生猪日报：出栏压力增加，现货整体下行-20260121

1. Report Industry Investment Rating - Not provided in the text 2. Core View of the Report - The overall direction of the subsequent live - hog spot market is expected to be downward, and there is still significant downward pressure on pig prices under the background of sufficient overall supply. The upward sustainability of futures prices may be limited, and there may be downward pressure after the current rally stabilizes [1][3] 3. Summary by Relevant Catalogs 3.1 Spot Price - Today, live - hog prices across the country are in a downward state. The overall number of large - scale enterprises' slaughter volume has slightly increased but remains relatively low, and the overall slaughter progress of large - scale enterprises is still average. The slaughter enthusiasm of ordinary farmers has generally increased recently, and the slaughter pressure has increased after the price increase [1] 3.2 Futures Price - Live - hog futures prices continued to decline today. The obvious decline in the spot price and the full reflection of bullish factors in the earlier sharp rise in futures prices are important influencing aspects [3] 3.3 Slaughter End - Today's slaughter volume is 178,313 heads, a decrease of 8,298 heads compared with yesterday [1] 3.4 Piglet and Sow Prices - The price of piglets is 352, an increase of 22 compared with last week; the price of sows is 1557, unchanged from last week [1] 3.5 Spot Breeding Profit - The spot breeding profit of self - breeding and self - raising is 7.39, an increase of 18.93 compared with yesterday; the spot breeding profit of purchasing piglets is 48.35, an increase of 50.66 compared with yesterday [1] 3.6 Contract Spread - LH7 - 9 is - 925, a decrease of 30 compared with yesterday; LH9 - 1 is 1475, an increase of 55 compared with yesterday; LH9 - 11 is - 15, a decrease of 50 compared with yesterday; LH11 - 1 is 1490, an increase of 105 compared with yesterday [1] 3.7 Size Pig Price Difference - The price difference between standard pigs and medium - sized pigs is 0.6, unchanged from yesterday; the price difference between medium - large pigs and standard pigs is 0.16, a decrease of 0.01 compared with yesterday; the price difference between large pigs and medium - large pigs is 0.52, a decrease of 0.01 compared with yesterday; the price difference between large pigs and standard pigs is 0.68, a decrease of 0.02 compared with yesterday [1] 3.8 Trading Strategy - Unilateral: Adopt a bearish approach mainly - Arbitrage: Wait and see - Options: Sell the wide - straddle strategy [4]