Foods, Wens, Zhengbang Technology, and New Hope reporting average prices of 11.55, 11.57, 11.28, and 11.28 yuan/kg, respectively, reflecting declines of 10.33%, 12.22%, 11.53%, and 12.49% [6]. - Slaughter volumes increased significantly, with Muyuan Foods, Wens, New Hope, and Zhengbang Technology achieving sales of 708, 389, 169, and 91 million heads, respectively, marking increases of 26.97%, 17.07%, 20.87%, and 14.81% month-on-month [6]. - The average slaughter weight showed a slight increase, with Muyuan Foods, Wens, and New Hope reporting average weights of 126.41, 112.08, and 100.91 kg, respectively, indicating a general upward trend in average slaughter weights [6].

Core Insights - Xilin Gol League is leveraging its regional advantages to establish itself as a significant agricultural and livestock product production base, focusing on high-quality development in animal husbandry through the "grassland meat library," "ecological milk can," and "green grass city" initiatives [1] Group 1: Grassland Meat Library - The city is promoting a shift from quantity to quality in sheep farming, emphasizing the importance of superior breeding stock to enhance income and reduce pasture burden [2] - A breeding system has been established for the Ujumqin sheep, including a breeding center and multiple breeding farms, with an annual supply capacity of over 3,000 breeding sheep [2] - The beef cattle industry is also seeing improvements, with the establishment of two breeding farms and a focus on high-quality breeds like Simmental and Huaxi, leading to increased profitability for local farmers [3] Group 2: Ecological Milk Can - The city is transitioning from selling live animals and fresh milk to selling processed dairy products, enhancing the value chain through industrial parks and integrating processing with tourism [4] - The establishment of the Shifang Food Industrial Park and the Cheese Culture Industrial Park has led to significant investments and production capacity, with annual output reaching approximately 28,000 tons of various dairy products [4][5] - A cooperative model led by grassroots organizations is helping small dairy producers improve sales and profitability, with a focus on direct sales and e-commerce [6] Group 3: Green Grass City - The city is prioritizing ecological protection while enhancing forage supply, integrating natural grassland management with technological advancements in forage production [7] - The Maodeng Ranch has developed a 360,000-acre ecological park, significantly improving vegetation coverage and forage variety, which has led to increased production [8] - Technological innovations, such as hydroponic forage systems, are addressing challenges related to weather dependency in forage supply, creating a robust supply system for the livestock industry [9]

农产品日报 | 2025-11-19 终端消费疲软，猪价震荡运行 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2601合约11535元/吨，较前交易日变动-160.00元/吨，幅度-1.37%。现货方面，河南地区 外三元生猪价格11.60元/公斤，较前交易日变动+0.00元/公斤，现货基差 LH01+65，较前交易日变动+160；江苏地 区外三元生猪价格 11.75元/公斤，较前交易日变动+0.00元/公斤，现货基差LH01+215，较前交易日变动+160；四 川地区外三元生猪价格11.25元/公斤，较前交易日变动+0.01元/公斤，现货基差LH01-285，较前交易日变动+170。 据农业农村部监测，11月18日"农产品批发价格200指数"为125.41，比昨天下降0.03个点，"菜篮子"产品批发价格指 数为127.51，比昨天下降0.02个点。全国农产品批发市场猪肉平均价格为17.89元/公斤，比昨天下降0.5%；牛肉66.90 元/公斤，比昨天上升0.5%；羊肉62.95元/公斤，比昨天上升1.0%；鸡蛋7.35元/公斤，与昨天持平；白条鸡17.57元/ 公斤，比昨天下降1.2%。 市场分析 ...

来源：市场资讯 （来源：大佑农饲料） 根据生猪屠企的最新调价动作来看，现在基层生猪主流生猪价格已经呈现了震荡偏弱运行的趋势，无论 是生猪的主销区，还是生猪的调出区，南北各地猪价的下行引起了很多养殖户们的热议。 近期生猪市场动态，当前猪价呈现震荡下行的态势，10月份的反弹行情未能持续，11月初价格已出现明 显回落。以下是关键要点分析： 压栏风险：养殖户压栏导致大体重猪积压，若集中出栏可能引发价格踩踏。 农民需警惕的现实问题 11月回落：进入11月后，猪价再次下跌，南北多地价格飘绿。规模化养殖场集中出栏导致短期供应增 加，屠宰企业借机压价。 在需求方面，进入11月份，一方面，鲜品猪肉购销短暂缺乏利好，由于缺乏节日气氛烘托，居民南方腌 腊高峰尚有时日，居民家庭消费略有改善，但是，城市餐饮消费转弱，下游猪肉购销整体不佳，部分屠 宰场白条出厂存在难度，主流屠宰场开工率回落，日均屠宰量也逐步减少，猪肉购销对于猪价支撑转 差； 另一方面，由于生猪均价上移，二次育肥补栏标猪压栏至南方腌腊周期前的窗口期减少，二育情绪谨 慎，大部二育以观望为主，市场抄底意愿降低，标猪承接支撑转弱！ 上涨难持续的原因 产能过剩：能繁母猪存栏量仍高 ...

新华财经北京11月18日电据国家级生猪大数据中心18日发布，监测显示，今日（2025年11月18日），31 个省（自治区、直辖市）外三元生猪价格1涨10跌20平，呈稳中下跌趋势。 分析来看，今日养殖端出栏积极性一般，气温下降后需求没有明显好转，屠企多压价按需采购，部分集 团场降价出栏，采购基本无难度，但仍有部分养殖端挺价惜售，预计明日价格上涨。 （文章来源：新华财经） 具体价格监测情况显示，18日全国生猪均价为11.56元／公斤，较前一日下跌0.03元／公斤。重庆市肉品 供给指数显示，今日肉品供给比昨日上涨3.43%。北京市白条猪批发交易量为59.12万公斤，较昨日下跌 0.29%。 外三元生猪价差监测显示，今日全国21组大区间平均价差约0.47元／公斤，较昨日下跌0.01元／公斤， 低于平均调运成本0.58元／公斤。 ...

Group 1: Report Title and Date - The report is titled "Livestock Daily Report" and dated November 18, 2025, focusing on the hog market [1] Group 2: Investment Rating - No investment rating for the industry is provided in the report Group 3: Core Viewpoints - The overall hog supply is stable, and prices are fluctuating slightly. The subsequent supply pressure in the hog market may still be significant, and the general trend of spot hog prices is expected to be weak. Futures prices are also under pressure in the medium to long - term [1][3][4] Group 4: Spot Price Summary - Today, hog spot prices across the country showed a slight rebound. The average price remained unchanged at 11.29 yuan/kg. Some regions had price increases, such as Hebei with an increase of 0.11 yuan/kg, while Guizhou had a decrease of 0.07 yuan/kg [3] - The scale enterprises' hog出栏量 increased overall. Although the monthly hog出栏 plan decreased, the overall supply pressure still exists. Ordinary farmers'出栏 enthusiasm decreased, and the overall出栏 pressure improved compared to before [3] - The number of secondary fattening entrants decreased recently. The price difference between large and small hogs decreased, and hog prices declined, reducing the enthusiasm for replenishment [3] - The current hog出栏 weight rebounded, and the supply of large - weight hogs is still relatively large. The slowdown in出栏 rhythm supported hog prices to some extent. Due to the high hog inventory and relatively large出栏 weight, the subsequent supply pressure in the hog market may still be reflected, and the general trend of hog spot prices is expected to be weak [3] Group 5: Futures Price Summary - Hog futures prices showed a downward trend, affected by the large subsequent supply pressure. However, due to the full reflection of negative factors in the previous decline of the futures market, the recent futures market reaction to the decline in spot prices was not obvious [4] - In the short - term, the change in monthly hog出栏量 may be limited, and prices will generally fluctuate. In the medium - term, due to the high overall inventory and obvious supply pressure, the general trend of spot prices will be downward. Therefore, both spot and futures prices may fluctuate recently, but in the medium to long - term, hog prices are under obvious downward pressure, and the futures market also has certain pressure [4] Group 6: Other Price and Data Summary - Piglet and sow prices remained unchanged this week compared to last week, at 209 yuan and 1546 yuan respectively [3] - The spot breeding profit for self - breeding and self - raising decreased by 25.60 yuan to - 114.81 yuan/head, and for purchasing piglets, it decreased by 30.09 yuan to - 205.64 yuan/head [3] - The slaughter volume decreased by 228 heads to 165,897 heads. The price difference between standard hogs and medium - sized hogs increased by 0.02 yuan, while the price difference between large hogs and standard hogs decreased by 0.05 yuan [3] Group 7: Trading Strategies - Unilateral trading: Hold a wait - and - see attitude [5] - Arbitrage: Hold a wait - and - see attitude [5] - Options: Implement a strategy of selling wide straddles [5]

Core Insights - The article emphasizes the importance of high-quality agricultural land construction and the comprehensive utilization of saline-alkali land in China, highlighting the establishment of a breeding innovation system for saline-alkali land [1] Group 1: Saline-Alkali Land Utilization - The report outlines over 40 innovative achievements in biological breeding, productivity enhancement, and ecological utilization of saline-alkali land in China [2] - Various regional governance models and technical modes have been created, such as the "dry sowing and wet harvesting" in the Northwest oasis area and integrated grass and livestock systems in the Ningxia Hetao Plain [2] - In Jiangsu's coastal saline-alkali areas, annual rainfall supports a rotation planting model, achieving a 20% increase in soil organic matter and maintaining soil salinity below 2‰ [2] Group 2: Challenges and Solutions - The comprehensive utilization of saline-alkali land faces challenges such as water resource shortages and mismatched salt control technologies [3] - The report stresses the need for effective drainage systems and a dynamic monitoring network for soil salinity to implement differentiated irrigation and drainage standards [3] Group 3: Agricultural Development - The report advocates for a combination of "suitable crops for the land" and "suitable land for crops" to maximize the potential of saline-alkali land [4] - It highlights the high functional component content and biological activity of many saline-alkali agricultural products, urging the development of a data-sharing platform for salt-tolerant plant resources [4] Group 4: Breeding Innovation - Successful varieties such as the Huanghua drought-resistant wheat and saline-alkali goji berry have been developed, enhancing the value of saline-alkali agricultural products [5] - The National Saline-Alkali Land Comprehensive Utilization Technology Innovation Center has established a breeding innovation system, with 68 new salt-tolerant crop varieties developed and promoted across 26.32 million acres [6]

智通财经APP讯，德康农牧(02419)发布公告，于2025年11月18日，该公司斥资213.97万港元回购2.95万 股股份，每股回购价格为72.2-72.95港元。 ...

格隆汇11月18日丨德康农牧(02419.HK)公告，11月18日耗资214万港元回购3万股。 ...