猪价 继续下行！

Core Viewpoint - The sales reports of A-share listed pig companies for September 2025 indicate a mixed trend in sales volume and revenue, with a general decline in sales prices both month-on-month and year-on-year [1][4]. Sales Performance Summary - 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, showing month-on-month changes of 15.68% in volume, 2.14% in revenue, and a decline of 8.88% in price [2]. - Dabeinong's sales for September 2025 reached 373,700 pigs, with revenue of 541 million yuan. The sales volume increased by 6.10% month-on-month and 33.08% year-on-year, while revenue saw a month-on-month increase of 3.64% but a year-on-year decrease of 6.24% [2]. - Muyuan Foods sold 5.573 million pigs in September 2025, with a year-on-year increase of 11.05%. The average selling price was 12.88 yuan/kg, down 30.94% year-on-year, and total revenue was 9.066 billion yuan, down 22.46% year-on-year [3]. - Wens Foodstuffs sold 3.3253 million pigs, generating revenue of 4.975 billion yuan, with an average price of 13.18 yuan/kg. The sales volume and revenue showed mixed trends compared to previous months [3]. - New Hope reported sales of 1.3942 million pigs, with revenue of 1.746 billion yuan and an average price of 12.89 yuan/kg, reflecting a decline in price year-on-year [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 on October 10, down from 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 Price Outlook - Long-term forecasts suggest that the pig farming industry is entering a pressure period, with potential for continued price declines. However, government policies aimed at stabilizing prices may mitigate the duration and extent of this pressure [7]. - Mid-term expectations indicate that pig prices may remain under pressure due to supply-demand dynamics, despite some consumption recovery. The market is likely to experience a "supply-demand increase" scenario, maintaining a loose supply condition [7].