猪价，继续下行！

Core Viewpoint - The sales reports of A-share listed pig companies for September 2025 indicate a downward trend in sales prices, with varying changes in sales volume and revenue among different companies [2][7]. Group 1: Sales Performance of Major Companies - Tianbang Food reported sales of 612,700 pigs in September 2025, with a revenue of 634 million yuan and an average selling price of 13.69 yuan/kg, showing a month-on-month decrease in average price by 8.88% [4]. - Dabeinong's sales for September 2025 were 373,700 pigs, generating a revenue of 541 million yuan, with a sales price of 12.91 yuan/kg, reflecting a year-on-year increase in sales volume by 33.08% but a revenue decrease of 6.24% [4]. - Muyuan Foods sold 5.573 million pigs in September 2025, with a revenue of 9.066 billion yuan and an average price of 12.88 yuan/kg, showing a significant year-on-year price drop of 30.94% [5]. - Wens Foodstuffs sold 3.3253 million pigs, generating 4.975 billion yuan in revenue, with an average price of 13.18 yuan/kg, indicating a year-on-year revenue decline of 30.81% [5]. - New Hope sold 1.3942 million pigs, with a revenue of 1.746 billion yuan and an average price of 12.89 yuan/kg, showing a year-on-year price drop of 31.47% [6]. Group 2: Market Price Trends - Since October, pig prices have continued to decline, with the market price dropping to 12.50 yuan/kg by October 10, 2025, down from 12.59 yuan/kg at the end of September [9]. - The wholesale price of pork has also decreased, reaching 18.85 yuan/kg by October 10, 2025, compared to 19.40 yuan/kg at the end of September [9]. - Futures prices for live pigs have seen a significant drop, with a cumulative decline of about 9% in September and over 8% in the first two trading days of October [10]. Group 3: Future Price Outlook - Long-term forecasts suggest that the pig farming industry is entering a pressure period, with potential for continued price declines, although government policies may mitigate the duration and extent of this pressure [12]. - Mid-term expectations indicate that pig prices may remain under pressure for the next three months due to supply and demand dynamics, with larger scale farming operations dominating the market [12]. - Current market conditions suggest a loose supply-demand balance, with expectations that pig prices will continue to face downward pressure in October [13].