Report Overview - Report Title: Pig Daily Report - Report Date: December 17, 2025 - Industry: Pig Farming 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The supply of live pigs is expected to maintain a slight increasing trend. There is dual supply pressure due to concentrated second - fattening and pressure - keeping in October and continuous capacity release, which continues to put pressure on the 01 and 03 contracts. However, the price decline compared to the same period last year is large, and recent northern epidemics have intensified, triggering a low - level rebound sentiment, increasing the frequency of bottom oscillations. - On the spot market, both supply and demand are increasing. Second - fattening is mainly in a wait - and - see mode, with weak support for prices. Spot prices are oscillating strongly due to the demand for curing and enema [7][9]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions 3.1.1 Market Conditions - Futures: On the 16th, the main 2603 contract of live pigs opened flat, then bottomed out and rebounded, fluctuating higher, closing in the positive territory. The highest was 11360 yuan/ton, the lowest was 11260 yuan/ton, and the closing price was 11350 yuan/ton, up 0.22% from the previous day. The total position of the index increased by 1459 lots to 350618 lots [6]. - Spot: On the 16th, the average price of ternary pigs nationwide was 11.52 yuan/kg, down 0.04 yuan/kg from the previous day [6]. 3.1.2 Market Analysis - Supply: In the long term, the slaughter of live pigs is expected to maintain a slight increasing trend until the first half of next year. The utilization rate of second - fattening pens is relatively high, slightly higher than the same period last year, increasing the supply pressure before the Spring Festival. In December, the planned slaughter of sample breeding enterprises is 27.72 million heads, with a monthly planned increase of 4.64%. Currently, the overall completion progress of many regional groups is slightly slow [7]. - Demand: Currently, second - fattening is mainly in a wait - and - see mode. There may still be a small amount of rolling restocking demand in December. With the continuous cooling of the weather, the demand for curing and enema is increasing, and terminal consumer demand is rising. The orders of slaughtering enterprises are increasing, which significantly supports the slaughter volume. On December 16th, the slaughter volume of sample slaughtering enterprises was 190,800 heads, down 300 heads from the previous day, up 8600 heads week - on - week, and up 24,000 heads month - on - month [7]. - Policy: China imposes anti - dumping duties on imported related pork and pork by - products from the EU, but the impact is very limited due to the extremely low proportion compared to domestic consumption [7]. 3.2 Data Overview - November actual slaughter volume of Yongyi sample enterprises was 26.49 million heads, with a completion rate of 99.36%. The planned slaughter volume in December is 27.72 million heads, a monthly planned increase of 4.64% and a daily average increase of 1.27% [13]. - As of December 11th, the average profit per head of self - breeding and self - raising was - 146 yuan/head, a week - on - week decrease of 11.5 yuan/head; the average profit per head of purchasing piglets for breeding was - 264 yuan/head, a week - on - week decrease of 5.6 yuan/head [13]. - As of December 11th, the expected cost of self - breeding and self - raising was 12.09 yuan/kg, a week - on - week increase of 0.04 yuan/kg. The expected cost of purchasing piglets for fattening to 125 kg and then selling was 11.41 yuan/kg, a week - on - week increase of 0.12 yuan/kg [13]. - In the week ending December 11th, the average slaughter weight of live pigs was 129.63 kg, a decrease of 0.19 kg from the previous week. The proportion of pigs under 90 kg in slaughter increased by 0.38% to 5.43% compared with the previous week, and the proportion of pigs over 150 kg was close to the same as the previous week at 6.9% [13].

ITG国贸期货 生活数据 日 | | | | | 国留期货研究院 | 投资咨询号:Z0015194 | | | --- | --- | --- | --- | --- | --- | --- | | | | | 农产品研究中心 >> | > 杨璐琳 | 从业资格号:F3042528 | 2025/12/16 | | | 地区 | 2025/12/15 | 涨跌值 | 升贴水(修改后) | 与2601基差 | 涨跌值 | | | 河南 | 11.53 | 0. 04 | 0 - | 130 | 125 | | | 湖南 | 11. 41 P | 0. 3 | 100 | -00 | 385 | | | 湖北 | 11.48 | 0.35 012 | 0 | 80 | 0 435 | | | 安徽 | 11. 81 | 0. 27 | 200 | 210 | 355 | | | 江西 | 11.24 | 0.16 | 100 | -260 | 245 | | | 山西 | 11.24 | 0. 01 | -100 | -60 | 95 | | | 山东 | 11. 78 | 0.08 | 200 | 180 | ...

2025 年 12 月 15 日 生猪：冬至需求预期落地，仓单增量 | 周小球 | 投资咨询从业资格号：Z0001891 | zhouxiaoqiu@gtht.com | | --- | --- | --- | | 吴昊 | 投资咨询从业资格号：Z0018592 | wuhao8@gtht.com | | 【基本面跟踪】 | | | 生猪基本面数据 | | | 单 位 | 价 格 | | 同 | 比 | | --- | --- | --- | --- | --- | --- | --- | | 价 格 | 河南现货 | 元/吨 | 11430 | | 0 | | | | 四川现货 | 元/吨 | 11950 | | 50 | | | | 广东现货 | 元/吨 | 12210 | | 0 | | | | | 单 位 | 价 格 | | 同 | 比 | | | 生猪2601 | 元/吨 | 11485 | | 45 | | | | 生猪2603 | 元/吨 | 11325 | | 105 | | | 期 货 | 生猪2605 | 元/吨 | 11900 | | 80 | | | | | 单 位 | 成交量 | 较 ...

2025 年 12 月 12 日 【趋势强度】 趋势强度：-1 注：趋势强度取值范围为【-2,2】区间整数。强弱程度分类如下：弱、偏弱、中性、偏强、强，-2 表示最看空，2 表示最看多。 请务必阅读正文之后的免责条款部分 1 生猪：降温提涨不及预期，仓单增量 | 周小球 | | 投资咨询从业资格号：Z0001891 | | | zhouxiaoqiu@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | | 吴昊 | | 投资咨询从业资格号：Z0018592 | | | wuhao8@gtht.com | | | 【基本面跟踪】 | | | | | | | | 生猪基本面数据 | | | | | | | | | | 单 位 | 价 格 | | 同 | 比 | | 价 格 | 河南现货 | 元/吨 | 11430 | | 100 | | | | 四川现货 | 元/吨 | 11900 | | 50 | | | | 广东现货 | 元/吨 | 12210 | | -200 | | | | | 单 位 | 价 格 | | 同 | 比 | | | 生猪2601 ...

Report Information - Report Title: Pig Daily Report [1] - Date: December 11, 2025 [2] Investment Rating - No investment rating information provided. Core Viewpoint - The supply of live pigs is expected to increase slightly, and there is still demand elasticity before the Spring Festival. However, the concentrated pressure on the栏舍 in October and the continuous release of production capacity have created double supply pressure, continuing to put pressure on the 01 and 03 contracts. But the price decline compared with the same period last year is already large, and the recent increase in the epidemic in the north has stimulated the sentiment of a low - level rebound, increasing the frequency of bottom oscillations. The spot market is mainly in a state of shock due to the weak enthusiasm of secondary fattening [8]. Summary by Section 1. Market Review and Operation Suggestions - **Futures Market**: On the 10th, the main 2603 contract of live pigs opened slightly higher and then oscillated downward, closing in the negative. The highest was 11,480 yuan/ton, the lowest was 11,305 yuan/ton, and the closing price was 11,310 yuan/ton, a decrease of 1.01% from the previous day. The total open interest of the index decreased by 5,022 lots to 356,347 lots [7]. - **Spot Market**: On the 10th, the average price of ternary pigs in the country was 11.39 yuan/kg, an increase of 0.06 yuan/kg from the previous day [7]. - **Supply - side**: In the long - term, the slaughter of live pigs may basically maintain a slight growth trend until the first half of next year. The secondary fattening and pressure on栏舍 were concentrated in October, and the utilization rate of secondary fattening栏舍 is currently high, reaching the level of the same period last year, increasing the supply pressure before the Spring Festival. In December, the planned slaughter of sample breeding enterprises is 27.72 million heads, a monthly increase of 4.64%. Currently, most breeding farms are slaughtering at a normal pace [8]. - **Demand - side**: The utilization rate of栏舍 is at a high level, and secondary fattening is mainly waiting and watching. There may still be a small amount of rolling replenishment demand in December. With the continuous cooling of the weather, the demand for curing and sausage - making has gradually increased, the terminal consumer demand has continued to rise, and the increase in orders from slaughtering enterprises has significantly supported the slaughter volume. The slaughter volume and operating rate of slaughtering enterprises have increased slightly. On December 10th, the slaughter volume of sample slaughtering enterprises was 183,600 heads, a decrease of 1,300 heads from the previous day, an increase of 7,000 heads week - on - week, and an increase of 19,000 heads month - on - month [8]. 2. Industry News - No specific industry news content provided. 3. Data Overview - **Slaughter Volume**: The actual slaughter volume of Yongyi sample enterprises in November was 26.49 million heads, with a completion rate of 99.36%. The planned slaughter volume in December is 27.72 million heads, a monthly increase of 4.64% and a daily average increase of 1.27% [13]. - **Breeding Profit**: As of the week ending December 4th, the average profit per head of self - breeding and self - raising pigs was - 135.01 yuan/head, a decrease of 23.88 yuan/head from the previous week; the profit of purchasing piglets for breeding was - 273 yuan/head, an increase of 2 yuan/head week - on - week [13]. - **Fattening Cost**: As of the week ending December 4th, the cost of purchasing 110kg pigs and fattening them to 140kg was 11.00 yuan/kg, a decrease of 0.12 yuan/kg from the previous week; the cost of purchasing 125kg pigs and fattening them to 150kg was 11.39 yuan/kg, a decrease of 0.12 yuan/kg from the previous week [13]. - **Average Slaughter Weight**: As of the week ending December 4th, the average slaughter weight of live pigs was 129.82kg, an increase of 0.60kg from the previous week, a month - on - month increase of 0.46%. Among them, the average slaughter weight of group farms was 124.71kg, an increase of 0.16kg from the previous week, a month - on - month increase of 0.13%, and the average slaughter weight of散户 was 146.08kg, an increase of 0.91kg from the previous week, a month - on - month increase of 0.63% [13].

| 周小球 | | 投资咨询从业资格号：Z0001891 | | | zhouxiaoqiu@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | | 吴昊 | | 投资咨询从业资格号：Z0018592 | | | wuhao8@gtht.com | | | 【基本面跟踪】 | | | | | | | | 生猪基本面数据 | | | | | | | | | | 单 位 | 价 格 | | 同 | 比 | | 价 格 | 河南现货 | 元/吨 | 11330 | | 50 | | | | 四川现货 | 元/吨 | 11850 | | 200 | | | | 广东现货 | 元/吨 | 12410 | | 0 | | | | | 单 位 | 价 格 | | 同 | 比 | | | 生猪2601 | 元/吨 | 11535 | | -40 | | | | 生猪2603 | 元/吨 | 11310 | | -140 | | | 期 货 | 生猪2605 | 元/吨 | 11840 | | -140 | | | | | 单 位 | 成交量 | 较前日 | 持仓量 ...

2025 年 12 月 10 日 生猪：提前交易冬至预期 | 周小球 | 投资咨询从业资格号：Z0001891 | zhouxiaoqiu@gtht.com | | --- | --- | --- | | 吴昊 | 投资咨询从业资格号：Z0018592 | wuhao8@gtht.com | | 【基本面跟踪】 | | | 生猪基本面数据 | | | 单 位 | 价 格 | | 同 比 | | | --- | --- | --- | --- | --- | --- | --- | | 价 格 | 河南现货 | 元/吨 | 11280 | | -100 | | | | 四川现货 | 元/吨 | 11650 | | 150 | | | | 广东现货 | 元/吨 | 12410 | | 250 | | | 期 货 | | 单 位 | 价 格 | | 同 | 比 | | | 生猪2601 | 元/吨 | 11575 | | 0 | | | | 生猪2603 | 元/吨 | 11450 | | 65 | | | | 生猪2605 | 元/吨 | 11980 | | 25 | | | | | 单 位 | 成交量 | 较前 ...

Report Information - Report Title: Pig Daily Report [1] - Date: December 10, 2025 [2] Industry Investment Rating - Not provided in the given content Core Viewpoints - In the long - term, pig slaughter is expected to maintain a slight increase until the first half of next year. The high utilization rate of second - fattening pens and the planned increase in December's slaughter volume add supply pressure before the Spring Festival. On the demand side, there is still a small amount of rolling replenishment demand in December, and terminal consumption is rising, with an increase in slaughter volume [9]. - Spot prices mainly fluctuate as the supply - demand both increase, and the enthusiasm for second - fattening is weak. Futures prices are under pressure from double supply, but there is a low - level rebound sentiment due to increased northern epidemics, increasing the frequency of bottom - range fluctuations [9]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 9th, the main 2603 contract of live pigs opened flat, then fluctuated upwards, and closed with a positive candle. The highest price was 11,495 yuan/ton, the lowest was 11,370 yuan/ton, and the closing price was 11,450 yuan/ton, up 1.55% from the previous day. The total open interest of the index decreased by 11,377 lots to 361,369 lots [8]. - **Spot Market**: On the 9th, the average price of ternary pigs nationwide was 11.33 yuan/kg, up 0.06 yuan/kg from the previous day [8]. - **Supply - Demand Analysis**: Supply is expected to increase slightly in the long - term. In December, the planned slaughter volume of sample breeding enterprises is 27.72 million heads, a monthly increase of 4.64%. Demand is rising, with an increase in pickling, enema, and fresh sales. On the 9th, the slaughter volume of sample slaughtering enterprises was 182,300 heads, a decrease of 300 heads from the previous day, an increase of 6,000 heads week - on - week, and an increase of 19,000 heads month - on - month [9]. 2. Industry News - Not provided in the given content 3. Data Overview - **Slaughter Volume**: In November, the actual slaughter volume of Yongyi sample enterprises was 26.49 million heads, with a completion rate of 99.36%. The planned slaughter volume in December is 27.72 million heads, a monthly increase of 4.64% and a daily average increase of 1.27% [13]. - **Breeding Profit**: As of the week ending December 4, the average profit per self - bred and self - raised pig was - 135.01 yuan/head, a decrease of 23.88 yuan/head from the previous week; the profit from purchasing piglets for breeding was - 273 yuan/head, an increase of 2 yuan/head week - on - week [13]. - **Breeding Cost**: As of the week ending December 4, the cost of purchasing 110kg pigs for fattening to 140kg was 11.00 yuan/kg, a decrease of 0.12 yuan/kg from the previous week; the cost of purchasing 125kg pigs for fattening to 150kg was 11.39 yuan/kg, a decrease of 0.12 yuan/kg from the previous week [13]. - **Average Slaughter Weight**: As of the week ending December 4, the average slaughter weight of live pigs was 129.82kg, an increase of 0.60kg from the previous week, a month - on - month increase of 0.46%. Among them, the average slaughter weight of group - owned farms was 124.71kg, an increase of 0.16kg from the previous week, a month - on - month increase of 0.13%, and the average slaughter weight of散户 was 146.08kg, an increase of 0.91kg from the previous week, a month - on - month increase of 0.63% [13].

1. Report Information - Report Date: December 09, 2025 [2] - Report Type: Pig Daily Report [1] 2. Investment Rating - Not provided 3. Core Viewpoints - In the long - term, pig slaughter is expected to maintain a slight increase until the first half of next year. The high utilization rate of second - fattening pens and the increase in planned slaughter in December add pressure on supply before the Spring Festival [7]. - On the demand side, the utilization rate of pens is high, and second - fattening is mainly in a wait - and - see mode. There may still be a small amount of rolling replenishment demand in December. With the continuous cooling of the weather, cured meat and sausage production are increasing, and fresh meat sales and terminal consumption are rising, leading to an increase in slaughter volume [7]. - Overall, the spot market shows a situation of increasing supply and demand, but the weak enthusiasm of second - fattening entry provides weak support for prices, so the spot market may mainly fluctuate. The futures market is expected to face supply pressure due to factors such as concentrated second - fattening in October and continuous release of production capacity, with a medium - to - long - term weakening trend, but the frequency of bottom - range fluctuations may increase [7]. 4. Summary by Directory 4.1 Market Review and Operation Suggestions Futures - On the 8th, the main 2603 contract of live pigs opened slightly higher and fluctuated upwards, closing with a positive line. The highest price was 11,440 yuan/ton, the lowest was 11,105 yuan/ton, and the closing price was 11,385 yuan/ton, up 2.29% from the previous day. The total open interest of the index decreased by 5,192 lots to 372,746 lots [6]. Spot - On the 8th, the average price of ternary pigs nationwide was 11.27 yuan/kg, up 0.05 yuan/kg from the previous day [6]. 4.2 Industry News - Not provided 4.3 Data Overview - In November, the actual slaughter volume of Yongyi sample enterprises was 26.49 million heads, with a completion rate of 99.36%. The planned slaughter volume in December is 27.72 million heads, a monthly increase of 4.64% and a daily average increase of 1.27% [13]. - As of the week of December 4, the average profit per self - bred and self - raised pig was - 135.01 yuan/head, a decrease of 23.88 yuan/head from the previous week; the profit of purchasing piglets for fattening was - 273 yuan/head, a week - on - week increase of 2 yuan/head [13]. - As of the week of December 4, the cost of purchasing 110kg pigs for fattening to 140kg was 11.00 yuan/kg, a decrease of 0.12 yuan/kg from the previous week; the cost of purchasing 125kg pigs for fattening to 150kg was 11.39 yuan/kg, a decrease of 0.12 yuan/kg from the previous week [13]. - As of the week of December 4, the average slaughter weight of live pigs was 129.82kg, an increase of 0.60kg from the previous week, with a month - on - month increase of 0.46%. Among them, the average slaughter weight of group farms was 124.71kg, an increase of 0.16kg from the previous week, with a month - on - month increase of 0.13%, and the average slaughter weight of散户 was 146.08kg, an increase of 0.91kg from the previous week, with a month - on - month increase of 0.63% [13].

行业 生猪日报 日期 2025 年 12 月 08 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：涌益，建信期货研究中心 生猪行情： 图1：全国生猪出栏价 元/公斤 图2：样本屠宰场屠宰量 头 数据来源：涌益，建信期货研究中心 每日报告 二、行业要闻 图1：养殖利润 元/头 图 ...