生猪日报：供应压力继续增加，现货有所回落-20251202

Group 1: Report Overview - Report Title: "Research Report on Agricultural Products - Daily Report on Live Pigs" [1] - Date: December 2, 2025 [1][3] - Researcher: Chen Jiezheng [2] Group 2: Investment Rating - No investment rating for the industry is provided in the report. Group 3: Core Views - The supply pressure of live pigs continues to increase, and the spot price has declined. The overall supply in the pork market remains sufficient, and the subsequent spot price is expected to be weak, with short - term phased support [3][4]. - The futures price of live pigs shows a slight shock trend, and the market is generally stable. In the short - term, the futures price may fluctuate, and in the medium - to - long - term, the downward pressure on the price is obvious, and the rebound space of the futures market is limited [4]. Group 4: Market Data Summary Spot Price - Today, the average spot price of live pigs remained unchanged at 11.36 yuan/kg compared to yesterday. Most regions' prices declined, with only Hunan and Guangdong seeing price increases of 0.03 yuan/kg and 0.2 yuan/kg respectively [3]. Futures Price - Futures contracts showed mixed trends. For example, LH01 decreased by 40 yuan to 11455 yuan, while LH03 increased by 50 yuan to 11255 yuan [3]. Breeding - related Prices - The price of piglets remained unchanged at 209 yuan this week compared to last week, and the price of sows decreased by 1 yuan to 1545 yuan [3]. Breeding Profits - The spot breeding profit for self - breeding and self - raising decreased by 12.09 yuan to - 147.99 yuan/head, and the profit for purchasing piglets decreased by 14.19 yuan to - 248.82 yuan/head [3]. Slaughter Data - The slaughter volume increased by 943 heads to 176225 heads [3]. Price Spreads - The price spreads between different futures contracts and different pig sizes changed slightly. For example, the LH7 - 9 spread increased by 25 yuan to - 895 yuan, and the spread between large pigs and standard pigs increased by 0.02 yuan to 0.43 yuan [3]. Group 5: Transaction Strategies - Unilateral: Wait and see [5] - Arbitrage: Wait and see [5] - Options: Sell the wide - straddle strategy [5]