供应逐步增加，价格整体回落

Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - The supply of live pigs is gradually increasing, and the overall price is falling. The current price reflects the supply - demand situation of the live pig market, and the overall change space is limited. The follow - up supply pressure is still expected to exist, and the spot price of live pigs still has a certain downward pressure [2]. - The live pig futures continued to fluctuate, and the market change was relatively limited. As the subsequent spot price is expected to weaken, the futures market is also expected to be affected to a certain extent. The inter - monthly spread of the futures market is expected to remain volatile in the short term due to the lack of obvious driving factors [2][5]. Summary by Relevant Catalogs Spot Market - Price Changes: The spot prices of live pigs in various regions have declined. The average price dropped from 13.67 yuan/kg yesterday to 13.57 yuan/kg today. The prices of pigs in 18 regions all decreased, with the largest decline of 0.37 yuan/kg in Guangdong [2]. - Supply Situation: After the previous price increase, the market's enthusiasm for slaughter has improved, but the overall deep - decline space is limited. The short - term supply situation has improved, and the pressure on subsequent supply still exists due to the relatively high inventory [2]. - Profit Situation: The spot breeding profit (self - breeding and self - raising) increased from 119.72 yuan/head to 133.87 yuan/head, and the profit of purchasing piglets increased from - 26.26 yuan/head to 31.60 yuan/head [2]. - Slaughter Situation: The slaughter volume decreased from 132,599 heads yesterday to 131,632 heads today, a decrease of 967 heads [2]. Futures Market - Price Changes: Some futures contracts showed price increases. For example, LH01 increased by 50 points, LH07 increased by 110 points, etc. [2]. - Spread Changes: The spread between some contracts changed. For example, the LH7 - 9 spread increased from - 120 to - 60 [2]. Breeding Market - Price Changes: The price of piglets increased from 439 yuan to 440 yuan, and the price of sows increased from 1621 yuan to 1628 yuan [2]. Trading Strategies - Unilateral Trading: Mainly in a state of shock [6]. - Arbitrage: Conduct a positive spread operation on LH91 [6]. - Options: Adopt a wait - and - see strategy [6]