Report Industry Investment Rating - Not provided Core Viewpoints - From March 16 - 22, 2026, the national live hog spot price fluctuated at a low level and showed a slight decline, not following the futures to reach a new low. The national average price of outer ternary live hogs dropped from about 10.80 yuan/kg on March 16 to 9.74 yuan/kg on March 22, with a weekly cumulative decline of 1.06 yuan/kg and a decline rate of 9.81% [1]. - In the short - term, the supply pressure remains unrelieved, the large - scale pig enterprises' slaughter plans are still high, and the clearance of large - weight pig sources is not completed. The imbalance between supply and demand is difficult to fundamentally change in the short - term, and there is no basis for a significant price increase. However, the current pig price has fallen to the lowest level since 2019, the losses of the breeding end are intensifying, the room for further price cuts is limited, and policy purchases and capacity regulation will gradually improve market expectations. Some slaughter enterprises may start frozen product warehousing, and secondary fattening funds may enter the market tentatively, providing phased support for prices. Opportunities for oversold rebounds should be grasped [1]. Summary by Directory Market Review and Outlook - The national live hog spot price was in a low - level shock state from March 16 - 22, 2026, showing a slight decline. The futures price hit a new low, but the spot price did not follow [1]. Factors to Watch - Changes in the inventory of breeding sows, the progress of consumption recovery, and policy regulation dynamics [2]. Weekly Changes in Fundamental Data | Indicator | Unit | Latest Week | Previous Period | Weekly Change | Frequency | | --- | --- | --- | --- | --- | --- | | Piglets | Yuan/head | 280.95 | 317.14 | - 36.19 | Weekly | | Weekly average slaughter weight | Kilograms | 123.28 | 123.17 | 0.11 | Weekly | | Profit from purchasing piglets for breeding | Yuan/head | - 154.23 | - 143.87 | - 10.36 | Weekly | | Profit from self - breeding and self - raising | Yuan/head | - 263.99 | - 233.72 | - 30.27 | Weekly | | Slaughter start - up rate | % | 30.12 | 31.54 | - 1.42 | Weekly | [3] Other Analyses - The report also includes analyses of the futures and spot market, supply, demand, and cost - profit, with corresponding data charts and data sources from Steel Union Terminal and Ningzheng Futures [5][6][14][19]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The pig market shows a pattern of strong supply and weak demand, and it is expected that the post - holiday price will mainly fluctuate weakly. The main pig 2605 contract on the futures market gapped lower, with a decline of more than 2.21%, hitting a low of 11,230 yuan/ton. Attention should be paid to second - round fattening, slaughter, and the rhythm of hog sales [2] Group 3: Summary by Relevant Catalogs Futures Disk - The closing price of the main futures contract for live pigs is 11,265 yuan/ton, a decrease of 235 yuan; the main contract position is 152,533 lots, an increase of 15,873 lots; the number of warehouse receipts is 1,156 lots, an increase of 129 lots; the net long position of the top 20 futures holders is - 46,304 lots, an increase of 723 lots [2] Spot Price - The live pig price in Henan Zhumadian is 11,000 yuan/ton, a decrease of 1,400 yuan; in Jilin Siping, it is 10,500 yuan/ton, a decrease of 1,000 yuan; in Guangdong Yunfu, it is 11,500 yuan/ton, a decrease of 400 yuan. The main basis of live pigs is - 265 yuan/ton, a decrease of 1,165 yuan [2] Upstream Situation - The national live pig inventory is 42,9670,000 heads, a decrease of 7130,000 heads; the national breeding sow inventory is 3,9610,000 heads, a decrease of 290,000 heads [2] Industry Situation - The year - on - year increase of CPI is 0.2%, a decrease of 0.6 percentage points; the spot price of soybean meal in Zhangjiagang is 3,080 yuan/ton, unchanged; the spot price of corn is 2,375.29 yuan/ton, an increase of 3.13 yuan; the Dalian Commodity Exchange pig feed cost index is 926.1, an increase of 1.88; the monthly output of feed is 30,086,000 tons, an increase of 307,000 tons; the price of binary breeding sows is 1,429 yuan/head, a decrease of 2 yuan; the breeding profit of purchased piglets is 53.1 yuan/head, a decrease of 38.32 yuan; the breeding profit of self - bred and self - raised live pigs is - 98.32 yuan/head, a decrease of 60.23 yuan; the monthly import volume of pork is 60,000 tons, unchanged; the average price of white - striped chickens in the main producing areas is 14 yuan/kg, unchanged [2] Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises is 4,8910,000 heads, an increase of 9340,000 heads; the monthly retail sales of social consumer goods in the catering industry is 573.8 billion yuan, a decrease of 31.9 billion yuan [2] Industry News - In January 2026, 4.7513 million live pigs were slaughtered in 244 live pig slaughtering enterprises in Guangdong Province, a month - on - month decrease of 2.25%, ending three consecutive months of month - on - month growth, and a year - on - year increase of 21.54%, with 12 consecutive months of year - on - year growth. During the Spring Festival, the spot price of live pigs declined. From the fourth and fifth days of the lunar new year, the breeding side gradually resumed hog sales. Currently, the market demand is still in the stage of consuming pre - holiday stocks, the slaughter volume is at a low level, and the overall demand has entered the off - season after the festival [2]

Core Viewpoint - Shennong Group anticipates a significant decline in net profit for 2025, projecting a decrease of 44.09% to 54.43% year-on-year, despite an increase in pig sales volume [1] Financial Performance - The company expects to achieve a net profit attributable to shareholders of between 313 million yuan and 384 million yuan for the year 2025 [1] - The sales volume of live pigs reached 3.0742 million heads, representing a year-on-year increase of 35.34% [1] - The average selling price of commercial pigs was approximately 13.39 yuan per kilogram, which is a decrease of about 17.70% compared to the previous year [1] Operational Efficiency - The company has focused on improving health management of pigs and enhancing production management efficiency, leading to a reduction in breeding costs compared to the previous year [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report indicates that the current pressure on the live pig market remains significant, with prices under pressure. Although there has been a slight rebound in prices recently, due to factors such as increased planned slaughter by large - scale enterprises this month, high slaughter volumes from ordinary farmers, and high inventory in secondary fattening, along with high slaughter weights, the market pressure is expected to continue. In the futures market, there is also downward pressure [5][6]. 3. Summary by Related Catalogs 3.1 Comprehensive Analysis & Trading Strategy - **Comprehensive Analysis**: This week, live pig prices showed a slight oscillation, with most regions seeing price increases. Large - scale enterprises reduced their slaughter volumes, while ordinary farmers increased their active slaughter after price rebounds. Secondary fattening remained stable. Slaughter weights increased, and market demand improved, with an increase in slaughter volume and frozen product inventory. However, considering the increased planned slaughter of large - scale enterprises this month, high slaughter volumes from ordinary farmers, and high inventory in secondary fattening, the market pressure is still significant [5]. - **Futures Analysis**: The futures market showed downward pressure this week, reflecting concerns about supply pressure within the month. If spot prices do not drop significantly, the futures market may rebound, but currently, spot pressure is obvious, so futures prices are still under pressure [6]. - **Trading Strategy**: For unilateral trading, adopt a downward - biased approach; for arbitrage, adopt a wait - and - see strategy; for options, use a short straddle strategy [7]. 3.2 Data Charts & Logic Analysis 3.2.1 Pig Prices - This week, live pig prices across the country oscillated slightly. Some regions saw price drops, while others had increases. The market slaughter pressure decreased significantly, and prices showed a phased rebound. Large - scale enterprises reduced their slaughter volumes, while ordinary farmers were more active in slaughtering. Secondary fattening was mainly in a wait - and - see state [12]. 3.2.2 Slaughter and Consumption Changes - **Slaughter Situation**: The overall slaughter pressure improved this week. Large - scale enterprises reduced their slaughter volumes, while ordinary farmers were more active in slaughtering. Secondary fattening was mainly in a wait - and - see state. Slaughter weights continued to increase, and the supply pressure of large - weight pigs increased. Although large - scale enterprises reduced their slaughter this week, it is expected that the overall slaughter pressure will increase in the future [14]. - **Consumption Situation**: Pig demand continued to improve this week. Slaughter volume increased, frozen product inventory increased slightly, apparent demand increased, and the fresh - meat sales rate increased, indicating an improvement in overall demand [14]. 3.2.3 Breeding Profits As of the week ending December 5, the self - breeding and self - raising profit was - 167.69 yuan per head, a decrease of 19.71 yuan per head from last week, and the profit from purchasing piglets was - 259.39 yuan per head, a decrease of 10.57 yuan per head from last week. Pig prices remained low, and breeding profits continued to decline [23]. 3.2.4 Sow and Piglet Prices - **Piglets**: The price of 7 - kg piglets remained unchanged from last week, and the price of 15 - kg piglets decreased by 2 yuan per head. The enthusiasm of farmers for replenishing piglets was average [30]. - **Sows**: The sow price decreased by 1 yuan per head from last week. The ratio of culled sows to commercial pigs continued to decline, and the enthusiasm for culling sows increased [30]. 3.2.5 Breeding Sow Inventory According to Yongyi's data, the breeding sow inventory decreased slightly in October. According to Ganglian's data, the inventory decreased by 0.38% in November. Overall, the breeding sow inventory has decreased [33].

Report Summary 1. Core View - When supply is large and demand lacks concentrated boost, the spot market is weak, and near - month contracts follow the spot with a volatile and bearish trend. Spot prices remain volatile and weak. Recent demand support and unsold fat pigs provide some support, but the sustainability of cold - weather - driven traditional demand needs observation. The overall loss in pig - farming profit is not large, the duration is short, and the de - stocking speed is limited. There is still pressure on the supply - side for pig sales, and although there are local diseases, they are within the normal range. The 01 contract entered the position - limit period one month before delivery this week, and due to concerns about winter pig diseases, the futures price rose. Currently, the 01 contract has a premium over the spot [3]. 2. Key Data 2.1 Spot Prices - On November 26, 2025, the national average pig price was 11.42 yuan/kg, down 0.2 yuan/kg. Different regions had different price changes, such as Henan at 11.35 yuan/kg (up 0.01 yuan/kg), Hunan at 11.1628 yuan/kg (down 0.25 yuan/kg), etc [3]. 2.2 Futures Prices - LH2601 was at 11,540 yuan, up 125 yuan; LH2603 was at 11,365 yuan, up 70 yuan; LH2605 was at 12,060 yuan, up 65 yuan. The spread between LH2601 and LH2603 was 175 yuan (up 55 yuan) on November 26 [3]. 2.3 Pig - related Data - According to Yongyi data, the average weight of pigs for sale this week was 128.81 kg, an increase of 0.33 kg from last week, with a week - on - week increase of 0.26% [3].

Group 1: Report Industry Investment Ratings - No information about industry investment ratings is provided in the reports. Group 2: Core Views of the Reports 1. Fats and Oils Industry - Palm oil: Due to concerns about increasing production and slowing exports, the end - of - month inventory may rise, suppressing the rebound of Malaysian palm oil. Dalian palm oil futures may follow the trend of Malaysian palm oil and decline after a short - term rebound. There is a possibility that Dalian palm oil may fall to the 8000 - yuan mark if Malaysian palm oil drops to 3900 ringgit [1]. - Soybean oil: Uncertainty in US biodiesel policies and soybean export prospects. CBOT soybean oil has limited upside potential, with resistance at 52 cents. In China, factory soybean oil supply is abundant, and inventory may increase before the Spring Festival stocking. However, oil mills are reluctant to lower prices, and the spot basis quotation has limited fluctuation [1]. 2. Meal Industry - The market has fully priced in China's procurement expectations, but it is still uncertain whether US soybean exports can meet previous expectations. The supply - demand of US soybeans remains loose, and there is pressure on the upside. South American new - crop soybeans are expected to have a bumper harvest, and supply pressure continues to be released. In China, soybean inventory is high, and the soybean meal supply - demand situation remains loose. The price of soybean meal is expected to fluctuate [2]. 3. Pig Industry - Market supply is recovering, and slaughter is smooth. Although the curing season has started in the southwest, market demand is limited, and large - pig prices are weak. There are sporadic epidemics in some areas, but large - scale outbreaks are unlikely. Pig prices are expected to fluctuate weakly, and the inter - month reverse spread strategy can be held. The market is still trading the logic of production capacity reduction [5]. 4. Corn Industry - In the Northeast, port prices are strong, and the enthusiasm of farmers to sell grains is average. Due to restricted logistics and state reserve purchases, prices are strong. In North China, prices are generally stable with partial declines, and attention should be paid to the continuity of grain supply. In terms of demand, deep - processing enterprises are willing to replenish inventory, while feed enterprises mainly maintain safety inventory. In the short term, the futures price remains firm, but attention should be paid to the pressure caused by concentrated grain sales [7]. 5. Sugar Industry - ICE raw sugar futures closed higher, and the market is waiting for the sugar production data of the central - southern region of Brazil in early November. It is expected that raw sugar prices will fluctuate around 14 cents per pound. With the listing of new sugar in Guangxi, the trading terminals are more cautious, and sugar prices are expected to fluctuate weakly at the bottom this week [11]. 6. Cotton Industry - ICE cotton futures rose to a one - week high. US cotton export sales and shipments data showed mixed performance. In China, the supply of Xinjiang cotton in the 2025/26 season is high, and Zhengzhou cotton faces hedging pressure when prices rise. However, the spot basis is firm, and downstream demand has some resilience, so cotton prices are expected to fluctuate within a range in the short term [12]. 7. Egg Industry - Egg prices have fallen below the feed cost line. Farmers are reluctant to sell at low prices, and with the cold - weather storage advantage, the decline of egg prices is expected to be limited. As egg prices reach a phased low, downstream demand may gradually recover, and egg prices may rebound slightly in the second half of this week. Egg futures prices are expected to fluctuate at a low level [15]. Group 3: Summary by Related Catalogs 1. Fats and Oils Industry - **Soybean oil**: On November 26, the spot price in Jiangsu was 8460 yuan/ton, down 0.59% from the previous day; the futures price of Y2601 was 8150 yuan/ton, up 0.07%. The basis was 310 yuan/ton, down 15.30%. The number of warehouse receipts decreased by 10.54% [1]. - **Palm oil**: The spot price in Guangdong was 8290 yuan/ton on November 26, down 0.96%; the futures price of P2601 was 8440 yuan/ton, up 0.96%. The basis was - 150 yuan/ton, down 1600.00%. The import cost increased by 0.31%, and the import profit increased by 9.10% [1]. - **Rapeseed oil**: The spot price in Jiangsu was 10110 yuan/ton on November 26, down 0.79%; the futures price of OI601 was 9819 yuan/ton, up 0.01%. The basis was 291 yuan/ton, down 21.77% [1]. - **Spreads**: The soybean oil inter - month spread (01 - 05) increased by 1.01%, the palm oil inter - month spread (01 - 05) increased by 29.27%, and the rapeseed oil inter - month spread (01 - 05) decreased by 15.45%. The soybean - palm oil spot spread increased by 21.43%, and the 2601 contract spread decreased by 10.48%. The rapeseed - soybean oil spot spread decreased by 1.79%, and the 2601 contract spread decreased by 0.30% [1]. 2. Meal Industry - **Soybean meal**: The spot price in Jiangsu was 3030 yuan/ton, up 1.00%; the futures price of M2601 was 3015 yuan/ton, up 0.07%. The basis was 15 yuan/ton, up 215.38%. The import crushing margin for Brazilian soybeans in the February shipment decreased by 80.8%, and the number of warehouse receipts decreased by 9.2% [2]. - **Rapeseed meal**: The spot price in Jiangsu was 2440 yuan/ton, down 0.81%; the futures price of RM2601 was 2439 yuan/ton, up 0.33%. The basis was 1 yuan/ton, down 96.55%. The import crushing margin for Canadian rapeseed in the January shipment remained unchanged [2]. - **Soybeans**: The spot price of Harbin soybeans was 3940 yuan/ton, unchanged; the futures price of the main soybean contract decreased by 0.34%. The basis increased by 8.33%. The spot price of imported soybeans in Jiangsu was 3950 yuan/ton, unchanged; the futures price of the main soybean - 2 contract increased by 0.19%, and the basis decreased by 2.87%. The number of warehouse receipts increased by 9.52% [2]. - **Spreads**: The soybean meal inter - month spread (01 - 05) decreased by 2.07%, the rapeseed meal inter - month spread (01 - 05) increased by 13.04%. The oil - meal ratio of the spot decreased by 1.57%, and the main - contract oil - meal ratio was basically unchanged. The 2601 contract spread between soybean meal and rapeseed meal decreased by 1.03% [2]. 3. Pig Industry - **Futures indicators**: The main - contract basis decreased by 203.70%, the price of the LH2605 contract increased by 0.54%, the LH2601 contract increased by 1.10%, and the 1 - 5 spread increased by 10.34%. The main - contract open interest decreased by 2.12%, and the number of warehouse receipts remained at 0 [5]. - **Spot prices**: Spot prices in various regions decreased. The daily slaughter volume of sample points decreased by 0.06%, the weekly white - strip pig price decreased by 0.76%, the weekly piglet price increased by 1.45%, the weekly sow price remained unchanged, the weekly average slaughter weight increased by 0.26%, the weekly self - breeding profit decreased by 18.37%, the weekly purchased - piglet breeding profit decreased by 14.10%, and the monthly fertile sow inventory decreased by 0.07% [5]. 4. Corn Industry - **Corn**: The price of the C2601 contract at Jinzhou Port decreased by 0.31%, and the flat - hatch price increased by 0.88%. The basis increased by 96.43%, the 1 - 5 spread decreased by 71.43%, the Shekou bulk - grain price increased by 1.24%, the north - south trade profit increased by 20.41%, the CIF price decreased by 0.33%, the import profit increased by 9.68%, the number of remaining vehicles at Shandong deep - processing enterprises in the morning decreased by 7.46%, the open interest increased by 2.45%, and the number of warehouse receipts decreased by 1.28% [7]. - **Corn starch**: The price of the CS2601 contract decreased by 0.20%, the Changchun spot price increased by 1.17%, the Weifang spot price remained unchanged, the basis increased by 875.00%, the 1 - 5 spread decreased by 14.52%, the 01 - contract spread between starch and corn increased by 0.64%, the Shandong starch profit decreased by 27.27%, the open interest decreased by 1.47%, and the number of warehouse receipts remained unchanged [7]. 5. Sugar Industry - **Futures market**: The price of the SR2601 contract decreased by 0.15%, the SR2605 contract decreased by 0.30%, the ICE raw sugar main contract increased by 1.48%, the 1 - 5 spread increased by 12.90%, the main - contract open interest decreased by 3.01%, and the number of warehouse receipts and effective forecasts remained unchanged [11]. - **Spot market**: The spot prices in Nanning and Kunming remained unchanged. The Nanning basis increased by 12.80%, the Kunming basis increased by 13.91%. The import price of Brazilian sugar (within quota) increased by 0.27%, the import price of Brazilian sugar (out - of - quota) increased by 0.27%, the price difference between imported Brazilian sugar (within quota) and Nanning decreased by 0.82%, and the price difference between imported Brazilian sugar (out - of - quota) and Nanning increased by 5.60% [11]. - **Industry situation**: Nationally, the cumulative sugar production increased by 12.03%, the cumulative sales increased by 9.17%, the cumulative sales rate decreased by 2.60%, and the industrial inventory decreased by 41.20%. In Guangxi, the cumulative sugar production increased by 4.59%, the monthly sales decreased by 41.20%, the cumulative sales rate increased by 4.80%, and the industrial inventory increased by 62.90%. In Yunnan, the industrial inventory increased by 26.60%. The sugar import volume increased by 37.50% [11]. 6. Cotton Industry - **Futures market**: The price of the CF2605 contract increased by 0.04%, the CF2601 contract decreased by 0.15%, the ICE US cotton main contract increased by 0.59%, the 5 - 1 spread increased by 38.46%, the main - contract open interest decreased by 2.14%, the number of warehouse receipts decreased by 0.09%, and the effective forecast increased by 12.97% [12]. - **Spot market**: The Xinjiang arrival price of grade 3128B cotton increased by 0.69%, the CC Index 3128B increased by 0.34%, the FC Index M 1% increased by 0.40%, the spread between 3128B and the 01 contract increased by 9.42%, the spread between 3128B and the 05 contract increased by 12.68%, and the spread between CC Index 3128B and FC Index M 1% decreased by 0.05% [12]. - **Industry situation**: The commercial inventory increased by 24.2%, the industrial inventory increased by 4.9%, the import volume decreased by 10.0%, the bonded - area inventory increased by 5.5%, the textile industry's inventory year - on - year decreased by 25.0%, the yarn inventory days increased by 0.9%, the grey - cloth inventory days decreased by 2.7%, the cotton outbound shipment volume from Xinjiang increased by 22.6%, the spinning enterprise's C32s immediate processing profit decreased by 3.3%, the retail sales of clothing, shoes, hats, and textiles increased by 19.5%, the year - on - year growth rate increased by 34.0%, the export value of textile yarns, fabrics, and products decreased by 5.9%, the year - on - year growth rate decreased by 242.1%, the export value of clothing and clothing accessories decreased by 11.6%, and the year - on - year growth rate decreased by 100.2% [12]. 7. Egg Industry - **Futures and spot indicators**: The price of the 12 - contract egg increased by 0.38%, the 01 - contract egg increased by 0.72%, the egg - producing area price increased by 0.13%, the basis decreased by 7.31%, and the 12 - 01 spread decreased by 4.08% [15]. - **Related indicators**: The egg - chick price decreased by 3.57%, the culled - chicken price decreased by 3.96%, the egg - feed ratio decreased by 3.33%, and the breeding profit decreased by 18.60% [15].

Report Information - Report Name: Pig Daily Report [1] - Date: November 14, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - The spot market is expected to be stable with a slight increase in demand, but the support for prices is weak due to the wait - and - see attitude of secondary fattening, so it will mainly fluctuate. The futures market, especially the 2601 contract, is likely to be under dual supply pressure before the Spring Festival, with a medium - to - long - term weakening trend [7]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 13th, the main 2601 contract of live pigs opened slightly lower, then bottomed out and rebounded, closing up. The highest price was 11,865 yuan/ton, the lowest was 11,690 yuan/ton, and the closing price was 11,860 yuan/ton, up 0.64% from the previous day. The total index positions decreased by 31 to 359,899 lots [6]. - **Spot Market**: On the 13th, the average price of ternary pigs nationwide was 11.65 yuan/kg, down 0.1 yuan/kg from the previous day [6]. - **Supply - side Analysis**: In the long run, pig slaughter is expected to increase slightly until the first half of next year. In October, the concentrated secondary fattening and holding back of pigs increased the supply pressure before the Spring Festival. In the short term, according to Yongyi sample data, the planned sales volume in November was 26.66 million heads, a month - on - month decrease of 3.27% compared to the actual sales volume in October, with the daily average remaining the same. Currently, farmers are mainly selling pigs at a normal pace [7]. - **Demand - side Analysis**: With the rebound of spot prices and the high utilization rate of pigsties, secondary fattening is mainly in a wait - and - see state. As the weather gets colder, terminal consumer demand continues to rise, but the continuous increase is insufficient. The orders of slaughtering enterprises are average, and the slaughter rate and volume have increased slightly. Mid - to - late - month pickling and enema may increase slightly. On November 13th, the slaughter volume of sample slaughtering enterprises was 162,900 heads, a decrease of 1,200 heads from the previous day, an increase of 2,300 heads week - on - week, and an increase of 3,600 heads month - on - month [7]. 2. Industry News - As of October 30th, the average profit per self - breeding and self - fattening pig was - 34.5 yuan/head, a month - on - month increase of 20 yuan/head; the profit from purchasing piglets for fattening was - 258 yuan/head, a month - on - month increase of 50 yuan/head [8][10]. 3. Data Overview - As of October 31st, the utilization rate of fattening pigsties was 55.5%, a month - on - month increase of 21.2 percentage points, and the same year - on - year [15]. - As of the end of October, the price difference between 175 - kg fat pigs and standard pigs was 0.71 yuan/jin, a month - on - month increase of 0.36 yuan/jin [15]. - As of the end of October, the cost of fattening a 110 - kg pig to 140 kg was 12.18 yuan/kg, a decrease of 0.58 yuan/kg from the previous month; the cost of fattening a 125 - kg pig to 150 kg was 12.63 yuan/kg, a decrease of 0.44 yuan/kg from the previous month [15]. - In October, the average slaughter weight of pigs nationwide was 128.1 kg, a decrease of 0.3 kg from September, a month - on - month decrease of 0.23%, and an increase of 2.2 kg compared to the same period last year, a year - on - year increase of 1.75% [15]. - In September, the slaughter volume of large - scale designated pig slaughtering enterprises nationwide was 35.84 million heads, a month - on - month increase of 7% and a year - on - year increase of 28.5% [15].

Group 1: Report Overview - Report title: Pig Daily Report [1] - Report date: November 12, 2025 [2] Group 2: Investment Rating - There is no information about the industry investment rating in the report. Group 3: Core Viewpoints - The spot market is expected to fluctuate as supply stabilizes and demand increases slightly, but the support from second - round fattening is weak. The futures market, specifically the 2601 contract, may show a long - term weakening trend due to increased supply and concentrated second - round fattening and pressure - barring in October [9]. Group 4: Summary by Directory 1. Market Review and Operation Suggestions - **Market conditions**: On November 11, the main 2601 futures contract of live pigs opened slightly lower, fluctuated downward, and closed with a negative line. The highest was 11,995 yuan/ton, the lowest was 11,750 yuan/ton, and the closing price was 11,755 yuan/ton, down 1.80% from the previous day. The total index positions increased by 16,981 lots to 368,545 lots. The national average price of external ternary pigs was 11.87 yuan/kg, down 0.06 yuan/kg from the previous day [8]. - **Analysis**: In the long - term, pig slaughter is expected to increase slightly until the first half of next year. The concentrated second - round fattening and pressure - barring in October increased the supply pressure before the Spring Festival. In the short - term, the planned sales volume in November decreased by 3.27% compared to the actual sales volume in October. The demand side shows that second - round fattening is mainly in a wait - and - see state. Terminal consumption is rising but with insufficient incremental growth. The slaughter volume of sample slaughtering enterprises on November 11 was 162,400 heads, an increase of 100 heads from the previous day, 4,400 heads week - on - week, and 6,600 heads month - on - month [9]. 2. Industry News - There is no specific content about industry news in the report, only the titles of some related data charts are given. 3. Data Overview - As of October 30, the average profit per self - bred and self - raised pig was - 34.5 yuan/head, a monthly increase of 20 yuan/head; the profit per pig from purchasing piglets was - 258 yuan/head, a monthly increase of 50 yuan/head [13]. - As of October 31, the utilization rate of fattening pens was 55.5%, a monthly increase of 21.2 percentage points, the same as the previous year [13]. - As of the end of October, the price difference between 175 - kg fat pigs and standard pigs was 0.71 yuan/jin, a monthly increase of 0.36 yuan/jin [13]. - As of the end of October, the cost of fattening a 110 - kg pig to 140 kg was 12.18 yuan/kg, a decrease of 0.58 yuan/kg from the previous month; the cost of fattening a 125 - kg pig to 150 kg was 12.63 yuan/kg, a decrease of 0.44 yuan/kg from the previous month [13]. - The average slaughter weight of pigs in October was 128.1 kg, a decrease of 0.3 kg from September, a monthly decrease of 0.23%, and an increase of 2.2 kg compared to the same period last year, a year - on - year increase of 1.75% [13]. - In September, the slaughter volume of large - scale pig slaughtering enterprises nationwide was 35.84 million heads, a month - on - month increase of 7% and a year - on - year increase of 28.5% [13].

Report Overview - Report Title: Pig Daily Report - Report Date: November 05, 2025 - Report Industry: Pig Industry 1. Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The spot market is expected to be range - bound as supply stabilizes and demand increases slightly, but the support from second - fattening is weak [8]. - The futures market, specifically the 2601 contract, is likely to trend weakly with fluctuations due to the potential slight increase in supply before the Spring Festival, concentrated second - fattening in October, farmers' reluctance to sell, and continuous release of production capacity [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: On the 4th, the main 2601 contract of live pigs opened slightly lower, then rose, fell back, and fluctuated downward, closing with a negative line. The highest price was 11,895 yuan/ton, the lowest was 11,650 yuan/ton, and the closing price was 11,685 yuan/ton, down 0.13% from the previous day. The total index position increased by 5,066 lots to 362,390 lots [7]. - **Spot Market**: On the 4th, the average price of ternary pigs nationwide was 11.97 yuan/kg, down 0.23 yuan/kg from the previous day [7]. - **Supply Analysis**: In the long - term, pig slaughter is expected to increase slightly until the first half of next year. Second - fattening and weight - holding in October have increased the supply pressure before the Spring Festival. In the short - term, the planned sales volume in November is 26.66 million heads, a 3.27% decrease from the actual sales volume in October, and the daily average is flat, with general enthusiasm for slaughter at the beginning of the month [8]. - **Demand Analysis**: After the spot price rebounded to a high level, second - fattening has turned to a wait - and - see attitude. With the cooling weather, terminal consumer demand continues to rise, but the continuous increase is insufficient. Slaughterhouse orders are average, and the slaughter rate and volume fluctuate slightly. Mid - to late - month bacon curing and sausage making may increase slightly. On November 4th, the slaughter volume of sample slaughterhouses was 158,000 heads, down 600 from the previous day, 4,600 week - on - week, and 12,300 month - on - month [8]. 3.2 Industry News - As of October 30th, the average profit per self - breeding and self - raising pig was - 34.5 yuan/head, a monthly increase of 20 yuan/head; the profit from purchasing piglets for fattening was - 258 yuan/head, a monthly increase of 50 yuan/head [9][11]. 3.3 Data Overview - As of October 31st, the utilization rate of fattening pens was 55.5%, a monthly increase of 21.2 percentage points and the same as the previous year [16]. - As of the end of October, the price difference between 175 - kg fat pigs and standard pigs was 0.71 yuan/jin, a monthly increase of 0.36 yuan/jin [16]. - As of the end of October, the cost of fattening a 110 - kg pig to 140 kg was 12.18 yuan/kg, a monthly decrease of 0.58 yuan/kg; the cost of fattening a 125 - kg pig to 150 kg was 12.63 yuan/kg, a monthly decrease of 0.44 yuan/kg [16]. - In October, the average slaughter weight of pigs nationwide was 128.1 kg, a decrease of 0.3 kg from September (a monthly decline of 0.23%) and an increase of 2.2 kg from the same period last year (a year - on - year increase of 1.75%) [16]. - In September, the slaughter volume of large - scale designated pig slaughtering enterprises nationwide was 35.84 million heads, a month - on - month increase of 7% and a year - on - year increase of 28.5% [16].

Market Focus - As of October 29, the national live pig ex-farm price is 12.53 yuan/kg, an increase of 4.59% compared to October 22 [1] - The main wholesale corn price is 2.26 yuan/kg, a decrease of 0.88% compared to October 22 [1] - The pig-to-grain price ratio is 5.54, up 5.52% from October 22 [1] Industry Events - A hearing on anti-dumping cases related to pork and pork by-products was held by the Ministry of Commerce, attended by approximately 80 stakeholders including representatives from the EU and various countries [1] Profitability Analysis - As of the week ending October 31, self-breeding pig farming incurred a loss of 89.33 yuan per head, an improvement from a loss of 185.68 yuan per head the previous week [1] - The profitability for purchased piglets was a loss of 179.72 yuan per head, compared to a loss of 289.07 yuan per head the prior week [1] Market Trends - The live pig futures contract has reached a new low, with supply pressure suppressing the so-called peak season logic [3] - Previous rebounds were supported by secondary fattening, but the delayed pressure is expected to be released before the year-end, aligning with the anticipated oversupply [3]