新华财经北京11月24日电据农业农村部对全国500个县集贸市场和采集点的监测，11月第3周（采集日为 11月20日）肉羊价格环比上涨，生猪产品、鸡蛋、鸡肉、商品代雏鸡、活牛、蛋鸡配合饲料价格环比下 跌，牛肉、生鲜乳、玉米、豆粕、育肥猪配合饲料、肉鸡配合饲料价格环比持平。 内蒙古、河北等10个主产省份生鲜乳平均价格3.03元／公斤，与前一周持平，同比下跌3.2%。 饲料价格 全国玉米平均价格2.43元／公斤，与前一周持平，同比上涨3.4%。主产区东北三省玉米价格2.23元／公 斤，与前一周持平；主销区广东省玉米价格2.48元／公斤，比前一周上涨0.8%。全国豆粕平均价格3.29 元／公斤，与前一周持平，同比下跌1.8%。育肥猪配合饲料平均价格3.36元／公斤，与前一周持平，同 比下跌0.9%。肉鸡配合饲料平均价格3.49元／公斤，与前一周持平，同比下跌0.6%。蛋鸡配合饲料平均 价格3.21元／公斤，比前一周下跌0.3%，同比持平。 （文章来源：新华财经） 家禽产品价格 全国鸡蛋平均价格8.61元／公斤，比前一周下跌0.6%，同比下跌22.4%。河北、辽宁等10个主产省份鸡 蛋价格7.09元／公斤，比前一周下跌 ...

Investment Rating - The investment rating for the agriculture, forestry, animal husbandry, and fishery industry is "Positive" (maintained) [1] Core Views - The demand for pork is expected to support prices as the year-end peak season approaches, despite a decline in prices due to overproduction and accelerated culling of sows [3][12] - The suspension of imports of Japanese seafood is beneficial for the domestic aquaculture sector, as it reduces competition and supports local prices [4][18] - The pet industry is experiencing growth driven by consumer upgrades and increased domestic production, with significant market potential projected for the coming years [22] Summary by Sections Weekly Observation - The culling of breeding sows has accelerated, with the national average price of live pigs at 11.62 yuan/kg as of November 21, 2025, down 0.01 yuan/kg week-on-week and down 4.75% year-on-year [11][12] - The average weight of pigs slaughtered is 128.81 kg, showing a slight increase week-on-week [11] - Cold weather is expected to boost pork consumption, providing support for prices during the peak season [12] Weekly Insights - The pig farming sector is facing losses, leading to accelerated culling of sows. Recommended stocks include Muyuan Foods, Wens Foodstuff Group, and others [22] - The feed sector is benefiting from strong demand, with domestic production expected to improve due to recovery in livestock numbers [22] - The pet market is projected to grow significantly, with a focus on domestic brands due to rising consumer preferences and tariff barriers [22] Market Performance (November 17-21) - The agricultural sector outperformed the market by 0.45 percentage points, with the Shanghai Composite Index down 3.90% and the agricultural index down 3.45% [24] - The fishery sector led gains, with notable increases in stocks such as Zhongshui Fishery (+61.05%) and others [24][30] Price Tracking (November 17-21) - The average price of live pigs was 11.64 yuan/kg, down 0.09 yuan/kg from the previous week, while the price of piglets increased to 19.15 yuan/kg [35] - The price of corn futures rose slightly to 2183.00 yuan/ton, while soybean meal futures decreased to 2427.00 yuan/ton [46][50]

长春市重要民生商品价格情况 为切实筑牢民生保障防线，满足民众基本生活需求，市发改委密切关注重要民生商品价格，加强对粮油、肉、蛋、菜 等重要民生商品的监测力度，全力做好保供稳价工作。据五大农贸市场及生猪养殖户监测数据显示，长春市重要民生 商品品类丰富、流通渠道畅通。 11月21日与上周五（11月14日）相比，粮油副食品和水果价格基本平稳，猪肉、蔬菜价格下降，生猪和仔猪价格下 降。 1.粮油类 粮油供应充足，价格稳定。大米均价每500克（下同）2.80元、面粉2.34元、桶装豆油（5L）66.00元，周环比持平。 2.肉、蛋、禽类 | 品 和 | 本期(11月21日) | | 上期(11月14日) | | --- | --- | --- | --- | | | 价格 | 价格 | 涨跌(%) | | 大米 | 2.80 | 2.80 | 0.00 | | 面 粉 | 2.34 | 2.34 | 0.00 | | 大豆油 | 66.00 | 66.00 | 0.00 | | 生 猪 | 5.73 | 5.90 | -2.83 | | 仔猪 | 7.96 | 8.10 | -1.73 | | 猪 肉 | 10.96 ...

研究所 农产品研发报告 生猪日报 2025 年 11 月 18 日 【生猪日报】供应整体稳定 价格小幅震荡 投资咨询证号： Z0015458 联系方式： chenjiezheng_qh@chinastock.c om.cn | | | | | 生猪价格日报 | | 2025/11/18 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 现货价格 | | | | | | | 今 日 | 昨 日 | 变 化 | | 今 日 | 昨 日 | 变 化 | | 河南（0） | 11.62 | 11.53 | 0.09 | 山西（-100） | 11.17 | 11.13 | 0.04 | | 湖北（0） | 11.23 | 11.23 | 0.00 | 辽 宁 | 11.37 | 11.37 | 0 | | 安徽（200） | 11.74 | 11.65 | 0.09 | 吉林（-300） | 11.40 | 11.37 | 0.03 | | 湖南（100） | 11.33 | 11.33 | 0.00 | 黑龙江 | 11.63 | 11.49 ...

Core Insights - The average price of external three yuan live pigs in China increased by 0.02 yuan/kg to 11.59 yuan/kg on November 18, 2025, while the average price of piglets rose by 0.03 yuan/kg to 19.11 yuan/kg [1][2] - The market sentiment is mixed, with some regions experiencing slight price adjustments, but overall, the market remains in a "strong supply, weak demand" situation [2] Price Trends - The average price of external three yuan live pigs across various regions shows slight increases, with notable prices including: - Heilongjiang: 11.71 yuan/kg - Guangdong: 12.21 yuan/kg - Shanghai: 11.95 yuan/kg [1] - The average price of piglets also varies by region, with the highest price in Guangdong at 20.28 yuan/kg [1] Market Dynamics - The recent drop in temperatures has led to increased optimism among farmers, with some engaging in limited curing activities in southern regions [2] - Despite the positive sentiment, overall consumption remains weak, impacting the sustainability of price increases [2] - The risk of disease in pig herds is rising with the temperature drop, which may lead to earlier market exits by farmers for disease control [2]

行业研究丨专题报告丨农产品 [Table_Title] 生猪养殖专题系列 134：猪价下行与政策限产共 振，重视产能去化投资机会 报告要点 [Table_Summary] 10 月以来商品猪与仔猪价格同步进入亏损区间，行业正式开启亏损去产能，且不论从能繁母猪 还是仔猪等前瞻指标看，直至 2026 年上半年供应压力仍持续。在行业负债率和流动比率等指 标相比上一轮周期改善有限的背景下，行业产能去化或进一步加速。与此同时，行业产能调控 政策或持续对头部企业产能进行限制，与亏损去产能形成合力，或使本轮产能去化较 2021、 2023 年更彻底。2025Q3 畜禽板块基金重仓比例降至 0.98%，处于历史低位，重点推荐低成 本以及现金流具有优势的养殖企业，推荐组合：【牧原股份、温氏股份、德康农牧、神农集团】。 分析师及联系人 [Table_Author] 丨证券研究报告丨 [Table_Title 生猪养殖专题系列 2] 134：猪价下行与政策限产共 振，重视产能去化投资机会 [Table_Summary2] 10 月以来商品猪与仔猪价格同步进入亏损区间，行业正式开启亏损去产能，且不论从能繁母 猪还是仔猪等前瞻指标看， ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The hog price fluctuated, with the main contract 2601 down 0.76% weekly. The supply is at a relatively high level due to the higher-than-normal inventory of breeding sows in the corresponding cycle and the normal slaughter of large-scale farms. The second-round fattening is cautious, and smallholders are reluctant to sell due to price drops. The demand has improved but with limited growth as it's not yet the peak season for curing bacon. Overall, the price is expected to fluctuate slightly downward under the supply-demand game [7]. 3. Summary by Relevant Catalogs 3.1 Weekly Highlights Summary - The hog price fluctuated, and the main contract 2601 dropped 0.76% weekly. The supply is relatively high, the second-round fattening is cautious, smallholders are reluctant to sell, the demand has improved but with limited growth, and the price is expected to fluctuate slightly downward [7]. 3.2 Futures Market Situation - The futures price declined this week, with the main contract 2601 down 0.76% weekly [11]. - The net short position in futures increased, and there were 90 futures warrants [13][15]. - The spread between lh2601 and lh2603 contracts was 210, and the spread between lh2601 and lh2605 contracts was -420 [20]. 3.3 Spot Market Situation - The basis of the hog 1-month contract was 125 yuan/ton, and the basis of the 3-month contract was 335 yuan/ton this week [25]. - The national average hog price was 11.94 yuan/kg, down 0.04 yuan/kg from last week, and the average price of 15 kg weaned piglets was 23.69 yuan/kg, up 0.07 yuan/kg [34]. - The national pork market price was 23.17 yuan/kg, down 0.08 yuan/kg from the previous week, and the average price of binary sows was 32.47 yuan/kg, unchanged from the previous week [39]. - The pig-grain ratio was 5.60 as of November 5, up 0.06 from the previous week, but still below 6:1 [43]. 3.4 Upstream Situation - In Q3 2025, the inventory of breeding sows was 40.35 million heads, down 30,000 heads (0.2%) month-on-month and 0.7% year-on-year, equivalent to 103.5% of the normal inventory. In October, the inventory of breeding sows in large-scale farms increased 0.12% month-on-month and 0.83% year-on-year, while that in small and medium-sized farms decreased 0.14% month-on-month and increased 0.89% year-on-year [48]. - In Q3 2025, the hog inventory was 436.8 million heads, up 2.9% month-on-month and 2.3% year-on-year. In October, the inventory of commercial hogs in large-scale farms increased 0.10% month-on-month and 5.16% year-on-year, and that in small and medium-sized farms increased 1.84% month-on-month and 6.45% year-on-year [52]. - In October, the slaughter volume of commercial hogs in large-scale farms was 11.4395 million heads, up 11.96% month-on-month and 17.56% year-on-year, and that in small and medium-sized farms was 0.5258 million heads, up 9.48% month-on-month and 27.06% year-on-year. The average slaughter weight of domestic ternary hogs this week was 123.52 kg, up 0.27 kg from last week [57]. 3.5 Industry Situation - As of November 14, the breeding profit of purchased piglets was a loss of 205.64 yuan/head, with the loss widening by 30.1 yuan/head, and the breeding profit of self-reproduced and self-raised hogs was a loss of 114.81 yuan/head, with the loss widening by 25.6 yuan/head [62]. - From January to September 2025, China imported 790,000 tons of pork, with an average monthly import of 87,800 tons. In September, the pork import volume was 80,000 tons, down 20% year-on-year [63][67]. - As of the week of November 14, the price of white-striped chickens was 13.9 yuan/kg, up 0.10 yuan/kg from last week. As of the week of November 13, the average price difference between standard and fattened hogs was -0.7 yuan/kg, widening by 0.01 yuan/kg from last week [72]. - As of November 14, the spot price of soybean meal was 3,124 yuan/ton, up 26.29 yuan/ton from the previous week, and the corn price was 2,270.98 yuan/ton, up 32.45 yuan/ton from the previous week [77]. - As of November 14, the closing price of the Dalian Commodity Exchange hog feed cost index was 909.77, and the price of finishing pig compound feed was 3.33 yuan/kg, unchanged from last week [80]. - As of September 2025, the monthly feed output was 31.287 million tons, up 2.015 million tons month-on-month. In October 2025, the sales of piglet feed increased 0.42% month-on-month and 0.56% year-on-year [84]. - As of October 2025, China's CPI increased 0.2% year-on-year [89]. 3.6 Downstream Situation - In the 46th week, the slaughtering enterprise's开工 rate was 33.90%, up 0.43 percentage points from last week and 4.64 percentage points year-on-year. The fresh sales rate of key domestic slaughtering enterprises was 85.51%, down 0.76% from last week, and the frozen product storage rate was 18.32%, up 0.08% from last week [92]. - As of September 2025, the slaughter volume of designated hog slaughtering enterprises was 35.84 million heads, up 6.99% from the previous month. In October 2025, the national catering revenue was 519.9 billion yuan, up 3.76% year-on-year [97]. 3.7 Hog Stocks - The report shows the trend charts of Muyuan Co., Ltd. and Wens Co., Ltd. [101]

智通财经APP获悉，广发证券发布研报称，多家上市公司发布月度经营数据公告，2025 年10 月上市公 司整体生猪出栏环比增长;近期猪价震荡回落，再次跌破12 元/公斤，全行业持续亏损，考虑未来1-2 个 月仍为补栏淡季，预计仔猪价格将延续低迷态势，目前板块估值处于相对低位，优先选择有成本优势的 龙头企业。 广发证券主要观点如下： 上市公司出栏量跟踪 根据牧原股份、温氏股份、新希望等15 家上市公司发布月度经营数据公告，2025 年10 月上市公司整体 生猪出栏环比增长;25 年1-10 月整体生猪出栏量同比增长46.4%。出栏结构方面，补栏淡季仔猪需求低 迷态势延续，10 月上市公司整体仔猪销售占比保持相对低位;出栏体重方面，10 月份上市公司整体销售 均重环比上升0.8%。 10 月，唐人神、天康生物、神农集团、巨星农牧分别出栏商品猪61.9 万头、30.4 万头、33.5 万头、45.9 万头，环比分别+50.7%、+13.7%、+46.5%、+30.6%，同比分别+24.5%、+6.8%、+65.4%、+67.7%;25 年1-10 月，唐人神、天康生物、神农集团、巨星农牧商品猪累计出栏量分别438 万 ...

行业亏损叠加政策调控，关注左侧布局机会 当前肥猪、仔猪销售均已陷入亏损状态，行业已经具备亏损去产能的前期条件，预计行业产能去化有望 加速，关注猪周期左侧布局机会。除亏损去产能外，行业政策、冬季疫病等是影响后续母猪产能的重要 催化因素。考虑母猪产能、效率等因素，该行预计26年上半年猪价整体低位震荡，下半年供需有望逐步 改善，对应猪价或震荡上行。全年维度看，预计2026年生猪出栏量同比保持温和增长，对应全年生猪均 价同比小幅下滑，优质养殖企业在26年全年仍有望保持盈利。 风险提示 广发证券主要观点如下： 猪价跌破成本线，肥猪、仔猪均陷入亏损 猪价旺季上涨预期落空，9月下旬以来猪价开始加速下行，国庆假期过后猪价一度跌破11元/公斤，价格 达到年内低点。当前全国生猪均价已经跌破大部分企业现金成本线，行业陷入全面亏损状态。近期猪价 超预期下跌主要由于前期行业扩产效应显现以及行业效率提升，使得25年下半年供应压力较大。此外， 9月份仔猪价格也加速下行，仔猪销售也陷入深度亏损，预计仔猪头均亏损超100元/头。当前仔猪价格 跌幅已经超过合理的季节性回落，反映当前养殖户对于后续猪价的悲观预期。 当前猪周期筑底，26年上半年供给 ...

Core Viewpoint - The company, Bangji Technology, has announced the termination of its major asset restructuring plan aimed at acquiring several pig farming companies, indicating challenges in reaching an agreement with the transaction counterparties and unfavorable market conditions in the pig farming industry [1][3]. Company Summary - Bangji Technology (603151.SH) initially planned to acquire 100% equity in multiple pig farming companies and 80% equity in a consulting firm through a combination of share issuance and cash payment [2]. - The company's primary business involves the research, production, and sales of pig feed, with a focus on animal nutrition and health [3]. - The intended acquisition aimed to diversify Bangji Technology's operations from solely pig feed to a vertically integrated model encompassing feed production, pig farming, and sales [3]. Industry Summary - The pig farming industry has faced a downturn, with a significant decline in pig prices and many companies reporting decreased performance in the third quarter [3]. - As of the end of Q3, the national breeding sow inventory was 40.35 million, contributing to an oversupply in the market and resulting in financial losses for many farming companies [3]. - Regulatory measures have been implemented to reduce breeding sow capacity and control production, indicating a focus on reducing supply in the industry [4]. - Bangji Technology reported a revenue of 4.149 billion yuan for the first three quarters, a year-on-year increase of 155.40%, but faced a negative cash flow from operating activities of -672 million yuan [4].