Ruida Futures(SZ:002961) Rui Da Qi Huo·2026-02-12 09:23Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints - Scale farms are increasing the weight - reducing slaughter, leading to a loose supply before the festival. Based on the analysis of the number of fertile sows and newborn piglets, the supply for slaughter in the next two months is relatively sufficient. On the demand side, the pre - festival stocking is coming to an end this week. The increase in consumption is less than the increase in supply, and the expected weakening of demand after the Spring Festival weakens the support for prices. Overall, the game between supply and demand continues, and considering that the increase in supply exceeds the demand, the pig price will still be under pressure. On the futures market, the main pig 2605 contract rose 0.13%, with two consecutive trading days of position reduction, and it will fluctuate before the festival [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for live pigs is 11,540 yuan/ton, down 15 yuan; the position volume of the main contract is 141,128 lots, down 6,442 lots; the number of warehouse receipts is 1,027 lots, up 300 lots; the net long position of the top 20 futures holders is - 47,152 lots, down 777 lots [2] Spot Market - The live pig price in Zhumadian, Henan is 12,200 yuan/ton, up 200 yuan; in Siping, Jilin is 11,400 yuan/ton, unchanged; in Yunfu, Guangdong is 11,700 yuan/ton, unchanged. The main basis of live pigs is 660 yuan/ton, up 215 yuan [2] Upstream Situation - The national live pig inventory is 42,9670,000 heads, down 7130,000 heads; the national fertile sow inventory is 3,9610,000 heads, down 290,000 heads [2] Industry Situation - The year - on - year growth rate of CPI is 0.2%, down 0.6 percentage points; the spot price of soybean meal in Zhangjiagang is 3,080 yuan/ton, unchanged; the spot price of corn is 2,372.16 yuan/ton, up 1.77 yuan; the DCE pig feed cost index is 923.35, up 2.65; the monthly output of feed is 30,086,000 tons, up 307,000 tons; the price of binary fertile sows is 1,431 yuan/head, unchanged; the breeding profit of purchased piglets is 91.42 yuan/head, down 32.71 yuan; the breeding profit of self - bred and self - raised pigs is - 38.09 yuan/head, down 63.19 yuan; the monthly import volume of pork is 60,000 tons, unchanged; the average price of white - striped chicken in the main producing areas is 14 yuan/kg, up 0.3 yuan [2] Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises is 4,8910,000 heads, up 9340,000 heads; the monthly retail sales of social consumer goods in the catering industry is 573.8 billion yuan, down 3.19 billion yuan [2] Industry News - According to the sample data of key breeding enterprises from Shanghai Ganglian, on February 12, 2026, the daily national live pig slaughter volume of key breeding enterprises was 332,976 heads, a 5.25% reduction from the previous day [2]