（编辑 李波） 对于未来的发展，云南能投相关负责人表示，公司将持续贯彻绿色化、市场化、一体化、数智化的战略方向，深化改革创 新，提升效益和效率，坚定不移地做强做优做大绿色能源核心主业。同时，公司将加快推动盐业转型升级，夯实主业发展基 础，推动公司高质量可持续发展，不断提升核心竞争力。 本报讯 （记者李如是）11月27日，云南能源投资股份有限公司（以下简称"云南能投"）发布公告显示，公司在与投资者交 流时表示，截至2025年10月份，公司并网装机规模已达到225.7万千瓦，其中风电占比92%，光伏占比8%；在建项目装机总容 量约50万千瓦，筹建项目装机总容量约50万千瓦。在建项目计划于2025年四季度及2026年一季度相继投产。与此同时，公司将 持续加大资源排查力度，加强后续新能源项目资源获取。 在储能方面，云南能投昆明安宁350MW压缩空气储能示范项目已于10月28日正式开工。该项目总投资18.72亿元，计划总 工期为18个月。 ...

文 | 央视新闻 11月27日，记者从国家电投集团了解到，我国电源规模最大、新能源占比最高的"沙戈荒"大基地项目——青海海南清洁能源外送基地 电源项目在青海省西宁市正式开工。 "沙戈荒"是沙漠、戈壁和荒漠的简称，这些地区大多拥有丰富的风能和太阳能资源。青海海南清洁能源外送基地电源项目总投资近 730 亿元 ，基地规划电源总规模达1944万千瓦，新能源装机占比86.4%，涵盖光伏960万千瓦、风电600万千瓦、配套煤电264万千瓦以 及电化学储能120万千瓦/4小时，通过1回±800千伏、容量800万千瓦的特高压直流输电通道直送广东。 相关阅读 新型储能不得计入输配电定价成本！国家发改委印发修订版输配电成本监审和定价办法发布 新型储能容量电价机制破局：各省政策盘点与发展趋势前瞻 ESIE 2026观众预登记开启！全球1000+储能企业，50+国际市场资源，与您4月相约北京 据了解，该项目建成后，年均发电量可达360亿千瓦时，相当于节约标煤约1000万吨，碳减排约2350万吨，建成后每年可向粤港澳大 湾区输送360亿千瓦时，对优化全国能源布局、助力东部地区高质量发展具有重大战略意义。 ESIE 2026 储能产业 ...

姜鹏在致辞中表示，将以此次签约为契机，把华能的创新链、产业链、资金链优势与泰安优越的投资环 境、丰富的资源禀赋相衔接，在传统能源转型升级、绿色清洁能源开发、综合智慧能源布局中展现更大 作为，为泰安新时代社会主义现代化强市建设作出新的更大贡献。 李兰祥代表市委、市政府对长期以来关心支持泰安发展的华能山东公司表示感谢。他说，近年来，华能 山东公司与泰安市保持着良好合作关系，双方在能源安全保供、新能源开发建设等领域结出了累累硕 果，燃煤发电、集中式风电、光伏等一批重点项目建成投运，华能泰安燃机、新型储能等项目顺利开工 建设。本次签约标志着双方的战略合作迈向了全面深化的新阶段，必将为泰安市绿色低碳高质量发展增 添新活力、注入新动能。希望双方以此次签约为契机，不断深化沟通联系，强化战略协同，全力推动合 作早见成效、早结硕果。泰安市委、市政府将始终以最大的诚意，一如既往提供最优的政策支持、最佳 的政务服务、最好的合作环境，全力支持华能山东公司在泰安开展业务、发展壮大。 中国发展网讯 11月25日，山东省泰安市人民政府与华能山东公司战略合作签约仪式举行，市委书记杨 洪涛出席活动，华能山东公司党委书记、董事长姜鹏，市委副书记 ...

Core Insights - The Qinghai Hainan Clean Energy Delivery Base Power Project has commenced construction in Xining, marking a significant development in China's renewable energy sector [1] Investment Overview - The project is led by the State Power Investment Corporation's Huanghe Upstream Hydropower Development Co., Ltd [1] - Total investment for the project is approximately 73 billion yuan [1] - The planned total power generation capacity is 19.44 million kilowatts, which includes 6 million kilowatts from wind power, 9.6 million kilowatts from solar power, 2.64 million kilowatts from coal power, and 120,000 kilowatts of electrochemical energy storage for 4 hours [1] Infrastructure and Capacity - The project features a ±800 kV high-voltage direct current transmission line with a capacity of 8 million kilowatts, designed to deliver electricity directly to Guangdong [1] - This base is noted for having the largest approved renewable energy installed capacity and the highest proportion of green electricity in the "Shagao Desert" area [1]

国家电投集团董事长、党组书记刘明胜表示，随着粤港澳大湾区建设向纵深推进和共建"一带一路"倡议深入实施，广东成为全国电力需求最旺盛的省份， 青海丰富的清洁能源资源，恰能为广东的绿色发展提供坚实有力的保障，青海海南清洁能源外送基地生逢其时，承载着两省及社会各界的殷切期望。 国家电投集团黄河公司董事长、党委书记姚小彦介绍，该项目建成后，年均发电量可达360亿千瓦时，对优化全国能源布局、助力东部地区高质量发展具 有重大战略意义。 开工仪式由青海省人民政府、国家电投集团有限公司主办，青海省发展改革委、青海省能源局、国家电投集团黄河上游水电开发有限责任公司、广东省能 源集团有限公司承办。 编辑：崔琬麟 11月27日，青海海南清洁能源外送基地电源项目在西宁开工。该基地是全国已获批新能源 装机规模最大和绿电占比最高的"沙戈荒"大基地。 当日，青海省委书记、省人大常委会主任吴晓军，青海省委副书记、省长罗东川及出席活动的主要嘉宾共同启动装置宣布项目开工。 据悉， 该项目总投资近730亿元，规划电源总规模达1944万千瓦，涵盖风电600万千瓦、光伏960万千瓦、配套煤电264万千瓦以及电化学储能120万千瓦/4 小时，通过1回±8 ...

会议总结了 202 5 年 1- 10 月 全国可再生能源发展总体情况，听取了上次月度 调度 会提出的意见建议落实情况、全国 可再生能源重大项目建设进展、 风电光伏产业链供需及发展情况 ，分析了可再生能源发展面临的形势和问题， 提出了下 步工作要求 。 会议指出， 202 5 年 1- 10 月，我国可再生能源装机规模、发电量稳步提升、实现新突破，可再生能源新增装机 3.32 亿 千瓦，总装机达到 2 2.2 亿千瓦，占全国总装机容量近六成；发电量 3.21 万亿千瓦时， 约占 全国总发电量的四成，超过 同期第三产业用电量与城乡居民生活用电量之和；风电光伏发电量 1. 89 万亿千瓦时，占全国发电量的 2 3 . 5 % ，保供 应、促转型作用愈发明显。 会议强调， 在 " 十四五 " 收官与 " 十五五 " 开局关键阶段， 要重点做好 三 方面工作。一是贯彻落实 党的 二十届四中 全会精神，以系统思维、创新思维推动可再生能源高质量发展。 党的二十届四中全会和 " 十五五 " 规划建议对能源工作作 出明确部署， " 十五五 " 要初步建成新型能源体系，如期实现碳达峰，建设能源强国。我国已建成全球最大、发展最快 ...

当日，青海省委书记、省人大常委会主任吴晓军，青海省委副书记、省长罗东川及出席活动的主要嘉宾 共同启动装置宣布项目开工。 据悉，该项目总投资近730亿元，规划电源总规模达1944万千瓦，涵盖风电600万千瓦、光伏960万千 瓦、配套煤电264万千瓦以及电化学储能120万千瓦/4小时，通过1回±800千伏、容量800万千瓦的特高压 直流输电通道直送广东。 国家电投集团董事长、党组书记刘明胜表示，随着粤港澳大湾区建设向纵深推进和共建"一带一路"倡议 深入实施，广东成为全国电力需求最旺盛的省份，青海丰富的清洁能源资源，恰能为广东的绿色发展提 供坚实有力的保障，青海海南清洁能源外送基地生逢其时，承载着两省及社会各界的殷切期望。 国家电投集团黄河公司董事长、党委书记姚小彦介绍，该项目建成后，年均发电量可达360亿千瓦时， 对优化全国能源布局、助力东部地区高质量发展具有重大战略意义。 11月27日，青海海南清洁能源外送基地电源项目在西宁开工。该基地是全国已获批新能源装机规模最大 和绿电占比最高的"沙戈荒"大基地。 图为青海海南清洁能源外送基地电源项目开工活动现场。科技日报记者张添福摄 开工仪式由青海省人民政府、国家电投集团 ...

Core Viewpoint - Shifeng Culture's stock price has shown fluctuations, with a recent decline of 2.01%, and the company has experienced a mixed performance in terms of trading volume and net capital flow [1][2]. Group 1: Stock Performance - As of November 27, Shifeng Culture's stock price is 21.50 CNY per share, with a market capitalization of 3.612 billion CNY [1]. - Year-to-date, the stock price has increased by 3.19%, with a 1.13% rise over the last five trading days, a 22.79% increase over the last 20 days, and a 6.54% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent instance on February 5, where it recorded a net buy of -72.1672 million CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Shifeng Culture reported a revenue of 328 million CNY, reflecting a year-on-year growth of 5.81%, while the net profit attributable to shareholders was -58.7881 million CNY, a decrease of 1399.85% compared to the previous year [2]. - The company's main business revenue composition includes toys (59.57%), games (35.58%), photovoltaic products (4.69%), and others (0.15%) [1]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Shifeng Culture is 25,500, a decrease of 21.97% from the previous period, with an average of 4,954 circulating shares per shareholder, an increase of 28.16% [2]. - The company has distributed a total of 18 million CNY in dividends since its A-share listing, with 3.6 million CNY distributed over the last three years [3].

公告显示，平潭发展股东户数超过32.87万，激增逾208.92%。 注：本文由AI根据市场公开信息生成，不构成投资建议，投资有风险，入市需谨慎。 来源：市场资讯 交易所数据显示，平潭发展（000592.SZ）11月27日高开于9.43元，开盘首分钟短暂冲高至9.55元后快速 回落，整体呈现震荡下行走势，盘中最低下探至9.03元；10：00后股价逐步企稳并开启反弹，10：46左右 冲高至9.72元，此后维持高位震荡，截至11：14，股价在均价线上方运行，当前价格9.53元，涨幅 2.03%，成交量315.08万手，成交额29.60亿元，振幅7.49%，换手率16.45%。 | 分时 五日 日K 周K 月K 5分 15分 30分 60分 | | | 五档盘口 | | 明细 | | --- | --- | --- | --- | --- | --- | | 最新:9.48 涨跌额:0.14 涨跌幅:+1.50% | | 均价:9.39 2025-11-27 11:18 | 委比 +25.54% | | 委差 2335.09 | | 9.73 | | 4.18% | 英5 | 9.53 | 719 | | 9.60 ...

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The overall market is complex and diverse, with different trends and investment opportunities in various commodity sectors. Some sectors are affected by geopolitical factors, supply - demand imbalances, and policy changes. For example, gold and silver may see potential price increases, while some base metals and energy chemicals may face downward pressure or be in a state of oscillation [2][3]. 3. Summary by Relevant Catalogs Gold Market - Market Performance: On Wednesday, precious metal prices strengthened. London gold broke through $4150 and closed at $4166 per ounce [2]. - Fundamentals: US envoy Witkoff will visit Moscow next week; the Russian president's press secretary said it's too early to talk about the end of the Russia - Ukraine conflict. The number of initial jobless claims in the US unexpectedly decreased to 216,000 last week. The initial value of durable goods orders in the US in September increased by 0.5% month - on - month, and the growth rate of core capital goods orders accelerated to 0.9%. The UK Chancellor of the Exchequer announced a £26 billion tax - increase plan. ETFs continued to flow in, and there were changes in gold and silver inventories in different regions [2]. - Trading Strategy: It is recommended to buy gold at the lower support level. For silver, due to the re - emergence of overseas market tensions and significant price increases, short - term long positions can be considered [2]. Base Metals Aluminum - Market Performance: The closing price of the main electrolytic aluminum contract decreased by 0.05% compared with the previous trading day, closing at 21,455 yuan/ton. The domestic 0 - 3 month spread was - 110 yuan/ton, and the LME price was $2811 per ton [3]. - Fundamentals: On the supply side, electrolytic aluminum plants maintained high - load production, and the operating capacity increased slightly. On the demand side, the weekly starting rate of aluminum products remained stable [3]. - Trading Strategy: With the increase in the expectation of interest rate cuts in December and the destocking of aluminum ingots this week, the aluminum price showed a technical rebound. It is expected that the price will maintain an oscillatory adjustment [3]. Alumina - Market Performance: The closing price of the main alumina contract decreased by 0.26% compared with the previous trading day, closing at 2720 yuan/ton, and the domestic 0 - 3 month spread was 14 yuan/ton [3]. - Fundamentals: On the supply side, there was no long - term maintenance and production reduction, and the operating capacity fluctuated slightly. On the demand side, electrolytic aluminum plants maintained high - load production [3]. - Trading Strategy: Alumina is still in the stage of game between supply - demand surplus and cost support, and the market is highly wait - and - see. It is expected that the alumina price will maintain an oscillatory and weak trend before large - scale production reduction [3]. Industrial Silicon - Market Performance: On Wednesday, the price fluctuated narrowly throughout the day. The main 01 contract closed at 9020 yuan/ton, up 60 yuan/ton from the previous trading day, with a closing price increase of 0.67%. The position decreased by 3390 lots to 260,000 lots, and the variety's settled funds increased by 16 million yuan [3]. - Fundamentals: On the supply side, the number of open furnaces decreased by 5 last week, and the starting rate in the southwest region is expected to drop by 50% in November. Social inventory increased slightly, and warehouse receipt inventory decreased slightly this week. On the demand side, the start - up of polysilicon supported the demand, and SMM expects the output in November to be 120,000 tons. Organic silicon monomer plants reached a consensus to support prices. The starting rate of aluminum alloy was relatively stable [3]. - Trading Strategy: Fundamentally, supply and demand are relatively stable. The downstream polysilicon and organic silicon industries are promoting anti - involution, supporting prices while the output decreases month - on - month. The disk is expected to operate in the range of 8600 - 9400 yuan/ton. It is recommended to wait and see [3]. Lithium Carbonate - Market Performance: Yesterday, LC2605 closed at 96,340 yuan/ton (- 1000), with a closing price decrease of 1.03% [4]. - Fundamentals: The spot price of Australian spodumene concentrate (CIF China) was $1185 per ton, up $65 per ton from the previous day. SMM reported the price of electric carbon at 92,800 yuan/ton and industrial carbon at 90,400 yuan/ton. The weekly output last week reached a new high of 22,130 tons, an increase of 585 tons month - on - month. SMM expects the output in November to be 92,080 tons, a decrease of 0.2% month - on - month. In November, the production schedule of lithium iron phosphate was 410,000 tons, a 4.0% increase from October and a 43.5% increase year - on - year. The production schedule of ternary materials was 85,000 tons, a 1.4% increase from October and a 39.8% increase year - on - year. It is expected to continue destocking from November to December, but the shortage will narrow in December. The sample inventory last week was 118,400 tons, a decrease of 2052 tons, and the destocking speed slowed down. The inventory was transferred to the trader link, and the high - level futures delayed the downstream price - fixing rhythm. The number of Guangzhou Futures Exchange warehouse receipts was 27,050 lots (+ 435 lots) [4]. - Trading Strategy: Pay attention to the inventory data after the Thursday session. The degree of destocking has a great impact on short - term price changes. If you hold long positions, it is recommended to pay close attention to the disk and set stop - loss and take - profit levels [4]. Polysilicon - Market Performance: On Wednesday, the disk rose rapidly after opening and then fluctuated narrowly throughout the day. The main 01 contract closed at 55,895 yuan/ton, up 1165 yuan/ton from the previous trading day, with a closing price increase of 2.13%. The position increased by 13,966 lots to 143,000 lots, and the variety's settled funds increased by 777 million yuan. The 12 - 01 month spread rose to 3595. The number of warehouse receipts remained unchanged at 7270 lots [4]. - Fundamentals: On the supply side, the weekly output decreased slightly. SMM expects the output in November to be 120,000 tons. The industry inventory increased this week, and the warehouse receipts continued to decrease as the warehouse receipt cancellation period approached. On the demand side, the prices of silicon wafers and battery cells decreased slightly. The production schedules of silicon wafers and battery cells in November decreased slightly compared with October. The new photovoltaic installed capacity in September was 9.66GW, a 53.8% decrease year - on - year and a 31.25% decrease month - on - month. The "Document 136" mechanism electricity price policy was intensively introduced in various provinces, and it is expected that the photovoltaic installed capacity in the fourth quarter in China will face pressure [4]. - Trading Strategy: Currently, the spot transaction price is between 53,000 - 55,000 yuan. The near - month disk may gradually strengthen due to the possibility of a short squeeze. It is expected that the downstream production schedule in December will decline at an accelerated pace. When the progress of the near - month storage platform is less than expected, there are many market rumors. It is necessary to distinguish the authenticity. It is recommended to wait and see [4]. Black Industry Rebar - Market Performance: The main rebar 2601 contract closed at 3085 yuan/ton, a decrease of 12 yuan/ton compared with the night - session closing price of the previous trading day [5]. - Fundamentals: According to the Zhaogang data, the apparent demand for building materials decreased by 4.82 million tons month - on - month, and the output decreased by 50,000 tons to 442,000 tons. According to the Ganggu data, the apparent demand for building materials decreased by 130,000 tons to 3.64 million tons, and the output decreased by 120,000 tons. The supply and demand of steel are weak, and the structural differentiation is still significant. The demand for building materials is in the peak season, with a slight marginal improvement in demand but still weak year - on - year, and the supply also decreased significantly year - on - year, so the contradiction is limited. The demand for plates is stable, and direct and indirect exports remain high, but due to the high output, destocking is difficult. Rebar futures have a large discount and low valuation; the discount of hot - rolled coil futures is basically the same as the previous month, and the valuation is high. Steel mills continue to make losses, and the output may continue to decrease marginally and slightly [5]. - Trading Strategy: Exit and wait and see. Try to short the hot - rolled coil 2605 contract. The reference range for RB01 is 3050 - 3100 yuan/ton [5]. Iron Ore - Market Performance: The main iron ore 2601 contract closed at 792.5 yuan/ton, a decrease of 3 yuan/ton compared with the night - session closing price of the previous trading day [5]. - Fundamentals: The shipments from Australia and Brazil decreased by 2.71 million tons month - on - month and increased by 898,000 tons year - on - year. The arrivals increased by 24% month - on - month to 29.39 million tons and increased by 15% year - on - year. The inventory increased by 240,000 tons to 158 million tons compared with Thursday, a decrease of 3.8 million tons year - on - year. The supply and demand of iron ore are weak. According to the Steel Union data, the pig iron output decreased by 600,000 tons month - on - month and increased by 20,000 tons year - on - year. The third round of coke price increase has been implemented, and there is a game for the fourth round. Steel mills' profits are poor, and the subsequent blast furnace output may decrease steadily. The supply side conforms to the seasonal pattern and is slightly higher year - on - year. The supply and demand of iron ore are weakening marginally. Iron ore maintains a forward discount structure, but the absolute level remains at a relatively low level in the same period of history, and the valuation is moderately high [5]. - Trading Strategy: Exit and wait and see. Try to short the iron ore 2605 contract. The reference range for I01 is 780 - 800 yuan/ton [5]. Coking Coal - Market Performance: The main coking coal 2601 contract closed at 1069 yuan/ton, an increase of 2 yuan/ton compared with the night - session closing price of the previous trading day [6]. - Fundamentals: The pig iron output decreased by 600,000 tons month - on - month to 2.363 million tons, an increase of 50,000 tons year - on - year. Steel mills' profits are deteriorating, and the subsequent blast furnace output may decrease steadily. The third round of price increase has been implemented, and there is a game for subsequent price increases. The inventories at different supply - chain links are differentiated. The coking coal inventories and inventory days of steel mills and coking plants are at a moderate level in the same period of history, the pit - mouth inventory is low, and the overall inventory level is moderate. The futures are at a premium to the spot, and the forward premium structure is maintained. The futures valuation is high [6]. - Trading Strategy: Exit and wait and see. The reference range for JM01 is 1050 - 1100 yuan/ton [6]. Agricultural Products Market Soybean Meal - Market Performance: Overnight, CBOT soybeans rose slightly [7]. - Fundamentals: On the supply side, the near - term supply is shrinking, but it is still a quantitative change. In the long - term, South America maintains the expectation of large supply in a normal year, but the overall annual output decreases year - on - year. Currently, South America is in the sowing and growing stage. On the demand side, US soybean crushing is strong, while exports are still in a game, depending on China's non - commercial procurement volume in the later stage. In general, the global supply - demand situation is improving marginally but still remains loose [7]. - Trading Strategy: US soybeans are expected to be in a state of oscillation; the domestic market is also expected to be oscillatory in the short - term, and the medium - term trend depends on the progress of tariff policies and the output in the producing areas [7]. Corn - Market Performance: Corn futures prices are running strongly, and corn spot prices continue to rise [7]. - Fundamentals: Weather factors have postponed the supply. Currently, the national corn channel inventory is at a low level, and there is a need for inventory building. The deep - processing profit is good, the demand is strong, and the acquisition intention is relatively high. The short - term supply - demand tightness has led to a rebound in spot prices. However, the arrival of new corn in Northeast China is approaching. The new crop is expected to increase in production, and the cost of corn has decreased significantly, which suppresses the long - term price expectation. Attention should be paid to weather and policy changes [7]. - Trading Strategy: Due to the short - term supply - demand mismatch, the futures price is running strongly. Attention should be paid to selling - hedging opportunities [7]. Edible Oils - Market Performance: The Malaysian palm oil market rose yesterday [7]. - Fundamentals: On the supply side, the output in the producing areas is high. MPOA estimates that the output from November 1 - 20 increased by 3.2% month - on - month. On the demand side, ITS estimates that the exports of Malaysian palm oil from November 1 - 25 decreased by 19% month - on - month. Overall, the near - term Malaysian palm oil inventory continues to accumulate, and the long - term inventory will decrease seasonally [7]. - Trading Strategy: Palm oil leads the decline in the edible oil market, and there are differences among varieties. Attention should be paid to the later output and biodiesel policies [7]. Sugar - Market Performance: The Zhengzhou sugar 01 contract closed at 5391 yuan/ton, a 0.02% increase. The basis between the Guangxi spot price and the Zhengzhou sugar 01 contract was 322 yuan/ton, and the estimated profit of imported Brazilian sugar after processing and customs clearance was 752 yuan/ton [7]. - Fundamentals: Internationally, the export situation of India in the later stage will affect the international trend. In the short - term, raw sugar is oscillating at a low level. In the long - term, the global production increase trend remains unchanged, and the 26/27 sugar - crushing season will continue to seek the bottom through oscillation. In China, new sugar is gradually coming onto the market. The expected increase in production in Guangxi has been significantly revised up, and the import pressure in October is prominent. The domestic pressure in the fourth quarter is relatively large, and the current decline has been realized and is coming to an end [7]. - Trading Strategy: In the futures market, it is recommended to go short at high levels; for options, it is recommended to sell call options [7]. Cotton - Market Performance: Overnight, US cotton futures prices rebounded, and international crude oil prices stopped falling and rebounded [8]. - Fundamentals: Internationally, as of October 9, the cumulative net signing of US cotton exports in the 25/26 season was 1.065 million tons, reaching 40.11% of the annual expectation, and the cumulative shipment was 318,000 tons, with a shipment rate of 29.89%. Domestically, Zhengzhou cotton futures prices oscillated upward, and the Xinjiang basis decreased month - on - month. Currently, the increase in cotton prices supports textile enterprises to raise yarn prices [8]. - Trading Strategy: It is recommended to buy on dips and mainly adopt the strategy of buying in the range of 13,500 - 13,800 yuan/ton [8]. Eggs - Market Performance: Egg futures prices rebounded, and egg spot prices were stable [8]. - Fundamentals: The number of laying hens in production decreased, and the number of culled hens was at a high level, so the supply pressure decreased. Egg prices dropped to a low level, and traders' willingness to stock up increased, driving sales to pick up. However, the inventory in the circulation link increased. The stock - up demand has driven egg prices to be strong in the short - term, but the sustainability is expected to be limited [8]. - Trading Strategy: The stock - up demand boosts egg prices, and futures prices are expected to oscillate [8]. Pigs - Market Performance: Pig futures prices rebounded, while pig spot prices continued to decline [8]. - Fundamentals: The supply of pigs is still abundant. The demand is expected to increase seasonally, and the supply - demand pressure has eased compared with the previous period. However, as the Winter Solstice approaches, there may be a wave of