Core Viewpoint - The recent surge in duck down prices is attributed to a combination of supply and demand factors, including a significant drop in inventory due to a nationwide cold snap and a decrease in duckling supply [3][4][5]. Price Trends - High-quality white duck down prices have exceeded 647,000 yuan per ton, marking an increase of over 34% from the starting price of 425 yuan per kilogram this year [3][4]. - In contrast, white goose down prices have seen limited growth, with the latest quote at 938 yuan per kilogram, down from a peak of over 1,200 yuan per kilogram [3][4]. Supply Chain Dynamics - The increase in duck down prices is partly due to a shift in consumer preference towards duck down for filling in down jackets, as brands reduce their use of more expensive goose down [4]. - The supply of duck down has been impacted by a significant reduction in duckling numbers, as farmers have been culling older ducks due to low prices earlier in the year [4][5]. Market Outlook - The overall outlook for duck down prices suggests limited room for further increases, with expectations of price stabilization at historically high levels [5].

今年鸭绒涨得更快。 值得注意的是，相比于白鸭绒，今年白鹅绒的价格反而涨幅有限，2024年90%白鹅绒价格最高曾超过 1200元/公斤，但今年最新报价为938元/公斤。 羽绒金网运营总监吴宇告诉第一财经记者，今年鸭绒的涨幅明显有多方面原因，一方面，本身鸭绒的用 量较多，大部分羽绒服使用鸭绒作为填充物；去年鹅绒涨幅较大，成本较高，一些品牌转而减少鹅绒用 量增加鸭绒用量。另一方面，部分企业关注大众消费市场，羽绒服整体价格有所回落，加上前段时间遇 上强冷空气和双十一带动，也带动了羽绒价格增长。 在王潇看来，今年鸭绒价格涨得更快也有供给侧的因素，是由于鸭绒的源头供应——鸭苗的数量在今年 下半年出现了显著下降。由于上半年鸭苗行情持续走低，养殖户开始大量淘汰老鸭。上游产能收缩，传 导到下半年，能出产鸭绒的毛鸭数量自然就少了。 中国畜牧业协会水禽分会数据显示，近年来肉鸭出栏一直呈现回落态势，五年来复合增长率下降了 12.2%。今年的情况也并不乐观。中国畜牧业协会水禽业分会副秘书长程好良在《我国鸭产业的现状及 趋势展望》报告中提及，2024年白羽肉鸭产业出栏35.15亿只，2025年上半年出栏19亿只，但全产业链 经营压力显著 ...

Group 1 - The core viewpoint is that the Yangxin Tunniao, a local rare waterfowl, is transforming into a pillar industry for rural revitalization through a comprehensive industrial chain involving breeding, farming, processing, and branding [1][2] - The Yangxin County Discipline Inspection Commission is focusing on supervising the entire chain of the Tunniao industry, promoting its growth and upgrade [1] - The county government supports the transition from fruit cultivation to Tunniao farming, which has helped companies turn losses into profits [1] Group 2 - The county has established a collaborative alliance among tourism, commerce, and leading enterprises to ensure quality control and expand market reach [2] - Yangxin County allocates 10 million yuan annually to support the Tunniao industry, with strict supervision to ensure funds are properly utilized [2] - The county's Discipline Inspection Commission is enhancing law enforcement to combat substandard products and unfair competition, creating a fair development environment for enterprises [2]

Core Insights - The price disparity between live ducks and roasted ducks is a topic of consumer interest, highlighting the complexities of the duck industry and its supply chain [3][4] - China's duck industry is characterized by a diverse range of duck breeds and a significant market scale, with a focus on breeding, processing, and consumer preferences [5][9] Industry Overview - The primary breed in China's meat duck industry is the white feather meat duck, accounting for 83.3% of production, while other breeds like the Muscovy and local breeds make up the remainder [5] - The average weight of ducks at market is around 4 to 6 pounds, with a typical growth cycle of 39 days for the Cherry Valley duck, which is commonly used for street roasted duck [5][8] Pricing Mechanism - The pricing structure for live ducks differs from that of processed ducks; live ducks can cost over 100 yuan, while processed ducks (white strips) are more affordable due to the division of costs among various duck parts [6] - The cost of raising a duck, including feed and processing, totals approximately 13 yuan, with the body cost being around 7 yuan after accounting for the sale of various duck parts [6] Breeding and Technology - The duck breeding industry in China has advanced significantly, utilizing technologies such as chip tracking and CT scans to enhance breeding accuracy and efficiency [10][12] - The introduction of genetic sequencing has improved the selection process for breeding, allowing for the identification of superior traits without sacrificing live specimens [12] Market Demand and Consumption - Duck meat consumption in China is projected to account for one-third of total poultry consumption, with a per capita consumption of 6.2 kg, reflecting a 10.6% year-on-year increase [9] - The market for duck products is characterized by regional and diverse consumer preferences, necessitating continuous innovation and adaptation by companies in the industry [9][10] Future Outlook - The ongoing advancements in breeding technology and consumer preferences suggest that the industry will continue to evolve, aiming to provide high-quality and cost-effective duck products to meet diverse consumer demands [13]