Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - The supply side has seen a slowdown in the short - term slaughter rhythm due to the reluctance of breeders to sell caused by previous price drops. However, the daily slaughter volume in June is higher than that in May, and the slaughter rhythm will gradually return to normal. The supply pressure is still increasing in the second and third quarters as the sow production capacity is in an increasing cycle. - On the demand side, high temperatures suppress the willingness to purchase pork, the terminal sales speed slows down, the slaughterhouse operating rate drops, and consumption enters a seasonal off - peak period, providing no strong support for prices. - Overall, the short - term reluctance of breeders to sell supports price rebounds, but the pattern of strong supply and weak demand remains unchanged, limiting the upside space, and the market is expected to show a volatile trend [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for live hogs is 13,600 yuan/ton, with a daily increase of 5 yuan/ton. The main contract's open interest is 77,371 lots, a decrease of 888 lots. The number of warehouse receipts is 525 lots, unchanged. The net long position of the top 20 futures holders is - 9,944 lots, a decrease of 845 lots [2]. 3.2 Spot Market - The spot prices of live hogs in Henan Zhumadian and Guangdong Yunfu are 14,000 yuan/ton and 15,000 yuan/ton respectively, remaining unchanged. The spot price in Jilin Siping is 14,000 yuan/ton, an increase of 100 yuan/ton. The main basis for live hogs is 400 yuan/ton, a decrease of 5 yuan/ton [2]. 3.3 Upstream Situation - The monthly live hog inventory is 41.731 million heads, a decrease of 1.012 million heads. The inventory of breeding sows is 4.039 million heads, a decrease of 27,000 heads [2]. 3.4 Industry Situation - The year - on - year CPI growth rate is - 0.1%, unchanged. The spot price of soybean meal in Zhangjiagang is 2,880 yuan/ton, unchanged. The corn spot price is 2,401.18 yuan/ton, an increase of 4.22 yuan/ton. The Dalian Commodity Exchange's pig feed cost index is 961.45, a decrease of 0.09. - The monthly feed production is 27.772 million tons, a decrease of 664,000 tons. The price of二元能繁母猪 is 1,641 yuan/head, unchanged. The weekly profit of purchasing piglets for breeding is - 120.8 yuan/head, a decrease of 36.43 yuan/head. The weekly profit of self - breeding and self - raising live hogs is 33.83 yuan/head, a decrease of 1.82 yuan/head. - The monthly pork import volume is 80,000 tons, a decrease of 10,000 tons. The average price of white - striped chickens in the main production areas is 13 yuan/kg, a decrease of 0.2 yuan/kg [2]. 3.5 Downstream Situation - The monthly slaughter volume of designated live hog slaughtering enterprises is 30.63 million heads, an increase of 8.86 million heads. The monthly catering revenue in total social consumer goods retail sales is 416.7 billion yuan, a decrease of 6.8 billion yuan [2]. 3.6 Industry News - According to the sample data of key breeding enterprises from Shanghai Ganglian, the daily slaughter volume of key breeding enterprises across the country on June 11, 2025, is 273,300 heads, a 3.01% increase from the previous day [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) | 13595 | 120 主力合约持仓量:生猪(日,手) | 78259 | -304 | | | 仓单数量:生猪(日,手) | 525 | 50 期货前20名持仓:净买单量:生猪(日,手) | -9099 | 300 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 14000 | 200 生猪价 吉林 四平(日,元/吨) | 13900 | 100 | | | 生猪价 广东 云浮(日,元/吨) | 15000 | 0 生猪主力基差(日,元/吨) | 405 | 80 | | 上游情况 | 生猪存栏(月,万头) | 41731 | -1012 生猪存栏:能繁母猪(月,万头) | 4039 | -27 | | 产业情况 | CPI:当月同比(月,%) | -0.1 | 0 现货价:豆粕:张家港(日,元/吨) | 2880 | -20 | | | 玉米现货价 | 2396.96 | 6 ...

数据来源第三方，观点仅供参考。市场有风险，投资需谨慎！ 生猪产业日报 2025-06-09 | 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) | 13475 | 15 主力合约持仓量:生猪(日,手) | 78563 | -1258 | | | 仓单数量:生猪(日,手) | 475 | 0 期货前20名持仓:净买单量:生猪(日,手) | -9399 | -417 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 13800 | -200 生猪价 吉林 四平(日,元/吨) | 13800 | -100 | | | 生猪价 广东 云浮(日,元/吨) | 15000 | -100 生猪主力基差(日,元/吨) | 325 | -215 | | 上游情况 | 生猪存栏(月,万头) | 41731 | -1012 生猪存栏:能繁母猪(月,万头) | 4039 | -27 | | 产业情况 | CPI:当月同比(月,%) | -0.1 | 0 现货价 ...

生猪产业日报 2025-06-04 | 项目类别 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | | 期货主力合约收盘价:生猪(日,元/吨) 期货盘面 | 13490 | -20 主力合约持仓量:生猪(日,手) | 78586 | 1200 | | 仓单数量:生猪(日,手) | 0 | 0 期货前20名持仓:净买单量:生猪(日,手) | -9386 | 231 | | 生猪价 河南 驻马店(日,元/吨) 现货价格 | 14300 | -100 生猪价 吉林 四平(日,元/吨) | 14000 | 0 | | 生猪价 广东 云浮(日,元/吨) | 15300 | -200 生猪主力基差(日,元/吨) | 810 | -80 | | 上游情况 生猪存栏(月,万头) | 41731 | -1012 生猪存栏:能繁母猪(月,万头) | 4039 | -27 | | CPI:当月同比(月,%) 产业情况 | -0.1 | 0 现货价:豆粕:张家港(日,元/吨) | 2900 | 0 | | 玉米现货价 | 2384.12 | 0.79 大商 ...

生猪产业日报 2025-06-03 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 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) | 13510 | -95 主力合约持仓量:生猪(日,手) | 77386 | 1736 | | | 仓单数量:生猪(日,手) | 0 | 0 期货前20名持仓:净买单量:生猪(日,手) | -9617 | -813 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 14400 | -100 生猪价 吉林 四平(日,元/吨) | 14000 ...

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The supply of live pigs has increased due to the increased willingness of breeders and second - fatteners to sell last week, with the slaughter volume accelerating and the slaughter weight increasing slightly. The supply pressure may temporarily ease at the end of the month, but the medium - term supply pressure is expected to increase in the second and third quarters. The demand has recovered to some extent due to pre - festival stocking before the Dragon Boat Festival, but the increase in demand is less than that in supply, resulting in a weak adjustment of live pig prices. The live pig futures main contract closed down 0.29%, showing a weak adjustment at a low level. It is recommended to wait for a rebound to short [2]. Group 3: Summary According to Relevant Catalogs Futures Disk - The closing price of the live pig futures main contract was 13,560 yuan/ton, down 40 yuan; the main contract's open interest was 79,267 lots, up 680 lots; the number of warehouse receipts was 490 lots, down 210 lots; the net long position of the top 20 futures holders was - 11,705 lots, up 581 lots; the main contract of live pig futures closed down 0.29% [2]. Spot Price - The live pig price in Henan Zhumadian was 14,600 yuan/ton, up 100 yuan; in Jilin Siping was 14,200 yuan/ton, up 100 yuan; in Guangdong Yunfu was 15,300 yuan/ton, unchanged; the main contract basis was 1,040 yuan/ton, up 140 yuan [2]. Upstream Situation - The live pig inventory was 41,7310,000 heads, down 10,120,000 heads; the inventory of breeding sows was 4,0390,000 heads, down 270,000 heads; the CPI year - on - year was - 0.1%, unchanged; the spot price of soybean meal in Zhangjiagang was 2,940 yuan/ton, unchanged; the spot price of corn was 2,376.27 yuan/ton, unchanged; the Dalian Commodity Exchange pig feed cost index was 939.75, up 3.15; the monthly output of feed was 27,772,000 tons, down 664,000 tons; the price of binary breeding sows was 1,641 yuan/head, unchanged; the breeding profit of purchased piglets was - 16.06 yuan/head, down 64.26 yuan; the breeding profit of self - bred and self - raised live pigs was 48.21 yuan/head, down 32.45 yuan; the monthly import volume of pork was 80,000 tons, down 10,000 tons; the average price of white - striped chicken in the main production areas was 13.4 yuan/kg, down 0.1 yuan [2]. Industry Situation - The slaughter volume of designated live pig slaughtering enterprises was 3,0630,000 heads, up 8,860,000 heads; the monthly retail sales of social consumer goods in the catering industry was 416.7 billion yuan, down 6.8 billion yuan; on May 27, 2025, the daily slaughter volume of key breeding enterprises nationwide was 267,843 heads, down 0.64% from the previous day [2]. Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises was 3,0630,000 heads, up 8,860,000 heads; the monthly retail sales of social consumer goods in the catering industry was 416.7 billion yuan, down 6.8 billion yuan [2]. Industry News - The willingness of breeders and second - fatteners to sell increased last week, the slaughter volume accelerated, and the slaughter weight increased slightly, increasing market supply. However, the slaughter rhythm may slow down at the end of the month, and the supply pressure may temporarily ease. In the medium term, the supply pressure is expected to increase in the second and third quarters. The approaching Dragon Boat Festival has led to a recovery in terminal demand in some areas, and the operating rate of slaughtering enterprises has rebounded [2]. Viewpoint Summary - The increase in the slaughter volume of breeders and the fact that the increase in demand is less than that in supply have led to a weak adjustment of live pig prices. However, the slowdown of the slaughter rhythm at the end of the month may limit the short - term decline. It is recommended to wait for a rebound to short [2].

Report Summary 1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core View of the Report The overall supply - demand pattern of the pig industry is loose. The increase in the number of pigs sold by breeders and the fact that the increase in demand is less than the supply lead to a weak adjustment of pig prices. Although the slowdown in the end - of - month slaughter rhythm may limit the short - term decline, the fundamentals are bearish. After the adjustment of the futures price, it is expected to continue to fluctuate weakly. It is recommended to wait for a rebound to short sell [2]. 3. Summary According to Relevant Catalogs Futures Market - The closing price of the main futures contract for live pigs is 13,600 yuan/ton, up 85 yuan; the open interest of the main contract is 78,587 lots, down 1,898 lots; the number of warehouse receipts is 700 lots, up 37 lots; the net long position of the top 20 futures holders is - 12,286 lots, up 268 lots [2]. Spot Market - The spot prices of live pigs in Henan, Jilin, and Guangdong are 14,500 yuan/ton, 14,100 yuan/ton, and 15,300 yuan/ton respectively, with increases of 200 yuan/ton, 200 yuan/ton, and 100 yuan/ton; the main basis of live pigs is 900 yuan/ton, up 115 yuan/ton [2]. Upstream Situation - The monthly live pig inventory is 41.731 million heads, down 1.012 million heads; the inventory of reproductive sows is 4.039 million heads, down 27,000 heads [2]. Industry Situation - The year - on - year change of CPI is - 0.1%, unchanged; the spot price of soybean meal in Zhangjiagang is 2,940 yuan/ton, down 20 yuan/ton; the spot price of corn is 2,376.27 yuan/ton, up 0.19 yuan; the DCE pig feed cost index is 936.6, down 2.82; the monthly output of feed is 27.772 million tons, down 664,000 tons; the price of binary reproductive sows is 1,641 yuan/head, unchanged; the breeding profit of purchased piglets is - 16.06 yuan/head, down 64.26 yuan/head; the breeding profit of self - bred and self - raised live pigs is 48.21 yuan/head, down 32.45 yuan/head; the monthly import volume of pork is 80,000 tons, down 10,000 tons; the average price of white - striped chickens in the main producing areas is 13.4 yuan/kg, down 0.1 yuan/kg [2]. Downstream Situation - The monthly slaughter volume of designated pig slaughtering enterprises is 3.063 million heads, up 886,000 heads; the monthly catering revenue in total retail sales of consumer goods is 416.7 billion yuan, down 6.8 billion yuan [2]. Industry News - According to Mysteel data, the slaughtering enterprise operating rate in the 21st week is 28.55%, up 0.44 percentage points from last week and 0.77 percentage points year - on - year. In the supply side, the willingness of breeders and secondary fattening farmers to sell increased last week, the slaughter volume accelerated, and the slaughter weight increased slightly. The market supply increased, but the end - of - month slaughter rhythm may slow down, and the supply pressure may ease briefly. In the demand side, as the Dragon Boat Festival approaches, the pre - festival stocking has warmed up the terminal demand in some areas, and the operating rate of slaughtering enterprises has rebounded [2].

生猪产业日报 2025-05-22 继续下跌，收跌0.51%，延续偏弱走势。 研究员: 张昕 期货从业资格号F03109641 期货投资咨询从业证书号Z0018457 免责声明 | 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) | 13580 | -70 主力合约持仓量:生猪(日,手) | 80663 | 2101 | | | 仓单数量:生猪(日,手) | 663 | 0 期货前20名持仓:净买单量:生猪(日,手) | -12836 | 573 | | 现货价格 | 生猪价 河南 驻马店(日,元/吨) | 14500 | -200 生猪价 吉林 四平(日,元/吨) | 14100 | -200 | | | 生猪价 广东 云浮(日,元/吨) | 15200 | 100 生猪主力基差(日,元/吨) | 920 | -130 | | 上游情况 | 生猪存栏(月,万头) | 41731 | -1012 生猪存栏:能繁母猪(月,万头) | 4039 | - ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The supply side sees an increase in the volume of pigs for sale by farmers, leading to a rise in supply. The price of fattened pigs is lower than that of standard pigs, increasing the risk of secondary fattening, and the willingness to sell in the later period may increase. According to the pig breeding cycle, the sow production capacity in the second and third quarters is in an increasing cycle, and the medium - term supply pressure is increasing. - The demand side shows a decline in terminal demand, poor sales of pork carcasses, and a decrease in the slaughterhouse's operating rate. However, there is still passive inventory - building in a few areas, and the upcoming Dragon Boat Festival stocking may lead to a short - term increase in demand. - Overall, the increased volume of pigs for sale by farmers causes the price to fluctuate weakly. The live hog 2509 contract fell 0.26% and is trading below the moving average. Attention should be paid to the situation of secondary fattening and sales, and the price may face further pressure in the future [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for live hogs was 13,650 yuan/ton, down 40 yuan; the main contract's open interest was 78,562 lots, down 118 lots; the number of warehouse receipts was 663 lots, down 15 lots; the net long position of the top 20 futures holders was - 13,409 lots, up 959 lots [2]. 3.2 Spot Market - The spot price of live hogs in Henan Zhumadian was 14,700 yuan/ton, down 100 yuan; in Jilin Siping, it was 14,300 yuan/ton, unchanged; in Guangdong Yunfu, it was 15,100 yuan/ton, up 100 yuan. The main basis for live hogs was 1,050 yuan/ton, down 60 yuan [2]. 3.3 Upstream Situation - The monthly live hog inventory was 41.731 million heads, down 1.012 million heads; the inventory of breeding sows was 4.039 million heads, down 27,000 heads. The year - on - year change in CPI was - 0.1%, up 0.6 percentage points. The spot price of soybean meal in Zhangjiagang was 2,880 yuan/ton, unchanged; the spot price of corn was 2,373.92 yuan/ton, down 1.28 yuan. The Dalian Commodity Exchange's pig feed cost index was 936.98, up 7.42. The monthly output of feed was 27.772 million tons, down 0.664 million tons. The weekly price of binary breeding sows was 1,641 yuan/head, unchanged. The weekly breeding profit for purchased piglets was 48.2 yuan/head, down 10.26 yuan; for self - bred and self - raised pigs, it was 80.66 yuan/head, down 3.67 yuan. The monthly import volume of pork was 90,000 tons, up 10,000 tons. The weekly average price of white - striped chickens in the main producing areas was 13.5 yuan/kg, down 0.2 yuan [2]. 3.4 Downstream Situation - The monthly slaughter volume of designated live hog slaughtering enterprises was 3.063 million heads, up 0.886 million heads. The monthly retail sales of social consumer goods in the catering industry was 42.35 billion yuan, down 13.14 billion yuan [2]. 3.5 Industry News - On May 21, 2025, the daily national live hog sales volume of key breeding enterprises was 271,599 heads, up 0.83% from the previous day. Farmers are increasing the volume of pigs for sale, and the supply is increasing [2].

免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 使价格进一步承压运行。 研究员: 张昕 期货从业资格号F03109641 期货投资咨询从业证书号Z0018457 生猪产业日报 2025-05-20 | 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) | 13690 | 5 主力合约持仓量:生猪(日,手) | 78680 | -663 | | | 仓单数量:生猪(日,手) | 678 | 0 期货前20名持仓:净买单量:生猪(日,手) | -14368 | 340 | | 现货价格 | ...