Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-11-10 09:38Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The current supply - demand pattern in the pig industry remains loose, which restricts price movements. When prices fall further, the supply - demand game may intensify, causing price fluctuations. Prices are expected to adjust weakly at a low level. Supply - side: Scale farms are expected to resume slaughter to meet annual targets, while some small - scale farmers may hold back sales due to price drops. Second - fattening participants are cautious. Demand - side: Temperature fluctuations led to a decline in the slaughterhouse's operating rate last week, indicating limited improvement in terminal demand [2]. 3. Summary by Directory 3.1 Futures Market - The closing price of the main futures contract for live pigs is 11,955 yuan/ton, up 90 yuan; the position of the main contract is 130,519 lots, down 5,241 lots; the number of warehouse receipts is 90 lots, unchanged; the net long position of the top 20 futures holders is - 38,588 lots, down 2,091 lots [2]. 3.2 Spot Market - Spot prices vary by region: 12,000 yuan/ton in Henan Zhumadian (unchanged), 11,900 yuan/ton in Jilin Siping (down 200 yuan), 12,500 yuan/ton in Guangdong Yunfu (up 200 yuan). The main base of live pigs is 45 yuan/ton, down 90 yuan [2]. 3.3 Upstream Situation - The monthly pig inventory is 436.8 million heads, up 12.33 million; the inventory of breeding sows is 40.35 million heads, down 30,000 [2]. 3.4 Industry Situation - The month - on - month CPI growth rate is 0.2%, up 0.5 percentage points. The spot price of soybean meal in Zhangjiagang is 3,060 yuan/ton, unchanged; the corn spot price is 2,243.33 yuan/ton, up 4.8 yuan; the Dalian Commodity Exchange pig feed cost index is 901.09, up 4.84. The monthly feed output is 31.287 million tons, up 2.015 million tons. The price of binary breeding sows is 1,515 yuan/head, unchanged. The weekly breeding profit for purchasing piglets is - 175.54 yuan/head, up 4.18 yuan; for self - breeding and self - raising is - 89.21 yuan/head, up 0.12 yuan. The monthly pork import volume is 80,000 tons, unchanged. The average price of white - striped chicken in the main production area is 13.8 yuan/kg, unchanged [2]. 3.5 Downstream Situation - The monthly slaughter volume of designated pig slaughtering enterprises is 35.84 million heads, up 2.34 million; the monthly catering revenue in social consumer goods retail is 450.86 billion yuan, up 12.9 billion [2]. 3.6 Industry News - Mysteel data shows that in October 2025, the national pig feed sales increased by 1.87% month - on - month and 11.07% year - on - year. Piglet feed increased by 0.42% month - on - month and 2.46% year - on - year; finishing pig feed increased by 2.46% month - on - month and 15.43% year - on - year. According to Shanghai Ganglian, on November 10, 2025, the daily national pig slaughter volume of key breeding enterprises was 290,903 heads, 1.28% lower than Friday [2].