Group 1: Report Information - Industry: Pig Futures [1] - Date: January 16, 2026 [2] Group 2: Market Review and Operation Suggestions Futures Market - On January 15, the main 2603 contract of live pigs opened flat, then rose, fell back, and fluctuated down. It closed with a negative line in the late session. The highest price was 12,160 yuan/ton, the lowest was 11,915 yuan/ton, and the closing price was 11,950 yuan/ton, up 0.42% from the previous day. The total open interest of the index decreased by 4,636 lots to 359,189 lots [6] Spot Market - On January 15, the average price of ternary pigs in the whole country was 12.74 yuan/kg, down 0.02 yuan/kg from the previous day [6] Supply Side - Before the New Year's Day, the enthusiasm for secondary fattening replenishment increased periodically. Currently, the utilization rate of secondary fattening pens is higher than the same period last year. According to Yongyi data, the planned slaughter volume of sample breeding enterprises in January decreased by 3.1% month-on-month. Currently, the slaughter rhythm of the breeding end is slightly slow, and the slaughter weight has little change [7] Demand Side - Secondary fattening is mainly on the sidelines. The demand for curing and enema is near the end. The terminal consumer consumption has returned to the pre-holiday level. The orders of slaughtering enterprises are average after the festival. The operating rate and slaughter volume of slaughtering enterprises have decreased slightly. On January 15, the slaughter volume of sample slaughtering enterprises was 185,900 heads, down 1,000 heads from the previous day, 3,700 heads week-on-week, and 5,300 heads month-on-month [7] Overall Situation - In the spot market, the consumption peak has passed, the supply is relatively loose, and the spot price fluctuates mainly. In the futures market, the supply of live pigs is expected to maintain a slight increase. The pressure of secondary fattening is still higher than the same period last year, which continues to put pressure on the market. However, the epidemic in the north was more serious than the same period last year, which boosted the 03 contract. At present, the market feedback shows that the epidemic has no sign of continued spread and only occurs sporadically seasonally. The progress of the epidemic should be continuously tracked [7] Group 3: Industry News - According to Yongyi Consulting data, in the week of January 8, the average selling price of 15kg piglets in the market was 366 yuan/head, up 45 yuan/head from the previous week [8] Group 4: Data Overview Breeding Profit - As of January 8, the average profit and loss per head of self-breeding and self-raising pigs was basically balanced, up 28 yuan/head week-on-week. The average profit per head of purchasing piglets for breeding was -129.8 yuan/head, up 31 yuan/head week-on-week [16] Slaughter Weight - As of the week of January 8, the average slaughter weight of live pigs was 128.54kg, down 0.12kg from the previous week, a week-on-week decrease of 0.09% [16]

Report Industry Investment Rating - No relevant content provided Core View of the Report - The supply pressure is not significant, and the demand is in the peak season but has declined from the high level. The supply - demand shows a weak balance, and the live pig price continues the volatile trend. The live pig 2603 contract rose in the afternoon, closing up 1.82% [2] Summary by Relevant Catalogs Futures Disk - The closing price of the futures main contract for live pigs is 12,010 yuan/ton, with a month - on - month increase of 215; the main contract position volume is 168,526 lots, with a month - on - month increase of 7,459; the number of warehouse receipts is 855 lots, with no change; the net long position of the top 20 futures positions is - 51,836 lots, with a month - on - month decrease of 649 [2] Spot Price - The live pig price in Zhumadian, Henan is 13,000 yuan/ton, with a month - on - month increase of 100; in Siping, Jilin is 12,400 yuan/ton, with a month - on - month increase of 100; in Yunfu, Guangdong is 13,300 yuan/ton, with no change. The main basis of live pigs is 990 yuan/ton, with a month - on - month decrease of 115 [2] Upstream Situation - The live pig inventory is 43,680 ten thousand heads, with a month - on - month increase of 1,233; the inventory of breeding sows is 3,990 ten thousand heads, with a month - on - month decrease of 45 [2] Industry Situation - The year - on - year increase of CPI is 0.8%, with a month - on - month increase of 0.1; the spot price of soybean meal in Zhangjiagang is 3,120 yuan/ton, with a month - on - month decrease of 20; the spot price of corn is 2,357.55 yuan/ton, with a month - on - month decrease of 0.59; the Dalian Commodity Exchange pig feed cost index is 905.87, with a month - on - month decrease of 4.39; the monthly output of feed is 29.779 million tons, with a month - on - month increase of 209,000; the price of binary breeding sows is 1,429 yuan/head, with no change; the breeding profit of purchasing piglets is - 2.31 yuan/head, with a month - on - month increase of 46.04; the breeding profit of self - breeding and self - raising live pigs is - 11.54 yuan/head, with a month - on - month increase of 23.05; the monthly import volume of pork is 60,000 tons, with a month - on - month decrease of 10,000; the average price of white - striped chicken in the main producing areas is 13.5 yuan/kg, with a month - on - month decrease of 0.6 [2] Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises is 39.57 million heads, with a month - on - month increase of 1.23 million; the monthly value of catering revenue in total retail sales of social consumer goods is 605.7 billion yuan, with a month - on - month increase of 85.8 billion [2] Industry News - Mysteel data shows that on January 14, the daily slaughter volume of live pigs by key provincial sample slaughtering enterprises was 148,178, a month - on - month decrease of 0.02%. The January sample enterprise slaughter plan decreased month - on - month. Currently, the slaughter rhythm of large - scale farms has recovered compared with that after the Spring Festival, but the overall slaughter volume is average [2]

1. Report Industry Investment Rating - No relevant information found 2. Core Viewpoints of the Report - On the supply side, pig slaughter is expected to increase slightly until the first half of next year. The enthusiasm for second - round fattening before the New Year increased, and the utilization rate of second - round fattening pens rose slightly. In January, the planned slaughter volume of sample breeding enterprises decreased by 3.1% month - on - month, and currently, the breeding end is in normal slaughter mode [7]. - On the demand side, after the spot price increase, second - round fattening has decreased and is mainly in a wait - and - see mode, with weak replenishment demand. The demand for curing and sausage - making is near the end, terminal consumer consumption has returned to the pre - holiday level, and the orders of slaughtering enterprises are average after the holiday. The operating rate and slaughter volume of slaughtering enterprises have decreased slightly. On January 13, the slaughter volume of sample slaughtering enterprises was 186,600 heads, a decrease of 2,200 heads from the previous day, 3,000 heads week - on - week, and 5,600 heads month - on - month [7]. - Overall, for the spot market, the consumption peak has passed, supply is relatively loose, and the spot price will be mainly volatile. For the futures market, pig supply is expected to continue to increase slightly, the pressure of second - round fattening is still relatively high compared to the same period last year, which continues to exert downward pressure. However, the more severe epidemic in the north in the early stage boosted the 03 contract. Currently, the market feedback shows that the epidemic does not continue to spread and only occurs sporadically seasonally. Be vigilant against the risk of price decline and continuously monitor the progress of the epidemic [7]. 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - Futures: On the 13th, the main 2603 contract of live pigs opened flat and then fluctuated higher, closing with a positive line at the end of the session. The highest price was 11,840 yuan/ton, the lowest was 11,730 yuan/ton, and the closing price was 11,795 yuan/ton, up 0.08% from the previous day. The total open interest of the index decreased by 10,254 lots to 355,333 lots [6]. - Spot: On the 13th, the average price of ternary pigs nationwide was 12.75 yuan/kg, up 0.03 yuan/kg from the previous day [6]. 3.2 Industry News - According to Yongyi Consulting data, in the week of January 8, the average market sales price of 15kg piglets was 366 yuan/head, an increase of 45 yuan/head from the previous week [8][10]. 3.3 Data Overview - As of January 8, the average profit and loss per self - bred and self - raised pig was basically balanced, an increase of 28 yuan/head week - on - week; the average profit per pig from purchasing piglets was - 129.8 yuan/head, an increase of 31 yuan/head week - on - week [19]. - In the week of January 8, the average slaughter weight of live pigs was 128.54kg, a decrease of 0.12kg from the previous week, with a week - on - week decline of 0.09% [19].

1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - Low prices and holiday effects have stimulated better consumption. Meanwhile, the large spread between fat and standard pigs has led to hoarding and withholding sentiment. After the Winter Solstice, the spot price has risen significantly, driving a rational rebound in the futures market. In the short - term, the downward driving force of the spot is insufficient, which may continue to support the near - month contracts of the futures market to oscillate strongly. In the medium - term, the supply base is large and will be concentrated around the Spring Festival. The structural contradiction of the tight supply of large pigs will gradually be resolved over time. Pay attention to the upward pressure on the near - term contracts and wait for a rebound to sell short. For the far - end contracts, the direction of capacity reduction is certain, but the rhythm is unclear. Generally, wait for a decline to buy [11]. - The recommended trading strategies are to wait to short the 03 and 05 contracts on rallies with a profit - to - loss ratio of 2:1 in 2 - 3 months, and mainly conduct reverse arbitrage [13]. 3. Summaries According to Different Sections 3.1. Weekly Assessment and Strategy Recommendation - **Spot Market**: Last week, the pig price first declined and then rose. The supply of large pigs was tight, and the upstream had a strong sentiment of withholding sales. However, the demand decreased after New Year's Day, resulting in a narrower increase in the pig price. The average trading weight increased year - on - year and month - on - month, and the spread between fat and standard pigs decreased from a high level but was still large year - on - year. Specifically, the average price in Henan dropped by 0.12 yuan to 13.08 yuan/kg, in Sichuan it remained flat at 12.9 yuan/kg, and in Guangdong it dropped by 0.44 yuan to 12.72 yuan/kg. Next week, the supply will increase slightly, which has a negative impact on the market. But the resistance of the breeding side may limit the price decline. The demand support is insufficient due to the decrease in slaughter volume and the slowdown of secondary fattening. It is expected that the pig price will mainly show a slight decline [11]. - **Supply Side**: Since last year, the reduction of sows has been limited. Although the capacity reduction has accelerated since October, the theoretical supply in the first half of this year is still large due to the time - lag effect, and the fundamentals will improve in the second half. In December last year, the pig price was not weak, which slowed down the sow reduction. The theoretical出栏量 will remain high in the first half of the year, peaking in March. After April, although it will decline seasonally, the decline is small and the year - on - year figure is still high. Currently, the supply of large pigs is tight, and the spread between fat and standard pigs is high, leading to hoarding and withholding sentiment. The slaughter volume is not low, but the average trading weight has increased counter - seasonally, indicating a backlog of live inventory [11]. - **Demand Side**: Currently, the increase in slaughter volume is limited, and the support for the market is insufficient. The high price of large pigs has slowed down the pace of secondary fattening, and the support from secondary fattening demand is also insufficient [11]. 3.2. Futures and Spot Market - **Spot Trend**: The pig price first declined and then rose last week. The supply of large pigs was tight, and the upstream had a strong sentiment of withholding sales. After New Year's Day, the demand decreased, resulting in a narrower increase in the pig price. The average trading weight increased year - on - year and month - on - month, and the spread between fat and standard pigs decreased from a high level but was still large year - on - year. Next week, the supply will increase slightly, which has a negative impact on the market. But the resistance of the breeding side may limit the price decline. The demand support is insufficient due to the decrease in slaughter volume and the slowdown of secondary fattening. It is expected that the pig price will mainly show a slight decline [22]. - **Basis and Spread Trend**: The spot price rebounded, the basis of the futures market turned positive, and the inter - month spread turned to positive arbitrage [25]. 3.3. Supply Side - **Fertile Sows and Changes**: Since last year, the reduction of sows has been limited. Although the capacity reduction has accelerated since October, the theoretical supply in the first half of this year is still large due to the time - lag effect, and the fundamentals will improve in the second half. In December last year, the pig price was not weak, which slowed down the sow reduction, with the sow inventory increasing by 0.54% month - on - month according to Yongyi data [34]. - **Theoretical出栏量**: The theoretical出栏量 will remain high in the first half of the year, peaking in March. After April, although it will decline seasonally, the decline is small and the year - on - year figure is still high [42]. - **Trading and Average Weight after Slaughter**: Currently, the supply of large pigs is tight, and the spread between fat and standard pigs is high, leading to hoarding and withholding sentiment. The slaughter volume is not low, but the average trading weight has increased counter - seasonally, indicating a backlog of live inventory [49]. 3.4. Demand Side - **Slaughter Volume**: Currently, the increase in slaughter volume is limited, and the support for the market is insufficient. The high price of large pigs has slowed down the pace of secondary fattening, and the support from secondary fattening demand is also insufficient [58]. 3.5. Cost and Profit - The cost is continuously declining due to factors such as feed cost and efficiency improvement. The pig price is the weakest in the same period in many years. Despite the low cost, there has been an overall loss this year [69]. 3.6. Inventory Side - The frozen pork inventory is in a state of slow recovery and active inventory accumulation [74].

1. Report's Industry Investment Rating - No information provided on the report's industry investment rating 2. Report's Core View - The demand for live pigs has negative feedback [1] - The trend strength is -1, indicating a relatively bearish view [5] 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: Henan's spot price is 13,030 yuan/ton with a year-on-year increase of 50; Sichuan's is 12,950 yuan/ton, up 100 year-on-year; Guangdong's is 12,760 yuan/ton with no year-on-year change [3] - **Futures Prices**: The price of live pig 2603 is 11,785 yuan/ton, down 25 year-on-year; 2605 is 12,260 yuan/ton, up 5; 2607 is 12,940 yuan/ton with no year-on-year change [3] - **Trading Volume and Open Interest**: For live pig 2603, the trading volume is 101,121 lots, an increase of 18,488 from the previous day, and the open interest is 171,415 lots, up 1,785; for 2605, the trading volume is 29,533 lots, up 3,806, and the open interest is 97,142 lots, up 3,228; for 2607, the trading volume is 6,709 lots, up 732, and the open interest is 43,911 lots, up 978 [3] - **Price Spreads**: The basis of live pig 2603 is 1,245 yuan/ton, up 75 year-on-year; 2605 is 770 yuan/ton, up 45; 2607 is 90 yuan/ton, up 50. The spread between 2603 and 2605 is -475 yuan/ton, down 30 year-on-year, and between 2605 and 2607 is -680 yuan/ton, up 5 [3] 3.2 Market Information - Yunnan Shennong registered 85 lots of warehouse receipts on December 4; Guizhou Fuyuan registered 23 lots on December 5; Dekang registered 225 lots on December 10 and 150 lots on December 11; Yangxiang registered 40 lots on December 10; COFCO registered 300 lots on December 15 and 150 lots on December 29; Muyuan registered 40 lots on December 23 [4]

Report Information - Report Name: Pig Daily Report [1] - Date: January 7, 2026 [2] - Research Team: Agricultural Products Research Team [4] Industry Investment Rating - Not provided Core View - On the spot market, post - holiday consumption has declined but remains at a relatively high level, supply is relatively loose, and spot prices will fluctuate. On the futures market, pig supply is expected to increase slightly, demand elasticity before the Spring Festival is strong, second - fattening pressure on the market is still high year - on - year, but the previous more severe northern epidemic in the same period continues to boost the 03 contract. Currently, the market feedback shows that the epidemic has not continued to spread and only occurs sporadically seasonally, and the progress of the epidemic needs to be continuously monitored [7] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 6th, the main 2603 contract of live pigs opened slightly higher, then bottomed out, rebounded, and fluctuated higher, closing with a positive line. The highest price was 11,810 yuan/ton, the lowest was 11,620 yuan/ton, and it closed at 11,810 yuan/ton, up 0.98% from the previous day. The total open interest of the index increased by 3,030 lots to 354,652 lots [6] - **Spot Market**: On the 6th, the national average price of ternary pigs was 12.48 yuan/kg, up 0.04 yuan/kg from the previous day [6] - **Supply Side**: In the long term, pig slaughter is expected to maintain a slight increase until the first half of next year. The enthusiasm for second - fattening replenishment before the festival has increased periodically, and the utilization rate of second - fattening pens has increased slightly. The slaughter of breeding enterprises in January may continue to increase slightly month - on - month, and currently, the slaughter rhythm of the breeding side is controllable [7] - **Demand Side**: Currently, second - fattening has increased, with rolling replenishment demand. Post - holiday consumption has declined, but there is still room for cured meat and sausage - making demand. Terminal consumer consumption remains at a high level. The orders of slaughtering enterprises have declined after the holiday, and the operating rate and slaughter volume of slaughtering enterprises have returned to pre - holiday levels. On January 6, the slaughter volume of sample slaughtering enterprises was 189,800 heads, an increase of 11,000 heads from the previous day, a decrease of 13,000 heads week - on - week, and an increase of 10,000 heads month - on - month [7] 2. Industry News - According to Yongyi Information data, 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. The current epidemic is sporadically occurring seasonally, so the slaughter volume of small - weight pigs in many places has decreased compared with the previous period. Currently, the market feedback shows that the epidemic has not continued to spread [8] 3. Data Overview - In the week of January 4, the average market sales price of 15 - kg piglets was 319 yuan/head, an increase of 12 yuan/head from the previous week [17] - 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 raised with purchased piglets was - 160.8 yuan/head, an increase of 95 yuan/head week - on - week [17] - As of the week of January 4, the average slaughter weight of live pigs was 128.66 kg, a decrease of 1.04 kg from the previous week (a week - on - week decrease of 0.80%), a decrease of 1.16 kg from the previous month (a month - on - month decrease of 0.89%), and an increase of 2.6 kg compared with the same period last year (a year - on - year increase of 2.06%) [17]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Fat pig supply is tight, and short - term supply pressure eases, but second - round fattening entry is becoming more cautious. On the demand side, it is currently the peak demand season, but after the New Year's Day stocking ended, demand declined from the small peak. Terminal consumption has limited acceptance of price increases, and southern demand has decreased significantly, with prices performing weaker than in the north. Overall, short - term supply tightening supports pig prices, but as prices rise and New Year's Day stocking ends, the support from second - round fattening and the demand side weakens, and the risk of price decline accumulates. On the futures market, the live hog 2603 contract opened lower and closed lower, falling 0.98% and showing an adjustment trend [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for live hogs is 11,660 yuan/ton, down 135 yuan; the main contract's open interest is 172,106 lots, up 962 lots; the number of warehouse receipts is 918 lots, down 95 lots; the net long position of the top 20 futures holders is - 49,749 lots, up 1,849 lots; the main basis for live hogs is 940 yuan/ton, down 65 yuan [2] 3.2 Spot Market - The spot price of live hogs in Henan Zhumadian is 12,600 yuan/ton, down 200 yuan; in Jilin Siping is 1,1800 yuan/ton, down 400 yuan; in Guangdong Yunfu is 12,900 yuan/ton, down 300 yuan [2] 3.3 Upstream Situation - Live hog inventory is 43,6800,000 heads, up 1,2330,000 heads; the inventory of breeding sows is 3,9900,000 heads, down 450,000 heads; CPI year - on - year is 0.7%, up 0.5 percentage points; the spot price of soybean meal in Zhangjiagang is 3,100 yuan/ton, unchanged; the spot price of corn is 2,356.47 yuan/ton, up 0.39 yuan; the Dalian Commodity Exchange's pig feed cost index is 892.01, down 0.16; the monthly output of feed is 29,779,000 tons, up 209,000 tons; the price of binary breeding sows is 1,429 yuan/head, unchanged; the breeding profit of purchased piglets is - 48.35 yuan/head, up 114.45 yuan; the breeding profit of self - bred and self - raised live hogs is - 34.59 yuan/head, up 95.52 yuan; the monthly import volume of pork is 60,000 tons, down 10,000 tons; the average price of white - striped chickens in the main production areas is 14.1 yuan/kg, unchanged [2] 3.4 Downstream Situation - The monthly slaughter volume of designated live hog slaughtering enterprises is 3,9570,000 heads, up 1230,000 heads; the monthly value of catering revenue in total social consumer goods retail sales is 605.7 billion yuan, up 85.8 billion yuan [2] 3.5 Industry News - Mysteel data shows that on January 5th, the daily slaughter volume of live hogs by sample slaughtering enterprises in key provinces was 150,806 heads, a 1.12% decrease from the previous day [2]

Group 1: Report Overview - The report is about the pig industry, with a title indicating a weakening trend in pigs on January 5, 2026 [1] Group 2: Fundamental Tracking - In terms of spot prices, the Henan spot price is 13,430 yuan/ton with a year - on - year increase of 900 yuan/ton, the Sichuan spot price is 13,050 yuan/ton with a 400 - yuan/ton increase, and the Guangdong spot price is 13,160 yuan/ton with a 200 - yuan/ton increase [3] - For futures prices, the price of Live Pig 2603 is 11,795 yuan/ton with a year - on - year increase of 5 yuan/ton, Live Pig 2605 is 12,165 yuan/ton with a 10 - yuan/ton decrease, and Live Pig 2607 is 12,805 yuan/ton with a 5 - yuan/ton decrease [3] - Regarding trading volume and open interest, the trading volume of Live Pig 2603 is 82,347 lots, a decrease of 23,116 lots from the previous day, and the open interest is 171,144 lots, a decrease of 1,202 lots; for Live Pig 2605, the trading volume is 24,226 lots, an increase of 696 lots, and the open interest is 90,813 lots, an increase of 2,111 lots; for Live Pig 2607, the trading volume is 4,496 lots, a decrease of 249 lots, and the open interest is 41,704 lots, an increase of 24 lots [3] - In terms of price spreads, the basis of Live Pig 2603 is 1,635 yuan/ton with a year - on - year increase of 895 yuan/ton, Live Pig 2605 basis is 1,265 yuan/ton with a 910 - yuan/ton increase, and Live Pig 2607 basis is 625 yuan/ton with a 905 - yuan/ton increase; the spread between Live Pig 3 - 5 is - 370 yuan/ton with a 15 - yuan/ton increase, and the spread between Live Pig 5 - 7 is - 640 yuan/ton with a 5 - yuan/ton decrease [3] Group 3: Market Information - Yunnan Shennong registered 85 lots of warehouse receipts on December 4, Guizhou Fuyuan registered 23 lots on December 5, Dekang registered 225 lots on December 10 and 150 lots on December 11, Yangxiang registered 40 lots on December 10, COFCO registered 300 lots on December 15 and 150 lots on December 29, and Muyuan registered 40 lots on December 23 [4] Group 4: Trend Intensity - The trend intensity of the pig industry is - 1, indicating a weak outlook as the range is from - 2 (most bearish) to 2 (most bullish) [5]

Report Summary Report Title and Date - The report is titled "Pigs: Contradictions Continue to Accumulate, Strong Before the Festival" and is dated December 31, 2025 [1] Core View - The contradictions in the pig industry continue to accumulate, and the price is expected to be strong before the festival [1] Industry Investment Rating - No industry investment rating is provided in the report Key Points by Section Fundamental Tracking - **Spot Prices**: The spot prices in Henan, Sichuan, and Guangdong are 12,530 yuan/ton, 12,650 yuan/ton, and 12,960 yuan/ton respectively, with year - on - year changes of 50 yuan/ton, 0 yuan/ton, and 400 yuan/ton [2] - **Futures Prices**: The prices of "Pig 2601", "Pig 2603", and "Pig 2605" are 11,305 yuan/ton, 11,790 yuan/ton, and 12,175 yuan/ton respectively, with year - on - year changes of - 35 yuan/ton, 75 yuan/ton, and 25 yuan/ton [2] - **Trading Volume and Open Interest**: The trading volumes of "Pig 2601", "Pig 2603", and "Pig 2605" are 6,043 lots, 105,463 lots, and 23,530 lots respectively, with changes of - 905 lots, 275 lots, and - 11,071 lots compared to the previous day. The open interests are 8,823 lots, 172,346 lots, and 88,702 lots respectively, with changes of - 3,397 lots, 1,230 lots, and - 162 lots compared to the previous day [2] - **Price Spreads**: The basis of "Pig 2601", "Pig 2603", and "Pig 2605" are 1,225 yuan/ton, 740 yuan/ton, and 355 yuan/ton respectively, with year - on - year changes of 85 yuan/ton, - 25 yuan/ton, and 25 yuan/ton. The spreads between "Pig 1 - 3" and "Pig 3 - 5" are - 485 yuan/ton and - 385 yuan/ton respectively, with year - on - year changes of - 110 yuan/ton and 50 yuan/ton [2] Market Information - Multiple companies registered warehouse receipts in December 2025. For example, Yunnan Shennong registered 85 lots on December 4, Guizhou Fuyuan registered 23 lots on December 5, and others also had different registrations [3] Trend Strength - The trend strength is 0, with the range of values from - 2 to 2, indicating a neutral view [4]

Report Information - Report Title: Pig Daily Report [1] - Date: December 30, 2025 [2] Industry Investment Rating - Not provided in the report Core Viewpoints - On the spot market, both supply and demand are increasing. New Year's Day stocking and the potential growth of curing and sausage - making in some regions support the increase in slaughter volume, and the spot price is mainly fluctuating strongly [9] - In the futures market, pig supply is expected to increase slightly. Although demand elasticity is strong before the Spring Festival, the dual supply pressure from concentrated second - fattening in October and continuous capacity release continues to put pressure on contracts 01 and 03. However, compared with the same period last year, the price decline is significant, and the more severe epidemic in the north is relatively beneficial to contract 03 after the festival, with the price mainly fluctuating and rebounding. The progress of the epidemic needs to be continuously monitored [9] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 29th, the main 2603 contract of live pigs opened higher and then fluctuated downwards, closing in the negative territory. The highest was 11,830 yuan/ton, the lowest was 11,670 yuan/ton, and the closing price was 11,715 yuan/ton, up 1.12% from the previous day. The total open interest of the index increased by 883 lots to 356,236 lots [8] - **Spot Market**: On the 29th, the national average price of三元 pigs was 12.41 yuan/kg, up 0.2 yuan/kg from the previous day [8] - **Supply Side**: In the long term, pig slaughter is expected to maintain a slight increase until the first half of next year. In October, second - fattening and weight - holding were concentrated, and the digestion speed of large pigs was relatively fast during the previous consumption peak. The number of second - fattening pens has been continuously decreasing. According to Yongyi data, the planned slaughter volume of sample breeding enterprises in December is 27.72 million heads, a monthly increase of 4.64%. Currently, the overall slaughter rhythm of the breeding side is normal [9] - **Demand Side**: Currently, second - fattening is mainly in a wait - and - see state, with a small amount of rolling replenishment demand. There is still an increase in demand for New Year's Day stocking, curing, and sausage - making. Terminal consumer demand continues to rise, and the orders of slaughtering enterprises remain high. The operating rate and slaughter volume of slaughtering enterprises have increased slightly. On December 29th, the slaughter volume of sample slaughtering enterprises was 201,000 heads, a decrease of 16,000 heads from the previous day, a week - on - week increase of 4,000 heads, and a month - on - month increase of 26,000 heads [9] 2. Industry News - Not provided in the report 3. Data Overview - **Actual and Planned Slaughter Volume**: The actual slaughter volume of Yongyi sample enterprises in November 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% [16] - **Small - Weight Pig Slaughter Proportion**: In the week of December 25th, the overall slaughter proportion of pigs weighing less than 90 kg was 5.51%, a decrease of 0.13% from the previous week [16] - **Breeding Profit and Cost**: As of December 25th, the average profit per self - bred and self - raised pig was - 124.5 yuan/head, a week - on - week decrease of 4.7 yuan/head; the average profit per pig raised from purchased piglets was - 255.5 yuan/head, a week - on - week decrease of 17 yuan/head. The expected cost of self - bred and self - raised pigs was 12.09 yuan/kg, unchanged from the previous week. The expected cost of fattening purchased piglets to 125 kg and then selling was 11.42 yuan/kg, a week - on - week increase of 0.01 yuan/kg [16] - **Average Slaughter Weight**: As of the week of December 25th, the average slaughter weight of live pigs was 129.70 kg, a decrease of 0.48 kg from the previous week (a week - on - week decrease of 0.37%), an increase of 0.48 kg from the previous month (a month - on - month increase of 0.37%), and an increase of 1.94 kg from the same period last year (a year - on - year increase of 1.52%) [16]