现货阶段性稳定，盘面压力增加

Group 1: Investment Rating - No investment rating provided for the industry in the report Group 2: Core View - The spot price of live pigs is stable in the short - term, but the pressure on the futures market is increasing. The overall supply of the live pig market is still sufficient, so the spot price is expected to decline in the long - run, and the futures price may be volatile in the short - term and face downward pressure in the long - term [1][3][5] Group 3: Summary by Content Spot Price - Today, live pig prices across China showed an upward trend. The average price was 11.62 yuan, up 0.1 yuan from yesterday. Scale enterprises' slaughter volume was stable overall, and the short - term market slaughter pressure was limited. The enthusiasm of ordinary farmers to sell pigs decreased, and the overall slaughter pressure may improve. The number of second - fattening pigs entering the market continued to decrease, and the enthusiasm for replenishment decreased. The current average slaughter weight of live pigs rebounded, and the supply of large - weight pigs was still relatively large. The slowdown in the slaughter rhythm supported the pig price to some extent [3] Futures Price - Live pig futures prices showed a downward trend, while the spot price rebounded slightly. The large decline in the futures price earlier reflected the large supply pressure, but the spot price was stable. In the short - term, the monthly slaughter volume may increase, and the price will fluctuate. In the medium - and long - term, due to the high inventory, the supply pressure is obvious, and the futures price is expected to face downward pressure [5] Piglet and Sow Price - The price of piglets this week was 215 yuan, up 6 yuan from last week, and the price of sows remained unchanged at 1545 yuan [3] Breeding Profit - The spot breeding profit of self - breeding and self - raising was - 167.69 yuan, down 19.71 yuan from yesterday, and the profit of purchasing piglets for breeding was - 259.39 yuan, down 10.57 yuan from yesterday [3] Slaughter End - The slaughter volume increased by 1333 heads to 183603 heads compared with yesterday [3] Price Difference - The price difference between different pig sizes changed. For example, the difference between standard pigs and medium - sized pigs increased by 0.03 to 0.53, while the difference between large pigs and standard pigs decreased by 0.04 to 0.29 [3] Trading Strategy - Unilateral trading: Adopt a bearish approach. Arbitrage: Wait and see. Options: Sell a wide straddle strategy [6]