Core Viewpoint - The Ministry of Commerce of China announced the implementation of safeguard measures on imported beef, which will take effect on January 1, 2026, aimed at supporting the domestic industry while minimizing the impact on normal trade [2][3]. Group 1: Safeguard Measures Overview - The safeguard measures will be in the form of "country-specific quotas and additional tariffs beyond the quota" to help the domestic industry overcome current difficulties without restricting normal trade [2]. - The measures are designed to be moderate, providing relief to the domestic industry and allowing for recovery and development while considering the reasonable demands of trade partners [2]. Group 2: Implementation Details - The safeguard measures will start on January 1, 2026. If the import quantity does not reach the annual quota, the current tariff rate will apply. If the import quantity reaches the annual quota, additional tariffs will be imposed starting from the third day of reaching the quota [3]. - Unused quota amounts from the previous year will not carry over to the next year [3]. Group 3: Monitoring and Information Disclosure - The Ministry of Commerce and customs authorities will provide updates on quota usage when the import quantity reaches 50% and 80% of the annual quota through public channels. A notification will be issued when the quota is fully utilized, indicating an increase in tariffs [4].

2025年12月31日，商务部发布公告，裁定进口牛肉数量增加，中国国内产业受到严重损害，且二者 存在因果关系，决定以"国别配额及配额外加征关税"的形式对进口牛肉实施保障措施，实施期限为3 年。实施期间，国别配额数量将逐年增加。 对进口牛肉实施保障措施旨在阶段性地帮助国内产业渡过难关，而非为限制正常牛肉贸易。中国市 场始终是开放的，我们和贸易伙伴的牛肉贸易有着广阔的合作空间。中方愿和各方共同维护好健康稳定 的国际贸易环境。 有记者问：我们关注到商务部于2025年12月31日发布公告，对进口牛肉采取保障措施，可否介绍相 关情况？ 答：应国内产业申请，商务部于2024年12月27日立案，对进口牛肉启动保障措施调查。立案后，商 务部依法依规开展调查，广泛听取各利害关系方意见，全面审慎评估和分析相关证据材料，形成了客观 公正的调查结论。 【纠错】 【责任编辑:赵阳】 ...

Core Viewpoint - The Ministry of Commerce has decided to implement safeguard measures on imported beef due to a significant increase in import quantities that have caused serious harm to the domestic industry, establishing a causal relationship between the two [1]. Group 1: Safeguard Measures Implementation - The safeguard measures will be in the form of "country-specific quotas and additional tariffs" on imported beef, effective from January 1, 2026, to December 31, 2028, with gradual relaxation over the period [2]. - An additional tariff of 55% will be imposed on imported beef exceeding the specified quota, based on the current applicable tariff rates [5]. - The special safeguard measures under the China-Australia Free Trade Agreement for beef will be suspended during the implementation of these measures [6]. Group 2: Product Description - The investigated product is beef derived from bovine animals, including fresh, chilled, or frozen whole and half carcasses, bone-in, and boneless beef [4]. Group 3: Exemptions for Developing Countries - Products from developing countries are exempt from safeguard measures if their import share does not exceed 3%, and the total import share from these countries does not exceed 9% [8]. - If the import share from any exempt developing country exceeds 3% or the total exceeds 9% during the three-year period, safeguard measures will apply from the following year [8]. Group 4: Review of Safeguard Measures - The Ministry of Commerce may review the form and level of safeguard measures based on changes in relevant circumstances during the implementation period [8].

Core Viewpoint - The company emphasizes its business model of "feed + breeding + hedging," which reflects the overall efficiency of its industry chain, particularly in the context of cyclical fluctuations in the pig farming industry [1] Group 1: Business Operations - The company's breeding operations are influenced by the cost of externally purchased piglets, which directly impacts the breeding costs during certain periods [1] - The company prioritizes improving breeding efficiency and strictly controlling overall costs as key management strategies [1] - As of the end of November, the breeding costs for the company's operations have shown a further downward trend [1]

Group 1 - The core viewpoint of the article emphasizes the strategic initiatives of Qijin Group in response to the central economic work meeting's call for expanding domestic demand and optimizing supply [1] - Qijin Group aims to enhance the quality of the Rongchang pig industry through a "three-chain collaboration" approach, focusing on improving production efficiency and product quality [1][2] - The company plans to strengthen its breeding standards and promote smart farming technologies to ensure the purity and performance of pig breeds [2] Group 2 - Qijin Group's strategic development goals for 2026 include achieving a compound annual growth rate of 10%-15% in revenue and increasing market share in core regions [3] - The company intends to launch 3-5 competitive deep-processed pork products within the next two years, targeting health foods and customized nutrition to meet consumer demand [3] - Qijin Group aims to build a comprehensive industry chain from breeding protection to smart farming, deep processing, cold chain distribution, and brand marketing, enhancing overall value and industry resilience [3]

Group 1: Report Industry Investment Rating - Investment rating for the pig industry: Cautiously bearish [3] - Investment rating for the egg industry: Cautiously bearish [6] Group 2: Core Views of the Report - Pig prices are oscillating strongly with a decline in the north and an increase in the national average price. The supply is shrinking at the end of the year, and bad weather and holiday consumption support the price. The secondary fattening sentiment slows down after the price rises. Attention should be paid to the post - holiday slaughter rhythm [2] - Egg spot prices have stopped rising and started to fall, mainly concentrated in Hebei. The boost from New Year's Day consumption is limited, and the sufficient market capacity may still put pressure on egg prices [5] Group 3: Summary by Relevant Categories Pig Market Market News and Key Data - Futures: The closing price of the live pig 2603 contract was 11,790 yuan/ton, up 75 yuan/ton or 0.64% from the previous trading day [1] - Spot: Henan's outer three - yuan live pig price was 12.55 yuan/kg, up 0.08 yuan/kg; Jiangsu's was 12.84 yuan/kg, down 0.06 yuan/kg; Sichuan's was 12.65 yuan/kg, unchanged. The national average wholesale price of pork was 17.73 yuan/kg, up 0.3% [1] Market Analysis - Pig prices are oscillating strongly with a stable and rising national average. Supply is shrinking at the end of the year, and bad weather may hinder slaughter. Holiday consumption boosts the slaughter volume, and the price difference between standard and fat pigs widens, which is beneficial to price increases. The secondary fattening sentiment slows down [2] Strategy - Cautiously bearish [3] Egg Market Market News and Key Data - Futures: The closing price of the egg 2601 contract was 2,938 yuan/500 kg, down 3 yuan or 0.10% from the previous trading day [3] - Spot: Liaoning's egg spot price was 2.84 yuan/jin, unchanged; Shandong's was 3.10 yuan/jin, unchanged; Hebei's was 2.76 yuan/jin, down 0.02 yuan [3] - Inventory: On December 30, 2025, the national production - link inventory was 0.95 days, and the circulation - link inventory was 1.31 days, both unchanged from the previous day [4] Market Analysis - Egg spot prices have stopped rising and started to fall, mainly in Hebei. The boost from New Year's Day consumption is limited, and the end of pre - festival stocking and sufficient market capacity may put pressure on prices [5] Strategy - Cautiously bearish [6]

Core Insights - The core viewpoint of the article highlights the increase in cashmere prices in Mongolia as of November 2025, indicating a positive trend in the cashmere market [1] Price Summary - The average cashmere price in Mongolia is reported at 109,000 Mongolian Tugrik (approximately $30.69) per kilogram, reflecting a year-on-year increase of 0.9% [1] - In Ulaanbaatar, the highest cashmere price is noted at 120,000 Mongolian Tugrik (approximately $33.78) per kilogram [1] - The lowest cashmere price is found in Khuvsgul Province at 90,000 Mongolian Tugrik (approximately $25.34) per kilogram [1] - Average cashmere prices in Khovd and Gobi-Altai Provinces are reported at 115,000 Mongolian Tugrik (approximately $32.38) per kilogram [1] - Central, South Gobi, Middle Gobi, Khentii, Orkhon, and Bayankhongor Provinces have an average cashmere price of 110,000 Mongolian Tugrik (approximately $30.63) per kilogram [1] - In Khuvsgul Province, the average cashmere price is 100,000 Mongolian Tugrik (approximately $28.15) per kilogram [1]

Report Summary Report Title and Date - The report is titled "Pigs: Contradictions Continue to Accumulate, Strong Before the Festival" and is dated December 31, 2025 [1] Core View - The contradictions in the pig industry continue to accumulate, and the price is expected to be strong before the festival [1] Industry Investment Rating - No industry investment rating is provided in the report Key Points by Section Fundamental Tracking - **Spot Prices**: The spot prices in Henan, Sichuan, and Guangdong are 12,530 yuan/ton, 12,650 yuan/ton, and 12,960 yuan/ton respectively, with year - on - year changes of 50 yuan/ton, 0 yuan/ton, and 400 yuan/ton [2] - **Futures Prices**: The prices of "Pig 2601", "Pig 2603", and "Pig 2605" are 11,305 yuan/ton, 11,790 yuan/ton, and 12,175 yuan/ton respectively, with year - on - year changes of - 35 yuan/ton, 75 yuan/ton, and 25 yuan/ton [2] - **Trading Volume and Open Interest**: The trading volumes of "Pig 2601", "Pig 2603", and "Pig 2605" are 6,043 lots, 105,463 lots, and 23,530 lots respectively, with changes of - 905 lots, 275 lots, and - 11,071 lots compared to the previous day. The open interests are 8,823 lots, 172,346 lots, and 88,702 lots respectively, with changes of - 3,397 lots, 1,230 lots, and - 162 lots compared to the previous day [2] - **Price Spreads**: The basis of "Pig 2601", "Pig 2603", and "Pig 2605" are 1,225 yuan/ton, 740 yuan/ton, and 355 yuan/ton respectively, with year - on - year changes of 85 yuan/ton, - 25 yuan/ton, and 25 yuan/ton. The spreads between "Pig 1 - 3" and "Pig 3 - 5" are - 485 yuan/ton and - 385 yuan/ton respectively, with year - on - year changes of - 110 yuan/ton and 50 yuan/ton [2] Market Information - Multiple companies registered warehouse receipts in December 2025. For example, Yunnan Shennong registered 85 lots on December 4, Guizhou Fuyuan registered 23 lots on December 5, and others also had different registrations [3] Trend Strength - The trend strength is 0, with the range of values from - 2 to 2, indicating a neutral view [4]

专题报告 2025-12-31 生猪：静待利好兑现 农产品研究员 从业资格号：F0273729 交易咨询号：Z0002942 028-86133280 wangja@wkqh.cn 报告要点： 低价刺激消费、春节偏晚引发需求后置以及大猪结构性偏紧共同促成了猪价此轮预期外的反 弹，短期猪价走强的逻辑依旧较硬，但随着时间推移，结构性矛盾有望获逐步解决，价格大概 率重回总量过剩的逻辑，中期而言支撑当前猪价走强的逻辑面临坍塌的风险。操作上宜关注偏 近淡季合约的上方压力，反弹抛空为主；长期而言，产能下降将在下半年猪价上逐步体现，留 意远月合约下方支撑。 农产品研究 | 生猪 生猪：静待利好兑现 冬至后现货意外走强 以冬至为界，传统腌腊多发生在 12 月中旬至冬至以前，节前消费场景较为集中，同时供应也 集中兑现于此阶段，供需对决下价格或弱稳运行，或加速下行。冬至后供应下降（以屠宰量明 显下滑为标志），尽管需求端小幅减量，但价格仍以温和反弹为主；进入 1 月以后因春节前热 鲜消费尚未启动，供强需弱进一步加剧，价格通常缓慢走弱，直到春节前最后一波消费到来后 猪价翘尾。与往年相比，今年冬至前猪价表现异常坚挺，冬至后更是大幅反弹 ...

Core Viewpoint - Dongrui Co., Ltd. (001201) has confirmed that its Secretary of the Board, Mr. Fang Dongqiang, and Director, Mr. Jiang Rongbiao, have recently reduced their shareholdings, primarily due to personal financial needs, while the company's operations remain normal and stable [1] Group 1 - The two directors plan to reduce their holdings by 600,000 shares each, which represents a very small proportion of their total shareholdings [1] - The share reduction is conducted in compliance with relevant laws and regulations, as well as a pre-disclosed reduction plan [1] - The company's fundamentals are stable, and all business operations are proceeding in an orderly manner [1]