Group 1: Report Information - Report Type: Pig Daily Report [1] - Date: January 13, 2026 [2] Group 2: Investment Rating - No investment rating information provided Group 3: Core Viewpoints - On the supply side, pig slaughter is expected to increase slightly until the first half of next year. Second - round fattening pen utilization has increased slightly, and the planned slaughter volume of sample breeding enterprises in January decreased by 3.1% month - on - month. Currently, the breeding side is slaughtering normally [7]. - On the demand side, after the spot price increase, second - round fattening has decreased and is mainly in a wait - and - see state, with reduced replenishment demand. Post - holiday consumption is slowly recovering, and the demand for curing and sausage - making is nearly over. Terminal consumer consumption remains high, but slaughterhouse orders are average after the holiday. The slaughter rate and volume of slaughterhouses are slowly increasing after the holiday [7]. - Overall, the spot market will fluctuate as post - holiday consumption recovers slowly but remains at a high level, and supply is relatively loose. In the futures market, pig supply is expected to increase slightly, and second - round fattening pressure is still high year - on - year, continuing to exert downward pressure. Although the previous epidemic in the north boosted the 03 contract, the epidemic is currently showing no signs of continuation or spread, and there is a risk of a decline [7]. Group 4: Market Review and Operation Suggestions Futures - On the 12th, the main 2603 pig futures contract opened slightly higher, then冲高回落 and closed down. The highest price was 11,845 yuan/ton, the lowest was 11,725 yuan/ton, and the closing price was 11,735 yuan/ton, a 0.25% decrease from the previous day. The total open interest of the index increased by 3,497 lots to 365,587 lots [6]. Spot - On the 12th, the national average price of三元 pigs was 12.72 yuan/kg, a 0.02 yuan/kg increase from the previous day [6]. Group 5: Industry News - According to Yongyi Consulting data, in the week of January 8th, the average market sales price of 15kg piglets was 366 yuan/head, a 45 yuan/head increase from the previous week [8][10] Group 6: Data Overview - As of January 8th, the average profit and loss per self - bred and self - raised pig was basically balanced, a 28 yuan/head increase week - on - week; the average profit per pig from purchasing piglets was - 129.8 yuan/head, a 31 yuan/head increase week - on - week [19]. - In the week of January 8th, the average slaughter weight of pigs was 128.54kg, a 0.12kg decrease from the previous week, a week - on - week decline of 0.09% [19].

Core Insights - The domestic futures market for agricultural products shows mixed performance, with live pig futures experiencing a downward trend, dropping nearly 2% to 11,920.00 CNY/ton as of the report [1] Price Trends - The average price of piglets in the third week of October is 25.13 CNY/kg, down 3.5% week-on-week and 29.5% year-on-year, marking a 21-month low [2] - Prices for piglets vary by region, with higher prices in South China at 28.23 CNY/kg and lower prices in East China at 24.11 CNY/kg [2] Supply and Demand Dynamics - The supply of piglets and feed is expected to remain ample into the fourth quarter of 2025 and the first half of 2026, indicating a continued increase in supply [2] - Post-holiday, the pace of pig slaughter is expected to stabilize, with a decrease in slaughter weight contributing to a gradual easing of supply-demand conditions in the fourth quarter [2] Consumption Trends - After the frost season, daily pork consumption is increasing, indicating a marginal improvement in terminal demand [3] Market Sentiment - According to Zhongyuan Futures, the pace of slaughter is slowing, and there is a sentiment of price recovery in the market, although effective rebounds have not yet formed, maintaining a weak oscillation [4] - Caida Futures notes that the rise in national live pig prices is slowing, with slaughter demand increasing and pressure on slaughtering easing before the end of the month, providing short-term price support [4]

Report Information - Report Title: "Consumption Support Limited, Spot Market in Oscillatory Adjustment - Guoxin Futures Weekly Report on Live Pigs" [2] - Report Date: July 13, 2025 [2] Report Industry Investment Rating - Not provided in the report Core Viewpoints - In the past week, the live pig spot market oscillated and adjusted due to insufficient consumption support, while the futures market continued to rise, weakening the basis. The spread between LH9 and LH11 ended its adjustment and rose again [7]. - From a fundamental perspective, sample data from market institutions showed a slight month - on - month increase in the inventory of breeding sows in June, indicating that the process of reducing production capacity was not smooth. The price of piglets rebounded recently, partly due to the recovery of breeding profits stimulating fattening farmers to replenish stocks, and partly due to the reduction in the number of piglets born in June, which may have provided some boost [7]. - In terms of spot, the large - scale enterprises' slaughter plan in July decreased, and the price of fat and standard pigs among small farmers was relatively high, which may lead to continued pressure on farmers to hold back pigs to increase the average weight. The overall supply pressure in July is not large, but the consumption performance lacks highlights. Consumption is expected to increase in August, and the increase in slaughter is limited. It is expected that the spot market will oscillate and adjust before rising seasonally again, but the overall upward space is limited [7]. - The current discount of the futures main contract LH09 to the spot has narrowed, and it will follow the spot market to oscillate strongly in the later stage. Due to the expected increase in future supply, the outlook for more distant contracts is still not optimistic. In terms of operation, go long on LH09 with an oscillatory strategy, and wait for opportunities to short on the distant - month contracts after a rebound [7]. Summary by Directory 1. Weekly Analysis and Outlook - The live pig spot market oscillated and adjusted last week, and the futures market rose, weakening the basis. The spread between LH9 and LH11 increased again. The inventory of breeding sows increased slightly in June, and the price of piglets rebounded. The supply pressure in July is not large, and consumption is expected to increase in August. The spot market may rise seasonally after adjustment, and the futures main contract LH09 will follow the spot to oscillate strongly. Distant - month contracts are not optimistic. Operate by going long on LH09 and waiting to short on distant - month contracts [7]. 2. Key Data and Charts - Not elaborated in the provided content 3. Live Pig Futures Market - Not elaborated in the provided content 4. Live Pig Spot Market - Not elaborated in the provided content 5. Live Pig Spot: Basis after Regional and Average Weight Adjustment - On July 9, 2025, with the benchmark contract LH2509 at 14,265, the report provided the standard pig average price, weight range, regional premium and discount, standard pig basis, basis for different weight ranges, minimum basis, delivery storage capacity, and delivery speed for various provinces [21]. 6. Live Pig Spot: Price Difference between Fat and Standard Pigs - Not elaborated in the provided content 7. Live Pig Spot: Regional Price Difference - Not elaborated in the provided content 8. Changes in the Inventory of Breeding Sows - Not elaborated in the provided content 9. Changes in Piglets - Not elaborated in the provided content 10. Live Pig Inventory and Fattening Pig Feed Verification - Not elaborated in the provided content 11. Live Pig Slaughter - Not elaborated in the provided content 12. Frozen Meat Market Dynamics - Not elaborated in the provided content 13. Cost and Profit - Not elaborated in the provided content 14. Comprehensive Monitoring of Live Pig Average Weight - Not elaborated in the provided content 15. Central Reserve Frozen Pork Operations - The report introduced the reserve response mechanisms under the scenarios of excessive price decline and excessive price increase in the live pig market according to the "Improving the Government's Pork Reserve Adjustment Mechanism and Doing a Good Job in the Work Plan for Ensuring Supply and Stabilizing Prices in the Pork Market" [69]. 16. Multi - Caliber Comparison - Not elaborated in the provided content