1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoint of the Report - This week, the live hog price fluctuated at a low level, with the main contract 2605 down 0.09% for the week. The selling sentiment of the breeding end has increased, accelerating the slaughter rhythm. Combining the sow production capacity and the number of newborn piglets, the supply in the near - term is sufficient. Although there are intermittent entries in the second - fattening, the overall sentiment is weak and the attitude is cautious, with limited effect on alleviating the supply. On the demand side, the demand has entered the off - season, the terminal consumption is rigid, and the slaughter enterprises may maintain the current level with small fluctuations or even a slight reduction, with limited support for the price. Overall, the situation of oversupply in the market continues, putting pressure on the live hog price. However, because the price is at a low level and there is an expectation of capacity reduction, the decline pace has slowed down, and the live hog price will mainly fluctuate weakly. Attention should be paid to the impact of the entry dynamics of second - fattening and capital flow on the price [8]. 3. Summary According to the Directory 3.1. Week - on - Week Summary - **Market performance**: The live hog price fluctuated at a low level this week, and the main contract 2605 was down 0.09% for the week [8][12]. - **Market outlook**: The supply in the near - term is sufficient. The second - fattening has limited effect on alleviating the supply. The demand is in the off - season, and the support for the price is limited. The oversupply situation continues, but the decline pace of the price has slowed down, and it will mainly fluctuate weakly. Attention should be paid to the entry dynamics of second - fattening and capital flow [8]. 3.2. Futures and Spot Markets 3.2.1. Futures Market - **Price trend**: The futures price bottomed out and fluctuated this week, and the main contract 2605 was down 0.09% for the week [12]. - **Net position and warehouse receipts**: As of March 13, the net short position of the top 20 long - short positions in live hog futures increased by 7949 lots to 59292 lots compared with last week, and the number of live hog futures warehouse receipts was 1133, a decrease of 17 lots compared with the previous week [18]. - **Contract spread**: The spread between lh2605 and lh2607 contracts was - 1195, and the spread between lh2605 and lh2609 contracts was - 2015 [24]. 3.2.2. Spot Market - **Base difference**: The base difference of the March contract this week was - 80 yuan/ton, and the base difference of the May contract was - 1050 yuan/ton [28]. - **Live hog and piglet prices**: The average national live hog market price this week was 10.18 yuan/kg, a decrease of 0.36 yuan/kg compared with last week. The average price of 15 - kg weaned piglets was 27.62 yuan/kg, a decrease of 1.62 yuan/kg compared with last week [38]. - **Pork and sow prices**: On March 12, the national pork market price was 16.5 yuan/kg, a decrease of 0.38 yuan/kg compared with the previous week. The average market price of binary sows was 32.45 yuan/kg, a slight decrease of 0.01 yuan/kg compared with the previous week [45]. - **Pig - grain ratio**: As of the week of February 11, 2026, the pig - grain ratio was 5.5, a decrease of 0.18 compared with the previous week, still below 6:1 [49]. 3.3. Industry Situation 3.3.1. Upstream - **Sow inventory**: In December 2025, the inventory of reproductive sows was 39.61 million, equivalent to 101.56% of the normal inventory, in the green area. According to Mysteel data, in February, the inventory of reproductive sows in 123 large - scale farms decreased slightly by 0.01% month - on - month, and the inventory in 85 small and medium - sized farms decreased by 0.11% month - on - month [55]. - **Live hog inventory**: At the end of the fourth quarter of 2025, the live hog inventory was 429.67 million, a month - on - month decrease of 1.6% and a year - on - year increase of 0.5%. In February, the live hog inventory in 123 large - scale farms increased by 1.79% month - on - month and 5.57% year - on - year, and the inventory in 85 small and medium - sized farms increased by 1.36% month - on - month and 11.89% year - on - year [59]. - **Slaughter volume and average weight**: In February, the slaughter volume of 123 large - scale farms decreased by 12.95% month - on - month and increased by 12.12% year - on - year, and the slaughter volume of 85 small and medium - sized farms increased by 2.85% month - on - month and 23.07% year - on - year. The average slaughter weight of national ternary live hogs this week was 123.17 kg, the same as last week [63]. 3.3.2. Industry Profit - **Livestock and poultry breeding profit**: As of March 13, the breeding profit of purchased piglets was - 118.18 yuan/head, a decrease of 59.29 yuan/head; the breeding profit of self - bred and self - raised live hogs was - 283.15 yuan/head, a decrease of 45.17 yuan/head. The breeding profit of laying hens was - 0.33 yuan/head, a week - on - week increase of 0.02 yuan/head, and the breeding profit of 817 meat - hybrid chickens was - 0.32 yuan/head, a week - on - week increase of 0.34 yuan/head [68]. 3.3.3. Domestic Import - In December 2025, the pork import volume was 60,000 tons, a year - on - year decrease of 33.33%; from January to December, the pork import volume was 980,000 tons, a year - on - year decrease of 8.41% [74]. 3.3.4. Substitute Products - As of the week of March 13, the price of white - striped chickens was 13.7 yuan/kg, a decrease of 0.1 yuan/kg compared with last week. As of the week of March 12, the average price difference between standard and fat hogs was - 0.74 yuan/kg, a decrease of 0.03 yuan/kg compared with last week [78]. 3.3.5. Feed - **Feed price**: As of March 13, the spot price of soybean meal was 3438.86 yuan/ton, an increase of 264.29 yuan/ton compared with the previous week. As of March 6, the spot price of corn was 2446.86 yuan/ton, an increase of 29.02 yuan/ton compared with the previous week. The closing price of the Dalian Commodity Exchange live hog feed cost index was 971.98, and the average market price of live hog feed was 2.66 yuan/kg, a decrease of 0.01 yuan/kg compared with last week [85][89]. - **Feed production**: In December 2025, the monthly feed production was 30.086 million tons, a month - on - month increase of 307,000 tons. In February 2026, the sales of piglet feed decreased by 3.84% month - on - month and 2.77% year - on - year [94]. 3.3.6. CPI - As of February 2026, China's CPI increased by 1.3% year - on - year [99]. 3.3.7. Downstream - **Slaughter enterprise situation**: In the 11th week of 2026, the slaughter enterprise's operating rate was 28.53%, an increase of 1.26 percentage points compared with last week and 2.67 percentage points compared with the same period last year. The fresh - sales rate of key domestic slaughter enterprises was 82.44%, a month - on - month decrease of 2.16% and a year - on - year decrease of 7.54%; the frozen - product storage rate was 17.84%, an increase of 0.32% compared with last week and 0.92% compared with the same period last year [103]. - **Slaughter volume and catering consumption**: As of January 2026, the slaughter volume of designated live hog slaughtering enterprises was 44.04 million, a month - on - month increase of 9.96% and a 15.41% increase compared with the previous month. In December 2025, the national catering revenue was 573.8 billion yuan, a year - on - year increase of 2.19% [109]. 3.3.8. Live Hog Stocks - The report presents the trend charts of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis is provided [111][113]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The overall pig market remains weak. The northern market fluctuates, with some low - price areas testing the 10 - yuan mark. Group enterprises mainly stabilize prices and wait - and - see, but supply is abundant. In the south, pig prices decline slightly, with group companies resuming normal sales, sufficient market supply, weak terminal consumption, poor white - strip sales, and lack of positive support. In the short term, the pressure of pig出栏 is the dominant factor, and it is expected that today's national pig prices will continue to bottom - out. It is recommended to pay attention to the changes in the出栏 rhythm of leading enterprises [2] Group 3: Summary by Relevant Catalogs Futures Market - **Prices**: The previous day's closing prices for January, March, May, July, September, and November contracts were 13760, 10150, 11160, 12180, 13140, and 13380 respectively, with changes of - 15, - 30, 20, - 25, - 80, and - 110 compared to the day before, and corresponding percentage changes of - 0.11%, - 0.29%, 0.18%, - 0.20%, - 0.61%, and - 0.82% [2] - **Trading Volume**: The trading volumes for January, March, May, July, September, and November contracts were 5776, 1, 81566, 14998, 20888, and 9979 respectively [2] - **Open Interest**: The open interests for January, March, May, July, September, and November contracts were 12868, 178, 173194, 59038, 54077, and 35141 respectively, with changes of 2074, - 7, 4967, 1997, 2920, and 1285 [2] - **Price Spreads**: The current price spreads of January - March, March - May, May - July, July - September, September - November, and November - January were 3610, - 1010, - 1020, - 960, - 240, and - 380 respectively, compared to the previous values of 3595, - 960, - 1065, - 1015, - 270, and - 285 [2] Spot Market - **Prices**: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning were 10.53, 10.17, 10.13, 10.58, 9.97, and 10.07 yuan/ton respectively, with changes of - 0.11, - 20.34, - 0.14, - 0.23, - 0.1, and - 0.03 compared to the previous day [2] Warehouse Receipts - The number of warehouse receipts was 1150 on the previous day, with no change compared to the day before [2]

Group 1: Report Overview - The report is a daily research report on the hog market, dated March 4, 2026, titled "Hog Daily Report: Market Shows Temporary Improvement, Spot Prices Rise Slightly" [1] Group 2: Investment Rating - No investment rating for the industry is provided in the report. Group 3: Core Views - The hog market shows temporary improvement with a slight increase in spot prices, but there is still pressure in the short - term due to high inventory and large supply - side pressure [1][3][5] - Hog futures prices are in a volatile state. The short - term is supported by spot price increases, but in the long - term, they are expected to remain in a low - level volatile state due to supply - side pressure [5] Group 4: Market Data Summary Spot Prices - Today, hog spot prices in various regions of the country are rising. For example, the price in Henan increased from 10.54 to 10.71, and the average price decreased from 10.24 to 10.18 [3] Futures Prices - Futures contracts show different trends. For example, LH01 increased by 115 to 13545, while LH07 decreased by 125 to 12245 [3] Sow and Piglet Prices - Piglet prices decreased from 357 to 348 this week, while sow prices remained unchanged at 1557 [3] Spot Breeding Profits - The profit of self - breeding and self - raising decreased from - 98.32 to - 159.65, and the profit of purchasing piglets decreased from 53.10 to 20.83 [3] Slaughter Data - The slaughter volume increased from 129803 to 136079 [3] Pig Price Spreads - The spreads between different sizes of pigs have changed. For example, the spread between large and medium - sized pigs decreased from 0.5 to 0.46 [3] Futures Contract Spreads - Contract spreads such as LH7 - 9 decreased from - 950 to - 985 [3] Group 5: Market Situation Analysis - Scale enterprises' hog sales volume continues to increase significantly this month, and ordinary farmers' sales are expected to increase. Secondary fattening is still cautious, and the supply - side pressure is obvious due to high inventory and large hog weights [3][5] - The increase in spot prices drives futures to operate strongly in the short - term. The widening of the price spread between different sizes of pigs may slow down the sales rhythm and relieve price pressure, supporting near - term futures. However, in the long - term, supply - side pressure remains the main influencing factor [5] Group 6: Trading Strategies - Unilateral: It is recommended to short on rallies in the far - month contracts [6] - Arbitrage: Wait and see [6] - Options: Mainly adopt the strategy of selling wide straddles [6]

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - This week, the live hog price fluctuated and closed down, with the main contract 2605 down 1.08% for the week [8][12]. - After the Spring Festival, the supply and demand of live hogs are both weak in the initial stage. The price fluctuation range may be relatively limited. Considering that the supply will gradually recover in the future, the loose supply and demand will put pressure on the price. It is expected that the live hog price will fluctuate slightly weaker [8]. 3. Summary by Relevant Catalogs 3.1. Weekly Highlights Summary - **Market Review**: The live hog price fluctuated and closed down this week, with the main contract 2605 down 1.08% for the week [8][12]. - **Market Outlook**: After the festival, the slaughter rhythm of the breeding end will gradually resume. The short - term supply pressure is limited. The supply in the next two months is relatively sufficient. Attention should be paid to the second - fattening market. The demand turns from strong to weak after the festival. Overall, the supply and demand are weak at the beginning after the festival, and the live hog price is expected to fluctuate slightly weaker [8]. 3.2. Futures and Spot Markets 3.2.1. Futures Market - **Price Movement**: The futures price fluctuated and closed down this week, with the main contract 2605 down 1.08% for the week [12]. - **Net Position and Warehouse Receipts**: As of February 13, the net short position of the top 20 holders of live hog futures decreased by 884 lots compared with last week, and the number of live hog futures warehouse receipts was 1027, an increase of 300 lots compared with the previous week [18]. - **Contract Spreads**: The spread between lh2605 and lh2607 contracts is - 720, and the spread between lh2605 and lh2609 contracts is - 1640 [23]. 3.2.2. Spot Market - **Base Difference**: The basis of the live hog March contract this week was 1660 yuan/ton, and the basis of the May contract was 900 yuan/ton [28]. - **Live Hog and Piglet Prices**: The national average price of live hogs this week was 11.62 yuan/kg, a decrease of 0.88 yuan/kg compared with last week. The average price of 15 - kg weaned piglets was 29.24 yuan/kg, the same as last week [38]. - **Pork and Sows Prices**: On February 12, the national average market price of pork was 18.07 yuan/kg, a decrease of 0.41 yuan/kg compared with the previous week. The average market price of binary sows was 32.47 yuan/kg, the same as the previous week [44]. - **Pig - grain Ratio**: As of the week of February 4, 2026, the pig - grain ratio was 5.68, a decrease of 0.08 compared with the previous week [48]. 3.3. Industry Situation 3.3.1. Upstream - **Sow Inventory**: In December 2025, the official inventory of reproductive sows was 39.61 million. According to Mysteel data, in January 2026, the inventory of reproductive sows in 123 large - scale farms increased slightly by 0.02% month - on - month, while that in 85 small and medium - sized farms decreased by 0.36% month - on - month [50][54]. - **Live Hog Inventory**: At the end of the fourth quarter of 2025, the live hog inventory was 429.67 million, a 1.6% decrease month - on - month and a 0.5% increase year - on - year. In January 2026, the inventory of commercial pigs in 123 large - scale farms decreased by 0.70% month - on - month, while that in 85 small and medium - sized farms decreased by 0.02% month - on - month [56][59]. - **Slaughter Volume and Average Weight**: In January 2026, the slaughter volume of commercial pigs in 123 large - scale farms decreased by 3.27% month - on - month, and that in 85 small and medium - sized farms decreased by 0.71% month - on - month. The average slaughter weight of live hogs this week was 122.89 kg, a decrease of 0.37 kg compared with last week [61][64]. 3.3.2. Industry Profit - **Livestock and Poultry Breeding Profits**: As of February 13, the profit of purchasing piglets for breeding was 53.1 yuan/head, a decrease of 38.32 yuan/head; the profit of self - breeding and self - raising live hogs was - 98.32 yuan/head, a decrease of 60.23 yuan/head. The profit of laying hens was - 0.09 yuan/hen, a decrease of 0.11 yuan/hen week - on - week, and the profit of 817 meat - hybrid chickens was - 0.84 yuan/chicken, a decrease of 1.05 yuan/chicken week - on - week [69]. 3.3.3. Other Industry Aspects - **Pork Imports**: In December 2025, China's pork imports were 60,000 tons, a year - on - year decrease of 33.33%; from January to December, the imports were 980,000 tons, a year - on - year decrease of 8.41% [75]. - **Substitute Products**: As of the week of February 13, the price of white - striped chickens was 14 yuan/kg, the same as last week. As of the week of February 12, the average price difference between standard and fat pigs in the country was - 1.12 yuan/kg, an increase of 0.03 yuan/kg compared with last week [79]. - **Feed Situation**: As of February 13, the spot price of soybean meal was 3167.71 yuan/ton, an increase of 8.57 yuan/ton compared with the previous week; the spot price of corn was 2372.16 yuan/ton, an increase of 3.73 yuan/ton compared with the previous week. The closing price of the Dalian Commodity Exchange's live hog feed cost index was 924.22, and the average market price of live hog feed was 2.67 yuan/kg, the same as last week. In December 2025, the monthly feed output was 30.086 million tons, an increase of 307,000 tons month - on - month. In January 2026, the sales of piglet feed decreased by 0.19% month - on - month and increased by 0.92% year - on - year [86][90][96]. - **CPI**: As of January 2026, China's CPI increased by 0.2% year - on - year [102]. 3.3.4. Downstream - **Slaughter Enterprises**: In the 7th week of 2026, the operating rate of slaughter enterprises was 45.97%, an increase of 7.48 percentage points compared with last week and an increase of 25.56 percentage points year - on - year. The fresh - sales ratio of key domestic slaughter enterprises was 88.55%, an increase of 0.37% compared with last week, and the frozen - product storage rate was 17.00%, the same as last week [106]. - **Slaughter Volume and Catering Consumption**: As of December 2025, the slaughter volume of designated live hog slaughtering enterprises was 48.91 million, an increase of 17.52% month - on - month. In December 2025, the national catering revenue was 573.8 billion yuan, a year - on - year increase of 2.19% [112]. 3.3.5. Live Hog - related Stocks - The report shows the trend charts of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis of the stocks is provided [114][116]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The pig market continues its weak oscillation with significant regional differentiation. The average price of ternary pigs in the country is reported at 12.00 yuan/kg, slightly down 0.12 yuan/kg from the previous day. The market has entered a "price decline - reluctance to sell" game phase, and the pig price is expected to fluctuate and adjust before the festival. Attention should be paid to the changes in the selling mentality of secondary fattening farmers after the stabilization in the north [3] 3. Summary According to the Catalog Futures Market - **Previous Day Closing Price**: For January, it's 13325; March, 10995; May, 11685; July, 12245; September, 13135; November, 13030 [2] - **Two - day Ago Closing Price**: January, 13355; March, 11150; May, 11735; July, 12295; September, 13210; November, 13130 [2] - **Price Changes**: January, -30; March, -155; May, -50; July, -50; September, -75; November, -100 [2] - **Price Change Ratios**: January, -0.22%; March, -1.39%; May, -0.43%; July, -0.41%; September, -0.57%; November, -0.76% [2] - **Trading Volume**: January, 202; March, 36874; May, 68397; July, 7962; September, 6735; November, 2978 [2] - **Open Interest**: January, 1796; March, 74864; May, 144469; July, 50256; September, 37175; November, 23065 [2] - **Change in Open Interest**: January, 13; March, -8977; May, -1506; July, -199; September, 109; November, 855 [2] - **Price Spreads**: 1 - 3 months, 2330; 3 - 5 months, -690; 5 - 7 months, -560; 7 - 9 months, -890; 9 - 11 months, 105; 11 - 1 month, -295 [2] - **Previous Price Spreads**: 1 - 3 months, 2205; 3 - 5 months, -585; 5 - 7 months, -560; 7 - 9 months, -915; 9 - 11 months, 80; 11 - 1 month, -225 [2] Spot Market - **Spot Prices (Yuan/ton)**: Henan, 12.36; Sichuan, 11.54; Hunan, 11.88; Guangdong, 11.9; Guangxi, 11.84; Liaoning, 12.14 [2] - **Previous Spot Prices (Yuan/ton)**: Henan, 12.22; Sichuan, 11.77; Hunan, 12.1; Guangdong, 12.15; Guangxi, 12.1; Liaoning, 12.23 [2] - **Price Changes**: Henan, 0.14; Sichuan, -23.31; Hunan, -0.22; Guangdong, -0.25; Guangxi, -0.26; Liaoning, -0.09 [2] Warehouse Receipts - **Quantity**: 647, with no change from the previous two days [2]

Group 1: Report Overview - Report Title: "Livestock Daily Report - Pig Market" - Report Date: January 29, 2026 - Research Institute: Galaxy Futures Research Institute [1][6] Group 2: Investment Rating - No investment rating provided for the industry in the report Group 3: Core Views - The overall pressure on pig supply continues to increase, with large-scale enterprises, ordinary farmers, and secondary fattening all showing an increase in the number of pigs for sale, leading to a downward trend in pig prices [3][4] - The current high pig inventory and large average weight of pigs for sale indicate that the supply pressure will persist, and the overall trend of the pig market is expected to be downward [4] - Pig futures prices are also facing downward pressure due to continued weakness in the spot market and expected future supply pressure [4] Group 4: Market Data Summary Spot Prices - Today, pig prices across the country showed a downward trend, with the average price dropping from 12.56 yuan/kg yesterday to 12.30 yuan/kg today [3] - All regions experienced price declines, with the largest drop in Guangdong at 0.4 yuan/kg [3] Futures Prices - Most pig futures contracts showed a downward trend today, with LH03, LH05, LH07, LH09, and LH11 all declining, while only LH01 increased slightly by 45 points [3] Sow and Piglet Prices - Piglet prices increased from 353 yuan last week to 367 yuan this week, while sow prices remained unchanged at 1557 yuan [3] Breeding Profits - The profit from self - breeding and self - raising increased from 7.39 yuan/head yesterday to 43.35 yuan/head today, and the profit from purchasing piglets for fattening increased from 48.35 yuan/head to 115.84 yuan/head [3] Slaughter Data - The daily slaughter volume decreased from 188,439 heads yesterday to 185,256 heads today, a decrease of 3183 heads [3] Price Spreads - The price spreads between different sizes of pigs increased, indicating a change in the supply and demand relationship of different - sized pig sources [3] Group 5: Trading Strategies - Unilateral trading: Hold a wait - and - see attitude - Arbitrage trading: Hold a wait - and - see attitude - Options trading: Sell a wide - straddle strategy [5]

1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints of the Report - The price of live pigs broke through the support level and declined, with the main contract 2603 dropping 3.46% weekly. The supply may increase as the slaughter rhythm is slow in the first and middle of the month, and there might be normal slaughter at the end of the month, or even early slaughter in February. The demand is expected to improve as the pre - Spring Festival stockpiling starts in the next three weeks. Overall, both supply and demand will increase, leading to intensified competition and volatile prices. In the medium - term, the supply will continue to be realized, putting pressure on prices [7]. 3. Summary by Relevant Catalogs 3.1 Weekly Summary - The price of live pigs broke through the support level and declined, with the main contract 2603 dropping 3.46% weekly. The supply may increase, and the pre - Spring Festival stockpiling will start, resulting in intensified competition between supply and demand, and the price of live pigs will fluctuate. The medium - term supply will continue to be realized, putting pressure on prices [7]. 3.2 Futures Market - **Price Movement**: The futures price declined this week, and the main contract 2603 dropped 3.46% weekly [7][10]. - **Net Position and Warehouse Receipts**: The net short position of futures decreased, and there were 815 futures warehouse receipts. As of January 23, the net short position of the top 20 holders was 49,900 lots, a decrease of 1,637 lots from last week, and the number of futures warehouse receipts was 433, a decrease of 422 lots from the previous week [12][16]. - **Contract Spreads**: The spread between lh2603 and lh2605 contracts was - 285, and the spread between lh2603 and lh2607 contracts was - 905 [20]. 3.3 Spot Market - **Live Pig and Piglet Prices**: The spot price of live pigs increased this week, and the price of piglets increased month - on - month. The national average price of live pigs was 12.97 yuan/kg, an increase of 0.28 yuan/kg from last week. The average price of 15 - kg weaned piglets was 28.03 yuan/kg, an increase of 2.89 yuan/kg from last week [33]. - **Pork and Sows Prices**: The price of pork increased, and the price of sows remained stable. On January 15, the national market price of pork was 23.21 yuan/kg, an increase of 0.21 yuan/kg from the previous week. The average market price of binary sows last week was 32.47 yuan/kg, with no increase from the previous week [39]. - **Pig - to - Grain Ratio**: The pig - to - grain ratio increased month - on - month but was still below 6:1. As of the week of January 7, 2025, the pig - to - grain ratio was 5.51, an increase of 0.11 from the previous week [41][43]. 3.4 Upstream Situation - **Sow Inventory**: In December 2025, the inventory of breeding sows was 39.61 million, equivalent to 101.56% of the normal inventory, in the green zone. According to Mysteel data, the inventory of breeding sows in large - scale farms decreased slightly by 0.18% month - on - month and 0.47% year - on - year in December, and that in small and medium - sized farms decreased by 1.19% month - on - month and 1.54% year - on - year [44][46]. - **Live Pig Inventory**: At the end of the fourth quarter of 2025, the live pig inventory was 429.67 million, a decrease of 1.6% quarter - on - quarter and an increase of 0.5% year - on - year. According to Mysteel data, the inventory of commercial pigs in large - scale farms in December decreased by 0.23% month - on - month and increased by 4.72% year - on - year, and that in small and medium - sized farms decreased by 0.09% month - on - month and increased by 8.17% year - on - year [47][50]. - **Slaughter Volume and Weight**: According to Mysteel data, the slaughter volume of commercial pigs in large - scale farms in December increased by 3.68% month - on - month and 6.64% year - on - year, and that in small and medium - sized farms increased by 6.39% month - on - month and 13.67% year - on - year. The average slaughter weight of domestic ternary live pigs this week was 123.5 kg, the same as last week [51][55]. 3.5 Industry Situation - **Breeding Profits**: As of January 23, the breeding profit of purchasing piglets was 115.84 yuan/head, an increase of 67.49 yuan/head; the breeding profit of self - breeding and self - raising live pigs was 43.35 yuan/head, an increase of 35.97 yuan/head. The breeding profit of laying hens was 0.11 yuan/head, a week - on - week increase of 0.19 yuan/head, and the breeding profit of 817 meat - hybrid chickens was 0.24 yuan/head, a month - on - month decrease of 0.05 yuan/head [60]. - **Pork Imports**: In December 2025, China's pork imports were 60,000 tons, a year - on - year decrease of 33.33%; from January to December, pork imports were 980,000 tons, a year - on - year decrease of 8.41% [66]. - **Substitute Products**: As of the week of January 23, the price of white - striped chickens was 13.4 yuan/kg, a decrease of 0.1 yuan/kg from last week. The average price difference between standard and fat pigs was - 0.75 yuan/kg, an increase of 0.11 yuan/kg from last week [71]. - **Feed Situation**: As of January 23, the spot price of soybean meal was 3,194.29 yuan/ton, a decrease of 2 yuan/ton from the previous week; the price of corn was 2,373.14 yuan/ton, an increase of 9.22 yuan/ton from the previous week. The closing price of the Dalian Commodity Exchange's pig feed cost index was 914.1, and the price of fattening pig compound feed was 3.34 yuan/kg, the same as last week. In December 2025, the monthly feed output was 30.086 million tons, an increase of 307,000 tons month - on - month. The sales of piglet feed decreased by 0.39% month - on - month and increased by 69.09% year - on - year [76][79][83]. - **CPI**: As of December 2025, China's CPI increased by 0.8% year - on - year [87]. 3.6 Downstream Situation - **Slaughter and Inventory**: In the fourth week of 2026, the slaughter enterprise's开工 rate was 35.18%, a decrease of 0.73 percentage points from last week and 8.19 percentage points from the same period last year, with the enterprise's开工 rate fluctuating between 33.47% and 36.11%. The fresh - sales rate of domestic key slaughter enterprises was 87.43%, a decrease of 0.18% from last week; the frozen - product storage rate was 17.30%, a decrease of 0.18% from last week [90]. - **Slaughter Volume and Catering Consumption**: As of November 2025, the slaughter volume of designated live - pig slaughtering enterprises was 39.57 million heads, an increase of 3.21% from the previous month and 24.04% quarter - on - quarter. In December 2025, the national catering revenue was 573.8 billion yuan, a year - on - year increase of 2.19% [95]. 3.7 Live - Pig Stocks - The report mentions the stock trends of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis content is provided [96].

1. Report Industry Investment Rating - Not provided in the text 2. Core View of the Report - The overall direction of the subsequent live - hog spot market is expected to be downward, and there is still significant downward pressure on pig prices under the background of sufficient overall supply. The upward sustainability of futures prices may be limited, and there may be downward pressure after the current rally stabilizes [1][3] 3. Summary by Relevant Catalogs 3.1 Spot Price - Today, live - hog prices across the country are in a downward state. The overall number of large - scale enterprises' slaughter volume has slightly increased but remains relatively low, and the overall slaughter progress of large - scale enterprises is still average. The slaughter enthusiasm of ordinary farmers has generally increased recently, and the slaughter pressure has increased after the price increase [1] 3.2 Futures Price - Live - hog futures prices continued to decline today. The obvious decline in the spot price and the full reflection of bullish factors in the earlier sharp rise in futures prices are important influencing aspects [3] 3.3 Slaughter End - Today's slaughter volume is 178,313 heads, a decrease of 8,298 heads compared with yesterday [1] 3.4 Piglet and Sow Prices - The price of piglets is 352, an increase of 22 compared with last week; the price of sows is 1557, unchanged from last week [1] 3.5 Spot Breeding Profit - The spot breeding profit of self - breeding and self - raising is 7.39, an increase of 18.93 compared with yesterday; the spot breeding profit of purchasing piglets is 48.35, an increase of 50.66 compared with yesterday [1] 3.6 Contract Spread - LH7 - 9 is - 925, a decrease of 30 compared with yesterday; LH9 - 1 is 1475, an increase of 55 compared with yesterday; LH9 - 11 is - 15, a decrease of 50 compared with yesterday; LH11 - 1 is 1490, an increase of 105 compared with yesterday [1] 3.7 Size Pig Price Difference - The price difference between standard pigs and medium - sized pigs is 0.6, unchanged from yesterday; the price difference between medium - large pigs and standard pigs is 0.16, a decrease of 0.01 compared with yesterday; the price difference between large pigs and medium - large pigs is 0.52, a decrease of 0.01 compared with yesterday; the price difference between large pigs and standard pigs is 0.68, a decrease of 0.02 compared with yesterday [1] 3.8 Trading Strategy - Unilateral: Adopt a bearish approach mainly - Arbitrage: Wait and see - Options: Sell the wide - straddle strategy [4]

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - The overall supply of live pigs is stable, and the spot price is fluctuating. The supply pressure still exists, and the subsequent spot price of live pigs is expected to be weak. The futures price has also shown a downward trend, and the medium - and long - term downward pressure is obvious [1][3]. - The recent slowdown in the slaughter rhythm has supported the pig price to some extent, but due to the high inventory and large slaughter weight, the supply pressure will still be reflected in the future [1]. Group 3: Summary of Specific Contents Spot Price - Today, the live pig prices across the country continued to fluctuate. The average price was 11.42 yuan/kg, up 0.13 yuan/kg from yesterday. The prices in different regions showed different changes, with some rising and some falling [1]. Futures Price - The live pig futures prices showed a downward trend. For example, LH01 was 11,440 yuan, down 120 yuan from yesterday; LH03 was 11,315 yuan, down 35 yuan from yesterday [1]. Piglet and Sow Prices - The piglet price was 209 yuan this week, the same as last week; the sow price was 1,546 yuan, also unchanged from last week [1]. Contract Spreads - The spreads between different contracts showed different changes. For example, LH7 - 9 was - 800 yuan, up 5 yuan from yesterday; LH9 - 1 was 2,000 yuan, up 50 yuan from yesterday [1]. Slaughter Volume - The slaughter volume was 171,117 heads today, an increase of 1,928 heads from yesterday [1]. Size Pig Price Spreads - The spreads between different - sized pigs showed different changes. The spread between standard pigs and medium - sized pigs was 0.39 yuan, up 0.03 yuan from yesterday; the spread between large pigs and medium - sized pigs was 0.4 yuan, down 0.01 yuan from yesterday [1]. Trading Strategies - For unilateral trading, it is recommended to wait and see; for arbitrage, it is also recommended to wait and see; for options, a strategy of selling wide - straddles is recommended [4].

1. Overall Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views 2.1 Oils and Fats - Palm oil: Malaysian BMD crude palm oil futures are under pressure and may fall further, with potential support at 4000 - 4100 ringgit. Dalian palm oil futures are also under pressure, expected to test 8500 - 8600 yuan for support. Overall, a view of near - term weakness and long - term strength is maintained [1]. - Soybean oil: There are both bullish and bearish factors. The overall supply - demand pattern is oversupplied, but due to factors such as high Brazilian soybean prices and potential factory shutdowns, the spot basis quote has limited short - term fluctuation space [1]. 2.2 Corn and Corn Starch - Corn: Currently, the supply is abundant, and the price is in a downward channel. The demand is mainly for rigid needs, and the futures market is expected to fluctuate weakly and approach the new - season cost price of 2050 yuan. In the long - term, it will be in a tight - balance pattern with policy support [2]. - Corn starch: The price of corn starch 2601 has increased slightly, and the market situation is affected by the corn market [2]. 2.3 Meal Products - Meal products: The expectation of China purchasing US soybeans has increased, and the domestic cost support remains. With high domestic soybean and soybean meal inventories and poor crushing margins, the domestic soybean meal trend is expected to be strong [5]. 2.4 Live Pigs - Live pigs: The market supply is relatively loose, and the pig price has weakened. There may be short - term support from secondary fattening, but there will be increased supply pressure in November and December, and the futures market is following the spot market down [7]. 2.5 Sugar - Sugar: The expected increase in supply surplus and weak energy prices have led to a weakening of raw sugar prices. Domestic sugar prices are also under pressure but have cost support at around 5400 yuan, and the market is expected to maintain a low - level oscillation [10]. 2.6 Cotton - Cotton: The new cotton cost provides support, but there is also hedging pressure. The downstream demand is weak, and the cotton price is expected to oscillate within a range in the short term [12]. 2.7 Eggs - Eggs: The short - term supply - demand imbalance persists, and the price is expected to be in a state of being difficult to rise or fall. With the slow recovery of demand, the price may gradually rise, with a reference range of 2900 - 3300 [14]. 3. Summary by Related Catalogs 3.1 Oils and Fats - **Soybean oil**: On October 31, the spot price in Jiangsu was 8400 yuan, unchanged from the previous day; the futures price of Y2601 was 8128 yuan, down 40 yuan (- 0.49%); the basis was 272 yuan, up 40 yuan (17.24%) [1]. - **Palm oil**: On October 31, the spot price in Guangdong was 8700 yuan, down 50 yuan (- 0.57%); the futures price of P2601 was 8764 yuan, down 64 yuan (- 0.72%); the basis was - 64 yuan, up 14 yuan (17.95%) [1]. - **Rapeseed oil**: On October 31, the spot price in Jiangsu was 9750 yuan, down 50 yuan (- 0.51%); the futures price of O1601 was 9422 yuan, down 107 yuan (- 1.12%); the basis was 328 yuan, up 57 yuan (21.03%) [1]. 3.2 Corn and Corn Starch - **Corn**: On November 3, the flat - hatch price of corn 2601 in Jinzhou Port was 2130 yuan, up 19 yuan (0.90%); the basis was 0 yuan, down 9 yuan (- 100.00%); the 1 - 5 spread was - 97 yuan, up 5 yuan (4.90%) [2]. - **Corn starch**: On November 3, the price of corn starch 2601 was 2440 yuan, up 21 yuan (0.87%); the basis was 70 yuan, down 21 yuan (- 23.08%); the 1 - 5 spread was - 108 yuan, up 3 yuan (2.70%) [2]. 3.3 Meal Products - **Soybean meal**: On November 3, the spot price in Jiangsu was 3020 yuan, up 50 yuan (1.68%); the futures price of M2601 was 3021 yuan, up 27 yuan (0.90%); the basis was - 1 yuan, up 23 yuan (95.83%) [5]. - **Rapeseed meal**: On November 3, the spot price in Jiangsu was 2470 yuan, down 10 yuan (- 0.40%); the futures price of RM2601 was 2388 yuan, down 13 yuan (- 0.54%); the basis was 82 yuan, up 3 yuan (3.80%) [5]. 3.4 Live Pigs - **Futures**: On November 3, the price of live pigs 2605 was 11895 yuan, down 5 yuan (- 0.04%); the price of live pigs 2601 was 11815 yuan, down 65 yuan (- 0.55%); the 1 - 5 spread was - 80 yuan, down 60 yuan (- 300.00%) [7]. - **Spot**: The spot prices in different regions showed slight fluctuations, with the price in Henan at 12500 yuan, up 50 yuan; the price in Shandong at 12550 yuan, unchanged; etc [7]. 3.5 Sugar - **Futures**: On November 3, the price of sugar 2601 was 5483 yuan, up 11 yuan (0.20%); the price of sugar 2605 was 5413 yuan, up 6 yuan (0.11%); the 1 - 5 spread was 70 yuan, up 5 yuan (7.69%) [10]. - **Spot**: The spot price in Nanning was 5750 yuan, unchanged; the spot price in Kunming was 5710 yuan, down 10 yuan (- 0.17%); the Nanning basis was 337 yuan, down 6 yuan (- 1.75%); the Kunming basis was 297 yuan, down 16 yuan (- 5.11%) [10]. 3.6 Cotton - **Futures**: On November 3, the price of cotton 2605 was 13605 yuan, down 2 yuan (- 0.04%); the price of cotton 2601 was 13595 yuan, down 5 yuan (- 0.04%); the 5 - 1 spread was 10 yuan, unchanged [12]. - **Spot**: The Xinjiang arrival price of 3128B was 14674 yuan, up 16 yuan (0.11%); the CC Index of 3128B was 14860 yuan, up 17 yuan (0.11%); the 3128B - 01 contract spread was 1069 yuan, up 21 yuan (2.00%) [12]. 3.7 Eggs - **Futures**: On November 3, the price of the egg 12 - contract was 3146 yuan, down 11 yuan (- 0.35%); the price of the egg 01 - contract was 3318 yuan, down 35 yuan (- 1.04%); the basis was - 203 yuan, up 21 yuan (9.39%); the 12 - 01 spread was - 172 yuan, up 24 yuan (12.24%) [14]. - **Related indicators**: The egg - laying hen chick price was 2.80 yuan, up 0.15 yuan (5.66%); the culled hen price was 4.11 yuan, down 0.18 yuan (- 4.20%); the egg - feed ratio was 2.35, up 0.04 (1.73%); the breeding profit was - 26.10 yuan, up 2.61 yuan (9.09%) [14].