供应压力增加，价格继续回落

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The supply pressure of the live pig market is increasing, and the prices of both spot and futures are showing a downward trend. In the short - term, the market may fluctuate, but in the medium - to long - term, the downward pressure on prices is obvious due to high inventory and large - weight pig supply [3][5]. - The profitability of live pig breeding has declined, with both self - breeding and self - raising and purchasing piglets for breeding showing losses that have widened compared to the previous period [3]. 3. Summary by Related Content Spot Market - Price: Today, the live pig prices across the country continued to decline. The average price remained unchanged at 11.29 yuan/kg, but most regional prices decreased, with Shandong having the largest decline of 0.37 yuan/kg [3]. - Supply: The overall出栏量 of large - scale enterprises has decreased, and the enthusiasm of ordinary farmers to sell has also decreased. The number of second - fattening entrants has decreased recently. The current live pig出栏体重 has rebounded, and the supply of large - weight pigs is still relatively large [3]. - Profit: The spot breeding profit (self - breeding and self - raising) was - 114.81 yuan/head, a decrease of 25.60 yuan/head from the previous period; the spot breeding profit (purchasing piglets) was - 205.64 yuan/head, a decrease of 30.09 yuan/head from the previous period [3]. - Slaughter: The slaughter volume was 166,125 heads, a decrease of 416 heads from the previous day [3]. Futures Market - Price: Futures prices also showed a downward trend. For example, LH01 decreased by 80 yuan to 11,695 yuan, and LH03 decreased by 95 yuan to 11,470 yuan [3]. - Spread: The spreads between some contracts have changed. For example, LH9 - 1 increased by 70 to 1950, and LH11 - 1 increased by 80 to 105 [3]. Trading Strategy - For single - sided trading, it is recommended to wait and see. - For arbitrage, it is recommended to wait and see. - For options, a strategy of selling wide - straddles is recommended [6].