期价加速向下，期待筑底

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The report anticipates that the price of live pigs will continue to decline. Although the price has temporarily stopped falling due to the price - holding sentiment of breeders and a small amount of secondary fattening and frozen - product storage, the supply pressure from breeders still exists. It is recommended to wait and see until the price stabilizes [2][22]. 3. Summary by Section 2. Supply Situation Analysis In October, the出栏 plans of large - scale breeding enterprises generally increased, and the market supply showed an upward trend. Breeders were still actively selling, and some enterprises accelerated the selling rhythm to avoid future risks. Slaughterhouses had smooth procurement, with sufficient pig supplies, keeping the pork supply loose [2][22]. 3. Demand Situation Analysis Terminal consumption weakened significantly, with a decline in household and catering procurement demand. The operating rate and slaughter volume of slaughterhouses decreased simultaneously, and the sales speed of白条 slowed down, continuously constraining the pork price [2][22]. 4. Cost - Profit Analysis The report does not provide specific content on cost - profit analysis other than showing relevant profit charts. 5. Market Outlook After continuous price drops, the price - holding sentiment of breeders emerged, and a small amount of secondary fattening and frozen - product storage provided support, causing the price to temporarily stop falling. However, the selling pressure of breeders remained, and the live - pig price was expected to decline further. It is advisable to wait and see until the price stabilizes [2][22].