Report Industry Investment Rating No relevant content provided. Core View of the Report - The view of the report is that the price of live pigs will experience a shock adjustment [4]. - The core logic is that the supply of live pigs is expected to increase monthly until December, making it difficult for pig prices to rise significantly; the price difference between 150Kg pigs and standard pigs is expected to continue to strengthen, which will support pig prices; if the price remains weak, a negative cycle may form, and the pig price may rebound at the end of the year, and an inverse spread of the 11 - 01 contract can be considered [4]. Summary by Relevant Catalogs Market Dynamics - On September 11, the registered warehouse receipts of live pigs were 428 lots [2]. - The short - term spot price has limited room for further decline, and attention should be paid to the extent of further weight reduction of live pigs [2]. - The main contract of live pigs (LH2511) increased its positions by 234 lots today, with a position of about 76,000 lots. The highest price was 13,370 yuan/ton, the lowest price was 13,285 yuan/ton, and the closing price was 13,320 yuan/ton [2]. Fundamental Analysis - From the perspective of the number of breeding sows, the supply of live pigs is expected to increase monthly from March to December, but the increase is limited. From the perspective of piglet data, the slaughter volume of live pigs will increase overall in the third and fourth quarters of 2025. The consumption in the second half of the year is better than that in the first half [3]. - Historically, the fat - standard price difference may strengthen in a shock [3]. - The short - side logic includes slow and difficult weight reduction in the breeding end, continuous increase in subsequent slaughter volume, and limited support from demand for pig prices as the third quarter is not the peak consumption season. The long - side logic includes that the weight reduction in the breeding end is beneficial to the future market, consumption is expected to gradually improve after the weather turns cool, and the increase in subsequent slaughter volume is limited [3]. Strategy Suggestions - The view is shock adjustment [4]. - The core logic is that the slaughter volume of live pigs may increase monthly until December, making it difficult for pig prices to rise significantly; the price difference between 150Kg pigs and standard pigs is expected to continue to strengthen, which will support pig prices; if a negative cycle forms, the pig price may rebound at the end of the year, and an inverse spread of the 11 - 01 contract can be considered [4]. Market Overview - The national average live pig slaughter price on September 11 was 13.33 yuan/kg, up 0.02 yuan or 0.15% from the previous day. The slaughter price in Henan was 13.52 yuan/kg, up 0.01 yuan or 0.07% [6]. - Among the futures prices, the 01 contract was 13,730 yuan/ton, down 10 yuan or - 0.07%; the 03 contract was 13,015 yuan/ton, unchanged; the 05 contract was 13,520 yuan/ton, down 20 yuan or - 0.15%; the 07 contract was 14,285 yuan/ton, up 20 yuan or 0.14%; the 09 contract was 13,090 yuan/ton, down 115 yuan or - 0.87%; the 11 contract was 13,320 yuan/ton, up 5 yuan or 0.04% [6]. - The main basis in Henan was 200 yuan/ton, up 5 yuan or 2.56% [6]. Key Data Tracking - The report provides data on the closing prices of futures contracts in the past 180 days, the basis of the main live pig contract in Henan, the price difference between the 11 - 01 contracts, and the price difference between the 01 - 03 contracts [14].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The overall view of the report is that the price of live pigs will experience a period of oscillatory adjustment [4]. - The core logic is that based on sow and piglet data, the supply of live pigs is expected to increase monthly until December, making it difficult for pig prices to rise significantly. However, the stable rebound of the price difference between 150Kg pigs and standard pigs and the potential for this difference to continue to strengthen seasonally will support pig prices to some extent. Additionally, if the price weakness persists, a negative cycle may form, and if this occurs, pig prices are expected to rise at the end of the year [4]. 3. Summary by Relevant Catalogs 3.1 Market Dynamics - On September 10, the registered warehouse receipts for live pigs were 428 lots [2]. - In the short term, there is limited room for further decline in spot prices. Attention should be paid to the extent of further weight reduction of live pigs [2]. - The main contract of live pigs (LH2511) reduced its positions by 2,241 lots today, with a position of approximately 75,700 lots. The highest price today was 13,400 yuan/ton, the lowest was 13,210 yuan/ton, and it closed at 13,315 yuan/ton [2]. 3.2 Fundamental Analysis - From the perspective of the inventory of breeding sows, the supply of live pigs is expected to increase monthly from March to December, but the increase will be limited. Based on piglet data, the overall slaughter volume of live pigs will increase in the third and fourth quarters of 2025. In terms of demand, consumption in the second half of the year is better than in the first half [3]. - Historically, the price difference between fat and standard pigs may strengthen oscillatory [3]. - Market bearish and bullish logics: Bears believe that the weight reduction of the breeding end is slow and difficult, the supply pressure has not been fully released, the subsequent slaughter volume is expected to continue to increase, and the demand support for pig prices is limited as the third quarter is not the peak consumption season. Bulls believe that the breeding end has already reduced weight, which is beneficial for the future market, consumption is expected to gradually improve after the weather turns cool, and although there will be an increase in subsequent slaughter volume, the increase will be limited [3]. 3.3 Strategy Suggestions - The view is oscillatory adjustment [4]. - The core logic is that based on sow and piglet data, the slaughter volume of live pigs may increase monthly until December (without considering early or delayed slaughter by the breeding end), and with abundant supply, it is difficult for pig prices to rise significantly. The stable rebound of the price difference between 150Kg pigs and standard pigs and the potential for this difference to continue to strengthen seasonally will weaken the willingness of individual farmers to reduce weight, providing some support for pig prices. If the price weakness persists, a negative cycle of "price decline → increased slaughter enthusiasm → price decline" may form. If this cycle occurs, pig prices are expected to rise at the end of the year, and a reverse spread of the 11 - 01 contract can be considered (for reference only, not constituting investment advice) [4]. 3.4 Market Overview - National live pig slaughter price on September 10 was 13.31 yuan/kg, a decrease of 0.06 yuan/kg or 0.45% compared to September 9 [6]. - In Henan, the live pig slaughter price on September 10 was 13.51 yuan/kg, a decrease of 0.09 yuan/kg or 0.66% compared to September 9 [6]. - In Sichuan, the live pig slaughter price on September 10 was 13.17 yuan/kg, a decrease of 0.1 yuan/kg or 0.75% compared to September 9 [6]. - Futures prices of various contracts on September 10 showed an upward trend compared to September 9, with increases ranging from 0.42% to 0.99% [6]. - The main contract basis in Henan on September 10 was 195 yuan/ton, a decrease of 175 yuan/ton or 47.3% compared to September 9 [6]. 3.5 Key Data Tracking - The report provides data on the closing prices of futures contracts in the past 180 days, the basis of the main live pig contract in the Henan region, the price difference between the 11 - 01 contracts, and the price difference between the 01 - 03 contracts [14].

【期价震荡调整】 【市场动态】 另存为PDF 生猪日报 | 2025-09-10 1、9月9日，生猪注册仓单428手； 2、短期现货继续下跌空间有限，关注接下来生猪继续降重幅度； 3、生猪主力合约（LH2511）今日增仓547手，持仓约7.8万手，今日最高价 13310元/吨，最低价13170元/吨，收盘于13230元/吨。 【基本面分析】 1、能繁母猪存栏量看，3-12月生猪供应量有望逐月增加，但幅度有限。仔猪数 据看，2025年三四季度生猪出栏量整体震荡增加；需求端来看，下半年消费比 上半年好； 2、 从历史情况来看，肥标差或震荡走强； 3、市场多空逻辑： 空头：①养殖端降重缓慢且有难度，供应压力尚未完全释 放；②后续出栏量有望持续增加；③三季度尚未到消费旺季，需求对猪价的支 撑有限；多头：①养殖端已有所降重利好后市；②天气转凉后消费有望逐渐好 转；③后续出栏虽有增量但幅度有限。 【策略建议】 1、观点：震荡调整； 2、核心逻辑： 1） 从母猪、仔猪数据看，到12月生猪出栏量或逐月增加（不考虑养殖端提前 或延后出栏），供应充裕下猪价难有明显上涨； 2）150Kg与标猪价差企稳反弹，从季节性看该价差有望继续 ...

Report Summary Investment Rating No investment rating is provided in the report. Core View The report predicts that the hog price will experience a period of volatile adjustment. The supply of hogs is expected to increase gradually until December, which will limit significant price increases. However, the price difference between 150Kg hogs and standard hogs is expected to strengthen seasonally, providing some support to the hog price. If the price remains weak, a negative cycle may form, but the hog price may rebound at the end of the year [4]. Summary by Section Market Dynamics - On September 8, the registered hog warehouse receipts were 430 lots [2]. - The short - term spot price has limited room for further decline, and attention should be paid to the extent of weight reduction of hogs [2]. - The main hog contract (LH2511) reduced its positions by 589 lots today, with a position of approximately 77,400 lots. The highest price was 13,385 yuan/ton, the lowest was 13,145 yuan/ton, and it closed at 13,305 yuan/ton [2]. Fundamental Analysis - From the perspective of the inventory of breeding sows, the supply of hogs is expected to increase monthly from March to December, but the increase is limited. Based on piglet data, the hog slaughter volume is expected to increase overall in the third and fourth quarters of 2025. The consumption in the second half of the year is better than that in the first half [3]. - Historically, the price difference between fat and standard hogs may strengthen [3]. - The bearish logic in the market includes slow and difficult weight reduction by farmers, continuous increase in subsequent slaughter volume, and limited demand support for hog prices as the third quarter is not the peak consumption season. The bullish logic includes weight reduction by farmers benefiting the future market, improved consumption after the weather cools down, and limited increase in subsequent slaughter volume [3]. Strategy Suggestion - The view is that the market will experience volatile adjustment [4]. - The core logic is that hog slaughter volume may increase monthly until December, limiting significant price increases; the price difference between 150Kg hogs and standard hogs is expected to strengthen seasonally, which will weaken farmers' willingness to reduce weight and support the price; if the price remains weak, a negative cycle may form, and if so, the hog price may rebound at the end of the year, and an inverse spread of the 11 - 01 contract can be considered (for reference only) [4]. Market Overview - The national average hog slaughter price on September 8 was 13.48 yuan/kg, down 0.96% from September 5. The prices in Henan and Sichuan also decreased [6]. - Among the futures prices, the prices of some contracts increased slightly, while others remained unchanged or decreased slightly. The main contract (11 - contract) closed at 13,305 yuan/ton, down 0.15% [6]. - The main basis in Henan decreased by 32.21% to 505 yuan/ton [6]. Key Data Tracking - The report provides data on the closing prices of futures contracts in the past 180 days, the basis in the Henan region of the main hog contract, and the price differences between different contracts [14].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The view is that the futures price of live pigs will have a volatile adjustment [4] - The core logic is that the supply of live pigs is expected to increase monthly until December, making it difficult for pig prices to rise significantly; the price difference between 150Kg pigs and standard pigs is expected to strengthen seasonally, which will weaken the willingness of retail farmers to reduce the weight of pigs and support pig prices; if farmers continue to reduce the weight of pigs or keep the weight stable, the pig price may fluctuate and adjust, which is beneficial to the November contract. Considering that the November contract price is almost at par with the spot price, it is recommended to wait and see [4] Group 3: Summary by Relevant Catalogs Market Dynamics - On September 4, the registered warehouse receipts of live pigs were 430 lots [2] - The short - term spot price has limited room for further decline, and attention should be paid to the extent of further weight reduction of live pigs [2] - The main contract of live pigs (LH2511) increased its positions by 4,437 lots today, with a position of about 78,000 lots. The highest price today was 13,550 yuan/ton, the lowest price was 13,355 yuan/ton, and it closed at 13,365 yuan/ton [2] Fundamental Analysis - From the perspective of the inventory of breeding sows, the supply of live pigs is expected to increase monthly from March to December, but the increase is limited. From the perspective of piglet data, the slaughter volume of live pigs will increase overall in the third and fourth quarters of 2025. In terms of demand, consumption in the second half of the year is better than that in the first half [3] - Historically, the price difference between fat and standard pigs may strengthen fluctuantly [3] - The short - side logic includes slow and difficult weight reduction by farmers, incomplete release of supply pressure, continuous increase in subsequent slaughter volume, and limited support from demand for pig prices as the third quarter is not the peak consumption season. The long - side logic includes that farmers have reduced the weight of pigs, which is beneficial to the future market; the strong resilience of the spot price indicates that the supply - demand situation is not as loose as the short - side thinks; although the subsequent slaughter volume will increase, the increase is limited, and the third and fourth quarters are gradually entering the peak consumption season for live pigs [3] Strategy Suggestions - The view is a volatile adjustment [4] - The core logic is based on sow and piglet data, the slaughter volume of live pigs may increase monthly until December, and it is difficult for pig prices to rise significantly under abundant supply; the price difference between 150Kg pigs and standard pigs is expected to continue to strengthen seasonally, which will weaken the willingness of retail farmers to reduce the weight of pigs and support pig prices; if farmers continue to reduce the weight of pigs or keep the weight stable, the pig price may fluctuate and adjust, which is beneficial to the November contract. Considering that the November contract price is almost at par with the spot price, it is recommended to wait and see [4] Market Overview - On September 4, 2025, the national average live pig slaughter price was 13.9 yuan/kg, a decrease of 0.07 yuan/kg or 0.5% compared with the previous day; the slaughter price in Henan was 14.05 yuan/kg, an increase of 0.03 yuan/kg or 0.21%; the slaughter price in Sichuan was 13.84 yuan/kg, unchanged from the previous day [6] - Among the futures prices, the price of the 01 contract was 13,740 yuan/ton, a decrease of 175 yuan/ton or 1.26%; the 03 contract was 13,030 yuan/ton, a decrease of 100 yuan/ton or 0.76%; the 05 contract was 13,535 yuan/ton, a decrease of 110 yuan/ton or 0.81%; the 07 contract was 14,180 yuan/ton, a decrease of 100 yuan/ton or 0.7%; the 09 contract was 13,175 yuan/ton, a decrease of 40 yuan/ton or 0.3%; the 11 contract was 13,365 yuan/ton, a decrease of 185 yuan/ton or 1.37% [6] - The main basis in Henan was 685 yuan/ton, an increase of 215 yuan/ton or 45.74% compared with the previous day [6]

| | | 下载图片 | | --- | --- | --- | | | | 另存为PDF | | 生猪周报 | 2025-09-08 | | | | 分享 作者： | | | 【市场继续降重 猪价震荡偏弱】 | 史香迎 | | | 【市场动态】 | 生猪分析师 | | | 1、9月5日，生猪注册仓单430手； | | | | 2、涌益样本养殖企业7月计划出栏完成率97.11%，8月计划+6.6%；整体看8月日均出栏压力明显大于7月； | 期货从业资格：F03086321 | | | 3、本周生猪主力合约（LH2511）震荡偏弱调整，收盘于13325元/吨，持仓量约7.8万手。 | 交易咨询资格：Z0019355 | | | 【基本面分析】 | | | | 1、能繁母猪存栏量看，下半年生猪供应量有望逐月增加，但幅度有限。仔猪数据看，2025年三四季度生猪出栏量整体震荡增加； | 邮箱地址： | | | | shixy@hrrdqh.com | | | 需求端来看，下半年消费比上半年好； | | | | 2、 从历史情况和现下基本面来看，肥标差或震荡走强； | 联系方式： | | | 3、市场多空逻辑： 空头： ...

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoint - The report suggests that the hog price will experience a period of oscillatory adjustment. The supply of hogs is expected to increase monthly until December, making it difficult for hog prices to rise significantly. However, the stable and rebounding price difference between 150Kg hogs and standard hogs will support the price to some extent. If the farming sector continues to reduce the weight of hogs or maintain a stable weight, the hog price may oscillate and adjust, which is beneficial to the November contract. Considering that the November contract is almost at par with the spot price, it is recommended to wait and see for now [4]. 3. Summary by Relevant Sections Market Dynamics - On September 3, the registered hog warehouse receipts were 430 lots. The short - term spot price has limited room for further decline, and attention should be paid to the extent of further weight reduction of hogs. The main hog contract (LH2511) increased its positions by 208 lots today, with a holding of about 73,600 lots. The highest price was 13,600 yuan/ton, the lowest was 13,510 yuan/ton, and it closed at 13,550 yuan/ton [2]. Fundamental Analysis - From the perspective of the number of breeding sows, the supply of hogs is expected to increase monthly from March to December, but the increase is limited. According to the piglet data, the hog slaughter volume will generally increase in the third and fourth quarters of 2025. On the demand side, consumption in the second half of the year is better than that in the first half. Historically, the price difference between fat and standard hogs may strengthen oscillatory. The market has both bearish and bullish logics. The bearish view believes that the weight - reduction of the farming sector is slow and difficult, the supply pressure has not been fully released, the subsequent slaughter volume is expected to continue to increase, and the demand support for hog prices is limited as the third quarter is not the peak consumption season. The bullish view holds that the farming sector has reduced the weight of hogs, which is beneficial to the future market, the spot price is resilient, indicating that the supply - demand situation is not as loose as the bears think, and although there will be an increase in the subsequent slaughter volume, the increase is limited, and the third and fourth quarters are gradually entering the peak consumption season for hogs [3]. Strategy Suggestion - The view is oscillatory adjustment. The core logic is that based on the data of sows and piglets, the hog slaughter volume may increase monthly until December, and it is difficult for hog prices to rise significantly under sufficient supply. The stable and rebounding price difference between 150Kg hogs and standard hogs will weaken the weight - reduction willingness of individual farmers and support the hog price. If the farming sector continues to reduce the weight of hogs or maintain a stable weight, the hog price may oscillate and adjust, which is beneficial to the November contract. Considering that the November contract is almost at par with the spot price, it is recommended to wait and see [4]. Market Overview - On September 3, the national average hog slaughter price was 13.97 yuan/kg, a decrease of 0.06 yuan/kg or 0.43% from the previous day. The hog slaughter price in Henan was 14.02 yuan/kg, a decrease of 0.06 yuan/kg or 0.43% from the previous day, and the price in Sichuan remained unchanged at 13.84 yuan/kg. Among the futures prices, the 01 contract increased by 55 yuan/ton or 0.4%, the 03 contract increased by 35 yuan/ton or 0.27%, the 05 contract increased by 75 yuan/ton or 0.55%, the 07 contract increased by 95 yuan/ton or 0.67%, the 09 contract decreased by 85 yuan/ton or 0.64%, and the 11 contract decreased by 45 yuan/ton or 0.33% [6]. Key Data Tracking - The report presents data on the national hog slaughter price, sample enterprise slaughter volume, white - strip pork average price, national corn purchase average price, futures contract closing prices in the past 180 days, the basis of the main hog contract in Henan, and the price differences between different contracts, but specific numerical analysis is not provided in the text, only the data trends are shown through charts [7][8][9][10][11][12][13].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoint - The report suggests that the price of live pigs will experience a period of oscillatory adjustment. There is a likelihood of a monthly increase in the number of live pigs for slaughter until December, making it difficult for pig prices to rise significantly. However, the stable rebound of the price difference between 150Kg pigs and standard pigs provides some support to pig prices. If the farmers continue to reduce the weight of pigs or keep the weight stable, the pig price may oscillate and adjust, which is beneficial to the November contract. Considering that the November contract price is almost at par with the spot price, it is recommended to wait and see [4]. 3. Summary by Directory 3.1 Market Dynamics - On September 2nd, the registered warehouse receipts of live pigs were 430 lots. The short - term spot price has limited room for further decline, and attention should be paid to the extent of further weight reduction of live pigs. The main contract of live pigs (LH2511) reduced its positions by 2,076 lots today, with a position of about 73,400 lots. The highest price of the day was 13,645 yuan/ton, the lowest was 13,500 yuan/ton, and it closed at 13,595 yuan/ton [2]. 3.2 Fundamental Analysis - From the perspective of the inventory of fertile sows, the supply of live pigs is expected to increase monthly from March to December, but the increase is limited. According to the piglet data, the number of live pigs for slaughter will generally increase in the third and fourth quarters of 2025. In terms of demand, consumption in the second half of the year is better than that in the first half. Historically, the fat - standard price difference may strengthen oscillatory. The bearish logic in the market is that the weight reduction of the breeding end is slow and difficult, the supply pressure has not been fully released, the subsequent number of pigs for slaughter is expected to continue to increase, and the demand support for pig prices is limited as the third quarter is not the peak consumption season. The bullish logic is that the breeding end has reduced the weight, which is beneficial to the future market, the spot price is resilient, indicating that the supply - demand situation is not as loose as the bears think, and although there will be an increase in the number of pigs for slaughter in the future, the increase is limited, and the third and fourth quarters gradually enter the peak consumption season of live pigs [3]. 3.3 Strategy Suggestion - The view is oscillatory adjustment. The core logic is that based on sow and piglet data, the number of live pigs for slaughter may increase monthly until December, and it is difficult for pig prices to rise significantly under sufficient supply. The price difference between 150Kg pigs and standard pigs has stabilized and rebounded, and it is expected to continue to strengthen seasonally, which will also weaken the willingness of retail farmers to reduce weight and support pig prices. If the breeding end continues to reduce weight or keep the weight stable, the pig price may oscillate and adjust, which is beneficial to the November contract. Considering that the November contract price is almost at par with the spot price, it is recommended to wait and see [4]. 3.4 Market Overview - **National average live pig slaughter price**: On September 2nd, it was 14.03 yuan/kg, up 0.05 yuan/kg from the previous day, with a growth rate of 0.36%. - **Provincial - level live pig slaughter prices**: In Henan, it was 14.08 yuan/kg, down 0.23 yuan/kg from the previous day, a decrease of 1.61%. In Sichuan, it was 13.84 yuan/kg, up 0.17 yuan/kg from the previous day, an increase of 1.24%. - **Futures prices**: The prices of different contracts showed different trends. For example, the 01 contract was 13,860 yuan/ton, up 20 yuan/ton from the previous day, an increase of 0.14%; the 11 contract was 13,595 yuan/ton, down 30 yuan/ton from the previous day, a decrease of 0.22%. - **Main contract basis**: In Henan, it was 485 yuan/ton, down 200 yuan/ton from the previous day, a decrease of 29.2% [6]. 3.5 Key Data Tracking - The report provides data on the closing prices of futures contracts in the past 180 days, the basis of the main live - pig contract in the Henan region, and the price differences between different contracts, but specific numerical summaries are not repeated here [14].

生猪日报 | 2025-09-02 另存为PDF 【期价震荡调整】 【市场动态】 1、9月1日，生猪注册仓单430手； 2、短期现货继续下跌空间有限，关注接下来生猪继续降重幅度； 3、生猪主力合约（LH2511）今日增仓1828手，持仓约7.55万手，今日最高价 13710元/吨，最低价13545元/吨，收盘于13625元/吨。 【基本面分析】 1、能繁母猪存栏量看，3-12月生猪供应量有望逐月增加，但幅度有限。仔猪数 据看，2025年三四季度生猪出栏量整体震荡增加；需求端来看，下半年消费比 上半年好； 2、 从历史情况来看，肥标差或震荡走强； 3、市场多空逻辑： 空头：①养殖端降重缓慢且有难度，供应压力尚未完全释 放；②后续出栏量有望持续增加；③三季度尚未到消费旺季，需求对猪价的支 撑有限；多头：①养殖端已有所降重利好后市；②现货价格韧性强，说明供需 不像空头想的那么宽松；③后续出栏虽有增量但幅度有限，且三四季度逐渐进 入生猪消费旺季。 【策略建议】 1、观点：震荡调整； 2、核心逻辑： 图表设置 1） 从母猪、仔猪数据看，到12月生猪出栏量或逐月增加（不考虑养殖端提前 或延后出栏），供应充裕下猪价难有明显 ...

Report Investment Rating No investment rating information is provided in the report. Core Viewpoints - The spot price of pigs is expected to adjust weakly and fluctuately. The supply of pigs is likely to increase monthly until December, making it difficult for pig prices to rise significantly and continuously. If the price weakness persists, a negative cycle may form, but pig prices are expected to rebound at the end of the year. [1] - The fat - standard price difference is expected to strengthen, which may increase the willingness of farmers to fatten pigs. [1] Summary by Directory 1. Futures End - **主力合约基差情况**: Due to the weak performance of the spot market, the futures price fluctuated weakly this week. On August 29, 2025, the benchmark base difference of the main contract was 185 yuan/ton, compared with -70 yuan/ton on August 22. [2][3] - **各合约价格变化情况**: The prices of far - month contracts fluctuated and adjusted. [4] - **月间价差变化**: The monthly spreads fluctuated and adjusted. [7][10] 2. Spot End - **猪价与宰量**: This week, the slaughter volume increased steadily, while pig prices fluctuated weakly. [13] - **区域价差**: Regional price differences were relatively reasonable. [15] - **肥标价差**: The fat - standard price difference fluctuated strongly. If it continues to strengthen, it will increase the market's willingness to fatten pigs. [17] - **鲜销与毛白价差**: Terminal consumption was relatively stable year - on - year. [19] - **相关产品比价与鲜冻价差**: The cost - effectiveness of pork was average. The fresh - frozen price difference of No. 2 meat weakened, and the cost - effectiveness of frozen products was lower than that of fresh products. [21] - **养殖利润**: The self - breeding and self - raising profit was still considerable, while the profit of purchasing piglets for fattening was slightly in the red. [23] - **出栏体重**: The average slaughter weight continued to decline this week. Attention should be paid to whether the negative cycle of "weak price → increased slaughter enthusiasm → weak price" will form. [25] 3. Capacity End - **能繁母猪存栏量**: As of the end of July, the national inventory of reproductive sows was 40.42 million, with a month - on - month and year - on - year growth of 0.0%. Different data sources showed that the inventory of reproductive sows continued to increase. [27] - **母猪淘汰情况**: The price of culled sows was weak this week. The slaughter volume of culled sows decreased month - on - month in July, and the enthusiasm for capacity reduction in the market was average. [29] - **母猪生产效率与新生健仔数**: In July, the number of healthy newborn piglets increased by 0.06% month - on - month. According to a 6 - month fattening period, the number of pigs to be slaughtered in January next year is expected to increase overall. [31] - **母猪、仔猪补栏积极性**: This week, the price of 15 - kg piglets was stable with a slight downward trend, and the price of 50 - kg binary sows was weak. [33] 4. Slaughter End - **屠宰量与屠宰利润等**: The slaughter volume continued to increase month - on - month. In July, the slaughter volume of designated enterprises was 31.66 million, a month - on - month increase of 5.3% and a year - on - year increase of 30.4%. The frozen product market will gradually enter the de - stocking stage, and its impact on pig prices will change from positive to neutral and slightly negative. [35] 5. Import End - In July 2025, the pork import volume was about 87,600 tons, a decrease of about 2,400 tons from the previous month. The current scale of pork imports has a limited impact on domestic pig prices. [38]