猪价，继续下行

Core Insights - The sales reports of A-share listed pig companies for September 2025 show varied trends in sales volume and revenue, with a general decline in average selling prices both month-on-month and year-on-year [1][4]. Sales Performance - Tianbang Food reported sales of 612,700 pigs in September 2025, generating revenue of 634 million yuan, with an average selling price of 13.69 yuan/kg, reflecting a month-on-month decrease of 8.88% [2]. - Dabeinong's sales reached 373,700 pigs, with revenue of 541 million yuan, showing a month-on-month sales volume increase of 6.10% but a year-on-year revenue decline of 6.24% [2]. - Muyuan Foods sold 5.573 million pigs, with a revenue of 9.066 billion yuan, experiencing a year-on-year sales volume increase of 11.05% but a significant decline in average selling price by 30.94% [3]. - Wens Foodstuff reported sales of 3.3253 million pigs, generating 4.975 billion yuan in revenue, with a year-on-year sales volume increase of 32.46% but a decline in average selling price by 30.81% [3]. - New Hope sold 1.3942 million pigs, with revenue of 1.746 billion yuan, showing a year-on-year sales volume increase of 16.92% but a significant decline in average selling price by 31.47% [3]. Price Trends - Since October 2025, pig prices have continued to decline, with the market price dropping to 12.50 yuan/kg by October 10, down from 12.59 yuan/kg at the end of September [5]. - The wholesale price of pork has also decreased, reaching 18.85 yuan/kg by October 10, compared to 19.40 yuan/kg at the end of September [5]. - Futures prices for live pigs have seen a significant drop, with a cumulative decline of approximately 9% in September and over 8% in the first two trading days of October [6]. Future Outlook - The pig farming industry is entering a pressure period, with expectations of continued price pressure in the coming months due to supply-demand dynamics [7]. - The government is focused on stabilizing prices, which may shorten the duration of this pressure period [7]. - Current market conditions suggest a potential "supply-demand increase" scenario, with expectations that pig prices will remain under pressure in October [7].