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].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The view on the pig market is that it will experience oscillatory adjustments [4]. - The core logic is that from the data of sows and piglets, the hog slaughter volume may increase monthly until December, and with abundant supply, it is difficult for pig prices to rise significantly; the price difference between 150Kg pigs and standard pigs has stabilized and rebounded, which may weaken the willingness of individual farmers to reduce weight and support pig prices; if farmers continue to reduce weight or keep the weight stable, pig prices may oscillate and adjust, which is beneficial to the November contract to some extent. Considering that the November contract already has a slight premium over the spot price, it is recommended to wait and see [4]. 3. Summary by Relevant Catalogs Market Dynamics - On August 20, the registered warehouse receipts of live pigs were 430 lots [2]. - The short - term spot price has limited room for further decline, and attention should be paid to the extent of further weight reduction of live pigs [2]. - The main contract of live pigs (LH2511) added 2,684 lots today, with a position of about 70,600 lots. The highest price today was 13,900 yuan/ton, the lowest price was 13,685 yuan/ton, and the closing price was 13,775 yuan/ton [2]. Fundamental Analysis - From the perspective of the inventory of reproductive sows, the supply of live pigs is expected to increase monthly from March to December, but the increase is limited. From the data of piglets, the hog slaughter volume in the third and fourth quarters of 2025 will generally increase oscillatingly; on the demand side, consumption in the second half of the year is better than that in the first half [3]. - Historically, the fat - standard price difference may strengthen oscillatingly [3]. - The bearish logic in the market is that the weight reduction of the breeding end is slow and difficult, the supply pressure has not been fully released; the subsequent slaughter volume is expected to continue to increase; the third quarter is not yet the peak consumption season, and the demand's support for pig prices is limited. The bullish logic is that the current weight reduction is beneficial to the future market; the spot price is resilient, indicating that the supply - demand situation is not as loose as the bears think; although the subsequent slaughter volume will increase, the increase is limited, and the third and fourth quarters gradually enter the peak consumption season of live pigs [3]. Strategy Suggestion - The view is oscillatory adjustment [4]. - The core logic is as described above, and it is recommended to wait and see for the November contract [4]. Market Overview - On August 20, the national average hog slaughter price was 13.74 yuan/kg, an increase of 0.07 yuan/kg or 0.51% compared with the previous day. The hog slaughter price in Henan was 13.8 yuan/kg, an increase of 0.03 yuan/kg or 0.22%; in Sichuan, it was 13.57 yuan/kg, an increase of 0.1 yuan/kg or 0.74% [6]. - For futures contracts, the prices of most contracts declined. For example, the 01 contract decreased by 90 yuan/ton or 0.63%, the 03 contract decreased by 40 yuan/ton or 0.3%, etc. The basis of the main contract in Henan increased by 155 yuan/ton or 119.23% [6]. Key Data Tracking - The report also presents data trends of national hog slaughter prices, sample enterprise slaughter volumes, white - strip average prices, corn national grain depot purchase average prices, etc. over the years, as well as the closing prices of futures contracts in the recent 180 days, the basis of the main live - pig contract in Henan, and the price differences between different contracts [7][9][10][14].

Report Information - Report Date: August 20, 2025 [2] - Report Type: Pig Daily Report [1] Industry Investment Rating - No relevant information provided. Core Viewpoints - The supply of pigs in August is expected to increase significantly, with high enthusiasm among farmers for selling. Meanwhile, demand is in the off - season, resulting in a relatively loose supply - demand situation, and spot prices may continue to face pressure. In the futures market, the near - month 2509 contract fluctuates weakly following the spot market. In the medium - to - long - term for far - month contracts, although supply shows a slight increase, contracts like 2511 and 2601 are in the peak demand season, and with positive factors such as the anti - involution high - quality development initiative and strengthened environmental protection, the downside space is relatively limited [9]. Summary by Section 1. Market Review and Operational Suggestions Market Conditions - Futures: On the 19th, the main 2511 contract of live pigs opened slightly higher and then fluctuated upwards, closing with a positive line. The highest price was 13,930 yuan/ton, the lowest was 13,810 yuan/ton, and the closing price was 13,900 yuan/ton, up 0.18% from the previous day. The total open interest of the index decreased by 4,425 lots to 181,426 lots. - Spot: On the 19th, the average price of ternary pigs nationwide was 13.67 yuan/kg, up 0.03 yuan/kg from the previous day [8]. Market Analysis - Demand side: The utilization rate of pig pens is high, and the enthusiasm for secondary fattening is currently low, with most in a wait - and - see state. Due to the hot weather, terminal demand is weak, and orders from slaughtering enterprises are average. The current slaughtering progress is fast, and the operating rate and slaughter volume of slaughtering enterprises have increased slightly. On August 18, the slaughter volume of sample slaughtering enterprises was 140,400 heads, 800 heads less than the previous day but 1,400 heads more than a week ago. - Supply side: According to Yongyi sample data, the planned pig slaughter volume of sample enterprises in August is 24.72 million heads, a 6.6% increase compared to the actual slaughter volume in July. The enthusiasm of farmers for selling is high, and the slaughter progress is fast. The utilization rate of secondary fattening pens remains high, and there are still secondary - fattened pigs to be released, so there is still pressure on slaughter volume, and the slaughter weight fluctuates slightly [9]. 2. Industry News - No specific news content provided in the text. 3. Data Overview - Profit: As of August 15, the average profit per self - bred and self - raised pig was 101 yuan/head, a week - on - week decrease of 36 yuan/head; the average profit per pig purchased as a piglet was - 52 yuan/head, a week - on - week increase of 1.3 yuan/head. - Piglet price: The average market sales price of 15 - kg piglets in the week of August 15 was 484 yuan/head, 33 yuan/head lower than the previous week. - Slaughter volume: In the week of August 15, the slaughter volume of the slaughter sample was 1.6335 million heads, an increase of 30,100 heads compared to the previous week, a month - on - month increase of 1.88%; the average daily slaughter volume of the daily slaughter sample was 138,446 heads, an increase of 1,321 heads compared to the previous week, with an average daily increase of 0.96%. - Planned slaughter volume: The planned pig slaughter volume of sample enterprises in August is 24.72 million heads, a 6.6% increase compared to July. - Average slaughter weight: As of the week of August 15, the average slaughter weight of live pigs nationwide was 127.82 kg, an increase of 0.02 kg compared to the previous week, a month - on - month increase of 0.02%, and an increase of 1.65 kg compared to the same period last year, a year - on - year increase of 1.31% [14].

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - The overall spot price of live pigs across the country showed a slight rebound today, with the supply pressure improving compared to before, but still existing due to the high inventory level. The scale enterprises'出栏量 has continued to tighten, while the ordinary farmers'出栏 progress has slowed down. The secondary fattening entry enthusiasm is average, and the follow - up increase in entry enthusiasm is expected to be limited. The futures market is affected by the spot pressure, with the far - month contract having support but the near - month contract facing obvious pressure[2][5] Group 3: Summary by Relevant Contents Spot Information - The overall spot price of live pigs across the country showed a slight rebound today, and the supply was slightly tightened. The scale enterprises'出栏量 continued to tighten, but the overall supply pressure still existed due to the poor overall出栏 completion. The ordinary farmers'出栏 progress slowed down, and there was some pressure on the market to hold back pigs. The secondary fattening entry enthusiasm was average, and the size - pig price difference increased slightly[2] Futures Information - The live pig futures market showed an oscillating trend today. The far - month contract was affected by the previous large increase and the current supply pressure, with some downward pressure, but still having support. The near - month contract faced obvious pressure[5] Transaction Strategy - Unilateral: Buy on dips in the far - month contract - Arbitrage: LH91 reverse arbitrage - Options: Sell far - month put options[6]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The spot market for live pigs continues to be weak. In August, the planned slaughter volume of large - scale pig farms increases, small - scale farmers are forced to hold back pigs, demand growth is limited, and market pressure is high. The daily trading volume has been poor recently, and it is difficult to absorb market supply. The spot performance over the weekend was again below expectations, and there is a sentiment of panic selling. The September contract is still at a premium to the warehouse - receipt cost, and the industry's willingness to deliver is increasing. The trend of closing the premium continues. The purchasing sentiment for piglets has declined, and the price decline has accelerated, corresponding to a decrease in the cost of slaughter in March. Attention should be paid to the risk of a downward shift in the far - end price center. Short - term support for the LH2509 contract is at 13,000 yuan/ton, and the pressure level is at 14,500 yuan/ton [5]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Prices**: Henan spot price is 13,780 yuan/ton, down 100 yuan/ton year - on - year; Sichuan spot price is 13,550 yuan/ton, unchanged year - on - year; Guangdong spot price is 14,990 yuan/ton, unchanged year - on - year. Futures prices: LH2509 is 13,640 yuan/ton, down 185 yuan/ton year - on - year; LH2511 is 13,820 yuan/ton, down 125 yuan/ton year - on - year; LH2601 is 14,160 yuan/ton, down 65 yuan/ton year - on - year [3]. - **Trading Volume and Open Interest**: For LH2509, trading volume is 7,834 lots, an increase of 4,243 lots from the previous day, and open interest is 14,091 lots, a decrease of 1,630 lots from the previous day. For LH2511, trading volume is 35,708 lots, an increase of 15,263 lots from the previous day, and open interest is 71,193 lots, an increase of 6,351 lots from the previous day. For LH2601, trading volume is 13,123 lots, an increase of 3,215 lots from the previous day, and open interest is 47,783 lots, an increase of 1,038 lots from the previous day [3]. - **Spreads**: LH2509 basis is 140 yuan/ton, up 85 yuan/ton year - on - year; LH2511 basis is - 40 yuan/ton, up 25 yuan/ton year - on - year; LH2601 basis is - 380 yuan/ton, down 35 yuan/ton year - on - year. LH9 - 11 spread is - 180 yuan/ton, down 60 yuan/ton year - on - year; LH11 - 1 spread is - 340 yuan/ton, down 60 yuan/ton year - on - year [3]. 3.2 Trend Intensity - The trend intensity is - 1, indicating a relatively bearish view, with a range of [- 2,2], where - 2 is the most bearish and 2 is the most bullish [4].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Pig prices declined, with the main contract 2511 dropping 1.66% weekly. The supply side saw an accelerated pace of weight - reducing sales in the first half of the month, increasing market supply. However, after price drops, farmers showed signs of resistance, and the sales pace might slow down. The demand side had sufficient pig supply, with improved demand in some areas and a mild increase in slaughterhouse operating rates. With the upcoming school openings and double - festival stocking, demand is expected to improve significantly. Overall, the previous increase in farmers' sales pressured spot prices, but the resistance sentiment may change the short - term sales pace, leading to stable price adjustments. Technically, the 2511 contract corrected, but the current weight - reducing sales will ease future supply pressure, and with expected demand improvement, the decline of futures prices is limited. It is recommended to wait for corrections and try long positions with light positions [6]. 3. Summary by Relevant Catalogs 3.1 Weekly Summary - **Market Review**: Pig prices dropped, and the main contract 2511 fell 1.66% weekly [6][10]. - **Market Outlook**: On the supply side, the early weight - reducing sales increased supply, but price drops may slow down the sales pace. On the demand side, with sufficient supply and improving demand, the operating rate of slaughterhouses rose. Future demand is expected to improve due to school openings and double - festival stocking. Spot prices may adjust stably, and futures price decline is limited. It is advisable to wait for corrections and try long positions with light positions [6]. 3.2 Futures and Spot Markets 3.2.1 Futures Market - **Price Movement**: Pig futures prices declined, and the main contract 2511 dropped 1.66% weekly [6][10]. - **Net Position and Warehouse Receipts**: As of August 15, the net short position of the top 20 holders decreased by 1311 lots, and there were 430 futures warehouse receipts, an increase of 50 from last week [16]. 3.2.2 Spot Market - **Pig and Piglet Prices**: The national average pig price was 14.34 yuan/kg, unchanged from last week and down 3.14% from last month. The average price of 15 - kg weaned piglets was 31.07 yuan/kg, a decrease of 1.65 yuan from last week and 8.24% from last month [27]. - **Pork and Breeding Sow Prices**: On August 7, the national average pork price was 25.16 yuan/kg, a decrease of 0.05 yuan from the previous week. The average price of binary sows was 32.53 yuan/kg, an increase of 0.01 yuan from the previous week [31]. - **Pig - grain Ratio**: As of August 6, the pig - grain ratio was 6.02, a decrease of 0.03 from the previous week, below the break - even point [36]. 3.3 Industry Situation 3.3.1 Upstream - **Breeding Sow Inventory**: In late June 2025, the inventory of breeding sows was 40430000 heads, a month - on - month increase of 10000 heads and a year - on - year increase of 0.12%, reaching 103.7% of the normal level. In July, among 123 large - scale farms, the inventory increased slightly by 0.01% month - on - month and 3.03% year - on - year; among 85 small and medium - sized farms, it decreased slightly by 0.17% month - on - month but increased 6.67% year - on - year [41]. - **Pig Inventory**: In Q2 2023, the national pig inventory was 424470000 heads, an increase of 7160000 heads from the previous quarter and 9140000 heads year - on - year. In July, among 123 large - scale farms, the inventory increased 1.11% month - on - month and 5.28% year - on - year; among 85 small and medium - sized farms, it increased 2.49% month - on - month and 7.23% year - on - year [44]. - **Pig Sales Volume and Average Weight**: In July, among 123 large - scale farms, the sales volume decreased 3.08% month - on - month but increased 18.60% year - on - year; among 85 small and medium - sized farms, it decreased 1.46% month - on - month but increased 57.67% year - on - year. The average weight of slaughtered pigs was 123.23 kg, a decrease of 0.09 kg from last week [48]. 3.3.2 Industry Profit - **Pig Breeding Profit**: As of August 15, the profit of purchasing piglets for breeding was a loss of 157.05 yuan/head, with the loss widening by 22.91 yuan/head; the profit of self - breeding and self - raising was 28.85 yuan/head, a decrease of 16.28 yuan/head from the previous period [53]. - **Poultry Breeding Profit**: As of August 15, the profit of laying hens was a loss of 0.26 yuan/head, with the loss decreasing by 0.05 yuan/head week - on - week; the profit of 817 meat - hybrid chickens was 1.86 yuan/head [53]. 3.3.3 Domestic and Substitute Markets - **Pork Imports**: In the first six months of 2025, China imported 540000 tons of pork, with an average monthly import of 90000 tons, a year - on - year increase of 5.88%, at a historically low level [58]. - **Substitute Products**: As of the week of August 15, the price of white - striped chickens was 1.1 yuan/kg, an increase of 0.2 yuan/kg from last week. As of the week of August 14, the average price difference between standard and fat pigs was - 0.48 yuan/kg, a decrease of 0.11 yuan/kg from last week [61]. 3.3.4 Feed Market - **Feed Raw Material Prices**: As of August 14, the spot price of soybean meal was 3118.29 yuan/ton, an increase of 102.86 yuan/ton from the previous week; the price of corn was 2394.12 yuan/ton, a decrease of 1.47 yuan/ton from the previous week [67]. - **Feed Index and Price**: As of August 15, the closing price of the Dalian Commodity Exchange pig feed cost index was 924.07, a decrease of 0.85% from last week. The price of finishing pig compound feed was 3.34 yuan/kg, unchanged from last week [71]. - **Feed Production**: As of June 2025, the monthly feed production was 2937700 tons, an increase of 175.6 tons from the previous month [76]. 3.3.5 CPI - As of July 2025, China's CPI increased by 0.0% year - on - year [80]. 3.3.6 Downstream Market - **Slaughterhouse Operations**: In the 33rd week, the slaughterhouse operating rate was 27.79%, an increase of 0.85 percentage points from last week and 4.08 percentage points from the same period last year. The fresh - meat sales rate was 87.02%, a decrease of 0.64 percentage points from last week, and the frozen - product storage rate was 17.52%, a slight increase of 0.02 percentage points from last week [83]. - **Slaughter Volume and Catering Consumption**: As of June 2025, the slaughter volume of designated pig slaughterhouses was 30060000 heads, a decrease of 6.53% from the previous month. In July 2025, the national catering revenue was 450400000000 yuan, a year - on - year increase of 1.1% [88]. 3.4 Pig - related Stocks - The report mentions the stock trends of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis is provided [89].

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]

Report Industry Investment Rating No relevant content provided. Core Views - The Ih2509 contract for live pigs is in a phase of downward oscillation, with the price center expected to decline later. The supply of live pigs is increasing due to a persistently high inventory of breeding sows and improved production performance. Although demand is expected to seasonally increase in the second half of 2025, the impact of economic slowdown and changing consumer preferences may limit the boost. Therefore, the rebound space for pig prices is limited, and they will remain under pressure overall. However, due to policy disturbances, strong market sentiment, and the approaching peak season, short - term pig prices may be strong, but the upside space is limited under sufficient supply. It is recommended to wait for short - selling opportunities after the rebound. For industrial chain participants, breeding enterprises can sell futures for hedging to lock in sales prices, and food enterprises can purchase as needed and buy call options to control procurement costs while selling out - of - the - money put options to collect premiums [3]. - The jd2509 contract for eggs is also in a phase of downward oscillation, with the price center expected to decline. The inventory of laying hens is at a high level year - on - year, and supply pressure continues to weigh. Demand has seasonal changes within the year, but limited by the macro - economy and consumer preferences, the expected fluctuation range is limited. Considering cost and profit, the price of eggs is expected to remain at a low level. The demand for the 09 contract is in the declining phase after the peak season, and with high supply, there is insufficient support. It is recommended to short on rallies. For industrial chain participants, breeding enterprises can sell futures for hedging when egg prices are under pressure, and food enterprises can control procurement costs by buying call options and selling out - of - the - money put options [3]. Summary by Sections Live Pig Section - **Supply Analysis** - The inventory of breeding sows has been stable at around 40.5 million since June 2024, higher than the official normal level of 30 million, indicating persistent over - capacity. The supply in 2025 will be at a high level, and attention should be paid to the impact of the farmers' slaughter rhythm on short - term supply [14]. - The average slaughter weight has slightly decreased but remains high. With the approaching of the autumn and winter peak season, the price difference between fat and standard pigs may gradually increase, and farmers are expected to slow down the slaughter rhythm, so the weight is unlikely to decline significantly [15]. - **Demand Analysis** - Currently, demand is in the off - season, and the slaughter volume remains low. In addition to actual demand, secondary fattening and frozen product storage create short - term demand and provide support at low prices. Recently, most secondary fattening pigs are being sold, and attention should be paid to future changes in the secondary fattening rhythm [25]. - **Cost and Profit Analysis** - As of August 7, the breeding cost of large - scale farms using the self - breeding and self - raising model is 13.09 yuan/kg, and that of the purchased piglet model is 14.44 yuan/kg. Breeding enterprise profits are shrinking [35]. - The breeding capacity is relatively stable. Farmers are still cautious about the future market. Sow replenishment is mainly for replacement by large - scale farms, and the enthusiasm for purchasing piglets is average [36]. - **Policy Analysis** - The state's reserve purchase and release of pork regulate market supply and demand and ensure the stable operation of the live pig market. In the second - level early - warning range of excessive price decline, the National Development and Reform Commission will start the third batch of central pork reserve purchases this year [45]. - **Spread and Basis Analysis** - The report provides data on various spreads (such as 1 - 5 spread, 5 - 9 spread, etc.) and basis for live pigs, showing their changes compared to the previous week [8]. Egg Section - **Supply Analysis** - The supply of eggs is determined by the inventory of laying hens and the laying rate. Since the second half of 2024, the enthusiasm for replenishment has been high, so the number of newly - laid hens will be high until the third quarter of this year. Meanwhile, the number of culled hens is relatively limited, so the inventory of laying hens will remain at a relatively high level until the third quarter [64]. - In the short term, the laying rate is seasonally low, and the number of culled old hens has increased recently, but the overall supply is still abundant [65]. - Due to the weakening of feed prices, the breeding cost of eggs has decreased, currently around 3.2 - 3.3 yuan/jin [66]. - **Demand Analysis** - In the long - term, egg consumption is related to population structure, economic development, and consumer preferences, showing a steady growth trend in recent years. In the medium - and short - term, egg demand has obvious seasonality, with short - term peaks before traditional festivals. Currently, demand is seasonally rebounding, and food factories are starting to stock up [76]. - Although the improvement in supply and the rebound in demand support the stability of spot prices, the overall supply remains high, and the price of the JD2509 contract is expected to be under pressure as it is in the post - festival period [77]. - **Inventory Analysis** - Data on the inventory days of fresh eggs in the production and circulation links are provided, showing their changes over time [84]. - **Spread and Basis Analysis** - The report provides data on various spreads (such as 1 - 5 spread, 5 - 9 spread, etc.) and basis for eggs, showing their changes compared to the previous week [85].

Core Insights - The majority of listed pig farming companies reported a decrease in pig sales in July compared to June, despite some year-on-year growth in sales volume and revenue [1][5]. Group 1: Company Sales Reports - Giant Star Agriculture reported sales of 324,100 pigs in July 2025, a year-on-year increase of 44.67%, but a decrease in sales volume and revenue compared to June [2]. - Kemin Foods' subsidiary sold 41,900 pigs in July 2025, with a month-on-month decline of 28.78% and a year-on-year increase of 73.88% in sales volume [2]. - New Hope sold 1,302,500 pigs in July 2025, with a month-on-month decrease of 2.06% and a year-on-year increase of 3.21% in sales volume [3]. - Muyuan Foods sold 6,355,000 pigs in July 2025, a year-on-year increase of 13.02%, but a decrease in sales volume and revenue compared to June [4]. - Wens Foodstuff Group sold 3,164,800 pigs in July 2025, with a year-on-year increase of 36.22% in sales volume [4]. Group 2: Price Trends - The overall market price for pigs remains at a low level, with the price on August 7, 2025, at 14.34 yuan/kg, slightly up from 14.22 yuan/kg at the end of July 2025 [6]. - The wholesale price of pork on August 7, 2025, was 20.45 yuan/kg, showing a slight decrease from 20.50 yuan/kg at the end of July 2025 [6]. - Domestic pig futures prices have strengthened since mid to late July, closing at 14,100 yuan/ton on August 7, 2025, compared to below 13,000 yuan/ton in late May 2025 [6].