供应整体稳定，价格小幅震荡

Group 1: Report Title and Date - The report is titled "Livestock Daily Report" and dated November 18, 2025, focusing on the hog market [1] Group 2: Investment Rating - No investment rating for the industry is provided in the report Group 3: Core Viewpoints - The overall hog supply is stable, and prices are fluctuating slightly. The subsequent supply pressure in the hog market may still be significant, and the general trend of spot hog prices is expected to be weak. Futures prices are also under pressure in the medium to long - term [1][3][4] Group 4: Spot Price Summary - Today, hog spot prices across the country showed a slight rebound. The average price remained unchanged at 11.29 yuan/kg. Some regions had price increases, such as Hebei with an increase of 0.11 yuan/kg, while Guizhou had a decrease of 0.07 yuan/kg [3] - The scale enterprises' hog出栏量 increased overall. Although the monthly hog出栏 plan decreased, the overall supply pressure still exists. Ordinary farmers'出栏 enthusiasm decreased, and the overall出栏 pressure improved compared to before [3] - The number of secondary fattening entrants decreased recently. The price difference between large and small hogs decreased, and hog prices declined, reducing the enthusiasm for replenishment [3] - The current hog出栏 weight rebounded, and the supply of large - weight hogs is still relatively large. The slowdown in出栏 rhythm supported hog prices to some extent. Due to the high hog inventory and relatively large出栏 weight, the subsequent supply pressure in the hog market may still be reflected, and the general trend of hog spot prices is expected to be weak [3] Group 5: Futures Price Summary - Hog futures prices showed a downward trend, affected by the large subsequent supply pressure. However, due to the full reflection of negative factors in the previous decline of the futures market, the recent futures market reaction to the decline in spot prices was not obvious [4] - In the short - term, the change in monthly hog出栏量 may be limited, and prices will generally fluctuate. In the medium - term, due to the high overall inventory and obvious supply pressure, the general trend of spot prices will be downward. Therefore, both spot and futures prices may fluctuate recently, but in the medium to long - term, hog prices are under obvious downward pressure, and the futures market also has certain pressure [4] Group 6: Other Price and Data Summary - Piglet and sow prices remained unchanged this week compared to last week, at 209 yuan and 1546 yuan respectively [3] - The spot breeding profit for self - breeding and self - raising decreased by 25.60 yuan to - 114.81 yuan/head, and for purchasing piglets, it decreased by 30.09 yuan to - 205.64 yuan/head [3] - The slaughter volume decreased by 228 heads to 165,897 heads. The price difference between standard hogs and medium - sized hogs increased by 0.02 yuan, while the price difference between large hogs and standard hogs decreased by 0.05 yuan [3] Group 7: Trading Strategies - Unilateral trading: Hold a wait - and - see attitude [5] - Arbitrage: Hold a wait - and - see attitude [5] - Options: Implement a strategy of selling wide straddles [5]