【重点关注】 ·24日晚油价下调加满一箱油将少花2.5元 ·国家能源局：截至10月底全国累计发电装机容量同比增长17.3% ·市场监管总局：支持有条件的民营经济组织参与产业计量测试中心建设 【国内要闻】 ·受国际油价下跌影响，国内汽柴油价格将于11月24日24时起下调。据国家发展改革委价格监测中心监 测，本轮成品油调价周期内（11月10日—11月21日）国际油价波动下行。本次油价调整具体情况如下： 从11月24日24时起，国内汽、柴油每吨分别下调70元和65元。全国平均来看：92号汽油每升下调0.05 元，95号汽油每升下调0.06元，0号柴油每升下调0.06元。据记者计算，用92号汽油加满50升油箱将少花 2.5元。 ·11月24日，国家能源局发布1—10月份全国电力工业统计数据。截至10月底，全国累计发电装机容量 37.5亿千瓦，同比增长17.3%。其中，太阳能发电装机容量11.4亿千瓦，同比增长43.8%；风电装机容量 5.9亿千瓦，同比增长21.4%。1—10月份，全国发电设备累计平均利用2619小时，比上年同期降低260小 时。 ·市场监管总局印发《计量促进民营经济发展壮大若干措施》，其中指出，加强 ...

据对全国流通领域9大类50种重要生产资料市场价格的监测显示，2025年11月中旬与11月上旬相比，30 种产品价格上涨，17种下降，3种持平。 其中，2025年11月中旬生猪(外三元)价格为11.6元/千克，较11月上旬下降0.2元/千克，跌幅为1.7%。 来源：国家统计局 ...

11月以来，猪肉价格呈现持续低迷态势。据中国养猪网监测数据显示，生猪（外三元）价格从11月1日的12.05元/公斤跌至11月24日的11.65元/公斤，下跌 3.3%。 农业农村部部长韩俊11月21日主持召开部常务会议，审议并原则通过《关于加强产能综合调控促进生猪产业高质量发展的意见》。 会议要求，加强生猪产能综合调控，加快构建供需动态适配、规模结构合理、产业链协同提升的生猪产业高质量发展格局。要加强生产和市场监测预警，动 态调整全国能繁母猪正常保有量目标，提早开展逆周期调节，防止出现大的波动。 分析师认为，即将到来的南方腌腊季将在一定程度上提振猪价，但在供强需弱格局未发生明显改变的情况下，猪价反弹幅度有限。 东方证券认为，考虑到当前肥猪和仔猪价格近期已降至年内低点，后续价格有望进一步回落。参考历史经验，肥猪与仔猪价格同低阶段，行业大概率开启市 场化去产能。此外，政策端也在持续强化对头部集团场产能的限制，两者叠加下，行业整体去产能有望持续兑现，助力猪价长期上涨。 2025年7月开始，生猪养殖行业步入去产能阶段，三季度统计局能繁母猪存栏量累计下降9万头，10月末全国能繁母猪存栏量降至4000万头以下，较9月末降 ...

人民财讯11月24日电，国家统计局11月24日公布数据显示，据对全国流通领域9大类50种重要生产资料 市场价格的监测显示，2025年11月中旬与11月上旬相比，30种产品价格上涨，17种下降，3种持平。其 中，生猪(外三元)价格为11.6元/千克，比上期下降1.7%。 ...

Group 1 - The National Bureau of Statistics released data indicating that in early November 2025, compared to late October, 26 out of 50 monitored important production materials saw price increases, while 23 experienced declines, and 1 remained stable [1] - The price of live pigs (external three yuan) decreased by 1.7% month-on-month, reaching 11.8 yuan per kilogram [1]

Valuation Summary - The overall valuation of the A-share market as of November 7, 2025, shows the CSI All Share Index (excluding ST stocks) with a PE of 21.5x and a PB of 1.8x, positioned at the 80th and 41st historical percentiles respectively [2][3] - The Shanghai 50 Index has a PE of 11.9x and a PB of 1.3x, at the 64th and 39th historical percentiles [2][3] - The ChiNext Index has a PE of 41.3x and a PB of 5.2x, at the 58th and 60th historical percentiles [2][3] - The valuation of the semiconductor industry is notably high, with a PE of 99.7x, placing it at the 76th historical percentile [7] Industry Valuation Comparison - Industries with PE valuations above the 85th historical percentile include Real Estate, Retail, Chemicals, and IT Services [2][3] - Industries with PB valuations above the 85th historical percentile include Electronics (Semiconductors) and Communications [2][3] - Industries with both PE and PB valuations below the 15th historical percentile include Medical Services and White Goods [2][3] Sector Performance Tracking New Energy - The photovoltaic industry chain saw a price decline, with polysilicon futures down 6.2% and silicon wafer prices down 3.9% [3] - Battery material prices showed mixed trends, with cobalt down 3.2% and lithium hexafluorophosphate up 8.1% [3] Real Estate Chain - The price of rebar fell by 1.7%, while iron ore prices decreased by 3.4% [3] - Cement prices increased slightly by 0.1%, but demand remains weak [3] Consumer Sector - The average price of live pigs dropped by 4.6%, while wholesale pork prices rose by 2.4% [3] - The price index for liquor saw a slight decrease of 0.15% [3] Technology Sector - The semiconductor sales in China grew by 15.0% year-on-year in September 2025, indicating a positive trend in the sector [3] Commodity Sector - Brent crude oil prices fell by 2.1% to $63.7 per barrel, while coal prices increased due to stricter safety inspections and winter storage demand [3]

Core Insights - The recent monitoring by the National Bureau of Statistics indicates a mixed trend in the prices of 50 key production materials, with 26 products experiencing price increases and 22 seeing declines, highlighting a significant rise in live pig prices by 10.1% to 12.0 yuan per kilogram [1] Group 1: Price Trends and Influencing Factors - Short-term increases in pig prices are driven by seasonal consumption recovery and heightened secondary fattening sentiment [2] - Despite the short-term price fluctuations, medium-term projections suggest that high supply pressure will likely keep pig prices from rising significantly [2] - The overall sentiment in the pig farming sector remains weak, with the market experiencing a situation where supply growth outpaces demand growth [2][4] Group 2: Supply and Demand Dynamics - The current supply-demand balance shows strong supply against weak demand, leading to a notable supply surplus [4] - The Ministry of Agriculture and Rural Affairs has reported a decrease in the number of breeding sows, with a target to reduce the breeding sow population by approximately 1 million heads [5] - The focus on controlling production capacity and reducing low-quality production is expected to stabilize pig prices and farming profits [4][5] Group 3: Future Outlook - As the weather cools towards the end of the year, demand for heavier pigs is anticipated to increase, particularly in southern regions due to traditional consumption patterns [2] - However, the consensus in the industry suggests that the expected peak season for pig consumption may not materialize, maintaining the trend of supply growth exceeding demand growth [2][4]

Core Insights - The livestock sector is experiencing a strong upward trend, with the China Livestock Breeding Index rising by 1.68% as of October 27, 2025, driven by significant gains in key stocks such as Jinxinnong and Tiankang Biological [1][2] - The price of live pigs has increased by 5.6% from 11.17 CNY/kg to 11.8 CNY/kg within a week, indicating a positive market shift [1] Industry Analysis - The pig farming sector shows medium to long-term investment value, with expectations of a reasonable reduction in production capacity due to ongoing losses in pig farming and supportive government policies [2] - The financial pressure from previous capacity expansions is easing, leading to improved free cash flow for quality enterprises in the pig farming industry, which supports their valuations [2] - Quality breeding companies are increasingly focusing on enhancing shareholder returns, making their long-term dividend attributes and investment value more pronounced [2] Company Performance - As of September 30, 2025, the top ten weighted stocks in the China Livestock Breeding Index account for 66.06% of the index, highlighting the concentration of value among leading companies such as Muyuan Foods and Wens Foodstuff Group [3]

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories indicates a mixed trend in prices, with 17 products experiencing price increases, while 30 saw declines, and 3 remained stable [1] Price Changes Summary - Among the monitored products, the price of live pigs (external three yuan) decreased by 12.1% compared to the end of September [1]

Core Insights - The report by Zhiyan Consulting highlights a significant decline in the market price of live pigs (External Three Yuan) in China, with a year-on-year decrease of 32.29% and a month-on-month decrease of 5.11% as of mid-September 2025 [1] Price Trends - The market price for live pigs reached 13 yuan per kilogram in mid-September 2025, marking a notable drop compared to previous years [1] - The highest recorded price in the last five years was 35.5 yuan per ton in mid-September 2020 [1] - A statistical chart detailing the price fluctuations of live pigs from 2019 to mid-September 2025 is referenced, indicating a trend of decreasing prices [1]