财经深一度|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][9]. Group 1: Market Performance - Since its launch, live pig futures have seen a steady increase in trading volume, with total trading volume reaching 17.993 million contracts and average daily trading volume at 74,000 contracts by 2025 [3]. - The average daily open interest has also risen, maintaining above 300,000 contracts since November 2025, indicating improved market liquidity [3]. Group 2: Industry Participation - Over 3,000 industry enterprises are now participating in live pig futures trading, with 24 out of 32 major pig farming companies involved in futures transactions [4]. - Companies like Sichuan Dekang Agricultural and Animal Husbandry Food Group have integrated futures trading into their regular operations, using it as a tool for hedging and profit stabilization [4][6]. Group 3: Risk Management and Support - The "insurance + futures" model has been adopted by many small and medium-sized farmers to secure 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]. Group 4: Market Functionality and Future Outlook - The live pig futures market has effectively facilitated price discovery and helped stabilize supply-demand dynamics in the industry, reducing the volatility associated with price fluctuations [9]. - The Dalian Commodity Exchange has continuously improved the futures contract by adjusting delivery quality standards and introducing options to enhance risk management tools [9][10].