建信期货生猪日报-20251112

Group 1: Report Overview - Report title: Pig Daily Report [1] - Report date: November 12, 2025 [2] Group 2: Investment Rating - There is no information about the industry investment rating in the report. Group 3: Core Viewpoints - The spot market is expected to fluctuate as supply stabilizes and demand increases slightly, but the support from second - round fattening is weak. The futures market, specifically the 2601 contract, may show a long - term weakening trend due to increased supply and concentrated second - round fattening and pressure - barring in October [9]. Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Market conditions: On November 11, the main 2601 futures contract of live pigs opened slightly lower, fluctuated downward, and closed with a negative line. The highest was 11,995 yuan/ton, the lowest was 11,750 yuan/ton, and the closing price was 11,755 yuan/ton, down 1.80% from the previous day. The total index positions increased by 16,981 lots to 368,545 lots. The national average price of external ternary pigs was 11.87 yuan/kg, down 0.06 yuan/kg from the previous day [8]. - Analysis: In the long - term, pig slaughter is expected to increase slightly until the first half of next year. The concentrated second - round fattening and pressure - barring in October increased the supply pressure before the Spring Festival. In the short - term, the planned sales volume in November decreased by 3.27% compared to the actual sales volume in October. The demand side shows that second - round fattening is mainly in a wait - and - see state. Terminal consumption is rising but with insufficient incremental growth. The slaughter volume of sample slaughtering enterprises on November 11 was 162,400 heads, an increase of 100 heads from the previous day, 4,400 heads week - on - week, and 6,600 heads month - on - month [9]. 2. Industry News - There is no specific content about industry news in the report, only the titles of some related data charts are given. 3. Data Overview - As of October 30, the average profit per self - bred and self - raised pig was - 34.5 yuan/head, a monthly increase of 20 yuan/head; the profit per pig from purchasing piglets was - 258 yuan/head, a monthly increase of 50 yuan/head [13]. - As of October 31, the utilization rate of fattening pens was 55.5%, a monthly increase of 21.2 percentage points, the same as the previous year [13]. - As of the end of October, the price difference between 175 - kg fat pigs and standard pigs was 0.71 yuan/jin, a monthly increase of 0.36 yuan/jin [13]. - As of the end of October, the cost of fattening a 110 - kg pig to 140 kg was 12.18 yuan/kg, a decrease of 0.58 yuan/kg from the previous month; the cost of fattening a 125 - kg pig to 150 kg was 12.63 yuan/kg, a decrease of 0.44 yuan/kg from the previous month [13]. - The average slaughter weight of pigs in October was 128.1 kg, a decrease of 0.3 kg from September, a monthly decrease of 0.23%, and an increase of 2.2 kg compared to the same period last year, a year - on - year increase of 1.75% [13]. - In September, the slaughter volume of large - scale pig slaughtering enterprises nationwide was 35.84 million heads, a month - on - month increase of 7% and a year - on - year increase of 28.5% [13].