Group 1 - The core point of the article is that COFCO Joycome (01610) reported an increase in pig production and sales metrics for October 2025, indicating positive growth in its operations [1] Group 2 - The company achieved a pig output of 585,000 heads in October 2025, representing a 25% increase compared to the previous period [1] - The average selling price of commercial pigs was 11.58 yuan per kilogram [1] - Fresh pork sales reached 32,300 tons, with brand revenue accounting for 34.52% of the fresh pork business [1]

Core Viewpoint - COFCO Jiajia Kang (01610) reported a significant increase in pig production and sales, indicating strong operational performance in the fresh pork market [1] Group 1: Production and Sales Performance - The company achieved a pig output of 585,000 heads in October 2025, representing a 25% increase compared to the previous month [1] - The average selling price of commodity pigs was 11.58 yuan per kilogram [1] - Fresh pork sales reached 32,300 tons, with brand revenue accounting for 34.52% of the fresh pork business [1]

Core Viewpoint - The agricultural and rural development in Jinzhong City has shown a positive trend, contributing significantly to the high-quality economic and social development of the city during the "14th Five-Year Plan" period [1] Group 1: Agricultural Economic Performance - In 2024, the primary industry added value reached 15.38 billion yuan, with an annual growth rate of 4.9% [2] - The per capita disposable income of rural residents was 20,669 yuan, with an annual growth rate of 7%, and the urban-rural income ratio decreased from 2.27 to 2.15 [2] - By the third quarter of 2025, the total value and growth rate of the primary industry ranked third in the province, while the total per capita disposable income of rural residents ranked second [2] Group 2: Food Security and Agricultural Technology - Jinzhong City has taken strong measures for food security, with a grain sowing area of 3.7864 million acres in 2024, an increase of 18,600 acres compared to 2020 [2] - The total grain production reached 3.036 billion pounds, an increase of 2.8 million pounds compared to 2020 [2] - The city has built 2.6009 million acres of high-standard farmland, accounting for 59% of the permanent basic farmland, with a major crop seed coverage rate of 99.3% and a comprehensive mechanization rate of 81% [2] Group 3: Poverty Alleviation and Rural Development - Jinzhong City has effectively connected poverty alleviation with rural revitalization, eliminating risks for 7,581 households and 15,497 individuals, achieving a risk elimination rate of 74.9% [3] - The city has maintained a stable employment scale of over 95,000 for the impoverished labor force each year [3] - The agricultural industry has developed a "four pillars and eight clusters" system, with significant increases in the production of vegetables, fruits, and livestock products [3] Group 4: Rural Reform and Governance - The city has implemented the "Million Project" and established 74 boutique demonstration villages and 561 upgraded villages, improving living conditions significantly [4] - The governance efficiency in rural areas has improved, with comprehensive coverage of the "One Agreement and Four Meetings" system [4] - Jinzhong City has pioneered national-level pilot projects for collective asset utilization and rural reform, with 70% of crops under agricultural production management [4] Group 5: Innovation and Agricultural Modernization - The Jinzhong National Agricultural High-tech Zone has achieved significant results, with the introduction of 17 academicians and 739 doctors, and the establishment of 47 provincial-level key engineering laboratories [5] - The city has developed a scale in industrial development, with notable enterprises and projects contributing to the agricultural sector [5] - Jinzhong has hosted the China Rural Revitalization Forum for seven consecutive years, promoting organic dry farming and expanding external exchanges [5] Group 6: Overall Agricultural Strategy - Agriculture is considered the foundation of the nation and the economy, with Jinzhong City prioritizing the resolution of "three rural issues" to promote agricultural modernization and high-quality development [6]

Report Summary 1) Report Industry Investment Rating - No information provided 2) Core Viewpoints - Policy disturbances may affect the long - term supply of live pigs in the far - month. Strategically, it is possible to be bullish in the long - cycle, but the short - to - medium term is still based on fundamentals. Recently, the group farms and second - fattening groups have reduced their slaughter, and some second - fattening operations have gradually replenished for fattening. The futures market shows signs of a bottom. With the arrival of the peak season, demand is expected to improve, supporting prices during the peak season [2] 3) Content Summaries Market Overview - The report presents multiple charts including the average slaughter price of live pigs in China, the seasonal number of live pig warehouse receipts, the impact of breeding sow inventory on live pig prices 10 months later, the comparison between national and Henan live pig prices, the change in live pig inventory structure, the average slaughter weight of live pigs, the PSY production index of breeding sows, the frozen pork storage rate, the average price of culled sows, the culling volume of breeding sows, the seasonal profit of purchasing pigs for fattening, the seasonal self - breeding profit of pigs, the seasonal slaughter gross profit of pigs, the operating rate of key slaughter enterprises, and the seasonal average price of piglets [3][4][5][7][10][11][13]

Core Insights - The company reported sales of 1,101.62 thousand pigs in October 2025, generating revenue of RMB 1,655.70 million [1] - The average selling price of commercial pigs in October 2025 was RMB 11.54 per kilogram, a decrease of 11.44% compared to September 2025 [1] - For the ten months ending October 31, 2025, the company sold a total of 8,652.53 thousand pigs, with revenue amounting to RMB 15,932.50 million [1] Poultry Sales - In October 2025, the company sold 7,993.12 thousand yellow-feathered chickens, resulting in revenue of RMB 296.34 million [1] - The average selling price of yellow-feathered chickens in October 2025 was RMB 15.03 per kilogram, down by 0.92% from September 2025 [1] - For the ten months ending October 31, 2025, the company sold 74,483.59 thousand yellow-feathered chickens, generating revenue of RMB 2,345.06 million [1]

Core Insights - The company announced an increase in pig sales for October 2025, with a total of 619,200 pigs sold, representing a year-on-year increase of 24.49% and a month-on-month increase of 50.69% [1] - The total sales revenue for October 2025 was 828 million yuan, showing a year-on-year decrease of 17.91% but a month-on-month increase of 29.49% [1] - The growth in pig sales is attributed to the "company + farmer" breeding model, which has led to an increase in the number of pigs marketed [1] Sales Performance - For the period from January to October 2025, cumulative pig sales reached 4,381,400 pigs, a year-on-year increase of 33.22% compared to 3,288,800 pigs sold in the same period of 2024 [1] - The cumulative sales revenue for this period was 7.223 billion yuan, reflecting a year-on-year increase of 21.99% [1] - The breakdown of sales includes 4,192,100 market pigs and 189,300 piglets for 2025, compared to 2,945,400 market pigs and 343,400 piglets for 2024 [1]

Core Viewpoint - Dekang Agriculture and Animal Husbandry (02419) reported a significant decrease in the average selling price of both pork and chicken in October 2025, indicating potential challenges in pricing power and market conditions [1] Sales Performance - In October 2025, the company sold approximately 1.1016 million pigs, including 1.0522 million commercial pigs, generating sales revenue of about RMB 1.656 billion [1] - For the ten months ending October 31, 2025, the company sold approximately 8.6525 million pigs, with around 8.2097 million being commercial pigs, resulting in total sales revenue of approximately RMB 15.933 billion [1] Pricing Trends - The average selling price of commercial pigs in October 2025 was RMB 11.54 per kilogram, reflecting a decrease of 11.44% compared to September 2025 [1] - The average selling price of yellow feather broilers in October 2025 was RMB 15.03 per kilogram, which is a reduction of 0.92% from September 2025 [1] Chicken Sales - In October 2025, the company sold approximately 7.9931 million yellow feather broilers, with sales revenue of about RMB 0.296 billion [1] - For the ten months ending October 31, 2025, the company sold approximately 74.4836 million yellow feather broilers, generating sales revenue of around RMB 2.345 billion [1]

期价反弹空间有限 摘 要： 行情展望： 供应端，养殖端出栏或增加，规模企业增量，散户出 栏较积极，供应端压力或增加。需求端，终端消费有所恢 复，需求好转，但幅度有限，短线难以形成强有力支撑。 综合来看，主流价格区间或维持11.4-12.5 元/公斤 的水平。生猪市场供应端压力或增加，需求无明显增量， 因此价格或继续下行。操作上建议反弹后高空。 宁证期货投资咨询中心 期货交易咨询业务资格： 宁证期货投资咨询中心 期货交易咨询业务资格： 证监许可【2011】1775 号 作者姓名：高剑飞 作者姓名：蒯三可 期货从业资格号：F0279818 期货交易咨询从业证号：Z0014742 邮箱：gaojianfei@nzfco.com 关注因素：1.能繁母猪存栏变化；2.消费复苏进度；3.政策调控 动态等。 请务必阅读正文之后的免责条款部分 1 证监许可【2011】1775 号 期货从业资格号：F3040522 期货投资咨询从业证号：Z0015369 邮箱：kuaisanke@nzfco.com 电话：025-52865121 生猪专题报告 1.生猪价格行情回顾 图 1：生猪期现货价格（元/吨） 2.供应情况分析 请务必阅 ...

Group 1 - The company Xinwufeng (600975.SH) announced that it sold a total of 610,000 pigs in October 2025, which includes 354,600 commercial pigs [1] Group 2 - The sales figures indicate a significant operational scale for the company within the livestock industry [1]

Core Viewpoint - New Five Feng (600975.SH) announced that it will sell 610,000 pigs in October 2025, including 354,600 commercial pigs [1] Company Summary - New Five Feng plans to sell a total of 610,000 pigs by October 2025 [1] - Out of the total, 354,600 will be commercial pigs [1]