中盛期货 饲料养殖周度报告 中盛期货 20250109 葛妍 从业资格证号：F3052060 投资咨询证号：Z0017892 投资有风险，入市需谨慎 国内主要饲料养殖期现货价格走势 | 品 种 | | | 期货主力合约收盘价格 | | | | | | 现货价格 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 主力合约 | 2026/1/8 | 2025/12/31 | | 周变动 | 周涨跌幅 | 现货指标 | 2026/1/8 | 2025/12/31 | 周变动 | | 周涨跌幅 | | | | | | | | （%) | | | | | | （%) | | 豆 粕 | M2605 | 2782 | 2749 | 33 . | 00 | 1 20 . | 豆粕 ： 43%蛋 白 汇总 ： 价格 山 ： | 3110 | 3060 | 50 . | 00 | 1 63 . | | 菜 粕 | RM605 | 2358 | 2365 | -7 . | 00 | -0 30 . ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|农业策略⽇报 2026-1-7 资金情绪维持向好，胶价延续走高 油脂： 现货库存去化，油脂窄幅震荡 蛋白粕： 阿根廷天气引发关注，双粕小幅上涨 玉米/淀粉： 轮入再度启动，价格区间震荡 生猪： 12月母猪存栏下降，远月盘面反弹 天然橡胶： 资金情绪维持向好，胶价延续走高 合成橡胶： 盘面跟随天胶上涨 棉花： 上涨趋势延续 白糖： 糖价小幅震荡 纸浆： 资金与宏观主导行情，纸浆期货反复震荡 双胶纸： 市场情绪回暖，双胶偏强运行 原木： 矛盾不大，区间操作 【异动品种】 天然橡㬵观点：资⾦情绪维持向好，㬵价延续⾛⾼ 逻辑：受商品整体情绪延续偏强带动，天胶维持上涨势头，突破并收于 16000元/吨大关上方。短期来说符合我们近半个月的判断，若仍能有相对 持续的增仓表现，或者说若商品市场维持较强的看涨情绪，胶价短期或有 进一步上行空间。基本面变化不大，我们认为更多来自于宏观的带动，即 资金从热门板块流出后的轮动。橡胶作为前期受关注较少，且偏多预期较 为一致的品种来说，提前于基本面发生边际变化前开始上涨。目前来说从 基本面的角度仍属于没有强驱动的阶段，具体来说 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|农业策略⽇报 2026-1-6 节后农业板块震荡为主 油脂：供应预期宽松，油脂回调整理 蛋白粕：南美丰产预期强，双粕低位震荡 玉米/淀粉：购销逐步恢复，价格区间震荡 生猪：节后需求驱动减弱，盘面下跌 天然橡胶：看涨情绪仍存，胶价高位震荡 合成橡胶：盘面维持震荡走势 棉花：棉价增仓上行 白糖：糖价窄幅波动，中期仍承压 纸浆：资金与宏观主导行情，纸浆期货反复震荡 双胶纸：现货持稳，盘面偏强 原木：供需双弱，窄幅震荡 【异动品种】 棉花观点：棉价增仓上⾏ 逻辑：昨日开盘棉价强势上行，最高触及14875元/吨，但随后回落，涨幅 回吐，尾盘收阳。基本面方面，新棉处于集中上市期，当前加工、公检进 度快于往年，但棉花商业库存累库情况不及预期，根据BCO，截至12月中 全国棉花商业库存同比下滑，本年度截至12月底棉花表需同比增加，利多 棉价。25/26年度，虽然全国棉花产量大幅增加，但若需求延续当前增 速，年度预计紧平衡。除基本面表现较好之外，政策端预期同样利多棉 价。2026年新疆植棉面积存在缩紧预期，当前政策导向已明确，但细则未 出，缩面积的预期在明年1季度前 ...

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The US soybean futures price fluctuates narrowly, and the market still focuses on the actual implementation of US soybean exports to China. The domestic double - meal market generally maintains a weak and volatile trend. Overseas, although Chinese buyers have resumed purchasing US soybeans, they will continue to buy Brazilian soybeans. Domestically, the spot market shows a stalemate situation between supply and demand, and the spot price shows a certain resistance to decline. [40] - The rapeseed meal market has weak trading, and the core focus is on the arrival and customs clearance process of Australian rapeseed, which directly affects the short - term supply expectation. [40] - In the short term, the market is in a supply - demand stalemate. Soybean meal focuses on the actual implementation of US soybean exports to China, while rapeseed meal focuses on the arrival and customs clearance of Australian rapeseed. In the long - term, changes in trade relations are still the key driving force for the supply side of double - meal. [40][41] Summary by Relevant Catalogs Domestic Main Feed and Aquaculture Futures and Spot Price Trends - **Soybean Meal**: The closing price of the futures main contract M2601 on December 4, 2025, was 3,040, a weekly decrease of 15 or 0.49%. The spot price was 3,020, a weekly increase of 10 or 0.33%. [4] - **Rapeseed Meal**: The closing price of the futures main contract RM601 was 2,422, a weekly decrease of 47 or 1.90%. The spot price was 2,500, a weekly decrease of 50 or 1.96%. [4] - **Corn**: The closing price of the futures main contract C2601 was 2,287, a weekly increase of 44 or 1.96%. The spot price was 2,295, a weekly increase of 20 or 0.88%. [4] - **Pig**: The closing price of the futures main contract LH2601 was 11,385, a weekly decrease of 200 or 1.73%. The spot price was 11.23, a weekly decrease of 0.04 or 0.35%. [4] - **Egg**: The closing price of the futures main contract JD2601 was 3,138, a weekly decrease of 144 or 4.39%. The spot price was 3.06, a weekly increase of 0.07 or 2.34%. [4] Fundamental Analysis Cost Side - **Weather**: In the next 6 - 10 days, the temperatures in the main soybean - producing states in the US are all lower than normal, and the rainfall is mostly higher. [9] - **US Soybeans**: As of the week ending October 30, the net increase in US soybean export sales in the current market year was 1.2485 million tons, a 14% decrease from the previous week and a 19% increase from the average of the previous four weeks, with net sales to the Chinese mainland of 232,000 tons. [9] - **Brazil**: On December 4, Brazilian government data showed that Brazil's soybean exports in November increased by 64% year - on - year to 4.2 million tons. [9] - **Argentina**: The estimated soybean output in Argentina in the 2025/26 season is 46.9 million tons, the same as the previous forecast, but the early - season sowing is continuously delayed, and the soil moisture in the Pampas planting belt is declining. [9] Supply - **Imports**: In October, China imported no soybeans from the US for the second consecutive month, but the total soybean imports reached a record high of 9.48 million tons. Imports from Brazil were 7.12 million tons, a 28.8% year - on - year increase, accounting for 75.1% of the total imports, and imports from Argentina were 1.57 million tons, a 15.4% year - on - year increase. Since the beginning of 2025, China's soybean imports from the US have reached 16.82 million tons, a 11.5% year - on - year increase. [9] Demand - **Pressing**: Recently, the soybean pressing volume of domestic oil mills is relatively high, and the soybean meal inventory continues to accumulate, approaching the high level of 1.2 million tons. It is expected that the soybean arrival volume in December will decrease slightly, with a total monthly pressing volume of about 8.6 million tons, and the soybean meal inventory of oil mills at the end of the month will be around 0.9 million tons. [9] - **Transaction**: On December 4, the soybean meal transaction of domestic mainstream oil mills decreased. The trading volume was 89,800 tons, a decrease of 75,900 tons from the previous day. The spot trading volume was 55,800 tons, a decrease of 17,900 tons from the previous day, and the basis trading volume was 34,000 tons, a decrease of 58,000 tons from the previous day. The average transaction price was 3,092.74 yuan/ton, an increase of 0.76 yuan/ton from the previous day. [9] Inventory - **Oil Mill Inventory**: In the 48th week of 2025, the soybean inventory of major domestic oil mills increased to 7.3396 million tons, a 2.65% increase from the previous week and a 47.57% increase year - on - year. The soybean meal inventory increased to 1.2032 million tons, a 4.49% increase from the previous week and a 44.18% increase year - on - year. The unexecuted contracts decreased to 3.881 million tons, a 15.54% decrease from the previous week and a 5.28% decrease year - on - year. [9] Supply - Side Import - As of December 4, the CNF import price of Brazilian soybeans was $476.00 per ton, a decrease of $14 per ton from the previous week, and the CNF import price of US West Coast soybeans was $494.00 per ton, a decrease of $2 per ton from the previous week. [17] Supply - Side Pressing - As of the week of December 4, the soybean pressing profit was - 58.60 yuan/ton, an increase of 1.90 yuan/ton from the previous week. As of the week of November 28, the weekly soybean pressing volume of domestic oil mills was 2.2568 million tons, a decrease of 68,600 tons from the previous week, and the operating rate of domestic soybean oil mills was 57%, a decrease of 2 percentage points from the previous week. [25] Inventory - Side - As of December 4, the port inventory of imported soybeans was 8.3868 million tons, a decrease of 4,400 tons from the previous week, and it was at an extremely high level in the past five years seasonally. As of November 28, the soybean meal inventory of oil mills was 1.0734 million tons, an increase of 16,900 tons from the previous week, and it was at an extremely high level in the past five years seasonally. [29] Demand - Side - As of November 28, the average daily trading volume of soybean meal of domestic mainstream oil mills was 100,800 tons, a decrease of 131,900 tons from the previous week, and it was at a moderately high level in the past five years seasonally. [33] Rapeseed Meal Supply - Side - The content provides historical data on rapeseed import volume, rapeseed meal production, and expected rapeseed arrival volume in China, but no new summary data is given. [36] Rapeseed Meal Demand and Inventory - Side - The content provides historical data on rapeseed meal inventory, supply, demand,提货 volume, apparent consumption, and trading volume in China, but no new summary data is given. [38] Strategy Recommendation - **Short - Term**: The market is in a supply - demand stalemate. Soybean meal focuses on the actual implementation of US soybean exports to China, and rapeseed meal focuses on the arrival and customs clearance of Australian rapeseed. [40] - **Long - Term**: Changes in trade relations are still the key driving force for the supply side of double - meal. [41] Next Week's Focus and Risk Warning - The focus is on the weather in the producing areas, US soybean exports to China, and the arrival rhythm of imported soybeans. [42]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - For the pig industry, policy disturbances may affect long - term supply, with a long - term strategic strength, but short - to medium - term trends are still based on fundamentals. Recently, the second - fattening replenishment has weakened, and the near - term slaughter pressure persists, while the far - term is stronger due to expectations [3] - For the corn and starch industry, the national prices continue to rise slightly. Port and Northeast production areas are rising, while high arrivals in Shandong suppress the upward trend. The futures market is consolidating after continuous rallies, with some long - position liquidation, but the trend is strong in the medium - term [14] - For the egg industry, the long - term egg - laying hen capacity is still in surplus, with high price pressure. In the short - term, some farmers are culling or molting hens due to the rapid post - festival price decline. Overall, the capacity is at a high level but approaching an inflection point, with a generally weak direction [30] 3. Summary by Related Catalogs Pig Section - **Spot Prices**: The national average pig spot price is 11.2 yuan, down 0.12 yuan (-1.06%). Prices in various regions such as Henan, Hunan, etc., also decreased [4] - **Futures Prices**: Pig futures contracts show mixed trends. For example, the closing price of Pig 01 is 11,490 yuan, up 35 yuan (0.31%), while Pig 03 is 11,235 yuan, down 20 yuan (-0.18%) [5] - **Spreads and Basis**: Spreads and basis between different pig futures contracts and regions show significant changes. For example, LH01 - 03 spread is 200 yuan, down 90 yuan (-31.03%) [10] Corn and Starch Section - **Futures Prices**: Corn and corn starch futures prices generally rose. For example, the closing price of Corn 01 is 2,259 yuan, up 16 yuan (0.71%), and Corn Starch 01 is 2,562 yuan, up 16 yuan (0.63%) [15][16] - **Spot and Basis**: Corn spot prices in ports like Jinzhou and Shekou show different trends, and the basis also changes. For example, Jinzhou Port's corn price is 2,300 yuan, up 5 yuan, and the basis to the main - contract is 52 yuan, up 3 yuan [20] - **Month - to - Month Spreads**: Corn and starch month - to - month spreads show various changes. For example, the Corn 1 - 5 month - spread is - 37 yuan, unchanged, and the Starch 1 - 5 month - spread is - 61 yuan, up 13 yuan [23] - **US Corn Import**: CBOT corn prices rose, and the import profit from the US Gulf and West Coast is 290.98 yuan and 391.93 yuan respectively [28] Egg Section - **Futures Prices**: Egg futures prices declined. For example, the closing price of Egg 01 is 3,138 yuan, down 64 yuan (-2%) [30] - **Spot Prices**: Main - producing and main - selling areas' egg prices show different trends. The main - producing area egg price is 3.07 yuan, down 0.02 yuan (-0.65%) [31] - **Spreads and Basis**: Egg spreads and basis also changed. For example, the Egg 1 - 5 spread is - 450 yuan, down 58 yuan (14.8%) [41]

Report Overview - The report is a Feed and Livestock Daily, covering the markets of pigs, corn & starch, and eggs on December 2, 2025 [1] Pig Market Core View - Policy disturbances may affect long - term pig supply. Long - term strategy is bullish, but short - to - medium - term is still based on fundamentals. Recent second - fattening purchases have weakened, near - month supply pressure persists, while far - month prices are bullish due to expectations [3] Price Information - **Spot Prices**: The national average spot price is 11.32 yuan, down 0.06 yuan (-0.53%). Prices vary in different regions, with Guangdong up 1.63% and Henan down 1.66% [4] - **Futures Prices**: For example, the closing price of Live Pig 01 is 11455 yuan, down 40 yuan (-0.35%), while Live Pig 03 is up 0.45% [5] - **Spreads and Basis**: The spread of LH01 - 03 is 290 yuan, up 75 yuan (34.88%) [10] Corn & Starch Market Core View - National prices continue to rise slightly. Ports and Northeast production areas are up, while high arrivals in Shandong suppress the increase. Spot trading is good. Futures are consolidating after a continuous rally, with some long - liquidation, but the trend is still bullish in the medium - term [14] Price Information - **Futures Prices**: Corn 01 closes at 2243 yuan, up 7 yuan (0.31%); Corn Starch 05 is down 0.34% [15][16] - **Spot and Basis**: For example, the price at Jinzhou Port is 2295 yuan, up 10 yuan, and the basis of Jinzhou Port's main - continuous contract is 49 yuan, up 18 yuan [20] - **Monthly Spreads**: The corn 1 - 5 monthly spread is -37 yuan, down 5 yuan [23] - **US Corn**: CBOT Corn Main - continuous is down 0.61%, and the import profit of US Gulf is 288.14 yuan [28] Egg Market Core View - Long - term egg - laying hen capacity is still in surplus, putting pressure on prices. Short - term, due to a rapid post - holiday price drop, some farmers are culling or molting hens. Overall, capacity is at a high but approaching a turning point, with a generally bearish long - term trend [30] Price Information - **Futures Prices**: Egg 05 closes at 3652 yuan, up 59 yuan (1.64%), while Egg 09 is down 0.48% [31] - **Spot Prices**: The price of main - producing area eggs is 3.09 yuan, unchanged [32] - **Spreads and Basis**: The spread of Egg 1 - 5 is -392 yuan, down 77 yuan (24.44%) [43]

1. Report Industry Investment Rating - There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - In the short - term, the expected increase in import costs boosts the market. With a loose supply side, attention should be paid to the sustainability of the rebound in soybean meal. For rapeseed meal, although supply shortages are intensifying, the rigid demand is declining, so focus on the customs clearance of Australian rapeseed. In the medium - to - long - term, changes in trade relations remain the key driver for the supply side of both soybean meal and rapeseed meal [37][38]. 3. Summary by Relevant Catalogs Market Review - The closing prices and changes of various domestic feed and livestock futures and spot prices from November 20 to November 27, 2025, are presented. For example, the closing price of the M2601 soybean meal futures contract rose from 3017 to 3055, with a weekly increase of 1.26%; the RM601 rapeseed meal futures contract rose from 2412 to 2469, with a weekly increase of 2.36% [4]. Fundamentals Cost Side - In the future 6 - 10 days, the temperatures in the main soybean - producing states in the US will be lower than normal, and most areas will have higher rainfall. Since October 30, China has purchased about 3 million tons of US soybeans, and there are market rumors that China purchased at least 10 cargoes of soybeans on Tuesday, awaiting confirmation. Agroconsult expects Brazil's 2025/26 soybean production to reach a record 178.1 million tons. As of November 27, the soybean planting rate in Argentina's 2025/26 season was 39%, compared to 25% last week and 47% in the same period in 2024 [7]. Supply - In October, China imported zero soybeans from the US for the second consecutive month, but the total soybean imports reached a record high of 9.48 million tons. China imported 7.12 million tons of soybeans from Brazil, a year - on - year increase of 28.8%, accounting for 75.1% of the total imports; and 1.57 million tons from Argentina, a year - on - year increase of 15.4%. Despite zero imports from the US in October, China's total imports from the US this year still reached 16.82 million tons, a year - on - year increase of 11.5% [7]. Demand - Last week, the soybean crushing volume of major domestic oil mills rebounded. As of the week of November 21, the soybean crushing volume of major domestic oil mills was 2.33 million tons, a week - on - week increase of 260,000 tons, a month - on - month decrease of 30,000 tons, a year - on - year increase of 360,000 tons, and an increase of 520,000 tons compared to the average of the past three years. It is expected that the oil mill operating rate will remain high this week, with a crushing volume of about 2.3 million tons. On November 27, the domestic mainstream oil mills' soybean meal sales recovered, with a trading volume of 190,500 tons, an increase of 85,900 tons from the previous day [7]. Inventory - As of the end of the 47th week of 2025, the total inventory of imported soybeans in China was 7.78 million tons, an increase of 158,000 tons from last week. The domestic soybean meal inventory was 1.145 million tons, an increase of 146,000 tons from last week, a month - on - month increase of 14.66% [7]. Supply Side - Import - As of November 28, the CNF price of imported Brazilian soybeans was $500.00 per ton, an increase of $9 per ton from last week; the CNF price of imported US West Coast soybeans was $496.00 per ton, an increase of $4 per ton from last week [14]. Supply Side - Pressing - As of the week of November 28, the soybean pressing profit was - 60.50 yuan per ton, an increase of 42.55 yuan per ton from last week. As of the week of November 21, the weekly soybean pressing volume of domestic oil mills was 2.3254 million tons, a decrease of 98,000 tons from last week. As of November 21, the operating rate of domestic soybean oil mills was 59%, a decrease of 3 percentage points from last week [20]. Inventory Side - As of November 28, the port inventory of imported soybeans was 8.3912 million tons, an increase of 153,300 tons from last week, at a very high level in the past five years. As of November 21, the soybean meal inventory of oil mills was 1.0565 million tons, an increase of 102,000 tons from last week, also at a very high level in the past five years [26]. Demand Side - As of November 21, the average daily trading volume of soybean meal in domestic mainstream oil mills was 232,700 tons, an increase of 155,800 tons from last week, at a medium - to - high level in the past five years [31]. Rapeseed Meal Supply Side - The report presents data on rapeseed imports, rapeseed meal production, and expected rapeseed arrivals at domestic crushing plants [33]. Rapeseed Meal Demand and Inventory Side - The report shows data on rapeseed meal's initial inventory, supply, demand,提货量 (delivery volume), apparent consumption, inventory, and trading volume in China [35]. Strategy Recommendation - In the short - term, for soybean meal, pay attention to the sustainability of the rebound; for rapeseed meal, focus on the customs clearance of Australian rapeseed. In the medium - to - long - term, changes in trade relations are the key drivers for the supply side of both soybean meal and rapeseed meal. Next week, focus on factors such as production area weather, trade relations, and the arrival rhythm of imported soybeans [37][38][39].

Report Summary 1. Report Industry Investment Rating There is no industry investment rating provided in the report. 2. Core Views of the Report - In the short - term, the oil mill's soybean crushing volume remains high, and the de - stocking pace is slow, so the soybean meal futures market will continue to be weak. The rapeseed meal inventory in oil mills and ports continues to decline, but the weakening aquaculture demand restricts the upward potential of the rapeseed meal futures market [40]. - In the medium - to - long - term, changes in trade relations are still the key driving factors for the supply side of both soybean meal and rapeseed meal [41]. 3. Summary by Relevant Catalogs 3.1 Market Review - Futures and spot prices of major feed and aquaculture products in China have shown different trends. The futures prices of soybean meal, rapeseed meal, corn, and live pigs have declined, while the futures price of eggs has increased. The spot prices of soybean meal, rapeseed meal, and eggs have decreased, while the spot price of corn has increased slightly, and the spot price of live pigs has decreased slightly [4]. 3.2 Fundamentals - **Cost Side** - Weather: In the next 10 - 15 days, North America will be warm and humid, while key agricultural areas in South America, especially southern Brazil and Argentina, face drought risks, which may affect the growth of crops such as corn and soybeans [10]. - US Soybeans: The US soybean harvest progress is slower than in previous years. As of November 16, the US soybean harvest progress was 95%, behind the 98% in the same period in 2025 and the five - year average of 96% [10]. - Brazil: Brazil's soybean exports in November 2025 are expected to reach 4.71 million tons, 101% higher than in November 2025 [10]. - Argentina: As of November 20, the soybean planting rate in Argentina's 2025/26 season was 25%, up from 15% last week but lower than 36% in the same period in 2024 [10]. - **Supply** - Import: In October, China imported no soybeans from the US for the second consecutive month, but the total soybean imports reached a record high of 9.48 million tons. China imported 7.12 million tons from Brazil (a 28.8% year - on - year increase) and 1.57 million tons from Argentina (a 15.4% year - on - year increase). Since the beginning of 2025, China has imported 16.82 million tons of soybeans from the US, a 11.5% year - on - year increase [10]. - Pressing: The weekly soybean pressing volume of domestic oil mills decreased to 2.4234 million tons as of November 14, and the soybean pressing profit was - 80.05 yuan/ton as of November 20, a decrease of 39.04 yuan/ton from the previous week [25][26]. - **Demand** - Pressing: The operating rate of oil mills this week increased to 66%, and the soybean meal inventory is close to one million tons and still needs to be reduced [10]. - Transaction: On November 20, the total soybean meal transaction volume of major domestic oil mills was 285,200 tons, a decrease of 115,300 tons from the previous trading day [10]. - **Inventory** - Oil Mill Inventory: In the 46th week of 2025, the soybean inventory, soybean meal inventory, and unexecuted contracts of major domestic oil mills all decreased. The soybean inventory was 7.4771 million tons, a 1.87% decrease from the previous week, and the soybean meal inventory was 992,900 tons, a 0.57% decrease from the previous week [10]. 3.3 Supply Side - Import - As of November 20, the CNF import price of Brazilian soybeans was 490.00 US dollars/ton, a decrease of 11 US dollars/ton from the previous week, and the CNF import price of US West Coast soybeans was 500.00 US dollars/ton, a decrease of 5 US dollars/ton from the previous week [18]. 3.4 Supply Side - Pressing - As of the week of November 20, the soybean pressing profit was - 80.05 yuan/ton, a decrease of 39.04 yuan/ton from the previous week. As of the week of November 14, the weekly soybean pressing volume of domestic oil mills was 2.4234 million tons, a decrease of 248,500 tons from the previous week, and the operating rate of domestic soybean oil mills was 60%, an increase of 7 percentage points from the previous week [25][26]. 3.5 Inventory Side - As of November 21, the port inventory of imported soybeans was 8.2379 million tons, a decrease of 60,200 tons from the previous week. As of November 14, the soybean meal inventory of oil mills was 954,500 tons, an increase of 8,600 tons from the previous week [29]. 3.6 Demand Side - As of November 14, the average daily trading volume of soybean meal in domestic mainstream oil mills was 76,900 tons, the same as the previous week [32]. 3.7 Rapeseed Meal Supply Side The report shows the historical data of rapeseed imports, rapeseed meal production, and expected rapeseed arrivals at domestic pressing plants [36]. 3.8 Rapeseed Meal Demand and Inventory Side The report presents data on rapeseed meal's initial inventory, supply, demand,提货 volume, apparent consumption, and trading volume in China [38]. 3.9 Strategy Recommendation - Short - term: The soybean meal futures market will continue to be weak, and the upward potential of the rapeseed meal futures market will be restricted [40]. - Medium - to - long - term: Changes in trade relations are the key factors affecting the supply of both soybean meal and rapeseed meal [41]. 3.10 Next Week's Focus and Risk Warnings The focus includes产区 weather, trade relations, and the arrival schedule of imported soybeans [42].

Report Overview - Report Date: November 19, 2025 [1] - Report Type: Feed and Aquaculture Daily Report - Research Areas: Pig, Corn and Starch, Egg Pig Market Core View - Policy disturbances may affect the long - term supply of pigs. Strategically, a long - term bullish view can be taken, but in the short - to medium - term, fundamentals prevail. Recently, the second - fattening replenishment has weakened, and the near - term slaughter pressure persists, while the far - term is affected by expectations and shows a stronger trend [3] Price Information - **Spot Prices**: The national average spot price of pigs is 11.54 yuan, up 0.07 yuan (0.61%). Prices in different regions such as Henan, Hunan, etc., also show varying degrees of increase [4] - **Futures Prices**: The closing prices of different pig futures contracts show mixed trends. For example, the price of the Pig 01 contract is 11,560 yuan, up 25 yuan (0.22%), while the Pig 03 contract is 11,350 yuan, down 5 yuan (- 0.04%) [5] - **Spreads and Basis**: The spreads and basis of different pig futures contracts and between regions and contracts show significant fluctuations. For example, the LH01 - 03 spread is 180 yuan, down 45 yuan (- 20%) [10] Corn and Starch Market Core View - The spot market of corn was generally stable, with individual enterprises raising prices. After the recent continuous rebound of corn prices, the supply - side's reluctance to sell has eased, and the arrival volume in Shandong has increased. The downstream's willingness to purchase at high prices has decreased, and the price has entered a short - term balance. The futures market showed a slight correction. The starch market was stable, and the futures market followed the decline of corn and fell more than corn [14] Price Information - **Futures Prices**: The closing prices of different corn and corn starch futures contracts all showed increases. For example, the price of the Corn 01 contract is 2,175 yuan, up 7 yuan (0.32%), and the Corn Starch 01 contract is 2,480 yuan, up 13 yuan (0.53%) [15] - **Spot and Basis**: The spot prices of corn in different ports and the basis of corn and corn starch in different regions also showed certain changes. For example, the price of corn in Shekou Port is 2,370 yuan, up 10 yuan, and the basis of Jinzhou Port's main - continuous contract is 62 yuan, up 14 yuan [19] - **Month - to - Month Spreads**: The month - to - month spreads of corn and corn starch showed different trends. For example, the Corn 1 - 5 month - to - month spread is - 73 yuan, down 12 yuan [22] - **US Corn**: The prices of CBOT corn, soybeans, and wheat showed slight fluctuations. The US Gulf and West Coast's duty - paid prices decreased, and there were corresponding import profits [27] Egg Market Core View - In the long - term, the egg - laying hen production capacity is still in excess, and there is significant price pressure. In the short - term, due to the rapid decline of egg prices after the festival, some farmers have culled or molted hens. Overall, the production capacity is at a high level but is approaching an inflection point, and the general trend is still weak [30] Price Information - **Futures Prices**: The closing prices of different egg futures contracts showed mixed trends. The Egg 01 contract is 3,180 yuan, down 5 yuan (- 0.16%), and the Egg 09 contract is 3,872 yuan, up 13 yuan (0.34%) [31] - **Spot Prices**: The prices of eggs in the main production and sales areas, as well as different types of eggs, all showed declines. For example, the price of eggs in the main production areas is 2.86 yuan, down 0.02 yuan (- 0.69%) [32] - **Spreads and Basis**: The spreads and basis of different egg futures contracts and between the main production areas and the main contract showed significant fluctuations. For example, the Egg 1 - 5 spread is - 288 yuan, down 18 yuan (6.67%) [42]

从天马科技十大流通股东角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 数据显示，国泰基金旗下1只基金位居天马科技十大流通股东。国泰中证畜牧养殖ETF（159865）三季 度增持268.89万股，持有股数769.38万股，占流通股的比例为1.53%。根据测算，今日浮盈赚取约653.97 万元。 责任编辑：小浪快报 11月19日，天马科技涨5.61%，截至发稿，报16.00元/股，成交4.33亿元，换手率5.55%，总市值80.58亿 元。 截至发稿，梁杏累计任职时间9年167天，现任基金资产总规模306.17亿元，任职期间最佳基金回报 1112.34%， 任职期间最差基金回报-55.54%。 资料显示，福建天马科技集团股份有限公司位于福建省福清市上迳镇工业区，成立日期2005年12月13 日，上市日期2017年1月17日，公司主营业务涉及从事特种水产配合饲料研发、生产、销售。主营业务 收入构成为：畜禽饲料销售52.67%，特水饲料销售22.77%，养殖销售20.46% ...