供应端整体稳定，价格震荡运行

Group 1: Report Overview - The report is a daily report on the hog market dated July 9, 2025, focusing on the supply - demand situation, price trends, and trading strategies of hogs [2][4] Group 2: Investment Rating - No investment rating for the industry is provided in the report Group 3: Core Views - The overall supply of hogs is stable, and the price is oscillating. The short - term supply has improved, but the price increase and decline are both limited. The subsequent supply pressure still exists, and it is difficult for the spot price to continue to strengthen [4] - The hog futures are oscillating and falling. The futures market is affected by the weakening of the spot price, and the inter - monthly spread is expected to be mainly oscillating [5] Group 4: Summary by Content Spot Market - Today's hog spot prices are oscillating. After the previous continuous price increase, the market's slaughter has recovered, and the price has declined, but the deep - decline space is limited [4] - The previous hog market slaughter was relatively well - completed, and the recent slaughter pressure has decreased. Enterprises and ordinary farmers have reduced their slaughter enthusiasm [4] - Secondary fattening is mainly in a wait - and - see state due to the relatively high inventory [4] - The average spot price today is 14.27 yuan/kg, an increase of 0.07 yuan/kg compared to yesterday [4] Futures Market - Hog futures are oscillating and falling. After the previous rapid increase in the futures price, the market's bullish sentiment has decreased, and the futures are in a high - level oscillation state [5] - The inter - monthly spread of the futures is expected to be mainly oscillating due to the lack of obvious driving factors in the short - term market [5] - For example, LH01 decreased by 60 to 13675, and LH09 decreased by 10 to 14265 [4] Piglet and Sow Market - The price of piglets this week is 439 yuan, an increase of 8 yuan compared to last week, and the price of sows remains unchanged at 1621 yuan [4] Slaughter Market - The slaughter volume today is 132,077 heads, an increase of 1356 heads compared to yesterday [4] Price Difference - The spread between different hog sizes has changed slightly. For example, the spread between large hogs and standard hogs has increased from 0.04 to 0.06 [4] Trading Strategies - Unilateral trading: mainly in high - level oscillation [6] - Arbitrage: LH91 long spread [6] - Options: wait - and - see [6]