白条猪肉：9月中旬价跌至17.15元/公斤创新低

Core Viewpoint - Domestic pork prices have reached a new low for the year in mid-September, primarily due to oversupply and weak demand [1] Price Trends - As of September 12, 2025, the price of lean pork in China has dropped to 17.15 yuan per kilogram, marking the lowest level of the year [1] - This represents a decrease of 3.50% compared to the beginning of the month and a significant decline of 32.44% compared to the same period in 2024 [1] Supply and Demand Dynamics - There is currently no significant improvement in terminal demand, while upstream breeding operations are actively selling off stock [1] - Slaughterhouses are controlling inventory strictly, leading to an oversupply of pork [1] - The sluggish sales at slaughterhouses have resulted in price reductions to stimulate volume, causing prices to continue to decline [1] Future Outlook - The oversupply situation is expected to persist in the short term, with prices likely to hover at low levels in mid-September [1] - As the double festival approaches in late September, there may be a slight improvement in demand, which could support a price rebound; however, due to increased supply, any price increase is expected to be limited [1]