Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the performance of the A-share market in the second quarter of 2025, highlighting various industries and their financial metrics [1][4]. Core Insights and Arguments 1. **Overall Performance**: In Q2 2025, total revenue showed a slight decline of -0.02% year-on-year, but the quarterly growth rate turned positive at 0.3%. Net profit attributable to shareholders increased by approximately 2% year-on-year, although this was a decline from Q1 [1][4]. 2. **Leading Industries**: The industries with the highest revenue growth included defense and military, electronics, agriculture, automotive, and computers. In terms of net profit growth, steel, electronics, power equipment, construction materials, and military industries led the way [1][4]. 3. **Weak Performing Industries**: Real estate, coal, and retail sectors showed weaker performance compared to others [1][4]. 4. **Return on Equity (ROE)**: The overall ROE decreased by 0.1 percentage points, with essential consumer sectors achieving a ROE of 10.2%, and food and beverage reaching 20.3%, significantly higher than other sectors [1][6]. 5. **Gross Margin Trends**: The overall gross margin for non-financial A-shares was 17.6%, down by 0.17 percentage points. Sectors like food and beverage, beauty care, and pharmaceuticals maintained high margins, while transportation, steel, and construction showed weaker performance [1][6]. 6. **Inventory Turnover Rates**: High inventory turnover rates were noted in coal, utilities, social services, telecommunications, and oil and petrochemicals, while lower rates were observed in beauty care, comprehensive sectors, machinery, food and beverage, defense, and real estate [1][7]. 7. **Capital Expenditure**: There was a rebound in corporate expansion intentions, although still negative, with non-financial capital expenditure growth rebounding to -5.3% from -7.5% in Q1. Industries like power equipment, basic chemicals, and defense showed significant positive growth in capital expenditure [1][7]. Additional Important Insights 1. **Profitability Changes**: From June 30 to August 30, 2025, industries with the highest upward revisions in net profit forecasts included steel, non-ferrous metals, beauty care, non-bank financials, and banks. Conversely, coal, oil and petrochemicals, food and beverage, beauty care, and home appliances saw downward revisions [3][8]. 2. **Market Reactions**: Following the earnings announcements, sectors like food and beverage, beauty care, non-bank financials, banks, and transportation frequently exhibited net profit discontinuities. Companies that saw significant stock price increases (over 5%) on the first trading day post-announcement are noteworthy [3][9]. 3. **Inventory Cycle**: Most industries are actively replenishing inventory, particularly agriculture, non-bank financials, and telecommunications, while sectors like home appliances and pharmaceuticals are in a passive destocking phase [5]. This summary encapsulates the key points from the conference call, providing a comprehensive overview of the performance and trends within the A-share market for Q2 2025.

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Views - At the end of the month and the beginning of the next month, large - scale pig farming groups significantly reduced the supply, and the spot price fulfilled the market's rebound expectation. The planned slaughter volume of large - scale groups will increase in August, and small - scale farmers are forced to hold back pigs. There is still supply pressure in September. The production capacity cycle and inventory cycle will resonate from September to October, and it is advisable to engage in the 11 - 1 reverse spread. The sentiment for purchasing piglets has declined, and the price decline has accelerated, corresponding to a decrease in the slaughter cost from March to May. Attention should be paid to the downward - shifting driving force of the central price in March and May. There is an expectation of further policy regulation and implementation for the July contract, and it is mainly bullish in the short - term, with attention to stop - loss and take - profit. The short - term support level for the LH2601 contract is 13,500 yuan/ton, and the pressure level is 14,500 yuan/ton [3] Group 3: Summary by Relevant Catalogs Fundamental Tracking - **Spot Prices**: The Henan spot price is 14,080 yuan/ton, a year - on - year decrease of 100 yuan/ton; the Sichuan spot price is 13,850 yuan/ton, unchanged year - on - year; the Guangdong spot price is 15,840 yuan/ton, unchanged year - on - year [1] - **Futures Prices**: The price of the生猪2511 contract is 13,550 yuan/ton, a year - on - year decrease of 45 yuan/ton; the price of the生猪2601 contract is 13,915 yuan/ton, a year - on - year increase of 55 yuan/ton; the price of the生猪2603 contract is 13,130 yuan/ton, a year - on - year increase of 35 yuan/ton [1] Trend Intensity - The trend intensity is 0, with a range of [-2, 2]. The strength levels are classified as weak, slightly weak, neutral, slightly strong, and strong, where -2 represents the most bearish view and 2 represents the most bullish view [2] Market Logic - At the end of the month and the beginning of the next month, large - scale pig farming groups significantly reduced the supply, and the spot price fulfilled the market's rebound expectation. The planned slaughter volume of large - scale groups will increase in August, and small - scale farmers are forced to hold back pigs. There is still supply pressure in September. The production capacity cycle and inventory cycle will resonate from September to October, and it is advisable to engage in the 11 - 1 reverse spread. The sentiment for purchasing piglets has declined, and the price decline has accelerated, corresponding to a decrease in the slaughter cost from March to May. Attention should be paid to the downward - shifting driving force of the central price in March and May. There is an expectation of further policy regulation and implementation for the July contract, and it is mainly bullish in the short - term, with attention to stop - loss and take - profit. The short - term support level for the LH2601 contract is 13,500 yuan/ton, and the pressure level is 14,500 yuan/ton [3] Futures Research - **Trading Volume and Open Interest**: The trading volume of the生猪2511 contract is 19,415 lots, a decrease of 6,627 lots from the previous day, and the open interest is 73,596 lots, an increase of 208 lots from the previous day; the trading volume of the生猪2601 contract is 7,959 lots, a decrease of 3,513 lots from the previous day, and the open interest is 48,179 lots, a decrease of 577 lots from the previous day; the trading volume of the生猪2603 contract is 3,160 lots, an increase of 315 lots from the previous day, and the open interest is 32,475 lots, a decrease of 109 lots from the previous day [4] - **Basis and Spread Data**: The basis of the生猪2511 contract is - 100 yuan/ton; the basis of the生猪2601 contract is 785 yuan/ton; the basis of the生猪2603 contract is 20 yuan/ton; the 11 - 1 spread of live pigs is 530 yuan/ton, a year - on - year decrease of 55 yuan/ton; the 1 - 3 spread of live pigs is 165 yuan/ton, a year - on - year decrease of 155 yuan/ton [4]

Overall Inventory Cycle - As of June 2025, total U.S. inventory increased by 2.89% year-on-year, compared to a previous value of 2.64%[1] - Total U.S. sales in June 2025 rose by 3.94% year-on-year, up from 3.32% previously[1] - Since April 2025, the U.S. has shifted from passive inventory replenishment to active destocking, but inflationary pressures are slowing this process[1] - Actual inventory growth rates from April to June 2025 were 2.2%, 1.6%, and 1.3% respectively[1] Industry Inventory Cycle - In June 2025, 7 out of 14 major industries were in active destocking, including oil, gas, chemicals, and automotive sectors[1] - The historical percentile for overall inventory growth in June was 35.3%, with specific industries like construction materials at 84.5% and chemicals at 64.6%[1] - Oil and chemical sectors are likely in active destocking, while construction and metal inventories remain high, indicating a potential shift to active destocking[1] - The transportation sector has been in active destocking since April 2025, while automotive parts have also transitioned to active destocking since December 2024[1]

Overview - As of August 31, 2025, 2,244 out of 2,276 companies listed on the Hong Kong main board have disclosed their interim results, achieving a disclosure rate of 98.6% [1] - The proportion of companies with positive revenue growth in 1H25 is 48%, down from 53.5% in the same period last year; approximately 60% of companies reported positive net profit growth, up from about 55% year-on-year [1] - The overall revenue growth of Hong Kong stocks is at a historical low, but profitability has improved [1] Profitability Improvement - The overall gross margin of Hong Kong companies has improved both year-on-year and quarter-on-quarter, with operating profit margins increasing year-on-year but decreasing quarter-on-quarter [2] - The net profit margin for Hong Kong listed companies has improved both year-on-year and quarter-on-quarter, indicating an enhanced competitive landscape and profitability [2] - Return on Equity (ROE) stands at 7.0%, showing year-on-year improvement and stability at historical average levels [2] Industry Structure Divergence - The fastest revenue growth is seen in the information technology, consumer discretionary, and financial sectors, with year-on-year growth rates of 12.3%, 8.5%, and 5.2% respectively [3] - The sectors with the largest revenue declines include real estate (-20.9%), energy (-9%), and utilities (-4.8%) [3] - The healthcare, information technology, and materials sectors have the highest net profit growth rates, at 202.9%, 60.9%, and 52.2% respectively [3] Inventory Cycle - The Hong Kong market is currently undergoing a destocking cycle, with upstream industries continuing to destock while midstream and downstream sectors have entered a replenishment phase [4] - Information technology, consumer discretionary, and healthcare sectors are in a "proactive inventory accumulation" phase, indicating a favorable supply-demand balance [4] - Energy, utilities, and real estate sectors are still in a "proactive destocking" phase, positioned at the bottom of the cycle [4] Capital Expenditure Trends - Most industries have significantly reduced capital expenditures during the economic downturn, with real estate, healthcare, and energy sectors showing the lowest expansion intentions [5] - Only the e-commerce and automotive sectors have seen capital expenditure expansion, but the capital expenditure-to-revenue ratio has not significantly increased, indicating maintenance-level spending [5] - Large companies have shown a notable improvement in operating cash flow year-on-year, leading to stronger capital expenditure intentions, while small and medium-sized enterprises are reducing capital expenditures due to poor cash flow [5] Industry Fundamentals Summary - High-performing sectors include information technology, non-essential consumer goods distribution and retail (primarily e-commerce), and healthcare [6] - Low-performing sectors include energy (primarily oil), real estate, industrial capital goods (mainly cyclical and traditional manufacturing), and consumer services in discretionary spending (mainly dining and tourism) [6] - Overall, new economy sectors with strong growth potential and weak ties to the Chinese macroeconomy have reported better interim results, while traditional economy sectors closely linked to the macroeconomy face performance pressures [6]

Summary of Key Points from Conference Call Records Industry or Company Involved - The discussion primarily revolves around the **Chinese economy**, **RMB (Renminbi) exchange rate**, and the **impact of U.S. monetary policy** on global markets, particularly focusing on **A-shares** and **bond markets**. Core Points and Arguments 1. **Impact of U.S. Monetary Policy**: The Federal Reserve's loose monetary policy typically weakens the dollar and lowers U.S. Treasury yields, which is expected to benefit gold. However, recent market behavior has diverged from this logic, with the dollar showing signs of recovery and Treasury yields stabilizing around 4.25% [1][3][11]. 2. **RMB Appreciation**: The recent appreciation of the RMB is expected to boost market risk appetite, particularly in the context of de-dollarization. However, caution is advised regarding extreme events like the UK fiscal storm that could trigger global asset volatility, particularly affecting Hong Kong stocks [1][4][5]. 3. **External and Internal Influences**: The RMB's recent performance is influenced by both external factors (like the dollar and U.S. Treasury yields) and internal factors (such as domestic economic conditions). The stability of the dollar around 98 and Treasury yields around 4.2-4.25 has allowed for independent market movements [2][6]. 4. **Market Sentiment and Risk Appetite**: The RMB's appreciation is linked to increased market risk appetite, driven by a weak dollar and the ongoing U.S.-China economic dynamics. Historical extreme events should be considered, as they can lead to significant market adjustments [4][5][23]. 5. **Future RMB Exchange Rate Expectations**: The RMB is expected to appreciate further, potentially falling below 7 by year-end, driven by stronger-than-expected exports and anticipated Fed rate cuts. The central bank may intervene to prevent rapid fluctuations to protect export-oriented businesses [11][23]. 6. **Inventory Cycle and Economic Indicators**: Recent PMI data indicates a mixed picture, with supply-side strength but weak demand. Companies are preemptively stocking up due to concerns over rising prices, which may not reflect genuine demand recovery [9][10][12][13]. 7. **Stock and Bond Market Dynamics**: There has been a noticeable decoupling between stock and bond markets, with funds shifting from bonds to equities, leading to upward pressure on stock prices. This trend may face challenges if retail investors do not significantly enter the market [15]. 8. **Investment Strategy in Current Environment**: Suggested investment areas include financial insurance, gold, domestic coal, and photovoltaic sectors, as well as consumer services and innovative pharmaceuticals, which are sensitive to U.S. Treasury yields [18]. 9. **RMB Internationalization**: The discussion highlights the ongoing efforts towards RMB internationalization, including the development of stablecoins and digital RMB, with a focus on cross-border trade and financial infrastructure [22]. Other Important but Possibly Overlooked Content 1. **Potential Risks**: The potential for short-term declines in global risk appetite due to external shocks, such as political instability in France and fiscal issues in the UK, should be monitored closely [5][6]. 2. **Liquidity and Market Dynamics**: The central bank's response to potential hot money inflows could significantly impact liquidity and interest rates, affecting both the bond and equity markets [7][8]. 3. **Long-term Economic Policies**: The effectiveness of policy measures aimed at stabilizing the economy and promoting growth, particularly in infrastructure investment, remains a critical area of focus [19][20].

Report Summary 1. Report Industry Investment Rating - The trend strength is 1, indicating a moderately bullish view. The range of trend strength is from -2 to 2, where -2 is the most bearish and 2 is the most bullish [2]. 2. Core View - Weekend group significantly reduced supply, and the spot price rebounded as expected. In August, the planned slaughter volume of large farms increased, and small farmers were forced to hold back pigs. There is still supply pressure in September. From September to October, the production cycle and inventory cycle resonate, and it's advisable to enter the 11 - 1 reverse spread. The enthusiasm for purchasing piglets declined, and the price drop accelerated, corresponding to a decrease in the cost of slaughter from March to May. Attention should be paid to the downward movement of the far - end price center, and stop - loss and take - profit should be set. The short - term support level for the LH2601 contract is 13,500 yuan/ton, and the resistance level is 14,500 yuan/ton [3]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: The price of Henan spot is 13,780 yuan/ton with a year - on - year change of 0; Sichuan spot is 13,250 yuan/ton, down 100 yuan/ton year - on - year; Guangdong spot is 14,740 yuan/ton, down 50 yuan/ton year - on - year [1]. - **Futures Prices**: The price of the pig 2511 contract is 13,555 yuan/ton, down 35 yuan/ton year - on - year; the pig 2601 contract is 13,870 yuan/ton, down 70 yuan/ton year - on - year; the pig 2603 contract is 13,135 yuan/ton, down 25 yuan/ton year - on - year [1]. - **Trading Volume and Open Interest**: The trading volume of the pig 2511 contract is 22,855 lots, down 7,687 lots from the previous day, and the open interest is 73,636 lots, down 1,327 lots from the previous day; the pig 2601 contract has a trading volume of 12,385 lots, down 1,050 lots, and an open interest of 48,313 lots, up 180 lots; the pig 2603 contract has a trading volume of 3,149 lots, down 941 lots, and an open interest of 31,772 lots, up 257 lots [1]. - **Price Spreads**: The basis of the pig 2511 contract is 225 yuan/ton, up 35 yuan/ton year - on - year; the basis of the pig 2601 contract is - 90 yuan/ton, up 70 yuan/ton year - on - year; the basis of the pig 2603 contract is 645 yuan/ton, up 25 yuan/ton year - on - year; the 11 - 1 spread is - 315 yuan/ton, up 35 yuan/ton year - on - year; the 1 - 3 spread is 735 yuan/ton, down 45 yuan/ton year - on - year [1].

Summary of Key Points from Conference Call Records Industry Overview - The TMT (Technology, Media, and Telecommunications) sector's transaction volume has exceeded 40%, indicating strong market interest but not necessarily signaling a peak [1][2] - The overall A-share market is expected to enter an active replenishment cycle by the fourth quarter of 2025, driven by improving domestic fundamentals and liquidity [1][4] Financial Performance - In the 2025 mid-year report, non-financial equity revenue decreased by 0.4% year-on-year, while net profit attributable to shareholders grew by 2.3%, showing a decline compared to the first quarter [1][5] - The return on equity (ROE) for the entire A-share non-financial sector is expected to stabilize in the fourth quarter after a slowdown in its decline [1][5] Market Dynamics - The current market shows high congestion in components, semiconductors, and communication devices, while software, gaming, and fintech applications are less congested [3] - The non-financial industry prosperity index has risen for three consecutive months, indicating a potential turning point in the revenue cycle [3][10] Inventory and Capacity Cycles - Most sectors are experiencing a dual decline in revenue and inventory growth, reflecting a deepening active destocking phase [6] - The construction and consumption sectors have been in active destocking for five consecutive quarters, while the export chain and TMT sectors remain in a high active replenishment state [6][7] Investment Opportunities - Industries such as chemicals and steel, which have seen a decline in revenue but an increase in advance payments, are expected to experience a revenue growth turning point in the next two quarters [8] - The computer, optical, and electrical engineering sectors are anticipated to continue in a state of dual improvement in supply and demand [8] Sector-Specific Insights - The AI industry is showing positive trends, with significant capital expenditure and production increases in related sectors such as communication equipment and storage devices [11][12] - The engineering machinery sector is recovering, with increased sales and operational hours observed in the third quarter [18] Consumer Trends - Consumer goods sectors, including beer, food, and dairy products, are showing signs of recovery, closely linked to restaurant data [19] - The real estate market is experiencing mixed signals, with new home sales declining year-on-year but showing signs of stabilization in first-tier cities [20] Recommendations - Short-term investment strategies should focus on strong sectors such as AI, pharmaceuticals, and military-related industries, while also considering undervalued consumer and non-bank financial sectors benefiting from currency appreciation [23][24]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - In the week from August 25 - 31, the spot market for live pigs showed weak and volatile prices. The supply was relatively loose, and the demand led to an increase in slaughter volume. The futures market also had a weak performance, and the basis structure switched. Looking ahead to September 1 - 7, the spot price of live pigs will run weakly, with both supply and demand increasing but limited rebound space. For the futures market, different contract opportunities and price ranges are suggested [1][2][3][4]. 3. Summary by Related Catalogs This Week's Market Review (8.25 - 8.31) - **Spot Market**: The price of 20KG piglets in Henan was 31.35 yuan/kg (last week: 33.1 yuan/kg), the live pig price in Henan was 13.78 yuan/kg (unchanged from last week), and the price of 50KG binary sows nationwide was 1600 yuan/head (last week: 1611 yuan/head). The supply was relatively loose, and the demand led to an increase in slaughter volume, with some speculative demand for warehousing and secondary fattening starting. The average slaughter weight nationwide was 123.6KG (last week: 123.8KG), a 0.16% decrease [1]. - **Futures Market**: The LH2509 contract of live pig futures had a high of 13875 yuan/ton, a low of 13010 yuan/ton, and a closing price of 13015 yuan/ton (last week: 13760 yuan/ton). The basis of the LH2509 contract was 765 yuan/ton (last week: 20 yuan/ton) [2]. Next Week's Market Outlook (9.1 - 9.7) - **Spot Market**: The spot price of live pigs will run weakly. In August, the spot price was lower than expected. From the supply side, the supply of standard pigs will increase significantly from August, and the supply pressure in September is also large. From the demand side, there is a seasonal demand increase in September, but overall, the rebound space in September is limited [3]. - **Futures Market**: The price of the LH2601 contract on August 29 was 13870 yuan/ton. It is expected that the basis structure of the November contract will change to a contango structure in advance. The November contract is under pressure, and attention can be paid to the 11 - 1 reverse spread. The price of piglets is expected to continue to fall in September, corresponding to a decrease in the cost of purchased - for - fattening pigs after March, and attention can be paid to the hedging opportunities of the March and May contracts. The short - term support level of the LH2601 contract is 13500 yuan/ton, and the pressure level is 14500 yuan/ton [4]. Other Data - **Basis and Spread**: This week's basis was 765 yuan/ton, and the LH2511 - LH2601 spread was - 315 yuan/ton [9]. - **Supply Data**: This week's average weight was 123.6KG (last week: 123.8KG). In June, the pork production was 5.295 billion tons, a 4.3% month - on - month increase; in July, the pork import was 8.83 million tons, a 0.18% month - on - month decrease [12].

Core Viewpoint - The recovery of the PMI manufacturing index in August, along with improvements in production, new orders, and prices, indicates the initial effects of policies aimed at expanding domestic demand and countering excessive competition. The stock market's recovery is boosting economic confidence, which may lead to a rebound in consumer spending. Future policies to expand domestic demand are expected to strengthen the positive economic trend, especially in the service consumption sector as the impact of durable goods policies diminishes [1][7]. Group 1: Economic Resilience - The production index in August rose to 50.8%, while the new orders index was at 49.5%, indicating a strong resilience in the economy despite a widening supply-demand gap of 1.3 percentage points [2]. - The increase in production is attributed to stable domestic demand and a recovering stock market, alongside exporters rushing to ship goods due to new tax regulations [2]. Group 2: Price Index Trends - The PMI output price index and raw material purchase price index increased by 0.8 percentage points and 1.8 percentage points to 49.1% and 53.3%, respectively, marking three consecutive months of price increases [3]. - The rise in prices is linked to the initial success of measures to curb excessive competition, with 11 out of 16 industries showing price increases [3]. Group 3: Inventory and Procurement Dynamics - The finished goods inventory index fell by 0.6 percentage points to 46.8%, while raw material inventory and procurement levels rose, indicating a shift towards passive inventory reduction [4]. - Companies are adjusting procurement levels in response to new orders, maintaining low inventory levels as demand and exports increase [4]. Group 4: Performance of Enterprises - Large enterprises saw a significant increase in their index to 50.8%, while small enterprises slightly rose to 46.6%, and medium enterprises fell to 48.9% [5]. - The service sector, particularly transportation and entertainment, benefited from summer consumption, with business activity indices for rail and air transport exceeding 55% [6]. Group 5: Future Outlook - The PMI manufacturing index remains in contraction for five consecutive months, highlighting ongoing economic pressures, particularly for small and medium enterprises [7]. - Continued policy support is necessary to sustain economic recovery, especially in demand, with upcoming measures to stimulate service consumption and digital economy initiatives [7].

Report Summary 1. Report Industry Investment Rating - There is no information provided on the report's industry investment rating in the given content. 2. Core View of the Report - The trend strength is -1, indicating a relatively bearish stance, with -2 being the most bearish and 2 being the most bullish [2]. - In August, the planned出栏 volume of group farms increased, small - scale farmers had passive backlogs, demand growth was limited, large - scale farms' efforts to reduce supply and support prices were ineffective, daily trading was poor, and it was difficult to absorb market supply. The supply pressure in the near - term was difficult to reverse, and the priority of the production - capacity cycle was higher than that of the inventory cycle. It is recommended to enter a 11 - 1 reverse spread trade. The state reserve purchase policy has been implemented, and during the passive inventory accumulation phase, supply pressure usually requires multiple rounds of state reserve purchases to be digested. The September contract is still at a premium to the warehouse - receipt cost, and the industry's willingness to deliver has increased, so the premium - collection market continues. The sentiment for purchasing piglets has declined, and the price decline has accelerated, corresponding to a decrease in the cost of pigs to be slaughtered in March. Attention should be paid to the downward - moving driver of the far - end price center, and stop - loss and take - profit should be noted. The short - term support level for the LH2509 contract is 13,000 yuan/ton, and the pressure level is 14,000 yuan/ton [3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Spot Prices**: The Henan spot price is 13,780 yuan/ton with a year - on - year change of 0; the Sichuan spot price is 13,350 yuan/ton with a year - on - year decrease of 100; the Guangdong spot price is 14,790 yuan/ton with a year - on - year decrease of 150 [1]. - **Futures Prices**: The price of the 'pig2509' contract is 13,300 yuan/ton with a year - on - year decrease of 145; the 'pig2511' contract is 13,590 yuan/ton with a year - on - year decrease of 155; the 'pig2601' contract is 13,940 yuan/ton with a year - on - year decrease of 140 [1]. - **Trading Volume and Open Interest**: The trading volume of the 'pig2509' contract is 2,887 lots, a decrease of 1,339 from the previous day, and the open interest is 4,118 lots, a decrease of 1,746 from the previous day. The trading volume of the 'pig2511' contract is 30,542 lots, an increase of 4,380 from the previous day, and the open interest is 74,963 lots, an increase of 3,370 from the previous day. The trading volume of the 'pig2601' contract is 13,435 lots, an increase of 2,826 from the previous day, and the open interest is 48,133 lots, an increase of 582 from the previous day [1]. - **Basis and Spreads**: The basis of the 'pig2509' contract is 480 yuan/ton with a year - on - year increase of 145; the 'pig2511' contract basis is 190 yuan/ton with a year - on - year increase of 155; the 'pig2601' contract basis is - 160 yuan/ton with a year - on - year increase of 140. The 9 - 11 spread of pigs is - 290 yuan/ton with a year - on - year increase of 10 [1].