瑞达期货研究院 「2025.10.10」 「 周度要点小结」 3 生猪市场周报 基本面偏弱，生猪价格承压 研究员：张昕 期货从业资格号F03109641 期货投资咨询从业证Z001845 关 注 我 们 获 取 更 多 资 讯 联系电话：059586778969 业务咨询 添加客服 目录 1、周度要点小结 2、期现市场 3、产业情况 行情回顾：生猪价格节后大幅低开下行，主力合约2511合约周度下跌8.38%。 行情展望：供应端，考虑仔猪和能繁母猪存栏数据周期，以及前期部分规模场出栏计划推迟至10月 出栏，近月出栏压力犹存。此外，亏损以及悲观情绪下，散户积极出栏。需求端，节后需求惯性下 降，终端采购意愿减弱，屠宰企业开工减少。短期生猪供需维持偏松格局难以扭转，生猪价格弱势震 荡运行。操作上，建议生猪2601合约偏空交易或进行生猪期货反套操作。 「 期货市场情况」 本周期货下跌 图1、大连生猪期货价格走势图 来源：文化财经 瑞达期货研究院 生猪价格低开下行，主力合约2511合约周度下跌8.38%。 4 「 期货市场情况」 本周期货净持仓净空增加 期货仓单0张 图2、生猪前20名持仓变化 来源：wind 瑞达期货研 ...

"今年以来，生猪价格和猪肉价格震荡下跌，近期跌幅有所扩大。"中国农业科学院北京畜牧兽医研究所 研究员、农业农村部猪肉全产业链监测预警首席分析师朱增勇说。 今年年初，生猪价格呈震荡下跌趋势，年中猪价反弹后再次下跌，9月最后一周价格为13.27元/公斤， 同比下跌27.8%，较年初价格累计下跌19.9%。1月份至9月份，猪肉均价为25.97元/公斤，同比下跌 4.8%，跌幅小于生猪。 朱增勇表示，供强需弱是导致猪价近期持续走低的主要原因。从消费端来看，7月份、8月份猪肉消费处 于季节性淡季，家庭及餐饮需求均有所下降。从供给端来看，1月份至8月份规模以上生猪定点屠宰企业 屠宰量24870万头，同比增长17.4%。8月屠宰量依然明显高于上年同期。今年上半年新生仔猪数量稳步 增长，持续高于上年同期，生猪产能持续释放。以往年份同期生猪出栏会季节性小幅回落，但今年7月 份以来，大体重生猪集中出栏，叠加压栏惜售和二次育肥现象减少，生猪供应反而较充足，叠加9月份 部分养殖主体恐慌性出栏，导致"越跌越卖，越卖越跌"。 在北京新发地农产品批发市场，9月份，白条猪批发加权平均价是16.46元/公斤，比8月份16.87元/公斤 下降2 ...

投资咨询业务资格：证监许可【2012】31 号 出栏量兑现，产能出清仍需时间 投资观点： 震荡偏空 报告日期 2025-9-29 季度报告 ⚫ 投资建议 近期现货体现供应增加，持续疲软，下游承接力度有限，近月 合约升水现货，期货或将持续维持弱势。受出栏量预估增至明年 2 月的预期，01 合约仍受产能增加约束上涨空间。若冬季出现疫病， 短期仍有出栏压力。目前仔猪已经连续亏损一个月，仔猪价格是生 猪价格的前置指标，若维持目前仔猪、生猪亏损状态，可关注远月 07 合约多头的价值投资。 风险提示 生猪疫病、消费需求 生猪（LH） 分析师：杨璐琳 从业资格证号：F3042528 投资咨询证号：Z0015194 数据来源：WIND 往期相关报告 1.1 现货行情回顾 1.出栏稳步增加，现货持续疲软 2025.09.18 2.预期现货兑现，关注差能修复 2024.07.31 ⚫ 供给：下半年能繁母猪存栏每个月变化较小，根据农业农村部数 据，7 月末全国能繁母猪存栏量达 4042 万头，若政府调控能繁母猪 能落地，母猪或降至 3942 万头，仍为 3900 万头正常保有量之上。 三季度出栏量逐月明显增加，体现春天仔猪产能的修 ...

Report Industry Investment Rating No information provided. Core View of the Report The report indicates that the supply of live pigs is increasing while demand is weak, leading to a weak and volatile market for live pigs [1]. Summary by Directory Current Pig Farming Overview - Pig inventory has recovered and increased from a low point [8]. - Pig prices have remained at a low level [8]. - The pig farming cycle is in a recession after a period of prosperity [8]. Pig Supply and Demand Fundamental Analysis - Domestic pig inventory is relatively stable [13]. - Domestic pork prices are at a relatively low level [13][26]. - The market is looking forward to the peak demand season during the double festivals [13]. - Imported pork accounts for a very low proportion, with a relatively limited impact [40]. Short - and Medium - Term Weak and Volatile Pig Market - The pig cycle is shortened and lengthened under the influence of information industrialization and industrial informatization [42]. - The formation and influence of capital in the pig farming industry [42]. - The pig - grain ratio and government regulation [42]. - Uncertainties in trade negotiations between China and the US, Canada, etc. [42]. - Changes in domestic demand [42]. Pig Market's Bullish and Bearish Factors - Bullish factors: cost - end and state reserve support; uncertainties in tariff negotiations between China and the US, Canada, etc. [44]. - Bearish factors: short - term relatively high pig inventory; weak demand growth [44].

瑞达期货研究院 「2025.09.12」 生猪市场周报 关 注 我 们 获 取 更 多 资 讯 联系电话：059586778969 业务咨询 添加客服 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 关注重要会议，生猪短期波动或加剧 研究员：张昕 期货从业资格号F03109641 期货投资咨询从业证Z001845 3 行情回顾：生猪价格震荡走低，主力合约2511合约周度下跌0.53% 行情展望：供应端，养殖端有挺价情绪，现货价格企稳波动，不过9月对应能繁母猪存栏是上个增加 周期的峰值，叠加6个月前新生仔猪数量增加，供应存在压力，根Mysteel数据显示，样本9月计划出 栏量环比增加。据财联社，农业农村部畜牧兽医局会同国家发改委价格司拟于9月16 日在北京召开生 猪产能调控企业座谈会，关注会议内容，将影响市场情绪。需求端，北方气温下降，需求小幅回暖， 屠宰厂开机率持续回升，但最新一周数据增长幅度下降。总体来说，供需偏松格局未改，生猪价格上 方仍然承压，但是9月中旬会议将影响市场情绪，造成价格波动。操作上，建议暂时观望。 「 期货市场情况」 本周期货下跌 图1、大连生猪期货价格走势图 来源 ...

Core Viewpoint - The continuous decline in pig prices is attributed to seasonal demand fluctuations, increased supply from concentrated market releases, and a current average pig-to-grain price ratio falling below 6:1, triggering government alerts for market stabilization [2][5]. Supply and Demand Analysis - Demand Side: The summer season traditionally sees reduced pork consumption, with consumers preferring lighter meals, leading to decreased demand for pork products [4][5]. - Supply Side: The current pig inventory is robust, with a breeding sow population of 40.43 million, exceeding reasonable levels by 3.7%, ensuring a steady supply of pigs for market [5]. Price Trends - Retail prices for pork have generally decreased this year, with leg meat prices dropping by 2-3 yuan per kilogram compared to the beginning of the year, currently ranging from 10.8 to 16.8 yuan per kilogram [3][4]. - As of August 23, the average price of live pigs in Chengdu was reported at 13.44 yuan per kilogram, marking a significant price drop [2][3]. Consumer Behavior - Consumers have noted minimal changes in their pork purchasing habits, with some reporting only a slight decrease in prices, indicating a low sensitivity to price changes during the summer season [4][5]. - Retailers have observed stable pricing with occasional promotional activities, reflecting a competitive market environment [3][4]. Market Outlook - Experts suggest that while short-term price declines may benefit consumers, prolonged low prices could lead to losses for farmers, potentially disrupting future supply and demand dynamics [5]. - Recommendations include rational adjustments in farming practices, enhanced market monitoring by government agencies, and improved coordination across the pork supply chain to ensure stability and profitability for both consumers and producers [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The current supply - demand fundamentals of the pig market have not improved substantially. Although the short - term price is supported by factors such as farmers' reduced sales and increased second - fattening, the overall supply is still loose due to weakened terminal consumption, group farms' weight reduction and increased supply, and active sales by social farms [7]. - The pig production capacity is sufficient. Although the number of breeding sows has declined slightly, it is still above the normal level, and the production efficiency has increased. If pork consumption does not grow significantly, the room for pig price increase before September 2025 may be limited [7]. - In the short term, the improvement of market sentiment supports the strengthening of the futures market. The resistance level of the main contract is around 14,000. For options, out - of - the - money call options can be sold [8]. 3. Summary According to Relevant Catalogs 3.1. Weekly Views and Strategies - **Fundamental Situation**: The national average pig slaughter price was 14.12 yuan/kg, a week - on - week increase of 1.07% and a year - on - year decrease of 23.63%. The supply - demand relationship remained loose. The number of breeding sows in April 2025 was 40.38 million, a year - on - year decrease of 1.3%. The production capacity was sufficient, and the pressure on pig slaughter in the later period was still large [7]. - **Outlook and Strategy**: The supply in the pig market is sufficient in the current and future periods, and the price is under downward pressure. The short - term market sentiment supports the strengthening of the futures market, and the resistance level of the main contract is 14,000. Out - of - the - money call options can be sold [8]. 3.2. Futures and Spot Markets - **Pig Futures and Spot Prices**: The national average pig slaughter price was 14.12 yuan/kg, with a week - on - week increase of 0.15 yuan/kg and a week - on - week increase of 1.07%. The supply - demand fundamentals have not improved, and the market supply - demand remains loose [12]. - **Futures Spreads**: No specific analysis content provided, only pictures are shown. - **Pig Standard - Fat and Gross - White Price Differences**: The price of standard pigs was mainly supported by market sentiment, and the price of large pigs increased. The standard - fat price difference widened slightly compared with last week [29]. - **Prices of Piglets and Binary Sows**: The average price of 7 - kg weaned piglets was 445.71 yuan/head, a week - on - week decrease of 4.98% and a year - on - year decrease of 33.00%. The price is expected to remain weak in the short term [33]. - **Price of Culled Sows**: The average price of culled sows was 10.50 yuan/kg, a week - on - week increase of 0.77% and a year - on - year decrease of 23.02%. The price is expected to be weakly adjusted next week [36]. 3.3. Production Capacity - **Inventory of Breeding Sows**: In April 2025, the inventory of breeding sows was 40.38 million, a decrease of 400,000 compared with December 2024. In May, the inventory of breeding sows in large - scale farms and small and medium - sized farms increased slightly. It is expected that the inventory may not increase in June [40][44]. - **Elimination Volume of Breeding Sows**: In May, the elimination volume of breeding sows in large - scale farms and small and medium - sized farms decreased slightly. It is expected that the elimination volume may be stable and difficult to decrease in June [48]. - **Inventory Proportion of Breeding Sows**: No specific analysis content provided, only pictures are shown. 3.4. Supply Side - **Inventory of Commercial Pigs**: In May, the inventory of commercial pigs in large - scale farms and small and medium - sized farms increased. It is expected that the inventory may decrease in June [55]. - **Slaughter Volume of Commercial Pigs**: In May, the slaughter volume of commercial pigs in large - scale farms and small and medium - sized farms decreased. It is expected that the actual slaughter volume may increase in June [58]. - **Inventory Structure of Commercial Pigs**: In May 2025, the inventory proportion of 7 - 49 kg piglets decreased, the inventory of 140 - kg and above large pigs decreased, and the inventory of 90 - 140 kg pigs increased slightly [61]. - **Average Slaughter Weight of Commercial Pigs**: The national average slaughter weight of foreign - ternary pigs was 123.78 kg, a week - on - week decrease of 0.15%. It is expected that the slaughter weight may continue to decrease slowly next week [64]. 3.5. Demand Side - **Pig Slaughter Volume**: No specific analysis content provided, only pictures are shown. - **Cold Storage Rate of Slaughtering Enterprises**: Terminal consumption is weak, and the cold storage rate of frozen products is at a low level. The domestic frozen products are in the de - stocking stage, and the impact on pig prices is limited [73]. - **Operating Rate and Fresh Sales Rate of Slaughtering Enterprises**: The operating rate of slaughtering enterprises this week was 27.97%, a week - on - week increase of 0.75 percentage points. It is expected that the operating rate may decline in the future due to weak demand [76]. - **Substitute Prices**: No specific analysis content provided, only pictures are shown. 3.6. Cost and Profit - **Profit of Pig Breeding and Slaughtering**: The weekly average profit of self - breeding and self - raising mode was 61.11 yuan/head, a week - on - week increase of 9.4 yuan/head. The weekly average loss of the mode of purchasing piglets increased to 53.71 yuan/head, a week - on - week increase of 25.16 yuan/head [89]. - **Gross Profit of Slaughtering and Feed - to - Meat Ratio**: No specific analysis content provided, only pictures are shown. - **Pig - to - Grain Ratio**: The current pig - to - grain ratio is 5.86, with little change. It is expected to be stable with a slight decrease next week [96].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The price of live pigs rebounded, with the main contract rising 2.45% weekly. The supply pressure is expected to increase in the medium - term as the sow production capacity is in an increasing cycle in the second and third quarters. High temperatures suppress the willingness to purchase pork, and consumption has entered a seasonal off - peak, making it difficult to support prices. Although policies and rising feed raw materials boost the sentiment of the futures market, weak demand restricts the increase of spot prices and the basis weakens rapidly, which may limit the upside space of the futures market. It is expected that the live pig price will fluctuate, and the strategy suggestion is to wait and see [6]. Summary by Directory 1. Week - ly Key Points Summary - **Market Review**: The live pig price rebounded, and the main contract rose 2.45% weekly [6][9]. - **Market Outlook**: Supply - side: The current slaughter rhythm is normal, and the average slaughter weight is decreasing. In the medium - term, supply pressure will increase. Demand - side: High temperatures reduce pork purchasing willingness, the terminal sales slow down, the slaughterhouse operating rate drops continuously, and consumption is in a seasonal off - peak. Overall, policies and rising feed raw materials boost the futures price, but weak demand restricts the spot price increase, and the basis weakens rapidly, which may limit the upside of the futures market. It is expected that the live pig price will fluctuate [6]. - **Strategy Suggestion**: Temporarily wait and see [6]. 2. Futures and Spot Markets Futures Market - **Price Movement**: The futures price rebounded this week, and the main contract rose 2.45% weekly [7][9]. - **Net Position and Warehouse Receipts**: As of June 13, the net short position of the top 20 holders in live pig futures was 11,126 lots, an increase of 2,144 lots from last week. The number of futures warehouse receipts was 750, an increase of 275 from last week [15]. Spot Market - **Basis**: The basis of the live pig July contract this week was 705 yuan/ton, and the basis of the September contract was 210 yuan/ton [19]. - **Prices of Live Pigs and Piglets**: The national average price of live pigs this week was 14.38 yuan/kg, an increase of 0.12 yuan/kg from last week and a decrease of 2.04% from last month. The average price of 15 - kg weaned piglets was 38.28 yuan/kg, a decrease of 3.86 yuan/kg from last week and a decrease of 15.69% from last month [26]. - **Pork and Sows' Prices**: As of June 5, the national average price of pork was 25.49 yuan/kg, a decrease of 0.11 yuan/kg from the previous week. The average market price of binary sows this week was 32.52 yuan/kg, unchanged from the previous week [31]. - **Pig - grain Ratio**: As of the week of June 24, 2025, the pig - grain ratio was 6.29, a decrease of 0.02 from the previous week, and it was below the break - even point [35]. 3. Industry Situation Upstream - **Sow Inventory**: In April 2025, the national inventory of breeding sows was 40.38 million, a decrease of 10,000 from the previous month, an increase of 1.31% year - on - year, and equivalent to 103.6% of the normal inventory. According to Mysteel data, in May, the inventory of breeding sows in 123 large - scale farms increased slightly by 0.33% month - on - month and 4.26% year - on - year; the inventory of 85 small and medium - sized farms increased slightly by 0.03% month - on - month and 8.07% year - on - year [40]. - **Live Pig Inventory**: In Q1 2023, the national live pig inventory was 417.31 million, a decrease of 10.12 million from the end of the previous quarter and an increase of 8.81 million year - on - year. According to Mysteel data, in May, the live pig inventory in 123 large - scale farms was 35.6403 million, an increase of 0.45% month - on - month and 5.75% year - on - year; the inventory in 85 small and medium - sized farms was 1.4438 million, an increase of 0.82% month - on - month and 8.07% year - on - year [43]. - **Live Pig Slaughter Volume and Weight**: In May, the slaughter volume of 123 large - scale farms was 10.5986 million, a decrease of 2.38% month - on - month and an increase of 12.35% year - on - year; the slaughter volume of 85 small and medium - sized farms was 0.4896 million, a decrease of 1.48% month - on - month and an increase of 73.46% year - on - year. The average slaughter weight of national outer - ternary live pigs this week was 123.96 kg, a slight decrease of 0.16 kg from last week [46]. Industry - **Breeding Profits**: As of June 13, the profit of purchasing piglets for breeding reported a loss of 210.64 yuan/head, a decrease of 89.84 yuan/head compared to the previous week; the profit of self - breeding and self - raising live pigs was a loss of 2.9 yuan/head, a decrease of 36.72 yuan/head compared to the previous week. The profit of poultry breeding was - 0.55 yuan/head, and the weekly loss decreased by 0.11 yuan/head [51]. - **Pork Imports**: From January to April 2025, China imported 360,000 tons of pork in total, a year - on - year increase of 5.88%, but it was at a historically low level [56]. - **Substitute Products**: As of the week of June 13, the price of white - striped chickens was 13.0 yuan/kg, unchanged from last week. As of the week of June 12, the average price difference between standard and fat pigs in the country was - 0.21 yuan/kg, a decrease of 0.16 yuan/kg compared to last week [59]. - **Feed Situation**: As of June 13, the spot price of soybean meal was 2968 yuan/ton, an increase of 27.71 yuan/ton from the previous week; the price of corn was 2405.1 yuan/ton, an increase of 17.26 yuan/ton from the previous week. The closing price of the Dalian Commodity Exchange pig feed cost index was 962.11, an increase of 1.61% from last week; the price of fattening pig compound feed was 3.36 yuan/kg, a decrease of 0.01 yuan/kg from last week. As of April 2025, the monthly feed production was 26.64 million tons, a year - on - year decrease of 1.132 million tons [65][69][74]. - **CPI**: As of May 2025, China's CPI decreased by 0.1% year - on - year, and the decline rate was the same as last month [77]. Downstream - **Slaughter and Consumption**: In the 24th week, the operating rate of slaughtering enterprises was 27.22%, a decrease of 1.68 percentage points from last week and 4.45 percentage points higher than the same period last year. As of this Thursday, the frozen product storage capacity of key domestic slaughtering enterprises was 17.34%, an increase of 0.02% from last week. As of April 2025, the slaughter volume of designated pig slaughtering enterprises was 30.77 million, an increase of 0.46% from the previous month. In April 2025, the national catering revenue was 416.7 billion yuan, a year - on - year increase of 5.2% [80][85]. 4. Live Pig Stocks The report mentions two live pig - related stocks: Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis is provided [86].

Core Viewpoint - The livestock farming sector is experiencing a positive trend, with the China Livestock Farming Index showing a strong increase, driven by key stocks like Muyuan Foods and others, despite ongoing challenges in the market due to fluctuating pig prices and inventory pressures [1][2]. Group 1: Market Performance - As of June 11, 2025, the China Livestock Farming Index (930707) rose by 1.06%, with major stocks such as Shennong Group increasing by 6.69% and Muyuan Foods by 4.08% [1]. - The Livestock ETF (516760) also saw a rise of 1.08%, closing at 0.65 yuan, with a two-week cumulative increase of 2.54% [1]. - The trading volume for the Livestock ETF was 215.17 million yuan, with a turnover rate of 1.64% [1]. Group 2: Company Insights - Muyuan Foods reported a significant increase in pig output from January to April, with production costs improving to 12.4 yuan per kilogram by April [2]. - The company has submitted an application for H-share issuance, which may enhance its global market presence [2]. - Despite a downward trend in pig prices, the industry remains profitable, supported by Muyuan's cost advantages and improved profit margins [2]. Group 3: Valuation Metrics - The Livestock ETF tracks the China Livestock Farming Index, which has a current price-to-earnings ratio (PE-TTM) of 12.89, indicating it is at a historical low compared to the past year [4]. - The top ten weighted stocks in the index account for 68.9% of its total weight, with companies like Haida Group and Muyuan Foods being significant contributors [4]. Group 4: Stock Performance Overview - The performance of the top ten stocks in the Livestock ETF shows varied results, with Haida Group declining by 2.09% while Muyuan Foods increased by 4.09% [6]. - Other notable performers include Wens Foodstuff Group, which rose by 3.05%, and New Hope, which increased by 1.57% [6].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The supply pressure will ease at the end and beginning of the month, but the selling willingness of breeders and second - fattening farmers increases, and the mid - term supply pressure will increase due to the growth cycle of sows in the second and third quarters. - After the Dragon Boat Festival, terminal demand will cool down again, and the seasonal consumption of pork will weaken with rising temperatures. - In the short term, the change in the slaughter rhythm will lead to an adjustment in hog prices, but the overall price trend is weak due to the mid - term supply - demand imbalance with a looser pattern. - The recommended strategy is to short on rallies and conduct rolling operations. [6] 3. Summary by Directory 3.1 Weekly Highlights - **Market Review**: Hog prices fluctuated and adjusted, with the main contract rising 0.67% weekly. - **Market Outlook**: Supply pressure will ease in the short term but increase in the mid - term, and demand will decline seasonally. Overall, the short - term price will adjust, and the mid - term trend is weak. - **Strategy**: Short on rallies and conduct rolling operations. [6] 3.2 Futures and Spot Markets - **Futures Market**: This week, futures fluctuated and adjusted. The net short position of the top 20 futures decreased, and there were 0 futures warrants. As of May 30, the net short position of the top 20 in hog futures was 8,804 lots, 3,750 lots less than last week, and the number of futures warrants decreased by 633 to 5 lots compared to last week. [10][12][16] - **Spot Market**: - The basis of the July and September hog contracts was 1,295 yuan/ton and 895 yuan/ton respectively this week. - The national average hog price was 14.62 yuan/kg, up 0.27 yuan/kg from last week and down 1.88% from last month. The average price of 15 - kg weaned piglets was 40.66 yuan/kg, unchanged from last week and down 0.59% from last month. - The national pork price was 25.68 yuan/kg in the week of May 22, down 0.16 yuan/kg from the previous week. The average price of binary sows was 32.53 yuan/kg, unchanged from the previous week. - The hog - grain ratio was 6.29 as of the week of May 21, down 0.13 from the previous week, below the break - even point and continuing to weaken. [20][27][31][35] 3.3 Industry Situation - **Upstream**: - In April, the inventory of breeding sows decreased slightly month - on - month, accounting for 103.6% of the normal inventory. The inventory of breeding sows in large - scale farms and small and medium - sized farms in April showed a slight increase. - In the first quarter, the hog inventory increased year - on - year, and the inventory of institutions increased slightly in April. - In April, the hog slaughter volume increased, and the average slaughter weight remained unchanged. [40][43][46] - **Industry**: - As of May 30, the profit of purchasing piglets for fattening was a loss of 84.37 yuan/head, a decrease of 68.32 yuan/head month - on - month; the profit of self - breeding and self - fattening was 35.65 yuan/head, a decrease of 12.56 yuan/head month - on - month. The poultry breeding profit was a loss of 0.36 yuan/head, with a reduced loss of 0.09 yuan/head week - on - week. - From January to April 2025, the cumulative imported pork was 360,000 tons, a year - on - year increase of 5.88%, but at a historically low level. - As of May 30, the price of white - striped chickens was 13.2 yuan/kg, down 0.2 yuan/kg from last week; the average price difference between standard and fat hogs was - 0.01 yuan/kg, an increase of 0.02 yuan/kg from last week. - As of May 30, the spot price of soybean meal was 2,975.14 yuan/ton, down 52.86 yuan/ton from the previous week; the corn price was 2,376.08 yuan/ton, up 4.31 yuan/ton from the previous week. - As of May 30, the closing price of the Dalian Commodity Exchange hog feed cost index was 943.45, up 0.3% from last week; the price of finishing pig compound feed was 3.37 yuan/kg, unchanged from last week. - As of April 2025, the monthly feed output was 26.64 million tons, a year - on - year decrease of 1.132 million tons. - As of April 2025, China's CPI decreased year - on - year, but the decline narrowed. [51][56][60][65] - **Downstream**: - In the 22nd week, the slaughtering enterprise's operating rate was 29.35%, up 0.8 percentage points from last week and 9.03 percentage points higher year - on - year. The frozen product storage capacity of key domestic slaughtering enterprises was 17.28%, unchanged from last week. - As of April 2025, the slaughter volume of designated hog slaughtering enterprises was 30.77 million heads, an increase of 0.46% from the previous month. In April 2025, the national catering revenue was 416.7 billion yuan, a year - on - year increase of 5.2%. [79][84] - **Hog Stocks**: The report mentions the stock trends of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific data is provided. [85]