此次非洲猪瘟疫情是继今年9月在京畿道涟川郡发生非洲猪瘟疫情后，韩国再次发生非洲猪瘟疫情， 也是今年第6次发生非洲猪瘟疫情。 防疫组进行消毒（图源《韩国日报》） 据了解，发生疫情的养猪场共饲养有463头猪，本月17日至18日有2头猪死亡，23日至24日有4头 猪死亡。忠清南道卫生检验所对死亡猪只和养猪场的另外14头猪只进行检查后，判定相关猪只为猪 瘟病毒阳性。防疫部门随后派出防疫组，对发生疫情的养猪场10公里内的28个养猪场进行消毒，并 采取限制移动的措施。 韩国非洲猪瘟中央事故处理本部25日通报，位于忠清南道唐津市的一家养猪场发生非洲猪瘟疫情。 中央事故处理本部从当天开始将韩国全国的非洲猪瘟危机警报级别提升至"严重"级。 来源：央视新闻 编辑：小羊 ...

智通财经APP获悉，德康农牧(02419)早盘涨超6%，截至发稿，涨5.68%，报77.15港元，成交额3426.36 万港元。 长江证券认为，德康农牧养殖业务扎根西南地区，养殖成本优势明显，头均盈利为上市猪企中的第一梯 队水平，且轻资产模式下公司盈利能力从追赶到超越。该行认为，在行业产能管控背景下，优质猪企利 润中枢或将中长期抬升，看好德康助农惠农的优质养猪发展模式，重点推荐。 消息面上，农业农村部部长韩俊11月21日主持召开部常务会议，审议并原则通过《关于加强产能综合调 控促进生猪产业高质量发展的意见》。会议要求，要加强生猪产能综合调控，加快构建供需动态适配、 规模结构合理、产业链协同提升的生猪产业高质量发展格局。华源证券此前指出，政策维护猪价稳定的 决心坚定，行业产能调控力度或继续加大。行业经营方差显著，成本领先、联农带农的企业或将享受超 额利润与估值溢价。 ...

11月以后，猪价一直阴跌，跌破6字头以后，然后跌势开始放缓，近期一直在几分钱的幅度上徘徊。 虽然说跌不动，但涨着也费劲，努力半天，也是两三分钱的涨幅。 这就给市场形成一种印象，那就是猪价在反复磨底。 磨底有两层意思： 一是跌不动了。 比起跌起来没止境，磨底起码有个底在。 二是跌不动，那么就要等待上涨了。 只不过何时能涨这就是另一个问题了。 但也有人认为，这种阴跌的背后，却藏着更大的风险。 猪多是不争的事实，而且这是对比来看的。 从今年上半年出栏的数据看，同比是增加了，那么按照出栏规律，下半年理论出栏量依然是同比增加的。 那么这么多猪何时出栏，怎么出栏这就成了一个重要问题。 当前可以说养殖端只剩下最后一搏了。 二是供应和消费很可能对冲。 尤其是今年春节比较晚，腌腊等消费有所推迟，而越往后意味着留给养殖端的出栏时间就越短，很容易一股脑地集中出栏。 如果消费再不及预期，那就可能进一步引发踩踏出栏，再次出现超卖现象，从而拖累猪价再次探底。 搏什么呢？ 搏的就是节后最后的一波消费提振。 今年猪肉价格便宜，市场认为可能会刺激猪肉消费量有所增加，那么养殖端搏的就是这个消费增加。 但是风险也就随之而来。 一是能增加多少不好说 ...

Core Viewpoint - The article discusses the significant decline in pig prices in China, leading to reduced profits for major pig farming companies and highlighting the challenges faced by the industry due to oversupply and high debt levels [4][5][24]. Group 1: Current Market Conditions - Pig prices have reached a new low, with the average price for commodity pigs in October at 11.55 yuan/kg, a year-on-year decrease of 32.73% for Muyuan Foods [8][12]. - National pig prices dropped to 10.89 yuan/kg in October, marking the lowest level since 2019, with an overall year-on-year decline of approximately 30% [13][15]. - Major pig farming companies like Muyuan Foods and Wens Foodstuffs reported significant drops in net profits for Q3 2025, with Muyuan's net profit down 55.98% and Wens' down 65.02% [18][19]. Group 2: Supply and Demand Imbalance - The primary reason for the price drop is a fundamental imbalance in supply and demand, exacerbated by lower-than-expected pork consumption and an increase in supply due to panic selling by farmers [24][25]. - The industry is facing a phase of oversupply, with the number of breeding sows remaining high at 40.35 million, which is significantly above the levels seen in 2019 [26]. Group 3: Financial Health of Companies - Major companies are focusing on reducing debt and improving financial health, with Muyuan's debt ratio decreasing to 55.5% and Wens' to 49.41% as of Q3 2025 [29][30]. - Smaller farming operations are struggling with higher costs and risks of financial instability, as their production costs exceed 6.5 yuan/kg compared to the larger companies' lower costs [22]. Group 4: Future Outlook - While pig prices have stabilized at low levels, analysts remain cautious about a significant rebound in prices due to anticipated increases in supply from expanded production [28]. - The industry is under pressure to rationalize production capacity, with regulatory bodies encouraging a reduction in breeding sow numbers to stabilize prices [24].

Core Viewpoint - The recent decline in pig prices has raised concerns in the pig farming industry, with prices falling below 6 yuan per kilogram, but there are indications that this downward trend may be slowing down [2][3]. Supply and Demand Analysis - Although supply still exceeds demand, the situation is not dire enough to cause a panic sell-off, as market sentiment remains relatively stable [3]. - The willingness of farmers to hold prices is increasing, especially with the upcoming consumption peak season, making it unlikely for them to exit the market at this time [3][6]. Seasonal Factors - The onset of winter is expected to boost pork consumption, as seasonal products like cured meats and sausages will soon be in demand [6]. - However, there is a risk that the market may misinterpret the seasonal demand as a strong recovery, while the reality is that maintaining prices above 6 yuan is already a challenge [7]. Factors Influencing Price Recovery - Two main factors could drive pig prices up: the willingness for secondary fattening and consumer demand [8][12]. - Secondary fattening can temporarily reduce supply, which may lead to price increases, but the current market sentiment is cautious, and the motivation for farmers to engage in this practice is not strong [9][11]. Consumer Behavior - Recent holiday seasons have shown weak consumer demand, indicating that the expected seasonal consumption boost may not materialize as strongly as in previous years [12]. - Economic constraints are leading consumers to be more cautious with spending, impacting overall pork consumption [12][15]. Production Capacity and Efficiency - The reduction in pig production capacity is slow, and while there are efforts to improve efficiency by replacing low-yield sows with high-yield ones, the actual supply pressure remains significant [15]. - The focus on cost reduction and efficiency improvement means that even with a decrease in the number of breeding sows, the effective supply may not decrease proportionately due to increased productivity [15].

Core Viewpoint - The recent surge in pig prices is seen as a rebound rather than a reversal, with significant factors influencing this trend, including the entry of secondary fattening and market dynamics affecting supply and demand [2][4]. Group 1: Price Trends - Pig prices have recently risen to over 6 yuan per kilogram, marking a significant increase after a period of decline [2]. - On the last day of October, pig prices experienced a drop, which is noteworthy compared to previous short-lived declines [2]. - The average entry rate for secondary fattening has reached between 25% to 40%, with some regions exceeding 50% [2]. Group 2: Supply and Demand Dynamics - The entry of secondary fattening has reduced the supply of market pigs, while the onset of colder weather has increased downstream pork consumption, leading to a supply decrease and demand increase [4]. - Despite the seasonal increase in pork consumption during the fourth quarter, the supply is expected to rise significantly due to high production levels and the release of stock by pig farming enterprises [10][12]. Group 3: Cost and Profitability Concerns - The cost of secondary fattening has increased due to rising pig prices, which may lead to a more cautious approach among farmers [5]. - The price gap between market pigs and larger pigs has narrowed, making it less profitable for farmers to engage in buying market pigs to sell larger ones [8]. Group 4: Market Outlook - The overall market is not expected to lack pigs, as high levels of breeding sows and piglets indicate a stable supply [12]. - While there may be slight price increases in November, the market is anticipated to enter a phase of fluctuation, suggesting caution in pursuing further price hikes [12].

Core Insights - Brazilian soybean export prices to China have surged by 79.9% since the beginning of the year, reaching the highest premium level in seven years, leading Chinese buyers to collectively suspend purchases for December and January shipments [1] - The current low feed prices have allowed many pig farming enterprises to operate at a slight profit, but a significant increase in feed prices could exacerbate losses in the pig farming industry [1] - The future price of imported soybeans remains uncertain, influenced by China's preparedness to handle price fluctuations and the ongoing US-China trade tensions, with 42 million tons of unsold soybeans currently in US warehouses [1] Price Dynamics - The increase in Brazilian soybean prices is attributed to four main factors: 1. Tightening supply due to adverse weather conditions affecting 1.2 million hectares of planting area, raising concerns about a 5%-8% reduction in the new season's soybean yield [4] 2. Logistical constraints with a 60% year-on-year increase in expected soybean exports from southeastern Brazilian ports, leading to a 45-day wait time for shipments [4] 3. Speculative trading by Brazilian exporters taking advantage of concentrated Chinese import channels to raise prices [4] 4. China's import structure, with 80% of its soybean imports coming from Brazil in the first nine months of 2025, enhancing Brazil's pricing power [4] Domestic Impact - Domestic soybean crushing enterprises are facing significant cost pressures, and if soybean prices continue to rise, feed prices are likely to increase correspondingly [6] - The average price of pig feed in China has remained low this year, between 2.59-2.79 yuan per kilogram, significantly lower than the average over the past five years, allowing some pig enterprises to maintain profitability [6] Strategic Responses - China has implemented a multi-faceted strategy to address rising soybean prices, including: 1. Sufficient reserves, with 4.5 million tons of soybean reserves available to meet over three months of consumption needs [8] 2. Diversified import channels, including significant purchases from Argentina and potential supplies from Russia and Ukraine [8] 3. Ongoing technical advancements to reduce soybean meal usage in feed, aiming to lower the proportion from 15.3% to 12% by 2027 [8] Future Considerations - Two key variables will influence future soybean prices: 1. The timing of the new season's soybean harvest in Brazil, which could lead to increased supply and potential price declines [11] 2. Progress in US-China trade negotiations, which could allow for the resumption of US soybean imports, potentially impacting Brazilian soybean prices [11] - China, as the world's largest soybean importer, has shifted its import strategy to mitigate risks and enhance its bargaining power in international soybean trade [11] Industry Events - The pig farming industry is facing challenges due to fluctuating feed prices and competition, necessitating ongoing cost-reduction strategies [13] - An upcoming conference in November 2025 aims to address industry challenges and promote efficiency and cost management in pig farming [13]

Core Insights - The 14th Li Man China Pig Industry Conference opened in Changsha, focusing on providing science-based solutions for the global pig industry [1][3] - The conference features over 800 industry chain enterprises and an exhibition area of 100,000 square meters, facilitating connections between domestic and international leading technologies [1][3] Group 1: Conference Highlights - The conference has a high level of international participation, with professional attendees from nearly 20 countries and regions, including a delegation from Southeast Asia [3] - Discussions at the conference cover topics such as breeding, disease prevention, farm construction, and talent cultivation, showcasing Hunan's advantages in agriculture and livestock [3] Group 2: Technological Innovations - The conference emphasizes technology and intelligence, featuring smart livestock equipment like intelligent feeding systems and inspection robots, creating a "smart super pig farm" [5] - The intelligent inspection robot can cover 600 pens and provide real-time alerts on various health indicators, improving efficiency and accuracy in farm management [5] Group 3: Economic Impact of Exhibition Industry - In the first nine months of 2025, Changsha's exhibition industry reported hosting 187 exhibitions and 17,784 meetings, generating total revenue of 38.176 billion yuan and an added value of 17.179 billion yuan [5] - The city is enhancing its exhibition economy through market-oriented transformations, focusing on internationalization, professionalism, and digitalization [6] Group 4: Future Prospects - Changsha's exhibition economy is positioned as a bridge for global resources, a catalyst for industrial upgrades, and a window for showcasing the city's image [7] - The city aims to attract global attention and continuously inject new momentum into high-quality urban development through the ongoing upgrade of its exhibition industry [7]

Core Insights - The 14th World Swine Industry Expo and the Leman China Pig Conference opened in Changsha, attracting over 800 enterprises from the global pig industry chain, aiming to establish a high-quality platform for showcasing, negotiation, and cooperation in the global pig farming sector [1][2] - The internationalization of the Leman China Pig Conference has increased, with professional attendees from nearly 20 countries and regions, including organized groups from Southeast Asian countries [1] - The expo features numerous multinational companies and leading Chinese pig farming enterprises, showcasing advanced technologies and comprehensive solutions across the entire pig farming chain, including genetic breeding, precision nutrition, and disease purification [1] Industry Developments - A modern pig farming enterprise based in Henan presented a series of intelligent pig farming products and technologies, including smart environmental control systems and AI-driven disease monitoring systems that can analyze cough sounds from pigs to predict health issues [1] - The electric needle-free injector showcased by a Shanghai-based smart technology company can save 20% to 80% of vaccine usage while maintaining the same immunization effect, potentially saving 1.4 million RMB in vaccine costs for producing 10,000 piglets [2] - The conference also hosted several forums and summits, including the Leman Conference Leadership Summit and the China-ASEAN Swine Industry Summit, indicating a focus on collaboration and innovation in the pig farming sector [2]

Core Points - The 21st (Dabeinong Cup) Healthy Pig Farming Technology Competition is now open for registration, inviting pig farms nationwide to participate in a contest focused on feed quality and health levels [4][5][9] - This year's competition will take place from December 11-13, 2025, during the 52nd Pig Industry Conference in Guangzhou, where awards will be presented [7][8] Group 1: Competition Overview - The competition has a history of 20 successful editions and aims to promote scientific pig farming concepts and advocate for healthy pig farming practices [33][36][41] - The event is sponsored by Dabeinong Group and supported by various agricultural organizations, highlighting its significance in the industry [5][48] Group 2: Competition Structure - The competition will assess eight categories of feed: teaching feed, nursery feed, piglet feed, growing pig feed, finishing pig feed, boar feed, pregnant sow feed, and lactating sow feed, with awards for the top three in each category [6][25][100] - This year's competition introduces a new focus on feed quality assessment rather than just the results from blood and saliva tests, aiming to address the underlying causes of pig health [22][29][45] Group 3: Participation Details - Participation is free for pig farms, and the competition serves as a platform for technical exchange and promotion of feed formulation technology [51][56] - Registration is open until November 30, 2025, with specific guidelines for sample submission and evaluation [60][70]