Report Industry Investment Rating - No information provided on the report industry investment rating. Report's Core View - The supply of domestic large - scale pig farms has begun to decrease after the Mid - Autumn Festival and National Day holidays, which supports the short - term price of live pigs. It is expected that the supply of pigs and pork will both decrease this week. The overall consumer willingness of residents has weakened after the long holiday, suppressing short - term fresh pork consumption. The market may experience a double - decline in supply and demand this week, with short - term pig prices oscillating downward and maintaining a range - bound pattern in the medium term. The LH2601 contract of live pigs is expected to oscillate in the range of 11,700 - 12,100 [8]. Summary According to the Table of Contents 1. Daily Prompt - No specific content provided for daily prompt. 2. Recent News - China's additional tariffs on pork imports from the US and Canada have boosted market confidence. After the Mid - Autumn Festival and National Day, the market has entered a slack season, with both supply and demand decreasing. The spot price of live pigs is weak in the short term and maintains a range - bound pattern in the medium term [10]. - Pork demand has weakened in the short term after the festivals, but the spot price of live pigs has returned to an oscillating state due to reduced supply. The continued decline space may be limited, and it may show a trend of bottoming out and rebounding [10]. - The loss of domestic pig - farming profits has recently widened, and the enthusiasm for large - pig slaughter has weakened in the short term. The double - decline in supply and demand supports the short - term price expectations of live pig futures and spot [10]. - The spot price of live pigs has remained stable after the National Day, and the futures have generally returned to a range - bound pattern in the medium term. Further observation of supply and demand growth is needed [10]. 3. Bullish and Bearish Factors - **Bullish factors**: The domestic live pig supply has entered a slack season after the long holiday, and the continued decline space of the domestic live pig spot price may be limited [11]. - **Bearish factors**: There is a pessimistic expectation in the domestic macro - environment due to the China - US tariff war, and the domestic live pig inventory has increased year - on - year [11]. - **Main logic**: The market focuses on the slaughter situation of live pigs and the demand for fresh meat [11]. 4. Fundamental Data - **Supply and demand**: In the supply aspect, the supply of pigs and pork is expected to decrease this week. In the demand aspect, the overall consumer willingness of residents has weakened after the long holiday, suppressing short - term fresh pork consumption [8]. - **Base difference**: The national average spot price is 12,510 yuan/ton, and the base difference of the 2601 contract is 630 yuan/ton, with the spot at a premium to the futures [8]. - **Inventory**: 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 inventory of breeding sows was 40.42 million heads, a month - on - month increase of 0.02% and a year - on - year increase of 4.2% [8]. - **Market trend**: The price is below the 20 - day moving average and moving downward [8]. 5. Position Data - The main position is net short, and the short position is increasing [8].

Report Overview - Report Name: Weekly Report on the Pig Market [2] - Date: October 10, 2025 - Researcher: Zhang Xin - Industry: Pig Market 1. Report Industry Investment Rating - Not provided in the report 2. Report's Core View - The pig price opened significantly lower and declined after the holiday, with the main contract 2511 falling 8.38% weekly. In the short - term, the supply - demand pattern of pigs remains loose, and the pig price will oscillate weakly. It is recommended to conduct short - side trading on the 2601 contract or perform reverse arbitrage operations on pig futures [7]. 3. Summary by Relevant Catalogs 3.1 Week - to - Week Highlights - **Market Review**: The pig price opened low and dropped after the holiday, with the main contract 2511 down 8.38% weekly [7][10]. - **Market Outlook**: Supply pressure persists in the near - term due to the inventory cycle of piglets and breeding sows and postponed slaughter plans. Retail farmers are actively selling due to losses and pessimism. Post - holiday demand declines, and slaughterhouse operations decrease. The short - term supply - demand pattern remains loose, and the pig price will oscillate weakly. Suggest short - side trading on the 2601 contract or reverse arbitrage on pig futures [7]. 3.2 Futures Market - **Price Movement**: The futures price fell, and the main contract 2511 dropped 8.38% weekly [7][10]. - **Net Position and Warehouse Receipts**: As of October 10, the net short position of the top 20 holders increased by 5388 lots to 33089 lots, and the number of futures warehouse receipts remained at 0, unchanged from before the holiday [16]. - **Contract Spreads**: The spread between lh2601 and lh2603 contracts was 180, and the spread between lh2601 and lh2605 contracts was - 385 [22]. 3.3 Spot Market - **Basis**: The basis of the November contract was - 320 yuan/ton, and the basis of the January contract was - 1140 yuan/ton [27]. - **Pig and Piglet Prices**: The national average pig price was 12.5 yuan/kg, down 0.08 yuan/kg from last week and 5.94% from last month. The average price of 15 - kg weaned piglets was 24.86 yuan/kg, down 0.52 yuan/kg from last week and 11.21% from last month [34]. - **Pork and Breeding Sow Prices**: The national average pork price on September 25 was 24.29 yuan/kg, down 0.22 yuan/kg from the previous week. The average price of binary sows last week was 32.50 yuan/kg, unchanged from the previous week [38]. - **Pig - to - Grain Ratio**: As of September 24, the pig - to - grain ratio was 5.68, down 0.13 from the previous week and below 6:1 [42]. 3.4 Upstream Situation - **Breeding Sow Inventory**: In August 2025, the national breeding sow inventory was 40380000 heads, down 40000 heads month - on - month, up 0.05% year - on - year, and 103.5% of the normal level. Among the 208 sample enterprises, the inventory of 123 large - scale farms was 5056500 heads, down 0.83% month - on - month and up 1.86% year - on - year; the inventory of 85 small and medium - sized farms was 173900 heads, down 0.09% month - on - month and up 5.92% year - on - year [47]. - **Pig Inventory**: In Q2 2023, the national pig inventory was 424470000 heads, up 7160000 heads from the previous quarter and 9140000 heads year - on - year. In August, the inventory of 123 large - scale farms was 3614500000 heads, up 1.11% month - on - month and 5.28% year - on - year; the inventory of 85 small and medium - sized farms in July was 148820000 heads, up 2.49% month - on - month and 7.23% year - on - year [52]. - **Pig Slaughter Volume and Average Weight**: In August, the slaughter volume of 123 large - scale farms was 1070350000 heads, up 2.56% month - on - month and 23.49% year - on - year; the slaughter volume of 85 small and medium - sized farms in July was 47370000 heads, down 1.44% month - on - month and up 54.30% year - on - year. The average slaughter weight of national outer - ternary pigs was 123.48 kg, up 0.01 kg from last week [57]. 3.5 Industry Situation - **Breeding Profits**: As of September 26, the loss of purchasing piglets for breeding was 236.57 yuan/head, an increase of 37.25 yuan/head; the loss of self - breeding and self - raising was 74.11 yuan/head, a decrease of 49.66 yuan/head. The profit of laying hens was 0.11 yuan/head, down 0.06 yuan/head week - on - week, and the profit of 817 meat - hybrid chickens was 1.40 yuan/head [62]. - **Pork Imports**: From January to August 2025, the cumulative pork imports were 710000 tons, with a monthly average of 88750 tons. In August, the imports were 80000 tons, down 11.11% year - on - year [63][67]. - **Substitute Products**: As of September 26, the price of white - striped chickens was 14.4 yuan/kg, up 0.1 yuan/kg from last week. As of October 9, the average price difference between standard and fat pigs was - 0.59 yuan/kg, with the price difference of fat pigs expanding by 0.2 yuan/kg [70]. - **Feed Situation**: As of October 10, the spot price of soybean meal was 3013.71 yuan/ton, down 4.86 yuan/ton from the previous week; the price of corn was 2311.57 yuan/ton, down 57.06 yuan/ton from the previous week. The closing price of the Dalian Commodity Exchange pig feed cost index was 877.43, down 0.99% from last week. The price of finishing pig compound feed was 3.34 yuan/kg, down 0.01 yuan/kg from last week. In August 2025, the monthly feed output was 2927200 tons, up 99900 tons month - on - month; the sales of piglet feed decreased by 0.04% month - on - month and 0.74% year - on - year [76][82][85]. - **CPI**: As of August 2025, China's CPI decreased by 0.4% year - on - year [89]. 3.6 Downstream Situation - **Slaughterhouse Operations**: In the 41st week, the slaughterhouse operation rate was 34.53%, down 1.24 percentage points from last week but higher than the same period last year. The domestic frozen - product storage rate was 17.75%, up 0.1 percentage points from last week [92]. - **Slaughter Volume and Catering Consumption**: As of August 2025, the slaughter volume of designated pig slaughterhouses was 33500000 heads, up 5.81% month - on - month. In August 2025, the national catering revenue was 44957000000 yuan, up 2.1% year - on - year [97]. 3.7 Pig Stocks - The report presents the trend charts of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis is provided [98][101]

Report Information - Report Name: Pig Daily Report [1] - Date: September 24, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The overall supply and demand of live pigs in the spot market are loose, and the price remains weak. Although demand has increased, the continuous increase is not obvious, and the supply pressure of slaughter is relatively greater. In the futures market, the supply of live pigs before the Spring Festival is expected to increase slightly, and the 2511 and 2601 contracts are mainly dragged down by the weak spot market [10]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 23rd, the main 2511 contract of live pigs opened slightly lower, then rose and fell back, fluctuating downward, and closed in the negative at the end of the session. The highest was 12,840 yuan/ton, the lowest was 12,655 yuan/ton, and the closing price was 12,665 yuan/ton, a decrease of 1.48% from the previous day. The total open interest of the index increased by 2,354 lots to 249,995 lots [9]. - **Spot Market**: On the 23rd, the average price of ternary pigs outside the country was 12.64 yuan/kg, a decrease of 0.03 yuan/kg from the previous day [9]. - **Supply - Side Situation**: In September, the planned sales volume of sample breeding enterprises was 25.7 million heads, an increase of 970,000 heads or 3.92% compared with the actual slaughter in August, with a daily average increase of 7.39%. The slaughter volume may continue to increase significantly. The utilization rate of the second - fattening pens remains high, the slaughter pressure is large, the slaughter progress at the end of the month accelerates, and the slaughter weight decreases slightly. In the long term, the slaughter of live pigs before the Spring Festival may still maintain a slight growth trend [10]. - **Demand - Side Situation**: The price difference between fat and standard pigs has slightly widened, and the fattening cost is still low. Currently, the second - fattening is mainly in a wait - and - see state. Although the weather has turned cooler, the continuous increase in demand is not obvious, the sales of white strips are slow, the orders of slaughtering enterprises have slightly increased, and the operating rate and slaughter volume of slaughtering enterprises have slightly increased. On September 23rd, the slaughter volume of sample slaughtering enterprises was 154,000 heads, an increase of 8,000 heads from the previous day, 48,000 heads week - on - week, and 129,000 heads month - on - month [10]. 2. Industry News - As of September 18th, the average profit per head of self - breeding and self - raising pigs was 7.7 yuan/head, a decrease of 46 yuan/head week - on - week; the average profit per head of purchasing piglets for breeding was - 246.6 yuan/head, a decrease of 70.8 yuan/head week - on - week [11][13] 3. Data Overview - **15kg Piglet Price**: In the week of September 18th, the average market sales price of 15kg piglets was 358 yuan/head, a decrease of 36 yuan/head from the previous week [17]. - **Price Difference between Fat and Standard Pigs**: In the week of September 18th, the price difference between 150 - kg fat pigs and standard pigs was 0.16 yuan/jin, an increase of 0.03 yuan/jin week - on - week [17]. - **Fattening Cost**: The cost of fattening from 110 kg to 140 kg this week was 12.71 yuan/kg, a decrease of 0.47 yuan/kg from the previous week; the cost of fattening from 125 kg to 150 kg was 12.94 yuan/kg, a decrease of 0.58 yuan/kg from the previous week [17]. - **Slaughtering Enterprise Operating Rate**: In the week of September 18th, the operating rate of slaughtering enterprises was 31.77%, an increase of 0.37 percentage points from the previous week and 2.22 percentage points year - on - year. The weekly operating rate of enterprises fluctuated in the range of 31.54 - 31.80 [17]. - **National Average Slaughter Weight of Live Pigs**: As of the week of September 18th, the national average slaughter weight of live pigs was 128.45 kg, an increase of 0.13 kg from the previous week, with a month - on - month increase of 0.10% [17].

Group 1: Report Overview - Report title: "Pig Daily Report - August 26, 2025" [2] - Report type: Agricultural product research report by the Commodity Research Institute [1][5][8] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core Views - The supply pressure of the pig market continues to increase, and prices are gradually falling. However, due to the decline in the存栏 of ordinary farmers, the overall supply change is relatively limited, and the deep - fall space is also limited [4][6] - The pig futures market has seen an increase in the decline, and the short - term stabilization effect is limited. The near - month contract has more obvious downward pressure, but the further decline power is also general. The far - month contract is expected to move in a low - level oscillation with limited deep - fall space [6] Group 4: Market Data Summary Spot Prices - Today, the average spot price of pigs is 13.62 yuan/kg, a decrease of 0.01 yuan/kg from yesterday. Prices in most regions have declined [4] Futures Prices - Futures prices of all contracts have decreased. For example, LH01 decreased by 40 to 14,200, and LH09 decreased by 130 to 13,665 [4] Piglet and Sow Prices - Piglet prices decreased from 363 to 347, and sow prices decreased from 1612 to 1599 [4] Breeding Profits - The spot breeding profit of self - breeding and self - raising increased by 5.10 to 33.95, and the profit of purchasing piglets increased by 5.25 to - 151.80 [4] Slaughter Volume - The slaughter volume increased by 135 to 140,338 [4] Contract Spreads - LH7 - 9 spread increased by 125 to 505, LH9 - 1 spread decreased by 90 to - 535, etc. [4] Size Pig Spreads - The spreads between different sizes of pigs have all increased [4] Group 5: Trading Strategies - Unilateral: Go long on far - month contracts at low prices [7] - Arbitrage: LH91 reverse arbitrage [7] - Options: Sell far - month put options [7]

1. Report Industry Investment Rating Not provided in the content. 2. Core Views of the Report - The supply of pigs and pork is expected to decrease this week after the May Day holiday, and the market may experience a double - reduction in supply and demand. The pig price is expected to be in a short - term volatile and weak pattern. Attention should be paid to the changes in the monthly group's slaughter rhythm and the dynamics of the secondary fattening market [8]. - The basis shows that the spot price is at a premium to the futures price, which is bullish. The inventory situation also shows some bullish factors, but the price on the disk is below the 20 - day moving average and moving down, and the main positions are net short with a reduction in short positions, which is bearish. The expected price range of the LH2509 contract is around 13,400 - 13,800 [8]. 3. Summary by Directory 3.1 Daily Tips - After the May Day holiday, the enthusiasm for domestic pig slaughter decreased, and the pig price may return to a weak state after a slight pre - holiday rebound. The supply of pigs and pork is expected to decrease this week. The domestic macro - environment has a pessimistic expectation, and the overall consumer enthusiasm has declined after the holiday, suppressing short - term fresh pork consumption. However, the additional tariffs on pork imports from the US and Canada have boosted market confidence [8]. 3.2 Recent News - The additional tariffs on pork imports from the US and Canada have boosted market confidence. After the May Day holiday, the domestic pig consumption market entered the off - season, with a decrease in the slaughter of large pigs. The supply and demand of pigs have both decreased, and the spot price is in a short - term volatile and weak pattern, with the futures following the same trend [10]. - The demand for pork has weakened in the short term after the May Day holiday. The spot price of pigs is volatile and weak due to the double - reduction in supply and demand, but the decline space may be limited due to the decrease in slaughter [10]. - The domestic pig farming profit remains at a low level, with short - term profits still available. The enthusiasm for slaughtering large pigs is still good in the short term. The double - reduction in supply and demand suppresses the short - term expectations of pig futures and spot prices [10]. - The spot price of pigs may be volatile and weak after the May Day holiday, and the futures will generally maintain a volatile and weak pattern in the short term. When it stabilizes depends on the future reduction in supply and the recovery in demand [10]. 3.3 Bullish and Bearish Factors - Bullish factors: The year - on - year decline in domestic pig inventory and the limited further decline space of domestic pig spot prices [11]. - Bearish factors: The pessimistic expectation of the domestic macro - environment due to the Sino - US tariff war and the entry of pig and pork consumption into the off - season after May Day [11]. - Current main logic: The market focuses on the pig slaughter situation and fresh meat demand [11]. 3.4 Fundamental Data - As of March 31, the pig inventory was 417.31 million heads, a month - on - month decrease of 0.8% and a year - on - year decrease of 2.2%. As of the end of February, the inventory of breeding sows was 40.66 million heads, with no month - on - month change and a year - on - year increase of 0.6% [8]. - The report also provides data on pig futures, warehouse receipts, and spot prices from May 22 to May 30, including prices of different contracts and spot prices in different regions [12]. 3.5 Position Data The main positions are net short, and the short positions are decreasing [8].

Group 1: Report Title and Date - Report: "Commodity Research Institute Agricultural Product Research Report - Pig Daily Report" [1] - Date: April 28, 2025 [1] Group 2: Investment Ratings - No investment ratings provided in the report Group 3: Core Views - The current supply pressure of live pigs is still obvious, with an increase in the出栏量 of large - weight pigs. The entry of secondary fattening has slowed down, and the supply has improved compared to before, but there may still be pressure in subsequent 出栏 [3][6]. - Spot prices are expected to run weakly, and futures prices are expected to fluctuate, with greater pressure on far - month prices [6]. Group 4: Spot Price Summary - Today's spot prices continued to decline. For example, the average price dropped from 14.59 to 14.48, a decrease of 0.11 [3]. - The price decline was observed in most regions, such as Sichuan, which decreased by 0.27 from 14.62 to 14.35 [3]. Group 5: Futures Price Summary - Today's futures price fluctuations narrowed, and trading changes were limited. All futures contracts showed price declines, such as LH05, which dropped by 140 from 14115 to 13975 [3][6]. Group 6: Sow/Piglet Price Summary - This week, the piglet price dropped from 542 to 537, a decrease of 5, while the sow price remained unchanged at 1636 [3]. Group 7: Breeding Profit Summary - The spot breeding profit of self - breeding and self - raising increased from 79.46 to 100.16, an increase of 20.71; the profit of purchasing piglets increased from 21.88 to 53.62, an increase of 31.74 [3]. Group 8: Slaughter End Summary - The slaughter volume increased from 146348 to 147162, an increase of 814 [3]. Group 9: Size Pig Price Difference Summary - The price difference between standard pigs and medium - sized pigs decreased from 0.41 to 0.38, a decrease of 0.03; the price difference between large pigs and standard pigs increased from - 0.1 to - 0.07, an increase of 0.03 [3]. Group 10: Trading Strategy - Unilateral: Wait and see [7] - Arbitrage: Wait and see [7] - Options: Sell the wide - straddle strategy [7]