1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The central reserve frozen pork purchase and storage policy has stabilized the pig price and boosted confidence, leading to short - term rebounds in futures and spot prices. However, in the medium and long term, the supply of live pigs continues to increase, while demand enters the seasonal off - season, and the supply - demand situation remains loose. The futures market is currently in a rebound phase, but in the long run, it is affected by the off - season demand and the relatively loose supply - demand situation, and the sustainability of future purchase and storage policies needs attention [10] 3. Summary by Relevant Catalogs 3.1 Market Review and Operation Suggestions - **Market Review**: On the 17th, the main 2509 contract of live pig futures opened flat, fluctuated slightly higher, and closed positive. The highest was 13,855 yuan/ton, the lowest was 13,755 yuan/ton, and the closing price was 13,815 yuan/ton, up 0.11% from the previous day. The total open interest of the index increased by 1,732 lots to 163,288 lots. The national average price of foreign three - way pigs was 14.23 yuan/kg, up 0.02 yuan/kg from the previous day [9] - **Market Analysis**: On the demand side, the price difference between fat and standard pigs remained low, the utilization rate of pigsties increased slightly, the enthusiasm for secondary fattening replenishment was low, and most were in a wait - and - see state, weakening the support for prices. With rising temperatures, terminal demand weakened, and the orders of slaughtering enterprises were average, with low operating rates and slaughter volumes. On June 17th, the slaughter volume of sample slaughtering enterprises was 146,000 heads, an increase of 500 heads from the previous day and 4,600 heads from a week ago. On the supply side, according to Yongyi sample data, the planned slaughter volume in June was 23.629 million heads, a 1.02% increase from the actual slaughter volume in May, and the slaughter volume continued to increase month - on - month. Farmers slaughtered normally, the slaughter volume of large pigs decreased, and the slaughter weight decreased slightly. On the policy side, on June 11th, the central reserve frozen pork purchase and storage had a listed competitive trading volume of 10,000 tons, with a transaction price of 20.3 - 20.8 yuan/kg for No. 2 - 4 meat [10] 3.2 Industry News - As of May this year, the inventory of reproductive sows in sample farms was 1.147 million heads, a month - on - month increase of 0.92% and a year - on - year increase of 8.57% [11][13] 3.3 Data Overview - As of May, the inventory of piglets in sample enterprises was 2.315 million heads, a month - on - month increase of 1.32% and a year - on - year increase of 14.3% - In early June, the average proportion of secondary fattening sales was 0.75%, a decrease of 0.9 percentage points from the previous ten - day period - As of the week of June 13th, the average slaughter weight of sample live pigs was 128.82 kg, a decrease of 0.35 kg from the previous week, a month - on - month decrease of 0.69%, and a year - on - year increase of 2.01% - In early June, the utilization rate of fattening pigsties was 38.5%, an increase of 0.8 percentage points from the previous ten - day period. In the week of June 12th, the price difference between 150 - kg fat pigs and standard pigs was 0.06 yuan/jin, a week - on - week decrease of 0.02 yuan/jin [19]

Report Information - Report Title: Pig Daily Report [1] - Date: June 17, 2025 [2] Industry Investment Rating - No investment rating information provided in the report. Core Viewpoints - The central reserve frozen pork purchase policy has stabilized pig prices and boosted confidence, leading to short - term rebounds in futures and spot prices. However, in the medium to long term, the supply of pigs is increasing while demand enters the seasonal off - season, and the supply - demand situation remains loose. Futures contracts are currently at a discount to the spot, and the medium - to - long - term market is still affected by the off - season demand and loose supply - demand. Attention should be paid to the sustainability of future purchase policies [10]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: On the 16th, the main 2509 contract of live pigs opened slightly higher, then fluctuated lower after a short - term rise, and closed in the red at the end of the session. The highest price was 13,850 yuan/ton, the lowest was 13,750 yuan/ton, and the closing price was 13,780 yuan/ton, unchanged from the previous day. The total position of the index decreased by 1,223 lots to 161,556 lots. The national average price of ternary pigs was 14.21 yuan/kg, up 0.09 yuan/kg from the previous day [9]. - **Analysis**: On the demand side, the price difference between fat and standard pigs remained low, the utilization rate of pigsties increased slightly, and the enthusiasm for secondary fattening replenishment was low, mostly in a wait - and - see state, weakening the support for prices. As the temperature rises, terminal demand weakens, and the orders of slaughtering enterprises are average, with the operating rate and slaughter volume remaining low. On the 16th, the slaughter volume of sample slaughtering enterprises was 145,500 heads, 1,000 heads less than the previous day and 27,000 heads more than a week ago. On the supply side, according to Yongyi sample data, the planned slaughter volume in June was 23.629 million heads, a 1.02% increase from the actual slaughter volume in May, and the slaughter volume continued to increase month - on - month. The large - pig slaughter volume declined, and the slaughter weight decreased slightly. On the policy side, on June 11, the central government conducted a tender for the purchase of 10,000 tons of frozen pork, with the transaction price of No. 2 - 4 pork ranging from 20.3 to 20.8 yuan/kg [10]. 2. Industry News - As of May this year, the inventory of reproductive sows in sample farms was 1.147 million heads, a month - on - month increase of 0.92% and a year - on - year increase of 8.57% [11][13]. 3. Data Overview - As of May, the inventory of piglets in sample enterprises was 2.315 million heads, a month - on - month increase of 1.32% and a year - on - year increase of 14.3% [19]. - In early June, the average proportion of secondary fattening sales was 0.75%, a decrease of 0.9 percentage points from the previous ten - day period [19]. - As of the week of June 13, the average slaughter weight of sample pigs was 128.82 kg, a decrease of 0.35 kg from the previous week, a month - on - month decrease of 0.69%, and a year - on - year increase of 2.01% [19]. - In early June, the utilization rate of fattening pigsties was 38.5%, an increase of 0.8 percentage points from the previous ten - day period. The price difference between 150 - kg fat pigs and standard pigs in the week of June 12 was 0.06 yuan/jin, a decrease of 0.02 yuan/jin from the previous week [19].

交易咨询业务资格：证监许可【2012】1091号 生猪期货早报 2025-06-16 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸生猪观点和策略 生猪： 1. 基本面：供应方面，五一小长假结束，国内出栏积极性减弱生猪价格节前小幅反弹节后或回归弱势 ，预计节后本周供给或猪、肉双减。需求方面，国内宏观环境预期偏悲观，五一假期结束居民整体 消费意愿热情回落，压制短期鲜猪肉消费，前期中国对美国和加拿大猪肉进口加征关税，提振市场 信心。综合来看，预计本周市场或供需双减、猪价短期回归震荡格局。关注月中集团场出栏节奏变 化、二次育肥市场动态变化情况。中性。 2. 基差：现货全国均价13990元/吨，2509合约基差200元/吨，现货升水期货。偏多。 ...

大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 交易咨询业务资格：证监许可【2012】1091号 生猪期货早报 2025-06-10 生猪： CONTENTS 目 录 1. 基本面：供应方面，五一小长假结束，国内出栏积极性减弱生猪价格节前小幅反弹节后或回归弱势 ，预计节后本周供给或猪、肉双减。需求方面，国内宏观环境预期偏悲观，五一假期结束居民整体 消费意愿热情回落，压制短期鲜猪肉消费，前期中国对美国和加拿大猪肉进口加征关税，提振市场 信心。综合来看，预计本周市场或供需双减、猪价短期呈震荡偏弱格局。关注月中集团场出栏节奏 变化、二次育肥市场动态变化情况。中性。 2. 基差：现货全国均价13910元/吨，2509合约基差435元/吨，现货升水期货。偏多。 3. 库存：截至3月31日，生猪存栏量41731万头，环比减少0.8%，同比减少2.2% ...

1. Report Industry Investment Rating Not provided in the content. 2. Core Views of the Report - The supply of pigs and pork is expected to decrease this week after the May Day holiday, and the market may experience a double - reduction in supply and demand. The pig price is expected to be in a short - term volatile and weak pattern. Attention should be paid to the changes in the monthly group's slaughter rhythm and the dynamics of the secondary fattening market [8]. - The basis shows that the spot price is at a premium to the futures price, which is bullish. The inventory situation also shows some bullish factors, but the price on the disk is below the 20 - day moving average and moving down, and the main positions are net short with a reduction in short positions, which is bearish. The expected price range of the LH2509 contract is around 13,400 - 13,800 [8]. 3. Summary by Directory 3.1 Daily Tips - After the May Day holiday, the enthusiasm for domestic pig slaughter decreased, and the pig price may return to a weak state after a slight pre - holiday rebound. The supply of pigs and pork is expected to decrease this week. The domestic macro - environment has a pessimistic expectation, and the overall consumer enthusiasm has declined after the holiday, suppressing short - term fresh pork consumption. However, the additional tariffs on pork imports from the US and Canada have boosted market confidence [8]. 3.2 Recent News - The additional tariffs on pork imports from the US and Canada have boosted market confidence. After the May Day holiday, the domestic pig consumption market entered the off - season, with a decrease in the slaughter of large pigs. The supply and demand of pigs have both decreased, and the spot price is in a short - term volatile and weak pattern, with the futures following the same trend [10]. - The demand for pork has weakened in the short term after the May Day holiday. The spot price of pigs is volatile and weak due to the double - reduction in supply and demand, but the decline space may be limited due to the decrease in slaughter [10]. - The domestic pig farming profit remains at a low level, with short - term profits still available. The enthusiasm for slaughtering large pigs is still good in the short term. The double - reduction in supply and demand suppresses the short - term expectations of pig futures and spot prices [10]. - The spot price of pigs may be volatile and weak after the May Day holiday, and the futures will generally maintain a volatile and weak pattern in the short term. When it stabilizes depends on the future reduction in supply and the recovery in demand [10]. 3.3 Bullish and Bearish Factors - Bullish factors: The year - on - year decline in domestic pig inventory and the limited further decline space of domestic pig spot prices [11]. - Bearish factors: The pessimistic expectation of the domestic macro - environment due to the Sino - US tariff war and the entry of pig and pork consumption into the off - season after May Day [11]. - Current main logic: The market focuses on the pig slaughter situation and fresh meat demand [11]. 3.4 Fundamental Data - As of March 31, the pig inventory was 417.31 million heads, a month - on - month decrease of 0.8% and a year - on - year decrease of 2.2%. As of the end of February, the inventory of breeding sows was 40.66 million heads, with no month - on - month change and a year - on - year increase of 0.6% [8]. - The report also provides data on pig futures, warehouse receipts, and spot prices from May 22 to May 30, including prices of different contracts and spot prices in different regions [12]. 3.5 Position Data The main positions are net short, and the short positions are decreasing [8].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The current supply and demand of the pig market are in a stalemate, and the pig price is in a narrow - range shock. The futures market trend depends highly on market sentiment. The supply and demand of the main 09 contract are expected to weaken, and it is recommended to take a short - term bearish view, with the pressure level referring to 13,800 [7][8]. 3. Summary by Directory 3.1. Weekly Viewpoints and Strategies - **Fundamental Views**: The spot price of live pigs fluctuated narrowly this week, with the national average live pig slaughter price at 14.46 yuan/kg, a week - on - week decrease of 1.70% and a year - on - year decrease of 8.42%. In the short term, the pig price is in a stalemate. The number of fertile sows decreased slightly in Q1 2025, but the production capacity is still sufficient. If pork consumption does not increase significantly, the upward space of the pig price before September 2025 may be limited. The supply of pork this year is relatively abundant, and the support from the supply and demand sides to the market is still relatively limited [7]. - **Outlook and Strategy**: The supply and demand expectations of the main 09 contract are weakening. It is recommended to take a short - term bearish view, with the pressure level referring to 13,800 [8]. 3.2. Futures and Spot Markets - **Live Pig Futures and Spot Prices**: The spot price of live pigs fluctuated narrowly this week. The national average live pig slaughter price was 14.46 yuan/kg, a week - on - week decrease of 0.25 yuan/kg, a week - on - week decrease of 1.70%, and a year - on - year decrease of 8.42%. The terminal consumption is weakening, but the second - fattening may enter the market to support, and the slaughter enterprises adopt a strategy of reducing volume to support prices [15]. - **Spot - Futures Basis**: Not provided in the content. - **Standard - Fat and Gross - White Price Spreads**: The regional standard - fat price spreads rose and fell this week, with differences between the north and the south. The price of fat pigs in the north was inverted, and the price of standard pigs in the south drove up the price of fat pigs. However, as the weather gets hotter, the standard - fat price spread will continue to narrow [25]. - **Prices of Piglets and Binary Sows**: The national average price of 7 - kg weaned piglets this week was 510.48 yuan/head, a week - on - week decrease of 0.28% and a year - on - year decrease of 9.38%. The piglet market was stable on the surface but declined secretly, and the trading activity was low [29]. - **Price of Culled Sows**: The average price of culled sows this week was 10.97 yuan/kg, a week - on - week decrease of 0.47% and a year - on - year increase of 2.24%. It is expected that the price of culled sows may be weakly stable next week [32]. 3.3. Production Capacity - **Inventory of Fertile Sows**: In late March 2025, the inventory of fertile sows was 40.39 million, a quarterly decrease of 0.96% compared with late December 2024. According to the statistics of 208 sample enterprises, in April, the inventory of fertile sows in 123 large - scale farms increased by 0.36% month - on - month and 4.31% year - on - year; the inventory of 85 small and medium - sized farms increased by 1.61% month - on - month and 10.15% year - on - year. It is expected that the inventory of fertile sows in May will be generally stable with minor adjustments [36][40]. - **Elimination Volume of Fertile Sows**: According to the statistics of 208 sample enterprises, in April, the elimination volume of fertile sows in 123 large - scale farms decreased by 0.11% month - on - month and 3.08% year - on - year; the elimination volume of 85 small and medium - sized farms decreased by 2.94% month - on - month and increased by 9.61% year - on - year. It is expected that the elimination volume in May will be difficult to increase [43]. 3.4. Supply Side - **Inventory of Commercial Pigs**: In April, the inventory of commercial pigs in 123 large - scale farms was 35.4824 million, a month - on - month increase of 0.10% and a year - on - year increase of 6.28%; the inventory of 85 small and medium - sized farms was 1.4321 million, a month - on - month decrease of 0.91% and a year - on - year increase of 10.98%. It is expected that the inventory in May will continue to increase month - on - month [50]. - **Slaughter Volume of Commercial Pigs**: In April, the slaughter volume of commercial pigs in 123 large - scale farms was 10.8565 million, a month - on - month increase of 4.46% and a year - on - year increase of 26.58%; the slaughter volume of 85 small and medium - sized farms was 0.497 million, a month - on - month increase of 4.09% and a year - on - year increase of 74.89%. It is expected that the slaughter volume in May will increase month - on - month [53]. - **Average Slaughter Weight of Commercial Pigs**: The average slaughter weight of national outer - ternary live pigs this week was 124.13 kg, a week - on - week increase of 0.01%. It is expected that the average slaughter weight next week will be generally stable with a slight decrease [58]. 3.5. Demand Side - **Slaughter Volume of Live Pigs**: The terminal consumption is weak, the fresh - sales rate of slaughter enterprises is at a high level, and the frozen - product storage rate is at a low level. The frozen products are in the de - stocking stage, and the impact on the pig price is limited [67]. - **Slaughter Rate and Fresh - Sales Rate of Slaughter Enterprises**: The slaughter rate of slaughter enterprises this week was 28.55%, a week - on - week increase of 0.44 percentage points. It is expected to continue to rise slightly next week [69]. 3.6. Cost and Profit - **Profit of Pig Breeding and Slaughter**: This week, the average weekly profit of self - breeding and self - raising was 104.44 yuan/head, a week - on - week decrease of 17.79 yuan/head; the average weekly profit of purchasing piglets for breeding was 46.41 yuan/head, a week - on - week decrease of 10.28 yuan/head. The cost improvement could not effectively offset the decline in pig prices [82]. - **Pig - Grain Ratio**: This week, the pig - grain ratio was 6.10, a week - on - week decrease of 2.13%. It is expected to fluctuate narrowly and stably next week [89].

交易咨询业务资格：证监许可【2012】1091号 生猪期货早报 2025-05-20 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸生猪观点和策略 生猪： 1. 基本面：供应方面，五一小长假结束，国内出栏积极性减弱生猪价格节前小幅反弹节后或回归弱势 ，预计节后本周供给或猪、肉双减。需求方面，国内宏观环境预期偏悲观，五一假期结束居民整体 消费意愿热情回落，压制短期鲜猪肉消费，前期中国对美国和加拿大猪肉进口加征关税，提振市场 信心。综合来看，预计本周市场或供需双减、猪价短期呈震荡偏弱格局。关注月中集团场出栏节奏 变化、二次育肥市场动态变化情况。中性。 2. 基差：现货全国均价14450元/吨，2509合约基差765元/吨，现货升水期货。偏多。 ...

Group 1: Investment Ratings - The investment rating for both the pig and egg industries is neutral [2][5] Group 2: Core Views - For the pig industry, although the supply of pigs is increasing monthly, the spot price is not under significant pressure and hovers around 15 yuan. The growth in demand can currently absorb the supply. The spot price is expected to remain stable, and the futures market is deeply discounted. In the long term, the pig supply will continue to grow, and changes in supply and demand need to be monitored [2] - For the egg industry, after the May Day holiday, demand weakened, spot prices declined, inventory increased, and breeding profits remained in the red. As the Dragon Boat Festival approaches, food companies have pre - holiday stocking needs, but due to weather in southern sales areas, the overall demand is increasing slowly. In the short term, the supply - demand imbalance of oversupply is difficult to change, and attention should be paid to Dragon Boat Festival stocking [4][5] Group 3: Market News and Key Data (Pig) - Futures: The closing price of the live pig 2509 contract was 14,020 yuan/ton, up 135 yuan/ton or 0.97% from the previous trading day [1] - Spot: In Henan, the price of external ternary live pigs was 15.04 yuan/kg, down 0.03 yuan/kg; in Jiangsu, it was 15.19 yuan/kg, unchanged; in Sichuan, it was 14.61 yuan/kg, unchanged [1] - Agricultural product wholesale prices: On May 14, the "Agricultural Product Wholesale Price 200 Index" was 115.15, down 0.15 points; the "Vegetable Basket" product wholesale price index was 115.49, down 0.17 points. The average price of pork was 20.90 yuan/kg, up 0.4%; beef was 63.24 yuan/kg, down 0.3%; mutton was 59.96 yuan/kg, up 0.4%; eggs were 7.85 yuan/kg, down 0.1%; and white - striped chickens were 17.32 yuan/kg, up 2.3% [1] Group 4: Market News and Key Data (Egg) - Futures: The closing price of the egg 2506 contract was 2,921 yuan/500 kilograms, up 3 yuan or 0.10% from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 3.16 yuan/jin, unchanged; in Shandong, it was 3.35 yuan/jin, unchanged; in Hebei, it was 2.89 yuan/jin, down 0.04 yuan [3] - Inventory: On May 14, 2025, the national production - link inventory was 0.82 days, up 0.01 days or 1.23%; the circulation - link inventory was 1.21 days, down 0.05 days or 3.97% [3]

交易咨询业务资格：证监许可【2012】1091号 生猪期货早报 2025-05-13 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸生猪观点和策略 生猪： 1. 基本面：供应方面，五一小长假结束，国内出栏积极性减弱生猪价格节前小幅反弹节后或回归弱势 ，预计节后本周供给或猪、肉双减。需求方面，国内宏观环境预期偏悲观，五一假期结束居民整体 消费意愿热情回落，压制短期鲜猪肉消费，前期中国对美国和加拿大猪肉进口加征关税，提振市场 信心。综合来看，预计本周市场或供需双减、猪价短期呈震荡偏弱格局。关注月中集团场出栏节奏 变化、二次育肥市场动态变化情况。中性。 2. 基差：现货全国均价14710元/吨，2509合约基差840元/吨，现货升水期货。偏多。 ...

农产品日报 | 2025-05-13 中大猪出栏增加，猪价维持震荡 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2509合约13870元/吨，较前交易日变动-55.00元/吨，幅度-0.39%。现货方面，河南地区 外三元生猪价格15.07元/公斤，较前交易日变动+0.00元/公斤，现货基差 LH09+1200，较前交易日变动+55；江苏 地区外三元生猪价格 15.21元/公斤，较前交易日变动-0.05元/公斤，现货基差LH09+1340，较前交易日变动+15；四 川地区外三元生猪价格14.61元/公斤，较前交易日变动+0.00元/公斤，现货基差LH09+740，较前交易日变动+55。 据农业农村部监测，5月12日"农产品批发价格200指数"为115.52，比上周五下降0.20个点，"菜篮子"产品批发价格 指数为115.91，比上周五上升0.10个点。全国农产品批发市场猪肉平均价格为20.85元/公斤，比上周五上升1.1%； 牛肉62.98元/公斤，比上周五下降0.5%；羊肉59.94元/公斤，比上周五上升1.0%；鸡蛋7.98元/公斤，比上周五下降 0.3%；白条鸡17.27元/公斤，比上周五下降0 ...