Group 1: Report Industry Investment Rating - The investment strategy for both the pig and egg markets is cautiously bearish [3][6] Group 2: Report's Core View - The pig market is in a situation where supply exceeds demand, and this pattern is difficult to change. The secondary fattening pigs entering the market in October are expected to be slaughtered around the Winter Solstice, and there is a risk of early slaughter if prices decline. The future pig supply remains in an oversupply state, and the slaughter of secondary fattening pigs will further increase the supply pressure [2] - The egg market also has a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a a 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Core Viewpoint - The article discusses the launch of the fourth training session for the livestock industry in Guangdong, focusing on leveraging instant retail to enhance the quality and efficiency of the livestock sector, aiming to tap into the rapidly growing market of over 1 trillion yuan [4][8][50]. Group 1: Market Potential - The instant retail market is expected to experience explosive growth, with projections indicating a market size exceeding 1.5 trillion yuan by 2025 and over 2 trillion yuan by 2030 [6][7]. - Guangdong province leads the national agricultural e-commerce market with a sales scale of 312 billion yuan, accounting for 19.5% of the total national market [18][19]. Group 2: Training Program Objectives - The training program aims to integrate media's communication advantages with the instant conversion characteristics of flash sales, addressing traditional challenges in livestock marketing and distribution [16][14]. - The program focuses on enhancing digital literacy among industry practitioners, facilitating a comprehensive restructuring of the production, distribution, and consumption chain [21][22]. Group 3: Industry Collaboration and Strategy - The Guangdong Livestock Associations are actively promoting collaboration among enterprises to embrace the trend of instant e-commerce, extending the benefits from individual companies to the entire industry ecosystem [23][24]. - The training emphasizes building partnerships with key enterprises across regions, sharing resources, and creating a cooperative ecosystem to enhance market reach [27][28]. Group 4: Practical Insights and Feedback - Participants in the training expressed positive feedback, highlighting the practical guidance on optimizing distribution processes and reducing operational costs [63][50]. - The training also provided insights into brand building, data analysis, and marketing strategies, transforming local livestock brands' successful experiences into replicable methodologies [34][42]. Group 5: Future Directions - The training is seen as a critical step towards not only immediate order growth but also long-term upgrades in industry concepts and practices [42][68]. - Companies are encouraged to leverage instant delivery to ensure products reach consumers quickly and efficiently, with plans to expand their market presence nationally [53][54].

Core Insights - The article highlights the transformation of a poverty-stricken household in Inner Mongolia, showcasing how diversified income sources and government support have led to stable poverty alleviation and increased earnings for the family [2][4]. Group 1: Economic Transformation - Bai Yinbao's family, previously earning less than 4,000 yuan per person annually in 2014, has now achieved a stable income exceeding 10,000 yuan per person due to various subsidies and income sources [2]. - The family has diversified its income through livestock farming, with a current count of 170 sheep and 32 cattle, and has benefited from a subsidy of 11,000 yuan from the birth of calves [3]. Group 2: Government Initiatives - The local government implemented a relocation program in 2017, providing new housing and infrastructure, which has significantly improved living conditions for the villagers [2]. - The "Borrowing Chickens" project allows villagers to receive free chicken chicks, with a return policy that supports sustainable farming practices and provides additional income [3]. Group 3: Environmental and Agricultural Improvements - The establishment of a 1,500-acre sand-fixing seabuckthorn forest has improved land conditions, leading to increased agricultural productivity and an annual collective income boost of 200,000 yuan from seabuckthorn fruit [4]. - Bai Yinbao's involvement in ecological protection roles, such as being a forest ranger, has also contributed to his income, demonstrating the integration of environmental stewardship with economic benefits [4].

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - The report focuses on the pig market, with a trend strength of -1, indicating a relatively bearish view [3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Spot Prices**: Henan's spot price is 11,980 yuan/ton, down 100 yuan/ton year - on - year; Sichuan's is 11,600 yuan/ton, unchanged; and Guangdong's is 12,560 yuan/ton, also unchanged [1]. - **Futures Prices**: The prices of pig2601, pig2603, and pig2605 are 11,755 yuan/ton, 11,465 yuan/ton, and 12,065 yuan/ton respectively, with year - on - year decreases of 200 yuan/ton, 90 yuan/ton, and 5 yuan/ton [1]. - **Futures Trading Volume and Open Interest**: The trading volumes of pig2601, pig2603, and pig2605 are 103,800 lots, 28,435 lots, and 19,009 lots respectively, with increases of 27,891 lots, 9,977 lots, and 7,941 lots compared to the previous day. The open interests are 139,553 lots, 113,296 lots, and 61,762 lots respectively, with increases of 9,034 lots, 4,935 lots, and 657 lots compared to the previous day [1]. - **Price Spreads**: The basis of pig2601, pig2603, and pig2605 are 225 yuan/ton, 515 yuan/ton, and - 85 yuan/ton respectively, with year - on - year changes of 100 yuan/ton, - 10 yuan/ton, and - 95 yuan/ton. The spreads between pig1 - 3 and pig3 - 5 are 290 yuan/ton and - 600 yuan/ton respectively, with year - on - year decreases of 110 yuan/ton and 85 yuan/ton [1]. 3.2 Market Information - In September, the national feed production was 30.36 million tons, with a month - on - month increase of 3.4% and a year - on - year increase of 5% [2]. 3.3 Trend Intensity - The trend intensity is -1, with the range of trend intensity being integers in the [-2, 2] interval, where -2 is the most bearish and 2 is the most bullish [3].

Summary of Key Points Core Viewpoint - The company has provided updates on its shareholder numbers and cost control measures for its livestock operations, indicating a stable shareholder base and effective cost management in its pig farming segment [1]. Group 1: Shareholder Information - As of November 10, 2025, the total number of shareholders is reported to be 27,718 according to the China Securities Depository and Clearing Corporation [1]. - The number of shareholders, excluding margin trading accounts, stands at 26,530 as of the same date [1]. Group 2: Cost Management - The overall cost of raising pigs at the company's subsidiary, Xingjiang Mugge, is maintained below 13 yuan per kilogram [1]. - For high-performing pig farms, the cost is reported to be below 11 yuan per kilogram [1].

Group 1 - As of November 10, 2025, the total number of shareholders for the company is 27,718 according to the data from China Securities Depository and Clearing Corporation [1] - The number of shareholders, excluding margin trading accounts, is reported to be 26,530 as of the same date [1] - The overall cost of raising pigs for the company's subsidiary, Xingjiang Mugge, is controlled below 13 yuan/kg, with top-performing farms achieving costs below 11 yuan/kg [1]

Core Viewpoint - The article emphasizes the importance of diversifying income sources for rural households in the Inner Mongolia region, particularly through the development of traditional agricultural and livestock products, as well as other sustainable projects to enhance income and ensure long-term poverty alleviation [1] Group 1: Industry Development - The local consensus is to improve the marketing of traditional agricultural and livestock products while exploring additional projects to create multiple income streams [1] - The development of suitable industries tailored to local conditions is crucial for solidifying the achievements of poverty alleviation efforts [1] Group 2: Economic Initiatives - The article highlights the potential for courtyard economies, as most households have suitable conditions for developing such initiatives, supported by innovative policies and subsidies [1] - The establishment of policies to encourage courtyard economic activities can significantly boost local economic development [1] Group 3: Environmental Considerations - A good ecological environment is essential for stabilizing the results of poverty alleviation industries, with a focus on breaking the cycle of poverty and environmental degradation [1] - Investments in environmental restoration, such as the cultivation of seabuckthorn forests for sand control, have proven to increase collective income for villages [1] Group 4: Future Outlook - The article anticipates that during the "14th Five-Year Plan" period, there will be continued efforts to consolidate and expand poverty alleviation results, leading to improved living conditions for those who have been lifted out of poverty [1]

Core Viewpoint - The support from the central government for the private economy is clear and firm, boosting confidence and motivation for development in the industry [1]. Group 1: Company Development - The company, founded in 1992, has grown from 22 piglets to the world's largest pig farming enterprise, with an annual output of 70 million pigs [1]. - The company emphasizes the integration of private enterprise development with national needs, particularly in supporting food security strategies [1]. - The company has adopted innovative breeding techniques, reducing reliance on imported breeding stock and enhancing production efficiency [1]. Group 2: Technological Innovations - The company has implemented smart pig houses with advanced air filtration systems to improve health and reduce environmental impact [2]. - A digital farming model has been established, allowing for the recycling of waste into organic fertilizers and biogas, promoting sustainable agriculture [2]. - The company has developed a team of 300 agronomists to facilitate resource utilization across various crops, enhancing soil fertility and agricultural productivity [2]. Group 3: Industry Collaboration - The company is working to professionalize pig farming by providing affordable piglets and comprehensive support to small farmers, fostering a collaborative industry environment [3]. - The implementation of the Private Economy Promotion Law is seen as a positive step for creating a better business environment, encouraging legal and responsible business practices [3].

Core Viewpoint - The recent decline in pig prices and the adjustment of breeding capacity have become hot topics in the industry, with New Hope facing significant losses in its pig farming business due to low market prices [2][6]. Group 1: Financial Performance - In the first three quarters of the year, New Hope reported a net profit attributable to shareholders of 7.6 billion yuan, a year-on-year increase of nearly 400%, with a net profit of 513 million yuan in the third quarter [3]. - The company's feed business generated a net profit of 10.3 billion yuan in the first three quarters, up 23% year-on-year, maintaining a monthly profit level of over 1 billion yuan [3]. - However, the pig farming segment incurred a cumulative loss of 1.8 billion yuan in the first three quarters, with a loss of 2.3 billion yuan in the third quarter alone due to rapidly falling pig prices [6]. Group 2: Market Conditions - The current pig price of around 11 yuan per kilogram has led the entire industry into losses, with many leading enterprises also experiencing significant losses [6]. - The decline in pig prices is attributed to high levels of breeding sows last November, leading to a peak in market supply, coupled with increased efficiency in the industry [6]. Group 3: Strategic Adjustments - New Hope plans to gradually reduce the number of breeding sows by the end of January next year, which will also lead to a decrease in the number of pigs marketed [2][7]. - The company is shifting its breeding strategy to increase the proportion of self-breeding and self-fattening pigs, moving from a previous ratio of 30:70 to 35:65 [8]. - New Hope is not in a hurry to expand its pig farming capacity overseas, focusing instead on optimizing domestic production under favorable policy conditions [8]. Group 4: International Expansion - New Hope has seen significant growth in its overseas feed business, with a sales growth rate of 21% in the first three quarters, supported by new production capacities [9]. - The company aims to reach an overseas feed production capacity of 10 million tons by 2028, aligning with a sales target of 9 million tons [9].