Group 1: Swine Industry - The demand during the peak season is boosting pig prices, with a strong expectation of price fluctuations [3][31] - By the end of October 2025, the national breeding sow inventory is expected to drop below 40 million heads, a decrease of at least 350,000 heads from the end of September 2025, indicating accelerated capacity reduction [3][32] Group 2: Egg Industry - The inventory of laying hens continues to decline, supporting egg prices, with a reported inventory of approximately 1.295 billion hens in December, a month-on-month decrease of 0.92% and a year-on-year increase of 7.11% [3][32] - Recent cooler weather has increased the shelf life of eggs, enhancing the pricing power of producers and leading to better sales at the retail level [3][32] Group 3: Soybean Meal Market - The USDA's January supply and demand report indicates a stable soybean yield forecast of 53.00 bushels per acre for the 2025/26 season, with an expected production of 4.262 billion bushels, leading to a bearish outlook for soybean meal prices [4][32] - The report also predicts an increase in year-end soybean stocks to 350 million bushels, up from 290 million bushels in December [4][32] Group 4: Corn Market - China's corn production for 2025 is estimated at 602.47 billion jin (approximately 301 million tons), an increase of 12.64 billion jin or 2.1% from 2024 [4][32] - Issues with grain spoilage due to excessive rainfall in northern China are leading feed enterprises to prefer northeastern corn, contributing to a strong market for northeastern corn [4][32]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The egg spot price continued to rebound due to the Spring Festival stocking. The average price in the main production areas was 3.36 yuan/jin, up 0.22 yuan/jin from last week. Short - term price is supported by production cost and farmers' reluctance to sell, and the inventory is being digested [12][23]. - In December 2025, the national laying - hen inventory was about 1.295 billion, a month - on - month decrease of 0.92% and a year - on - year increase of 7.11%. The number of newly - opened laying hens in January 2026 will continue to decrease, and the inventory is expected to decline but remain at a high level in the past five years. Short - term egg prices are still under pressure, while medium - term supply - demand is expected to improve [12][36]. - The egg market shows a significant supply - demand imbalance. The laying - hen inventory is at a historical high, and the market is in a state of over - capacity. However, as the inventory decreases and the Spring Festival demand starts, the supply - demand pattern is shifting from loose to tight - balance. The egg price has fundamental support, but the upward space is restricted by substitute prices and terminal consumption [13]. - The medium - term egg supply pressure has not been alleviated. The main contract is for the post - festival period, continuing to fluctuate widely in the range. The pressure level is around 3100 - 3150. For options, investors can buy call options of far - month contracts with a light position [13]. 3. Summary by Directory 3.1 Week - ly Viewpoint and Strategy - **Fundamental Viewpoint**: The spot price rebounds, the supply - demand situation shows short - term pressure and medium - term improvement, and the market is in a state of supply - demand imbalance with potential for improvement. The strategy is to expect the main contract to fluctuate widely and consider buying call options of far - month contracts [12][13]. 3.2 Industrial Chain Structure - The egg industry chain includes upstream (feed, breeding, animal protection), mid - stream (egg production and sales, and elimination of laying hens), and downstream (sales to various channels such as supermarkets, restaurants, and food processing plants) [17]. 3.3 Spot and Futures Market - **Spot Price**: The national egg spot price continued to rebound due to the Spring Festival stocking. The average price in the main production areas was 3.36 yuan/jin, up 0.22 yuan/jin from last week. The price is supported by cost and farmers' reluctance to sell, and the inventory is being digested [23]. 3.4 Supply Side - **Laying - hen Inventory**: In December 2025, the national laying - hen inventory was about 1.295 billion, a month - on - month decrease of 0.92% and a year - on - year increase of 7.11%. The number of newly - opened laying hens in January 2026 will continue to decrease, and the inventory is expected to decline but remain at a high level in the past five years [12][36]. - **Chick Rearing and Replenishment**: In December, the total sales volume of commercial - generation chick seedlings of 15 representative enterprises was 37.25 million, a month - on - month increase of 3.39%. Although the sales volume increased slightly, most small and medium - sized farmers' enthusiasm for replenishment was still low. The egg - to - chick utilization rate was generally low, and the chick price is expected to be stable [42]. - **Eliminated Hen Price**: In January, the supply of eliminated hens is expected to be sufficient, and the demand is expected to improve due to the Spring Festival stocking. The price is expected to fluctuate slightly, with an average monthly price of about 4.10 yuan/jin [46]. - **Eliminated Hen Sales**: This week, the total sales volume of eliminated hens was 658,500, a month - on - month decrease of 0.53%. The price increase led to farmers' reluctance to sell, and the overall sales volume decreased slightly [49]. 3.5 Demand Side - **Sales in Main Consumption Areas**: The egg demand shows seasonal characteristics. The price generally reaches the lowest in April, the highest in September, and then declines after the peak season [71]. - **Substitute Prices**: Although not elaborated in detail, substitute prices are factors restricting the upward space of egg prices [13]. 3.6 Cost and Profit - **Feed Price**: The egg cost is mainly affected by corn and soybean meal prices. In 2026, the supply of corn is expected to increase, and the international purchase of soybean meal may increase, with their average prices likely to decline slightly. Although the feed cost is expected to fall by 1% - 2%, the overall cost of the industry is generally above 3.5 yuan/jin [80]. - **Laying - hen Breeding Profit**: This week, the cost per jin of eggs was 3.54 yuan/jin, a month - on - month increase of 0.02 yuan/jin (0.57% increase). The profit was - 0.18 yuan/jin, a month - on - month increase of 0.24 yuan/jin (57.14% increase). The cost per hen was 133.57 yuan/hen, a month - on - month increase of 0.47 yuan/hen (0.35% increase), and the breeding profit was 4.70 yuan/hen, a month - on - month increase of 9.54 yuan/hen (197.11% increase) [88].

Investment Rating - The industry rating is "Outperform the Market" [4] Core Insights - The pig farming sector is experiencing a slow pace of market release, leading to a rebound in pig prices. As of January 16, the pig price is 12.77 CNY/kg, with a week-on-week increase of 0.19 CNY/kg. The average monthly release completion rate is 31%, lower than the same period last year [2][9] - In the beef sector, calf prices are rising due to increased replenishment enthusiasm following the implementation of import beef restrictions. As of January 16, calf prices are 33.03 CNY/kg, up 1.91% week-on-week, indicating a long-term upward trend in beef prices [3][29] - The poultry sector is seeing a decline in chick prices as the market transitions out of a vaccination pause. As of January 16, the price for white feather broiler chicks is 2.74 CNY/chick, down 0.85 CNY/chick from before the pause [3][38] Summary by Sections Pig Farming - The slow release pace in pig farming is pushing prices up, with profits for self-bred and purchased piglets at 7.39 CNY/head and 48.35 CNY/head respectively, both showing week-on-week increases [2][9] - The average weight of pigs being released has increased to 128.85 kg, with a week-on-week rise of 0.31 kg [12][17] - The number of breeding sows has decreased to 39.9 million, down 1.12% from the previous month, indicating a gradual reduction in production capacity [27][28] Beef Sector - The implementation of import beef restrictions is expected to benefit domestic beef prices, with a forecasted upward trend in prices from 2026 to 2027 [29] - The current price for fattened bulls is 25.66 CNY/kg, reflecting a week-on-week increase of 0.59% [29] Poultry Sector - The egg price has increased to 7.29 CNY/kg, up 0.69% week-on-week, driven by pre-holiday stocking [3][42] - The profit margins for broiler chickens and parent stock are showing mixed results, with broiler chicken farming profit at 0.3 CNY/chick and slaughter profit at -0.51 CNY/chick [3][38] Seed Industry - The seed industry is seeing strengthened intellectual property protection, which is expected to enhance market order and accelerate the commercialization of genetically modified organisms [49]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [1][46] Core Insights - The profitability of pig farming has shown signs of recovery, with self-breeding pig farming profits turning positive [30] - The industry has slightly underperformed compared to the CSI 300 index, with a decline of 0.72% from January 5 to January 15, 2026, lagging behind the index by approximately 3.34 percentage points [14] - The report highlights the potential for price recovery in pig farming due to seasonal demand, and emphasizes the importance of capacity reduction in the breeding sector [46][48] Industry Performance Overview - The SW agriculture, forestry, animal husbandry, and fishery industry index has a current PB ratio of approximately 2.63, indicating a slight decline in valuation and positioning at about 59.2% of the historical average since 2006 [21] - Among the sub-sectors, animal health, fishery, agricultural product processing, and planting recorded positive returns, with increases of 8.52%, 4.59%, 1.77%, and 0.45% respectively, while feed and breeding sectors saw declines of 0.99% and 2.34% [17][18] Key Industry Data - The average price of external three-breed pigs fluctuated from 12.86 CNY/kg to 12.48 CNY/kg and then rebounded to 12.76 CNY/kg between January 2 and January 15, 2026 [22] - As of January 15, 2026, the average price of corn was 2363.82 CNY/ton and soybean meal was 3184 CNY/ton, both showing a recent increase [27] - The profit for self-breeding pig farming reached 7.39 CNY/head, while the profit for purchased pig farming was 48.35 CNY/head, indicating a shift from loss to profit [30] Company Insights - Key companies to watch include Muyuan Foods (002714), Wens Foodstuff Group (300498), and Shengnong Development (002299), which are positioned well for potential growth in the sector [48][49] - The report notes that the domestic pet market has growth potential, with exports expected to maintain rapid growth, highlighting opportunities in leading domestic companies [48]

Report Industry Investment Ratings - **Macro-finance**: Index futures are bullish in the medium to long term, suggesting buying on dips; Treasury bonds are expected to trade sideways [1][5]. - **Black building materials**: Coking coal is suitable for short - term trading; rebar is for range trading; glass is recommended to sell on rallies [1][7]. - **Non - ferrous metals**: Copper is advised to hold long positions cautiously at low levels and conduct rolling operations; aluminum suggests enhanced observation; nickel suggests observation or selling on rallies; tin is for range trading; gold is for range trading; silver is expected to be relatively strong; lithium carbonate is expected to trade in a range [1][10]. - **Energy and chemicals**: PVC is recommended to adopt a low - buying strategy; caustic soda and soda ash suggest temporary observation; styrene, rubber, urea, and methanol are for range trading; polyolefins are expected to be weakly volatile [1][18]. - **Cotton - spinning industry chain**: Cotton and cotton yarn are expected to adjust sideways; apples are expected to be slightly strong sideways; jujubes are expected to rebound from the bottom [1][26]. - **Agriculture and animal husbandry**: Pigs are recommended to sell on rallies in the near - term contracts and be cautiously bullish in the far - term contracts; eggs suggest waiting to sell on rallies for hedging; corn suggests being cautious about chasing highs in the short term and selling on rallies for hedging; soymeal is recommended to be bullish on dips in the near - term contracts and bearish on rallies in the far - term contracts; oils are expected to trade sideways, with rapeseed oil being stronger than soybean and palm oils in the short term [1][29]. Core Views The report provides trading suggestions for various futures products based on their market fundamentals, supply - demand relationships, and macro - economic factors. It analyzes the influencing factors of each product and gives corresponding investment strategies, including buying on dips, selling on rallies, range trading, and temporary observation [1]. Summaries by Categories Macro - finance - **Index futures**: Influenced by factors such as Fed officials' statements, employment data, and China's monetary policy, the market sentiment has cooled, and index futures are expected to trade sideways. It is bullish in the medium to long term, suggesting buying on dips [5]. - **Treasury bonds**: After the central bank's interest rate cut of structural monetary policy tools, the bond market showed a deep "V" trend. Treasury bonds are expected to trade sideways [5]. Black building materials - **Coking coal**: With a slowdown in replenishment and cautious purchasing, and an accumulation of port inventories, the market is in a state of short - term balance between bulls and bears. It is suitable for short - term trading [7]. - **Rebar**: The futures price is in the range between valley - electricity cost and flat - electricity cost of the electric furnace. In the short term, it is in a policy vacuum period, and the export is expected to weaken. It is expected to trade sideways, and attention can be paid to the positive cash - futures arbitrage opportunities [7]. - **Glass**: Although there are short - term factors such as production line shutdowns and inventory reduction, the fundamental pattern has not changed. The inventory problem will still be prominent, and it is recommended to sell on rallies [7][8]. Non - ferrous metals - **Copper**: In the short term, the upward momentum is exhausted, but the long - term shortage expectation still exists. It is expected to trade in a high - level range with a possible downward shift in the range. It is advised to hold long positions cautiously at low levels and conduct rolling operations [10][11]. - **Aluminum**: The over - supply of alumina is a reality, and the policy is uncertain. The upward pressure on aluminum prices is large in January. It is recommended to enhance observation [12]. - **Nickel**: Although there is a reduction in nickel ore quotas, the long - term oversupply is expected to continue. It is recommended to observe or sell on rallies [13][14]. - **Tin**: With tight supply and recovering downstream consumption, it is expected to trade strongly sideways. It is recommended to build positions on dips [14]. - **Silver and gold**: Affected by factors such as the US employment data and interest rate cuts, the medium - term price centers are expected to move up. Silver is recommended to hold long positions, and gold is for range trading [16]. - **Lithium carbonate**: With supply uncertainties and strong downstream demand, it is expected to trade in a range [17][18]. Energy and chemicals - **PVC**: Although the current supply - demand situation is weak, it has a low valuation. It is recommended to adopt a low - buying strategy, and attention can be paid to policies and cost - end disturbances [18]. - **Caustic soda**: With large supply pressure and weak demand, it is recommended to temporarily observe [20]. - **Styrene**: After a previous rebound, the valuation is high. It is for range trading, and attention should be paid to cost and supply - demand changes [20]. - **Rubber**: In a state of long - short balance, it is for range trading. Attention should be paid to inventory and downstream demand [21]. - **Urea**: With an increase in supply and stable demand, it is expected to trade in a range. Attention should be paid to factors such as compound fertilizer production and export policies [22]. - **Methanol**: With a recovery in supply and a weak traditional demand, the price is expected to be weak in the inland market and strong in some areas. It is for range trading [24]. - **Polyolefins**: With a loose supply and a weakening demand in the traditional off - season, the price is expected to be weakly volatile [24][25]. - **Soda ash**: With an over - supply situation and rising costs, it is recommended to temporarily observe [26]. Cotton - spinning industry chain - **Cotton and cotton yarn**: According to the USDA report, the global cotton supply - demand situation has changed, and the price has adjusted after a previous rise. It is recommended to be cautious in the short term and optimistic in the long term [26][27]. - **Apples**: The market is relatively stable, with different trading situations in different regions. It is expected to be slightly strong sideways [27]. - **Jujubes**: The acquisition in Xinjiang has ended, and the market is showing signs of a bottom - rebound [28]. Agriculture and animal husbandry - **Pigs**: In the short term, the supply pressure is large, and the price is expected to be under pressure. In the long term, the capacity reduction is slow, and it is recommended to be cautiously bullish. It is suitable to sell on rallies for hedging [29][30]. - **Eggs**: The short - term price is expected to be strong seasonally, but the supply is sufficient. In the long term, the capacity reduction takes time. It is recommended to wait to sell on rallies for hedging [32][33]. - **Corn**: In the short term, the price increase is limited, and it is recommended to be cautious about chasing highs and sell on rallies for hedging. In the long term, the demand is gradually released, but the supply - demand situation is relatively loose [34][35][36]. - **Soymeal**: The short - term near - term contract is recommended to be bullish on dips, and the far - term contract is recommended to be bearish on rallies [37][38]. - **Oils**: The three major oils are expected to trade sideways, with rapeseed oil being stronger than soybean and palm oils in the short term [38][43].

Group 1: Corn Market - The corn futures for March reached a peak of 2300 CNY/ton, but the overall trend remains weak [4] - On January 12, the China National Grain Reserves Corporation's Jilin branch auctioned nearly 30,000 tons of corn, all sold at a premium. However, on January 15, only 20% of the 16,000 tons auctioned were sold, indicating a significant drop in transaction rate [4] - The Jilin branch plans to auction 71,000 tons on January 16, suggesting that market sentiment is still waiting to be released ahead of the Spring Festival [4] Group 2: Soybean Meal Market - The U.S. biofuel policy has released positive signals, leading to a surge in U.S. soybean oil prices, which in turn boosted soybean prices. However, the supply side of U.S. soybeans is unlikely to provide new positive drivers, shifting focus to demand changes and South American production [19] - As of January 14, 93.9% of Argentina's soybean planting is complete, with a quality rate of 61%, a decrease of 4 percentage points week-on-week. The Buenos Aires province's early soybeans are entering a critical growth stage, requiring soil moisture to maintain yield potential [19] - Recent active trading in imported soybeans and forward soybean meal contracts reflects increased replenishment willingness due to falling meal prices, indicating a structural tightness in the market despite overall ample supply [19] Group 3: Egg Market - The spot price of eggs in major production areas continues to rise, with the average price in Hebei's Guantao at approximately 3.33 CNY/jin, an increase of 0.09 CNY/jin from the previous day [21] - The strong spot price trend is driving near-month contracts higher, but uncertainties remain around the market dynamics before and after the Spring Festival [21] - The expected decline in stock levels is projected to continue into Q1 2026, with an anticipated drop to approximately 1.299 billion birds by April 2026 [21] Group 4: Live Pig Market - The average price of live pigs in major production areas is approximately 12.74 CNY/kg, with stable spot performance and near-month contracts recovering from previous discounts [23] - Data indicates a 0.36% month-on-month increase in breeding stock, while fattening stock decreased by 5.2% [23] - Market sentiment is improving as spot prices rise, with some optimistic producers showing reluctance to sell, indicating a potential shift in market dynamics [23]

Report Overview - Research Variety: Live pigs - Report Type: Daily report - Date: January 13, 2026 [1] 1. Futures Market - The opening price of the main contract LH2603 of live pig futures was 11,735 yuan/ton, the highest price was 11,840 yuan/ton, the lowest price was 11,730 yuan/ton, and the closing price was 11,795 yuan/ton, with a change of 0.08%. The trading volume was 57,954 lots, and the turnover was 10.937 billion yuan, indicating active market trading [2] 2. Spot Market - The daily basis was 1,085 yuan/ton, with a basis rate of 8.42%. The basis widened slightly compared to the previous trading day, indicating that the spot price still supported the futures [4] 3. Influencing Factors - Stable average slaughter weight: The average slaughter weight of external ternary live pigs nationwide was 123.32 kg, at a relatively high level in the same period of history. There was no significant reduction in supply, but the marginal demand for large-weight pigs improved [5] - Increased reluctance to sell among farmers: Affected by low-temperature weather, the market demand for large-weight pigs increased, and some farmers held back on sales, slowing the short-term supply rhythm [6] - No significant increase in consumption: After New Year's Day, the fresh sales demand weakened, the cured meat consumption was coming to an end, and the Spring Festival in 2026 was late (February 17). The centralized stocking had not started yet, and the terminal digestion capacity was limited [6] 4. Market Outlook - The LH2603 contract is expected to fluctuate within a range. The upward drivers come from the rigidity of spot prices and the expectation of capacity reduction, while the downward pressure stems from the high inventory level and the uncertainty of feed costs. Attention should be paid to the spot price trend in mid-to-late January, the latest data on the inventory of breeding sows, and the changes in feed prices [7]

近期，鸡蛋现货价格不断走强，期货价格则偏弱震荡。期货日报记者了解到，分化的背后，是市场对短 期涨价持续性与中长期产能去化程度的不同研判。鸡蛋期货"近月弱、远月强"的结构也凸显了交易逻辑 的分歧。 "当前正值春节前鸡蛋备货高峰，加上前期补栏下降和淘汰鸡增多导致存栏下降，基本面改善促使现货 价格重心走高。期货盘面，由于对本轮涨价持续性信心不足，近月合约走势偏弱，远月合约也上涨乏 力。"五矿期货农产品分析师王俊表示。 一德期货生鲜畜牧产业分析师侯晓瑞告诉期货日报记者，从基本面来看，蛋鸡新开产量偏少，养殖端以 正常速度淘汰为主，存栏缓步下降。进入1月，鸡蛋需求逐步好转，食品加工厂集中备货，供弱需强环 境下，鸡蛋现货价格不断走高，后期预计仍有上涨空间。 "鸡蛋期货市场呈现'现实弱、预期强'的局面，近月合约基差回归，远月合约（除特定月份外）不同程 度升水。由于现货价格仍处于上涨通道，期货价格下方存在较强支撑，各合约下跌后不同程度上涨，但 需要考虑高升水的兑现情况，期价在升水状态下大幅拉涨的难度较大。"侯晓瑞说。 记者了解到，在当前市场中，多头与空头的逻辑明确。"多头逻辑主要是产能步入下降通道，行业亏损 已长达一年，盘面估 ...

Core Viewpoint - The pig farming industry is entering its traditional peak season with the Lunar New Year approaching, but the market is still facing oversupply, leading to weak pig prices [2][5]. Industry Overview - The overall trend in the domestic pig market has been weak since 2025, with many companies reporting a decline in sales prices and revenues, some by as much as 30% [2][3]. - Analysts indicate that despite ongoing "anti-involution" policies in the livestock sector, the fundamental imbalance of oversupply and insufficient demand remains unchanged [2][8]. Company Performance - In 2025, Wens Foodstuffs Group sold 40.47 million pigs, generating revenue of 61.48 billion yuan, with an average selling price of 13.71 yuan/kg, reflecting a year-on-year decline of 0.45% in revenue and 17.95% in price [3]. - Muyuan Foods sold 6.98 million pigs in December 2025, with an average price of 11.41 yuan/kg, down 25.38% year-on-year, and a revenue drop of 36.06% [4]. - Tian Kang Bio reported a 5.34% increase in sales volume to 3.19 million pigs, but revenue fell by 10.69% to 4.55 billion yuan [4]. Price Trends - The average price of lean pigs in 2025 was 13.74 yuan/kg, a decrease of 17.97% year-on-year, with prices remaining low and companies facing losses [5][6]. - As of January 9, 2026, the national average price for pigs was 12.51 yuan/kg, showing a slight recovery due to seasonal demand, but losses persist in the industry [5][7]. Supply and Demand Dynamics - The supply of pigs remains high, with a reported 36.92 million pigs in large-scale farms as of December 2025, a slight decrease from the previous month but an increase year-on-year [8]. - Analysts predict that while there may be short-term price support due to reduced supply, the overall market remains oversupplied, limiting significant price increases [8][9]. Cost Factors - The prices of corn and soybean meal, key raw materials for pig farming, significantly influence the industry's profitability. High prices for these inputs could exacerbate losses, while a decrease could improve profit margins [9]. - Current prices for feed ingredients are stable, with limited impact on costs, but fluctuations in market supply and demand will continue to drive profitability [9].

Core Viewpoint - The domestic pig market in 2025 is experiencing significant adjustments due to abundant supply and weak demand, leading to a decline in average prices and creating challenges for producers [1][2]. Group 1: Market Trends - The average price of pigs in 2025 is approximately 13.80 yuan/kg, significantly lower than in 2024, with prices fluctuating from around 16 yuan/kg at the beginning of the year to below 11 yuan/kg by late October [1][2]. - The supply of pigs is robust, driven by a high number of breeding sows and increased production efficiency, resulting in actual pork supply exceeding market expectations [2][5]. - Demand for pork is weakening, with traditional consumption peaks failing to stimulate demand, leading to a situation where price increases do not correspond with demand growth [2][6]. Group 2: Cost Management and Industry Dynamics - In response to declining prices, pig farming companies are undergoing an "efficiency revolution," focusing on cost reduction to survive, with leading companies like Muyuan Foods reducing their breeding costs from approximately 13 yuan/kg to 11.3 yuan/kg [5][6]. - The cost reduction is attributed to improved production efficiency and utilization rates, with leading firms achieving a PSY (pigs weaned per sow per year) of over 28, indicating fewer sows are needed for the same amount of pork production [5][6]. - The competition in the pig farming sector is intensifying, with a shift towards "cost reduction and efficiency enhancement," leading to increased pressure on smaller farms and a trend towards larger, more efficient operations [5][6]. Group 3: Future Outlook - For 2026, there is cautious optimism, with expectations of continued supply pressure in the first half but potential improvements in the second half as production capacity decreases and seasonal demand increases [6][7]. - The average price for pigs in 2026 is projected to be between 12 and 13 yuan/kg, with a potential for prices to rise later in the year [7]. - Policy interventions are expected to play a crucial role in stabilizing prices, with ongoing regulatory measures aimed at restoring prices to reasonable levels [7][8]. Group 4: Risk Management Strategies - The industry is evolving towards a new paradigm characterized by "policy guidance, market adjustment, and efficiency supremacy," necessitating an upgrade in survival strategies for pig farmers [8]. - Recommendations for pig farmers include maintaining biosecurity, enhancing efficiency, managing production capacity, and utilizing futures and derivatives for risk management [8][9]. - The trading volume of pig futures in 2025 reached 17.993 million contracts, indicating increased market liquidity and the growing importance of risk management tools among producers [9].