Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint of the Report The short - term supply - demand structure of the pig market remains stable with small fluctuations. Recently, due to the Sino - US trade game, the pig market is supported by the feed side, especially the far - month LH2509 contract price is relatively strong. One can cautiously go long at low prices or conduct a month - spread strategy of selling near - month contracts and buying far - month contracts. Attention should be paid to the impact of macro policies on single commodities [3]. 3. Summary According to Relevant Catalogs 3.1 Pig Weekly Summary - **Futures Data**: The closing prices of LH2505, LH2507, and LH2509 contracts increased by 0.8%, 0.8%, and 3.5% respectively. The LH2509 is the main contract [3][5]. - **Spot Data**: The national average price of commercial pig slaughter increased by 0.1%, and the price in Henan (the delivery benchmark area) increased by 0.3%. The average slaughter weight of sample enterprises increased by 0.1% [3]. - **Spread and Basis**: The 07 - 05 spread decreased by 5, and the 09 - 05 spread increased by 375. The basis of the 7 - month contract increased by 45, and the basis of the 9 - month contract decreased by 335 [3][11]. - **Slaughter End**: The slaughter enterprise's开工 rate was 27.36%, up 0.16 percentage points, and the frozen product storage rate was 17.38%, up 0.12 percentage points [3][31]. - **Profit and Cost**: The self - breeding and self - raising profit was 129.30 yuan per head, down; the purchased piglet profit was 65.80 yuan per head, down. The standard - fat spread was - 0.23 yuan per kilogram, up; the hair - white spread was 4.18 yuan per kilogram, down [3]. - **Warehouse Receipts**: The number of pig warehouse receipts was 0, with no change [3]. 3.2 Pig Inventory and Production - **Piglets and Sows**: The average price of weaned piglets was 533.33 yuan per head, unchanged from last week, and the average price of 50KG binary sows was 1641 yuan per head, also unchanged. It is expected that the inventory of breeding sows in China will remain stable with minor fluctuations [20]. - **Commercial Pig Inventory**: As the temperature rises and pig production capacity recovers, the inventory of commercial pigs in April is expected to increase month - on - month [20]. - **Slaughter Weight and Quantity**: The national average slaughter weight of pigs was 123.98 kg, up 0.07 kg from last week. The average slaughter price was 14.55 yuan per kg, up 0.01 yuan per kg. The monthly slaughter plan of large - scale farms increased, and the slaughter volume in April is expected to increase month - on - month [24]. 3.3 Pig Price Spread - **Standard - Fat Spread**: The national weekly average standard - fat spread was - 0.23 yuan per kg, narrowing by 0.09 yuan per kg compared with last week. The spread is expected to continue to narrow, but the trend will slow down [28]. 3.4 Slaughter and Consumption - **Slaughter Enterprise Indicators**: The weekly slaughter开工 rate was 27.36%, up 0.16 percentage points. The fresh - sales rate of key slaughter enterprises was 88.7%, down 0.7 percentage points, and the frozen product storage rate was 17.38%, up 0.12 percentage points. In the short term, the fresh - sales rate may further decline, and the frozen product inventory will continue to rise [31]. - **Profit**: The weekly average profit of self - breeding and self - raising was 129.30 yuan per head, a decrease of 2.67 yuan per head from last week; the weekly average profit of purchasing piglets was 65.80 yuan per head, a decrease of 39.06 yuan per head. The pig - grain ratio continued to decline, and it is expected to fall further [40]. 3.5 Market Information Summary - **Supply**: Large - scale farms have normal slaughter volumes and high slaughter weights, with sufficient market supply [43]. - **Demand**: It is the traditional consumption off - season with poor market demand, but the entry of second - fattening after the Tomb - Sweeping Festival is more active than before [43]. - **Policy**: The Ministry of Agriculture and Rural Affairs issued a new management method for breeding livestock and poultry production and operation licenses, which will be implemented on July 1, 2025. The State Council Tariff Commission raised the additional tariff rate on imported goods from the US, which is bullish for pig prices in the short term [43]. - **Non - African Swine Fever**: There are sporadic epidemic situations in some areas, with relatively limited impact [43]. - **Market Sentiment**: The Sino - US trade game makes feed prices firm, which is expected to provide some support [43].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For iron ore, the overall demand remains stable with high pig iron production and low sinter powder inventory, and the price is expected to remain in a low - level oscillation before the holiday [2]. - For coking coal and coke, the supply of coking coal is in excess, and both the futures and spot prices lack the momentum for continuous rebound. Attention should be paid to the possibility of supply reduction [48]. 3. Summary by Relevant Catalogs Iron Ore Overseas Supply - The overseas shipment of iron ore is generally at a normal level. The shipment from Australia and Brazil decreased by 2548000 tons to 23.93 million tons this week, and the shipment from non - Australia and Brazil regions decreased to the average level, dropping by 111000 tons to about 5.289 million tons. The arrival volume is expected to remain at an average level in the second quarter [6]. - Fortescue's iron ore shipment in Q4 2024 reached 48.9 million tons, a quarter - on - quarter increase of 3.56%, and the shipment target for the 2025 fiscal year is 190 - 200 million tons. Vale's Q4 iron ore production was 85.27 million tons, a year - on - year decrease of 4.6%, and the annual production reached the upper limit of the forecast and the 2025 production target was raised to 325 - 335 million tons. Rio Tinto's Q4 iron ore production was 86.5 million tons, a year - on - year decrease of 1%, and the shipment volume was 85.7 million tons, a year - on - year decrease of 1%, with the 2025 shipment target unchanged at 323 - 338 million tons. BHP's Q4 iron ore production in the Pilbara business was 73.071 million tons, a year - on - year increase of 0.6%, and the 2025 fiscal year iron ore target guidance remains unchanged at 282 - 294 million tons [18]. Demand - The profit of steel mills is acceptable, and the pig iron production is expected to remain at a high level. This week, the pig iron production increased by 14900 tons to about 2.4022 million tons, the inventory - to - consumption ratio fluctuated and declined, the port clearance volume remained at a high level, and downstream enterprises replenished inventory as needed [2][24]. Inventory - The sinter powder inventory remains at a low level, and the total port inventory decreased slightly by 1273900 tons to 143.4102 million tons this week, but the overall level is still high and is expected to remain in a balanced state. The imported sinter powder inventory of steel mills decreased steadily, dropping by 172300 tons to 12.4847 million tons this week [30][33]. Futures - Spot Structure - The futures and spot prices of iron ore are oscillating at a low level and are expected to remain in the range - bound state before May Day [37]. Relationship with Foreign Exchange - The US is expected to enter a recession, the CPI has generally declined, and the tariff has affected market sentiment. The market expects the Federal Reserve to cut interest rates soon, and the US dollar index is under continuous downward pressure [43]. Relationship with Non - mainstream Region Shipment No specific analysis content provided other than the chart. Coking Coal and Coke Coking Coal Demand and Coke Supply - The pig iron production is expected to remain at a high level. The coke profit continues to be negative, and the coke production is expected to remain at the current level [48][51]. Coking Coal Inventory - The independent coking coal inventory rebounded from a low level, increasing by 141000 tons to 9.6569 million tons this week, and the steel mill coking coal inventory increased slightly by 100800 tons to about 7.7963 million tons, both at relatively low levels compared to the same period. The port - imported coking coal inventory continued to decline and remained stable this week, dropping slightly by 9600 tons to 3.4892 million tons, and the mine clean coal inventory is at a high level [54][59]. Coking Coal Term Structure - The supply of coking coal is in obvious excess, the 05 contract has been declining, and the downstream's willingness to take delivery is poor, with no substantial turning point in the short term [63]. Coke Inventory - The coke enterprises' intention to raise prices is difficult to achieve. The independent coke production is at a low level, the inventory has been declining, but the port coke inventory has rebounded to a high level compared to the same period. This week, the total coke inventory did not change significantly, the pig iron production increased slightly by 14900 tons to 2.4022 million tons, and the national average coking profit this week was about - 49 yuan per ton [66][71]. Coke Term Structure - The coke futures price has been continuously declining, the decline of the spot price is weaker than that of the futures, the basis has narrowed, but it still shows a premium structure [75].

Report Summary 1. Industry Investment Rating No investment rating is provided in the report. 2. Core View Affected by tariff factors, the commodity market has significantly declined, and steel prices have fluctuated at a low level this week. Steel mill production is expected to remain high, while the demand side remains weak. Apparent demand is expected to reach a plateau, with a low possibility of a significant and continuous rebound. Given the changing market environment, it is recommended to short sell rebar at high prices [3]. 3. Summary by Section Section 1: Rebar Supply - Mysteel's weekly production increased by 3.72 tons to 232.37 tons, with electric furnace production rising by 3.13 tons and blast furnace production increasing by 0.59 tons. The SAC旬度 data shows that steel production is at a high level [10]. - Steel mill production is currently stable, and with good profits, production is expected to remain at the current level [3]. Section 2: Rebar Demand - Apparent demand has entered a stable phase, and it is expected that there will be no significant improvement in demand in the first half of the year. Overall, it is significantly weaker than the same period last year. Cement clinker capacity utilization remained stable this week, and Mysteel's daily transactions were generally weak, consistent with the performance of apparent demand [15]. Section 3: Rebar Inventory - Rebar total inventory continued to decline slightly this week. Hot - rolled coil inventory remained stable. Rebar mill inventory increased by 7.54 tons to around 214.66 tons, social inventory decreased by 27.85 tons to 563.10 tons, and total inventory decreased by 20.31 tons to 797.76 tons. The SAC旬度 data shows that the steel inventory of member enterprises has declined from a high level [21]. Section 4: Rebar Cost and Profit - The estimated immediate blast furnace cost this week is around 2,880 yuan/ton, and the 15 - day average cost is around 2,930 yuan/ton. The average billet cost of mainstream sample steel mills in Tangshan is 2,924 yuan/ton. Compared with the ex - factory price of common billets on April 9th, which was 2,930 yuan/ton, steel mills have an average profit of 6 yuan/ton [24]. Section 5: Futures and Spot Price Changes - The spot price of Shanghai Zhongtian decreased from 3,230 yuan to 3,170 yuan, a decrease of 60 yuan. The price of Tangshan Qian'an billet decreased from 3,050 yuan to 2,970 yuan, a decrease of 80 yuan [27]. Section 6: Futures Spreads and Related Product Ratios - Iron ore fluctuated widely. Due to the contract - switching factor, the main contract's rebar - to - iron ore ratio strengthened slightly. The real - world demand for finished products is weak, and the ferrous metal market is expected to remain under pressure [33]. Section 7: Statistical Bureau - Related Data - In January - February, China's real estate investment and new housing construction area decreased by 9.8% and 29.6% year - on - year respectively. The decline in real estate investment narrowed by 0.8 percentage points compared with January - December, while the decline in new housing construction area widened by 6.6 percentage points [37].

Group 1: Report Overview - Report title: Treasury Bond Futures Market Weekly Report [1] - Report issuer: Huajin Futures Research Institute [1] - Report date: April 8, 2025 [1] Group 2: Investment Rating - No investment rating information provided Group 3: Core Viewpoints - Last week, treasury bond futures rose significantly, with the central bank net withdrawing 50.19 billion yuan. The ten - year treasury bond interest rate decreased and remained at a historical low in the long term. Technically, the short - term price of the T2506 contract was above the 40 - day moving average. In the medium - to - long term, the upside space of the treasury bond market was limited, and short - term dips were recommended for buying [3] Group 4: Macro and Market Outlook Weekly Macro and News - Domestic news: Affected by overseas tariff shocks, the A - share market adjusted on Monday. Near the market close, Central Huijin announced its confidence in the Chinese capital market, its recognition of the current A - share allocation value, and its plan to continue increasing holdings of ETFs to maintain market stability. - Foreign news: The US threatened to impose an additional 50% tariff on China, which China firmly opposed. If the US tariff measures were implemented, China would take counter - measures [4] Treasury Bond Market Outlook - Last week, treasury bond futures rose significantly. The central bank net withdrew 50.19 billion yuan. The ten - year treasury bond interest rate decreased and was at a historical low in the long term. Technically, the short - term price of the T2506 contract was above the 40 - day moving average. In the medium - to - long term, the upside space of the treasury bond market was limited, and short - term dips were recommended for buying [3] Group 5: Treasury Bond Futures Market Conditions - Price trend: Last week, treasury bond futures rose significantly. The weekly increases of TS2506, TF2506, T2506, and TL2506 were 0.08%, 0.46%, 0.65%, and 2.37% respectively. The weekly trading volumes were 150,904, 199,092, 274,713, and 463,907 respectively, and the weekly open interests were 99,012, 164,270, 183,347, and 105,109 respectively [5] Group 6: Treasury Bond Yield Changes - Yield changes: Last week, interest rates generally decreased, and the yield spread narrowed. The interest rates of 3M, 1Y, 2Y, 5Y, and 10Y treasury bonds showed a downward trend from March 28 to April 3 [8] Group 7: Treasury Bond CTD Bonds and Basis - Treasury bond CTD bond arbitrage situation: This week, the IRR of treasury bond futures was higher than the short - term financing rate, indicating arbitrage opportunities. For the T2506 and TF2506 contracts, the IRR showed an upward trend from March 28 to April 3 [11] Group 8: Treasury Bond Futures Spread and Basis - TF - T spread: The spread between 5 - year and 10 - year treasury bond futures widened, and their basis also widened. From March 28 to April 3, the TF - T spread of the T2506 - TF2506 contracts changed from - 2.225 to - 2.440 [12] Group 9: Treasury Bond Term Structure - Treasury bond term structure: The treasury bond term structure flattened compared to last week, and the yield decreased compared to March 31 [15]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The supply of live pigs is sufficient, while the demand recovers relatively slowly. Affected by the Sino-US trade game, the overall commodity market fluctuates greatly, and the live pig price is relatively firm due to the support from the feed side. The overall trend of live pig prices is mainly consolidation. It is recommended to wait and see for now, pay attention to the later development of the trade game, and relevant enterprises are advised to carry out hedging operations according to their business conditions. The main contract is gradually shifting to LH2509, and investors should pay attention to the rollover risk [3] Summary by Directory I. Live Pig Futures and Spot Prices - Futures prices: LH2505 closed at 13,270, up 45 or 0.3%; LH2507 closed at 13,480, up 40 or 0.3%; LH2509 closed at 13,860, down 140 or -1.0% [3][7] - Spot prices: The national average price of commercial pig slaughter was 14.54 yuan/kg, up 0.03 yuan or 0.2%; the price in Henan was 14.62 yuan/kg, up 0.01 yuan or 0.1% [3][7] II. Inter-month Spread, Basis and Warehouse Receipts - Spread: The 07-05 spread was 210, down 5; the 09-05 spread was 590, down 185 [12] - Basis: The basis for the May contract was 1350, down 35; the basis for the July contract was 1140, down 30 [12] - Warehouse receipts: The number of live pig warehouse receipts was 0, a decrease of 65 [3][12] III. Inventory and Inventory Structure - Inventory: The inventory of breeding sows and commercial pigs is presented in the report, and it is expected that the inventory of commercial pigs in April may continue to increase month-on-month [15][21] - Inventory structure: The proportion of different weight ranges of live pigs is shown, and the price of weaned piglets is 533.33 yuan/head, up 4.76 yuan/head. It is expected that the price will remain stable at a high level in the short term. The price of 50KG binary sows is 1641 yuan/head, unchanged from last week, and the inventory of breeding sows is expected to remain stable with minor fluctuations [20][21] V. Standard-Fat Spread - National average: The weekly average standard-fat spread was -0.32 yuan/kg, narrowing by 0.15 yuan/kg compared with last week. The prices of standard and fat pigs both declined, and the price of fat pigs decreased more significantly due to weakened demand with rising temperatures [24][25] - Regional differences: The standard-fat spread in various regions showed different degrees of change, with most regions narrowing [25] VI. Slaughter End - Slaughter rate: The weekly slaughter rate was 27.20%, up 0.6 percentage points. The market supply is sufficient, but the sales of white-striped pork are affected by downstream price pressure [28] - Fresh sales rate: The fresh sales rate of key slaughtering enterprises was 89.4%, slightly down 0.04 percentage points [28] - Frozen storage rate: The frozen storage rate of key domestic slaughtering enterprises was 17.26%, up 0.12 percentage points from last week. It is expected that the fresh sales rate will fluctuate slightly and the frozen storage rate will continue to rise moderately [28] VII. White-striped Pork and Wholesale Market - White-striped pork price: The price of the top three grades of white-striped pork and the difference between live pig and white-striped pork prices are presented in the report [29] - Consumption situation: The comparison of the average wholesale prices of related meats shows the consumption situation of pork [35][36] VIII. Profit and Cost - Profit: The average weekly profit of self-breeding and self-raising was 131.97 yuan/head, an increase of 10.10 yuan/head compared with last week; the average weekly profit of purchasing piglets for breeding was 104.86 yuan/head, a decrease of 15.75 yuan/head compared with last week [38] - Pig-grain ratio: The pig-grain ratio continued to decline, and it is expected to decline further with the Sino-US trade game and firm feed prices [38]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The domestic economy is weakly stabilizing with loose fiscal and monetary policies. In the short - term, the index is falling, and investors are advised to wait and see. The current basis rate of stock index futures is at a high level, and there is an arbitrage opportunity in the CSI 1000 index futures. The overall index valuation is at a medium - low level [2][5][11] Summary by Relevant Catalogs I. Stock Index Futures Macro and Market Outlook - **Domestic News**: Starting from April 10, 2025, at 12:01, China will impose an additional 34% tariff on all imported goods originating from the United States on top of the current applicable tariff rates, with the current bonded and tax - exemption policies remaining unchanged [2] - **Overseas News**: The U.S. stock market suffered heavy losses for two consecutive days. The Dow Jones Industrial Average fell nearly 10% during the holiday, the S&P 500 index dropped 5.97%, and the Nasdaq Composite Index fell 5.82%, entering a technical bear market [2] - **Weekly Summary and Outlook**: The CSI 300 index declined weakly last week with lower trading volume. The net outflow of main funds in the past 5 trading days was 158.9 billion yuan, and the margin trading funds decreased by 23.2 billion yuan. Technically, the index is below the 40 - day moving average, with short - term trading volume decreasing and medium - long - term valuation at a medium - low level [2] II. Stock Index Futures Market and Basis - **Price Movement**: Stock index futures prices fell, and market trading volume decreased [5] - **Basis**: The current basis rate of stock index futures is at a high level, and there is an arbitrage opportunity in the CSI 1000 index futures [5] - **Price Changes**: Since 2024, the Shanghai - Shenzhen 50 large - cap stocks have risen 16.14%, and the CSI 1000 small - cap stocks have risen 8.06% [5] III. Stock Index Macro and Earnings Growth - **Macro**: In March, the manufacturing PMI (50.5) was above the boom - bust line, the interest rate (1.75) was below 3%, and the year - on - year growth rate of M2 was 7%, returning to normal [8] - **Profit**: The year - on - year net profit of A - share enterprises in the first three quarters turned from decline to increase, and the net profit of the CSI 300 increased year - on - year [8] - **Interest Rate**: The yield of the 10 - year Treasury bond was 1.75%, a decrease of 6 basis points from last week [8] IV. Stock Index Fund and Valuation Changes - **Fund**: The margin trading balance of A - shares decreased by 23.2 billion yuan in the past 5 trading days, and the net outflow of main funds of A - shares totaled 158.9 billion yuan in the past 5 trading days [11] - **Valuation**: The overall index valuation is at a medium - low level. The rolling price - to - earnings ratio of the CSI 300 index is 12 times, with a percentile of 38% [11] V. Stock Index Fundamental and Technical Analysis - **Fundamentals** - **Macro Environment**: Medium - long - term monetary policy is loose, interest rates are low, and the domestic economy is weakly stabilizing [15] - **Earnings Situation**: The year - on - year earnings of A - shares in the first three quarters increased [15] - **Fund Situation**: Margin trading funds decreased, and main funds had a short - term net outflow [15] - **Valuation Situation**: The current valuation is still at a medium - low level, providing medium - long - term support for the stock index [15] - **Technical Analysis**: The CSI 300 index is below the medium - long - term moving average, trading volume is decreasing, and the short - term trend is oscillating and bearish [14]

| | 供应 需求 | 螺纹产量本周保持稳定，钢厂利润可观，预计产量仍将维持在当前水平，持 续关注钢厂产量变化。 表观需求本周保持稳定，预计高点已现，表观需求较去年同期有大幅回落， | | | --- | --- | --- | --- | | | 库存 成本 | 水泥熟料产能利用率保持稳定，基建端仍起托举作用。 螺纹整体库存持续小幅回落，螺纹总库存去库21.04万吨，钢厂库存去库 2.41万吨，社会库存本周去库18.63万吨，持续关注产量与需求的平衡。 3 据估算即时高炉成本在2950元/吨左右，15日平均成本在2970元/吨左右。 | | | | 基差与价差 | 期货低位震荡，现货窄幅震荡，基差保持稳定。 | | | 螺纹 | 总结 | 受海外税收政策扰动，商品市场整体承压，钢材价格本周低位震荡，钢厂产 量预计仍将保持在高位，需求端保持疲弱，预计表观需求到达平台期，持续 | | | | | 大幅回升可能性较小，成材矛盾不突出，整体维持区间震荡。 | | | | 近期重要事件 | 4.3 22：00 美国3月MARKIT PMI | | | | | 4.4 美国3月失业率/非农 | 20：30 | | | ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Last week, Treasury bond futures rebounded. The central bank made a net injection of 303.6 billion yuan. The 10 - year Treasury bond yield slightly decreased and is at a historical low in the long - term. Technically, the short - term price of the T2506 contract is below the 40 - day moving average. The Treasury market price is oscillating at a high level, and the interest rate is still in a low - level range. In the medium - to - long - term, the upside space is limited, and short - selling on rallies is recommended in the short - term [3] 3. Summary by Relevant Catalogs 3.1 Treasury Bond Futures Macro and Market Outlook - **Weekly Macro and News**: In March this year, the central bank conducted 800 billion yuan of open - market outright reverse repurchase operations, with 700 billion yuan of outright reverse repurchases maturing, resulting in a net injection of 100 billion yuan of medium - term liquidity. Trump is expected to announce trade tariff policies later this week. Panic in the first quarter led global investors to reduce portfolio risks and turn to safe - haven assets, pushing up US Treasury bond prices and gold prices to a record high [4] - **Treasury Bond Market Outlook**: Last week, Treasury bond futures rebounded. The central bank made a net injection of 303.6 billion yuan. The 10 - year Treasury bond yield slightly decreased and is at a historical low in the long - term. The Treasury market price is oscillating at a high level, and the interest rate is still in a low - level range. In the medium - to - long - term, the upside space is limited, and short - selling on rallies is recommended in the short - term [3] 3.2 Treasury Bond Futures Market Quotes - **Price Trends**: Last week, Treasury bond futures rebounded. The weekly closing prices of TS2506, TF2506, T2506, and TL2506 increased by 0.09%, 0.25%, 0.43%, and 0.79% respectively. The trading volume/holding volume ratios were 1.77, 1.73, 2.06, and 5.60 respectively [6] 3.3 Changes in Treasury Bond Yields - **Yield Changes**: Last week, interest rates generally decreased slightly, and the yield spread remained stable [9] 3.4 Treasury Bond CTD Bonds and Basis - **Arbitrage Opportunities for Treasury Bond CTD Bonds**: This week, the IRR of Treasury bond futures was higher than the short - term financing rate, indicating arbitrage opportunities [12] 3.5 Treasury Bond Futures Spreads and Basis - **TF - T Spread**: The spread between 5 - year and 10 - year Treasury bond futures widened, and their basis also widened [13] 3.6 Treasury Bond Term Structure - **Treasury Bond Term Structure**: The Treasury bond term structure was steeper than last week, and the yield decreased compared to March 24 [21]

Group 1: Report Overview - The report is the Huajin Futures Weekly Report on Live Pigs, dated March 31, 2025 [1] Group 2: Investment Rating - No investment rating is provided in the report Group 3: Core View - Supply is sufficient, demand is recovering slowly, and pig prices are mainly in a consolidation trend. It is recommended to wait and see or conduct band operations [3] Group 4: Futures and Spot Data - Futures data: LH2505 closed at 13,225, down 130 (-1.0%); LH2507 closed at 13,440, up 45 (0.3%); LH2509 closed at 14,000, unchanged (0.0%) [3][7] - Spot data: The national average price of commercial pigs was 14.51 yuan/kg, down 0.13 yuan/kg (-0.7%); the price in Henan was 14.61 yuan/kg, down 0.1 yuan/kg (-0.7%). The average slaughter weight was 123.9 kg, up 0.06 kg (0.0%) [3] - Spread data: The 07 - 05 spread was 215, up 175; the 09 - 05 spread was 775, up 130. The 5 - month basis was 1385, up 30; the 7 - month basis was 1170, down 145 [3][13] - Slaughter data: The slaughter enterprise开工 rate was 26.56%, up; the frozen product storage rate was 17.14%, up [3] - Profit and cost data: The self - breeding and self - raising profit was 121.87 yuan/head, up; the profit from purchasing piglets was 120.61 yuan/head, up. The standard - fat spread was - 0.47 yuan/kg, up; the live - white spread was 4.26 yuan/kg, down [3] - Warehouse receipt data: The number of live pig warehouse receipts was 65, a decrease of 679 [3][13] Group 5: Piglet and Sow Market - The average price of weaned piglets was 528.57 yuan/head, up 17.62 yuan/head. The average price of 50KG binary sows was 1641 yuan/head, unchanged. The domestic inventory of breeding sows is expected to remain stable with minor fluctuations [21] Group 6: Pig Slaughter and Market Conditions - The national average slaughter weight was 123.84 kg, up 0.09 kg. The average slaughter price was 14.6 yuan/kg, up 0.03 yuan/kg. The monthly plan completion rate of large - scale farms was good, and there was no concentrated selling of medium and large pigs [24] - The national average standard - fat spread was - 0.47 yuan/kg, narrowing by 0.12 yuan/kg compared to last week [28] - The weekly slaughter enterprise开工 rate was 26.56%, up 0.34 percentage points. The fresh sales rate of key slaughter enterprises was 89.44%, down 0.38 percentage points. The frozen product storage rate of key slaughter enterprises was 17.14%, up 0.09 percentage points [31] Group 7: Profit and Pig - Grain Ratio - The average weekly profit of self - breeding and self - raising was 121.87 yuan/head, up 20.38 yuan/head; the average weekly profit of purchasing piglets was 120.61 yuan/head, down 12.59 yuan/head. The pig - grain ratio continued to decline, and it is expected to slightly increase during the Tomb - Sweeping Festival [40] Group 8: Market Information Summary - Supply: Large - scale farms have normal slaughter volume and high slaughter weight, with sufficient market supply [43] - Demand: It is currently the traditional consumption off - season, with poor market demand. The enthusiasm for secondary fattening has increased [43] - Cold storage: The cold storage capacity of slaughter enterprises is low, and the cold storage capacity is expected to increase in the later stage [43] - Policy: The "Administrative Measures for the License of Breeding Livestock and Poultry Production and Operation" will be implemented on July 1, 2025 [43] - African swine fever: There are sporadic epidemic situations in some areas, with relatively limited impact [43] - Market sentiment: Farmers are relatively optimistic, while the animal health and frozen product trading sectors are relatively pessimistic; the overall market sentiment is neutral [43]

股指期货市场周报 华金期货 研究院 2025/3/31 一、股指期货宏观及市场展望 • 周度宏观及消息面： • 周度总结及后市展望： • 国内消息：据国家统计局数据显示，3月份，制造业采购经理指数（PMI）为50.5%，比上月上 升0.3个百分点，制造业景气水平继续回升。 3 • 海外消息：美国2月核心PCE物价指数同比上涨2.8%，超过预期的2.7%和前值2.6%；环比则上 涨0.4%，超出预期和前值0.3%，创2024年1月以来新高。 | 股指期货 | 上周收盘 | 本周收盘 | 周涨幅 | 周成交量 | 周持仓量 | 成交量/持仓量 | | --- | --- | --- | --- | --- | --- | --- | | IF2506 | 3882.8 | 3884 | 0.03% | 250972 | 152667 | 1.64 | | IH2506 | 2671.8 | 2677.6 | 0.22% | 3 123912 | 50848 | 2.44 | | IC2506 | 5810.6 | 5766.8 | -0.75% | 175769 | 98522 | 1.78 | | IM2506 ...