东吴期货生猪周报-20251110

Report Summary 1) Report Industry Investment Rating - No information provided 2) Core Viewpoints - Policy disturbances may affect the long - term supply of live pigs in the far - month. Strategically, it is possible to be bullish in the long - cycle, but the short - to - medium term is still based on fundamentals. Recently, the group farms and second - fattening groups have reduced their slaughter, and some second - fattening operations have gradually replenished for fattening. The futures market shows signs of a bottom. With the arrival of the peak season, demand is expected to improve, supporting prices during the peak season [2] 3) Content Summaries Market Overview - The report presents multiple charts including the average slaughter price of live pigs in China, the seasonal number of live pig warehouse receipts, the impact of breeding sow inventory on live pig prices 10 months later, the comparison between national and Henan live pig prices, the change in live pig inventory structure, the average slaughter weight of live pigs, the PSY production index of breeding sows, the frozen pork storage rate, the average price of culled sows, the culling volume of breeding sows, the seasonal profit of purchasing pigs for fattening, the seasonal self - breeding profit of pigs, the seasonal slaughter gross profit of pigs, the operating rate of key slaughter enterprises, and the seasonal average price of piglets [3][4][5][7][10][11][13]