Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - Short-term supply pressure decreases, providing support for prices, but the demand-side boost weakens, and the supply-demand game continues, with the overall market moving in an oscillatory manner. The live hog 2603 contract closed down 0.8% on the day, with frequent short-term fluctuations and no strong trend [2] Group 3: Summary by Directory Futures Market - The closing price of the main futures contract for live hogs was 11,720 yuan/ton, a decrease of 65 yuan/ton; the main contract position was 171,271 lots, a decrease of 144 lots; the number of warehouse receipts was 918 lots, unchanged; the net long position of the top 20 futures holders was -52,290 lots, a decrease of 108 lots [2] Spot Market - The live hog price in Zhumadian, Henan was 12,900 yuan/ton, unchanged; in Siping, Jilin it was 11,900 yuan/ton, a decrease of 100 yuan/ton; in Yunfu, Guangdong it was 12,700 yuan/ton, unchanged; the main live hog basis was 1,180 yuan/ton, an increase of 65 yuan/ton [2] Upstream Situation - The monthly live hog inventory was 43,680 million heads, an increase of 1,233 heads; the inventory of breeding sows was 3,990 million heads, a decrease of 45 heads [2] Industry Situation - The year-on-year increase in CPI was 0.5%; the spot price of soybean meal in Zhangjiagang was 3,150 yuan/ton, an increase of 30 yuan/ton; the corn spot price decreased by 1.96%; the DCE pig feed cost index was 906.78, an increase of 2.78; the monthly feed output was 29,779,000 tons, an increase of 209,000 tons; the price of二元能繁母猪 was 1,429 yuan/head, unchanged; the breeding profit of purchased piglets was -48.35 yuan/head, an increase of 95.52 yuan/head; the breeding profit of self-reared live hogs was -34.59 yuan/head; the monthly pork import volume was 60,000 tons, a decrease of 10,000 tons; the average price of white-striped chickens in the main producing areas was 14.1 yuan/kg, unchanged [2] Downstream Situation - The monthly catering revenue in social consumer goods retail sales was 39.57 billion yuan; the monthly slaughter volume of designated live hog slaughtering enterprises was 60.57 million heads, an increase of 8.58 million heads [2] Industry News - According to Shanghai Ganglian's key breeding enterprise sample data, the daily live hog slaughter volume of key breeding enterprises nationwide on January 8, 2026 was 277,238 heads, an increase of 4.27% from the previous day. According to Mysteel data, the planned slaughter volume of sample enterprises in January decreased month-on-month, and the supply of fattened pigs was tight. On the demand side, it is currently the peak demand season, but after the New Year's Day stocking ended, demand declined from a small peak, and the terminal consumption's acceptance of price increases was limited [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The supply and demand are in a game. Some second - fattening pigs enter the market, supporting the short - term upward adjustment of hog prices. However, there is still pressure on the supply side in the medium term, and the terminal acceptance will decline after the price rises further, so the rebound space is expected to be limited. On the futures market, the hog 2603 contract rose 0.88% and has risen for three consecutive trading days, and it is expected to fluctuate within a short - term range [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for hogs was 11,480 yuan/ton, up 65 yuan; the main contract position was 161,915 lots, up 62 lots; the number of warehouse receipts was 863 lots, unchanged; the net long position of the top 20 futures holders was - 47,913 lots, down 1,675 lots [2] 3.2 Spot Market - The hog price in Zhumadian, Henan was 11,700 yuan/ton, up 100 yuan; in Siping, Jilin was 11,200 yuan/ton, up 100 yuan; in Yunfu, Guangdong was 12,000 yuan/ton, unchanged. The main hog basis was 220 yuan/ton, up 35 yuan [2] 3.3 Upstream Situation - The hog inventory was 436.8 million heads, up 12.33 million heads; the inventory of breeding sows was 39.9 million heads, down 450,000 heads [2] 3.4 Industry Situation - The year - on - year CPI was 0.7%, up 0.5 percentage points; the spot price of soybean meal in Zhangjiagang was 3,100 yuan/ton, unchanged; the spot price of corn was 2,338.24 yuan/ton, down 4.7 yuan; the Dalian Commodity Exchange hog feed cost index was 881.53, up 0.59; the monthly output of feed was 29.779 million tons, up 209,000 tons; the price of binary breeding sows was 1,432 yuan/head, down 5 yuan; the breeding profit from purchasing piglets was - 189.5 yuan/head, up 51.19 yuan; the breeding profit from self - breeding and self - raising hogs was - 130.88 yuan/head, up 32.46 yuan; the monthly import volume of pork was 60,000 tons, down 10,000 tons; the average price of white - striped chicken in the main producing areas was 14.1 yuan/kg, up 0.2 yuan [2] 3.5 Downstream Situation - The slaughter volume of designated hog slaughtering enterprises was 38.34 million heads, up 2.5 million heads; the monthly retail sales of social consumer goods in the catering industry was 605.7 billion yuan, up 85.8 billion yuan [2] 3.6 Industry News - According to Mysteel data, on December 24, the daily slaughter volume of hogs by sample slaughtering enterprises in key provinces was 164,794 heads, a 0.29% decrease from the previous day. Large - scale farms are slaughtering normally, and some areas are actively slaughtering standard hogs due to the epidemic, but the second - fattening replenishment has increased. On the demand side, bacon and sausage - making activities are in progress, and consumer demand is stable [2]

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The supply - demand game in the pig industry continues, and pig prices mainly show a volatile trend. The 2603 contract of live pigs closed up 0.71%, with short - term moving averages extending horizontally and overall fluctuating at a low level [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for live pigs was 11,415 yuan/ton, up 70 yuan; the main contract position was 161,853 lots, up 326 lots; the number of warehouse receipts was 863 lots, up 40 lots; the net long position of the top 20 futures positions was - 46,238 lots, up 292 lots [2]. 3.2 Spot Market - The spot prices of live pigs in Henan Zhumadian, Guangdong Yunfu remained unchanged at 11,600 yuan/ton and 12,000 yuan/ton respectively, while the price in Jilin Siping increased by 100 yuan to 11,100 yuan/ton. The main basis of live pigs was 185 yuan/ton, down 70 yuan [2]. 3.3 Upstream Situation - Pig inventory was 43.68 million heads, up 1.233 million heads; the inventory of breeding sows was 3.99 million heads, down 45,000 heads [2]. 3.4 Industry Situation - The year - on - year CPI was 0.7%, up 0.5 percentage points; the spot price of soybean meal in Zhangjiagang was 3,100 yuan/ton, unchanged; the spot price of corn was 2,342.94 yuan/ton, down 4.71 yuan; the Dalian Commodity Exchange pig feed cost index was 880.94, down 0.54; the monthly output of feed was 29.779 million tons, up 209,000 tons; the price of二元能繁母猪 was 1,432 yuan/head, down 5 yuan; the breeding profit of purchased piglets was - 189.5 yuan/head, up 51.19 yuan; the breeding profit of self - bred and self - raised pigs was - 130.88 yuan/head, up 32.46 yuan; the monthly import volume of pork was 60,000 tons, down 10,000 tons; the average price of white - striped chickens in the main producing areas was 14.1 yuan/kg, up 0.2 yuan [2]. 3.5 Downstream Situation - The slaughter volume of designated pig slaughtering enterprises was 3.834 million heads, up 250,000 heads; the monthly retail sales of social consumer goods in the catering industry was 605.7 billion yuan, up 85.8 billion yuan [2]. 3.6 Industry News - On December 23, 2025, the daily national pig slaughter volume of key breeding enterprises was 284,472 heads, a decrease of 2.72% from the previous day. Large - scale farms were slaughtering normally, and due to the impact of the epidemic, some areas actively slaughtered standard pigs, increasing the overall supply. On the demand side, curing and sausage - making activities were underway, but after the Winter Solstice stocking ended, demand declined slightly [2].