业务咨询 添加客服 目录 1、周度要点小结 2、期现市场 3、产业情况 瑞达期货研究院 「2025.07.04」 生猪市场周报 供应偏紧，提振价格走势 研究员：张昕 期货从业资格号F03109641 期货投资咨询从业证Z001845 关 注 我 们 获 取 更 多 资 讯 联系电话：059586778969 「 周度要点小结」 3 行情回顾：生猪价格继续走高，主力合约周度上涨2.14%。 行情展望：供应端，月初规模场挺价缩量出栏明显，散户亦有惜售情绪，且出栏均重下降，短期供应 偏紧。随着肥标价差缩小和生猪价格上涨，预计后市出栏节奏或有所恢复。三季度对应母猪产能处于 增产周期，中期仍有供应压力。需求端，高温抑制人们采购猪肉意愿，且学校放假，终端走货速度缓 慢，屠宰厂开机率回落，不过高于去年同期。总体来说，消费淡季，需求稳中趋弱，养殖端出栏节奏 和二育入场情况是影响短期行情的关键因素，短期供应偏紧，导致价格偏强波动，后期出栏节奏若有 所恢复，对价格提振作用减弱，上涨步伐将放慢，调整为主，而且需求淡季以及中期供应压力因素仍 将掣肘价格上方空间。 策略建议：区间交易。 「 期货市场情况」 本周期货反弹 图1、大连生猪 ...

Core Viewpoint - The innovative "Five Integration" model developed by China People's Property Insurance Company in Shandong aims to address the challenges faced by the pig farming industry, including price volatility and financing difficulties, by integrating government support, insurance, futures, orders, and credit [1][3][4]. Group 1: Industry Challenges - The "pig cycle" has lengthened and become more volatile, posing significant challenges to farmers' income and food supply stability [3]. - Farmers face difficulties in managing risks related to market price fluctuations and accessing financing [3]. Group 2: Innovative Solutions - The "Five Integration" model combines government, insurance, futures, banks, and pig sales companies to create a comprehensive support system for the pig farming industry [4]. - The model includes various financial services such as price insurance for pig feed and futures, which help stabilize prices and enhance sales channels [4]. Group 3: Implementation and Impact - Local governments provide policy support and premium subsidies, while insurance companies offer risk protection services [4]. - The model has been recognized as a top innovative case by the Shandong Provincial Department of Agriculture and Rural Affairs and has received awards for financial innovation [6]. - In 2024, the company provided risk protection worth 1.747 billion yuan for 1.06 million pigs owned by 560 farmers, demonstrating significant industry impact [6].

小米、花生仁价格有所上涨，其他粮油价格保持稳定。小米(每500克，全市大型商超平均价格，下 同)5.23元，较上周稍涨0.77%；花生仁7.26元，较上周稍涨0.69%。大豆4.23元，特一粉2.60元，挂面 2.72元，玉米粉2.55元，粳米3.72元，绿豆6.81元，5L桶装鲁花花生油156.65元，5L桶装大豆油70.19 元，均与上周持平。 中国发展网讯山东省德州市发展改革委市场监测结果显示，截至6月26日，本周德州市大型商超居民生 活消费品价格呈现窄幅上涨的走势。与上周相比，重点监测的55种居民生活消费品价格19涨10降26平， 整体价格较上周微涨0.23%，40个品种涨跌幅在2%以内，占比72.73%；重点监测的25种农业生产资料价 格1涨5降19平，整体均价与上周基本持平。 部分农资价格略有波动。国产尿素均价(每公斤，全市生资市场平均价格)1.88元，较上周下降1.45%；国 产氯化钾3.50元，较上周稍降0.71%；猪饲料3.73元，较上周稍降0.67%；鸡饲料3.73元，较上周微涨 0.13%。其他监测的化肥品种以及农药、种子、成品油等价格均与上周持平。(德州市价格认证中心) 蔬菜价格呈现上 ...

禾丰食品股份有限公司 公开发行可转换公司债券 www.lhratings.com 联合〔2025〕5230 号 联合资信评估股份有限公司通过对禾丰食品股份有限公司主体 及其相关债券的信用状况进行跟踪分析和评估，确定维持禾丰食品 股份有限公司主体长期信用等级为 AA，维持"禾丰转债"信用等级 为 AA，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年六月二十五日 跟踪评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受禾丰食品股份有限公司（以下简称"该公 司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关系 外，联合资信、评级人员与该公司不存在任何影响评级行为独立、客观、公 正 ...

关 注 我 们 获 取 更 多 资 讯 业务咨询 添加客服 瑞达期货研究院 「2025.06.20」 生猪市场周报 需求淡季，价格上涨空间受限 研究员：张昕 期货从业资格号F03109641 期货投资咨询从业证Z001845 联系电话：059586778969 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 3 行情回顾：生猪价格反弹，主力合约周度上涨0.76%。 行情展望：供应端，养殖端出栏节奏有所放缓，且出栏均重下降，供应减少。不过二三季度对应母猪 产能处于增产周期，中期供应压力趋增。需求端，屠宰厂开工率止跌回升，但是高温抑制采购猪肉意 愿，终端走货速度放慢，回升空间有限，后市可能再度回落。短期供应减少，加之不鼓励二育、收储 政策提振市场情绪，支持生猪期货价格短期反弹，但中期供应预期增加，加之需求疲弱，现货价格上 涨空间受限，或拖累期货盘面上涨幅度，整体以震荡走势看待。策略建议：暂时观望。 「 期货市场情况」 本周期货反弹 图1、大连生猪期货价格走势图 来源：文化财经 瑞达期货研究院 生猪价格反弹，主力合约周度上涨0.76%。 4 「 期货市场情况」 本周期货净持仓净空增加 期货仓 ...

摘要 邦基科技并购派思通，旨在利用其管理体系和团队，加速母猪端产能扩 张，通过与闲置猪场合作实现规模增长，并计划将母猪繁育与育肥分离， 优化生物防控。 邦基科技通过持有美国派斯通 20%股权，寻求在生产管理领域实现全球 同步，确保技术路线一致，提升养殖效率，并计划将山西放养模式推广 至云南、四川等地。 派思通以销售断奶仔猪为主，PSY 在 2025 年达到 31-32，显示其母猪 生产效率显著提升。邦基科技将匹配国内资源，包括闲置产能和租赁养 殖场，以支持派思通的生产技术。 邦基科技与山东主流放养管理团队深度合作，通过饲料配方优化等方式， 提升养殖管理水平。在山西成立放养公司，未来或通过资本合作扩展放 养业务。 山东放养模式对硬件和软件要求更高，采用自动化、恒温恒湿及空气过 滤系统，提高生物防控标准，降低饲料、疫苗和兽药成本，竞争优势明 显。 Q&A 邦基科技 20250618 派思通的主要业务布局及其托管母猪产能情况如何？ 派思通的托管业务主要集中在南方，北方相对较少。目前托管的母猪产能规模 在 8 至 10 万头之间，所有母猪均为经产母猪。此外，派思通自身养殖业务主 要集中在山东，包括绿东养殖旗下的六家企 ...

每经记者｜彭斐 每经编辑｜陈俊杰 在饲料行业的激烈竞争中，山东饲料龙头企业邦基科技（SH603151，股价18.83元，市值31.63亿元）准 备跨界养猪了。 6月16日晚间，邦基科技披露重组预案，公司拟通过发行股份及支付现金的方式，向Riverstone Farm Pte. Ltd. （以下简称Riverstone）购买其持有的山东北溪农牧有限公司（以下简称北溪农牧）等6家公司 100%股权及派斯东畜牧技术咨询（上海）有限公司（以下简称上海派斯东）80%股权。 在披露上述预案后，邦基科技于6月17日复牌，开盘即涨停。《每日经济新闻》记者同时注意到，就在 邦基科技6月4日晚间发布停牌公告的当天，公司股价早盘"抢跑"，直线拉升并封死涨停板。 本次交易完成后，北溪农牧、瑞东伟力、鑫牧农牧、利津瑞东、山东瑞东、滨州瑞东6家标的公司将成 为邦基科技的全资子公司，上海派斯东将成为邦基科技持股80%的控股子公司。 邦基科技提到，本次交易完成后，有利于上市公司实现从单一的饲料生产加工企业向饲料加工与生猪养 殖一体化企业转型，实现养殖产业链条的延伸，提高产业上下游协同效应。 6月17日上午，《每日经济新闻》记者以投资者身份致 ...

Core Viewpoint - Bangji Technology (603151.SH) has resumed trading with a limit-up increase of 9.99%, closing at 18.83 yuan, following the announcement of a major asset acquisition plan involving the purchase of 100% equity in several livestock companies and 80% equity in another company from Riverstone Farm Pte. Ltd. [1][2] Group 1: Transaction Details - The acquisition will be executed through a combination of issuing shares and cash payments, with the specific ratio to be determined through negotiations between the parties involved [1][2]. - The transaction is expected to constitute a significant asset restructuring and related party transaction, but will not qualify as a restructuring listing [2]. - The purchase price for the shares is set at 13.33 yuan per share, based on the average stock price over the 60 trading days prior to the pricing date [2]. Group 2: Business Transformation - Following the completion of the transaction, Bangji Technology plans to expand its business from solely pig feed research, production, and sales to a vertically integrated industry chain that includes feed production, pig farming, and sales [2]. - The acquired companies primarily engage in the breeding and sales of piglets and fat pigs, while the other company provides resources and technical management services for pig farming [2]. Group 3: Financial Performance of Acquired Companies - North Stream Agriculture reported a revenue of 4.68 million yuan in the first four months of 2025, with a net profit of 375.08 million yuan for the same period [3]. - Rui Dong Wei Li achieved a revenue of 10.23 million yuan in the first four months of 2025, with a net profit of 3.45 million yuan [4]. - Xin Mu Agriculture reported a revenue of 665.14 million yuan in the first four months of 2025, but incurred a net loss of 733.58 million yuan [5]. - Rui Dong Agriculture (Lijin) had a net loss of 1.81 million yuan in the first four months of 2025 [6]. - Rui Dong Agriculture (Shandong) reported a revenue of 2.96 million yuan and a net profit of 1.11 million yuan in the first four months of 2025 [7]. - Wei Li Agriculture reported a revenue of 2.62 million yuan and a net profit of 202.75 million yuan in the first four months of 2025 [8]. - Pai Si Dong achieved a revenue of 1.64 million yuan in the first four months of 2025, with a net profit of 387.91 million yuan [9]. Group 4: Bangji Technology's Financial Performance - In 2024, Bangji Technology achieved a revenue of 2.54 billion yuan, a year-on-year increase of 54.36%, but the net profit attributable to shareholders decreased by 40.24% to 50.13 million yuan [10][12]. - In the first quarter of 2025, Bangji Technology reported a revenue of 1.08 billion yuan, a significant year-on-year increase of 160.84%, with a net profit of 28 million yuan, up 37.71% [12][13].

Group 1 - The core point of the news is that Shandong Bangji Technology Co., Ltd. is planning a major asset restructuring by acquiring 100% equity of six companies and 80% equity of one company, which will lead to a significant shift in its business model from solely producing pig feed to integrating pig farming and sales [1][2] - The acquisition aims to leverage the modern pig farming experience from Riverstone's shareholders in the U.S. and adapt it to the Chinese context, promoting a sustainable and efficient farming model [2] - The transaction is expected to enhance the company's operational synergy, reduce risks associated with underutilization of new projects, and create additional revenue streams and profit growth opportunities [2][3] Group 2 - Post-acquisition, the company plans to integrate resources, combining management experience in pig farming with feed product innovation, which is anticipated to improve feed product development and pig farming efficiency [3] - The acquisition will also help the company enhance its brand recognition and market influence in the pig farming sector, aiming to capture a larger share of the domestic market and strengthen its pig feed business [3]

瑞达期货研究院 「2025.06.13」 生猪市场周报 政策利好，期价反弹 研究员：张昕 期货从业资格号F03109641 期货投资咨询从业证Z001845 关 注 我 们 获 取 更 多 资 讯 联系电话：059586778969 业务咨询 添加客服 图1、大连生猪期货价格走势图 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 3 行情回顾：生猪价格反弹，主力合约周度上涨2.45%。 行情展望：供应端，今日出栏节奏正常，出栏均重下降。二三季度对应母猪产能处于增产周期，中期 供应压力趋增。需求端，高温抑制采购猪肉意愿，终端走货速度放慢，屠宰厂开工率连续回落，消费 进入季节性淡季，难以为价格提供有利支撑。总体来说，不鼓励二育、收储政策提振市场情绪，加之 饲料原料上涨提振，生猪期货价格短期反弹，但需求疲弱抑制现货价格涨幅，基差快速走弱，或将抑 制期货盘面上方空间，预计生猪价格震荡运行。 策略建议：暂时观望。 「 期货市场情况」 本周期货反弹 来源：文化财经 瑞达期货研究院 生猪价格反弹，主力合约周度上涨2.45%。 4 「 期货市场情况」 本周期货净持仓净空增加 期货仓单750张 图2、生 ...