建信期货生猪日报-20251219

Report Information - Report Name: Pig Daily Report - Date: December 19, 2025 - Industry: Pig [1][2] Investment Rating - No relevant information Core View - The spot market is boosted by the demand for curing and enema, showing a strong and volatile trend. The futures market faces dual supply pressures from the concentrated second - fattening in October and continuous capacity release, which puts pressure on the 01 and 03 contracts. However, due to the large price decline compared to the same period last year and the increasing and more severe northern epidemic recently, the bottom - shock frequency has increased [8] Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: On the 18th, the main 2603 contract of live pigs opened flat and then fluctuated downwards, closing in the red at the end of the session. The highest was 11,470 yuan/ton, the lowest was 11,320 yuan/ton, and the closing price was 11,325 yuan/ton, a decrease of 1.18% from the previous day. The total index position decreased by 4,480 lots to 357,131 lots [7] - Spot Market: On the 18th, the average price of ternary pigs nationwide was 11.67 yuan/kg, an increase of 0.06 yuan/kg from the previous day [7] - Supply Side: In the long term, the pig slaughter is expected to maintain a slight growth until next year's first half. The utilization rate of second - fattening pens is slightly higher than the same period last year, increasing the supply pressure before the Spring Festival. In December, the planned slaughter of sample breeding enterprises is 27.72 million heads, with a monthly planned increase of 4.64%. Currently, the overall completion progress of many regional groups is slightly slow, and there is a certain increase in the difficulty of acquisition [8] - Demand Side: Currently, second - fattening is mainly in a wait - and - see state, and there may still be a small amount of rolling replenishment demand in December. With the continuous cooling of the weather, the demand for curing and enema is increasing, the terminal consumer demand is rising, and the orders of slaughtering enterprises are increasing, which significantly supports the slaughter volume. On December 18th, the slaughter volume of sample slaughtering enterprises was 201,900 heads, an increase of 6,900 heads from the previous day, 17,000 heads week - on - week, and 36,000 heads month - on - month [8] - Policy Side: China imposes anti - dumping duties on imported related pork and pig by - products from the EU. However, the impact is very limited because the proportion compared to domestic consumption is extremely low [8] 3. Data Overview - Actual and Planned Slaughter: In November, the actual slaughter volume of Yongyi sample enterprises was 26.49 million heads, with a completion rate of 99.36%. In December, the planned slaughter is 27.72 million heads, with a monthly planned increase of 4.64% and a daily average increase of 1.27% [13] - Profit per Head: As of December 11th, the profit per head of self - breeding and self - raising pigs was - 146 yuan/head, a week - on - week decrease of 11.5 yuan/head; the profit per head of purchasing piglets for breeding was - 264 yuan/head, a week - on - week decrease of 5.6 yuan/head [13] - Cost: As of December 11th, the expected cost of self - breeding and self - raising was 12.09 yuan/kg, a week - on - week increase of 0.04 yuan/kg. The cost of purchasing piglets for fattening was affected by both feed prices and piglet prices, and the expected cost after fattening to 125 kg and then slaughtering was 11.41 yuan/kg, a week - on - week increase of 0.12 yuan/kg [13] - Slaughter Weight and Proportion: As of the week of December 11th, the average slaughter weight of pigs was 129.63 kg, a decrease of 0.19 kg from the previous week. The proportion of pigs under 90 kg was 5.43%, an increase of 0.38% from the previous week, and the proportion of pigs over 150 kg was 6.9%, almost the same as the previous week [13]