Report Title - "二育补栏降温 生猪市场回落——国信期货生猪周报" [2] Report Date - November 7, 2025 [2] Core View - This week, the live hog futures rebounded from a low level. The main LH2601 contract rose after reaching a new low on Monday, and the distant LH2609 was strong due to the expectation of capacity reduction, causing the LH79 monthly spread to decline. The spot price first fell and then stabilized, with some breeding units trying to support the price. As the spot price decline was greater than that of the futures, the basis first fell and then stabilized, mainly weakening overall. Fundamentally, the domestic breeding sow inventory has entered a decline stage, but the pace of reduction in October was still slow. In the medium term, according to the piglet birth data, the theoretical supply of standard hogs in China will gradually increase until the beginning of the second quarter of next year. In the short term, the second-round fattening replenishment increased in October, pushing the utilization rate of second-round fattening pens back to a high level. The second-round fattening replenishment will cool down in November, and it is expected that there will be no significant actions before the Spring Festival. Consumption will gradually increase from November to January, but based on the timing of the previous second-round fattening replenishment, the slaughter time of the pigs from this round of second-round fattening will be from late November to mid-December, which is also the period of rapid consumption growth. In addition, the average slaughter weight of large farms and individual farmers is still at a relatively high level. Considering the fast growth rate of live hogs in autumn and winter, the slaughter of large hogs in the later stage may suppress the performance during the peak season. The operation should be treated with a volatile perspective. [6] Operation Suggestion - Treat it with a volatile perspective [6] Directory Summary 1. Weekly Analysis and Outlook - The live hog futures rebounded from a low level, and the spot price first fell and then stabilized. The basis weakened overall. The domestic breeding sow inventory is in a decline stage, and the theoretical supply of standard hogs will gradually increase in the medium term. The second-round fattening replenishment will cool down in November, and the consumption will gradually increase from November to January. The slaughter of large hogs may suppress the peak season performance. [6] 2. Key Data and Charts - Not provided in the given content