财经深一度丨从“稳起步”到“深扎根”，生猪期货迎来上市五周年

Core Viewpoint - The launch of live pig futures in China has significantly contributed to the stability and development of the pig farming industry, providing essential tools for risk management and price stabilization over the past five years [1]. Group 1: Market Performance - Since its launch on January 8, 2021, live pig futures have seen steady market operation and increasing liquidity, becoming a crucial tool for the industry to manage cyclical fluctuations [1]. - In 2021, the average daily trading volume of live pig futures was 25,000 contracts, with an average open interest of 60,000 contracts. By 2025, the total trading volume reached 17.993 million contracts, with an average daily trading volume of 74,000 contracts and an average open interest of 213,000 contracts [4]. - As of November 2025, the average open interest has consistently remained above 300,000 contracts, indicating a significant increase in market participation [4]. Group 2: Industry Participation - Over 3,000 industry enterprises have engaged in live pig futures trading, with 24 out of 32 major pig farming companies participating in futures trading or delivery [4]. - Sichuan Dekang Agricultural and Animal Husbandry Food Group has actively utilized futures for hedging since the product's launch, helping to secure profits and serve as a reference for pricing in various stages of pig farming [4]. - Shaanxi Shiyang Agricultural Technology Co., Ltd. has also leveraged live pig futures to stabilize its operational performance, using futures contracts for hedging and securing future sales prices [6]. Group 3: Risk Management and Support - Small and medium-sized farmers are utilizing "insurance + futures" strategies to lock in feed costs and pig selling prices, allowing for better production planning and risk mitigation [6]. - The Dalian Commodity Exchange has supported 774 "insurance + futures" projects, covering over 15.4 million pigs and providing compensation of 748 million yuan to 28,700 farming households [6]. - The integration of futures with innovative pricing and sales services by commodity service providers has further enhanced risk management for farming enterprises [8]. Group 4: Market Functionality and Future Outlook - The live pig futures market has effectively played a role in price discovery, helping industry participants analyze future supply and demand dynamics [8]. - The futures market aids in stabilizing the industry by preventing erratic production adjustments and aligning with national capacity regulation policies [8]. - The Dalian Commodity Exchange continues to improve the futures contract by enhancing delivery quality standards and introducing options to enrich risk management tools [9].