Report Information - Report Name: Pig Daily Report [1] - Date: January 8, 2026 [2] Industry Investment Rating - Not provided Core View - On the supply side, pig slaughter is expected to increase slightly until the first half of next year. The enthusiasm for second - round fattening has increased, and the utilization rate of second - round fattening pens has slightly risen. In January, the monthly slaughter of breeding enterprises may continue to increase slightly, and the current slaughter rhythm of the breeding side is controllable. On the demand side, second - round fattening has increased, and there is a rolling restocking demand. Post - holiday consumption is slowly recovering, and there is still room for cured meat and sausage demand. Terminal consumer consumption remains high, but the orders of slaughtering enterprises are average after the festival. The operating rate and slaughter volume of slaughtering enterprises are slowly increasing after the festival. Overall, on the spot market, post - holiday consumption is slowly recovering, the overall volume is still high, supply is relatively loose, and the spot price fluctuates. In the futures market, pig supply is expected to maintain a slight increase. The demand elasticity before the Spring Festival is strong, and the pressure of second - round fattening is still higher than the same period last year, which continues to put pressure on the market, but the previous epidemic in the north has continued to boost the 03 contract. Currently, the market feedback shows that the epidemic has not continued to spread and remains sporadically seasonal. [9] Summary by Directory 1. Market Review and Operational Suggestions - **Futures Market**: On the 7th, the main 2603 contract of live pigs opened slightly higher, then rose and fell back, fluctuating downward, and closed with a negative line. The highest price was 11,925 yuan/ton, the lowest was 11,740 yuan/ton, and the closing price was 11,785 yuan/ton, up 0.60% from the previous day. The total open interest of the index increased by 8,459 lots to 363,111 lots. [8] - **Spot Market**: On the 7th, the average price of ternary pigs nationwide was 12.55 yuan/kg, up 0.07 yuan/kg from the previous day. [8] - **Supply - demand Analysis**: As mentioned in the core view, the supply is expected to increase slightly, and demand is slowly recovering. On January 7, the slaughter volume of sample slaughtering enterprises was 191,100 heads, an increase of 1,300 heads from the previous day, a decrease of 9,700 heads week - on - week, and an increase of 9,000 heads month - on - month. [9] 2. Industry News - According to Yongyi Information, in the week of January 4, the overall slaughter proportion of small - weight pigs under 90 kg was 5.44%, a decrease of 0.07% from the previous week. Due to the seasonal sporadic occurrence of the epidemic, the slaughter volume of small - weight pigs in many places has decreased compared with the previous period, and currently, the market feedback shows that the epidemic has not continued to spread. [10][11] 3. Data Overview - **15kg Piglet Price**: In the week of January 4, the average market sales price of 15kg piglets was 319 yuan/head, an increase of 12 yuan/head from the previous week. [18] - **Breeding Profit**: As of January 4, the average profit per self - bred and self - raised pig was - 28.3 yuan/head, an increase of 96 yuan/head week - on - week; the average profit per pig purchased as a piglet was - 160.8 yuan/head, an increase of 95 yuan/head week - on - week. [18] - **Average Slaughter Weight**: As of the week of January 4, the average slaughter weight of live pigs was 128.66kg, a decrease of 1.04kg from the previous week (a week - on - week decrease of 0.80%), a decrease of 1.16kg from the previous month (a month - on - month decrease of 0.89%), and an increase of 2.6kg from the same period last year (a year - on - year increase of 2.06%). [18]

Report Information - Report Type: Pig Daily Report [1] - Date: January 6, 2026 [2] Industry Investment Rating - No relevant information provided Core Viewpoints - The trend of supply and demand in the pig market has different characteristics in the long - and short - term. In the long run, pig slaughter is expected to show a slight increase until the first half of next year. Currently, the supply is relatively loose, and the consumption after the festival has declined but remains at a relatively high level. The spot market will mainly fluctuate. For futures, the supply is expected to increase slightly, and the pre - Spring Festival demand has strong elasticity. However, the pressure from secondary fattening is still high, and there is a risk of callback. The progress of the epidemic needs to be continuously monitored [7] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 5th, the main 2603 contract of live pigs opened lower, then rose and fell back, and finally closed down. The highest price was 11,775 yuan/ton, the lowest was 11,610 yuan/ton, and the closing price was 11,660 yuan/ton, a decrease of 0.98% compared with the previous day. The total open interest of the index increased by 5,099 lots to 351,622 lots [6] - **Spot Market**: On the 5th, the average price of ternary pigs nationwide was 12.44 yuan/kg, a decrease of 0.34 yuan/kg compared with before the festival [6] - **Supply - side Situation**: In the long term, pig slaughter is expected to show a slight increase until the first half of next year. The enthusiasm for secondary fattening before the festival has increased, and the utilization rate of secondary fattening pens has slightly increased. The monthly slaughter of breeding enterprises in January may continue to increase slightly, and the current slaughter rhythm of the breeding side is controllable [7] - **Demand - side Situation**: Currently, secondary fattening has increased, with rolling restocking demand. After the festival, consumption has declined, but there is still room for cured meat and sausage production. Terminal consumer consumption remains at a high level. The orders of slaughtering enterprises have decreased after the festival, and the operating rate and slaughter volume of slaughtering enterprises have slightly decreased. On January 5th, the slaughter volume of sample slaughtering enterprises was 188,800 heads, an increase of 200 heads compared with the previous day, a decrease of 12,000 heads week - on - week, and an increase of 10,000 heads month - on - month [7] 2. Industry News - According to Yongyi Information, in the week of January 4th, the overall proportion of small - weight pigs below 90 kg in the total slaughter was 5.44%, a decrease of 0.07% compared with the previous week. The current epidemic is sporadically occurring seasonally, and the slaughter volume of small - weight pigs in many places has decreased compared with the previous period. There is no sign of the epidemic spreading [8][10] 3. Data Overview - **15kg Piglet Price**: In the week of January 4th, the average sales price of 15kg piglets in the market was 319 yuan/head, an increase of 12 yuan/head compared with the previous week [17] - **Breeding Profit**: As of January 4th, the average profit per self - bred and self - raised pig was - 28.3 yuan/head, an increase of 96 yuan/head week - on - week; the average profit per pig purchased as a piglet for fattening was - 160.8 yuan/head, an increase of 95 yuan/head week - on - week [17] - **Average Slaughter Weight**: In the week of January 4th, the average slaughter weight of live pigs was 128.66kg, a decrease of 1.04kg compared with the previous week (a week - on - week decrease of 0.80%), a decrease of 1.16kg compared with the previous month (a month - on - month decrease of 0.89%), and an increase of 2.6kg compared with the same period last year (a year - on - year increase of 2.06%) [17]

研究所 农产品研发报告 生猪日报 2025 年 12 月 25 日 【生猪日报】出栏压力减少 现货小幅震荡 研究员：陈界正 期货从业证号： F3045719 Z0015458 联系方式： chenjiezheng_qh@chinastock.c om.cn | | | | | 生猪价格日报 | | | 2025/12/25 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 现货价格 | | | | | | | 今 日 | 昨 日 | 变 化 | | | 今 日 | 昨 日 | 变 化 | | 河南（0） | 11.76 | 11.78 | -0.02 | 山西 | （-100） | 11.47 | 11.48 | -0.01 | | 湖北（0） | 11.53 | 11.53 | 0.00 | 辽宁 | （-300） | 11.31 | 11.32 | -0.01 | | 安徽（200） | 11.97 | 12.01 | -0.04 | | 吉林（-300） | 11.29 | 11.30 | -0.01 | | 湖南 ...

生猪：极其悲观的预期，极好的入场点 20251224 摘要 当前生猪价格约为 11.5 元/公斤，受 10 个月前能繁母猪数量影响，出 栏量较高。预计到 2026 年 7 月，生猪出栏量将呈现先升后降再回升的 趋势，但市场对明年价格预期过于悲观。 市场低估了去库存的影响，数据显示每月生猪交易均重下降 1 公斤，导 致当月出栏量增加 3%。同时，新生仔猪数量自 2025 年 9-10 月开始加 速下降，预示 2026 年 3-4 月价格将迎来拐点，5 月或达 14 元/公斤。 行业自 2021 年以来处于下行周期尾声，上市公司报表显示生物资产和 固定资产均在减少。2025 年三季度，生产性生物资产和固定资产同比 均下滑 3%以上，长期产能冗余正在清理，有助于驱动可持续的价格上 行。 股票和期货市场估值反映了市场对猪价 12-13 元/公斤的一致预期。若 冬至或春节后实际价格高于预期，将证伪悲观预期并推动估值上行。推 荐优质上市主体作为投资标的。 历史数据显示，亏损通常在短期内迅速引发产能退出，单月产能退出幅 度约为 2%。当前调研显示，若亏损持续，预计 10 月和 11 月母猪区划 幅度将超过 5%，加速产能去 ...

长江期货饲料产业周报 2025-12-22 长江期货股份有限公司交易咨询业务资格：鄂证监期货字[2014]1号 【产业服务总部 | 饲料养殖团队】 研 究 员：叶 天 执业编号:F03089203 投资咨询号:Z0020750 01 饲料养殖观点汇总 02 品种产业数据分析 目 录 01 生猪：供需博弈，期价震荡加剧 ◆ 风险提示：生猪疫情、规模场散户出栏情况、需求表现、二次育肥和冻品节奏、政策 ◆ 期现端：截至12月19日，全国现货价格11.57元/公斤，较上周涨0.23元/公斤；河南猪价11.7元/公斤，较上周涨0.3元/公斤；生猪2503收至11325元/吨，较上周稳定；03合约基差 375元/吨，较上周涨300元/吨。周度生猪价格重心上移，前半周冬至备货和降温提振消费，价格震荡上涨，随后养殖端增量出栏，冬至备货高峰后屠宰量回落，价格滞涨；期货主 力03跟随现货先扬后抑，窄幅波动，基差走强，远月先跌后涨，震荡运行；周末现货止跌企稳。 ◆ 供应端：9月官方能繁母猪存栏量小降，10月在政策调控和养殖利润亏损背景下，产能去化有所加速，但仍在正常保有量3900万之上，叠加生产性能提升，在疫情相对可控情况下， 明 ...

Report Information - Report Name: Pig Daily Report - Date: December 19, 2025 - Industry: Pig [1][2] Investment Rating - No relevant information Core View - The spot market is boosted by the demand for curing and enema, showing a strong and volatile trend. The futures market faces dual supply pressures from the concentrated second - fattening in October and continuous capacity release, which puts pressure on the 01 and 03 contracts. However, due to the large price decline compared to the same period last year and the increasing and more severe northern epidemic recently, the bottom - shock frequency has increased [8] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 18th, the main 2603 contract of live pigs opened flat and then fluctuated downwards, closing in the red at the end of the session. The highest was 11,470 yuan/ton, the lowest was 11,320 yuan/ton, and the closing price was 11,325 yuan/ton, a decrease of 1.18% from the previous day. The total index position decreased by 4,480 lots to 357,131 lots [7] - **Spot Market**: On the 18th, the average price of ternary pigs nationwide was 11.67 yuan/kg, an increase of 0.06 yuan/kg from the previous day [7] - **Supply Side**: In the long term, the pig slaughter is expected to maintain a slight growth until next year's first half. The utilization rate of second - fattening pens is slightly higher than the same period last year, increasing the supply pressure before the Spring Festival. In December, the planned slaughter of sample breeding enterprises is 27.72 million heads, with a monthly planned increase of 4.64%. Currently, the overall completion progress of many regional groups is slightly slow, and there is a certain increase in the difficulty of acquisition [8] - **Demand Side**: Currently, second - fattening is mainly in a wait - and - see state, and there may still be a small amount of rolling replenishment demand in December. With the continuous cooling of the weather, the demand for curing and enema is increasing, the terminal consumer demand is rising, and the orders of slaughtering enterprises are increasing, which significantly supports the slaughter volume. On December 18th, the slaughter volume of sample slaughtering enterprises was 201,900 heads, an increase of 6,900 heads from the previous day, 17,000 heads week - on - week, and 36,000 heads month - on - month [8] - **Policy Side**: China imposes anti - dumping duties on imported related pork and pig by - products from the EU. However, the impact is very limited because the proportion compared to domestic consumption is extremely low [8] 3. Data Overview - **Actual and Planned Slaughter**: In November, the actual slaughter volume of Yongyi sample enterprises was 26.49 million heads, with a completion rate of 99.36%. In December, the planned slaughter is 27.72 million heads, with a monthly planned increase of 4.64% and a daily average increase of 1.27% [13] - **Profit per Head**: As of December 11th, the profit per head of self - breeding and self - raising pigs was - 146 yuan/head, a week - on - week decrease of 11.5 yuan/head; the profit per head of purchasing piglets for breeding was - 264 yuan/head, a week - on - week decrease of 5.6 yuan/head [13] - **Cost**: As of December 11th, the expected cost of self - breeding and self - raising was 12.09 yuan/kg, a week - on - week increase of 0.04 yuan/kg. The cost of purchasing piglets for fattening was affected by both feed prices and piglet prices, and the expected cost after fattening to 125 kg and then slaughtering was 11.41 yuan/kg, a week - on - week increase of 0.12 yuan/kg [13] - **Slaughter Weight and Proportion**: As of the week of December 11th, the average slaughter weight of pigs was 129.63 kg, a decrease of 0.19 kg from the previous week. The proportion of pigs under 90 kg was 5.43%, an increase of 0.38% from the previous week, and the proportion of pigs over 150 kg was 6.9%, almost the same as the previous week [13]

傲农生物（603363）(603363.SH)发布11月养殖业务主要经营数据，2025年11月，公司生猪销售量15.77 万头，同比增加72.21%，较2025年10月减少17.08%。11月末，公司生猪存栏69.97万头，同比增加 33.94%，较2025年10月末增加7.58%，较2024年12月末增加36.41%。 ...

Report Information - Report Title: Pig Daily Report [1] - Date: December 05, 2025 [2] - Research Team: Agricultural Products Research Team [4] Industry Investment Rating - Not provided Core Viewpoints - The spot market shows both supply and demand increasing, but the enthusiasm of second - fattening is weak and mainly in a wait - and - see mode, so prices are likely to fluctuate [7] - In the futures market, pig supply is expected to increase slightly before the Spring Festival. The 2601 contract still has demand elasticity, but the concentrated second - fattening in October and continuous capacity release may create double supply pressure before the Spring Festival, putting downward pressure on the 01 and 03 contracts. In the medium and long term, the trend is likely to be weakly fluctuating, but as the price decline compared to the same period last year is large, the frequency of bottom - end fluctuations may increase [7] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 4th, the main 2603 contract of live pigs opened slightly higher and then fluctuated downwards, closing in the red. The highest was 11,250 yuan/ton, the lowest was 11,180 yuan/ton, and the closing price was 11,190 yuan/ton, a 0.44% decrease from the previous day. The total open interest of the index increased by 3,206 lots to 374,770 lots [6] - **Spot Market**: On the 4th, the national average price of三元hogs was 11.20 yuan/kg, a decrease of 0.08 yuan/kg from the previous day [6] - **Supply Side**: In the long term, pig slaughter is expected to maintain a slight growth trend until the first half of next year. In October, second - fattening and weight - holding were concentrated, and the current utilization rate of second - fattening pens is high, reaching last year's level, increasing the supply pressure before the Spring Festival. Currently, farmers are slaughtering according to the normal rhythm [7] - **Demand Side**: The pen utilization rate is high, and second - fattening is mainly in a wait - and - see mode. There may still be a small amount of rolling replenishment demand in December. The continuous cooling of the weather has led to the start of curing and sausage - making in Sichuan. In addition, fresh sales in many northern and southern regions have improved, terminal consumer demand has continued to rise, and the increase in slaughter orders has significantly supported the slaughter volume. On December 4th, the slaughter volume of sample slaughterhouses was 177,300 heads, an increase of 600 heads from the previous day, 3,000 heads week - on - week, and 19,000 heads month - on - month [7] 2. Industry News - Not provided in the content 3. Data Overview - **Actual and Planned Slaughter**: In November, the actual slaughter volume of Yongyi sample enterprises was 26.49 million heads, with a completion rate of 99.36%. The planned slaughter volume in December is 27.72 million heads, a monthly increase of 4.64% and a daily average increase of 1.27% [12] - **Breeding Profit**: As of the week of December 4th, the average profit per self - bred and self - raised pig was - 135.01 yuan/head, a decrease of 23.88 yuan/head from the previous week; the profit from purchasing piglets for breeding was - 273 yuan/head, a week - on - week increase of 2 yuan/head [12] - **Fattening Cost**: As of the week of December 4th, the cost of purchasing 110kg pigs and fattening them to 140kg was 11.00 yuan/kg, a decrease of 0.12 yuan/kg from the previous week; the cost of purchasing 125kg pigs and fattening them to 150kg was 11.39 yuan/kg, a decrease of 0.12 yuan/kg from the previous week [12] - **Average Slaughter Weight**: As of the week of December 4th, the average slaughter weight of pigs was 129.82kg, an increase of 0.60kg from the previous week, a month - on - month increase of 0.46%. Among them, the average slaughter weight of group farms was 124.71kg, an increase of 0.16kg from the previous week, a month - on - month increase of 0.13%, and the average slaughter weight of individual farmers was 146.08kg, an increase of 0.91kg from the previous week, a month - on - month increase of 0.63% [12]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views - For the pig industry, policy disturbances may affect long - term supply, with a long - term strategic strength, but short - to medium - term trends are still based on fundamentals. Recently, the second - fattening replenishment has weakened, and the near - term slaughter pressure persists, while the far - term is stronger due to expectations [3] - For the corn and starch industry, the national prices continue to rise slightly. Port and Northeast production areas are rising, while high arrivals in Shandong suppress the upward trend. The futures market is consolidating after continuous rallies, with some long - position liquidation, but the trend is strong in the medium - term [14] - For the egg industry, the long - term egg - laying hen capacity is still in surplus, with high price pressure. In the short - term, some farmers are culling or molting hens due to the rapid post - festival price decline. Overall, the capacity is at a high level but approaching an inflection point, with a generally weak direction [30] 3. Summary by Related Catalogs Pig Section - **Spot Prices**: The national average pig spot price is 11.2 yuan, down 0.12 yuan (-1.06%). Prices in various regions such as Henan, Hunan, etc., also decreased [4] - **Futures Prices**: Pig futures contracts show mixed trends. For example, the closing price of Pig 01 is 11,490 yuan, up 35 yuan (0.31%), while Pig 03 is 11,235 yuan, down 20 yuan (-0.18%) [5] - **Spreads and Basis**: Spreads and basis between different pig futures contracts and regions show significant changes. For example, LH01 - 03 spread is 200 yuan, down 90 yuan (-31.03%) [10] Corn and Starch Section - **Futures Prices**: Corn and corn starch futures prices generally rose. For example, the closing price of Corn 01 is 2,259 yuan, up 16 yuan (0.71%), and Corn Starch 01 is 2,562 yuan, up 16 yuan (0.63%) [15][16] - **Spot and Basis**: Corn spot prices in ports like Jinzhou and Shekou show different trends, and the basis also changes. For example, Jinzhou Port's corn price is 2,300 yuan, up 5 yuan, and the basis to the main - contract is 52 yuan, up 3 yuan [20] - **Month - to - Month Spreads**: Corn and starch month - to - month spreads show various changes. For example, the Corn 1 - 5 month - spread is - 37 yuan, unchanged, and the Starch 1 - 5 month - spread is - 61 yuan, up 13 yuan [23] - **US Corn Import**: CBOT corn prices rose, and the import profit from the US Gulf and West Coast is 290.98 yuan and 391.93 yuan respectively [28] Egg Section - **Futures Prices**: Egg futures prices declined. For example, the closing price of Egg 01 is 3,138 yuan, down 64 yuan (-2%) [30] - **Spot Prices**: Main - producing and main - selling areas' egg prices show different trends. The main - producing area egg price is 3.07 yuan, down 0.02 yuan (-0.65%) [31] - **Spreads and Basis**: Egg spreads and basis also changed. For example, the Egg 1 - 5 spread is - 450 yuan, down 58 yuan (14.8%) [41]

资咨询业务资格:证监许可【2012】31号 | | | | | 国贸期货研究院 | 投资咨询号:Z0015194 | | | --- | --- | --- | --- | --- | --- | --- | | | | | 农产品研究中心 gg 9 杨璐琳 | | 从业资格号:F3042528 | 2025/12/02 | | | 地区 | 2025/12/01 | 涨跌值\ | 升贴水(修改后) | 与2601基差 | 涨跌值 | | | 河南 | 11.55 | 0.23 | 0 - 国 | 55 | 200 | | | 湖南 | 11. 43 | 0.5 | 100 | -165 | 470 | | | 湖北 | 41.3 | 0.24 012 | 0 | -195 | P 210 | | | 安徽 | 11.63 | 0. 22 | 200 | -65 | 190 | | | 江西 | 11. 34 | 0.5 | 2100 | -255 | 470 | | | 山西 | 11.14 | 0. 07 | -100 | -255 | 40 | | | 山东 | 11.61 | 0. 18 | 200 ...