农业组策略日报：产能压力偏大，生猪期价下行

chVW¿ƒV\««»#S ·‚„‰ÂÊaGHVÁ_$ UV'™´WGHQ·‚„‰ÂÊaGHVÁ_$ X/Y//Z3#a[g\]Z[a^_`™HabcÁ/4-<Adeúfa£E#&g0-D00a£Eh&g8-==0zXDY//Z3#aGHij4klmD40/Å<Á/=3;=dena£E"oXY#&g+D-8D0a £Eh&g+8-/80zpqQrs#6&'()a˘˙aˆt¸uvawxyab°0z[†6|aD]~ÌtÄÅÇîÉaHÁ9:-ÁzÑ.V¯=a//+/DZÖÜHáabàâä¢ô"Eãaèê.VÂïeaç'<=Ê:_;zîɯ=aévÄ_taèêë9:˛NaíyîÉìîïñaóòRáô°"öOõzúù#aŒ/0ZúùaûüEèêá\†°ô¢ˆ£±E§•BaͶcß®#a/0+/DZ†°ôӳ©]8/0Ä830Ä440aH™îÉzưö˛NzÑü¨„tÆ•B_a.àØ]îɱë ÷.Vfiˆz=¥¯=aµ¶DhU]¥HobìE=¥„‰Aˆ]VaD]aµ¶cMìEªò ™Ráôã̺õa=¥„‰püæùø„a¿¡0£±=¥„‰DÊz%V®#aµ¶D¬2ø ›bd<N]ÚÕCVaÍ%•«Ä»…Á ÀÊa2øåeÃÕ‡ưöŒ5aãFœÁœ%V˛1ùaˆE$–'a2ø°ê—“†[/”OõaŒàÆ'HÁdE$z§V®#aüÍ‘’ñÄ ÷ç%ÌÄwÿ„‰Ÿ⁄_a¥Hy†¤ãÌ‹›a‹›¥HÁœãÌ_fiafl/0Z‡¥Hê·ëÊ:EãaÅG‚ZHÁz „kxyQe‰]<z íì|ÈQ¨„pô.Va2øpô.VaÍ%aΫz ËNQ *ÏQèê%ÌÓÔaDFÒÚÛÙrıJE2QˆW5XÓ˜a~™E¯„‰ ?@Q˘˙˚¸z˝aVÁ˛ˇ!"èê#$ïñGHQ%V&'()ˆW*+,-acV·‚ÂÊ.V/0_1IJQ2Wp3aJÁ45ÂÔ 67Q645789:_; 4567Q<=>?@Aa%V2BÂÔBCQ°CD¢’EF+aGHI’JK9:Q9Á9:L'aå„M$EFQˆW5XÓNa<=*+E$KLQO=XYPQaRÜ9LSTXY íì|ÈQÍ%éΫz 2023-11-08 投资咨询业务资格： STNf 证监许可【2012】669号 E"#$%&' )* +0-4/0 12 /-300 4567 +8-/40 9: +0-;80 67 +0-<=0 >* +0-3/0 ?@ +0-A80 >2 +0-440 BC +0-3<0 1* +/-DA0 EF 0-8<0 GH +D-8D0 IJ +0-<80 KL /-4/0 V\«¿…  ¿ãQÀÃÕ Œ\wœ–QF804</A8vwZ[–QZ00/==48 À”Œ\wœ–QF80=;3D<vwZ[–QZ00/4/DD ‘’÷ Œ\wœ–QF80//8DAvwZ[–QZ00/D;<A ≥ÿŸŒ\wœ–QF0D=43/4vwZ[–QZ000D/<0 ⁄¤‹Œ\wœ–QF80<8A30vwZ[–QZ00/;DA8 À›fi Œ\wœ–QF080<;44AvwZ[–QZ00/A8<0 fl‡ Œ\wœ–QF080<338AvwZ[–QZ00/A4<0 MNOPQRSTUVWXYZ[\]^_`]abcdefghijklmnoapq5rstudvwxyzchVWp[| ]~™ÄÅÇÉÑÖRSTÜáàâä~uã]åfléèêëíìavwîïñzRSTòô$\ӳõÉEèúùä~ÜáaûürVWèêôbä~†°$¢£§•a¶ß®©VW™´ä~¨†ôÆüíìapòôrb$\ÉEèúùdä~ÆØapq5rst<±°$Ép°$£^$]dxyÉÜ¥apµzRSTdstÜágFk]chVWãkdåªÉºôzüst%æ_ast<±øgRSTã°$dstk]Épk]achVWpå¿st¡sz "Ä$%ef fi/QV\$%efô‰ ™´ efgpq cʉ *Ï *ÏQèê%ÌÓÔaDFÒÚÛÙrıX/YÁËÈÍÎÏgaÌÓ//Z4#aÔflÊ>Ò´ô]4<-40aEh]400aU]DV]=3-=0zXDYÚÛÙÍÏg"PaÌÓ//Z=#µhaı>ňô]A/0a˜ƒèê.VdAD0a¶"h]<=0aU]DV]A80a˘]cß]<;0zpqQ˙˚ı>ôı>*h"¢ˆE$a¸#_Ü˝Ê*Ï<cfiˆ£˛aÑQ<*Ïˇ±@Aa1*P:är£Êa*Ïèê%Ì/0ÓÔzŒ"eä##aıdü˛ˇùëãá«aèê~™Rhı$%&ã'(aà)*Áœr#2Ô„‰D?£Êz·\¯=ar#Ôflc*+,*+aı>ÁœfiˆÂ˛a-ãƒ2/*0Åd1Å23ah"ı>*4PE$ÅÇ_Ü*Ïèêa65()¸#_Ü*Ï"0fiˆ£˛aÑüÚÛÙÍg67ËÎZ0=îST8r9:a;)/0ZE·.V£˛Ä<R„‰£Êd=>_a¸#Q<_Ü˝Ê*Ïˇ±@Aaèê%Ì/0ÓÔzR@aéA_Ü°C1BÄ1*ÇCëdEãa_Ü1*=¥.Vzưö˛õzDEӳõa*Ïèê%Ì/0ÓÔaDFÒÚÛÙrız„kxyQÒÚ„kzíì|ÈQ)*ÁœE$ÄÚÛÙÍSTÅGE|ÈÅÇ*ÏÁœé)*<R÷.VÄ"e%ÌïeÅ/èêz 45 JE2 JE2QˆW5XÓ˜a~™E¯„‰X/Yüı_V\*XÚÛÙÍY//Z=îST9:¶aXY`Fc.àı_V\*STz"Paı_D0D8+D4]0Ê>·ë]4/-08GHIJa.KÒÚLƒ40-83+4/-;DGHIJaÚÛÙÍ/0ZSTc.K]4/-04GHIJzı_D0D8+D4]0Ê>M·.à]NOP4A-;HIJa.KÒÚ]NOP4A-0+=0-8HIJa/0ZST.K]4A-;HIJzXDYQ~Ïg"PaD0D8]/0Zc_Ê>°Cë]=/=-<Rnaä¢JD3-A0aD¢ED4-;0é°CÿSDA-4=DGıdaä¢JD3-30aD¢ED-30éD0D8]/+/0Zc_Ê>°Cë]<D4/-=RnaD¢E/4-;0épqQ_T¯=a//Z=îSTÉ_1ı>·ëaM·.àä¢*FzÔflÊ>Ò´uvD=8+,mUzèê¿VÔfl·ë_1z_ܯ=a*WÊ>XY°0Âîa//ZÊ>ÇCë.à_1z>2<=E$aZ _ta>2[\ëpE’tzU]^'_a__›RîÉ`±*+z~™<=E¯„‰z„kxyQVWQ’a45ÒÚ„k]<éÔfluvbka/+=c0d/”óêz>12Á e]e‰zVfQgGL'ôzíì|ÈQ˙ı>aCMhpiajı>Ò´pô.Vac_îÉ÷.V 45 ?@ekl ?@Q˘˙˚¸z˝aVÁ˛ˇ!"èê#$ïñpqQ_ܯ=a˘˙Rm˚¸uv.à<–3naèê.VZo\pzưöEGaq¶rã°Çëär˜aˆWÁœs:L'aF«]<aVWÁœëã˛ˇa’¥aèê#$ïñdtuaw’x:0z˘˙rã°SÁär¸#ʱ*Fé˙C2E<yÁ«ƒD=80+D=30défi˙rã°=¥»EDpz[aSÁE1/0+D0dena|˘CC<yÁD3/0+D380aE$/0denzq¶=îÂ]~dœkÄÅÇea~™˚¸uvÉùa?@=¥Ññd%æaz[†’xd‚Ör%V’fz?@E$akl-Átu"ˆa†Üô.V*+˛õaklîÉ*+pápàaâ·™ÁœÂ˛ad‚kl$Á:0ëa%V45]<z_T¯=aı?@ÔB˛ˇaèê.V//Z‡ı_=îSTz1’ı?@·ë.Kawk?@’xzı_V\*aCãUhS"PaÌÓD0D8]//ZD#d"haı_?@aCãUë]=8=å/A/na¢"h¶Jç/0aѬ¢U]DVO’//00z<NaCqdO¬éflèzÌÓ//Z=#aı_?@ň°kêë5</0aEh]3/0aE]DV]<=0a˘]Fc°0]330zí 45 "Ïg»˜ƒèê.Vd<D0zÔflaÍìîïñóòQD0D8]44hÔflô/¡?@´ö°0];;0aU]DV=;0a˘]cß=3-30zõúùV\*fiPaÌÓ//Z;#aD0D8eD4]0X¤ƒ3ZYõúùûüaCë]A<0Rna¢U]DVJç8/-=0a"h¶¬D¢t˜8/-/0zR]0†ØõúùaC9°k4A0RnaU]DV=4Rné?@4/0RnaU]DV330RnéFôÊ°r30RnaU]DV/D0Rnz„kxyQ%VD40/ÒÚD4=0+D;=0zíì|ÈQuvÄO¢Î£() GH GHQ%V&'()ˆW*+,-acV·‚ÂÊ.V/0_1X/Y//Z3#a[g\]Z[a^_`™HabcÁ/4-<Adeúfa£E#&g0-D00a£Eh&g8-==0zXDY//Z3#aGHij4klmD40/Å<Á/=3;=dena£E"oXY#&g+D-8D0a£Eh&g+8-/80zpqQrs#6&'()a˘˙aˆt¸uvawxyab°0z[†6|aD]~ÌtÄÅÇîÉaHÁ9:-ÁzÑ.V¯=a//+/DZÖÜHáabàâä¢ô"Eãaèê.VÂïeaç'<=Ê:_;zîɯ=aévÄ_taèêë9:˛NaíyîÉìîïñaóòRáô°"öOõzúù#aŒ/0ZúùaûüEèêá\†°ô¢ˆ£±E§•BaͶcß®#a/0+/DZ†°ôӳ©]8/0Ä830Ä440aH™îÉzưö˛NzÑü¨„tÆ•B_a.àØ]îɱë÷.Vfiˆz=¥¯=aµ¶DhU]¥HobìE=¥„‰Aˆ]VaD]aµ¶cMìEªò™Ráôã̺õa=¥„‰püæùø„a¿¡0£±=¥„‰DÊz%V®#aµ¶D¬2ø›bd<N]ÚÕCVaÍ%•«Ä»…Á ÀÊa2øåeÃÕ‡ưöŒ5aãFœÁœ%V˛1ùaˆE$–'a2ø°ê—“†[/”OõaŒàÆ'HÁdE$z§V®#aüÍ‘’ñÄ÷ç%ÌÄwÿ„‰Ÿ⁄_a¥Hy†¤ãÌ‹›a‹›¥HÁœãÌ_fiafl/0Z‡¥Hê·ëÊ:EãaÅG‚ZHÁz„kxyQe‰]<zíì|ÈQ¨„pô.Va2øpô.VaÍ%aΫz 45 IJ IJQ2Wp3aJÁ45ÂÔX/Y//Z3#aF§˙•¶]ßfid<·ÒIJÁœ4030de=00®ìa£E#&g+0-4A0a£Eh&g+0-4A0éF˙©Ê™Ù]ßfid<[ÒIJÁœ4=00de=00®ìa£E#&g0-000a£Eh&g0-000zXDY//Z3#aIJij4kJÙD40/Å<Á48/Dde=00®ìa£E"oXY#&g+0-<80a£Eh&g+0-==0zpqQîÉya¨ùIJ¨„*+∂Æaq¶hƒìîñØz[aq¶®#aR±//”rƒIJ¨„O⁄‰0ëa˘Ÿ*+aˆ¥Ka[ë45ÂÔM$z=¥ya"¯=auvưµÓIa·Jô^=Ñña=¥„‰ËTÓEzR"¯=a[gJIGXhVÆ¡a/0+//Z‡ªE†·JI];+3Z‡›ºaªE’nob]=+;Z‡›ºëa槮#ªE†·zưöJçaÑ|wxÅø¿oaq¶F‹%Ìøa/0Z‡‹IÏ룱˜ƒªE†·Ïëa¬“ob°"öƒõzúù#a[g/3+/AoZ¶›ºÏg®#aı‹ŒIÏëpçaÅ®pÖ«ˇc‹›dd‚aÉz[†ÅÇJÁz%V®#a=EîÔZR=_a.àJÁrV»zF+ÔB"[]ÚzéARo9:_ta…JÁ fÀr"öz§V®#a›ºë¡¨†˛õaÑq¶IºÁœ*+æ_a›b—“†£±c†a‚ZJÁpÃÉ0ïez„kxyQe‰zíì|ÈQÍ%Ĩ„pô.Vz 45 Õ7fiD0–7 67Q645789:_;X/Y”œ–—Òu“7‘’Áœ//A/0dena+//0arE"XY#îÚ0/Å<ÁZ ]+D/8=é_·^÷Œ7/D<00dena0z–—ÒÛ$îD0Áœ/480ıdena+/0zXDY//Z3#4ÿ)`èêSÁQEŸ=D-;0é⁄Ÿ==-00P0-80é7A=D-<0Fé¤744-A=P0-40z‹j·Òa7A)`ÅYÁœ//-<+/D-DdeúfpEa7›ÁœA-<+/0-8deúfz 45² Qj·Òa“fiÄ_ë7Awfl‡÷7)`ÅY·¬Áœ/D=00dené7Aw^÷7)`ÅYÁœ/D=00denzX8Y‚„‰îÂÊgc_Q~ÁË//Z3#ú:dÏg"PaD0D8]/0Zc_°C