供增需弱，生猪弱势震荡

Report Industry Investment Rating No information provided. Core View of the Report The report indicates that the supply of live pigs is increasing while demand is weak, leading to a weak and volatile market for live pigs [1]. Summary by Directory Current Pig Farming Overview - Pig inventory has recovered and increased from a low point [8]. - Pig prices have remained at a low level [8]. - The pig farming cycle is in a recession after a period of prosperity [8]. Pig Supply and Demand Fundamental Analysis - Domestic pig inventory is relatively stable [13]. - Domestic pork prices are at a relatively low level [13][26]. - The market is looking forward to the peak demand season during the double festivals [13]. - Imported pork accounts for a very low proportion, with a relatively limited impact [40]. Short - and Medium - Term Weak and Volatile Pig Market - The pig cycle is shortened and lengthened under the influence of information industrialization and industrial informatization [42]. - The formation and influence of capital in the pig farming industry [42]. - The pig - grain ratio and government regulation [42]. - Uncertainties in trade negotiations between China and the US, Canada, etc. [42]. - Changes in domestic demand [42]. Pig Market's Bullish and Bearish Factors - Bullish factors: cost - end and state reserve support; uncertainties in tariff negotiations between China and the US, Canada, etc. [44]. - Bearish factors: short - term relatively high pig inventory; weak demand growth [44].