生猪日报：出栏压力继续增加，现货回落加深-20250922

Group 1: Report Information - Report Title: "2025/9/22 Live Pig Daily Report" [2] - Researcher: Chen Jiezheng [3] - Contact Information: chenjiezheng_qh@chinastock.com.cn [3] Group 2: Investment Rating - No investment rating for the industry is provided in the report. Group 3: Core Views - The supply pressure of live pigs continues to increase, and the spot price is expected to remain weak. The futures price also faces downward pressure and is likely to decline [4][6]. Group 4: Market Data Summary Spot Price - Today's average spot price of live pigs is 12.43 yuan/kg, down 0.15 yuan/kg from yesterday. Most regions' prices are showing a downward trend [4]. Futures Price - All futures contracts show price declines. For example, LH01 dropped by 5 to 13345, and LH09 dropped by 385 to 12600 [4]. Sow/Piglet Price - This week, the piglet price is 258 yuan, down 1 yuan from last week, and the sow price is 1588 yuan, down 2 yuan from last week [4]. Spot Breeding Profit - The self - breeding and self - raising profit is - 24.44 yuan/head, down 41.29 yuan/head from yesterday; the profit from purchasing piglets is - 199.31 yuan/head, down 37.38 yuan/head from yesterday [4]. Slaughter Volume - Today's slaughter volume is 153248 heads, down 362 heads from yesterday [4]. Pig Price Spread - The spread between standard pigs and medium - sized pigs remains unchanged at 0.34; the spread between large pigs and standard pigs also remains unchanged at 0.24 [4]. Group 5: Trading Strategies - Unilateral: Short on the near - term contracts when prices rise [7]. - Arbitrage: Conduct LH15 reverse arbitrage [7]. - Options: Hold a wait - and - see attitude [7].