具体来看，牧原股份披露的2025年9月份销售简报显示，2025年9月份，公司销售商品猪557.3万头，同 比变动11.05%（其中向全资子公司牧原肉食品有限公司及其子公司合计销售商品猪277.8万头）；商品 猪销售均价12.88元/公斤，同比变动-30.94%；商品猪销售收入90.66亿元，同比变动-22.46%；同时，牧 原股份今年9月份的商品猪销售数量、均价、收入环比均出现一定下滑。 温氏股份披露的2025年9月份主产品销售情况简报显示，公司2025年9月份销售生猪332.53万头（其中毛 猪和鲜品299.46万头，仔猪33.07万头），收入49.75亿元，毛猪销售均价13.18元/公斤，环比变动分别为 2.45%、3.11%、-5.18%，同比变动分别为32.46%、-15.16%、-30.81%。 （原标题：猪价 继续下行！） A股上市猪企2025年9月份销售简报近日集中出炉。 相关简报显示，上市猪企今年9月份生猪销量、销售收入变化趋势各异，但销售均价同环比均进一步走 低。 值得注意的是，今年10月以来，猪价跌势未止，总体仍在进一步走低。 A股上市猪企9月份销售简报集中出炉 近日，主要上市猪企2025 ...

A股上市猪企2025年9月份销售简报近日集中出炉。 10月10日晚间，天邦食品披露的2025年9月份商品猪销售情况简报显示，公司2025年9月份销售商品猪 61.27万头（其中仔猪销售25.23万头），销售收入6.34亿元，销售均价13.69元/公斤（商品肥猪均价为 12.80元/公斤），环比变动分别为15.68%、2.14%、-8.88%。 同日，大北农披露的2025年9月份生猪销售情况简报显示，2025年9月份控股公司生猪销售数量为37.37 万头，销售收入5.41亿元。其中销售数量环比增长6.10%，同比增长33.08%；销售收入环比增长3.64%， 同比增长-6.24%；商品肥猪出栏均重128.86公斤，销售均价12.91元/公斤。 此前一天，包括牧原股份、温氏股份、新希望在内的多家规模较大的上市猪企也披露了2025年9月份的 销售情况。 具体来看，牧原股份披露的2025年9月份销售简报显示，2025年9月份，公司销售商品猪557.3万头，同 比变动11.05%（其中向全资子公司牧原肉食品有限公司及其子公司合计销售商品猪277.8万头）；商品 猪销售均价12.88元/公斤，同比变动-30.94%；商品 ...

A股上市猪企2025年9月份销售简报近日集中出炉。 相关简报显示，上市猪企今年9月份生猪销量、销售收入变化趋势各异，但销售均价同环比均进一步走 低。 值得注意的是，今年10月以来，猪价跌势未止，总体仍在进一步走低。 A股上市猪企9月份销售简报集中出炉 近日，主要上市猪企2025年9月的销售简报集中出炉。 10月10日晚间，天邦食品披露的2025年9月份商品猪销售情况简报显示，公司2025年9月份销售商品猪 61.27万头（其中仔猪销售25.23万头），销售收入6.34亿元，销售均价13.69元/公斤（商品肥猪均价为 12.80元/公斤），环比变动分别为15.68%、2.14%、-8.88%。 同日，大北农披露的2025年9月份生猪销售情况简报显示，2025年9月份控股公司生猪销售数量为37.37 万头，销售收入5.41亿元。其中销售数量环比增长6.10%，同比增长33.08%；销售收入环比增长3.64%， 同比增长-6.24%；商品肥猪出栏均重128.86公斤，销售均价12.91元/公斤。 此前一天，包括牧原股份、温氏股份、新希望在内的多家规模较大的上市猪企也披露了2025年9月份的 销售情况。 猪肉消费价格 ...

A股上市猪企2025年9月份销售简报近日集中出炉。 相关简报显示，上市猪企今年9月份生猪销量、销售收入变化趋势各异，但销售均价同环比均进一步走低。 值得注意的是，今年10月以来，猪价跌势未止，总体仍在进一步走低。 此前一天，包括牧原股份、温氏股份、新希望在内的多家规模较大的上市猪企也披露了2025年9月份的销售情况。 具体来看，牧原股份披露的2025年9月份销售简报显示，2025年9月份，公司销售商品猪557.3万头，同比变动11.05%（其中向全资子公司牧原肉食品有限公 司及其子公司合计销售商品猪277.8万头）；商品猪销售均价12.88元/公斤，同比变动-30.94%；商品猪销售收入90.66亿元，同比变动-22.46%；同时，牧原 股份今年9月份的商品猪销售数量、均价、收入环比均出现一定下滑。 温氏股份披露的2025年9月份主产品销售情况简报显示，公司2025年9月份销售生猪332.53万头（其中毛猪和鲜品299.46万头，仔猪33.07万头），收入 49.75亿元，毛猪销售均价13.18元/公斤，环比变动分别为2.45%、3.11%、-5.18%，同比变动分别为32.46%、-15.16%、-30.8 ...

以下文章来源于大地期货研究院 ，作者马爽 大地期货研究院 . 大地期货研究院官方订阅号 二 次育肥： 中性偏空 仍以出为主，低价局部有零星进场，整体还是偏谨 慎。 收抛储 ： 中性 本周 10 月 10 日挂牌轮换收储中央储备冻猪肉 1.5 万吨。 文 | 马爽 来源 | 大地期货研究院 编辑 | 杨兰 审核 | 浦电路交易员 观点小结 核心观点： 震荡偏空 供强需弱格局不变。双节期间猪价全面下跌进一步反 映了当下供应增量明显的弱现实，近端供应压力持续，而现阶段需求增量难 以匹配供给增量，基本面暂无明显利好驱动，猪价探底或未结束。近月随现 货偏弱看待，临近交割月盘面尚处升水状态，操作上维持逢高偏空的思路， 关注出栏节奏和情绪表现。 能繁产能 ： 近 空远多 行业进入亏损状态，当下利润和政策角度来看去产具 有一定理论上的驱动，关注逐月能繁及淘母数量表现。 商品猪供给： 中性 偏空 企业端出栏有被动后移表现，出栏计划增量继续体 现，体重尚且高于同期，近端出栏压力延续。 屠宰开工： 中性 节后需求惯性回落，温和复苏状态下短期需求增量有限。 成本及利润：中性偏多 近月养殖成本变化不大，利润主要受猪价主导。当下 各环节 ...

1 每日提示 交易咨询业务资格：证监许可【2012】1091号 生猪期货早报 2025-10-09 大越期货投资咨询部：王明伟 从业资格证号：F0283029 投资咨询资格证号：Z0010442 联系方式：0575-85226759 1 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1.中国对美国和加拿大猪肉进口加征关税，提振市场信心，国内生猪消 费市场受淡季即将来临影响，随着中秋国庆过去，大猪出栏有所减少，生猪 供需双减，现货价格短期偏弱中期维持区间震荡格局。 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 ✸生猪观点和策略 生猪： 1. 基本面：供应方面，国内进入中秋国庆双节后供需淡季，国内大型养殖场出栏开始减少支撑生猪短 期价格，预计本周供给猪、肉双减。需求方面，国内宏观环境预期有所回升，长假结束后至居民整 体消费意愿减弱，压制短期鲜猪肉消费。综合来看，预计本周市场或供需双减、猪价短期弱势中期 或探底回升维持震荡格局。关注月中集团 ...

本周全国生猪交易均重止涨下滑。卓创资讯监测全国生猪平均交易体重为124.66公斤，环比微跌 0.05%。本周分省份交易均重跌多涨少。部分省份养殖端执行减重政策，养殖端出栏节奏加快，带动出 栏均重下滑。两广受台风天气影响，养殖端有提前出栏动作。而部分省份大场出栏偏少、价格较高，屠 企转而收购低价散户猪源，生猪收购均重仍有上涨现象。未来一周养殖端或继续推行减重政策，但双节 到来，市场备货意愿提升，部分前期压栏的猪源加速出栏，均重继续下滑空间或有限。本周国内生猪重 点屠宰企业开工率环比上涨，周内平均开工率34.54%，环比上涨0.4个百分点。生猪出栏偏多，屠宰企 业收购顺畅。需求方面，随着双节假期临近，同时气温下降，下游备货积极性提升，屠宰企业订单增 加，支撑开工率上涨。月末进入备货高峰期，但假期初需求或减少，预计近期开工率或先涨后降。 据农业农村部监测，9月26日，全国农产品批发市场猪肉平均价格为19.42元/公斤，与上周五（9月19 日）的19.48元/公斤相比，下降0.3%。本周的平均价格为19.52元/公斤，与上周19.7元/公斤的均价相 比，下降0.9%。 本周国内生猪价格呈下行趋势，周均价环比下跌。据中 ...

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The supply of pigs and pork is expected to increase this week as large domestic farms are more willing to sell pigs before the Mid - Autumn Festival and National Day, while consumer demand for fresh pork is also boosted by the approaching holidays and the start of the school term. The market is likely to see both increased supply and demand, with short - term weak pig prices and a mid - term trend of bottoming out and then fluctuating. The price of LH2511 is expected to fluctuate between 12,600 and 13,000 [10]. Summary by Directory 1. Daily Tips - The fundamental situation shows that supply and demand are both increasing. The basis indicates that the spot price is at a discount to the futures price. The inventory shows an increase in pig and sow stocks. The price is below the 20 - day moving average. The net long position of the main contract is decreasing. The expected price of LH2511 will fluctuate between 12,600 and 13,000 [10]. 2. Recent News - China's tariff increase on pork imports from the US and Canada boosts market confidence. As the holidays approach, the supply and demand of pigs are both increasing, with short - term weak spot prices and mid - term price fluctuations. The short - term improvement in pork demand is affected by increased supply, and the price may bottom out after the National Day. The loss of pig - farming profits has expanded, and the short - term price of pigs is supported by the increase in supply and demand [12]. 3. Bullish and Bearish Factors - Bullish factors include the peak consumption season before the long holiday and limited room for further decline in the spot price. Bearish factors are the pessimistic macro - environment due to the Sino - US tariff war and the year - on - year increase in pig inventory. The current main logic is the focus on pig slaughter and fresh meat demand [13]. 4. Fundamental Data - The report provides data on pig futures, warehouse receipts, and spot prices from September 16th to 24th, including prices of different contracts and spot prices in various regions [14]. 5. Position Data - Not provided in the document

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The supply and demand of the domestic pig market are expected to increase this week, and the pig price is expected to bottom out and rebound in the short term, maintaining a volatile pattern. The market should focus on the changes in the slaughter rhythm of group farms at the end of the month and the dynamics of the secondary fattening market. The LH2511 contract of live pigs is expected to fluctuate in the range of 12,400 - 12,800 [10]. Summary by Directory 1. Daily Hints - The fundamentals show that in September, the domestic market is gradually entering the peak season of supply and demand before the Mid - Autumn Festival and National Day. The enthusiasm for domestic slaughter has increased, and the pig price is expected to maintain short - term fluctuations. It is expected that the supply of pigs and meat will increase this week. On the demand side, the domestic macro - environment expectation has improved, and the overall consumption willingness of residents has increased with the approaching of the school season and long holidays, which boosts the short - term fresh pork consumption and market confidence. The base price indicates that the national average spot price is 12,560 yuan/ton, and the basis of the 2511 contract is 105 yuan/ton, with the spot at a discount to the futures. The inventory shows that as of June 30, the live pig inventory was 424.47 million heads, a month - on - month increase of 0.4% and a year - on - year increase of 2.2%; as of the end of June, the breeding sow inventory was 40.42 million heads, a month - on - month increase of 0.02% and a year - on - year increase of 4.2%. The market trend shows that the price is below the 20 - day moving average and moving downward. The main positions are net long, with an increase in long positions. It is expected that the supply and demand of live pigs will pick up recently, and the pig price will maintain a weak and volatile pattern this week, with the LH2511 contract fluctuating in the range of 12,400 - 12,800 [10]. 2. Recent News - China's additional tariffs on pork imports from the United States and Canada have boosted market confidence. Affected by the off - season, with the approaching of the Mid - Autumn Festival and National Day, the slaughter of large pigs has increased, resulting in an increase in both supply and demand of live pigs. The spot price has returned to short - term fluctuations, and the futures price has also shown a range - bound pattern. Recently, the high - temperature weather has led to a short - term decline in pork demand. The spot price of live pigs has fluctuated weakly due to the increase in supply, but the decline may be limited due to the gradual recovery of demand. The domestic pig farming profit has remained at a low level, and the short - term profit has deteriorated. The enthusiasm for slaughtering large pigs is currently good, and the increase in both supply and demand supports the short - term price expectations of live pig futures and spot. The spot price of live pigs may fluctuate strongly before the National Day, and the futures price will return to a range - bound pattern in the short term. Further observation of the growth of supply and demand is needed [12]. 3. Bullish and Bearish Factors - Bullish factors include that the domestic pig consumption has entered the peak season before the long holiday, and the room for further decline in the domestic live pig spot price may be limited. Bearish factors include the pessimistic expectation of the domestic macro - environment affected by the Sino - US tariff war and the year - on - year increase in domestic live pig inventory. The current main logic is that the market focuses on the slaughter situation of live pigs and the demand for fresh meat [13]. 4. Fundamental Data - The report provides data on live pig futures, warehouse receipts, and spot prices from September 15 to September 23, including prices of the main 2511 contract, far - month 2601 contract, 2411 contract, and spot prices in different regions such as Shandong, Jiangsu, Hunan, and Guangdong. It also shows various charts related to the fundamentals of live pigs, including the basis and spread trends of live pig futures, the average prices of different specifications of live pigs in the spot market, and the supply - side indicators such as pig prices, piglet indicators, inventory, pork imports, fattening costs, feed profit expectations, slaughter, profit, and substitution. On the demand side, it includes consumption trends, pig - grain ratio, and the situation of purchase and release of reserves [14]. 5. Position Data - Not explicitly summarized in the given content.

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint - The report suggests that the pig price will experience a period of volatile adjustment. The supply of pigs is expected to increase gradually until December, which will limit significant price increases. However, the price difference between 150Kg pigs and standard pigs is expected to strengthen seasonally, providing some support to the pig price. If the price remains weak, a negative cycle may form, but the pig price may rebound at the end of the year. In this case, an inverse spread strategy between the 11 - 01 contracts can be considered [4]. 3. Summary by Relevant Catalogs 3.1 Market Dynamics - On September 17, the registered warehouse receipts of live pigs were 428 lots. The short - term spot price has limited room for further decline, and attention should be paid to the change in the slaughter weight of live pigs. The main contract of live pigs (LH2511) added 9,219 lots in positions today, with a total position of about 94,100 lots. The highest price was 13,160 yuan/ton, the lowest was 12,995 yuan/ton, and it closed at 13,000 yuan/ton [2]. 3.2 Fundamental Analysis - From the perspective of the inventory of breeding sows, the supply of live pigs is expected to increase monthly from March to December, but the increase is limited. Based on the piglet data, the slaughter volume of live pigs will generally increase in the third and fourth quarters of 2025. The consumption in the second half of the year is better than that in the first half. Historically, the price difference between fat pigs and standard pigs may strengthen. The market has both bearish and bullish logics. The bearish factors include slow and difficult weight reduction by farmers, continuous increase in subsequent slaughter volume, and limited demand support for pig prices in September and October. The bullish factors include weight reduction by farmers benefiting the future market, improved consumption after the weather turns cool, and limited increase in subsequent slaughter volume [3]. 3.3 Strategy Suggestion - The view is that the market will be in a volatile adjustment phase. The core logic is that, based on sow and piglet data, the slaughter volume of live pigs may increase monthly until December, making it difficult for pig prices to rise significantly under sufficient supply. The price difference between 150Kg pigs and standard pigs has stabilized and rebounded, and it is expected to continue to strengthen seasonally, which will weaken farmers' willingness to reduce weight and support pig prices. If the weak price continues, a negative cycle may form. If this cycle occurs, the pig price is expected to rebound at the end of the year, and an inverse spread strategy between the 11 - 01 contracts can be considered (for reference only, not an investment recommendation) [4]. 3.4 Market Overview - On September 17, the national average live pig slaughter price was 12.95 yuan/kg, a decrease of 0.13 yuan/kg or 0.99% from the previous day. The slaughter price in Henan was 13.04 yuan/kg, a decrease of 0.15 yuan/kg or 1.14%. In Sichuan, it was 12.64 yuan/kg, a decrease of 0.1 yuan/kg or 0.78%. Among the futures prices, the 01 contract was 13,510 yuan/ton, a decrease of 170 yuan/ton or 1.24%; the 03 contract remained unchanged at 13,005 yuan/ton; the 05 contract was 13,550 yuan/ton, an increase of 20 yuan/ton or 0.15%; the 07 contract was 14,300 yuan/ton, an increase of 60 yuan/ton or 0.42%; the 09 contract was 12,985 yuan/ton, a decrease of 115 yuan/ton or 0.88%; the 11 contract was 13,000 yuan/ton, a decrease of 160 yuan/ton or 1.22%. The main basis in Henan was 40 yuan/ton, an increase of 10 yuan/ton or 33.33% [6]. 3.5 Key Data Tracking No detailed summary information provided other than the display of data charts, including the closing prices of futures contracts in the past 180 days, the basis of the main live pig contract in Henan, the price difference between 11 - 01 contracts, and the price difference between 01 - 03 contracts [14].