九月底的内蒙古草原，正是草黄羊肥的时节。这片距离北京不到两个小时车程的塞外大漠上，优质的牛羊肉、乳 制品、农产品以及最新的高科技产品，正在规模化地进入北京，以及京畿周边的无数城市。 秋风乍起，北方的大漠上，连天的碧草变成成熟的颜色，羊草细长的穗，像麦子一样开始变黄、低头，格桑花绽 开成片的花朵，黄花蒿长成了一片金色，阳光穿透芦苇的缝隙，闪着晶莹的光斑。 2023年10月发布的《国务院关于推动内蒙古高质量发展奋力书写中国式现代化新篇章的意见》中指出，"积极融入 京津冀协同发展"。两年来，这片118.3万平方公里的广袤区域，每天都发生着奇妙的变化，现代技术为传统的农 牧业带来新的气象，丰富的资源成为新质生产力的基础，改变着草原的发展之路，也改变着北京和内蒙古的关 系。近三十年中，从北京援助内蒙古，到京蒙协作，再到内蒙古融入京津冀，阴山南北、黄河两岸的大漠，越来 越深入到首都的"朋友圈"之中。 内蒙古乌兰察布市，乌兰察布之夜，这里是当地夜经济的新去处，也是众多游客打卡的热门地点。新京报记者 周 怀宗 摄 科技，阴山下的科技"突围" 从北京出发，两个多小时之间，一路向北，穿越连绵的燕山，踏上广袤的草原，一路接近阴山， ...

Core Viewpoint - The beef cattle farming industry in Guyuan City, Ningxia, is a key agricultural sector that supports poverty alleviation and rural revitalization, with a projected cattle population of 1.06 million by the end of 2024, accounting for 43.27% of the region's total [1] Financial Support and Policy Measures - The People's Bank of China (PBOC) in Guyuan has implemented targeted financial policies to support the healthy development of the beef cattle industry, including measures to prevent financial institutions from withdrawing loans from farmers and agricultural enterprises [2] - As of the end of August, the balance of loans for the beef cattle industry reached 17.57 billion yuan, with a weighted average interest rate of 4.20% [1][2] - The city has established a mechanism for government and financial institutions to connect with key projects, enhancing the financing capabilities for small and micro enterprises [2] Credit System Development - The PBOC has expanded its credit system by implementing a "credit + loan" model, with 25 credit towns, 445 credit villages, and 130,500 credit users established, resulting in a loan balance of 879 million yuan for new agricultural entities [3] - The Agricultural Bank of China has promoted a model of "integrated village credit" to support cattle farmers, leading to the establishment of credit archives for 1,841 new agricultural entities [3] Innovative Financing Products - The local government has introduced policies to facilitate live cattle collateral loans, enhancing risk management and efficiency in financing [4] - As of now, approximately 5,500 cattle have been registered in the collateral system, with 44 million yuan in live cattle collateral loans issued [4] - Innovative loan products like "Smart Animal Husbandry Loan" have been developed, providing low-cost financing while promoting digital management of livestock [4] Risk Prevention and Coordination - Financial institutions are encouraged to conduct on-site investigations to assess funding needs and monitor loan quality, aiming to prevent potential defaults [6] - A comprehensive financing model combining government support, bank loans, collateral, insurance, and re-loans has been proposed to mitigate credit risks [6] - As of the end of August, 169,300 cattle have been insured, providing risk coverage of 1.645 billion yuan for 10,200 farmers [6]

肉牛养殖是宁夏固原市特色重点农业产业之一，是巩固拓展脱贫攻坚成果，全面推进乡村振兴的支 柱产业，2024年末，固原市肉牛饲养量106万头，占全区的比例达到43.27%。近年来，中国人民银行固 原市分行充分用好结构性货币政策工具，积极推进新型农业经营主体信用体系建设工作，持续助力金融 机构"智慧畜牧贷"融资模式与"动产融资统一登记公示系统"等有机高效衔接，逐步将青贮玉米种植户、 肉牛屠宰加工企业等全产业链上的农户和企业通过金融赋能深度融合，有效实现肉牛产业的"智能融 通"。截至8月末，固原市肉牛产业贷款余额175.70亿元，加权平均利率4.20%。 政策工具精准滴灌 激发产业发展动能 为深入推进乡村振兴工作，加快补齐发展短板，中国人民银行固原市分行制定印发《关于做好当前 形势下金融支持肉牛产业健康发展工作的通知》，引导金融机构不得对肉牛养殖农户、新型农业经营主 体和涉农企业盲目抽贷、断贷、压贷，通过贷款展期、调整还款付息方式、减免服务收费、适当降低利 率、追加授信额度等措施降低养殖主体贷款成本和还款压力，优先保障肉牛产业的贷款规模。与政府相 关部门建立重点项目政银企对接机制，小微企业、个体工商户信息互联互推机制 ...

Summary of the Conference Call on the Beef Cattle Industry Industry Overview - The beef cattle industry is experiencing significant capacity reduction due to deep losses in 2024, leading to the culling of young and pregnant cows. The trend of capacity reduction is expected to continue into 2025, albeit at a slower pace. The southern regions have seen an 8% decline in cow inventory, with some areas experiencing reductions of up to 30% [1][2][3] - The supply of calves has noticeably decreased, with calf prices doubling at the beginning of 2025, indicating a future tightening of beef supply [1][2] Key Supporting Factors for the Beef Cattle Cycle 1. **Capacity Reduction**: The domestic beef cattle farming industry has faced supply shocks, leading to the culling of inefficient cows and the introduction of new breeding stock. The trend of culling continues into 2025, with calf supply significantly reduced [2][3] 2. **Global Price Transmission**: Major beef-producing countries like the US, Brazil, and Australia have also undergone capacity reductions. The CME live cattle futures price has doubled since 2020, and this global price increase is transmitted to the domestic market, supporting domestic beef prices [2][3] 3. **Policy Support**: The Chinese government is implementing measures to protect domestic farming, including an investigation into import safeguards that has affected import volumes, allowing the domestic market time to adjust [3] Market Conditions for 2025 and Beyond - In 2025, there will be a shortage of calves but an adequate supply of fattened cattle and finished meat. The impact of previous capacity reductions has not fully materialized, leading to a continued influx of cow meat into the market [4] - The price uptrend is expected to officially begin in 2026, with prices anticipated to rise significantly due to the effects of the severe capacity reduction in 2024, continuing through 2027 and possibly into 2028 [4] Characteristics of the Beef Cattle Industry Chain - The beef cattle industry chain includes upstream feed, midstream fattening and slaughter, and downstream consumption. Feed costs account for 50%-70% of farming costs, with a long growth cycle and low breeding efficiency [5] - The industry is characterized by low concentration, with the top 50 companies holding a small share of total inventory [5] Global and Domestic Meat Trade Dynamics - The top ten beef-producing countries account for 87% of global production, with the US being the largest producer at over 12 million tons. China produces around 8 million tons but still imports approximately 2.8 million tons, primarily from South America [6] - China's demand significantly influences global trade structures, with Brazil being the largest supplier, followed by Argentina and Australia [6] Cost Disparities in Beef Cattle Farming - Domestic beef cattle farming costs are significantly higher than in Brazil due to factors such as scarce pasture resources and high feed and labor costs. Domestic costs range from 10,000 to 20,000 yuan, while Brazilian costs are between 5,000 to 8,000 yuan [8] - The low level of industrialization and efficiency in domestic beef production contributes to these high costs [7][8] Historical Price Trends - Since 2000, domestic beef prices have generally trended upward, with a notable decline in 2023 due to increased supply and reduced consumption growth. This marked the first historical price drop, with inventory levels declining for two consecutive years [9] Current and Future Supply-Demand Situation - Domestic per capita beef consumption remains low compared to countries like Japan and South Korea, indicating significant growth potential. The consumption of high-quality beef is growing faster than that of regular beef, with premium varieties seeing growth rates of up to 30% [10] Investment Opportunities - The current phase represents a critical price turning point in the Chinese beef cattle market. Companies such as YouRan MuYe, China Shengmu, and Modern Farming are recommended for investment due to their ability to generate cash flow through the culling of dairy cows and their growth potential in the beef market [11][12]

Macro News - Financial regulatory authorities announced a series of measures to support the stability of the capital market, which have shown effectiveness over the past year [1] - In August, the total market value of A-shares exceeded 100 trillion yuan, indicating the success of capital market reforms [1] - The capital market is expected to transition from being policy-driven to being driven by internal dynamics, better serving high-quality economic development [1] Industry News - The State Administration for Market Regulation has drafted a consultation document focusing on regulating platform fees and merchant entry in the food delivery sector, aiming to enhance service quality and reduce merchant burdens [4] - The draft prohibits platforms from forcing merchants to share promotional costs and mandates fair compensation for delivery personnel, including limits on working hours and fatigue alerts [4] - The National Energy Administration is addressing "involution" competition in the photovoltaic industry to promote quality upgrades and enhance the competitiveness of renewable energy sources [5] - The price of live pigs has reached a yearly low due to oversupply, with prices dropping to 12.59 yuan per kilogram, a 10.4% decrease from earlier in the month and a 24.4% drop from the year's peak [7][6] Sector Opportunities - A report from China International Capital Corporation indicates that the upgrade to 800V HVDC in AI power supply architecture may position SST as the optimal technology route, with certain companies already applying SST products in mixed microgrid projects [8] - CITIC Securities highlights that a significant reduction in breeding cows since 2024 has led to a shortage in supply, driving up live cattle prices, with expectations for continued price increases due to supply pressures anticipated by 2026 [8]

2025年8月，全国活牛（中等）集贸市场价格当期值为28.15元/公斤，比2025年7月上涨0.3元/公斤，环 比增长1.1%，增幅增加1个百分点，同比增长4.8%，降幅减少0.5个百分点。 相关报告：智研咨询发布的《2025-2031年中国肉牛养殖行业市场全景调查及投资潜力研究报告》 数据来源：国家统计局 近一年全国活牛（中等）集贸市场价格统计图 ...

巴中雅拉德荣海福特牛核心育种场里养殖的海福特牛。张书浩 摄 研发时间表 2023年10月 联合攻关团队启动研发 2025年5月 第一批育种芯片成功下线 发展风向标 到2027年，建设肉牛特色镇100个，打造母牛扩繁示范村1000个、带动能繁母牛养殖户25000户，新增母牛存 栏16万头，种源自给率达到80%以上 产业成绩单 繁育方面 已建成肉牛种源场2个，发展规模养殖场209家、适度规模养殖场1296个，培育肉牛产业发展重镇53个，创建 省级肉牛标准化养殖场17个 加工方面 已建成区域大型肉牛交易市场2个、年屠宰3万头专业化屠宰场1家、年加工8000吨牛肉加工企业1家，并在成 渝等中心城市布局巴山肉牛直营店近20家 近日，一则喜讯从巴中市传出——空山牛本品种选育液相芯片"空山牛1号"50K成功发布，这是国内首个空山 牛专用育种芯片，也是四川省第一个地方牛育种芯片。 2024年，原产自巴中市通江县的空山牛经国家畜禽遗传资源委员会鉴定通过，被列入国家畜禽遗传资源目 录，成为国内第57个地方黄牛资源。 近年来，巴中将巴山肉牛列为全市农业产业六大主攻单品之首，力争用5年时间坐上四川肉牛产业"头把交 椅"，到2027年 ...

Investment Rating - The industry investment rating is "Positive" [3] Core Viewpoints - The report highlights that the agricultural sector is experiencing a recovery, with specific segments such as the pig and beef industries showing signs of improvement. Cost reduction and efficiency enhancement are key drivers for performance improvement in the pig sector, while the beef sector is witnessing a rebound from a cyclical low [6][7][47]. Summary by Sections 1. Pig Industry - The pig sector has shown significant improvement in performance, with 15 listed pig companies achieving a revenue of 196.98 billion yuan in the first half of 2025, a year-on-year increase of 19%. The net profit attributable to shareholders reached 16.33 billion yuan, up 625% year-on-year [9]. - The average pig price has been under pressure, dropping to a low of 13.96 yuan/kg in June 2025. However, leading companies like Muyuan and Wens continue to maintain high profitability per head due to their efficiency advantages [15][42]. - Recommendations include focusing on low-cost, high-certainty leaders such as Muyuan and Wens, as well as high-growth small pig companies like Shennong Group and Juxing Agriculture [7][43]. 2. Beef Industry - The beef sector is experiencing a cyclical recovery, with live cattle prices increasing significantly since mid-February 2025. As of September 8, 2025, the prices for fattened bulls, calves, and cull cows have risen by 2.39, 8.33, and 3.18 yuan/kg respectively [47]. - The report notes that the overall beef market is supported by a trend towards protein upgrading, which is expected to continue despite economic fluctuations [57]. 3. Animal Health Sector - The animal health sector is stabilizing, with a focus on the development of pet business. The rapid release of pet vaccines is anticipated to enhance valuations across companies [7]. 4. Seed Industry - The seed market is shifting from quantity to quality competition, with a focus on superior varieties as the core competitiveness of seed companies. The report emphasizes the importance of resource integration and mergers in the seed industry [7]. Companies with strong variety reserves, such as Dabeinong and Longping High-Tech, are expected to benefit [7].

Core Viewpoint - Lude Environment (688156.SH) announced that its wholly-owned subsidiary, Lude Biological Environmental Technology (Bozhou) Co., Ltd. (referred to as "Bozhou Lude"), plans to implement a capital increase and introduce investors, which will enhance its operational funds and improve its asset-liability structure [1] Group 1: Investment Details - Bozhou Ketu Investment Fund will contribute 20 million RMB to subscribe for an additional registered capital of 20 million RMB in Bozhou Lude [1] - Bozhou Life and Health Industry Fund will contribute 10 million RMB to subscribe for an additional registered capital of 10 million RMB in Bozhou Lude [1] - The company will waive its preemptive subscription rights for this capital increase [1] Group 2: Strategic Implications - The Bozhou Ketu Investment Fund primarily invests in high-tech fields such as biomedicine, focusing on advanced technological achievements in Bozhou [1] - The Bozhou Life and Health Fund mainly invests in modern medicine, traditional Chinese medicine, and medical devices, targeting the health industry in Bozhou [1] - The introduction of these funds will deepen cooperation with Anhui Gujing Distillery (000596) and local liquor companies regarding distiller's grains, while also leveraging the "Three Sevens Hundred" goal of revitalizing the beef cattle industry in Bozhou to expand into the Central Plains beef cattle breeding market [1]

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