Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-10-15 08:59Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The supply side has near - term出栏 pressure due to factors like new - born piglets, sow inventory, and postponed large - scale farm出栏 plans. The demand side experiences a post - festival decline, with reduced terminal procurement and slaughterhouse operations. Although demand will gradually improve as the temperature drops, the current increase is limited. The market has seen some price support from breeding enterprises' price - holding sentiment and second - round fattening, but the oversupply situation is hard to reverse in the short term, so the market is expected to fluctuate weakly [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main futures contract for live pigs is 11,400 yuan/ton, down 50 yuan; the position volume is 44,805 hands, down 3,846 hands. The number of warehouse receipts is 111 hands, up 21 hands, and the net long position of the top 20 futures holders is - 30,361 hands, up 1,006 hands [2]. 3.2 Spot Market - Spot prices in different regions have increased: Henan Zhumadian is 11,200 yuan/ton, up 100 yuan; Jilin Siping is 11,400 yuan/ton, up 400 yuan; Guangdong Yunfu is 11,300 yuan/ton, up 200 yuan. The main basis of live pigs is - 200 yuan/ton, up 150 yuan [2]. 3.3 Upstream Situation - Pig inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0380,000 heads, down 40,000 heads [2]. 3.4 Industry Situation - CPI year - on - year is - 0.3%, up 0.1 percentage points. The spot price of soybean meal in Zhangjiagang is 2,930 yuan/ton, unchanged; the spot price of corn is 2,273.33 yuan/ton, down 4.71 yuan. The DCE pig feed cost index is 873, up 5.65. The monthly output of feed is 29,272,000 tons, up 999,000 tons. The price of binary breeding sows is 1,530 yuan/head, down 3 yuan. The breeding profit of purchased piglets is - 301.04 yuan/head, down 64.47 yuan; the breeding profit of self - bred and self - raised pigs is - 152.15 yuan/head, down 78.04 yuan. The monthly import volume of pork is 80,000 tons, down 10,000 tons. The average price of white - striped chickens in the main production areas is 14.37 yuan/kg, down 0.03 yuan [2]. 3.5 Downstream Situation - The slaughter volume of designated pig slaughtering enterprises is 3,3500,000 heads, up 1840,000 heads. The monthly value of catering revenue in total retail sales of consumer goods is 449.57 billion yuan, down 8.4 billion yuan [2]. 3.6 Industry News - On October 14, 2025, the daily national pig出栏 volume of key breeding enterprises was 327,610 heads, up 0.93% from the previous day [2].