Group 1: General Information - Report date: August 14, 2025 [2] - Report type: Pig Daily Report [1] Group 2: Market Review and Operation Suggestions Market Review - Futures: On the 13th, the main 2511 contract of live pigs opened slightly lower and oscillated downward, closing in the red at the end of the session. The highest was 14,240 yuan/ton, the lowest was 13,975 yuan/ton, and the closing price was 14,045 yuan/ton, down 1.33% from the previous day. The total open interest of the index increased by 5,156 lots to 180,560 lots [8] - Spot: On the 13th, the average price of ternary pigs nationwide was 13.75 yuan/kg, up 0.06 yuan/kg from the previous day [8] Market Analysis - Demand side: The utilization rate of pigsty is at a high level. Currently, the enthusiasm for secondary fattening is average, mainly in a wait-and-see state. The terminal demand is weak due to the hot weather, and the orders of slaughtering enterprises are average. The current slaughter progress is fast, and the开工 rate and slaughter volume of slaughtering enterprises have increased slightly. On August 13th, the slaughter volume of sample slaughtering enterprises was 139,000 heads, an increase of 700 heads from the previous day and an increase of 3,500 heads from 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 month-on-month increase of 6.6% compared with the actual slaughter volume in July. The slaughter volume is expected to increase significantly. At the beginning of the month, the enthusiasm of farmers for slaughtering is high, and the slaughter progress is fast. The utilization rate of secondary fattening pigsty remains high, and there are still secondary fattening pigs to be released. The slaughter pressure still exists, and the slaughter weight fluctuates slightly [9] Outlook - Spot: In August, the slaughter of farmers increases, and the current enthusiasm for slaughtering is acceptable. At the same time, the demand is in the off-season, and the supply and demand remain relatively loose. The spot price of live pigs may continue to be under pressure [9] - Futures: Currently, the near-month 2509 contract of futures mainly follows the spot and oscillates weakly. In the medium and long term, the supply of live pigs will increase slightly. The 2511 and 2601 contracts belong to the peak demand contracts, and the demand increase is relatively large. The price performance may oscillate strongly. The domestic anti-involution initiative, high-quality development of the pig industry, and increasing environmental protection efforts in some regions are beneficial to the medium and long-term performance of pig prices. Pay attention to the impact of subsequent policies on production capacity [9] Group 3: Industry News - No specific industry news content is provided in the text Group 4: Data Overview - Self-breeding and self-raising profit per head: As of August 7th, the profit per head of self-breeding and self-raising was 119 yuan/head, a week-on-week decrease of 10 yuan/head [14] - Profit per head of purchasing piglets for fattening: As of August 7th, the profit per head of purchasing piglets for fattening was -54 yuan/head, a week-on-week increase of 28 yuan/head [14] - Average sales price of 15kg piglets: In the week of August 7th, the average sales price of 15kg piglets in the market was 516 yuan/head, a decrease of 10 yuan/head from the previous week [14] - Inventory of reproductive sows: 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] - Planned slaughter volume: The planned slaughter volume of sample enterprises in August is 24.72 million heads, a month-on-month increase of 6.6% compared with the actual slaughter volume in July [14] - Average slaughter weight: As of the week of August 7th, the average slaughter weight of live 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]

Group 1: Research View - On August 12, industrial silicon fluctuated weakly. The main contract 2511 closed at 8,840 yuan/ton, with an intraday decline of 1.12%. The position increased by 6,917 lots to 279,000 lots. The spot reference price of industrial silicon by Baichuan was 9,540 yuan/ton, remaining stable compared to the previous trading day. The price of the lowest deliverable 421 grade rebounded to 8,950 yuan/ton, and the spot premium widened to 150 yuan/ton [2]. - Polysilicon fluctuated strongly. The main contract 2511 closed at 51,800 yuan/ton, with an intraday increase of 0.69%. The position decreased by 3,684 lots to 136,000 lots. The price of N-type recycled polysilicon materials dropped to 44,500 yuan/ton, and the price of the lowest deliverable silicon materials also dropped to 44,500 yuan/ton. The spot discount narrowed to 6,005 yuan/ton [2]. - The north and south of industrial silicon continued to resume production, and the downstream crystalline silicon production increased significantly. The supply and demand showed a double - increase pattern, and it will continue to fluctuate following the sentiment of coking coal in the short term. Recently, industrial silicon industry associations in many provinces put forward a joint initiative against involution. In the short term, relevant news may become an important driver for the industrial silicon futures market [2]. - After the polysilicon futures market showed a premium again, it attracted an increase in warehouse receipts. The market traded on a series of news such as capacity storage. In the short term, the range pattern of polysilicon with a clear upper and lower limit is relatively obvious. Attention should be paid to the resumption progress of industrial silicon production, the impact of the association's initiative, and the policy promotion of polysilicon [2]. Group 2: Daily Data Monitoring Industrial Silicon - The futures settlement price of the main contract decreased from 8,940 yuan/ton on August 11 to 8,905 yuan/ton on August 12, a decrease of 35 yuan/ton. The near - month contract decreased from 8,860 yuan/ton to 8,800 yuan/ton, a decrease of 60 yuan/ton [4]. - The spot prices of most grades of industrial silicon remained stable, except for some minor price increases in the 421 grade in certain regions. The current lowest deliverable price was 8,950 yuan/ton, and the spot premium widened from 90 yuan/ton to 150 yuan/ton [4]. - The industrial silicon warehouse receipts decreased by 102 to 50,658 (daily), and the Guangzhou Futures Exchange inventory decreased by 880 to 251,700 tons (weekly). The total social inventory of industrial silicon increased by 4,100 tons to 444,000 tons [4]. Polysilicon - The futures settlement price of the main contract decreased from 52,985 yuan/ton on August 11 to 51,800 yuan/ton on August 12, a decrease of 1,185 yuan/ton. The near - month contract decreased from 52,985 yuan/ton to 50,505 yuan/ton, a decrease of 2,480 yuan/ton [4]. - The prices of some polysilicon materials increased, while the prices of P - type polysilicon materials remained stable. The current lowest deliverable price was 44,500 yuan/ton, and the spot discount narrowed from 8,485 yuan/ton to 6,005 yuan/ton [4]. - The polysilicon warehouse receipts increased by 240 to 4,940 (daily). The Guangzhou Futures Exchange inventory increased by 13,000 tons to 108,600 tons (weekly), and the factory inventory decreased by 2,000 tons to 273,400 tons. The total social inventory of polysilicon decreased by 2,000 tons to 273,000 tons [4]. Organic Silicon - The DMC price in the East China market remained stable at 12,500 yuan/ton. The prices of raw rubber and 107 glue remained stable, while the price of dimethyl silicone oil increased by 1,500 yuan/ton to 14,500 yuan/ton [4]. Group 3: Chart Analysis Industrial Silicon and Cost - end Prices - Charts show the prices of different grades of industrial silicon, grade spreads, regional spreads, electricity prices, silica prices, and refined coal prices [5][7][10]. Downstream Product Prices - Charts display the prices of DMC, organic silicon products, polysilicon, silicon wafers, battery cells, and components [13][14][16]. Inventory - Charts present the industrial silicon futures inventory, factory inventory, weekly industry inventory, weekly inventory changes, DMC weekly inventory, and polysilicon weekly inventory [19][20][22]. Cost and Profit - Charts show the average cost and profit levels in major production areas, the weekly cost - profit of industrial silicon, the profit of the aluminum alloy processing industry, the cost - profit of DMC, and the cost - profit of polysilicon [25][27][28]. Group 4: Team Introduction - The non - ferrous metals team includes Zhan Dapeng, Wang Heng, and Zhu Xi. Zhan Dapeng is the director of non - ferrous research at Everbright Futures Research Institute, with more than a decade of commodity research experience. Wang Heng focuses on aluminum and silicon research, and Zhu Xi focuses on lithium and nickel research [33][34].

行业 生猪日报 日期 2025 年 08 月 12 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 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 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 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2：养殖成本 元/公斤 数据来源：涌益，建信期 ...

Report Information - Report Title: Pig Daily Report [1] - Date: August 8, 2025 [2] Investment Rating - Not provided in the content Core View - In August, the supply of pigs from the breeding side is increasing, and the current enthusiasm for slaughter is fair. Meanwhile, the demand is in the off - season. The supply - demand relationship remains relatively loose, and the spot price of pigs may continue to be under pressure. In the futures market, the near - term 2509 contract is following the decline of the spot price. In the medium - to - long - term for the far - month contracts, the pig supply will increase slightly. The 2511 and 2601 contracts are in the peak demand season, with a relatively large increase in demand, and their price performance may be oscillating upwards. Policies and other factors are favorable for the medium - to - long - term pig price performance, and the impact of later policies on production capacity needs attention [8] Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 7th, the main 2511 contract of live pigs opened slightly lower, then bottomed out, rebounded, and fluctuated higher, closing with a positive line. The highest was 14,170 yuan/ton, the lowest was 13,920 yuan/ton, and the closing price was 14,100 yuan/ton, up 0.82% from the previous day. The total open interest of the index decreased by 1,023 lots to 176,215 lots [7] - **Spot Market**: On the 7th, the average price of三元hogs nationwide was 13.74 yuan/kg, down 0.15 yuan/kg from the previous day [7] - **Demand Side**: The utilization rate of pig pens 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, the 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 7th, the slaughter volume of sample slaughtering enterprises was 139,300 heads, an increase of 3,700 heads from the previous day and 2,300 heads from a week ago [8] - **Supply Side**: In August, the slaughter volume of the breeding side may increase month - on - month. At the beginning of the month, the breeding side has a high enthusiasm for slaughter, and the slaughter progress is fast. The utilization rate of secondary fattening pig pens remains high, and there are still secondary - fattened pigs to be released. The slaughter pressure still exists, and the slaughter weight fluctuates slightly [8] 2. Industry News - As of July 31st, the average profit per self - bred and self - raised pig was 129 yuan/head, a week - on - week decrease of 33 yuan/head; the average profit per pig purchased as a piglet was - 82 yuan/head, a week - on - week decrease of 19 yuan/head [9][11] 3. Data Overview - The average sales price of 15 - kg piglets in the market in the week of July 31st was 527 yuan/head, a decrease of 15 yuan/head from the previous week [17] - The average daily slaughter volume of sample slaughtering enterprises in the week of July 31st was 136,803 heads, a week - on - week increase of 1.99% [17] - As of the end of the second quarter of 2025, the national pig inventory was 424.47 million heads, a year - on - year increase of 2.2% and a month - on - month increase of 7.16 million heads or 1.72%. From the second quarter of last year to the second quarter of this year, the month - on - month changes were 1.7%, 2.8%, 0.11%, - 2.37%, and 1.72% respectively [17] - As of the week of July 31st, the average slaughter weight of national pigs was 127.98 kg, a decrease of 0.5 kg from the previous week and a month - on - month decrease of 0.39% [17]

Report Information - Report Title: Pig Daily Report [1] - Date: August 5, 2025 [2] Industry Investment Rating - Not provided in the report Core Viewpoints - In August, the supply of hogs from the breeding side is increasing, and the current enthusiasm for selling is fair. Meanwhile, demand is in the off - season. The supply - demand situation remains relatively loose, and hog prices may continue to face pressure. In the futures market, the near - month 2509 contract is following the decline of the spot price. In the medium - to - long - term for the far - month contracts, hog supply will increase slightly. The 2511 and 2601 contracts are in the peak demand season, with relatively large demand increases, and their prices may show a volatile upward trend. Policies are also favorable for the medium - to - long - term hog price performance [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 4th, the main 2509 hog futures contract opened lower, hit a low, and then rebounded, closing down. The highest price was 13,975 yuan/ton, the lowest was 13,770 yuan/ton, and the closing price was 13,940 yuan/ton, a 0.50% decrease from the previous day. The total open interest of the index decreased by 476 lots to 173,049 lots [7]. - **Spot Market**: On the 4th, the national average price of external ternary hogs was 13.92 yuan/kg, a decrease of 0.1 yuan/kg from the previous day [7]. - **Demand Side**: The utilization rate of pigsties is high. Currently, the enthusiasm for secondary fattening is average, with most in a wait - and - see mode. Due to hot weather, terminal demand is weak, and slaughterhouse orders are average. With the continuous recovery of enterprise sales, the开工 rate and slaughter volume of slaughterhouses have slightly increased. On August 4, the slaughter volume of sample slaughterhouses was 137,000 heads, a decrease of 300 heads from the previous day but an increase of 500 heads from a week ago [8]. - **Supply Side**: In August, the sales volume of the breeding side may increase month - on - month. At the beginning of the month, the breeding side has a high enthusiasm for selling, and the sales progress is fast. The utilization rate of secondary fattening pigsties remains high, and there are still secondary - fattened hogs to be released. There is still pressure on sales, and the average weight of hogs for sale fluctuates slightly [8]. 2. Industry News - Not provided in the report 3. Data Overview - **Profit per Head**: As of July 31, the average profit per head for self - breeding and self - raising was 129 yuan/head, a week - on - week decrease of 33 yuan/head; the average profit per head for purchasing piglets for fattening was - 82 yuan/head, a week - on - week decrease of 19 yuan/head [13]. - **Price of 15kg Piglets**: In the week of July 31, the average market sales price of 15kg piglets was 527 yuan/head, a decrease of 15 yuan/head from the previous week [13]. - **Average Slaughter Volume**: In the week of July 31, the average daily slaughter volume of sample slaughterhouses was 136,803 heads, a week - on - week increase of 1.99% [13]. - **National Hog Inventory**: At the end of the second quarter of 2025, the national hog inventory was 424.47 million heads, a year - on - year increase of 2.2% and a quarter - on - quarter increase of 7.16 million heads (1.72%). From the second quarter of last year to the second quarter of this year, the quarter - on - quarter changes were 1.7%, 2.8%, 0.11%, - 2.37%, and 1.72% respectively [13]. - **Average Slaughter Weight**: As of the week of July 31, the average weight of hogs for sale nationwide was 127.98 kg, a decrease of 0.5 kg from the previous week (a 0.39% decrease) [13].

Report Information - Report Title: Pig Daily Report [1] - Date: July 30, 2025 [2] Industry Investment Rating - Not provided Core View - The pig price may continue to face pressure in the short - term due to increased group sales at the end of July and weak demand in the off - season. However, long - term pig prices are expected to be positively affected by factors such as anti - involution initiatives, high - quality development of the pig industry, and strengthened environmental protection efforts [10] Summary by Section 1. Market Review and Operation Suggestions - **Futures Market**: On the 28th, the main 2509 contract of live pigs opened higher, then fluctuated and declined, closing with a negative line. The highest was 14,350 yuan/ton, the lowest was 14,085 yuan/ton, and the closing price was 14,150 yuan/ton, down 0.49% from the previous day. The total open interest of the index decreased by 7,058 lots to 186,275 lots [9] - **Spot Market**: On the 29th, the average price of ternary live pigs in the country was 13.94 yuan/kg, down 0.1 yuan/kg from the previous day [9] - **Demand Side**: The utilization rate of pigsties is high, and secondary fattening is mainly in a wait - and - see state. Due to the hot weather, terminal demand is weak, and slaughterhouse orders are average. With the increase in enterprise sales at the end of the month, the slaughter rate and volume of slaughterhouses have slightly rebounded. On July 29th, the slaughter volume of sample slaughterhouses was 136,600 heads, 700 heads less than the previous day but 3,000 heads more than a week ago [10] - **Supply Side**: In July, the planned sales volume of sample enterprises was 23.88 million heads, a 1.19% month - on - month decrease from June. At the end of the month, the sales progress of the breeding side accelerated, the enthusiasm for sales increased, the sales weight decreased slightly, and the utilization rate of secondary fattening pigsties was high, with more secondary fattening pigs to be sold in the future [10] 2. Industry News - As of July 24th, the average profit per head of self - breeding and self - raising was 162 yuan/head, a weekly increase of 51 yuan/head; the average profit per head of purchasing piglets for breeding was - 63 yuan/head, a weekly increase of 63 yuan/head [11][13] 3. Data Overview - **15kg Piglet Price**: In the week of July 24th, the average market sales price of 15kg piglets was 542 yuan/head, the same as the previous week [21] - **National Pig Inventory**: At the end of the second quarter of 2025, the national pig inventory was 424.47 million heads, a year - on - year increase of 2.2% and a month - on - month increase of 7.16 million heads (1.72%). From the second quarter of last year to the second quarter of this year, the month - on - month changes were 1.7%, 2.8%, 0.11%, - 2.37%, and 1.72% respectively [21] - **Pig Slaughter Weight**: In the week of July 24th, the average slaughter weight of national pigs was 128.48 kg, a decrease of 0.35 kg from the previous week (a month - on - month decrease of 0.27%) and an increase of 3.09 kg compared with the same period last year (a year - on - year increase of 2.46%) [21]

Group 1: Report Overview - Report Type: Pig Daily Report [1] - Date: July 25, 2025 [2] Group 2: Investment Rating - No investment rating information provided Group 3: Core Viewpoints - In late July, as group pig sales recover and demand is in the off - season, pig prices may continue to face pressure. In the medium to long - term, pig supply will increase slightly, but initiatives such as anti - involution, high - quality development of the pig industry, and strengthened environmental protection are beneficial to medium - and long - term pig prices. The far - month 2601 contract is expected to perform strongly due to factors like weight - reduction expectations and supply growth being less than demand growth. Attention should be paid to the impact of later policies on production capacity [10] Group 4: Market Review and Operational Suggestions Futures Market - On the 24th, the main 2509 contract of live pigs opened lower, then bottomed out and rebounded, closing in the red at the end of the session. The highest price was 14,495 yuan/ton, the lowest was 14,205 yuan/ton, and the closing price was 14,365 yuan/ton, a 2.25% decline from the previous day. The total open interest of the index decreased by 1,578 lots to 186,066 lots [9] Spot Market - On the 24th, the average price of foreign ternary pigs nationwide was 14.11 yuan/kg, a decrease of 0.11 yuan/kg from the previous day [9] Demand Side - The utilization rate of pigsties is at a high level, and currently, secondary fattening is mainly in a wait - and - see state. Due to the hot weather, terminal demand is weak, slaughter enterprise orders are average, and the开工 rate and slaughter volume of slaughter enterprises remain low. On July 24, the slaughter volume of sample slaughter enterprises was 134,500 heads, an increase of 10,000 heads from the previous day and 29,000 heads from a week ago [10] Supply Side - According to Yongyi data, the planned pig sales volume of sample enterprises in July was 23.88 million heads, a 1.19% month - on - month decrease from June. Currently, the sales progress of the breeding side has recovered, the enthusiasm for sales has increased compared to the beginning of the month, the average weight of pigs for sale has slightly decreased, and the utilization rate of pigsties for secondary fattening is relatively high. There are still secondary - fattened pigs to be sold in the future [10] Group 5: Industry News - As of July 18, the average profit per self - bred and self - raised pig was 111 yuan/pig, a weekly decrease of 54 yuan/pig; the average profit per pig from purchasing piglets was - 126 yuan/pig, a weekly decrease of 82 yuan/pig [11][12] Group 6: Data Overview - In the week of July 17, the average market sales price of 15 - kg piglets was 542 yuan/pig, a 1 - yuan increase from the previous week [21] - As of the end of the second quarter of 2025, the national pig inventory was 424.47 million heads, a 2.2% year - on - year increase and a 1.72% quarter - on - quarter increase of 7.16 million heads. From the second quarter of last year to the second quarter of this year, the quarter - on - quarter changes were 1.7%, 2.8%, 0.11%, - 2.37%, and 1.72% respectively [21] - As of the week of July 17, the average weight of pigs for slaughter nationwide was 128.83 kg, a 0.2 - kg decrease from the previous week, a 0.16% month - on - month decrease [21]

Group 1: Report Overview - Report Type: Pig Daily Report [1] - Date: July 22, 2025 [2] Group 2: Market Review and Operation Suggestions Market Review - Futures: On the 21st, the main 2509 contract of live pigs opened slightly higher and fluctuated higher, closing in the positive territory. The highest was 14,510 yuan/ton, the lowest was 14,160 yuan/ton, and the closing price was 14,365 yuan/ton, up 1.77% from the previous day. The total open interest of the index increased by 7,352 lots to 167,973 lots [9]. - Spot: On the 21st, the average price of ternary pigs in the country was 14.40 yuan/kg, up 0.01 yuan/kg from the previous day [9]. Market Analysis - Demand: The price difference between fat and standard pigs slightly expanded, and the utilization rate of pens increased, indicating that the enthusiasm for secondary fattening replenishment increased in the early stage. Due to the hot weather, terminal demand was weak, slaughterhouse orders were average, and the slaughter rate and volume remained low. On July 21, the slaughter volume of sample slaughterhouses was 135,100 heads, a decrease of 700 heads from the previous day and an increase of 2,500 heads from a week ago [10]. - Supply: According to Yongyi data, the planned slaughter volume of sample enterprises in July was 23.88 million heads, a month-on-month decrease of 1.19% from June. Currently, the slaughter progress of the breeding side has recovered, the enthusiasm for slaughter has increased compared with the first ten days, the slaughter weight has slightly decreased, and the utilization rate of pens for secondary fattening pigs is relatively high. There are still secondary fattening pigs to be slaughtered in the future [10]. Outlook - In late July, the slaughter volume of large-scale farms will recover. In order to meet the monthly slaughter target, breeding enterprises may continue to increase the supply. At the same time, demand is in the off-season, and pig prices may continue to be under pressure [10]. - In the medium and long term, the supply of live pigs will continue to increase. However, the domestic anti-involution initiative and the strengthening of regional environmental protection policies are beneficial to the long-term performance of pig prices, especially the far-month contracts are affected by factors such as the expected reduction in weight and the increase in supply being less than the increase in demand. Attention should be paid to the impact of future policies on production capacity [10]. Group 3: Industry News - As of July 18, the average profit per head of self-breeding and self-raising pigs was 111 yuan/head, a week-on-week decrease of 54 yuan/head; the average profit per head of purchasing piglets for breeding was -126 yuan/head, a week-on-week decrease of 82 yuan/head [11][13]. Group 4: Data Overview - On the week of July 17, the average market sales price of 15kg piglets was 542 yuan/head, an increase of 1 yuan/head from the previous week [22]. - As of the end of the second quarter of 2025, the national live pig inventory was 424.47 million heads, a year-on-year increase of 2.2% and a month-on-month increase of 7.16 million heads or 1.72%. From the second quarter of last year to the second quarter of this year, the month-on-month changes were 1.7%, 2.8%, 0.11%, -2.37%, and 1.72% respectively [22]. - As of the week of July 17, the average slaughter weight of national live pigs was 128.83 kg, a decrease of 0.2 kg from the previous week and a month-on-month decrease of 0.16% [22].