（文章来源：第一财经） 华储网发布关于2025年11月26日中央储备冻猪肉轮换出库竞价交易有关事项的通知，本次出库竞价交易 挂牌国产冻猪肉6500吨。 ...

Core Points - The central reserve frozen pork storage auction will take place on September 23, 2025, with a total of 15,000 tons available for bidding [1] - The auction will have a minimum bidding increment of 20 yuan per ton, and the maximum price will be set according to relevant government regulations [4] - Eligible enterprises must meet specific criteria, including having independent legal status and a good financial reputation, and must register in the bidding system [4][5] Auction Details - The auction will occur from 8:30 AM to 4:30 PM on September 23, 2025 [4] - Each participating enterprise can bid for a maximum of 3,000 tons [5] - A deposit of 1,000 yuan per ton and a transaction fee of 10 yuan per ton must be paid by September 22, 2025 [6][7] Transaction Process - Bidding will be conducted through an electronic system, with two methods for registration [5][7] - The auction will follow a "lowest price first" principle, and contracts will be effective upon successful bidding [9] - The quality and quantity of the pork must meet strict standards, with the processing and storage responsibilities resting with the winning enterprises [10][11] Quality Control - The pork must be sourced from domestic non-epidemic areas and must comply with various health and safety regulations [11][12] - Strict inspection and verification processes will be in place to ensure compliance with quality standards [18][19] Financial Aspects - Funding for the storage will be self-sourced by the enterprises, with potential loans from local banks supported by central government interest subsidies [26] - Storage fees will be calculated at a rate of 2.4 yuan per ton per day, and losses from price differences will be covered by the central government [26] Compliance and Regulations - Enterprises must adhere to all relevant regulations and may face penalties for non-compliance, including disqualification from future auctions [27][28] - The management of the central reserve pork must be transparent, with strict monitoring and reporting requirements [30][31]

Core Points - The central reserve frozen pork auction will take place on September 18, 2025, with a total of 15,000 tons of domestic frozen pork available for bidding [1][2][3] Group 1: Auction Details - The auction will be conducted by the China Merchants Reserve Commodity Management Center and will utilize the Beijing Huashang Reserve Commodity Exchange's trading system for competitive bidding [2][3] - The auction time is set from 8:30 AM to 4:30 PM on September 18, 2025, with a minimum bidding increment of 100 yuan per ton [2][3] - The frozen pork offered will have passed quality inspections at the time of storage, verified by the relevant quality inspection certificates [2][3] Group 2: Participation Requirements - Participating companies must have independent legal status, adhere to central reserve meat management regulations, and have a good financial standing without major violations in the past three years [3][12] - Companies must register in the bidding system and meet specific operational and licensing requirements, including having valid business licenses and food operation permits [3][12] Group 3: Financial Obligations - A deposit of 1,000 yuan per ton and a transaction fee of 10 yuan per ton must be paid by participants before the auction [6][12] - The total cost for participation amounts to 1,010 yuan per ton, which includes both the deposit and transaction fee [6][12] Group 4: Bidding Process - Bidding will follow a "highest price first" principle, with the auction concluding automatically if no new bids are placed within a 30-second countdown [10][11] - The auction will be conducted in a manner that prioritizes both price and timing for determining successful bidders [10][11] Group 5: Compliance and Regulations - Companies must strictly adhere to trading regulations, and violations may result in penalties, including suspension of trading rights [12][13] - Participants are responsible for understanding all relevant regulations and potential risks associated with the auction and market fluctuations [12][13]

Market Overview - The market experienced fluctuations with mixed performance among the three major indices, where the Shanghai Composite Index fell by 0.39%, the Shenzhen Component Index rose by 0.26%, and the ChiNext Index decreased by 0.75% [1] Sector Performance - The gaming, chemical fiber, and fertilizer sectors showed strong gains, while small metals, medical services, and bioproducts sectors faced declines [1] - Major capital inflows were observed in optical electronics, gaming, and power grid equipment sectors [1] ETF Performance - Agricultural, gaming, and chemical ETFs performed well, likely influenced by recent news [2] - The National Development and Reform Commission (NDRC) is initiating central frozen pork reserves to stabilize the pig market, with the average pig-to-grain price dropping below 6:1, entering a warning zone [2] - China Galaxy Securities predicts a downward trend in pig prices year-on-year for 2025, with stable operations expected throughout the year, highlighting the importance of quality pig farming companies [2] Gaming Industry Insights - The gaming industry continues to show high prosperity, with 166 domestic games approved in August, indicating sustained growth [2][3] - AI technology is expected to enhance applications in the gaming sector, with multi-modal AI models and agent tools likely to drive further development [3] Chemical Industry Developments - Multiple titanium dioxide companies have announced price increases, with domestic prices rising by 500-800 yuan per ton, signaling a potential recovery in the chemical sector [4] - The "anti-involution" policy is seen as a significant guiding principle for the manufacturing sector, aiming to eliminate unfair competition and stabilize the chemical industry [4]

Market Overview - The market showed a slight recovery in early trading, with the three major indices rising slightly. The Shanghai Composite Index increased by 0.11%, the Shenzhen Component Index rose by 0.73%, and the ChiNext Index gained 0.21% [1] - The total trading volume in the Shanghai and Shenzhen markets was 1.68 trillion yuan, a decrease of 398.3 billion yuan compared to the previous trading day [1] Sector Performance - The gaming sector saw a collective surge, with companies like 37 Interactive Entertainment hitting the daily limit. The approval of 173 game licenses in August, the highest this year, is expected to boost revenue for game developers [3][4] - The pig farming sector also performed well, with stocks like Aonong Biological and Muyuan Foods seeing significant gains. The average pig-to-grain price ratio has dropped below 6:1, prompting government intervention to stabilize the market [1][2] - The Huawei Ascend concept stocks were active, with companies like Tuowei Information and Zhengyuan Wisdom reaching their daily limits. Huawei Cloud announced increased investment in intelligent computing resources [6][17] Company Highlights - Aonong Biological's stock rose by 10.08%, focusing on the pig industry chain, including feed and meat production [2] - Tuowei Information reported a net profit of 78.81 million yuan for the first half of the year, a year-on-year increase of 2263% [6] - Cambridge Technology's net profit for the first half of the year was 121 million yuan, up 51.12% year-on-year, indicating strong performance in the optical communication sector [24][26] Investment Insights - The pig farming industry is expected to experience high profitability despite a projected price decline in 2025, driven by improved cost control capabilities [2] - The gaming industry is likely to see accelerated revenue growth due to the recent surge in game license approvals, benefiting companies with strong IP reserves [4] - The chemical sector is witnessing price increases for pesticides, driven by rising raw material costs and regulatory changes, suggesting potential profitability improvements for companies in this space [7][22]

Group 1 - The national average pig-to-grain price has fallen below 6:1, entering the third warning zone, prompting the National Development and Reform Commission (NDRC) to initiate central frozen pork reserve storage [1] - The imbalance between supply and demand is the primary reason for the decline in pig-to-grain prices, with increased supply due to concentrated pig slaughtering and heightened disease risks in southern regions, while demand remains weak during the summer season [1] - The central reserve's storage of 10,000 tons of frozen pork, although limited in scale, is expected to alleviate supply pressure and positively influence market sentiment [1] Group 2 - The industry is transitioning to a high-quality development phase after a period of rapid scale-up and excess profits, characterized by extended profit cycles and reduced volatility [2] - The "anti-involution" process in the pig farming industry is expected to lead to stable and high-quality development, with ongoing cost optimization and industry consolidation providing opportunities for profit growth [2] - Companies with cost advantages in pig farming are likely to achieve long-term profitability as the industry matures [2]

Core Insights - The central reserve frozen pork storage auction is scheduled for August 25, 2025, with a total of 10,000 tons available for bidding [1] Group 1 - The announcement was made by Huashu Network regarding the auction details [1] - The auction is part of the government's strategy to manage pork reserves [1] - The total volume of pork available for this auction is significant, indicating ongoing efforts to stabilize the market [1]

Report Information - Report Title: Pig Daily Report [1] - Date: June 20, 2025 [2] Industry Investment Rating - Not provided Core View - The central reserve frozen pork purchase and storage policy has stabilized pig prices and boosted confidence, leading to short - term rebounds in futures and spot prices. However, in the medium - to - long - term, the supply of live pigs continues to increase while demand enters a seasonal off - peak, and the supply - demand situation remains loose. Futures contracts are currently at a discount to the spot, and the medium - to - long - term trend is likely to be weak, with attention needed on the sustainability of future purchase and storage policies [9] Summary by Section 1. Market Review and Operation Suggestions - **Futures Market**: On the 19th, the main 2509 contract of live pigs opened slightly lower and trended downwards, closing with a negative candle. The highest price was 13,845 yuan/ton, the lowest was 13,715 yuan/ton, and the closing price was 13,760 yuan/ton, a 0.47% decrease from the previous day. The total open interest of the index decreased by 1,240 lots to 160,443 lots [8] - **Spot Market**: On the 19th, the national average price of三元hogs was 14.19 yuan/kg, a decrease of 0.03 yuan/kg from the previous day [8] - **Demand Side**: The price difference between fat and standard pigs remained low, the utilization rate of pigsty increased slightly, and the enthusiasm for secondary fattening replenishment was low, mostly in a wait - and - see state, weakening the support for prices. With rising temperatures, terminal demand weakened, slaughter enterprise orders were average, and the开工 rate and slaughter volume of slaughter enterprises remained low. On June 19th, the slaughter volume of sample slaughter enterprises was 146,800 heads, an increase of 200 heads from the previous day and an increase of 2,900 heads from a week ago [9] - **Supply Side**: According to Yongyi sample data, the planned slaughter volume in June was 23.629 million heads, a 1.02% increase compared to the actual slaughter volume in May. The slaughter volume continued to increase month - on - month. Enterprises were reducing weights and slaughtering normally, the slaughter volume of large pigs decreased, and the average slaughter weight decreased slightly [9] - **Policy Side**: On June 11th, the central reserve frozen pork purchase and storage had a listed competitive trading volume of 10,000 tons, with a transaction price of 20.3 - 20.8 yuan/kg for No. 2 - 4 meat [9] 2. Industry News - As of May this year, the inventory of reproductive sows in sample farms was 1.147 million heads, a month - on - month increase of 0.92% and a year - on - year increase of 8.57% [10][12] 3. Data Overview - As of May, the inventory of piglets in sample enterprises was 2.315 million heads, a month - on - month increase of 1.32% and a year - on - year increase of 14.3% [18] - In early June, the average proportion of secondary fattening sales was 0.75%, a decrease of 0.9 percentage points from the previous ten - day period [18] - As of the week of June 13th, the average slaughter weight of sample live pigs was 128.82 kg, a decrease of 0.35 kg from the previous week, a month - on - month decrease of 0.69%, and a year - on - year increase of 2.01% [18] - In early June, the utilization rate of fattening pigsties was 38.5%, an increase of 0.8 percentage points from the previous ten - day period. In the week of June 12th, the price difference between 150 - kg fat pigs and standard pigs was 0.06 yuan/jin, a week - on - week decrease of 0.02 yuan/jin [18]

Core Viewpoint - The recent pork futures market shows a slight increase in prices due to government reserve policies, although the long-term supply-demand situation remains loose [1] Supply Side - The planned slaughter volume for June is 23.629 million heads, a 1.02% increase from May's actual slaughter [1] - The number of breeding sows in sample farms is 1.147 million heads, a 0.92% increase month-on-month and an 8.57% increase year-on-year [1] - The average weight of pigs slaughtered in the week ending June 13 is 128.82 kg, a decrease of 0.35 kg from the previous week [1] Demand Side - The average price of external three-yuan pigs is 14.23 yuan/kg, a slight increase of 0.02 yuan/kg from the previous day [1] - The utilization rate of fattening pens is 38.5%, an increase of 0.8 percentage points week-on-week [1] - The demand from slaughter enterprises remains weak, with a general order volume and low operating rates [1] Policy Impact - On June 11, the central government conducted a reserve auction for 10,000 tons of frozen pork, with transaction prices ranging from 20.3 to 20.8 yuan/kg [1] - The reserve policy is expected to stabilize pork prices and boost market confidence in the short term [1] - The futures contracts are currently trading at a discount to the spot market, indicating a short-term rebound due to the reserve policy, but long-term demand remains weak [1]

Report Information - Report Title: Pig Daily Report [1] - Date: June 13, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The state reserve policy has stabilized pig prices and boosted confidence, leading to short - term rebounds in futures and spot prices. However, in the medium to long term, pig supply continues to increase, demand enters the seasonal off - season, and the supply - demand situation remains loose [7]. - Futures contracts are currently at a discount to the spot. The current price increase is seen as a rebound, and in the medium to long term, it is affected by the off - season demand, loose supply - demand, and expected second - fattening sales. Attention should be paid to the sustainability of future reserve policies [7]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 12th, the main 2509 pig futures contract opened flat, then bottomed out and rebounded, closing up. The highest price was 13,770 yuan/ton, the lowest was 13,540 yuan/ton, and the closing price was 13,750 yuan/ton, up 0.99% from the previous day. The total index position increased by 1,217 lots to 166,443 lots [6]. - **Spot Market**: On the 12th, the average price of ternary pigs nationwide was 14.01 yuan/kg, down 0.01 yuan/kg from the previous day [6]. - **Policy**: On June 9, Huachu Network announced the notice of the central reserve frozen pork purchase and storage auction on June 11, 2025, with a purchase and storage volume of 10,000 tons. The final transaction price of No. 2 - 4 meat on the 11th was 20.3 - 20.8 yuan/kg [7]. - **Demand**: Currently, the price difference between fat and standard pigs is inverted, the pen utilization rate is relatively high, and the enthusiasm for second - fattening replenishment has decreased. With rising temperatures, terminal demand has weakened, and slaughterhouse orders have significantly decreased after the Dragon Boat Festival. On June 12, the slaughter volume of sample slaughterhouses was 143,900 heads, an increase of 10,000 heads from the previous day and 900 heads from a week ago [7]. - **Supply**: According to Yongyi sample data, the planned slaughter volume in June was 23.629 million heads, a 1.02% increase from the actual slaughter volume in May. The slaughter weight remained high as farmers slaughtered normally and those who previously engaged in second - fattening actively sold their pigs due to the inverted price difference [7]. 2. Industry News - Not provided 3. Data Overview - In May, the average market sales price of 15KG piglets was 627 yuan/head, a 4.3% month - on - month decrease [11]. - As of the end of May, the average profit per self - bred and self - raised pig was 138 yuan/head, a month - on - month decrease of 53 yuan/head; the profit per pig from purchasing piglets was 93 yuan/head, a month - on - month decrease of 26 yuan/head [11]. - In May, the average national slaughter weight was 129.5 kg, a 0.6 kg increase from April, a month - on - month increase of 0.47% [11]. - From February to May, the average proportion of second - fattening sales was 4.3%, 3.7%, 6.2%, and 2.5% respectively. In May, it was 2.5%, a 3.7 percentage - point month - on - month decrease [11]. - As of the end of May, the price of pig compound feed was 3,289 yuan/ton, basically the same as at the end of the previous month and a 2% year - on - year increase [11]. - The expected cost of self - bred and self - raised pigs in the future is 13.09 yuan/kg, a month - on - month increase of 0.16 yuan/kg and a 4.38% decrease compared to 13.7 yuan/kg year - on - year. The expected cost of fattening purchased piglets to 125 kg and then selling is 15.06 yuan/kg, a month - on - month decrease of 0.03 yuan/kg and a 5.9% decrease compared to 16 yuan/kg year - on - year [11]. - As of the end of May, the price difference between 150 - kg fat pigs and standard pigs was 0.03 yuan/jin, a month - on - month decrease of 0.01 yuan/jin [11].