【生猪周报】供应压力好转 价格小幅反弹 研究员：陈界正 期货从业证号：F3045719 投资咨询证号：Z0015458 目录 第二章 数据图表&逻辑分析 3 GALAXY FUTURES 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 第一章 综合分析&交易策略 2 | | | 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 1.综合分析&交易策略 87/87/87 ◼ 综合分析 本周生猪价格整体呈现小幅震荡态势，部分地区价格有所回落，但多数地区价格以上涨为主。规模企业出栏量下降比较明 显，近期规模企业出栏整体有所减少。但普通养殖户出栏仍然比较积极，价格反弹后主动出栏量有所增加。二次育肥整体 比较稳定，由于当前存栏维持高位同时生猪价格震荡运行，入场以及出栏数量整体变化有限。出栏体重方面，生猪出栏体 重整体呈现增加态势，市场大体重猪源供应量有所增加，大小猪价差整体有所回落。需求方面来看，本周生猪屠宰量整体 呈现增加态势，冻品库存整体小幅增加，一定程度 ...

| | | | | 国留期货研究院 | 投资咨询号:Z0015194 | | | --- | --- | --- | --- | --- | --- | --- | | | | | 农产品研究中心一段 | 財） 杨璐琳 | 从业资格号:F3042528 | 2025/ 127 | | | 地区 | 2025/11/26 | 涨跌值 | 升贴水(修改后) | 与2601基差 | 涨跌值 | | | 河南 | 11. 35 | 0. 01 | 0 - 12 | -190 | 270 | | | 湖南 | 11.1628 | -0. 25 | 100 | -540 > | 10 | | | 湖北 | 11.06 | -0.08 | 0 | -480 | +0180 | | | 安徽 | 11. 35 | -0.11 | 200 | -390 | 150 | | | 江西 | 11. 04 | -0.2 | 6100 | -600 | 60 | | | 山西 | 11.04 | -0. 06 | -100 | -400 | 200 | | | 山东 | 11. 37 | -0.14 | 200 | -370 | 12 ...

| 油脂产业期现日报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025年11月27日 | 投资咨询业务资格:证监许可 [2011] 1292号 | | | | 王法庭 | Z0019938 | | 更油 | | | | | | | | | | | 11月26日 | 11月25日 | 旅跌 | 旅跌幅 | | 现价 | | 江苏一级 | 8460 | 8510 | -20 | -0.59% | | 期价 | | Y2601 | 8150 | 8144 | 6 | 0.07% | | 墓差 | | Y2601 | 310 | 366 | -56 | -15.30% | | 现货墓差报价 | | 江苏1月 | 01+280 | 01+280 | 0 | : | | 仓单 | | | 22029 | 24625 | -2596 | -10.54% | | 棕櫚油 | | | | | | | | | | | 11月26日 | 11月25日 | 涨跌 | 涨跌幅 | | 现价 | | 广东24度 | 8290 | 8370 | -80 | - ...

Report Information - Report Name: Pig Daily Report [1] - Date: November 14, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The spot market is expected to be stable with a slight increase in demand, but the support for prices is weak due to the wait - and - see attitude of secondary fattening, so it will mainly fluctuate. The futures market, especially the 2601 contract, is likely to be under dual supply pressure before the Spring Festival, with a medium - to - long - term weakening trend [7]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 13th, the main 2601 contract of live pigs opened slightly lower, then bottomed out and rebounded, closing up. The highest price was 11,865 yuan/ton, the lowest was 11,690 yuan/ton, and the closing price was 11,860 yuan/ton, up 0.64% from the previous day. The total index positions decreased by 31 to 359,899 lots [6]. - **Spot Market**: On the 13th, the average price of ternary pigs nationwide was 11.65 yuan/kg, down 0.1 yuan/kg from the previous day [6]. - **Supply - side Analysis**: In the long run, pig slaughter is expected to increase slightly until the first half of next year. In October, the concentrated secondary fattening and holding back of pigs increased the supply pressure before the Spring Festival. In the short term, according to Yongyi sample data, the planned sales volume in November was 26.66 million heads, a month - on - month decrease of 3.27% compared to the actual sales volume in October, with the daily average remaining the same. Currently, farmers are mainly selling pigs at a normal pace [7]. - **Demand - side Analysis**: With the rebound of spot prices and the high utilization rate of pigsties, secondary fattening is mainly in a wait - and - see state. As the weather gets colder, terminal consumer demand continues to rise, but the continuous increase is insufficient. The orders of slaughtering enterprises are average, and the slaughter rate and volume have increased slightly. Mid - to - late - month pickling and enema may increase slightly. On November 13th, the slaughter volume of sample slaughtering enterprises was 162,900 heads, a decrease of 1,200 heads from the previous day, an increase of 2,300 heads week - on - week, and an increase of 3,600 heads month - on - month [7]. 2. Industry News - As of October 30th, the average profit per self - breeding and self - fattening pig was - 34.5 yuan/head, a month - on - month increase of 20 yuan/head; the profit from purchasing piglets for fattening was - 258 yuan/head, a month - on - month increase of 50 yuan/head [8][10]. 3. Data Overview - As of October 31st, the utilization rate of fattening pigsties was 55.5%, a month - on - month increase of 21.2 percentage points, and the same year - on - year [15]. - As of the end of October, the price difference between 175 - kg fat pigs and standard pigs was 0.71 yuan/jin, a month - on - month increase of 0.36 yuan/jin [15]. - As of the end of October, the cost of fattening a 110 - kg pig to 140 kg was 12.18 yuan/kg, a decrease of 0.58 yuan/kg from the previous month; the cost of fattening a 125 - kg pig to 150 kg was 12.63 yuan/kg, a decrease of 0.44 yuan/kg from the previous month [15]. - In October, the average slaughter weight of pigs nationwide was 128.1 kg, a decrease of 0.3 kg from September, a month - on - month decrease of 0.23%, and an increase of 2.2 kg compared to the same period last year, a year - on - year increase of 1.75% [15]. - In September, the slaughter volume of large - scale designated pig slaughtering enterprises nationwide was 35.84 million heads, a month - on - month increase of 7% and a year - on - year increase of 28.5% [15].

Group 1: Report Overview - Report title: Pig Daily Report [1] - Report date: November 12, 2025 [2] Group 2: Investment Rating - There is no information about the industry investment rating in the report. Group 3: Core Viewpoints - The spot market is expected to fluctuate as supply stabilizes and demand increases slightly, but the support from second - round fattening is weak. The futures market, specifically the 2601 contract, may show a long - term weakening trend due to increased supply and concentrated second - round fattening and pressure - barring in October [9]. Group 4: Summary by Directory 1. Market Review and Operation Suggestions - **Market conditions**: On November 11, the main 2601 futures contract of live pigs opened slightly lower, fluctuated downward, and closed with a negative line. The highest was 11,995 yuan/ton, the lowest was 11,750 yuan/ton, and the closing price was 11,755 yuan/ton, down 1.80% from the previous day. The total index positions increased by 16,981 lots to 368,545 lots. The national average price of external ternary pigs was 11.87 yuan/kg, down 0.06 yuan/kg from the previous day [8]. - **Analysis**: In the long - term, pig slaughter is expected to increase slightly until the first half of next year. The concentrated second - round fattening and pressure - barring in October increased the supply pressure before the Spring Festival. In the short - term, the planned sales volume in November decreased by 3.27% compared to the actual sales volume in October. The demand side shows that second - round fattening is mainly in a wait - and - see state. Terminal consumption is rising but with insufficient incremental growth. The slaughter volume of sample slaughtering enterprises on November 11 was 162,400 heads, an increase of 100 heads from the previous day, 4,400 heads week - on - week, and 6,600 heads month - on - month [9]. 2. Industry News - There is no specific content about industry news in the report, only the titles of some related data charts are given. 3. Data Overview - As of October 30, the average profit per self - bred and self - raised pig was - 34.5 yuan/head, a monthly increase of 20 yuan/head; the profit per pig from purchasing piglets was - 258 yuan/head, a monthly increase of 50 yuan/head [13]. - As of October 31, the utilization rate of fattening pens was 55.5%, a monthly increase of 21.2 percentage points, the same as the previous year [13]. - As of the end of October, the price difference between 175 - kg fat pigs and standard pigs was 0.71 yuan/jin, a monthly increase of 0.36 yuan/jin [13]. - As of the end of October, the cost of fattening a 110 - kg pig to 140 kg was 12.18 yuan/kg, a decrease of 0.58 yuan/kg from the previous month; the cost of fattening a 125 - kg pig to 150 kg was 12.63 yuan/kg, a decrease of 0.44 yuan/kg from the previous month [13]. - The average slaughter weight of pigs in October was 128.1 kg, a decrease of 0.3 kg from September, a monthly decrease of 0.23%, and an increase of 2.2 kg compared to the same period last year, a year - on - year increase of 1.75% [13]. - In September, the slaughter volume of large - scale pig slaughtering enterprises nationwide was 35.84 million heads, a month - on - month increase of 7% and a year - on - year increase of 28.5% [13].

Report Overview - Report Title: Pig Daily Report - Report Date: November 05, 2025 - Report Industry: Pig Industry 1. Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The spot market is expected to be range - bound as supply stabilizes and demand increases slightly, but the support from second - fattening is weak [8]. - The futures market, specifically the 2601 contract, is likely to trend weakly with fluctuations due to the potential slight increase in supply before the Spring Festival, concentrated second - fattening in October, farmers' reluctance to sell, and continuous release of production capacity [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: On the 4th, the main 2601 contract of live pigs opened slightly lower, then rose, fell back, and fluctuated downward, closing with a negative line. The highest price was 11,895 yuan/ton, the lowest was 11,650 yuan/ton, and the closing price was 11,685 yuan/ton, down 0.13% from the previous day. The total index position increased by 5,066 lots to 362,390 lots [7]. - **Spot Market**: On the 4th, the average price of ternary pigs nationwide was 11.97 yuan/kg, down 0.23 yuan/kg from the previous day [7]. - **Supply Analysis**: In the long - term, pig slaughter is expected to increase slightly until the first half of next year. Second - fattening and weight - holding in October have increased the supply pressure before the Spring Festival. In the short - term, the planned sales volume in November is 26.66 million heads, a 3.27% decrease from the actual sales volume in October, and the daily average is flat, with general enthusiasm for slaughter at the beginning of the month [8]. - **Demand Analysis**: After the spot price rebounded to a high level, second - fattening has turned to a wait - and - see attitude. With the cooling weather, terminal consumer demand continues to rise, but the continuous increase is insufficient. Slaughterhouse orders are average, and the slaughter rate and volume fluctuate slightly. Mid - to late - month bacon curing and sausage making may increase slightly. On November 4th, the slaughter volume of sample slaughterhouses was 158,000 heads, down 600 from the previous day, 4,600 week - on - week, and 12,300 month - on - month [8]. 3.2 Industry News - As of October 30th, the average profit per self - breeding and self - raising pig was - 34.5 yuan/head, a monthly increase of 20 yuan/head; the profit from purchasing piglets for fattening was - 258 yuan/head, a monthly increase of 50 yuan/head [9][11]. 3.3 Data Overview - As of October 31st, the utilization rate of fattening pens was 55.5%, a monthly increase of 21.2 percentage points and the same as the previous year [16]. - As of the end of October, the price difference between 175 - kg fat pigs and standard pigs was 0.71 yuan/jin, a monthly increase of 0.36 yuan/jin [16]. - As of the end of October, the cost of fattening a 110 - kg pig to 140 kg was 12.18 yuan/kg, a monthly decrease of 0.58 yuan/kg; the cost of fattening a 125 - kg pig to 150 kg was 12.63 yuan/kg, a monthly decrease of 0.44 yuan/kg [16]. - In October, the average slaughter weight of pigs nationwide was 128.1 kg, a decrease of 0.3 kg from September (a monthly decline of 0.23%) and an increase of 2.2 kg from the same period last year (a year - on - year increase of 1.75%) [16]. - In September, the slaughter volume of large - scale designated pig slaughtering enterprises nationwide was 35.84 million heads, a month - on - month increase of 7% and a year - on - year increase of 28.5% [16].

Market Focus - As of October 29, the national live pig ex-farm price is 12.53 yuan/kg, an increase of 4.59% compared to October 22 [1] - The main wholesale corn price is 2.26 yuan/kg, a decrease of 0.88% compared to October 22 [1] - The pig-to-grain price ratio is 5.54, up 5.52% from October 22 [1] Industry Events - A hearing on anti-dumping cases related to pork and pork by-products was held by the Ministry of Commerce, attended by approximately 80 stakeholders including representatives from the EU and various countries [1] Profitability Analysis - As of the week ending October 31, self-breeding pig farming incurred a loss of 89.33 yuan per head, an improvement from a loss of 185.68 yuan per head the previous week [1] - The profitability for purchased piglets was a loss of 179.72 yuan per head, compared to a loss of 289.07 yuan per head the prior week [1] Market Trends - The live pig futures contract has reached a new low, with supply pressure suppressing the so-called peak season logic [3] - Previous rebounds were supported by secondary fattening, but the delayed pressure is expected to be released before the year-end, aligning with the anticipated oversupply [3]

Report Industry Investment Rating - No information provided on the report industry investment rating. Report's Core View - The supply of domestic large - scale pig farms has begun to decrease after the Mid - Autumn Festival and National Day holidays, which supports the short - term price of live pigs. It is expected that the supply of pigs and pork will both decrease this week. The overall consumer willingness of residents has weakened after the long holiday, suppressing short - term fresh pork consumption. The market may experience a double - decline in supply and demand this week, with short - term pig prices oscillating downward and maintaining a range - bound pattern in the medium term. The LH2601 contract of live pigs is expected to oscillate in the range of 11,700 - 12,100 [8]. Summary According to the Table of Contents 1. Daily Prompt - No specific content provided for daily prompt. 2. Recent News - China's additional tariffs on pork imports from the US and Canada have boosted market confidence. After the Mid - Autumn Festival and National Day, the market has entered a slack season, with both supply and demand decreasing. The spot price of live pigs is weak in the short term and maintains a range - bound pattern in the medium term [10]. - Pork demand has weakened in the short term after the festivals, but the spot price of live pigs has returned to an oscillating state due to reduced supply. The continued decline space may be limited, and it may show a trend of bottoming out and rebounding [10]. - The loss of domestic pig - farming profits has recently widened, and the enthusiasm for large - pig slaughter has weakened in the short term. The double - decline in supply and demand supports the short - term price expectations of live pig futures and spot [10]. - The spot price of live pigs has remained stable after the National Day, and the futures have generally returned to a range - bound pattern in the medium term. Further observation of supply and demand growth is needed [10]. 3. Bullish and Bearish Factors - **Bullish factors**: The domestic live pig supply has entered a slack season after the long holiday, and the continued decline space of the domestic live pig spot price may be limited [11]. - **Bearish factors**: There is a pessimistic expectation in the domestic macro - environment due to the China - US tariff war, and the domestic live pig inventory has increased year - on - year [11]. - **Main logic**: The market focuses on the slaughter situation of live pigs and the demand for fresh meat [11]. 4. Fundamental Data - **Supply and demand**: In the supply aspect, the supply of pigs and pork is expected to decrease this week. In the demand aspect, the overall consumer willingness of residents has weakened after the long holiday, suppressing short - term fresh pork consumption [8]. - **Base difference**: The national average spot price is 12,510 yuan/ton, and the base difference of the 2601 contract is 630 yuan/ton, with the spot at a premium to the futures [8]. - **Inventory**: As of June 30, the live pig inventory was 424.47 million heads, a month - on - month increase of 0.4% and a year - on - year increase of 2.2%. As of the end of June, the inventory of breeding sows was 40.42 million heads, a month - on - month increase of 0.02% and a year - on - year increase of 4.2% [8]. - **Market trend**: The price is below the 20 - day moving average and moving downward [8]. 5. Position Data - The main position is net short, and the short position is increasing [8].

Group 1: Report Summary - The report is a daily report on the pig industry dated October 29, 2025 [1] Group 2: Investment Rating - No investment rating is provided in the report Group 3: Core Viewpoints - At the end of the month, the supply pressure eases briefly, demand rebounds, and the entry of second - round fattening supports short - term price fluctuations. However, price rebounds restrict the sustainability of second - round fattening and terminal demand acceptance, and second - round fattening will delay supply. The expected supply pressure in the fourth quarter will still be realized, limiting the medium - term upside space. Technically, the pig 2601 contract declined slightly, down 0.49%, showing a fluctuating trend [2] Group 4: Data Summary Futures Market - The closing price of the main futures contract for live pigs is 12,185 yuan/ton, up 25 yuan; the main contract's open interest is 119,788 lots, up 2,540 lots; the number of warehouse receipts is 206 lots, unchanged; the net long positions of the top 20 futures holders is - 30,235 lots, up 671 lots [2] Spot Market - The pig prices in Henan Zhumadian, Jilin Siping, and Guangdong Yunfu are 12,600 yuan/ton (unchanged), 12,700 yuan/ton (up 100 yuan), and 12,900 yuan/ton (up 600 yuan) respectively; the main basis of live pigs is 415 yuan/ton, down 25 yuan [2] Upstream Situation - The monthly pig inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0380,000 heads, down 40,000 heads; the CPI's year - on - year change is - 0.3%, up 0.1 percentage points; the spot price of soybean meal in Zhangjiagang is 2,970 yuan/ton, unchanged; the spot price of corn is 2,242.75 yuan/ton, up 1.87 yuan; the DCE pig feed cost index is 878.85, down 2.58; the monthly output of feed is 31,287,000 tons, up 2,015,000 tons; the price of binary breeding sows is 1,530 yuan/head, unchanged; the breeding profit of purchased piglets is - 289.07 yuan/head, up 86.22 yuan; the breeding profit of self - bred and self - raised pigs is - 185.68 yuan/head, up 59.02 yuan; the monthly import volume of pork is 80,000 tons, unchanged; the average price of white - striped chickens in the main production areas is 14.1 yuan/kg, down 0.2 yuan [2] Downstream Situation - The monthly slaughter volume of designated pig slaughtering enterprises is 33,500,000 heads, up 1,840,000 heads; the monthly retail sales of social consumer goods in the catering industry is 450.86 billion yuan, up 12.9 billion yuan [2] Industry News - On October 29, the daily slaughter volume of key provincial sample slaughtering enterprises was 146,210 heads, a month - on - month decrease of 0.82%. At the supply end, the listing rhythm of large - scale farms slowed down at the end of the month, and the average weight of listed pigs decreased slightly, reducing the supply pressure. In terms of second - round fattening, there was concentrated entry for replenishment, supporting the stabilization of the spot market price, but the sustainability of entry needs to be observed. At the demand end, with the continuous drop in temperature, terminal demand increased, and some slaughtering enterprises actively stored goods, resulting in continuous marginal improvement in demand [2]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The price of live pigs dropped significantly, with the main contract 2601 falling 3.87% weekly. Considering the theoretical slaughter pressure in the near - term based on the inventory data of newborn piglets and breeding sows, and the active slaughter of large - scale farms, the supply is under pressure. The secondary fattening entry showed signs of cooling. Although the terminal demand is expected to improve with the temperature drop, the current demand is lower than expected. Overall, due to the cooling of secondary fattening entry and the loose supply - demand situation, it is expected that the price of live pigs will continue to be weak. It is recommended to conduct short - side trading operations on the live pig 2601 contract [6]. 3. Summaries by Relevant Catalogs 3.1 Week - on - Week Summary - The price of live pigs dropped significantly, with the main contract 2601 falling 3.87% weekly. The supply is under pressure due to theoretical slaughter pressure and active slaughter by large - scale farms. Secondary fattening entry supported the spot price in the early part of the month but showed signs of weakening. The terminal demand is expected to improve but is currently lower than expected. It is expected that the price of live pigs will continue to be weak, and short - side trading operations on the live pig 2601 contract are recommended [6]. 3.2 Futures Market - **Price Movement**: The futures price dropped this week, with the main contract 2601 falling 3.87% weekly [8][11]. - **Net Position and Warehouse Receipts**: As of October 17, the net short position of the top 20 holders in live pig futures was 30,554 lots, a decrease of 2,535 lots from last week. The number of futures warehouse receipts was 111, an increase of 111 from the previous week [17]. - **Contract Spreads**: The spread between lh2601 and lh2603 contracts was 390, and the spread between lh2601 and lh2605 contracts was - 250 [22]. 3.3 Spot Market - **Base Difference**: This week, the base difference of the live pig November contract was 150 yuan/ton, and the base difference of the January contract was - 470 yuan/ton [27]. - **Price of Live Pigs and Piglets**: The average national live pig market price was 11.27 yuan/kg this week, a decrease of 0.21 yuan/kg from last week. The average price of 15 - kg weaned piglets was 22.79 yuan/kg, a decrease of 0.18 yuan/kg from last week [36]. - **Pork and Breeding Sow Prices**: As of the week of October 9, the national pork market price was 23.89 yuan/kg, a decrease of 0.28 yuan/kg from the previous week. The average market price of binary sows last week was 32.50 yuan/kg, remaining the same as the previous week [40]. - **Pig - to - Grain Ratio**: As of the week of October 8, 2025, the pig - to - grain ratio was 5.46, a decrease of 0.22 from the previous week [44]. 3.4 Upstream Situation - **Breeding Sow Inventory**: In late August 2025, the inventory of breeding sows was 40.38 million heads, a decrease of 40,000 heads month - on - month, an increase of 0.05% year - on - year, reaching 103.5% of the normal inventory. In September, according to Mysteel data, the inventory of breeding sows in 123 large - scale farms decreased slightly by 0.28% month - on - month and increased by 1.09% year - on - year, while in 85 small and medium - sized farms, it decreased by 1.50% month - on - month and increased by 2.10% year - on - year [49]. - **Live Pig Inventory**: In Q2 2023, the live pig inventory was 424.47 million heads, an increase of 7.16 million heads from the end of the previous quarter and an increase of 9.14 million heads year - on - year. In September, according to Mysteel data, the live pig inventory in 123 large - scale farms increased by 1.44% month - on - month and 5.29% year - on - year, and in 85 small and medium - sized farms, it increased by 2.93% month - on - month and 6.29% year - on - year [53]. - **Slaughter Volume and Average Weight**: In September, according to Mysteel data, the slaughter volume of 123 large - scale farms decreased by 4.54% month - on - month and increased by 23.49% year - on - year, while in 85 small and medium - sized farms, it increased by 1.39% month - on - month and 33.52% year - on - year. The average slaughter weight of national outer - ternary live pigs this week was 123.43 kg, a decrease of 0.05 kg from last week, a month - on - month increase of 0.05%, and a year - on - year decrease of 0.29% [58]. 3.5 Industry Situation - **Breeding Profits**: As of October 17, the breeding profit of purchased piglets reported a loss of 375.29 yuan/head, with the loss expanding by 75.25 yuan/head; the breeding profit of self - bred and self - raised live pigs was a loss of 244.7 yuan/head, a decrease of 92.55 yuan/head month - on - month. The egg - laying hen breeding profit was - 0.46 yuan/head, a decrease of 0.06 yuan/head week - on - week, and the 817 meat - hybrid chicken breeding profit was 1.40 yuan/head [63]. - **Pork Imports**: In August 2025, China's pork imports were 80,000 tons, a year - on - year decrease of 11.11%. From January to August, the cumulative pork imports were 710,000 tons, a year - on - year increase of 1.43% [68]. - **Substitute Products**: The price of white - striped chickens dropped, and the spread between standard and fat pigs widened [69]. - **Feed Situation**: As of October 17, the spot price of soybean meal was 2993.43 yuan/ton, a decrease of 57.14 yuan/ton from the previous week; the corn price was 2269.22 yuan/ton, a decrease of 34.9 yuan/ton from the previous week. The closing price of the Dalian Commodity Exchange pig feed cost index was 869.88, a decrease of 1.23% from last week, and the price of finishing pig compound feed was 3.34 yuan/kg, remaining the same as last week. As of August 2025, the monthly feed output was 29.272 million tons, an increase of 999,000 tons month - on - month. In September 2025, the sales of piglet feed decreased by 0.01% month - on - month and increased by 71.08% year - on - year [75][80][85]. - **CPI**: As of September 2025, China's CPI decreased by 0.3% year - on - year [89]. 3.6 Downstream Situation - **Slaughter and Consumption**: In the 42nd week, the slaughter enterprise's开工 rate was 32.38%, a decrease of 2.15 percentage points from last week and an increase of 5.07 percentage points year - on - year, with the weekly开工 rate fluctuating between 30.95% and 34.44%. The frozen product storage capacity rate was 17.84%, an increase of 0.09% from last week. As of August 2025, the slaughter volume of designated pig slaughtering enterprises was 33.5 million heads, an increase of 5.81% from the previous month. In August 2025, the national catering revenue was 449.57 billion yuan, a year - on - year increase of 2.1% [92][97]. 3.7 Live Pig Stocks - The report presented the trend charts of Muyuan Co., Ltd. and Wens Co., Ltd. [98][101]