供大于求，行情低迷

Report Summary 1. Industry Investment Rating - No information provided on the industry investment rating in the given content. 2. Core Viewpoint - The pig market continues to have an oversupply situation with weak demand, leading to a sluggish market. It is recommended to hold previous short positions [2][20]. 3. Summary by Directory 1. Pig Price Market Review - No specific review content provided, only a mention of a graph on pig spot and futures prices [4]. 2. Supply Situation Analysis - The supply side has a large pressure on livestock farmers to sell pigs. Large - scale enterprises have a slow selling progress and some are selling pigs with lower weights. Due to continuous high temperatures, the feed - to - meat ratio is high, increasing costs. Small - scale farmers are more willing to sell large - weight pigs, and there is an increase in African swine fever in some areas, resulting in an abundant supply [2][20]. 3. Demand Situation Analysis - The high - temperature off - season persists, with average sales of large pigs. Slaughtering enterprises are continuously making losses and are cautious in purchasing. There is less entry into the secondary fattening market, so the demand remains weak [2][20]. 4. Cost - Profit Analysis - No specific analysis content provided, only mentions of graphs on self - breeding and self - raising breeding profits and purchased piglet breeding profits [16][19]. 5. Market Outlook - The supply side remains abundant with large pressure on small - scale and large - scale enterprises to sell pigs. The demand is still weak. The oversupply situation continues, and the market is sluggish. It is recommended to hold previous short positions [2][20].