二 〇 二 六 年 度 2026 年 1 月 25 日 生猪：旺季需求预期将落地，供应矛盾显现 | 周小球 | 投资咨询从业资格号：Z0001891 | zhouxiaoqiu@gtht.com | | --- | --- | --- | | 吴昊 | 投资咨询从业资格号：Z0018592 | wuhao8@gtht.com | 报告导读： （1）本周市场回顾（1.19-1.25） 现货市场，生猪价格震荡调整。河南 20KG 仔猪价格 27.35 元/公斤（上周 25.3 元/公斤），本周河南 生猪价格 13.28 元/公斤（上周 13.18 元/公斤），全国 50KG 二元母猪价格 1559 元/头（上周 1559 元/ 头）。供应端，集团企业恢复计划出栏量，南北方散户仍有惜售情绪，出栏意愿增量；需求端，下游屠宰 旺季亏损，宰量整体下降。根据卓创资讯数据，本周全国出栏平均体重 124.5KG（上周 124.58KG），出栏 均重环比下降 0.06%。 期货市场，生猪期货价格弱势运行。本周生猪期货 LH2603 合约最高价为 12140 元/吨，最低价为 11400 元/吨，收盘价为 11565 元/吨（上周 ...

震荡运行，反弹抛空 生猪周报 2026/01/24 028-86133280 wangja@wkqh.cn 从业资格号：F0273729 交易咨询号：Z0002942 王 俊 （农产品组） CONTENTS 目录 01 周度评估及策略推荐 04 需求端 02 期现市场 05 成本和利润 03 供应端 06 库存端 01 周度评估及策略推荐 周度评估及策略推荐 ◆ 现货端：上周国内猪价涨后回落，周前期受降温降雪的影响，屠宰端收购积极性提升，带动猪价走高，降雪后需求端减量明显，养殖端出栏积 极性提升，市场再度供过于求，周内出栏均重平稳偏高，肥标价差维持强势；具体看，河南均价周涨0.06元至13.26元/公斤，周内最高13.5元/ 公斤，四川均价周涨0.06元至12.76元/公斤，周内最高13元/公斤，广东均价周涨0.32元至13.38元/公斤；下旬整体出栏量或增加，加之南方市 场需求一般，猪价走势以弱稳为主，但进入2月后受供应有收紧预计，加上节前备货释放，猪价仍有涨价空间。 ◆ 供应端：官方数据显示25年底能繁母猪存栏为3961万头，较高峰减少2.9%，去年以来母猪去化幅度有限，尽管10月份后产能去化有所加速，但 ...

Market Overview - As of January 9, the profit from self-bred pigs was a loss of 11.54 yuan per head, improving from a loss of 34.59 yuan per head the previous week. The profit from purchased piglets was a loss of 2.31 yuan per head, compared to a loss of 48.35 yuan per head the prior week [1] - The average daily price of live pigs in China was 12.6 yuan per kilogram, with a slight increase of 0.02 yuan per kilogram week-on-week. In Henan, the benchmark delivery price was 12.98 yuan per kilogram, showing a decrease of 0.02 yuan per kilogram [1] Institutional Insights - According to Chaos Tiancheng Futures, the recent pig market is characterized by weak supply and demand, with reduced volatility in the spot market post-New Year. The basic indicators for pig prices are expected to strengthen as market sentiment cools, with supply potentially increasing in mid-January. Close attention is needed on the actual versus planned slaughter rates and the upcoming Spring Festival stocking demand [3] - Nanhua Futures noted that the price of standard pigs had rebounded slightly due to limited entry of new pigs and some reluctance to sell among larger producers. However, without significant improvements in supply-demand dynamics, pig prices are expected to remain low and fluctuate within a narrow range [4]

Core Viewpoint - The recent increase in pig prices in Shandong Province is attributed to a decline in pig slaughter numbers and rising demand during the New Year holiday season [1] Group 1: Price Trends - The average price for fat pigs in the first week of the new year was 12.57 yuan per kilogram, showing a year-on-year decrease of 21.97% but a week-on-week increase of 6.44% [1] - The average price for pork in the province was 22.38 yuan per kilogram, reflecting a year-on-year decrease of 20.30% and a week-on-week recovery of 3.85% [1] - The average price for piglets currently stands at 21.65 yuan per kilogram, which is a year-on-year decrease of 31.23% but a week-on-week increase of 1.17% [1] Group 2: Market Dynamics - The primary factors influencing the recent rise in pig prices include a reduction in pig slaughter and increased demand due to the New Year holiday [1] - The market is expected to maintain a stable yet slightly declining price trend, with narrow fluctuations anticipated [1] - Despite the recovery in pig prices, the supply side still faces challenges such as excess production capacity and concentrated slaughtering [1] Group 3: Consumption Patterns - Post-New Year, fresh pork demand is expected to weaken, leading to a potential reduction in orders from slaughter enterprises [2] - Changes in consumer preferences are impacting pork consumption, with a growing demand for fresh pork and a decline in demand for high-salt, high-fat cured products [2] - The upcoming Spring Festival in mid-February may limit the immediate demand for pigs, as the peak stocking period has not yet begun [2] Group 4: Industry Recommendations - Industry stakeholders are advised to monitor the real-time impact of policies on the market, as well as factors such as the rhythm of secondary fattening, price differentials, and slaughter weights [2]

Core Insights - The recent increase in pork prices in Shandong Province is attributed to a decline in the number of pigs being sold and a rise in demand due to the New Year holiday [1] - The average price of fat pigs in the first week of the new year was 12.57 yuan per kilogram, a year-on-year decrease of 21.97% but a month-on-month increase of 6.44% [1] - The average price of pork was 22.38 yuan per kilogram, showing a year-on-year decrease of 20.30% but a month-on-month recovery of 3.85% [1] Supply and Demand Dynamics - The narrowing of industry losses is linked to the rising prices of fat pigs and increased enthusiasm among farmers to replenish their herds, leading to a rise in demand for piglets [1] - The average price of piglets is currently 21.65 yuan per kilogram, down 31.23% year-on-year but up 1.17% month-on-month [1] - The main factors influencing the recent recovery in pork prices include the decline in pig sales and increased demand during the New Year holiday [1] Market Outlook - The market is expected to maintain a stable yet slightly declining trend in pork prices, with overall fluctuations remaining narrow [1] - Supply-side pressures include excess production capacity and concentrated sales of pigs, which may limit the upward momentum of pork prices [2] - The demand for pork is expected to weaken post-New Year, with a reduction in orders from slaughterhouses and a slower sales pace for fresh pork [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Low prices stimulating consumption, the late Spring Festival causing demand to be postponed, and the structural shortage of large pigs jointly contributed to the unexpected rebound of pig prices. The logic for short - term pig price strength remains strong, but in the medium term, the logic supporting the current strong pig prices faces the risk of collapse. In the long term, the decline in production capacity will gradually be reflected in pig prices in the second half of the year [11][12]. - It is advisable to focus on the upper pressure of contracts close to the off - season and mainly short on rebounds. Pay attention to the lower support of far - month contracts [11][12]. 3. Summary by Relevant Catalogs 3.1 Monthly Assessment and Strategy Recommendation - **Spot Market** - Last month, domestic pig prices were stronger than expected. Before the Winter Solstice, pig prices were extremely firm, and they rebounded significantly after the Winter Solstice. In January, the overall supply remains abundant, and demand may have less concentrated stocking. Prices are expected to be weak first, then stable, and rise at the end of the month [11][22]. - The average pig price in Henan increased by 1.34 yuan to 12.7 yuan/kg, with a monthly high of 13.2 yuan/kg; in Sichuan, it rose by 1.5 yuan to 12.8 yuan/kg, with a monthly high of 12.8 yuan/kg; in Guangdong, it increased by 1.7 yuan to 13.06 yuan/kg [11][22]. - **Supply Side** - In October, the official sow inventory was 39.9 million heads, a 1.1% month - on - month decline, still 2.3% more than the normal sow inventory. The continuous increase in sow production capacity since last year may lead to a bearish supply situation this year and the first half of next year [11][33]. - The basic supply from now to May next year shows an increasing trend month by month. Before the Spring Festival this year, the pig market is still facing a bearish configuration of high slaughter volume and large body weight [11][41]. - In the short term, the market is still in a situation of large and excessive supply [11][48]. - **Demand Side** - After the pig price increase at the end of December, slaughtering enterprises generally reported that the terminal price increase was small, so they had a low acceptance of high - priced pigs and may reduce purchases and pressure prices, which has a negative impact on the market [11]. - **Trading Strategy** - For unilateral trading, short contracts 03 and 05, and long contracts 09 and 11, with a profit - loss ratio of 2:1 and a recommended cycle of 2 - 3 months, driven by factors such as sows, body weight, and consumer demand, and a two - star recommendation [13]. - For arbitrage, no strategy is currently recommended [13]. 3.2 Futures and Spot Market - **Spot Trend** - Last month, pig prices rebounded unexpectedly. In January, prices may be weak first, then stable, and rise at the end of the month [22]. - The average pig prices in Henan, Sichuan, and Guangdong increased last month [22]. - **Basis and Spread Trend** - The spot price rebounded, the basis of the futures market turned positive, and the monthly spread turned into a positive spread [25]. 3.3 Supply Side - **Reproductive Sows and Changes** - The sow inventory in October was 39.9 million heads, a 1.1% month - on - month decline, still 2.3% more than the normal level. The policy - driven capacity reduction expectation is strong, and the progress of capacity reduction has accelerated recently [33]. - **Inventory and Slaughter** - From the piglet data, the basic supply from now to April next year shows an increasing trend. Before the Spring Festival this year, the pig market faces a bearish configuration of high slaughter volume and large body weight [41]. - **Slaughter Size and Proportion** - The proportion of small pigs in slaughter is not high but slowly rising, indicating a slight increase in diseases but overall controllable. The proportion of large pigs is rising seasonally, indicating that large pigs from散户 are being gradually released [44]. - **Trading and Post - Slaughter Average Weight** - Around the Winter Solstice, the slaughter volume remained high, the frozen product inventory continued to rise, and the average trading weight of pigs decreased slightly, still larger than the same period last year. The short - term market supply is excessive [48]. 3.4 Demand Side - **Slaughter Volume** - Some southern regions are still in the peak demand period, which will boost the pig market. In the Northeast, there is a second - fattening restocking behavior, increasing the pressure on pig procurement for slaughterers [57]. 3.5 Cost and Profit - The cost is in a continuous downward state due to factors such as feed cost and efficiency improvement. Although the cost is low, there has been an overall loss this year due to the weak pig prices in the same period over the years [68]. 3.6 Inventory Side - The frozen product inventory is in a state of slow recovery and active inventory accumulation [73].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The recent peak in demand in the live - hog market has passed, and the supply - side contradictions remain to be resolved. However, the low - price shock of hog prices in the short term has increased the enthusiasm of second - round fattening. The price of the live - hog futures LH2603 contract is expected to mainly operate in a wide - range shock at a low level [14]. 3. Summary by Directory 3.1 Futures Market - **Contract Market**: On December 26, 2025, the live - hog lh2603 contract showed a fluctuating trend, closing at 11,645 points, up 1.48% from the previous settlement price, with a full - day trading volume of 117,200 lots and an open interest of 171,500 lots [2]. - **Variety Price**: The prices of live - hog futures contracts varied. The total open interest of the variety was 355,353 lots, an increase of 8,016 lots from the previous trading day [4]. - **Related Market**: The daily trading volume of live - hog options was 35,251 lots, with a total open interest of 63,671 lots, an increase of 3,212 lots in open interest, and 0 lots were exercised on the day [6]. 3.2 Spot Market - **Basis Data**: The live - hog basis was 205 yuan/ton yesterday and 145 yuan/ton today, a decrease of 60 yuan/ton from the previous trading day, indicating a slight convergence of the basis [7]. - **Registered Warehouse Receipts**: According to the warehouse receipt report of the Dalian Commodity Exchange, there were 863 registered warehouse receipts today, with no change from the previous trading day [8]. 3.3 Influencing Factors - **Industry News**: Wenhua Finance reported that the spot price was 11.58 yuan/kg yesterday, a month - on - month increase of 0.09%. On the supply side, the slaughter rhythm across the country was moderately slow in late December. The previous epidemic situation led to an increase in the slaughter of small and medium - sized pigs, driving a slight decline in the average weight this week. Overall, the contradiction of supply accumulation has not been resolved [10]. - **Technical Analysis**: The daily K - line of the live - hog lh2603 futures closed in a positive line, showing a short - term increase during the day. The K - line broke through the upper track of the BOLL line, and the BOLL line was in an open state [11][12].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - This week (12.22 - 12.28), the spot market for live pigs showed strong prices. The supply decreased significantly due to enterprises reducing slaughter and high reluctance to sell among retail farmers after the Winter Solstice, while demand decreased this week but remained in the peak season. The average slaughter weight decreased slightly. In the futures market, live pig futures prices fluctuated strongly [1]. - Next week (12.29 - 1.4), live pig spot prices are expected to oscillate weakly. Supply pressure is high, but social groups' structural pig shortage and second - round fattening have driven up prices. After New Year's Day, demand will enter a lull, and enterprises' willingness to slaughter and reduce weight in January is high, putting pressure on spot prices. In the futures market, the LH2601 contract may rise rapidly, the March contract is under pressure, and the far - end has entered the expected trading stage. Attention should be paid to the 3 - 7 reverse spread and stop - loss [3][4]. 3. Summary by Relevant Catalogs 3.1 This Week's Market Review (12.22 - 12.28) 3.1.1 Spot Market - Henan 20KG piglet price was 21.1 yuan/kg (unchanged from last week), Henan live pig price was 12.08 yuan/kg (up from 11.43 yuan/kg last week), and the national 50KG binary sow price was 1546 yuan/head (unchanged from last week) [1]. - After the Winter Solstice, supply decreased as enterprises reduced slaughter and retail farmers were reluctant to sell. Demand decreased this week but was still in the peak season. The national average slaughter weight was 124.54KG, a 0.2% MoM decrease [1]. 3.1.2 Futures Market - The live pig futures LH2601 contract had a maximum price of 11495 yuan/ton, a minimum of 11080 yuan/ton, and a closing price of 11150 yuan/ton (down from 11485 yuan/ton last week). The LH2601 contract basis was 630 yuan/ton (up from - 55 yuan/ton last week) [2]. 3.2 Next Week's Market Outlook (12.29 - 1.4) 3.2.1 Spot Market - The supply pressure is high, but social groups' structural pig shortage and second - round fattening have led to a sharp price increase. After New Year's Day, demand will enter a lull, and enterprises' willingness to slaughter and reduce weight in January is high, putting pressure on spot prices [3]. 3.2.2 Futures Market - The LH2601 contract price closed at 11300 yuan/ton on December 26th. After the Winter Solstice, the spot price rose rapidly. The January contract may rise rapidly, the March contract is under pressure, and the far - end has entered the expected trading stage. Attention should be paid to the 3 - 7 reverse spread, with a short - term support level of 11000 yuan/ton and a pressure level of 12200 yuan/ton for the LH2601 contract [4]. 3.3 Other Data 3.3.1 Basis and Monthly Spread - This week's basis was 780 yuan/ton, and the LH2601 - LH2603 monthly spread was - 345 yuan/ton [8]. 3.3.2 Supply - This week's average weight was 124.54KG (down from 124.79KG last week). In October, pork production was 5.605 billion tons, a 5.5% MoM increase, and pork imports were 7.14 million tons, an 11.14% MoM decrease [11]. 3.3.3 Demand - Not specifically summarized in the text, but it is mentioned that demand decreased this week but was still in the peak season, and there were changes in different demand periods such as after the Winter Solstice and after New Year's Day [1][3]

Report Overview - **Report Date**: December 21, 2025 - **Report Title**: "Pigs: Weak Peak Season, Falsification of Pig Shortage Logic" - **Analysts**: Zhou Xiaoqiu, Wu Hao 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - This week (12.15 - 12.21), the spot market for pigs showed a strong - oscillating trend, with the supply increasing moderately before the Winter Solstice peak season and the demand rising due to cooling and Winter Solstice consumption. The futures market also had a strong - oscillating trend. Next week (12.22 - 12.28), the spot price of pigs will be weakly oscillating due to large supply pressure despite demand boosts. The LH2601 futures contract price is under pressure, with a short - term support level of 10,500 yuan/ton and a pressure level of 11,500 yuan/ton. Attention should be paid to the 3 - 7 reverse spread [1][3][4] 3. Summary by Relevant Catalogs 3.1 This Week's Market Review (12.15 - 12.21) 3.1.1 Spot Market - The price of 20KG piglets in Henan was 21.1 yuan/kg (unchanged from last week), the price of pigs in Henan was 11.78 yuan/kg (up from 11.43 yuan/kg last week), and the price of 50KG binary sows nationwide was 1,546 yuan/head (unchanged from last week). - Before the Winter Solstice peak season, enterprises increased their sales volume, and individual farmers followed suit, resulting in a moderate increase in supply. The demand increased due to cooling and Winter Solstice consumption, and the slaughter volume in the north and south reached a new high. The average national slaughter weight this week was 124.79KG, a 0.16% increase from last week [1] 3.1.2 Futures Market - The LH2601 futures contract price was strongly oscillating, with a maximum of 11,495 yuan/ton, a minimum of 11,080 yuan/ton, and a closing price of 11,150 yuan/ton (down from 11,485 yuan/ton last week). The basis of the LH2601 contract was 630 yuan/ton (up from - 55 yuan/ton last week) [2] 3.2 Next Week's Market Outlook (12.22 - 12.28) 3.2.1 Spot Market - The spot price of pigs will be weakly oscillating. The overall slaughter progress in November was slow, and the increase in feed consumption indicates a large basic stock. Although the cooling and Winter Solstice demand boosted the downstream, the supply increased more before the Winter Solstice peak season, resulting in a weak peak season and large supply pressure. The supply is in a continuous increasing stage, and the demand in December has been fulfilled, but there are still some individual farmers engaging in secondary fattening and holding back pigs. There will be a one - month demand vacuum period in the future, and enterprises are more willing to slaughter and reduce weight in January, so the spot price will continue to be under pressure [3] 3.2.2 Futures Market - The LH2601 contract price closed at 11,150 yuan/ton on December 19. Although the slaughter volume before the Winter Solstice reached a new high this year, the increase in the spot price was less than expected, the supply pressure was still not effectively released, and the discount delivery expectation increased after the Winter Solstice. Attention should be paid to the 3 - 7 reverse spread, and stop - loss and take - profit should be noted. The short - term support level of the LH2601 contract is 10,500 yuan/ton, and the pressure level is 11,500 yuan/ton [4] 3.3 Other Data - **Basis and Monthly Spread**: This week, the basis was 630 yuan/ton, and the LH2601 - LH2603 monthly spread was - 175 yuan/ton [9] - **Supply Data**: This week's average weight was 124.79KG (up from 124.59KG last week). In October, the pork production was 5.605 billion tons, a 5.5% increase from the previous month, and the pork import was 7.14 million tons, an 11.14% decrease from the previous month [12]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - The supply of live pigs has increased as large - scale farms have normal slaughter volumes, heavy pigs from the previous period are actively sold, and some regions affected by diseases are also selling standard pigs. On the demand side, the activities of curing bacon and making sausage have increased, leading to a rise in terminal consumption, and the slaughtering enterprise's operating rate has continuously rebounded. Overall, the situation of both supply and demand increasing continues, and the live pig price is mainly in a volatile market. The near - month basis has returned, and the main contract price on the futures market is relatively weak [7]. Summary by Relevant Catalogs 1. Weekly Highlights Summary - **Market Review**: The live pig price fluctuated, rising first and then falling, and the main contract 2603 closed flat for the week [7][11]. - **Market Outlook**: Supply increased due to normal slaughter by large - scale farms, active sales of heavy pigs, and disease - affected sales of standard pigs. Demand increased as curing and sausage - making activities drove up terminal consumption and the slaughtering enterprise's operating rate rebounded. The price will mainly show a volatile trend [7]. 2. Futures and Spot Markets Futures Market - **Price Movement**: The futures price fluctuated, rising first and then falling, and the main contract 2603 closed flat for the week [7][11]. - **Net Position and Warehouse Receipts**: As of December 19, the net short position of the top 20 holders increased by 3748 lots to 46394 lots, and the number of futures warehouse receipts was 823, an increase of 300 from the previous week [17]. - **Contract Spreads**: The spread between lh2603 and lh2605 was - 600, and the spread between lh2603 and lh2607 was - 1335 [21]. Spot Market - **Base Difference**: The basis of the January contract was 650 yuan/ton, and the basis of the March contract was 475 yuan/ton this week [26]. - **Prices of Live Pigs and Piglets**: The national average price of live pigs was 11.60 yuan/kg, up 0.07 yuan/kg from the previous week. The average price of 15 - kg weaned piglets was 23.38 yuan/kg, the same as the previous week [36]. - **Prices of Pork and Sows**: On December 11, the national average price of pork was 22.59 yuan/kg, down 0.15 yuan/kg from the previous week. The average price of binary sows was 32.46 yuan/kg, the same as the previous week [40]. - **Pig - to - Grain Ratio**: As of the week of December 10, 2025, the pig - to - grain ratio was 5.18, down 0.03 from the previous week [44]. 3. Industry Situation Upstream - **Sow Inventory**: In October 2025, the inventory of breeding sows was 39.9 million, a month - on - month decrease of 1.12% and a year - on - year decrease of 2.038%. In November, according to Mysteel data, the inventory of breeding sows in large - scale farms decreased by 0.37% month - on - month and increased by 0.07% year - on - year, and that in small and medium - sized farms decreased by 0.78% month - on - month and increased by 0.78% year - on - year [49]. - **Live Pig Inventory**: At the end of the third quarter of 2025, the live pig inventory was 436.8 million, a month - on - month increase of 2.9% and a year - on - year increase of 2.3%. In November, according to Mysteel data, the inventory of commercial pigs in large - scale farms increased by 0.32% month - on - month and 5.28% year - on - year, and that in small and medium - sized farms decreased by 0.07% month - on - month and increased by 6.94% year - on - year [53]. - **Slaughter Volume and Average Weight**: In November, according to Mysteel data, the slaughter volume of commercial pigs in large - scale farms decreased by 0.65% month - on - month and increased by 5.59% year - on - year, and that in small and medium - sized farms decreased by 2.03% month - on - month and increased by 29.75% year - on - year. The average slaughter weight of live pigs was 123.67 kg, down 0.03 kg from the previous week [58]. Industry as a Whole - **Breeding Profits**: As of December 19, the loss of purchasing piglets for breeding was 189.5 yuan/head, a reduction of 51.19 yuan/head; the loss of self - breeding and self - raising was 130.88 yuan/head, a reduction of 32.46 yuan/head. The egg - laying hen breeding profit was - 0.36 yuan/head, the same as the previous week, and the 817 hybrid broiler breeding profit was 0.4 yuan/head, an increase of 0.42 yuan/head [63]. - **Pork Imports**: From January to November 2025, the cumulative pork imports were 920,000 tons, with an average monthly import of 83,600 tons. In November, the import volume was 60,000 tons, a year - on - year decrease of 33.33% [64][68]. - **Substitute Products**: As of the week of December 19, the price of white - striped chickens was 14.1 yuan/kg, an increase of 0.2 yuan/kg from the previous week. As of the week of December 18, the average price difference between standard and fat pigs was - 0.48 yuan/kg, a reduction of 0.02 yuan/kg from the previous week [71]. - **Feed Situation**: As of December 19, the spot price of soybean meal was 3137.14 yuan/ton, a decrease of 22.29 yuan/ton from the previous week; the corn price was 2348.63 yuan/ton, a decrease of 8.04 yuan/ton from the previous week. The closing price of the DCE pig feed cost index was 880.96, and the price of finishing pig compound feed was 3.33 yuan/kg, an increase of 0.01 yuan/kg from the previous week. In November 2025, the monthly feed output was 29.77 million tons, a month - on - month increase of 209,000 tons, and the sales of piglet feed increased by 0.42% month - on - month and 53.28% year - on - year [76][79][83]. - **CPI**: As of November 2025, China's CPI increased by 0.7% year - on - year [87]. Downstream - **Slaughtering Enterprises**: In the 51st week, the operating rate of slaughtering enterprises was 39.87%, an increase of 1.33 percentage points from the previous week and 2.08 percentage points from the same period last year. The fresh - meat sales rate was 87.86%, an increase of 0.79% from the previous week, and the frozen - product storage rate was 18.19%, a decrease of 0.07% from the previous week [90]. - **Slaughter Volume and Catering Consumption**: As of October 2025, the slaughter volume of designated pig slaughtering enterprises was 38.34 million, an increase of 6.98% from the previous month and 33.31% from the same period last year. In November 2025, the national catering revenue was 605.7 billion yuan, a year - on - year increase of 3.2% [95]. 4. Live Pig - Related Stocks - The report shows the trend charts of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis is provided [96][99]