Report Information - Report Date: September 19, 2025 [2] - Report Type: Pig Daily Report [1] Industry Investment Rating - No information provided Core Viewpoints - On the supply side, in September, the planned sales volume of sample breeding enterprises was 25.7 million heads, a 3.92% increase from the actual output in August, and the daily average increase was 7.39%. The slaughter volume may continue to increase significantly, and the utilization rate of second - fattening pens remains high. In the long term, the pig slaughter before the Spring Festival may still show a slight increase. On the demand side, the price difference between fat and standard pigs has slightly widened, the fattening cost is still low, and the current second - fattening is mainly in a wait - and - see state. The overall supply - demand is loose, and the price is still weak. In the futures market, the supply of pigs before the Spring Festival is expected to increase slightly. Although the supply - demand margin of the 2511 and 2601 contracts may improve, they are mainly weak due to the current large spot supply pressure [7] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 18th, the main 2511 contract of live pigs opened lower, then rose and fell back, and fluctuated downwards, closing with a negative line. The highest was 12,965 yuan/ton, the lowest was 12,820 yuan/ton, and the closing price was 12,830 yuan/ton, a 1.72% decrease from the previous day. The total open interest of the index increased by 13,438 lots to 247,934 lots [6] - **Spot Market**: On the 18th, the average price of ternary pigs nationwide was 12.78 yuan/kg, a decrease of 0.17 yuan/kg from the previous day [6] 2. Industry News - As of September 11, the average profit per head of self - breeding and self - raising pigs was 54 yuan/head, a weekly decrease of 45 yuan/head; the average profit per head of purchasing piglets for breeding was - 175.8 yuan/head, a weekly decrease of 63 yuan/head [8][10] 3. Data Overview - **15kg Piglet Price**: In the week of September 11, the average market sales price of 15kg piglets was 394 yuan/head, a decrease of 32 yuan/head from the previous week [13] - **Price Difference between Fat and Standard Pigs**: In the week of September 11, the price difference between 150 - kg fat pigs and standard pigs was 0.13 yuan/jin, a weekly decrease of 0.06 yuan/jin [13] - **Fattening Cost**: The cost of fattening from 110 kg to 140 kg was 13.18 yuan/kg, a decrease of 0.24 yuan/kg from the previous week; the cost of fattening from 125 kg to 150 kg was 13.52 yuan/kg, a decrease of 0.17 yuan/kg from the previous week [13] - **Slaughtering Enterprise Operating Rate**: In the week of September 11, the operating rate of slaughtering enterprises was 31.40%, a 0.13 - percentage - point increase from the previous week and a 4.15 - percentage - point increase year - on - year. The weekly operating rate fluctuated between 31.20% and 31.71% [13] - **National Average Slaughter Weight**: As of the week of September 11, the national average slaughter weight of pigs was 128.32 kg, a 0.09 - kg increase from the previous week, a 0.07% increase month - on - month, and a 2.36 - kg increase from the same period last year, a 1.84% increase year - on - year [13]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The spot price of live pigs is expected to adjust weakly and fluctuately. The supply of live pigs is likely to increase gradually by December, and it is difficult for pig prices to rise significantly and continuously under sufficient supply. If the price weakness continues, a negative cycle may form, and the pig price is expected to rise at the end of the year. One can consider conducting a reverse spread of the 11 - 01 contract at an appropriate time [1]. Summary by Directory 1. Futures End - **主力合约基差情况**: Affected by the weak performance of the spot market, the futures price fluctuated weakly this week. On September 12, 2025, the benchmark base difference of the main contract was 245 yuan/ton, compared with 745 yuan/ton on September 5 [2][3]. - **各合约价格变化情况**: The prices of far - month contracts fluctuated and adjusted [5]. - **月间价差变化**: The inter - month spread fluctuated and adjusted [8][11]. 2. Spot End - **猪价与宰量**: This week, the slaughter volume increased steadily, and the pig price fluctuated weakly [14]. - **区域价差**: The regional price difference was relatively reasonable [16]. - **肥标价差**: The spread between fat and standard pigs fluctuated weakly, which would increase the enthusiasm of farmers to reduce weight and sell pigs [18]. - **鲜销与毛白价差**: The terminal consumption was relatively stable year - on - year [20]. - **相关产品比价与鲜冻价差**: The cost - performance of pork was average. The spread between fresh and frozen No. 2 meat weakened, and the cost - performance of frozen products was lower than that of fresh products [22]. - **养殖利润**: The self - breeding and self - raising profit still existed, while the profit of purchasing piglets for fattening was slightly in the red [24]. - **出栏体重**: The average slaughter weight increased this week [26]. 3. Production Capacity End - **能繁母猪存栏量**: According to the Ministry of Agriculture, the national inventory of fertile sows was 40.42 million at the end of July, with a month - on - month and year - on - year increase of 0.0%. According to Yongyi Consulting, the inventory of fertile sows in its sample 1 increased by 0.02% month - on - month in August, compared with 0.14% in the previous month. According to My steel, the inventory of fertile sows in its sample large - scale enterprises decreased by 0.83% month - on - month in August, compared with an increase of 0.01% in the previous month [28]. - **母猪淘汰情况**: The price of culled sows weakened this week. The slaughter volume of culled sows increased month - on - month in August, and the enthusiasm for capacity reduction in the market increased [30]. - **母猪生产效率与新生健仔数**: In August, the number of healthy newborn piglets increased by 0.15% month - on - month (the previous value was + 0.06%), corresponding to an overall fluctuating increase in the number of slaughtered live pigs in February next year [32]. - **母猪、仔猪补栏积极性**: This week, the price of 15 - kg piglets was stable with a weak trend, and the price of 50 - kg binary sows was weak [34]. 4. Slaughter End - **屠宰量与屠宰利润等**: The slaughter volume continued to increase month - on - month. In July, the slaughter volume of designated enterprises was 31.66 million, a month - on - month increase of 5.3% and a year - on - year increase of 30.4%. The frozen product market will gradually enter the de - stocking stage, and its impact on pig prices will change from positive to neutral and bearish [36]. 5. Import End - In July 2025, the pork import volume was about 87,600 tons, a decrease of about 2,400 tons compared with the previous month. Currently, the scale of pork imports is limited, and its impact on domestic pig prices is relatively limited [39].

Group 1: Report General Information - Report Type: Pig Daily Report [1] - Date: September 11, 2025 [2] Group 2: Market Review and Operation Suggestions Market Review - Futures: On the 10th, the main 2511 contract of live pigs opened slightly lower and then fluctuated higher, closing with a positive line. The highest was 13,400 yuan/ton, the lowest was 13,210 yuan/ton, and the closing price was 13,315 yuan/ton, up 0.64% from the previous day. The total open interest of the index decreased by 1,362 lots to 194,143 lots [9]. - Spot: On the 10th, the average price of ternary pigs nationwide was 13.31 yuan/kg, down 0.06 yuan/kg from the previous day [9]. Market Analysis - Supply: In September, the planned sales volume of sample breeding enterprises was 25.7 million heads, an increase of 970,000 heads or 3.92% compared with the actual slaughter in August, with a daily average increase of 7.39%. The slaughter volume may continue to increase significantly, and the utilization rate of second - fattening pens remains high. The slaughter weight decreased slightly. In the long term, the slaughter before the Spring Festival may still maintain a slight growth trend [10]. - Demand: The price difference between fat and standard pigs slightly declined, and second - fattening was mainly in a wait - and - see state, providing weak support for prices. With the start of schools in various regions and the cooling weather in some areas, terminal consumption by residents may increase. The orders of slaughtering enterprises slightly increased, the slaughter progress was faster, and the operating rate and slaughter volume of slaughtering enterprises slightly increased. On September 10th, the slaughter volume of sample slaughtering enterprises was 147,700 heads, basically a decrease of 10,000 heads from the previous day, a week - on - week decrease of 21,000 heads, and a month - on - month increase of 95,000 heads [10]. Overall Situation - Spot: With the start of schools and the cooling weather, terminal demand has increased, but the supply pressure of slaughter is still relatively greater. The overall supply - demand situation is loose, and prices remain weak [10]. - Futures: The supply of live pigs before the Spring Festival is expected to maintain a slight increase. The 2511 and 2601 contracts belong to the peak - demand contracts, and the supply - demand margin may improve. However, the current spot supply pressure is still large, and they are mainly fluctuating weakly due to the drag of the weak spot market [10]. Group 3: Industry News - As of September 4th, the average profit per self - breeding and self - raising pig was 98.7 yuan/head, a week - on - week increase of 23 yuan/head; the average profit per pig purchased as a piglet was - 112.8 yuan/head, a week - on - week decrease of 5 yuan/head [11][13] Group 4: Data Overview - On the week of September 4th, the average market sales price of 15 - kg piglets was 425 yuan/head, a decrease of 19 yuan/head from the previous week [16]. - On the week of September 4th, the price difference between 150 - kg fat pigs and standard pigs was 0.19 yuan/jin, a week - on - week increase of 0.01 yuan/jin [16]. - The cost of fattening from 110 kg to 140 kg this week was 13.42 yuan/kg, an increase of 0.12 yuan/kg from the previous week; the cost of fattening from 125 kg to 150 kg was 13.69 yuan/kg, an increase of 0.13 yuan/kg from the previous week [16]. - On the week of September 5th, the operating rate of slaughtering enterprises was 31.27%, an increase of 2.00 percentage points from the previous week and 5.54 percentage points year - on - year. The operating rate within the week fluctuated in the range of 30.18 - 31.75 [16]. - As of the week of September 4th, the average slaughter weight of live pigs nationwide was 128.23 kg, an increase of 0.4 kg from the previous week, with a month - on - month increase of 0.31% [16].

Report Information - Report Title: Pig Daily Report [1] - Date: September 4, 2025 [2] Industry Investment Rating - Not provided Core View - The supply pressure of live pigs eases slightly at the beginning of the month, and the spot price fluctuates and rebounds. The 2511 and 2601 futures contracts are in the peak demand season, with supply increasing slightly and demand increasing relatively more. The current spot price stabilizes and rebounds, and the short - term downside space may be relatively limited, mainly following the spot price to fluctuate and rebound [9] Summary by Directory 1. Market Review and Operation Suggestions - **Market Conditions**: On the 3rd, the main 2511 contract of live pig futures opened slightly lower, fluctuated narrowly and declined, closing with a negative line. The highest was 13,600 yuan/ton, the lowest was 13,510 yuan/ton, and the closing price was 13,550 yuan/ton, down 0.15% from the previous day. The total open interest of the index increased by 384 lots to 180,527 lots. The national average price of foreign ternary pigs was 13.97 yuan/kg, down 0.06 yuan/kg from the previous day [8] - **Comments**: In September, the slaughter volume of live pigs may continue to increase, and the utilization rate of the second - fattening pens remains high, with still existing slaughter pressure. However, since August, the overall slaughter enthusiasm has been strong, the rhythm has been fast, there has been overselling in some areas, and the slaughter weight has declined. In the long term, the slaughter of live pigs may still maintain a slight increase. On the demand side, the price difference between fat and lean pigs has slightly widened, the fattening cost is still low, and there is an expectation of low - price second - fattening entry. At the beginning of September, universities in various regions started school one after another, and the centralized procurement of canteens at the beginning of the month boosted the market. In addition, the weather continued to cool in some areas, and the terminal consumption of residents may increase. The orders of slaughtering enterprises slightly increased, the slaughter progress was relatively fast, and the operating rate and slaughter volume of slaughtering enterprises slightly increased. On September 3rd, the slaughter volume of sample slaughtering enterprises was 149,800 heads, an increase of 12,000 heads from the previous day and an increase of 80,000 heads from a week ago [9] 2. Industry News - As of August 21st, the average profit per head of self - breeding and self - raising pigs was 78 yuan/head, a week - on - week decrease of 5 yuan/head; the average profit per head of purchasing piglets for breeding was - 57.6 yuan/head, a week - on - week decrease of 5 yuan/head [10] 3. Data Overview - On August 21st, the average market sales price of 15 - kg piglets was 463 yuan/head, a decrease of 21 yuan/head from the previous week [19] - In the week of August 21st, the slaughter volume of the slaughter sample was 1.675 million heads, an increase of 41,500 heads from the previous week, with a month - on - month increase of 2.54%; the average daily slaughter volume of the daily slaughter sample was 140,238 heads, an increase of 1,792 heads from the previous week, with an average daily increase of 1.29% [19] - The planned slaughter volume of live pigs of sample enterprises in August was 24.72 million heads, a month - on - month increase of 6.6% compared with July, with a significant increase in slaughter volume [19] - As of the week of August 21st, the average slaughter weight of live pigs nationwide was 127.98 kg, an increase of 0.16 kg from the previous week, with a month - on - month increase of 0.13% [19]

Report Information - Report Name: Pig Daily Report [1] - Date: August 27, 2025 [2] Industry Investment Rating - No information provided Core Viewpoints - In the short - term, the terminal and second - fattening demand may increase in the second half of the month, and the supply - demand situation may improve slightly, leading to a potential low - level rebound in spot pig prices. The near - month 2509 futures contract may follow the spot price with a small rebound at the bottom. The 2511 and 2601 contracts are in the peak demand season, with a small increase in pig supply and a relatively large increase in demand. Along with factors like pork stockpiling, initiatives for high - quality development, and strengthened environmental protection, the medium - to - long - term pig prices are expected to rebound [9]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 26th, the main 2511 pig futures contract opened lower, then fluctuated upwards and closed with a positive candle. The highest price was 13,895 yuan/ton, the lowest was 13,770 yuan/ton, and the closing price was 13,860 yuan/ton, down 0.47% from the previous day. The total open interest of the index decreased by 1,305 lots to 181,393 lots [8]. - **Spot Market**: On the 26th, the national average price of external ternary pigs was 13.63 yuan/kg, down 0.09 yuan/kg from the previous day [8]. - **Demand Side**: The price difference between fat and standard pigs has slightly widened, and the fattening cost remains low, increasing the expectation of second - fattening at low prices, which may reduce the slaughter pressure of farmers. The current demand is still in the seasonal off - season, with terminal demand remaining at a low level on a month - on - month basis. As students start school in the second half of the month, terminal demand may gradually pick up. The orders of slaughtering enterprises are average, and the slaughtering rate and volume have increased slightly. On August 26th, the slaughter volume of sample slaughtering enterprises was 140,300 heads, an increase of 100 heads from the previous day and the same as that of a week ago [9]. - **Supply Side**: According to Yongyi sample data, the planned pig slaughter volume of sample enterprises in August was 24.72 million heads, a month - on - month increase of 6.6% compared with the actual slaughter volume in July. The slaughter volume is expected to increase significantly, and the utilization rate of second - fattening pens remains high, with second - fattened pigs being continuously released, so the slaughter pressure still exists. The average slaughter weight has slightly declined, and the weight pressure on farmers has weakened in the second half of the month. In the long run, pig slaughter may continue to increase slightly [9]. 2. Industry News - No specific news content provided, only figure information about breeding profit, cost, etc. 3. Data Overview - **Breeding Profit**: As of August 21st, the average profit per self - bred and self - raised pig was 78 yuan/head, a week - on - week decrease of 5 yuan/head; the average profit per pig from purchasing piglets was - 57.6 yuan/head, also a week - on - week decrease of 5 yuan/head [14]. - **Piglet Price**: The average market sales price of 15 - kg piglets in the week of August 21st was 463 yuan/head, a decrease of 21 yuan/head from the previous week [14]. - **Slaughter Volume**: In the week of August 21st, the slaughter volume of the slaughter sample was 1.675 million heads, an increase of 41,500 heads from the previous week, with a month - on - month increase of 2.54%. The average daily slaughter volume of the daily slaughter sample was 140,238 heads, an increase of 1,792 heads from the previous week, with an average daily increase of 1.29% [14]. - **Planned Slaughter Volume**: The planned pig slaughter volume of sample enterprises in August was 24.72 million heads, a month - on - month increase of 6.6% compared with July [14]. - **Average Slaughter Weight**: As of the week of August 21st, the average slaughter weight of pigs nationwide was 127.98 kg, an increase of 0.16 kg from the previous week, with a month - on - month increase of 0.13% [14].

Report Overview - Industry: Pig farming - Date: August 26, 2025 - Report Type: Daily report 1. Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - On the demand side, the price difference between fat and standard pigs has slightly widened, and the cost of fattening remains low. The expectation of second - round fattening at low prices has increased, which may reduce the pressure on farmers to sell pigs. Although current demand is in a seasonal off - peak, with the start of school - related stocking in the second half of the month, terminal demand may gradually recover. - On the supply side, the planned pig出栏 volume in August is expected to increase significantly compared to July, and the utilization rate of second - round fattening pens remains high. However, the weight pressure on farmers has decreased recently. In the long term, pig出栏 is likely to maintain a slight increase. - Overall, in the spot market, demand from terminals and second - round fattening may increase in the second half of the month, and the supply - demand situation may improve slightly, leading to a possible low - level rebound in spot prices. In the futures market, the near - month 2509 contract may follow the spot price with a small - scale bottom - rebound. Contracts 2511 and 2601 are in the peak - demand season, and with a relatively larger increase in demand compared to supply, along with positive factors such as pork storage, high - quality development initiatives, and environmental protection efforts, the prices are expected to rebound [9]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: On the 25th, the main 2511 pig futures contract opened slightly higher, then fluctuated and declined. It closed at 13,910 yuan/ton, up 0.18% from last Friday. The total open interest of the index decreased by 3,810 lots to 182,698 lots [8]. - **Spot Market**: On the 25th, the average price of ternary pigs nationwide was 13.72 yuan/kg, down 0.05 yuan/kg from the previous day. The slaughter volume of sample slaughterhouses on August 25th was 140,800 heads, down 1,100 heads from the previous day but up 400 heads from a week ago [8]. - **Analysis and Outlook**: In the short - term, spot prices may rebound from lows, and near - month futures contracts may follow the spot price. Peak - demand season contracts are expected to rebound due to relatively larger demand growth [9]. 3.2 Industry News - No specific industry news content is provided in the report. 3.3 Data Overview - **Profit**: As of August 15th, the average profit per self - bred and self - raised pig was 101 yuan/head, a weekly decrease of 36 yuan/head. The average profit per pig from purchased piglets was - 52 yuan/head, a weekly increase of 1.3 yuan/head [14]. - **Price and Sales Volume**: The average market sales price of 15 - kg piglets in the week of August 15th was 484 yuan/head, a decrease of 33 yuan/head from the previous week. The planned pig出栏 volume of sample enterprises in August was 24.72 million heads, a 6.6% increase from the actual出栏 volume in July [14]. - **Slaughter Volume**: The slaughter volume of the slaughter sample in the week of August 15th was 1.6335 million heads, a 1.88% increase from the previous week. The average daily slaughter volume was 138,446 heads, a 0.96% increase from the previous week [14]. - **Average Weight**: As of the week of August 15th, the average weight of nationwide pig出栏 was 127.82 kg, a 0.02% increase from the previous week and a 1.31% increase from the same period last year [14].

Group 1: Report Overview - Report Title: Pig Daily Report [1] - Report Date: August 13, 2025 [2] Group 2: Investment Rating - No investment rating is provided in the report. Group 3: Core Viewpoints - In August, the supply of pigs from the breeding side is increasing, and the current enthusiasm for slaughter is fair. Meanwhile, demand is in the off - season, so the supply - demand relationship remains relatively loose, and the spot price of pigs may continue to be under pressure. [9] - In the short - term, the near - month 2509 futures contract of pigs will mainly fluctuate weakly following the spot price. In the long - term, the supply of pigs will increase slightly, while the 2511 and 2601 contracts belong to the peak - demand contracts, and their prices may fluctuate strongly. Policies such as the anti - involution initiative, high - quality development of the pig industry, and strengthened regional environmental protection are beneficial to the long - term performance of pig prices. [9] Group 4: Market Review and Operation Suggestions Pig Market - Futures: On the 12th, the main 2511 contract of live pigs opened flat and then fluctuated higher, closing in the positive territory. The highest price was 14,300 yuan/ton, the lowest was 14,140 yuan/ton, and the closing price was 14,230 yuan/ton, up 0.21% from the previous day. The total open interest of the index decreased by 2,487 lots to 175,404 lots. [8] - Spot: On the 12th, the average price of ternary pigs nationwide was 13.69 yuan/kg, down 0.03 yuan/kg from the previous day. [8] Pig Market Analysis - Demand side: The utilization rate of pigsties is at a high level. Currently, the enthusiasm for secondary fattening is average, mainly in a wait - and - see state. Due to the hot weather, terminal demand is weak, and the orders of slaughtering enterprises are average. The current slaughter progress is fast, and the operating rate and slaughter volume of slaughtering enterprises have increased slightly. On August 12, the slaughter volume of sample slaughtering enterprises was 138,300 heads, 600 heads less than the previous day and 2,100 heads more than a week ago. [9] - Supply side: According to Yongyi sample data, the planned slaughter volume of sample enterprises in August is 24.72 million heads, a 6.6% month - on - month increase from the actual slaughter volume in July. At the beginning of the month, the enthusiasm for slaughter on the breeding side was high, and the slaughter progress was fast. The utilization rate of secondary fattening pigsties remained high, and there were still secondary - fattened pigs to be released, so the slaughter pressure still exists, and the slaughter weight fluctuated slightly. [9] Group 5: Industry News - No specific industry news content is provided in the report. Group 6: Data Overview - As of August 7, the average profit per self - bred and self - raised pig was 119 yuan/head, a week - on - week decrease of 10 yuan/head; the average profit per pig purchased as a piglet was - 54 yuan/head, a week - on - week increase of 28 yuan/head. [14] - In the week of August 7, the average market sales price of 15 - kg piglets was 516 yuan/head, a decrease of 10 yuan/head from the previous week. [14] - As of July this year, the inventory of reproductive sows in sample farms was 1.15 million heads, a month - on - month increase of 0.52% and a year - on - year increase of 6.71%. [14] - The planned slaughter volume of sample enterprises in August is 24.72 million heads, a 6.6% month - on - month increase, with a significant increase in slaughter volume. [14] - As of the week of August 7, the average slaughter weight of pigs nationwide was 127.8 kg, a decrease of 0.18 kg from the previous week, a month - on - month decrease of 0.14%, and an increase of 1.6 kg compared with the same period last year, a year - on - year increase of 1.27%. [14]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In the short - term, due to increased group sales at the end of July and weak demand in the off - season, pig prices are likely to remain under pressure. In the long - term, although pig supply shows a slight increase, favorable policies such as the anti - involution initiative, high - quality development of the pig industry, and strengthened environmental protection in some regions will have a positive impact on pig prices, and the impact of subsequent policies on production capacity needs attention [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: On the 30th, the main 2509 contract of live pigs opened slightly lower, then rose, fell back, and fluctuated downward, closing with a negative line. The highest price was 14,240 yuan/ton, the lowest was 14,005 yuan/ton, and the closing price was 14,075 yuan/ton, a decrease of 0.49% from the previous day. The total open interest of the index decreased by 33 lots to 186,242 lots [7]. - **Spot Market**: On the 30th, the average price of ternary pigs nationwide was 13.93 yuan/kg, a decrease of 0.01 yuan/kg from the previous day [7]. - **Demand Side**: The utilization rate of pigsties is high, and the enthusiasm for secondary fattening is average, mainly in a wait - and - see state. Due to the hot weather, terminal demand is weak, and the orders of slaughtering enterprises are average. With the increase in the number of pigs sold by enterprises at the end of the month, the operating rate and slaughter volume of slaughtering enterprises have slightly increased. On July 30th, the slaughter volume of sample slaughtering enterprises was 137,400 heads, an increase of 800 heads from the previous day and 3,900 heads from a week ago [8]. - **Supply Side**: According to Yongyi data, the planned slaughter volume of sample enterprises in July was 23.88 million heads, a month - on - month decrease of 1.19% compared with June. At the end of the month, the slaughter progress of the breeding side accelerated, the enthusiasm for slaughter increased, the slaughter weight decreased slightly, and the utilization rate of pigsties for secondary fattening was high, with more pigs for secondary fattening still to be slaughtered [8]. 3.2 Industry News - As of July 24th, the average profit per self - bred and self - raised pig was 162 yuan/head, a week - on - week increase of 51 yuan/head; the average profit per pig purchased as a piglet was - 63 yuan/head, a week - on - week increase of 63 yuan/head [9][11]. 3.3 Data Overview - The average market sales price of 15 - kg piglets in the week of July 24th was 542 yuan/head, the same as the previous week [18]. - As of the end of the second quarter of 2025, the national pig inventory was 424.47 million heads, a year - on - year increase of 2.2% and a month - on - month increase of 7.16 million heads or 1.72%. From the second quarter of last year to the second quarter of this year, the month - on - month changes were 1.7%, 2.8%, 0.11%, - 2.37%, and 1.72% respectively [18]. - As of the week of July 24th, the average slaughter weight of national pigs was 128.48 kg, a decrease of 0.35 kg from the previous week, a month - on - month decrease of 0.27%, and an increase of 3.09 kg compared with the same period last year, a year - on - year increase of 2.46% [18].

Report Information - Report Title: Pig Daily Report [1] - Date: July 18, 2025 [2] Investment Rating - No investment rating information is provided in the report. Core View - Currently, the group's pig出栏量 has recovered, and prices have continued to decline. From mid - to late July, large - scale pig - farming enterprises may increase their supply to meet monthly targets. With demand in the off - season, pig prices are likely to face further pressure. In the medium - to long - term, pig supply will increase, but anti - cut - throat competition initiatives and strengthened environmental protection policies are favorable for long - term pig prices. Attention should be paid to the impact of future policies on production capacity [8]. Summary by Section 1. Market Review and Operation Suggestions - **Futures Market**: On the 17th, the main 2509 contract of live pigs opened slightly lower, then bottomed out, rebounded, and fluctuated higher, closing with a positive candle. The highest price was 14,075 yuan/ton, the lowest was 13,905 yuan/ton, and the closing price was 14,060 yuan/ton, a 0.28% decrease from the previous day. The total open interest of the index decreased by 4,275 lots to 160,859 lots [7]. - **Spot Market**: On the 17th, the average price of ternary pigs nationwide was 14.28 yuan/kg, a decrease of 0.15 yuan/kg from the previous day [7]. - **Demand Side**: The price difference between fat and standard pigs slightly widened, and the utilization rate of pigsties increased, indicating higher enthusiasm for secondary fattening. Due to hot weather, terminal demand was weak, slaughterhouse orders were average, and farmers reduced the number of pigs for sale. The slaughter volume and operating rate of slaughterhouses remained low. On July 17th, the slaughter volume of sample slaughterhouses was 131,600 heads, a decrease of 10,000 heads from the previous day and 5,000 heads from a week ago [8]. - **Supply Side**: According to Yongyi data, the planned pig出栏量 of sample enterprises in July was 23.88 million heads, a 1.19% decrease from June. The出栏量 may be slightly adjusted down. In the early part of the month, enterprises temporarily held back pigs and reduced the number of pigs for sale, but now the出栏 progress has recovered. There are still secondary - fattened pigs to be sold in the future [8]. 2. Industry News - As of the week ending July 11, the average profit per self - bred and self - raised pig was 165 yuan/head, a weekly decrease of 6 yuan/head; the average profit per pig from purchased piglets was - 44 yuan/head, a weekly decrease of 58 yuan/head [9][11]. 3. Data Overview - The average market selling price of 15 - kg piglets in the week of July 10 was 539 yuan/head, an increase of 10 yuan/head from the previous week [19]. - In late June, the utilization rate of fattening pigsties was 53.9%, a 9 - percentage - point increase from the previous ten - day period [19]. - In the week of July 10, the price difference between 150 - kg fat pigs and standard pigs was 0.10 yuan/jin, unchanged from the previous week [19]. - As of the week ending July 11, the average slaughter weight of pigs nationwide was 129.03 kg, an increase of 0.39 kg from the previous week, a 0.30% increase [19].

Report Information - Report Title: Pig Daily Report - Report Date: July 10, 2025 - Industry: Pig Report Core View - The demand is in the off - season. The previous continuous pressure on pigs and reduced volume of slaughter by enterprises continue to support the rebound of futures and spot prices. Currently, the group's slaughter volume is gradually recovering, and the price is slightly回调. In the medium and long term, the supply is expected to increase. In the middle and late July, large - scale breeding enterprises may increase the volume of slaughter to meet monthly targets, and the pig price may be under pressure due to the off - season demand [8] Market Review and Operation Suggestions Futures Market - On the 9th, the main 2509 contract of live pigs opened lower, then bottomed out, rebounded, and fluctuated higher, closing with a positive line. The highest was 14,270 yuan/ton, the lowest was 14,175 yuan/ton, and the closing price was 14,265 yuan/ton, a decrease of 0.04% from the previous day. The total open interest of the index increased by 474 lots to 162,145 lots [7] Spot Market - On the 9th, the average price of ternary pigs nationwide was 14.89 yuan/kg, unchanged from the previous day [7] Market Analysis - **Demand Side**: The price difference between fat and standard pigs remains low, the utilization rate of pigsties is relatively high, the enthusiasm for secondary fattening replenishment is low, and only a small amount enters the market. With the rising temperature, terminal demand weakens, slaughter enterprise orders are average, and the slaughter rate and volume of slaughter enterprises remain low. On July 9th, the slaughter volume of sample slaughter enterprises was 132,000 heads, an increase of 14,000 heads from the previous day and a decrease of 48,000 heads from a week ago [8] - **Supply Side**: According to Yongyi data, the planned slaughter volume of sample enterprises in July is 23.88 million heads, a month - on - month decrease of 1.19% compared with June. The slaughter volume may be slightly adjusted down. The group's slaughter volume is gradually recovering, and the slaughter weight is slightly decreasing, but there are still fattened pigs for secondary fattening to be slaughtered in the future [8] Industry News - As of the week ending July 3, the profit per head for self - breeding and self - fattening was 171.09 yuan, an increase of 54.48 yuan per head from the previous week. The profit per head for purchasing piglets for fattening was 14.15 yuan, an increase of 16.71 yuan per head from the previous week [9][11] Data Overview - In the week ending July 3, the average market sales price of 15 - kg piglets was 530 yuan per head, unchanged from the previous week [20] - In the week ending July 3, the slaughter volume of sample slaughterhouses was 1.5608 million heads, a decrease of 125,900 heads from the previous week, a month - on - month decrease of 7.46%. The average daily slaughter volume of daily slaughter samples was 139,029 heads, a decrease of 5,040 heads from the previous week, with an average daily decrease of 3.50%. The slaughter volume on Thursday of this week was 134,338 heads, a decrease of 7,789 heads from Thursday of the previous week, a decrease of 5.48% [20] - As of the week ending July 3, the average slaughter weight of pigs nationwide was 128.64 kg, an increase of 0.50 kg from the previous week, a month - on - month increase of 0.39%, and an increase of 2.93 kg compared with the same period last year, a year - on - year increase of 2.33% [20]