Group 1: Report Overview - Report Title: "Agricultural Products R & D Report - Pig Daily Report" [1] - Report Date: January 13, 2026 [1] - Researcher: Chen Jiezheng [2] Group 2: Investment Rating - No investment rating for the industry is provided in the report. Group 3: Core Viewpoints - The overall supply of the live - pig market remains sufficient, with the subsequent supply pressure likely to continue to be reflected, and the overall upward space of pig prices is limited. The long - term trend of spot and futures prices is expected to be downward [3][4]. Group 4: Market Data Summary Spot Prices - Today, the average spot price of live pigs is 12.86 yuan/kg, a decrease of 0.13 yuan/kg from yesterday. The prices in different regions show varying degrees of rise or fall [3]. Futures Prices - Futures prices are in a volatile state. For example, LH01 is 12,160 yuan, up 50 yuan from yesterday; LH03 is 11,795 yuan, up 60 yuan from yesterday [3]. Piglet and Sow Prices - The price of piglets this week is 307 yuan, an increase of 45 yuan from last week; the price of sows is 1557 yuan, an increase of 3 yuan from last week [3]. Breeding Profits - The spot breeding profit of self - breeding and self - raising is - 11.54 yuan/head, an increase of 23.05 yuan compared with yesterday; the spot breeding profit of purchasing piglets is - 2.31 yuan/head, an increase of 46.03 yuan compared with yesterday [3]. Slaughter Volume - The slaughter volume is 186,620 heads today, a decrease of 2190 heads compared with yesterday [3]. Price Spreads - The price spreads between different contracts and different types of pigs show different changes. For example, LH7 - 9 is - 920 yuan today, a decrease of 15 yuan from yesterday [3]. Group 5: Market Analysis - The scale enterprise's live - pig出栏量 has increased significantly recently, and the ordinary farmers' enthusiasm for selling pigs has also improved. The re - fattening has continued to enter the market, but the subsequent entry volume may decrease. The current live - pig出栏 weight remains high, which has put some pressure on pig prices [3]. - The short - term supply pressure of the live - pig market is limited, and the price may have certain support. However, in the medium - term, due to the high inventory, the supply pressure is obvious, and the price is expected to decline [4]. Group 6: Trading Strategies - Unilateral: Adopt a bearish strategy. - Arbitrage: Wait and see. - Options: Sell the wide - straddle strategy [5]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The subsequent supply pressure in the live pig market is expected to continue to manifest, with the overall direction of the live pig spot price likely to decline, and the overall upside potential of pig prices is limited due to sufficient supply [3][4] - Live pig futures prices are under downward pressure. In the short - term, prices may be supported, but in the medium - to - long - term, the downward pressure on prices is obvious, and the futures market will tend to decline [4] 3. Summary by Relevant Catalogs Spot Price - Today, live pig prices across the country showed a volatile trend. The average spot price was 12.99 yuan/kg, up 0.07 yuan/kg from yesterday. The prices in different regions showed mixed trends, with some rising and some falling [3] - The number of live pigs sold by large - scale enterprises has increased significantly. The enthusiasm of ordinary farmers to sell pigs is generally average, and the secondary fattening has continued to enter the market, but the subsequent number of entrants may decrease. The slaughter weight of live pigs remains high, and the supply of large - weight pigs is relatively large [3] Futures Price - Live pig futures prices are under downward pressure. The recent slowdown in spot price increases and the recovery of slaughter have led to a decline in the futures market. In the short - term, the supply pressure is limited, and prices may be supported, but in the medium - to - long - term, the downward pressure is obvious [4] Breeding and Slaughter - The price of piglets this week was 251 yuan, up 24 yuan from last week, and the price of sows was 1554 yuan, up 3 yuan from last week. The spot breeding profit has improved, with self - breeding and self - raising profit at - 34.59 yuan/head, up 95.52 yuan from the previous period, and the profit of purchasing piglets at - 48.35 yuan/head, up 114.45 yuan from the previous period [3] - The daily slaughter volume was 189,578 heads, a decrease of 1486 heads from yesterday. The price difference between different - sized pigs showed some changes, with the price difference between medium - large pigs and standard pigs increasing by 0.02 yuan [3] Trading Strategy - Unilateral trading: Adopt a bearish approach - Arbitrage: Wait and see - Options: Sell a wide - straddle strategy [5]

Report Summary 1. Report Industry Investment Rating No investment rating provided in the report. 2. Core View - The current supply pressure of the live - hog market has improved, and the spot price has generally rebounded. However, due to the high inventory and large slaughter weight of live - hogs, the overall supply remains sufficient, and the upward space of pig prices is limited. The subsequent spot price of live - hogs is expected to be mainly downward. - The futures price of live - hogs has risen, mainly affected by the decline of the spot price. In the short - term, the supply pressure is limited, and the price may be strongly supported. In the medium - and long - term, the downward pressure on the price of live - hogs is obvious, and the futures market is expected to decline [1][4]. 3. Summary by Relevant Catalogs Spot Information - Today, the live - hog prices across the country showed a strong trend. The slaughter volume of large - scale enterprises increased slightly but remained at a low level, and the enthusiasm for slaughter was generally average. The enthusiasm of ordinary farmers for slaughter increased, and the slaughter pressure increased compared with before. - The entry of secondary fattening has decreased recently, the price difference between large and small pigs has declined, and the supply of large - weight pigs has increased. The current slaughter weight of live - hogs remains high, and there are still many large - weight pigs. The slowdown of the slaughter rhythm has supported the pig price to some extent. In the short - term, the market may have a phased support performance, but the overall upward space of pig prices is limited due to the sufficient supply [1]. Futures Information - The futures price of live - hogs has risen. The previous large increase in the futures market reflected the tightening of supply. The recent decline in the spot price has affected the futures market. In the short - term, the supply pressure of live - hogs is limited, and the price may be strongly supported. In the medium - and long - term, due to the high inventory, the supply pressure is obvious, and the futures price will be mainly downward [4]. Transaction Strategy - Unilateral trading: Adopt a bearish strategy. - Arbitrage: Wait and see. - Options: Sell the wide - straddle strategy [5].

Group 1: Investment Rating - No investment rating for the industry is provided in the report Group 2: Core Viewpoints - The current supply of the live hog market remains relatively high, with the overall出栏体重 of live hogs decreasing but still at a high level. The supply of large - weight hogs is abundant, and the price difference between large and small hogs has declined. The overall supply pressure may still need to be reflected, and the live hog price is expected to face certain downward pressure in the short term [4][6] - The live hog futures market also shows a volatile trend. The slowdown in the weight decline on the spot side suppresses the upward momentum of long - term prices. Due to the high production capacity, the supply pressure will remain high, and it is difficult for prices to rise further. The futures market may face downward pressure after a phased support [6] - The monthly spread of the futures market increased today, and with the strengthening of spot prices, the downward momentum is expected to weaken. However, the market pressure still exists, and the monthly spread of the futures market is expected to move downward [6] Group 3: Summary by Content Spot Price - The overall live hog spot price showed a volatile trend today. The average price was 13.84 yuan/kg, a decrease of 0.1 yuan/kg from yesterday. The prices in different regions showed different trends, with some regions having price increases and some having price decreases or remaining unchanged [4] Futures Price - The live hog futures market was mainly volatile. The prices of various contracts all increased, such as LH01 increasing by 30, LH07 increasing by 35, etc. [4] Sow and Piglet Prices - The piglet price this week was 443 yuan, a decrease of 22 yuan from last week, and the sow price remained unchanged at 1619 yuan [4] Spot Breeding Profit - The spot breeding profit of self - breeding and self - raising was - 2.90 yuan/head, a decrease of 36.72 yuan/head from yesterday; the profit of purchasing piglets for breeding was - 210.64 yuan/head, a decrease of 89.84 yuan/head from yesterday [4] Slaughter End - The slaughter volume was 146,597 heads today, an increase of 561 heads from yesterday [4] Price Difference between Large and Small Hogs - The price difference between standard pigs and medium - sized pigs decreased by 0.01, while the price difference between large pigs and standard pigs increased by 0.01 [4] Trading Strategy - Unilateral trading: mainly volatile; Arbitrage: wait - and - see; Options: wait - and - see [7]