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 over the past five years, providing essential tools for risk management and price stabilization [1][3]. Group 1: Market Performance - 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, indicating a steady increase in market liquidity [3]. - Since the launch of live pig futures, over 3,000 industry enterprises have participated in trading, with 24 out of 32 major pig farming companies engaging in futures trading or delivery [3]. Group 2: Industry Adaptation - The pig farming industry has been adjusting its structure since 2021, focusing on scale and efficiency improvements, with cost reduction and efficiency enhancement becoming industry consensus [3]. - Companies like Sichuan Dekang Agricultural and Animal Husbandry Food Group have integrated futures trading into their regular operations, using it to lock in profits and as a reference for pricing in various stages of production [3][5]. Group 3: Risk Management - Small and medium-sized farmers are utilizing "insurance + futures" strategies to stabilize feed costs and pig selling prices, allowing them to expand production while managing price risks [5]. - 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 [5]. Group 4: Market Development - The development of live pig futures has led to innovative pricing and sales services, with companies like Zhongji Trading providing forward contracts based on futures prices to help farmers secure sales [7]. - The five years of live pig futures have demonstrated the market's ability to provide price discovery and stabilize supply-demand dynamics, reducing the volatility associated with production adjustments [7][8]. Group 5: Future Outlook - The Dalian Commodity Exchange is continuously improving the futures contract by adjusting delivery quality standards and introducing options to enhance risk management tools [8]. - Industry stakeholders express confidence that a more resilient and efficient live pig futures market will continue to support the growth of the pig farming industry [8].