1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - Although the large出栏 pressure in August restrains the performance of the spot price, the state's reserve purchase boosts market confidence, and the approaching school - opening brings expectations of improved demand. It is expected that the short - term hog futures price will fluctuate strongly within a range. It is recommended to wait and see for now, and pay attention to the 出栏 rhythm and downstream demand [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main hog futures contract is 13,860 yuan/ton, down 50 yuan; the main contract's open interest is 70,270 lots, up 241 lots; the number of warehouse receipts is 0 lots, down 430 lots; the net long position of the top 20 futures holders is - 17,252 lots, down 923 lots [2]. 3.2 Spot Market - The hog price in Henan Zhumadian is 13,600 yuan/ton, down 100 yuan; in Jilin Siping is 13,200 yuan/ton, down 100 yuan; in Guangdong Yunfu is 15,100 yuan/ton, unchanged. The main hog basis is - 260 yuan/ton, down 50 yuan [2]. 3.3 Upstream Situation - The monthly hog inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0430,000 heads, up 10,000 heads [2]. 3.4 Industry Situation - The monthly year - on - year CPI is 0%, down 0.1 percentage points. The spot price of soybean meal in Zhangjiagang is 3,050 yuan/ton, down 10 yuan; the spot price of corn is 2,367.75 yuan/ton, down 0.68 yuan; the Dalian Commodity Exchange hog feed cost index is 900.89, down 1.93. The monthly output of feed is 29,377,000 tons, up 1,756,000 tons; the weekly price of binary breeding sows is 1,627 yuan/head, down 11 yuan. The weekly breeding profit of purchased piglets is - 151.8 yuan/head, up 5.25 yuan; the weekly breeding profit of self - bred and self - raised hogs is 33.95 yuan/head, up 5.1 yuan. The monthly import volume of pork is 90,000 tons, unchanged. The weekly average price of white - striped chicken in the main producing areas is 14.4 yuan/kg, up 0.3 yuan [2]. 3.5 Downstream Situation - The monthly slaughter volume of designated hog slaughtering enterprises is 3,0060,000 heads, down 2100,000 heads; the monthly value of catering revenue in total social consumer goods retail sales is 470.76 billion yuan, up 12.94 billion yuan [2]. 3.6 Industry News - On August 26, 2025, the daily hog 出栏 volume of key breeding enterprises nationwide was 276,484 heads, up 2.41% from the previous day. On Tuesday, the hog 2511 contract closed down 0.47%. In August, the 出栏 plan of the breeding end increased month - on - month, and the market supply was loose. The current price difference between fat and lean hogs widened, providing conditions for later 压栏 [2]. 3.7 Viewpoint Summary - The state will carry out central pork reserve purchases in the near future, boosting market confidence. With sufficient hog supply, the demand in some areas has recovered, and the slaughterhouse's operating rate has rebounded moderately. It is expected that the demand will improve after the start of school and the upcoming double - festival stocking. Overall, although the large 出栏 pressure in August restrains the spot price, the reserve purchase and the expected improvement in demand will make the short - term hog futures price oscillate strongly within a range [2]. 3.8 Key Concerns - There is no news today. It is necessary to pay attention to the 出栏 rhythm and downstream demand [2].

Report Information - Report Title: Pig Industry Daily Report 2025 - 08 - 21 [1] - Report Date: August 21, 2025 [1] Industry Investment Rating - Not provided Core Viewpoints - In August, the supply pressure of live pigs is high, and the spot price is weakly adjusted, which drags down the decline of the main live pig contract. However, due to policy guidance, the long - term supply pressure expectation decreases marginally, and the demand is expected to improve with the upcoming school opening. It is expected that the decline space of live pig futures prices is limited, mainly showing a volatile market. Attention should be paid to the slaughter rhythm and secondary fattening situation. It is recommended to wait and see for the time being [2] Summary by Directory Futures Market - The closing price of the main futures contract for live pigs is 13,765 yuan/ton, down 10 yuan; the position of the main contract is 69,877 lots, down 741 lots; the number of warehouse receipts is 430 lots, unchanged; the net long position of the top 20 futures holders is - 15,934 lots, up 96 lots [2] Spot Market - The live pig prices in Henan Zhumadian, Jilin Siping, and Guangdong Yunfu are 13,700 yuan/ton (up 100 yuan), 13,400 yuan/ton (unchanged), and 15,100 yuan/ton (up 200 yuan) respectively. The main live pig basis is - 75 yuan/ton, up 225 yuan [2] Upstream Situation - The monthly live pig inventory is 42.447 million heads, up 716,000 heads; the inventory of breeding sows is 4.043 million heads, up 10,000 heads. The CPI year - on - year is 0%, down 0.1 percentage points. The spot price of soybean meal in Zhangjiagang is 3,070 yuan/ton, unchanged; the spot price of corn is 2,384.71 yuan/ton, down 6.66 yuan. The DCE pig feed cost index is 911.24, down 0.09. The monthly output of feed is 29.377 million tons, up 1.756 million tons. The price of binary breeding sows is 1,638 yuan/head, unchanged. The breeding profit of purchased piglets is - 157.05 yuan/head, down 22.91 yuan; the breeding profit of self - bred and self - raised live pigs is 28.85 yuan/head, down 16.28 yuan. The monthly import volume of pork is 90,000 tons, unchanged. The average price of white - striped chicken in the main producing areas is 14.1 yuan/kg, up 0.2 yuan [2] Industry Situation - The monthly slaughter volume of designated live pig slaughtering enterprises is 30.06 million heads, down 2.1 million heads. The monthly value of catering revenue in total retail sales of social consumer goods is 470.76 billion yuan, up 12.94 billion yuan [2] Industry News - On August 21, 2025, the daily national live pig slaughter volume of key breeding enterprises was 268,426 heads, up 2.10% from the previous day. The live pig 2511 contract closed down 0.18% on Thursday. In August, the slaughter plan of the breeding side increased month - on - month, and the market supply was relatively loose [2] Viewpoint Summary - On the supply side, although the supply is loose in August, some farms may be willing to support prices, and the entry of secondary fattening increases, which will slow down the slaughter rhythm. The current large price difference between fat and lean pigs provides conditions for later pressure on the栏. On the demand side, the supply of live pigs is sufficient, the demand in some areas has recovered, the slaughterhouse's operating rate has risen moderately, and the demand is expected to improve in the later period. Overall, the slaughter pressure in August is high, the spot price is weakly adjusted, and the main live pig contract has declined. However, the decline space of live pig futures prices is limited, mainly showing a volatile market [2] Key Concerns - There is no news today. Attention should be paid to the slaughter rhythm and secondary fattening situation [2]

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core View of the Report - In August 2025, the pig slaughter plan increased month - on - month, leading to a relatively loose market supply. As the price fell, some farms might have the intention to hold prices, and the increasing spread between fat and lean pig prices provided conditions for later hoarding. On the demand side, the supply of pigs was sufficient, and demand in some areas recovered, with the slaughterhouse operation rate rising moderately. It was expected that demand would improve with the start of school in late August and the upcoming Double - Festival stocking. Overall, the pressure on pig sales in August was high, and the weak adjustment of the spot price dragged down the main pig futures contract. However, due to policy guidance, the expected long - term supply pressure decreased marginally, and the expected demand improvement from the start of school limited the decline space of pig futures prices, with the market expected to be mainly in a volatile state. It was recommended to wait and see [2]. 3. Summary by Relevant Catalogs 3.1 Futures Disk - The closing price of the main futures contract for live pigs was 13,775 yuan/ton, a decrease of 125 yuan; the position volume of the main contract was 70,618 lots, an increase of 2,684 lots; the number of warehouse receipts was 430 lots, unchanged; the net long position of the top 20 futures positions was - 16,030 lots, an increase of 867 lots [2]. 3.2 Spot Price - The live pig price in Zhumadian, Henan was 13,700 yuan/ton, an increase of 100 yuan; in Siping, Jilin it was 13,400 yuan/ton, unchanged; in Yunfu, Guangdong it was 15,100 yuan/ton, an increase of 200 yuan. The basis of the main live pig contract was - 75 yuan/ton, an increase of 225 yuan [2]. 3.3 Upstream Situation - The live pig inventory was 42,4470,000 heads, an increase of 7160,000 heads; the inventory of breeding sows was 4,0430,000 heads, an increase of 10,000 heads [2]. 3.4 Industry Situation - The year - on - year change of CPI was 0%, a decrease of 0.1 percentage points; the spot price of soybean meal in Zhangjiagang was 3,070 yuan/ton, unchanged; the spot price of corn was 2,384.71 yuan/ton, a decrease of 6.66 yuan; the pig feed cost index of the Dalian Commodity Exchange was 911.24, a decrease of 0.09; the monthly output of feed was 29,377,000 tons, an increase of 1,756,000 tons; the price of二元能繁母猪 was 1,638 yuan/head, unchanged; the breeding profit of purchased piglets was - 157.05 yuan/head, a decrease of 22.91 yuan; the breeding profit of self - bred and self - raised pigs was 28.85 yuan/head, a decrease of 16.28 yuan; the monthly import volume of pork was 90,000 tons, unchanged; the average price of white - striped chicken in the main production areas was 14.1 yuan/kg, an increase of 0.2 yuan [2]. 3.5 Downstream Situation - The slaughter volume of designated pig slaughtering enterprises was 3,0060,000 heads, a decrease of 2100,000 heads; the monthly retail sales of social consumer goods in the catering industry was 470.76 billion yuan, an increase of 12.94 billion yuan [2]. 3.6 Industry News - On August 20, 2025, the daily national live pig sales volume of key breeding enterprises was 262,893 heads, a 1.62% increase from the previous day. On Wednesday, the live pig 2511 contract closed down 0.72% [2].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The supply pressure in the market still exists as the slaughter resumes to rise after a brief price - holding by the breeding side, and the scale of secondary fattening is limited. However, the current price difference between fat pigs and standard pigs has widened, providing conditions for later hoarding. On the demand side, the supply of pigs is sufficient, and the demand in some areas has improved. The slaughterhouse's operating rate has moderately increased. It is expected that the demand will significantly improve with the start of school in late August and the subsequent Mid - Autumn Festival and National Day stocking. Overall, the slaughter pressure in August is high, and the spot price is weakly adjusted. The long - term supply pressure expectation is decreasing marginally, and the demand improvement expectation due to the upcoming start of school is expected to limit the decline space of the hog futures price. It is recommended to wait and see for now, focusing on the slaughter and secondary fattening situation [2] 3. Summary According to the Directory 3.1 Futures Market - The closing price of the main hog futures contract is 13,820 yuan/ton, down 125 yuan; the main contract's open interest is 71,193 lots, up 6,351 lots; the number of warehouse receipts is 430 lots, unchanged; the net long positions of the top 20 futures holders is - 17,718 lots, up 265 lots. The hog 2511 contract closed down 0.65% on Monday [2] 3.2 Spot Market - The hog price in Henan Zhumadian is 13,600 yuan/ton, down 100 yuan; in Jilin Siping is 13,400 yuan/ton, unchanged; in Guangdong Yunfu is 14,900 yuan/ton, unchanged. The main hog basis is - 220 yuan/ton, up 25 yuan [2] 3.3 Upstream Situation - The monthly hog inventory is 42,4470,000 heads, up 7160,000 heads; the monthly inventory of breeding sows is 4,0430,000 heads, up 10,000 heads. The CPI's year - on - year change is 0%, down 0.1 percentage points. The spot price of soybean meal in Zhangjiagang is 3,070 yuan/ton, unchanged; the corn spot price is 2,393.92 yuan/ton, down 0.2 yuan. The Dalian Commodity Exchange's hog feed cost index is 917.93, down 6.14. The monthly feed output is 29,377,000 tons, up 1,756,000 tons. The weekly price of binary breeding sows is 1,638 yuan/head, unchanged. The weekly breeding profit of purchased piglets is - 157.05 yuan/head, down 22.91 yuan; the weekly breeding profit of self - bred and self - raised hogs is 28.85 yuan/head, down 16.28 yuan. The monthly pork import volume is 90,000 tons, unchanged. The weekly average price of white - striped chicken in the main producing areas is 14.1 yuan/kg, up 0.2 yuan [2] 3.4 Downstream Situation - The monthly slaughter volume of designated hog slaughtering enterprises is 3,0060,000 heads, down 2100,000 heads. The monthly value of catering revenue in social consumer goods retail sales is 470.76 billion yuan, up 1.294 billion yuan [2] 3.5 Industry News - China's pork import volume in July was 90,000 tons, a year - on - year decrease of 0.6%; from January to July, the pork import volume was 630,000 tons, a year - on - year increase of 4.1%. On August 18, 2025, the daily hog slaughter volume of key breeding enterprises nationwide was 274,282 heads, a 1.69% increase from the previous period [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The increase in the previous period's hog farming end's slaughter volume has pressured the spot price. However, the price decline has triggered the farming end's resistance sentiment, and the short - term slaughter rhythm may change, leading to a stable adjustment of the spot price. Technically, the hog 2511 contract has corrected, but due to policy guidance, the long - term supply pressure expectation has decreased marginally, and with the expected transition of demand from weak to strong, the decline space of hog futures prices is limited. It is recommended to wait for the correction and lightly open long positions, paying attention to the slaughter and secondary fattening situations [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Disk - The closing price of the main hog futures contract is 13,900 yuan/ton, down 145 yuan; the position of the main contract is 64,710 lots, down 1,520 lots; the number of warehouse receipts is 430 lots, unchanged; the net long position of the top 20 futures holders is - 16,753 lots, up 2,539 lots [2]. 3.2 Spot Price - The hog price in Henan Zhumadian is 13,700 yuan/ton, unchanged; in Jilin Siping is 13,400 yuan/ton, up 100 yuan; in Guangdong Yunfu is 15,100 yuan/ton, down 200 yuan; the main hog basis is - 200 yuan/ton, up 145 yuan [2]. 3.3 Upstream Situation - The monthly hog inventory is 42,4470,000 heads, up 7160,000 heads; the monthly inventory of breeding sows is 4,0430,000 heads, up 10,000 heads [2]. 3.4 Industry Situation - The monthly year - on - year CPI is 0%, down 0.1 percentage points; the spot price of soybean meal in Zhangjiagang is 3,090 yuan/ton, unchanged; the spot price of corn is 2,394.12 yuan/ton, down 0.98 yuan; the DCE hog feed cost index is 934.33, down 5.28; the monthly output of feed is 29,377,000 tons, up 1,756,000 tons; the weekly price of binary breeding sows is 1,638 yuan/head, unchanged; the weekly breeding profit of purchased piglets is - 134.14 yuan/head, down 17.36 yuan; the weekly breeding profit of self - bred and self - raised hogs is 45.13 yuan/head, up 1.28 yuan; the monthly import volume of pork is 90,000 tons, unchanged; the weekly average price of white - striped chicken in the main production areas is 13.9 yuan/kg, up 0.2 yuan [2]. 3.5 Downstream Situation - The monthly slaughter volume of designated hog slaughtering enterprises is 3,0060,000 heads, down 2100,000 heads; the monthly value of catering revenue in total social retail sales of consumer goods is 470.76 billion yuan, up 12.94 billion yuan [2]. 3.6 Industry News - On August 14, 2025, the daily national hog slaughter volume of key breeding enterprises was 264,655 heads, a 3.36% decrease from the previous day. In the supply side, the rhythm of weight - reducing slaughter at the farming end accelerated in the first ten - day period, increasing market supply. However, after the continuous price decline, there are signs of the farming end's resistance sentiment, and the slaughter rhythm may slow down again. In the demand side, the supply of hogs is sufficient, and the demand in some areas has recovered. The operating rate of slaughterhouses has increased slightly, but the high temperature still suppresses people's willingness to buy pork, limiting the recovery amplitude. It is expected that the demand will improve significantly when students start school in the second ten - day period and the double - festival stockpiling starts later [2].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The supply of live pigs has increased recently due to the accelerated rhythm of weight - reducing sales by the breeding side, while the demand has slightly recovered with the increase in the slaughterhouse's operating rate, but the high temperature still restricts the increase. It is expected that the demand will improve significantly during the upcoming student enrollment and double - festival stocking periods. The spot price of live pigs runs steadily and slightly weakly, but the long - term supply pressure is expected to decrease marginally due to capacity policies, and the futures price of the live pig 2511 contract is stronger than the spot price, showing a volatile and slightly stronger trend. It is recommended to try long positions on dips [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Disk - The closing price of the main futures contract for live pigs is 14,230 yuan/ton, up 90 yuan; the main contract's open interest is 60,882 lots, down 1,419 lots; the number of warehouse receipts is 410 lots, up 410 lots; the net long position of the top 20 futures holders is - 19,292 lots, up 2 lots [2]. 3.2 Spot Price - The live pig price in Henan Zhumadian is 13,600 yuan/ton, unchanged; in Jilin Siping is 13,200 yuan/ton, up 100 yuan; in Guangdong Yunfu is 15,300 yuan/ton, unchanged. The main live pig basis is - 630 yuan/ton, down 90 yuan [2]. 3.3 Upstream Situation - The live pig inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0430,000 heads, up 10,000 heads [2]. 3.4 Industry Situation - The year - on - year change of CPI is 0%, down 0.1 percentage points; the spot price of soybean meal in Zhangjiagang is 2,940 yuan/ton, down 10 yuan; the spot price of corn is 2,394.12 yuan/ton, down 0.78 yuan; the Dalian Commodity Exchange's pig feed cost index is 931.74, up 1.06; the monthly output of feed is 29,377,000 tons, up 1,756,000 tons; the price of binary breeding sows is 1,638 yuan/head, unchanged; the breeding profit of purchased piglets is - 134.14 yuan/head, down 17.36 yuan; the breeding profit of self - bred and self - raised live pigs is 45.13 yuan/head, up 1.28 yuan; the monthly import volume of pork is 90,000 tons, unchanged; the average price of white - striped chickens in the main producing areas is 13.9 yuan/kg, up 0.2 yuan [2]. 3.5 Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises is 3,0060,000 heads, down 2100,000 heads; the monthly value of catering revenue in total social consumer goods retail sales is 470.76 billion yuan, up 12.94 billion yuan [2]. 3.6 Industry News - On August 12, 2025, the daily national live pig slaughter volume of key breeding enterprises was 277,425 heads, up 0.56% from the previous day; on Tuesday, the live pig 2511 contract closed up 0.21% [2].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The increase in the number of pigs sold by breeders puts pressure on the spot price. However, due to the policy - guided reduction in long - term supply pressure marginally, which provides more support for the far - month contracts, combined with the expectation of improved future demand, the futures price of the live hog 2511 contract performs stronger than the spot price, showing a slightly bullish and volatile trend. It is recommended to try long positions on dips [2]. Summary by Related Catalogs Futures Market - The closing price of the main futures contract for live hogs is 14,140 yuan/ton, down 40 yuan; the main contract position is 62,301 lots, up 2,107 lots; the number of warehouse receipts is 0 lots, down 380 lots; the net long position of the top 20 futures holders is - 20,292 lots, down 998 lots [2]. Spot Market - The live hog prices in Henan Zhumadian, Guangdong Yunfu remain unchanged at 13,600 yuan/ton and 15,300 yuan/ton respectively, while the price in Jilin Siping rises 100 yuan to 13,100 yuan/ton. The main live hog basis is - 540 yuan/ton, up 40 yuan [2]. Upstream Situation - The monthly live hog inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0420,000 heads, up 40,000 heads [2]. Industry Situation - The month - on - month CPI is 0.1%, up 0.2 percentage points; the spot price of soybean meal in Zhangjiagang is 2,950 yuan/ton, up 10 yuan; the spot price of corn is 2,394.9 yuan/ton, down 0.69 yuan; the Dalian Commodity Exchange pig feed cost index is 930.68, down 1.18; the monthly feed output is 27,621,000 tons, up 981,000 tons; the price of binary breeding sows is 1,638 yuan/head, unchanged; the breeding profit of purchased piglets is - 134.14 yuan/head, down 17.36 yuan; the breeding profit of self - bred and self - raised live hogs is 45.13 yuan/head, up 1.28 yuan; the monthly pork import volume is 90,000 tons, unchanged; the average price of white - striped chickens in the main producing areas is 13.9 yuan/kg, up 0.2 yuan [2]. Downstream Situation - The monthly slaughter volume of designated live hog slaughtering enterprises is 3,2160,000 heads, up 1390,000 heads; the monthly catering revenue in total social consumer goods retail sales is 470.76 billion yuan, up 1.294 billion yuan [2]. Industry News - On August 11, 2025, the daily national live hog output of key breeding enterprises was 275,875 heads, up 3.67% from Friday. The live hog 2611 contract closed flat on Monday. On the supply side, the rhythm of weight - reducing sales by breeders has accelerated recently, increasing market supply. The demand side has seen a slight increase in the slaughterhouse operation rate due to sufficient pig supply and partial demand recovery, but high temperatures still suppress pork purchasing willingness, limiting the recovery. The long - term supply pressure is expected to decrease marginally due to policy guidance, and the demand is expected to improve significantly during the back - to - school season and double - festival stocking period [2].

Group 1: Report Industry Investment Rating - No information provided on the report industry investment rating Group 2: Core Viewpoints - Short - term prices are dominated by the slaughter rhythm, with repeated fluctuations. The current slaughter volume has recovered from a low level, and increased supply is pressuring the near - month prices to fluctuate slightly weaker. It is recommended to gradually take profits on short positions in the 2509 contract and wait and see [2] Group 3: Summary by Relevant Catalogs Futures Disk - The closing price of the futures main contract for live pigs is 14,010 yuan/ton, up 125 yuan; the main contract position is 58,972 lots, up 23,262 lots; the number of warehouse receipts is 380 lots, up 80 lots; the net long position of the top 20 futures holders is - 18,191 lots, up 2,462 lots [2] Spot Price - The live pig price in Henan Zhumadian is 14,000 yuan/ton, down 100 yuan; in Jilin Siping is 13,400 yuan/ton, unchanged; in Guangdong Yunfu is 15,500 yuan/ton, unchanged; the main live pig basis is - 10 yuan/ton, down 225 yuan [2] Upstream Situation - The live pig inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0420,000 heads, up 40,000 heads [2] Industry Situation - The year - on - year CPI is 0.1%, up 0.2 percentage points; the spot price of soybean meal in Zhangjiagang is 2,920 yuan/ton, down 20 yuan; the spot price of corn is 2,395.1 yuan/ton, down 2.94 yuan; the Dalian Commodity Exchange pig feed cost index is 928.21, up 4.13; the monthly output of feed is 27,621,000 tons, up 981,000 tons; the price of binary breeding sows is 1,638 yuan/head, unchanged; the breeding profit of purchased piglets is - 116.78 yuan/head, down 45.39 yuan; the breeding profit of self - bred and self - raised live pigs is 43.85 yuan/head, down 18.31 yuan; the monthly import volume of pork is 90,000 tons, unchanged; the average price of white - striped chickens in the main production areas is 13.7 yuan/kg, unchanged [2] Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises is 32,160,000 heads, up 1,390,000 heads; the monthly retail sales of social consumer goods in the catering industry is 470.76 billion yuan, up 12.94 billion yuan [2] Industry News - On August 6, 2025, the daily national slaughter volume of key breeding enterprises was 255,760 heads, up 1.11% from the previous day; on Wednesday, the 2611 contract of live pigs closed up 0.68%. The supply side shows that the slaughter rhythm of the breeding side has accelerated, and the supply has increased. The demand side shows that the supply of live pigs is sufficient, the demand in some areas has recovered, the operating rate of slaughterhouses has rebounded slightly, but high temperatures still suppress people's willingness to buy pork, resulting in a limited rebound [2]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The short - term price is dominated by the slaughter rhythm and will fluctuate repeatedly. With the short - term recovery of the slaughter volume from a low level, it will put pressure on price fluctuations. It is expected that the price will fluctuate slightly weakly. It is recommended to sell short at high prices and set stop - losses [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the main futures contract for live pigs was 13,885 yuan/ton, down 55 yuan; the main contract position was 35,710 lots, down 2,540 lots; the number of warehouse receipts was 300 lots, unchanged; the net long position of the top 20 futures holders was - 20,653 lots, down 575 lots [2] Spot Market - The live pig prices in Henan Zhumadian, Jilin Siping, and Guangdong Yunfu were 14,100 yuan/ton (up 200 yuan), 13,400 yuan/ton (unchanged), and 15,500 yuan/ton (unchanged) respectively. The main live pig basis was 215 yuan/ton, up 255 yuan [2] Upstream Situation - The live pig inventory was 42,4470,000 heads (up 7160,000 heads), and the inventory of breeding sows was 4,0420,000 heads (up 40,000 heads). The CPI year - on - year was 0.1% (up 0.2 percentage points). The spot price of soybean meal in Zhangjiagang was 2,940 yuan/ton (up 20 yuan), the spot price of corn was 2,398.04 yuan/ton (down 3.33 yuan), and the Dalian Commodity Exchange pig feed cost index was 924.08 (down 9.46). The monthly output of feed was 27,621,000 tons (up 981,000 tons), the price of binary breeding sows was 1,638 yuan/head (unchanged), the breeding profit of purchased piglets was - 116.78 yuan/head (down 45.39 yuan), and the breeding profit of self - bred and self - raised live pigs was 43.85 yuan/head (down 18.31 yuan). The monthly import volume of pork was 90,000 tons (unchanged), and the average price of white - striped chicken in the main producing areas was 13.7 yuan/kg (unchanged) [2] Downstream Situation - The monthly slaughter volume of designated live pig slaughtering enterprises was 32,160,000 heads (up 1,390,000 heads), and the monthly retail sales of social consumer goods in the catering industry was 470.76 billion yuan (up 12.94 billion yuan) [2] Industry News - Mysteel data showed that on August 5, 2025, the daily slaughter volume of live pigs by sample slaughtering enterprises in key provinces was 112,554 heads, a 0.97% increase from the previous period. On Tuesday, the live pig 2509 contract closed up 0.04%. The supply side saw an increase in supply as the slaughter rhythm resumed after a short - term reduction at the beginning of the month. The demand side had sufficient pig supply, and the slaughterhouse opening rate rebounded slightly, but the high temperature still suppressed the willingness to buy pork, resulting in a limited rebound [2]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货盘面 | 期货主力合约收盘价:生猪(日,元/吨) | 13940 | -115 主力合约持仓量:生猪(日,手) | 38250 | -2721 | | | 仓单数量:生猪(日,手) | 300 | 0 期货前20名持仓:净买单量:生猪(日,手) | -20078 | 714 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 13900 | -300 生猪价 吉林 四平(日,元/吨) | 13400 | -500 | | | 生猪价 广东 云浮(日,元/吨) | 15500 | -400 生猪主力基差(日,元/吨) | -40 | -185 | | 上游情况 | 生猪存栏(月,万头) | 41731 | -1012 生猪存栏:能繁母猪(月,万头) | 4042 | 4 | | 产业情况 | CPI:当月同比(月,%) | 0.1 | 0.2 现货价:豆粕:张家港(日,元/吨) | 2920 | 20 | | | 玉米现货价 | 2401 ...