Group 1: Report Title and Date - The report is titled "Guoxin Futures Nonferrous (Nickel) Weekly Report" dated July 20, 2025 [3] Group 2: Core View - The market expects the Fed to adjust its monetary policy in the fall, with the US Treasury Secretary suggesting a September rate cut China's manufacturing PMI has been rising for two consecutive months, and consumer goods manufacturing has also increased steadily after the implementation of consumption - promotion policies Although the PPI decline widened in June, prices in some industries are stabilizing and rebounding [36] - Shanghai nickel showed a volatile trend this week. Refined nickel is in a supply - surplus situation. The shortage of nickel ore supply has been alleviated. Nickel sulfate prices are weak, and downstream demand has not improved significantly. Stainless steel is in a weak volatile state, with slow inventory reduction. It is expected that the main contract of Shanghai nickel will operate in the range of 116,000 - 128,000 yuan/ton, and the main contract of stainless steel will operate in the range of 12,300 - 13,000 yuan/ton [36] Group 3: Summary by Directory 1. Market Review - The report may have presented the trends of domestic and foreign main price contracts of nickel futures, but specific text descriptions are not provided, only a price chart from 2020/12/31 to 2025/06/30 is shown [7][8] 2. Fundamental Analysis - **Upstream**: A chart of China's nickel ore port inventory and the monthly import volume of nickel ore sand and concentrates from the Philippines is presented, but no specific text analysis is given [12][13] - **Mid - stream**: Charts of electrolytic nickel prices, nickel sulfate prices, monthly import volume of ferronickel, and the Fubao price of 8 - 12% ferronickel are presented, but no specific text analysis is given [15][16][17][18][19][20] - **Downstream**: Charts of stainless steel prices, stainless steel futures positions, Wuxi stainless steel inventory, power and energy storage battery production, and new energy vehicle production are presented, but no specific text analysis is given [21][22][23][24][25][26][28][29][30][31] 3. Future Outlook - Market expectations for the Fed's interest - rate decisions in July and September are given, with a high probability of maintaining the rate in July and a high probability of a 25 - basis - point cumulative rate cut in September China's manufacturing and consumer goods manufacturing PMIs are rising, while the PPI decline widened in June but some industries' prices are stabilizing [36] - Shanghai nickel is in a volatile trend. Refined nickel has a supply surplus, nickel ore supply is loose, nickel sulfate prices are weak, and stainless steel is in a weak volatile state. The expected operating ranges for Shanghai nickel and stainless steel main contracts are provided [36]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In the protein meal market, international soybean prices rebounded after a decline this week. Domestic soybean meal followed the upward trend of US soybeans, showing a strong and volatile pattern. In the short - term, domestic soybean meal is expected to continue its strong and volatile performance, with the M2509 contract facing resistance at the previous high of 3089. - In the oil market, international oils rose significantly this week. Domestic oils followed the international trend, with palm oil leading the increase. In the future, international palm oil may continue to rise if Indonesian production is lower than expected, and US soybean oil remains bullish. Domestic oils are likely to have a rotation effect, and there may be a catch - up increase in soybean oil and rapeseed oil [65][131]. Summary by Relevant Catalogs Part 1: Protein Meal Market Analysis 1. Market Review - This week, CBOT soybeans first declined and then rebounded. USDA report was bearish at the beginning, but later factors such as higher - than - expected June crushing data, increased exports, and rising soybean oil prices drove the rebound. Domestic soybean meal fluctuated upwards, with the main contract breaking through key integer levels [6]. 2. US Market Information - As of July 10, 2025, the weekly US soybean export inspection volume was 147,045 tons. From 2024/25 to date, the total US soybean export inspection volume reached 46,411,264 tons, a year - on - year increase of 10.4%. As of July 13, the US soybean good - to - excellent rate was 70%, higher than expected, with a flowering rate of 47% and a pod - setting rate of 15% [10][18]. 3. North American Weather - In the US, some areas in Texas had continuous heavy rain, while the western part was dry. In Canada, the prairie region was affected by drought, which had an impact on crop growth [22][29]. 4. Domestic and International Oilseed Markets - US soybean crushing capacity has increased, but the oversupply of soybean meal restricts full utilization. In June 2025, China imported 12.26 million tons of soybeans, a year - on - year increase of 10.35%. Brazil was the main supplier. Various institutions adjusted their forecasts for global soybean production, consumption, and trade [31]. 5. Global Trade Pattern Changes - The US and Indonesia reached a trade agreement, including Indonesia's purchase of US agricultural products, energy products, and aircraft, which may affect the global trade pattern [36]. 6. Domestic Market Indicators - Domestic spot and futures crushing margins improved. As of the end of the week, port soybean inventory was about 6.5215 million tons, and the theoretical crushable days were 19 days. The soybean oil mill opening rate was high, and the soybean meal inventory increased [42][48]. Part 2: Oil Market Analysis 1. Market Review - International oils rose significantly this week. US soybean oil and Malaysian palm oil reached new highs. Domestic oils followed the international trend, with palm oil leading the increase [65]. 2. International Oil Information - In June, India's palm oil imports reached an 11 - month high. In June 2025, China imported 696,000 tons of edible vegetable oils, a month - on - month increase of 50.65%. From July 1 - 15, Malaysian palm oil exports decreased. US soybean oil inventory at the end of June was lower than expected. Malaysia raised the export tax rate for August palm oil. Indonesia's biodiesel policy had a positive impact on the market [69][70]. 3. Southeast Asian Weather - Thailand and surrounding areas had seasonal monsoon rainfall, and Malaysia and Indonesia also had beneficial rainfall [77]. 4. Domestic Market Indicators - As of the 28th week of 2025, the total inventory of three major domestic edible oils increased. The inventory of soybean oil increased, palm oil increased slightly, and rapeseed oil decreased [87]. Part 3: Market Outlook 1. Seasonal Analysis - Seasonal index charts of various products such as US soybeans, soybean meal, and domestic oils were provided, but no specific analysis content was given. 2. Next - Week Market Outlook - **Technical Level**: For soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil, different short - term, medium - term, and long - term indicators showed different trends [130]. - **Fundamentals** - **Protein Meal**: Internationally, US soybeans may be affected by weather and tariff policies, and are expected to fluctuate between 1000 - 1100. Domestically, soybean meal inventory is increasing, and short - term soybean meal is expected to be strong and volatile. - **Oils**: Internationally, Malaysian palm oil may continue to rise if Indonesian production is lower than expected, and US soybean oil remains bullish. Domestically, oils follow the international trend, and there may be a catch - up increase in soybean oil and rapeseed oil [131].

Report Overview - Report Title: "Zheng Sugar Maintains Fluctuations with Limited Upside and Downside Space - Guoxin Futures Sugar Weekly Report" [2] - Report Date: July 20, 2025 [2] 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - The domestic Zheng sugar market has reduced volatility but a slightly upward - shifted center. In the short term, the upside is limited due to sufficient supply, while the downside has cost support, and it is expected to fluctuate around 5,800 yuan/ton. The international raw sugar market has rebounded from the bottom. Although there are short - term positive factors, the upside is suppressed by supply expectations. The recommended operation is short - term trading [57][58]. 3. Summary by Directory 3.1 Sugar Market Analysis 3.1.1 Futures Price Trends - Zheng sugar had a bullish weekly fluctuation with a 0.28% weekly increase. ICE sugar had a slight rebound with a 1.15% weekly increase [7]. 3.1.2 Spot Price and Basis Trends - Not elaborated in the provided content. 3.1.3 National Production and Sales Situation - In the 2024/25 sugar - making season, the cumulative sugar sales rate in May was 72.69%, 6.52 percentage points faster than the same period last year [19]. 3.1.4 Sugar Import Situation - In June, 420,000 tons of sugar were imported, an increase of 390,000 tons compared to the same period last year. Based on the ICE sugar October contract price of 16.5 cents/pound, the in - quota import cost from Brazil was 4,539 yuan/ton, and the out - of - quota import cost was 5,769 yuan/ton; the in - quota import cost from Thailand was 4,580 yuan/ton, and the out - of - quota import cost was 5,822 yuan/ton [23]. 3.1.5 Domestic Industrial Inventory - In the 2024/25 sugar - making season, the industrial inventory in May was 3.0483 million tons, a decrease of 322,100 tons compared to the same period last year [26]. 3.1.6 Zhengzhou Commodity Exchange Warehouse Receipts and Valid Forecasts - This week, the total of Zheng sugar warehouse receipts and forecasts was 21,857, a decrease of 1,183 compared to the previous week. The number of warehouse receipts was 21,857, and the valid forecast was 0 [34]. 3.1.7 Brazil's Production Progress - In the second half of June, the cumulative crushing volume was 206 million tons, a 14.06% year - on - year decrease, and the sugar production was 12.249 million tons, a 14.25% year - on - year decrease [38]. 3.1.8 Brazil's Bi - weekly Sugar - Making Ratio - The cumulative sugar - making ratio of sugarcane in the central - southern region of Brazil was 51.02%, compared to 48.69% in the same period last year [40]. 3.1.9 Brazil's Monthly Sugar Exports - In June, Brazil's sugar export volume was 3.359 million tons, a 5.24% increase compared to the same period last year [45]. 3.1.10 International Main Production Area Weather Conditions - There was almost no rainfall in Brazil's main production areas, which was beneficial for sugarcane crushing. India had abundant precipitation due to the influence of the monsoon [54]. 3.2后市展望 (Market Outlook) 3.2.1 Domestic Market - Zheng sugar's volatility has decreased, and the center has slightly moved up. After the release of import data, the expectation of a large amount of imports arriving at ports has gradually been realized. The processing sugar mainly supplements the market, and the focus is on consumption. In the short term, the sugar price has limited upside and cost - supported downside, and is expected to fluctuate around 5,800 yuan/ton [57]. 3.2.2 International Market - Raw sugar has rebounded from the bottom. Abundant rainfall in Asia is beneficial for sugarcane growth, and the lower - than - expected production in southern Brazil in the second half of June has boosted the international sugar market. However, the upside is suppressed by supply expectations [57].

Group 1: Report Industry Investment Rating - Not mentioned in the report Group 2: Core View of the Report - The pulp market has a weak fundamental situation, which may restrict the rebound space. It is recommended to approach it with an interval - oscillation mindset [35] Group 3: Summary by Directory 1. This Week's Market Review - The main contract of pulp futures, SP2509, rebounded from a low level [7] 2. Fundamental Analysis - **Pulp Market Price**: As of July 17, the weekly average price of imported softwood pulp was 5,835 yuan/ton, up 0.50% from last week, turning from a decline to an increase; the weekly average price of imported hardwood pulp was 4,080 yuan/ton, up 0.34% from last week, with the increase rate expanding by 0.14 percentage points; the weekly average price of imported natural pulp was 5,013 yuan/ton, down 1.99% from last week, with the decline rate expanding by 1.21 percentage points; the weekly average price of imported chemimechanical pulp was 3,777 yuan/ton, up 0.27% from last week, turning from a decline to an increase [12] - **Accumulated Pulp Imports from January to June**: In June 2025, China imported 3.031 million tons of pulp, with an import value of 1.9079 billion US dollars and an average unit price of 629.46 US dollars/ton. The accumulated import volume and value from January to June increased by 4.2% and 2.3% respectively compared with the same period last year [16] - **Port Inventory Situation**: As of July 10, 2025, the weekly pulp inventory in major Chinese regions and ports was 2.1621 million tons, down 1.08% from last week, turning from an increase to a decline [20] - **European Port Inventory in May**: In May 2025, the total inventory in European ports increased by 13.26% month - on - month and 22.04% compared with May 2024. The inventory in UK and Spanish ports decreased by 39.93% and 3.92% respectively month - on - month, while the inventory in ports of the Netherlands/Belgium/France/Switzerland, Germany, and Italy increased by 21.74%, 5.12%, and 16.36% respectively month - on - month [23] - **Downstream Operating Rates**: Waste pulp consumption accounts for 63% of the total pulp consumption in China; wood pulp consumption accounts for 31%, and imported wood pulp consumption accounts for 21%; non - wood pulp consumption accounts for 6%. As of July 17, the operating load rate of double - copper paper remained flat compared with last week; the operating load rate of double - offset paper increased by 1.41 percentage points; the operating load rate of white cardboard increased by 2.31 percentage points; the operating load rate of household paper decreased by 2.73 percentage points [28] 3. Future Outlook - The weekly pulp inventory in major Chinese regions and ports decreased by 1.41% from last week, turning from an increase to a decline. Affected by the off - season atmosphere of traditional industries, terminal orders are insufficient, and the downstream base paper industry still faces shipment pressure and has low enthusiasm for purchasing raw materials. The pulp port inventory remains at a high level in recent years, and the overall de - stocking rhythm is slow. The lower - end cost also provides some support, and industry players are reluctant to sell at low prices. The overall market rebound is restricted by the weak fundamentals. It is recommended to use an interval - oscillation approach [35]

Report Title - "Fund Game Escalates, Zhengzhou Cotton Accelerates Upward - Guoxin Futures Cotton Weekly Report" [2] Report Date - July 20, 2025 [2] Core Views - Domestically, Zhengzhou cotton broke through and rose this week. Without additional quotas or state reserve sales, the supply shortage intensified as the basis continued to rise. With rising cotton prices, yarn quotes also increased significantly. Short - term supply shortage is difficult to resolve without external supply increase, and price rise is a reasonable outcome. The upward trend depends on position changes and unexpected policy implementation, and a significant reduction in positions is needed to end the rally [51]. - Internationally, the US initiated a new round of tariff hikes, and negotiations are ongoing. US cotton weekly export data remained weak, with this - year's signing declining seasonally and next - year's signing lackluster. US main growing areas, especially Texas, saw a drop in the drought index and a continuous rise in the good - to - excellent rate. US cotton is expected to fluctuate between 65 - 70 cents per pound [51]. Cotton Market Analysis Futures Price - Zhengzhou cotton futures rose strongly this week, with a weekly increase of 2.77%. ICE cotton futures were strong, with a weekly increase of 2.24% [9]. Spot Price - This week, the cotton price index rose. The 3128 index increased by 255 yuan/ton compared to last week, and the 2129 index increased by 242 yuan/ton [14]. Import Situation - In May, 40,000 tons of cotton were imported, a year - on - year decrease of 220,000 tons [17]. Inventory Situation - In June, the commercial cotton inventory was 2.8298 million tons, a year - on - year decrease of 443,700 tons. The industrial cotton inventory was 903,000 tons, a year - on - year increase of 65,500 tons [25]. Downstream Inventory - In June, the yarn inventory was 27.23 days, a year - on - year decrease of 3.71 days. The grey cloth inventory was 36.61 days, a year - on - year increase of 2.58 days [30]. Yarn Price - This week, yarn prices rose. The price of OEC10S increased by 160 yuan/ton, C32S by 240 yuan/ton, and JC40S by 280 yuan/ton compared to last week [34]. Zhengzhou Commodity Exchange Warehouse Receipts - This week, the total of Zhengzhou cotton warehouse receipts and valid forecasts decreased by 276. There were 9,585 warehouse receipts and 223 valid forecasts, totaling 9,808 [38]. US Cotton Export - As of July 10, the net sales of US upland cotton for the current year increased by 5,500 bales, and the net sales for the next year were 73,000 bales [41]. Market Outlook - Domestic: The upward trend of Zhengzhou cotton depends on position changes and unexpected policy implementation. A significant reduction in positions is needed to end the rally [51]. - International: US cotton is expected to fluctuate between 65 - 70 cents per pound [51]. Operation Suggestion - Short - term trading is recommended [52]

Report Title - "出栏增消费弱 猪价继续下跌 —— 国信期货生猪周报" [2] Report Date - July 20, 2025 [2] Report Industry Investment Rating - Not provided Core Viewpoints - In the past week, the live hog spot price continued to decline due to high temperatures leading to active sales by farmers and weak consumer demand. The futures price dropped sharply on Wednesday and then rebounded slightly, with the basis weakening. Fundamentally, based on piglet birth data, the theoretical slaughter volume will gradually increase in the future, and feed production and sales data also confirm the trend of increased supply. In terms of consumption, July is still the off - season, and consumption will gradually strengthen after August, but the overall market supply - demand is relatively loose. In terms of rhythm, recently affected by high temperatures, the industry is in a seasonal weight - reduction stage. The average weight from commercial institution samples generally shows a downward trend, but the price difference between fat and standard pigs is slightly stronger than the same period, indicating a decrease in fat pig supply. In August, the industry may enter the weight - gain stage again, and with improved consumption, the spot price is expected to form a double - top structure. For futures, LH09 can be traded with an oscillatory mindset and short - term long positions can be attempted on dips, while LH11 and LH01 should be shorted on rebounds [7]. Summary by Directory 1. Week - to - Week Analysis and Outlook - The live hog spot price continued to fall last week due to high - temperature - induced active sales by farmers and weak consumer demand. Futures dropped on Wednesday and rebounded slightly, with a weakening basis. Future supply is expected to increase, and consumption will gradually improve after August, but overall supply - demand remains loose. The industry is in a weight - reduction stage currently, and may enter a weight - gain stage in August, with the spot price potentially forming a double - top structure. Different trading strategies are proposed for different futures contracts [7]. 2. Key Data and Charts - Not provided in the content for detailed summary 3. Live Hog Futures Market - Not provided in the content for detailed summary 4. Live Hog Spot Market - Spot prices in various regions are presented in a table, showing a general downward trend [17]. 5. Live Hog Spot: Fat - to - Standard Pig Price Difference - Not provided in the content for detailed summary 6. Live Hog Spot: Regional Price Difference - Not provided in the content for detailed summary 7. Changes in the Number of Reproductive Sows - Not provided in the content for detailed summary 8. Changes in Piglets - Not provided in the content for detailed summary 9. Confirmation between Live Hog Inventory and Fattening Pig Feed - Not provided in the content for detailed summary 10. Live Hog Slaughter Situation - Not provided in the content for detailed summary 11. Not mentioned in the table of contents - Not provided in the content for detailed summary 12. Frozen Meat Market Dynamics - Not provided in the content for detailed summary 13. Cost and Profit - Not provided in the content for detailed summary 14. Comprehensive Monitoring of Live Hog Average Weight - Not provided in the content for detailed summary 15. Central Reserve Frozen Pork Operations - The report details the reserve response mechanisms for both price over - decline and over - increase situations, including national and local reserve - related regulations and conditions for starting reserve purchases and sales [69]. 16. Multi - caliber Comparison - Not provided in the content for detailed summary

Report Title - "Uptake Declines, Corn Stabilizes and Rebounds — Guoxin Futures Corn Weekly Report" [2] Report Date - July 20, 2025 [2] Report Industry Investment Rating - Not provided Core Viewpoints - Corn spot prices showed signs of stabilization last week, with the selling pace of grain holders slowing down, a significant reduction in the number of trucks arriving at the doorsteps of deep - processing enterprises in major producing areas, and more enterprises raising prices. Futures prices rebounded after hitting the bottom, and the basis weakened slightly. This week, the transaction rate of imported corn auctions decreased significantly, and the market also began to expect a slowdown in the auction pace, leading to a recovery in market sentiment. Looking ahead, domestic corn inventories and southern imported grain inventories have been declining continuously, indicating that the overall supply pressure is not large. Grain holders have largely digested the negative impact of imported corn auctions, and the market may re - enter a stage of low supply volume. On the demand side, feed production still maintains good growth, but due to poor breeding profits and the impact of wheat substitution, the replenishment demand for corn from feed enterprises is suppressed. Deep - processing profits continue to be in the red, the de - stocking of finished product inventories is slow, and the operating rate remains at a low level, providing insufficient support for corn demand. Overall, as the selling sentiment on the spot side stabilizes, the short - term bottom support for corn has strengthened, but due to insufficient demand - side stimulation, there is limited upside potential for corn prices. The recommended operation is to be bullish in the short term [7]. Summary by Directory 1. International Corn Market Dynamics 1.1 US Corn Futures Market - Not provided [10] 1.2 US Corn Sowing and Growth Progress - Not provided [14] 1.3 US Corn Export Sales - Not provided [19] 1.4 Brazilian Corn Crop Progress - Not provided [27] 2. Domestic Corn Market Dynamics 2.1 Corn Futures Market Changes - Not provided [33] 2.2 Corn Spot Market Changes - Not provided [42] 2.3 Corn Spot Market: Regional Price Differences - Not provided [48] 2.4 Corn Selling Progress - Not provided [54] 2.5 Corn Imports - Not provided [58] 2.6 Feed and Aquaculture Demand - Not provided [66] 2.7 Feed and Aquaculture Demand: Feed Production - Not provided [75] 2.8 Deep - processing Demand - Not provided [76] 2.9 Substitutes - Not provided [80] 2.10 North Port Corn Dynamics - Not provided [86] 2.11 South Port Corn Dynamics - Not provided [91] 2.12 South Port Grain Dynamics - Not provided [92] 3. Corn Starch Market Dynamics 3.1 Corn Starch Futures - Not provided [97] 3.2 Corn Starch Spot - A table shows data from July 7 to July 18, including prices such as 2700, 2760, 2790, etc. [107] 3.3 Corn - Starch Price Difference - Not provided [114] 3.4 Corn Starch Production and Inventory - Not provided [122] 3.5 Corn Starch Downstream Demand - Not provided [128] 3.6 Cassava Starch - Not provided [132]

Report Industry Investment Rating - Not provided in the content Core View of the Report - As of July 17, 2025, the national cold storage apple inventory ratio was about 5.56%, with a weekly decline of 0.68 percentage points and a year - on - year decrease of 3.32 percentage points. The low inventory supports the price, and the mainstream transaction price in the origin remains stable. The stable closing price of old - season apples may boost the purchase price of new - season apples. The high opening price of new - season early - maturing apples may support the opening price of late - maturing Red Fuji. However, due to the off - season of apple consumption, the weak demand restricts the significant rise of the market. Short - term operations should be treated with a volatile mindset [35] Summary by Relevant Catalogs 1. This Week's Market Review - This week, the main contract of apple futures, AP2510, showed a strong performance [7] 2. Supply - side Situation - As of July 17, 2025, the total remaining amount of apples in national cold storage was 734,100 tons, at the lowest level in the past five years. The remaining amount in Shandong cold storage was 449,300 tons, and that in Shaanxi was 194,800 tons [13] 3. Demand - side Situation - As of July 17, 2025, the national cold storage inventory ratio was about 5.56%, with a weekly decline of 0.68 percentage points and a year - on - year decrease of 3.32 percentage points, and the de - stocking rate was 91.26% [18] - In May 2025, the export volume of fresh apples was about 45,500 tons, a month - on - month decrease of 37.38% and a year - on - year decrease of 25.15%. The second - quarter export volume of fresh apples in 2025 is expected to decline [20] - As of July 11, the mainstream price of apples in Qixia, Yantai, Shandong was stable. The transaction volume increased, and the overall transaction price was stable [31]

研究所 进口玉米拍卖压制 市场表现走弱 ——国信期货玉米周报 2025年07月13日 研究所 1 周度分析与展望 目 录 2 国际玉米市场动态 CONTENTS 3 国内玉米市场动态 4 玉米淀粉市场动态 周度观点 研究所 过去一周玉米现货震荡调整，期货继续下跌，北港基差小幅走强。基本面来看，国内新作玉米天气较好，暂无炒作题材；旧作 余粮继续消耗，各环节库存减少。但中储粮进口玉米连续拍卖、小麦在部分地区继续维持替代优势，加之市场担忧中国会采购 美国农产品，缓解市场了未来供应紧张的担忧。持粮主体挺价心理开始松动，出货意愿增强，7月主产区深加工企业日均门前 到车数量环比增加明显。需求端，饲料产量同比增加，但国产玉米添加比例下降削弱了饲料产量增加的利多成分，深加工企业 利润不佳，开机率下降。总体来看，近期国内玉米市场缺乏新的利多提振，而进口玉米接连拍卖继续压制市场，预计短期偏弱 震荡运行，后续关注进口玉米投放节奏。操作上，短线交易。 免责声明：本报告以投资者教育为目的，不构成任何投资建议 3 研究所 1 周度分析与展望 目 录 2 国际玉米市场动态 CONTENTS 3 国内玉米市场动态 4 玉米淀粉市场动态 1. ...

Report Information - Report Title: "Consumption Support Limited, Spot Market in Oscillatory Adjustment - Guoxin Futures Weekly Report on Live Pigs" [2] - Report Date: July 13, 2025 [2] Report Industry Investment Rating - Not provided in the report Core Viewpoints - In the past week, the live pig spot market oscillated and adjusted due to insufficient consumption support, while the futures market continued to rise, weakening the basis. The spread between LH9 and LH11 ended its adjustment and rose again [7]. - From a fundamental perspective, sample data from market institutions showed a slight month - on - month increase in the inventory of breeding sows in June, indicating that the process of reducing production capacity was not smooth. The price of piglets rebounded recently, partly due to the recovery of breeding profits stimulating fattening farmers to replenish stocks, and partly due to the reduction in the number of piglets born in June, which may have provided some boost [7]. - In terms of spot, the large - scale enterprises' slaughter plan in July decreased, and the price of fat and standard pigs among small farmers was relatively high, which may lead to continued pressure on farmers to hold back pigs to increase the average weight. The overall supply pressure in July is not large, but the consumption performance lacks highlights. Consumption is expected to increase in August, and the increase in slaughter is limited. It is expected that the spot market will oscillate and adjust before rising seasonally again, but the overall upward space is limited [7]. - The current discount of the futures main contract LH09 to the spot has narrowed, and it will follow the spot market to oscillate strongly in the later stage. Due to the expected increase in future supply, the outlook for more distant contracts is still not optimistic. In terms of operation, go long on LH09 with an oscillatory strategy, and wait for opportunities to short on the distant - month contracts after a rebound [7]. Summary by Directory 1. Weekly Analysis and Outlook - The live pig spot market oscillated and adjusted last week, and the futures market rose, weakening the basis. The spread between LH9 and LH11 increased again. The inventory of breeding sows increased slightly in June, and the price of piglets rebounded. The supply pressure in July is not large, and consumption is expected to increase in August. The spot market may rise seasonally after adjustment, and the futures main contract LH09 will follow the spot to oscillate strongly. Distant - month contracts are not optimistic. Operate by going long on LH09 and waiting to short on distant - month contracts [7]. 2. Key Data and Charts - Not elaborated in the provided content 3. Live Pig Futures Market - Not elaborated in the provided content 4. Live Pig Spot Market - Not elaborated in the provided content 5. Live Pig Spot: Basis after Regional and Average Weight Adjustment - On July 9, 2025, with the benchmark contract LH2509 at 14,265, the report provided the standard pig average price, weight range, regional premium and discount, standard pig basis, basis for different weight ranges, minimum basis, delivery storage capacity, and delivery speed for various provinces [21]. 6. Live Pig Spot: Price Difference between Fat and Standard Pigs - Not elaborated in the provided content 7. Live Pig Spot: Regional Price Difference - Not elaborated in the provided content 8. Changes in the Inventory of Breeding Sows - Not elaborated in the provided content 9. Changes in Piglets - Not elaborated in the provided content 10. Live Pig Inventory and Fattening Pig Feed Verification - Not elaborated in the provided content 11. Live Pig Slaughter - Not elaborated in the provided content 12. Frozen Meat Market Dynamics - Not elaborated in the provided content 13. Cost and Profit - Not elaborated in the provided content 14. Comprehensive Monitoring of Live Pig Average Weight - Not elaborated in the provided content 15. Central Reserve Frozen Pork Operations - The report introduced the reserve response mechanisms under the scenarios of excessive price decline and excessive price increase in the live pig market according to the "Improving the Government's Pork Reserve Adjustment Mechanism and Doing a Good Job in the Work Plan for Ensuring Supply and Stabilizing Prices in the Pork Market" [69]. 16. Multi - Caliber Comparison - Not elaborated in the provided content