1. Report Industry Investment Rating - No information provided 2. Core View of the Report - Although the supply-demand pattern of loose supply has been temporarily alleviated due to farmers' reluctance to sell and the expected improvement in demand from pre-holiday stocking, there is still supply pressure this year, capping the upside of prices. The future trend of the pig price will continue to fluctuate weakly at the bottom [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for live pigs was 12,685 yuan/ton, down 45 yuan; the position of the main contract was 89,538 lots, down 1,281 lots; the number of warehouse receipts was 328 lots, down 40 lots; the net long position of the top 20 futures holders was -24,074 lots, down 1,605 lots [2] 3.2 Spot Market - The pig price in Zhumadian, Henan was 12,800 yuan/ton, unchanged; in Siping, Jilin was 12,600 yuan/ton, unchanged; in Yunfu, Guangdong was 13,400 yuan/ton, down 200 yuan; the basis of the main pig contract was 115 yuan/ton, up 45 yuan [2] 3.3 Upstream Situation - The monthly pig inventory was 42,4470,000 heads, up 7160,000 heads; the inventory of fertile sows was 4,0420,000 heads, down 10,000 heads [2] 3.4 Industry Situation - The year-on-year change in CPI was -0.4%, down 0.4 percentage points; the spot price of soybean meal in Zhangjiagang was 2,940 yuan/ton, up 40 yuan; the spot price of corn was 2,364.9 yuan/ton, up 7.65 yuan; the Dalian Commodity Exchange pig feed cost index was 893.09, up 3.5; the monthly output of feed was 29,272,000 tons, up 999,000 tons; the price of binary fertile sows was 1,625 yuan/head, unchanged; the breeding profit of purchased piglets was -199.31 yuan/head, down 37.38 yuan; the breeding profit of self - bred and self - raised pigs was -24.44 yuan/head, down 41.28 yuan; the monthly import volume of pork was 80,000 tons, down 10,000 tons; the average price of white - striped chickens in the main production areas was 14.3 yuan/kg, unchanged [2] 3.5 Downstream Situation - The monthly slaughter volume of designated pig slaughtering enterprises was 3,1660,000 heads, up 1600,000 heads; the monthly catering revenue in total social consumer goods retail sales was 449.57 billion yuan, down 8.4 billion yuan [2] 3.6 Industry News - On September 25, 2025, the daily national pig slaughter volume of key breeding enterprises was 289,420 heads, up 4.56% from the previous day; the pig 2511 contract closed down 0.12% on Thursday. There is supply pressure in the near - term, and the active slaughter by farmers in mid - and early September suppressed the price decline [2]

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The market's oversupply situation persists, causing pig prices to remain under pressure and trend weakly. Attention should be paid to the stocking situation during the Double Festival. Technically, the pig 2511 contract dropped 1.48%, was pressured by the system moving averages, and continued its weak trend [2]. 3. Summary by Relevant Catalogs Futures Disk - The closing price of the main futures contract for live pigs was 12,665 yuan/ton, down 130 yuan; the main contract's open interest was 93,514 lots, down 531 lots; the number of warehouse receipts was 427 lots, down 1 lot; and the net long position of the top 20 futures holders was -23,708 lots, up 575 lots [2]. Spot Price - The live pig price in Zhumadian, Henan was 12,700 yuan/ton, down 100 yuan; in Siping, Jilin it was 12,600 yuan/ton, unchanged; in Yunfu, Guangdong it was 13,400 yuan/ton, down 200 yuan; and the main live pig basis was 35 yuan/ton, up 30 yuan [2]. Upstream Situation - Pig inventory was 42.447 million heads, up 716,000 heads; the inventory of breeding sows was 4.042 million heads, down 1,000 heads [2]. Industry Situation - The year-on-year CPI was -0.4%, down 0.4 percentage points; the spot price of soybean meal in Zhangjiagang was 2,920 yuan/ton, down 30 yuan; the spot price of corn was 2,356.47 yuan/ton, down 1.96 yuan; the Dalian Commodity Exchange's pig feed cost index was 887.66, down 5.93; the monthly feed output was 29.272 million tons, up 999,000 tons; the price of binary breeding sows was 1,625 yuan/head, unchanged; the breeding profit from purchasing piglets was -199.31 yuan/head, down 37.38 yuan; the breeding profit from self - bred and self - raised pigs was -24.44 yuan/head, down 41.28 yuan; the monthly pork import volume was 80,000 tons, down 10,000 tons; and the average price of white - striped chickens in the main producing areas was 14.3 yuan/kg, unchanged [2]. Downstream Situation - The slaughter volume of designated pig slaughtering enterprises was 3.166 million heads, up 160,000 heads; the monthly catering revenue in total social consumer goods retail sales was 449.57 billion yuan, down 8.4 billion yuan [2]. Industry News - According to the sample data of key breeding enterprises from Shanghai Ganglian, on September 23, 2025, the daily national live pig slaughter volume of key breeding enterprises was 293,373 heads, up 1.12% from the previous day. The supply side has pressure in the near - term based on the number of newborn piglets and the inventory of breeding sows. Coupled with the guidance from the symposium on pig production capacity regulation enterprises to reduce slaughter weight and limit secondary fattening, the breeding side is actively slaughtering in the short term, and the willingness of retail farmers and secondary fatteners to sell has also increased. The demand side has gradually warmed up with the cooling temperature and falling prices, but the overall growth is limited [2].

Group 1: Report Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The market situation of oversupply persists, causing the market price to be under pressure and run weakly. It is recommended to conduct reverse arbitrage operations on live hog futures [2]. Group 3: Summary by Directory 1. Futures Market - The closing price of the main futures contract for live hogs is 12,795 yuan/ton, down 30 yuan; the main contract position is 94,045 lots, down 2,706 lots; the number of warehouse receipts is 428 lots, unchanged; the net long position of the top 20 futures holders is -24,283 lots, up 1,521 lots [2]. 2. Spot Market - The spot price of live hogs in Henan Zhumadian is 12,800 yuan/ton, down 100 yuan; in Jilin Siping is 12,600 yuan/ton, up 100 yuan; in Guangdong Yunfu is 13,600 yuan/ton, unchanged. The main basis of live hogs is 5 yuan/ton, down 70 yuan [2]. 3. Upstream Situation - The monthly live hog inventory is 42.447 million heads, up 716,000 heads; the inventory of breeding sows is 4.042 million heads, down 1,000 heads [2]. 4. Industry Situation - The year - on - year change of CPI is -0.4%, down 0.4 percentage points. The spot price of soybean meal in Zhangjiagang is 2,950 yuan/ton, unchanged; the spot price of corn is 2,358.43 yuan/ton, down 1.96 yuan; the Dalian Commodity Exchange pig feed cost index is 893.59, down 4.44. The monthly output of feed is 29.272 million tons, up 999,000 tons. The price of binary breeding sows is 1,625 yuan/head, unchanged. The breeding profit of purchased piglets is -199.31 yuan/head, down 37.38 yuan; the breeding profit of self - bred and self - raised live hogs is -24.44 yuan/head, down 41.28 yuan. The monthly import volume of pork is 80,000 tons, down 10,000 tons. The average price of white - striped chicken in the main producing areas is 14.3 yuan/kg, unchanged [2]. 5. Downstream Situation - The monthly slaughter volume of designated live hog slaughtering enterprises is 3.166 million heads, up 160,000 heads. The monthly value of catering revenue in total retail sales of social consumer goods is 449.57 billion yuan, down 8.4 billion yuan [2]. 6. Industry News - On September 22, 2025, the daily national live hog出栏量 of key breeding enterprises was 290,124 heads, up 6.38% from Friday. In the short term, the supply side has pressure, and the breeding side is actively selling. The demand side is gradually warming up, but the overall growth is limited [2].

Group 1: Report Summary - The report is a daily report on the pig industry dated September 18, 2025, provided by Ruidah Futures [1][2] Group 2: Investment Rating - No investment rating information is provided in the report Group 3: Core View - The overall supply - demand situation of the pig industry is loose, putting pressure on pig prices. The main 2511 contract is trading below the 13,000 - yuan mark, with the system moving averages showing a short - position arrangement and the market in a generally bearish and volatile state [2] Group 4: Data Summary by Category Futures Market - The closing price of the main pig futures contract is 12,830 yuan/ton, down 170 yuan; the position volume of the main contract is 98,989 lots, up 4,913 lots; the number of warehouse receipts is 428 lots, unchanged; the net long position of the top 20 futures holders is - 27,198 lots, down 1,011 lots [2] Spot Market - Pig prices in Henan Zhumadian are 12,900 yuan/ton, down 200 yuan; in Jilin Siping are 12,600 yuan/ton, down 100 yuan; in Guangdong Yunfu are 13,800 yuan/ton, unchanged. The main pig basis is 70 yuan/ton, down 30 yuan [2] Upstream Situation - Pig inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0420,000 heads, down 10,000 heads. CPI year - on - year is - 0.4%, down 0.4 percentage points. The spot price of soybean meal in Zhangjiagang is 2,950 yuan/ton, down 30 yuan; the spot price of corn is 2,360.59 yuan/ton, down 0.39 yuan. The DCE pig feed cost index is 898.86, up 3.92. The monthly output of feed is 28,273,000 tons, down 1,104,000 tons. The price of binary breeding sows is 1,625 yuan/head, unchanged. The breeding profit of purchased piglets is - 161.93 yuan/head, down 35.69 yuan; the breeding profit of self - bred and self - raised pigs is 16.84 yuan/head, down 35.81 yuan. 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 14.3 yuan/kg, unchanged [2] Downstream Situation - The slaughter volume of designated pig slaughtering enterprises is 31,660,000 heads, up 1,600,000 heads. The monthly retail sales of social consumer goods in the catering industry is 449.57 billion yuan, down 8.4 billion yuan [2] Industry News - According to Shanghai Ganglian's data, on September 18, 2025, the daily national pig slaughter volume of key breeding enterprises was 258,356 heads, down 5.92% from the previous day. The September pig supply is theoretically determined by the November 2024 inventory of breeding sows, which was the peak of the previous growth cycle. Coupled with the month - on - month increase in the number of newborn piglets six months ago, there is expected to be pressure on the supply in the near term [2]

1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report anticipates that the hog price will mainly fluctuate weakly. The supply pressure remains as the slaughter volume of the breeding end is gradually increasing, and the corresponding sow inventory in September is at the peak of the previous increase cycle. The fat - lean price difference is widening, providing conditions for later pressure on inventory and secondary fattening. On the demand side, the state has launched a combination of "new purchases for reserves" and "rotational purchases for reserves" to stabilize the market. The slaughterhouse's operating rate is rising, but the increase is limited. Overall, the slaughter rhythm is gradually recovering, and the near - term supply pressure suppresses the hog price. It is recommended to hold short positions cautiously and set stop - losses to control risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Disk - The closing price of the main futures contract for hogs is 13,550 yuan/ton, down 45 yuan; the main contract's open interest is 73,596 lots, up 208 lots; the number of warehouse receipts is 430 lots, unchanged; the net long position of the top 20 futures positions is - 15,747 lots, up 102 lots [2]. 3.2 Spot Price - The hog price in Zhumadian, Henan is 13,900 yuan/ton, down 300 yuan; in Siping, Jilin is 13,500 yuan/ton, down 100 yuan; in Yunfu, Guangdong is 15,800 yuan/ton, unchanged. The main basis for hogs is 350 yuan/ton, down 255 yuan [2]. 3.3 Upstream Situation - The hog inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0420,000 heads, down 10,000 heads [2]. 3.4 Industry Situation - The year - on - year change of CPI is 0%, down 0.1 percentage points; the spot price of soybean meal in Zhangjiagang is 3,050 yuan/ton, unchanged; the spot price of corn is 2,363.73 yuan/ton, up 0.4 yuan; the Dalian Commodity Exchange's hog feed cost index is 909.88, down 0.67; the monthly output of feed is 28,273,000 tons, down 1,104,000 tons; the price of binary breeding sows is 1,625 yuan/head, down 2 yuan; the profit from purchasing piglets for breeding is - 148.41 yuan/head, up 3.39 yuan; the profit from self - breeding and self - raising hogs is 32.24 yuan/head, down 1.71 yuan; the monthly import volume of pork is 90,000 tons, unchanged; the average price of dressed chickens in the main producing areas is 14.3 yuan/kg, down 0.1 yuan [2]. 3.5 Downstream Situation - The slaughter volume of designated hog slaughtering enterprises is 31,660,000 heads, up 1,600,000 heads; the monthly retail sales of social consumer goods in the catering industry is 450.41 billion yuan, down 2.035 billion yuan [2]. 3.6 Industry News - On September 3, 2025, the daily hog slaughter volume of key breeding enterprises nationwide was 251,730 heads, up 5.13% from the previous day. The hog 2511 contract closed down 0.15% on Wednesday [2].

Report Overview - Report Date: September 1, 2025 [1] - Report Type: Daily Report on the Pig Industry 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - On September 1, 2025, the national daily pig slaughter volume of key breeding enterprises decreased by 15.06% compared to Friday, and the 2511 pig contract rose 0.33% on Monday [2] - Due to the implementation of the transfer policy on September 1st and the reduction at the beginning of the month, the short - term supply pressure has eased, but the medium - term supply pressure remains as September corresponds to the peak of the previous increasing cycle of fertile sows [2] - The price difference between fattening pigs and standard pigs continues to widen, providing conditions for later pressure on inventory and secondary fattening [2] - The pig - grain ratio has triggered a third - level warning, and the state has launched a combination of "new purchases for storage" and "rotational purchases for storage" to stabilize the market [2] - With sufficient pig supply, increased demand from schools after the start of the semester, and the continuous recovery of the slaughterhouse's operating rate [2] - In general, the short - term supply pressure still exists, suppressing pig prices, but the short - term slaughter rhythm may slow down, and with the recovery of the operating rate and the storage purchase policy, the short - term decline space is expected to be limited, and the market will operate weakly with fluctuations. It is recommended to sell short on rebounds [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for pigs is 13,625 yuan/ton, with a ring - to - ring increase of 70 yuan/ton; the main contract position is 75,464 lots, with a ring - to - ring increase of 1,828 lots [2] - The number of warehouse receipts for pigs is 430 lots, with no change; the net long position of the top 20 futures holders is - 14,798 lots, with a ring - to - ring increase of 1,278 lots [2] 3.2 Spot Market - The pig price in Zhumadian, Henan is 14,100 yuan/ton, with a ring - to - ring increase of 400 yuan/ton; in Siping, Jilin is 13,600 yuan/ton, with a ring - to - ring increase of 100 yuan/ton; in Yunfu, Guangdong is 14,500 yuan/ton, with a ring - to - ring decrease of 400 yuan/ton [2] - The main basis for pigs is 475 yuan/ton, with a ring - to - ring increase of 330 yuan/ton [2] 3.3 Upstream Situation - The monthly pig inventory is 42,4470,000 heads, with an increase of 7160,000 heads; the inventory of fertile sows is 4,0420,000 heads, with a decrease of 10,000 heads [2] 3.4 Industry Situation - The year - on - year change of CPI for the current month is 0%, with a decrease of 0.1 percentage points [2] - The spot price of soybean meal in Zhangjiagang is 3,050 yuan/ton, with a ring - to - ring increase of 10 yuan/ton; the spot price of corn is 2,364.12 yuan/ton, with a ring - to - ring decrease of 0.59 yuan/ton [2] - The Dalian Commodity Exchange's pig feed cost index is 908.84, with a ring - to - ring increase of 0.95 [2] - The monthly output of feed is 28,273,000 tons, with a decrease of 1,104,000 tons [2] - The price of binary fertile sows is 1,625 yuan/head, with a ring - to - ring decrease of 2 yuan/head [2] - The breeding profit from purchasing piglets is - 148.41 yuan/head, with a ring - to - ring increase of 3.39 yuan/head; the breeding profit from self - breeding and self - raising pigs is 32.24 yuan/head, with a ring - to - ring decrease of 1.71 yuan/head [2] - The monthly import volume of pork is 90,000 tons, with no change; the average price of white - striped chickens in the main producing areas is 14.3 yuan/kg, with a ring - to - ring decrease of 0.1 yuan/kg [2] 3.5 Downstream Situation - The monthly slaughter volume of designated pig slaughtering enterprises is 31,660,000 heads, with an increase of 1,600,000 heads [2] - The monthly total retail sales of social consumer goods in the catering industry is 450.41 billion yuan, with a decrease of 20.35 billion yuan [2]

1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - Although the large出栏 pressure in August restrains the performance of the spot price, the state's reserve purchase boosts market confidence, and the approaching school - opening brings expectations of improved demand. It is expected that the short - term hog futures price will fluctuate strongly within a range. It is recommended to wait and see for now, and pay attention to the 出栏 rhythm and downstream demand [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main hog futures contract is 13,860 yuan/ton, down 50 yuan; the main contract's open interest is 70,270 lots, up 241 lots; the number of warehouse receipts is 0 lots, down 430 lots; the net long position of the top 20 futures holders is - 17,252 lots, down 923 lots [2]. 3.2 Spot Market - The hog price in Henan Zhumadian is 13,600 yuan/ton, down 100 yuan; in Jilin Siping is 13,200 yuan/ton, down 100 yuan; in Guangdong Yunfu is 15,100 yuan/ton, unchanged. The main hog basis is - 260 yuan/ton, down 50 yuan [2]. 3.3 Upstream Situation - The monthly hog inventory is 42,4470,000 heads, up 7160,000 heads; the inventory of breeding sows is 4,0430,000 heads, up 10,000 heads [2]. 3.4 Industry Situation - The monthly year - on - year CPI is 0%, down 0.1 percentage points. The spot price of soybean meal in Zhangjiagang is 3,050 yuan/ton, down 10 yuan; the spot price of corn is 2,367.75 yuan/ton, down 0.68 yuan; the Dalian Commodity Exchange hog feed cost index is 900.89, down 1.93. The monthly output of feed is 29,377,000 tons, up 1,756,000 tons; the weekly price of binary breeding sows is 1,627 yuan/head, down 11 yuan. The weekly breeding profit of purchased piglets is - 151.8 yuan/head, up 5.25 yuan; the weekly breeding profit of self - bred and self - raised hogs is 33.95 yuan/head, up 5.1 yuan. The monthly import volume of pork is 90,000 tons, unchanged. The weekly average price of white - striped chicken in the main producing areas is 14.4 yuan/kg, up 0.3 yuan [2]. 3.5 Downstream Situation - The monthly slaughter volume of designated hog slaughtering enterprises is 3,0060,000 heads, down 2100,000 heads; the monthly value of catering revenue in total social consumer goods retail sales is 470.76 billion yuan, up 12.94 billion yuan [2]. 3.6 Industry News - On August 26, 2025, the daily hog 出栏 volume of key breeding enterprises nationwide was 276,484 heads, up 2.41% from the previous day. On Tuesday, the hog 2511 contract closed down 0.47%. In August, the 出栏 plan of the breeding end increased month - on - month, and the market supply was loose. The current price difference between fat and lean hogs widened, providing conditions for later 压栏 [2]. 3.7 Viewpoint Summary - The state will carry out central pork reserve purchases in the near future, boosting market confidence. With sufficient hog supply, the demand in some areas has recovered, and the slaughterhouse's operating rate has rebounded moderately. It is expected that the demand will improve after the start of school and the upcoming double - festival stocking. Overall, although the large 出栏 pressure in August restrains the spot price, the reserve purchase and the expected improvement in demand will make the short - term hog futures price oscillate strongly within a range [2]. 3.8 Key Concerns - There is no news today. It is necessary to pay attention to the 出栏 rhythm and downstream demand [2].

Report Information - Report Title: Pig Industry Daily Report 2025 - 08 - 21 [1] - Report Date: August 21, 2025 [1] Industry Investment Rating - Not provided Core Viewpoints - In August, the supply pressure of live pigs is high, and the spot price is weakly adjusted, which drags down the decline of the main live pig contract. However, due to policy guidance, the long - term supply pressure expectation decreases marginally, and the demand is expected to improve with the upcoming school opening. It is expected that the decline space of live pig futures prices is limited, mainly showing a volatile market. Attention should be paid to the slaughter rhythm and secondary fattening situation. It is recommended to wait and see for the time being [2] Summary by Directory Futures Market - The closing price of the main futures contract for live pigs is 13,765 yuan/ton, down 10 yuan; the position of the main contract is 69,877 lots, down 741 lots; the number of warehouse receipts is 430 lots, unchanged; the net long position of the top 20 futures holders is - 15,934 lots, up 96 lots [2] Spot Market - The live pig prices in Henan Zhumadian, Jilin Siping, and Guangdong Yunfu are 13,700 yuan/ton (up 100 yuan), 13,400 yuan/ton (unchanged), and 15,100 yuan/ton (up 200 yuan) respectively. The main live pig basis is - 75 yuan/ton, up 225 yuan [2] Upstream Situation - The monthly live pig inventory is 42.447 million heads, up 716,000 heads; the inventory of breeding sows is 4.043 million heads, up 10,000 heads. The CPI year - on - year is 0%, down 0.1 percentage points. The spot price of soybean meal in Zhangjiagang is 3,070 yuan/ton, unchanged; the spot price of corn is 2,384.71 yuan/ton, down 6.66 yuan. The DCE pig feed cost index is 911.24, down 0.09. The monthly output of feed is 29.377 million tons, up 1.756 million tons. The price of binary breeding sows is 1,638 yuan/head, unchanged. The breeding profit of purchased piglets is - 157.05 yuan/head, down 22.91 yuan; the breeding profit of self - bred and self - raised live pigs is 28.85 yuan/head, down 16.28 yuan. The monthly import volume of pork is 90,000 tons, unchanged. The average price of white - striped chicken in the main producing areas is 14.1 yuan/kg, up 0.2 yuan [2] Industry Situation - The monthly slaughter volume of designated live pig slaughtering enterprises is 30.06 million heads, down 2.1 million heads. The monthly value of catering revenue in total retail sales of social consumer goods is 470.76 billion yuan, up 12.94 billion yuan [2] Industry News - On August 21, 2025, the daily national live pig slaughter volume of key breeding enterprises was 268,426 heads, up 2.10% from the previous day. The live pig 2511 contract closed down 0.18% on Thursday. In August, the slaughter plan of the breeding side increased month - on - month, and the market supply was relatively loose [2] Viewpoint Summary - On the supply side, although the supply is loose in August, some farms may be willing to support prices, and the entry of secondary fattening increases, which will slow down the slaughter rhythm. The current large price difference between fat and lean pigs provides conditions for later pressure on the栏. On the demand side, the supply of live pigs is sufficient, the demand in some areas has recovered, the slaughterhouse's operating rate has risen moderately, and the demand is expected to improve in the later period. Overall, the slaughter pressure in August is high, the spot price is weakly adjusted, and the main live pig contract has declined. However, the decline space of live pig futures prices is limited, mainly showing a volatile market [2] Key Concerns - There is no news today. Attention should be paid to the slaughter rhythm and secondary fattening situation [2]

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core View of the Report - In August 2025, the pig slaughter plan increased month - on - month, leading to a relatively loose market supply. As the price fell, some farms might have the intention to hold prices, and the increasing spread between fat and lean pig prices provided conditions for later hoarding. On the demand side, the supply of pigs was sufficient, and demand in some areas recovered, with the slaughterhouse operation rate rising moderately. It was expected that demand would improve with the start of school in late August and the upcoming Double - Festival stocking. Overall, the pressure on pig sales in August was high, and the weak adjustment of the spot price dragged down the main pig futures contract. However, due to policy guidance, the expected long - term supply pressure decreased marginally, and the expected demand improvement from the start of school limited the decline space of pig futures prices, with the market expected to be mainly in a volatile state. It was recommended to wait and see [2]. 3. Summary by Relevant Catalogs 3.1 Futures Disk - The closing price of the main futures contract for live pigs was 13,775 yuan/ton, a decrease of 125 yuan; the position volume of the main contract was 70,618 lots, an increase of 2,684 lots; the number of warehouse receipts was 430 lots, unchanged; the net long position of the top 20 futures positions was - 16,030 lots, an increase of 867 lots [2]. 3.2 Spot Price - The live pig price in Zhumadian, Henan was 13,700 yuan/ton, an increase of 100 yuan; in Siping, Jilin it was 13,400 yuan/ton, unchanged; in Yunfu, Guangdong it was 15,100 yuan/ton, an increase of 200 yuan. The basis of the main live pig contract was - 75 yuan/ton, an increase of 225 yuan [2]. 3.3 Upstream Situation - The live pig inventory was 42,4470,000 heads, an increase of 7160,000 heads; the inventory of breeding sows was 4,0430,000 heads, an increase of 10,000 heads [2]. 3.4 Industry Situation - The year - on - year change of CPI was 0%, a decrease of 0.1 percentage points; the spot price of soybean meal in Zhangjiagang was 3,070 yuan/ton, unchanged; the spot price of corn was 2,384.71 yuan/ton, a decrease of 6.66 yuan; the pig feed cost index of the Dalian Commodity Exchange was 911.24, a decrease of 0.09; the monthly output of feed was 29,377,000 tons, an increase of 1,756,000 tons; the price of二元能繁母猪 was 1,638 yuan/head, unchanged; the breeding profit of purchased piglets was - 157.05 yuan/head, a decrease of 22.91 yuan; the breeding profit of self - bred and self - raised pigs was 28.85 yuan/head, a decrease of 16.28 yuan; the monthly import volume of pork was 90,000 tons, unchanged; the average price of white - striped chicken in the main production areas was 14.1 yuan/kg, an increase of 0.2 yuan [2]. 3.5 Downstream Situation - The slaughter volume of designated pig slaughtering enterprises was 3,0060,000 heads, a decrease of 2100,000 heads; the monthly retail sales of social consumer goods in the catering industry was 470.76 billion yuan, an increase of 12.94 billion yuan [2]. 3.6 Industry News - On August 20, 2025, the daily national live pig sales volume of key breeding enterprises was 262,893 heads, a 1.62% increase from the previous day. On Wednesday, the live pig 2511 contract closed down 0.72% [2].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The supply pressure in the market still exists as the slaughter resumes to rise after a brief price - holding by the breeding side, and the scale of secondary fattening is limited. However, the current price difference between fat pigs and standard pigs has widened, providing conditions for later hoarding. On the demand side, the supply of pigs is sufficient, and the demand in some areas has improved. The slaughterhouse's operating rate has moderately increased. It is expected that the demand will significantly improve with the start of school in late August and the subsequent Mid - Autumn Festival and National Day stocking. Overall, the slaughter pressure in August is high, and the spot price is weakly adjusted. The long - term supply pressure expectation is decreasing marginally, and the demand improvement expectation due to the upcoming start of school is expected to limit the decline space of the hog futures price. It is recommended to wait and see for now, focusing on the slaughter and secondary fattening situation [2] 3. Summary According to the Directory 3.1 Futures Market - The closing price of the main hog futures contract is 13,820 yuan/ton, down 125 yuan; the main contract's open interest is 71,193 lots, up 6,351 lots; the number of warehouse receipts is 430 lots, unchanged; the net long positions of the top 20 futures holders is - 17,718 lots, up 265 lots. The hog 2511 contract closed down 0.65% on Monday [2] 3.2 Spot Market - The hog price in Henan Zhumadian is 13,600 yuan/ton, down 100 yuan; in Jilin Siping is 13,400 yuan/ton, unchanged; in Guangdong Yunfu is 14,900 yuan/ton, unchanged. The main hog basis is - 220 yuan/ton, up 25 yuan [2] 3.3 Upstream Situation - The monthly hog inventory is 42,4470,000 heads, up 7160,000 heads; the monthly inventory of breeding sows is 4,0430,000 heads, up 10,000 heads. The CPI's year - on - year change is 0%, down 0.1 percentage points. The spot price of soybean meal in Zhangjiagang is 3,070 yuan/ton, unchanged; the corn spot price is 2,393.92 yuan/ton, down 0.2 yuan. The Dalian Commodity Exchange's hog feed cost index is 917.93, down 6.14. The monthly feed output is 29,377,000 tons, up 1,756,000 tons. The weekly price of binary breeding sows is 1,638 yuan/head, unchanged. The weekly breeding profit of purchased piglets is - 157.05 yuan/head, down 22.91 yuan; the weekly breeding profit of self - bred and self - raised hogs is 28.85 yuan/head, down 16.28 yuan. The monthly pork import volume is 90,000 tons, unchanged. The weekly average price of white - striped chicken in the main producing areas is 14.1 yuan/kg, up 0.2 yuan [2] 3.4 Downstream Situation - The monthly slaughter volume of designated hog slaughtering enterprises is 3,0060,000 heads, down 2100,000 heads. The monthly value of catering revenue in social consumer goods retail sales is 470.76 billion yuan, up 1.294 billion yuan [2] 3.5 Industry News - China's pork import volume in July was 90,000 tons, a year - on - year decrease of 0.6%; from January to July, the pork import volume was 630,000 tons, a year - on - year increase of 4.1%. On August 18, 2025, the daily hog slaughter volume of key breeding enterprises nationwide was 274,282 heads, a 1.69% increase from the previous period [2]