Report Industry Investment Rating - Short - term: Go long at a low level; Medium - term: Bullish [2] Core View - In August, the supply of pork was sufficient as the group farms had a poor slaughter rhythm, while second - fattening farmers and small farmers were highly motivated to sell. The demand was still in the off - season, but low - price pork stimulated consumption, with an increase in the purchase volume of slaughter enterprises and a slight improvement in product sales, yet it was not enough to drive up prices. Suggestions for operation were to go long at a low level, pay attention to stop - profit and stop - loss, with the first support level of the LH2511 contract at 13,700. Farmers were advised to sell for hedging according to their slaughter rhythm [2][20] Summary by Relevant Catalogs 1. Supply Situation Analysis - Relevant charts include the monthly trend chart of the inventory of breeding sows in sample enterprises (in ten thousand heads) and the weekly trend chart of the average slaughter weight of commercial pigs nationwide (in kilograms) [5][7] 2. Demand Situation Analysis - Relevant charts include the开工率 of key slaughter enterprises (in %), the inventory structure of commercial pigs by weight (in %), and the frozen product storage rate of key slaughter enterprises (in %) [11][13][14] 3. Cost - Profit Analysis - Relevant charts include the self - breeding and self - raising breeding profit (in yuan per head) and the profit from purchasing piglets for fattening (in yuan per head) [16][18] 4. Market Outlook - The supply was sufficient in August, and the demand was in the off - season with a slight improvement. Operation suggestions were to go long at a low level, pay attention to stop - profit and stop - loss, and farmers were advised to sell for hedging according to their slaughter rhythm [20]

生猪价格震荡偏弱运行 摘 要： 供需关系： 从供应端来看，养殖场出栏节奏偏慢，出栏积极性高， 屠宰厂收购顺畅，原料成本有下滑趋势。 从需求端来看，天气炎热，市场消费始终处于疲软 状态。尽管前期生猪价格持续上行，但分割品价格并未跟 涨，且销售表现欠佳，终端采购积极性整体偏弱。 综合来看，猪肉行情或有下滑趋势，操作上建议：区 间操作或逢高做空。 宁证期货投资咨询中心 期货交易咨询业务资格： 宁证期货投资咨询中心 期货交易咨询业务资格： 证监许可【2011】1775 号 作者姓名：高剑飞 作者姓名：蒯三可 期货从业资格号：F0279818 期货交易咨询从业证号：Z0014742 邮箱：gaojianfei@nzfco.com 请务必阅读正文之后的免责条款部分 1 证监许可【2011】1775 号 期货从业资格号：F3040522 期货投资咨询从业证号：Z0015369 邮箱：kuaisanke@nzfco.com 电话：025-52865121 生猪专题报告 1.生猪价格行情回顾 图 1：生猪期现货价格（元/吨） 生猪专题报告 数据来源：钢联数据，宁证期货 2.供应情况分析 图 2：样本企业能繁母猪存栏量月度走势图 ...

价格支撑减弱，多单择机进场 摘 要： 供需关系： 从供应端来看，部分企业或维持降重出栏，二育和散 户大体重猪源阶段性集中上量，供给端压力仍存。 从需求端来看，天气逐渐高温，加之高校陆续放假， 市场进入季节性消费淡季，猪肉产品消化缓慢。 综合来看，现阶段市场出栏节奏正常，猪源仍较为充 裕，而需求侧暂无明显改善，一方面价格下行趋势下，二 育少进多出，另餐饮等终端消费难以形成支撑。操作上建 议前期多单止盈离场，等待进一步指引。 宁证期货投资咨询中心 期货交易咨询业务资格： 宁证期货投资咨询中心 期货交易咨询业务资格： 证监许可【2011】1775 号 作者姓名：高剑飞 作者姓名：蒯三可 期货从业资格号：F0279818 期货交易咨询从业证号：Z0014742 邮箱：gaojianfei@nzfco.com 请务必阅读正文之后的免责条款部分 1 证监许可【2011】1775 号 期货从业资格号：F3040522 期货投资咨询从业证号：Z0015369 邮箱：kuaisanke@nzfco.com 电话：025-52865121 生猪专题报告 1.生猪价格行情回顾 图 1：生猪期现货价格（元/吨） 2.供应情况分析 图 ...