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]

北京商报讯（记者 郭秀娟 王悦彤） 1月28日，北京商报记者获悉，近日神农集团发布公告称，公司预 计2025年年度实现归母净利润3.13亿元至3.84亿元，同比减少44.09%至54.43%。 公告表示，报告期内，公司销售生猪307.42万头（包含对外销售和对内部屠宰企业销售），较上年同期 增长35.34%，公司持续做好生猪健康管理及提升产能利用率、生产管理效率，养殖成本较上年同期下 降。全年商品猪销售均价约13.39元/公斤，较上年同期下降约17.70%，由于生猪销售价格同比出现较大 幅度下降，导致生猪养殖业务利润同比减少。 ...

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].

| 油脂产业期现日报 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 2025年11月27日 | 投资咨询业务资格:证监许可 [2011] 1292号 | | | | 王法庭 | Z0019938 | | 更油 | | | | | | | | | | | 11月26日 | 11月25日 | 旅跌 | 旅跌幅 | | 现价 | | 江苏一级 | 8460 | 8510 | -20 | -0.59% | | 期价 | | Y2601 | 8150 | 8144 | 6 | 0.07% | | 墓差 | | Y2601 | 310 | 366 | -56 | -15.30% | | 现货墓差报价 | | 江苏1月 | 01+280 | 01+280 | 0 | : | | 仓单 | | | 22029 | 24625 | -2596 | -10.54% | | 棕櫚油 | | | | | | | | | | | 11月26日 | 11月25日 | 涨跌 | 涨跌幅 | | 现价 | | 广东24度 | 8290 | 8370 | -80 | - ...

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]

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].