开源证券：8月大猪持续出栏去化 后市猪价不悲观

Industry - In August, the outflow of large pigs continued, leading to a pessimistic outlook for pig prices. The average selling price of live pigs in August 2025 was 13.77 yuan/kg, down 5.35% month-on-month and 32.35% year-on-year [2][3] - The slaughter volume in August 2025 was 4.3388 million heads, an increase of 4.34% month-on-month and 5.66% year-on-year [2][3] - The completion rate of pig outflow in August was 100.04%, with a planned outflow for September increasing by 3.92% compared to August's actual outflow [2][3] - The pig price in August experienced a decline due to factors such as group weight reduction, large pig sales by individual farmers, and the spread of African swine fever from south to north [2][3] - Despite short-term pressure from the spread of the epidemic, the demand is expected to improve as temperatures drop, providing support for pig prices [2][3] Company - In August, 12 listed pig farming companies reported a total outflow of 15.116 million heads, an increase of 29.79% year-on-year [4] - Major listed companies such as Muyuan Foods, Wens Foodstuff Group, and New Hope reported respective outflows of 700.10, 324.57, and 133.78 thousand heads, with year-on-year changes of +27.11%, +37.88%, and +4.72% [4] - The average selling price of pigs for major listed companies decreased in August, with prices for companies like Muyuan Foods and Wens Foodstuff Group dropping by 5.5% and 6.5% respectively [5]