Report Overview - Report Date: November 25, 2025 [2] - Report Type: Pig Daily Report [1] 1. Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - In the long - term, pig slaughter is expected to maintain a slight growth until the first half of next year, and the concentrated second - fattening and pig holding in October have increased the supply pressure before the Spring Festival. In the short - term, the planned sales volume in November decreased by 3.27% compared with the actual sales volume in October. The demand for terminal consumption has increased due to the cooling weather, but the enthusiasm for second - fattening is weak. Spot prices are likely to fluctuate mainly, while futures prices are expected to continue to be weak in the medium - to - long term [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - Futures Market: On the 24th, the main 2601 contract of live pigs opened slightly higher, then rose and fell back, closing up at the end of the session. The highest price was 11,480 yuan/ton, the lowest was 11,360 yuan/ton, and the closing price was 11,400 yuan/ton, down 0.04% from the previous day. The total open interest of the index increased by 7,940 lots to 381,487 lots [7]. - Spot Market: On the 24th, the average price of ternary pigs nationwide was 11.57 yuan/kg, down 0.04 yuan/kg from the previous day [7]. - Supply and Demand Analysis: In the long - term, pig slaughter will increase slightly until the first half of next year. In the short - term, the planned sales volume in November decreased. The demand for terminal consumption increased due to the cooling weather, and the orders of slaughtering enterprises increased. However, the enthusiasm for second - fattening is weak [8]. 3.2 Industry News - No industry news is provided in the report. 3.3 Data Overview - Profit and Cost: As of the week ending November 21, the average profit per self - bred and self - raised pig was - 96.6 yuan/head, a weekly decrease of 25 yuan/head; the profit per pig purchased as a piglet was - 273 yuan/head, a weekly increase of 2 yuan/head. The cost of fattening a 110 - kg pig to 140 kg was 14.47 yuan/kg, an increase of 0.04 yuan/kg from the previous week; the cost of fattening a 125 - kg pig to 150 kg was 14.89 yuan/kg, an increase of 0.04 yuan/kg from the previous week [18]. - Average Slaughter Weight: As of the week ending November 21, the average slaughter weight of live pigs was 128.81 kg, an increase of 0.33 kg from the previous week (a weekly increase of 0.26%), an increase of 0.91 kg from the previous month (a monthly increase of 0.71%), and an increase of 2.08 kg from the same period last year (an annual increase of 1.64%) [18].
建信期货生猪日报-20251125
Jian Xin Qi Huo·2025-11-25 09:12