供应变化有限，盘面震荡运行

Group 1: Investment Rating - No investment rating for the industry is provided in the report Group 2: Core Viewpoints - The current supply of the live hog market remains relatively high, with the overall出栏体重 of live hogs decreasing but still at a high level. The supply of large - weight hogs is abundant, and the price difference between large and small hogs has declined. The overall supply pressure may still need to be reflected, and the live hog price is expected to face certain downward pressure in the short term [4][6] - The live hog futures market also shows a volatile trend. The slowdown in the weight decline on the spot side suppresses the upward momentum of long - term prices. Due to the high production capacity, the supply pressure will remain high, and it is difficult for prices to rise further. The futures market may face downward pressure after a phased support [6] - The monthly spread of the futures market increased today, and with the strengthening of spot prices, the downward momentum is expected to weaken. However, the market pressure still exists, and the monthly spread of the futures market is expected to move downward [6] Group 3: Summary by Content Spot Price - The overall live hog spot price showed a volatile trend today. The average price was 13.84 yuan/kg, a decrease of 0.1 yuan/kg from yesterday. The prices in different regions showed different trends, with some regions having price increases and some having price decreases or remaining unchanged [4] Futures Price - The live hog futures market was mainly volatile. The prices of various contracts all increased, such as LH01 increasing by 30, LH07 increasing by 35, etc. [4] Sow and Piglet Prices - The piglet price this week was 443 yuan, a decrease of 22 yuan from last week, and the sow price remained unchanged at 1619 yuan [4] Spot Breeding Profit - The spot breeding profit of self - breeding and self - raising was - 2.90 yuan/head, a decrease of 36.72 yuan/head from yesterday; the profit of purchasing piglets for breeding was - 210.64 yuan/head, a decrease of 89.84 yuan/head from yesterday [4] Slaughter End - The slaughter volume was 146,597 heads today, an increase of 561 heads from yesterday [4] Price Difference between Large and Small Hogs - The price difference between standard pigs and medium - sized pigs decreased by 0.01, while the price difference between large pigs and standard pigs increased by 0.01 [4] Trading Strategy - Unilateral trading: mainly volatile; Arbitrage: wait - and - see; Options: wait - and - see [7]