Report Information - Report Title: Pig Daily Report [1] - Date: June 20, 2025 [2] Industry Investment Rating - Not provided Core View - The central reserve frozen pork purchase and storage policy has stabilized pig prices and boosted confidence, leading to short - term rebounds in futures and spot prices. However, in the medium - to - long - term, the supply of live pigs continues to increase while demand enters a seasonal off - peak, and the supply - demand situation remains loose. Futures contracts are currently at a discount to the spot, and the medium - to - long - term trend is likely to be weak, with attention needed on the sustainability of future purchase and storage policies [9] Summary by Section 1. Market Review and Operation Suggestions - **Futures Market**: On the 19th, the main 2509 contract of live pigs opened slightly lower and trended downwards, closing with a negative candle. The highest price was 13,845 yuan/ton, the lowest was 13,715 yuan/ton, and the closing price was 13,760 yuan/ton, a 0.47% decrease from the previous day. The total open interest of the index decreased by 1,240 lots to 160,443 lots [8] - **Spot Market**: On the 19th, the national average price of三元hogs was 14.19 yuan/kg, a decrease of 0.03 yuan/kg from the previous day [8] - **Demand Side**: The price difference between fat and standard pigs remained low, the utilization rate of pigsty increased slightly, and the enthusiasm for secondary fattening replenishment was low, mostly in a wait - and - see state, weakening the support for prices. With rising temperatures, terminal demand weakened, slaughter enterprise orders were average, and the开工 rate and slaughter volume of slaughter enterprises remained low. On June 19th, the slaughter volume of sample slaughter enterprises was 146,800 heads, an increase of 200 heads from the previous day and an increase of 2,900 heads from a week ago [9] - **Supply Side**: According to Yongyi sample data, the planned slaughter volume in June was 23.629 million heads, a 1.02% increase compared to the actual slaughter volume in May. The slaughter volume continued to increase month - on - month. Enterprises were reducing weights and slaughtering normally, the slaughter volume of large pigs decreased, and the average slaughter weight decreased slightly [9] - **Policy Side**: On June 11th, the central reserve frozen pork purchase and storage had a listed competitive trading volume of 10,000 tons, with a transaction price of 20.3 - 20.8 yuan/kg for No. 2 - 4 meat [9] 2. Industry News - As of May this year, the inventory of reproductive sows in sample farms was 1.147 million heads, a month - on - month increase of 0.92% and a year - on - year increase of 8.57% [10][12] 3. Data Overview - As of May, the inventory of piglets in sample enterprises was 2.315 million heads, a month - on - month increase of 1.32% and a year - on - year increase of 14.3% [18] - In early June, the average proportion of secondary fattening sales was 0.75%, a decrease of 0.9 percentage points from the previous ten - day period [18] - As of the week of June 13th, the average slaughter weight of sample live pigs was 128.82 kg, a decrease of 0.35 kg from the previous week, a month - on - month decrease of 0.69%, and a year - on - year increase of 2.01% [18] - In early June, the utilization rate of fattening pigsties was 38.5%, an increase of 0.8 percentage points from the previous ten - day period. In the week of June 12th, the price difference between 150 - kg fat pigs and standard pigs was 0.06 yuan/jin, a week - on - week decrease of 0.02 yuan/jin [18]

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

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