Report Summary 1. Investment Ratings - **Iron Ore**: Oscillating [2] - **Coking Coal and Coke**: Oscillating weakly [2] - **Rolled Steel and Rebar**: Weak [2] - **Glass**: Oscillating weakly [2] - **Soda Ash**: Oscillating [2] - **Stock Index Futures/Options (Shanghai 50, CSI 300, CSI 500)**: Oscillating; CSI 1000: Downward [2][4] - **Treasury Bonds (2 - year, 5 - year)**: Oscillating; 10 - year: Rebounding [4] - **Gold and Silver**: Oscillating strongly [4] - **Pulp**: Consolidating [6] - **Logs**: Weakly oscillating [6] - **Edible Oils (Soybean Oil, Palm Oil, Rapeseed Oil)**: Oscillating [6] - **Meal (Soybean Meal, Rapeseed Meal, Soybean No. 2)**: Oscillating weakly; Soybean No. 1: Oscillating weakly [6][7] - **Live Pigs**: Oscillating strongly [7] - **Rubber**: Oscillating [9] - **PX**: On - hold [9] - **PTA**: Oscillating [9] - **MEG**: On - hold [9] - **PR**: On - hold [9] - **PF**: On - hold [9] 2. Core Views - The steel industry's stable - growth policy from 2025 - 2026 does not restrict steel production, which boosts raw material sentiment. The short - term fundamentals of iron ore have limited contradictions and are expected to oscillate at high levels following finished products. The fundamentals of coking coal and coke are weakening, and the black sector is expected to oscillate weakly. The fundamentals of rebar are weak, and it is expected to run weakly. The glass market sentiment has cooled, and the short - term supply - demand pattern has not improved significantly [2]. - The stock index market is generally weak, and it is recommended to control risk preference and reduce long positions in stock indexes. The Shanghai property market's "Shanghai Six Measures" have had a positive effect, and the future property market transactions are expected to rise steadily. The bond market aims for stable and healthy development through the cooperation of the Ministry of Finance and the central bank [4]. - The pricing mechanism of gold is shifting, and short - term data supports the rise in gold prices. The uncertainty of tariffs and concerns about the Fed's independence stimulate safe - haven funds to flow into gold, and gold is expected to oscillate strongly [4]. - The pulp market presents a pattern of increasing supply and demand, but the rising space of pulp prices may be limited due to over - capacity. The supply pressure of logs is not large, and the peak season expectation remains to be verified, with prices expected to run weakly. The raw material supply of edible oils is relatively loose, and they are expected to oscillate in the short term. The meal market is affected by factors such as China's soybean procurement and high supply, and it is expected to oscillate weakly [6]. - The supply of live pigs is affected by weight - loss strategies, and the demand is expected to increase with school openings. The price of live pigs is expected to rise slightly next week. The supply of rubber is affected by weather, and the inventory is decreasing. It is expected to run strongly in the short term. The PX, PTA, MEG, PR, and PF markets are affected by factors such as oil prices and supply - demand, with different trends [7][9]. 3. Summary by Industry Black Industry - **Iron Ore**: The stable - growth policy of the steel industry boosts raw material sentiment. The fundamentals have limited contradictions, and it is expected to oscillate at high levels following finished products. The "restricted production" in the Beijing - Tianjin - Hebei region has little impact on iron ore demand. The global iron ore shipment has declined slightly, and there is no obvious inventory - building pressure under high port clearance [2]. - **Coking Coal and Coke**: The fundamentals are weakening, with continuous inventory accumulation and weakening downstream orders. The supply is increasing, and the demand is at a new low since the second quarter. It is expected to oscillate weakly in the short term [2]. - **Rolled Steel and Rebar**: The fundamentals are weak. The supply will remain at a relatively high level, and the total demand is difficult to show an anti - seasonal performance. The inventory is accumulating, and the spot demand is weak. The rebar 2601 contract is expected to run weakly [2]. - **Glass**: The market sentiment has cooled, and the short - term supply - demand pattern has not improved significantly. The spot price in Hubei has improved slightly, and the key lies in the cold - repair path for the 01 contract. The long - term demand is difficult to recover significantly, and it is necessary to pay attention to the improvement of actual demand [2]. Financial Industry - **Stock Index Futures/Options**: The market is generally weak, and it is recommended to control risk preference and reduce long positions in stock indexes. Different stock indexes have different trends, and sectors such as precious metals and power grids have capital inflows, while sectors such as diversified finance and aerospace and military industry have capital outflows [4]. - **Treasury Bonds**: The yield of the 10 - year Treasury bond has declined, and the market interest rate has fluctuated. It is recommended to hold long positions in Treasury bonds lightly [4]. - **Property Market**: The "Shanghai Six Measures" in the Shanghai property market have had a positive effect, and the future property market transactions are expected to rise steadily, which is expected to lead the recovery of the property market in first - and second - tier cities [4]. Precious Metals Industry - **Gold and Silver**: The pricing mechanism of gold is shifting, and short - term data supports the rise in gold prices. The uncertainty of tariffs and concerns about the Fed's independence stimulate safe - haven funds to flow into gold, and gold and silver are expected to oscillate strongly [4]. Light Industry - **Pulp**: The cost supports pulp prices, but the demand improvement expectation remains to be verified. The market presents a pattern of increasing supply and demand, and pulp prices are expected to oscillate and rise, but the rising space may be limited [6]. - **Logs**: The supply pressure is not large, and the peak season expectation remains to be verified. The spot price is running weakly, and the delivery willingness is weak, with prices expected to run weakly [6]. Agricultural Products Industry - **Edible Oils**: The raw material supply is relatively loose, and the demand for industrial and high - end oil products is increasing. The inventory situation of different oils varies, and they are expected to oscillate in the short term [6]. - **Meal**: Affected by factors such as China's soybean procurement and high supply, it is expected to oscillate weakly [6][7]. - **Live Pigs**: The supply is affected by weight - loss strategies, and the demand is expected to increase with school openings. The price is expected to rise slightly next week [7]. Soft Commodities and Polyester Industry - **Rubber**: The supply is affected by weather, and the inventory is decreasing. It is expected to run strongly in the short term, but the approaching military parade in early September may have an impact on downstream operations [9]. - **PX, PTA, MEG, PR, PF**: The PX price follows oil price fluctuations, and the PTA supply - demand situation has improved. The MEG supply pressure is increasing, and the PR and PF markets are expected to run weakly [9].

Core Viewpoint - The stock price of Muyuan Foods Co., Ltd. has shown a year-to-date increase of 39.16%, but has recently experienced a decline of 3.28% over the past five trading days, indicating volatility in the market [2]. Company Overview - Muyuan Foods, established on July 13, 2000, and listed on January 28, 2014, is primarily engaged in the breeding and sale of pigs, as well as pig slaughtering [2]. - The company is located in Nanyang City, Henan Province, and operates within the agricultural sector, specifically in pig farming [2]. Financial Performance - For the first half of 2025, Muyuan Foods reported a revenue of 76.463 billion yuan, representing a year-on-year growth of 34.46% [2]. - The net profit attributable to shareholders reached 10.530 billion yuan, showing a significant year-on-year increase of 1169.77% [2]. Shareholder Information - As of June 30, 2025, the number of shareholders for Muyuan Foods was 209,000, a decrease of 25.13% from the previous period [2]. - The average number of circulating shares per shareholder increased by 33.57% to 18,236 shares [2]. Dividend Distribution - Since its A-share listing, Muyuan Foods has distributed a total of 21.574 billion yuan in dividends, with 11.591 billion yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 149 million shares, an increase of 20.4715 million shares from the previous period [3]. - Various ETFs, including Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, have increased their holdings in Muyuan Foods, indicating growing institutional interest [3].

Report Information - Report Title: Pig Daily Report [1] - Date: September 4, 2025 [2] Industry Investment Rating - Not provided Core View - The supply pressure of live pigs eases slightly at the beginning of the month, and the spot price fluctuates and rebounds. The 2511 and 2601 futures contracts are in the peak demand season, with supply increasing slightly and demand increasing relatively more. The current spot price stabilizes and rebounds, and the short - term downside space may be relatively limited, mainly following the spot price to fluctuate and rebound [9] Summary by Directory 1. Market Review and Operation Suggestions - **Market Conditions**: On the 3rd, the main 2511 contract of live pig futures opened slightly lower, fluctuated narrowly and declined, closing with a negative line. The highest was 13,600 yuan/ton, the lowest was 13,510 yuan/ton, and the closing price was 13,550 yuan/ton, down 0.15% from the previous day. The total open interest of the index increased by 384 lots to 180,527 lots. The national average price of foreign ternary pigs was 13.97 yuan/kg, down 0.06 yuan/kg from the previous day [8] - **Comments**: In September, the slaughter volume of live pigs may continue to increase, and the utilization rate of the second - fattening pens remains high, with still existing slaughter pressure. However, since August, the overall slaughter enthusiasm has been strong, the rhythm has been fast, there has been overselling in some areas, and the slaughter weight has declined. In the long term, the slaughter of live pigs may still maintain a slight increase. On the demand side, the price difference between fat and lean pigs has slightly widened, the fattening cost is still low, and there is an expectation of low - price second - fattening entry. At the beginning of September, universities in various regions started school one after another, and the centralized procurement of canteens at the beginning of the month boosted the market. In addition, the weather continued to cool in some areas, and the terminal consumption of residents may increase. The orders of slaughtering enterprises slightly increased, the slaughter progress was relatively fast, and the operating rate and slaughter volume of slaughtering enterprises slightly increased. On September 3rd, the slaughter volume of sample slaughtering enterprises was 149,800 heads, an increase of 12,000 heads from the previous day and an increase of 80,000 heads from a week ago [9] 2. Industry News - As of August 21st, the average profit per head of self - breeding and self - raising pigs was 78 yuan/head, a week - on - week decrease of 5 yuan/head; the average profit per head of purchasing piglets for breeding was - 57.6 yuan/head, a week - on - week decrease of 5 yuan/head [10] 3. Data Overview - On August 21st, the average market sales price of 15 - kg piglets was 463 yuan/head, a decrease of 21 yuan/head from the previous week [19] - In the week of August 21st, the slaughter volume of the slaughter sample was 1.675 million heads, an increase of 41,500 heads from the previous week, with a month - on - month increase of 2.54%; the average daily slaughter volume of the daily slaughter sample was 140,238 heads, an increase of 1,792 heads from the previous week, with an average daily increase of 1.29% [19] - The planned slaughter volume of live pigs of sample enterprises in August was 24.72 million heads, a month - on - month increase of 6.6% compared with July, with a significant increase in slaughter volume [19] - As of the week of August 21st, the average slaughter weight of live pigs nationwide was 127.98 kg, an increase of 0.16 kg from the previous week, with a month - on - month increase of 0.13% [19]

Group 1 - The 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the World Anti-Fascist War was commemorated with a grand ceremony in Beijing, featuring a military parade and a significant speech by President Xi Jinping [3][6][7] - The event aimed to remember historical victories and unite global efforts for justice and peace, emphasizing the importance of national security and stability [5][8] Group 2 - Guangdong has implemented direct payment of maternity allowances to individuals, with 20 provinces achieving this, covering nearly 80% of the population [21][22][24] - Dongguan and Qingyuan in Guangdong have successfully realized the direct distribution of maternity benefits to individuals, reflecting a significant policy shift in social welfare [24] Group 3 - The pig farming industry in Guangdong is facing challenges, with a current inventory of 424 million pigs, including 40.43 million breeding sows, which is close to the upper limit of reasonable production capacity [34][35][36] - The pressure on pig prices is increasing, necessitating urgent capacity regulation within the industry [36]

Core Viewpoint - The company, Juxing Agriculture and Animal Husbandry, has shown significant growth in revenue and net profit for the first half of 2025, indicating strong operational performance in the agricultural sector [2]. Financial Performance - As of June 30, 2025, Juxing Agriculture achieved a revenue of 3.717 billion yuan, representing a year-on-year increase of 66.49% [2]. - The net profit attributable to shareholders reached 181 million yuan, marking a substantial year-on-year growth of 504.12% [2]. Stock Performance - On September 4, 2023, the stock price increased by 2.06%, reaching 20.80 yuan per share, with a total market capitalization of 10.609 billion yuan [1]. - Year-to-date, the stock price has risen by 18.30%, although it has experienced slight declines over the past 5 days (0.95%), 20 days (0.81%), and 60 days (6.44%) [1]. Shareholder Information - As of June 30, 2025, the number of shareholders increased to 36,300, with an average of 14,044 circulating shares per shareholder, a decrease of 0.70% [2]. - The company has distributed a total of 222 million yuan in dividends since its A-share listing, with 102 million yuan distributed over the past three years [3]. Institutional Holdings - Notable changes in institutional holdings include a reduction in shares held by major funds, such as Yinhua Domestic Demand Selected Mixed Fund and Zhong Ou Times Pioneer Stock A, while the Guotai Zhongzheng Livestock Breeding ETF has entered as a new major shareholder [3].

Summary of TianKang Biological Conference Call Company Overview - **Company**: TianKang Biological - **Industry**: Pig farming and feed production Key Points and Arguments 1. **Production Goals**: TianKang plans to produce 3.5 to 4 million pigs in 2025, with a self-breeding cost of around 12.5 CNY per kg and total costs below 13 CNY per kg. The acquisition of Changdu Livestock is expected to increase production to 5 million pigs by 2026 [2][3] 2. **Cost Control Measures**: The company has optimized feed structure by increasing the proportion of Central Asian raw materials (such as barley and wheat) to 10%-20%, which has helped reduce feed costs. Personnel efficiency and facility optimization have also contributed to controlling labor costs [2][5] 3. **Regional Cost Comparison**: Production costs in Gansu have decreased from 16-17 CNY to 13.18 CNY, but remain higher than Xinjiang's 11.6 CNY. The company aims to further reduce costs in Gansu through improved facilities and management [2][7] 4. **Production Capacity**: TianKang has achieved full matching of fattening capacity in Xinjiang and Henan, with approximately 1.4 to 1.5 million heads each, totaling around 3 million heads. Gansu has a fattening capacity of about 500,000 heads [2][9] 5. **Market Outlook**: The company believes that the downward space for pig prices is limited, as the reduction in sow numbers indicates a potential price stabilization and recovery. Corn prices may gradually rise [2][10] 6. **Acquisition of Changdu Livestock**: Changdu Livestock, located in Xinjiang, has a capacity of 2 million heads and is expected to produce 1.6 to 1.7 million heads this year. The partnership is based on a long-standing collaboration and cost-effective operations [2][11] 7. **Feed Sales Goals**: The feed sales target for 2025 is set at 2.9 to 3 million tons, with a domestic to export ratio of approximately 1:2 [2][21] 8. **Production Efficiency Improvements**: The company has made significant efforts to enhance production efficiency and reduce costs, including the completion of facility construction in Gansu and increased investment in epidemic prevention measures [2][8] 9. **Future Production Plans**: If the acquisition of Changdu Livestock is successful, the company anticipates reaching a production volume of 5 million heads by 2026, ahead of schedule [2][18] 10. **Feed Raw Material Strategy**: The company is actively exploring raw material procurement in Central Asia, with plans to increase the import volume to further reduce feed costs [2][6] Additional Important Information - **Profitability**: In the first half of 2025, the company achieved a net profit of 338 million CNY, with the pig farming segment contributing 119 million CNY [3] - **Cost Structure**: The self-breeding cost for the first half of 2025 was 12.7 CNY, while the cost for farmer-reared pigs was 13.7 CNY, with labor costs being a significant differentiator [3][14] - **Sales Performance**: The sales volume of ruminant feed decreased by 25% year-on-year, indicating a trend of capacity reduction [2][17] - **Future Product Development**: TianKang is focusing on developing new veterinary products, including vaccines for foot-and-mouth disease and avian influenza, while also working on gene engineering projects [2][28]

Core Viewpoint - The Guangdong Provincial Pig Industry Association has issued a letter advocating for proactive capacity reduction in the pig farming industry to address the oversupply pressure and ensure the long-term healthy development of the industry [2][3][4]. Group 1: Current Industry Situation - The pig farming industry is facing new challenges, with capacity regulation becoming urgent. As of the end of June, the national pig inventory was 424 million heads, with breeding sows at 40.43 million heads, which is 103.7% of the normal holding level, nearing the upper limit of the capacity regulation green zone [10][11][12]. Group 2: Industry Meeting and Discussions - On August 28, a meeting was held by the Guangdong Provincial Department of Agriculture and Rural Affairs, involving major pig farming enterprises, slaughter enterprises, and experts from research institutions to discuss strengthening capacity regulation and promoting high-quality industry development [13][14][15]. Group 3: Key Proposals from the Association - The association proposed targeted initiatives focusing on five areas: capacity regulation, safety production, cost reduction and efficiency enhancement, green farming, and brand building [17][18]. - The association called for all farming enterprises to actively implement capacity regulation policies, gradually reduce breeding sow inventory, avoid secondary fattening, and rationally control slaughter weight to prevent blind expansion [19][20]. Group 4: Safety and Efficiency Measures - Emphasizing safety production, the association highlighted the importance of maintaining strict management to prevent major diseases like African swine fever, especially during market fluctuations [22][24]. - The association encouraged the adoption of technological innovations and new techniques such as IoT and low-protein diets to lower production costs and enhance efficiency through digital and green transformations [26][27][28]. Group 5: Environmental and Brand Development - The association stressed the need to uphold environmental standards, invest in waste resource utilization facilities, and promote sustainable practices like crop-livestock integration [33][34]. - It called for the industry to focus on quality improvement and participate in brand-building initiatives to enhance product value and strengthen the Guangdong pig industry's reputation [35][36][37]. Group 6: Social Responsibility and Future Outlook - Capacity regulation is not only essential for the industry's healthy development but also a social responsibility that each farming enterprise should undertake. The release of this initiative aims to clarify directions for enterprises and foster a consensus on "high-quality development" [38][39].

1. Report Industry Investment Ratings - **Oils and Fats**: Oscillation [6] - **Protein Meal**: Oscillation [6] - **Corn/Starch**: Weak oscillation [7] - **Live Pigs**: Oscillation [8] - **Natural Rubber**: Oscillation [9] - **Synthetic Rubber**: Oscillation [12] - **Cotton**: Oscillation with a slight upward trend [13] - **Sugar**: Weak oscillation [15] - **Pulp**: Oscillation [16] - **Logs**: Weak oscillation [16] 2. Core Views of the Report - The supply of live pigs is expected to increase in the second half of 2025, and the pig price is under pressure. However, the "anti - involution" policy may lead to a turnaround in the pig cycle in 2026 [1][8]. - Oils and fats may continue to oscillate and adjust in the short term, but have a high probability of running strongly in the medium term [6]. - Protein meal is expected to continue to oscillate within a range, and attention should be paid to the support at the lower edge [6]. - The market sentiment for corn should not be overly pessimistic. Traders are pre - arranging to stock up, and there are opportunities for short - term profit - taking and long - term low - buying [7][8]. - The upward driving force of rubber prices is limited, but the downside support is strong, and the short - term trend is expected to be oscillating and slightly stronger [9][11]. - Synthetic rubber follows the oscillation of natural rubber, and the short - term trend is expected to be oscillating and slightly stronger [12]. - Cotton prices are expected to be oscillating and slightly stronger from now to early October, with the key to upward breakthrough being the purchase price. After the large - scale listing of new cotton, prices may be under pressure [13]. - Sugar prices are under increasing supply pressure and are expected to run weakly [15]. - The core driving force of pulp futures is difficult to determine, and the trend is expected to be oscillating [16]. - The log market is in a game between weak reality and peak - season expectations, and the short - term trend is expected to be weakly oscillating [16]. 3. Summary by Related Catalogs 3.1 Live Pigs - **Supply**: In the short term, the planned slaughter volume in September is expected to increase. In the medium term, the supply of commercial pigs in the second half of the year is expected to increase. In the long term, the "anti - involution" policy aims to eliminate excess capacity, but there are resistance to active production cuts [1][8]. - **Demand**: The temperature is getting cooler, the price difference between fat and lean pigs is expanding, and the price ratio of meat to pigs is stable [1][8]. - **Inventory**: The average slaughter weight decreased slightly this week, and the weight inventory is higher than the same period last year, with the main goal of destocking before the National Day [1][8]. - **Outlook**: Before the National Day, the spot and near - month pig prices are expected to remain weak. The far - month contract prices are supported by the expectation of supply - side capacity reduction, presenting a pattern of "weak reality + strong expectation" [2][8]. 3.2 Oils and Fats - **Macro Environment**: The market focuses on the Fed's September monetary policy expectations, and the US dollar is oscillating weakly. Attention should be paid to geopolitical situations and US crude oil supply and demand [6]. - **Industrial End**: The drought - affected area of US soybeans is expanding, and the export demand of US soybeans is affected by Sino - US trade relations. The inventory of domestic soybeans and rapeseed has different trends, and attention should be paid to trade negotiations and policies [6]. - **Outlook**: In the short term, oils and fats may continue to oscillate and adjust. In the medium term, they are more likely to run strongly [6]. 3.3 Protein Meal - **International Situation**: The excellent rate of US soybeans is high, and attention should be paid to weather changes. The discount of Brazilian soybeans has been adjusted, and the export of US soybeans is affected by the trade war [6]. - **Domestic Situation**: The spot price is stable, and the downstream demand is expected to improve. There is no supply gap before December, and attention should be paid to trade relations and national reserve auctions [6]. - **Outlook**: The internal - external price difference may be repaired, and it is expected to oscillate within a range [6]. 3.4 Corn/Starch - **Supply**: The inventory of old - crop corn is decreasing, and new - crop corn is about to be listed. There are doubts about whether there will be a supply gap during the transition period [7][8]. - **Demand**: The downstream inventory is seasonally low, and the procurement intention of large feed enterprises is low, but small enterprises in South China are replenishing stocks [8]. - **Outlook**: In the short term, short - term short positions are recommended to take profits, and opportunities to short on rebounds can be waited for. In the long term, there is a low - buying opportunity [7][8]. 3.5 Natural Rubber - **Market Information**: The prices of various rubber products and raw materials have different changes, and the global natural rubber production and consumption have different trends [9]. - **Logic**: The upward driving force of rubber prices is limited, but the downside support is strong. There are many speculative themes, and the short - term supply may decrease while the demand is rigid [9][11]. - **Outlook**: The short - term trend is expected to be oscillating and slightly stronger [11]. 3.6 Synthetic Rubber - **Market Information**: The prices of butadiene rubber and butadiene have different trends [12]. - **Logic**: The synthetic rubber market follows the natural rubber market, and the short - term tightness of raw material butadiene provides cost support [12]. - **Outlook**: The short - term trend is expected to be oscillating and slightly stronger [12]. 3.7 Cotton - **Supply**: The commercial inventory of cotton is at a low level in the same period, and the supply pattern is tight before the new cotton is listed [13]. - **Demand**: The downstream demand is gradually picking up, and the orders are increasing [13]. - **Purchase**: The expected purchase price of seed cotton by ginners may increase, but the expected large increase in new cotton production will suppress the increase [13]. - **Outlook**: From now to early October, it is expected to be oscillating and slightly stronger, and the key to upward breakthrough is the purchase price. After the large - scale listing of new cotton, prices may be under pressure [13]. 3.8 Sugar - **International Market**: In the new crushing season, the sugar production in Brazil, Thailand, and India is expected to increase [15]. - **Domestic Market**: The domestic sugar is in the pure sales period, and the import volume is increasing [15]. - **Outlook**: The supply pressure is increasing, and the sugar price is expected to run weakly [15]. 3.9 Pulp - **Market Situation**: The pulp futures have been weak, and the main reason for the decline is the low market acceptance of Brilliant Needle pulp [16]. - **Outlook**: The internal contradictions of the pulp market are divided, and the trend is expected to be oscillating [16]. 3.10 Logs - **Market Situation**: The log market is in a game between weak reality and peak - season expectations, with some positive factors such as cost support and reduced supply pressure [16]. - **Outlook**: The short - term trend is expected to be weakly oscillating [16].

Core Viewpoint - The stock price of Wens Foodstuff Group Co., Ltd. has shown a year-to-date increase of 7.23%, but has recently experienced a decline in the short term, with a 3.42% drop over the last five trading days [2]. Company Overview - Wens Foodstuff Group, established on July 26, 1993, and listed on November 2, 2015, is primarily engaged in the breeding and sales of meat chickens and pigs, with its main revenue sources being 61.85% from pork, 34.06% from chicken, and minor contributions from other segments [2]. - As of June 30, 2025, the company reported a total revenue of 49.875 billion yuan, reflecting a year-on-year growth of 6.67%, and a net profit attributable to shareholders of 3.475 billion yuan, marking a significant increase of 161.77% [2]. Stock Performance and Trading Activity - On September 3, the stock price fell by 2.02% to 17.49 yuan per share, with a trading volume of 6.52 billion yuan and a turnover rate of 0.62%, resulting in a total market capitalization of 116.377 billion yuan [1]. - The net outflow of main funds was 28.8574 million yuan, with large orders showing a buy of 143 million yuan and a sell of 137 million yuan, indicating mixed trading activity [1]. Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 20.62% to 91,000, while the average circulating shares per person increased by 43.71% to 65,602 shares [2]. - The company has distributed a total of 28.116 billion yuan in dividends since its A-share listing, with 4.942 billion yuan distributed over the past three years [3]. Institutional Holdings - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 139 million shares, an increase of 20.044 million shares from the previous period, while E Fund's ChiNext ETF has reduced its holdings by 5.625 million shares [3].

Core Viewpoint - The recent fluctuations in national pork reserves and declining pig prices indicate a critical phase for the pork industry, with the pig-to-grain ratio falling below the warning line, prompting government intervention to stabilize prices and encourage quality production [1] Group 1: Market Dynamics - The National Development and Reform Commission auctioned 10,000 tons of domestic frozen pork at prices between 19.90 to 20.00 yuan per kilogram, translating to a live pig price of approximately 13.6 to 13.8 yuan per kilogram, marking a temporary bottom for current pork prices [1] - The agricultural sector is actively working to optimize production capacity by eliminating inefficient sows and controlling weights, although the overall impact on capacity reduction remains limited [2][3] Group 2: Production and Capacity - In July, the number of sows eliminated increased by 2.1% month-on-month, while the total breeding sow inventory decreased by 10,000 heads to 40.42 million heads [2] - Major companies are reducing costs and improving efficiency, with leading firms achieving production costs around 12 yuan per kilogram, while others hover around 13 yuan per kilogram [3] Group 3: Price Trends and Forecasts - As of mid-2025, live pig inventory reached 42.447 million heads, with a year-on-year increase of 2.2%, but prices have dropped to a five-year low of 14,677 yuan per ton due to weak demand and high slaughter losses [5] - The market is expected to face increased supply pressure in the second half of the year, with a predicted rise in commodity pig supply from September to November, limiting significant price fluctuations [5][6] Group 4: Future Considerations - The uncertainty in the market largely hinges on whether producers will continue to follow policy guidance to reduce weights, with average weights for pigs being monitored closely [6] - Short-term price increases may occur due to seasonal factors, but a return to a demand lull post-holidays is anticipated, which could suppress prices [6]