1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The supply - demand pattern in the pig market remains supply - strong and demand - weak, and the spot price lacks a basis for a significant rebound. It is expected that the spot price will mainly fluctuate at a low level. The slowdown in the market supply rhythm has limited impact on price improvement. Although the decline in the spot price has narrowed, September is still a stage with relatively large theoretical出栏 pressure. The near - month futures contracts should be operated with a short - selling strategy on rallies [6]. 3. Summary According to Relevant Catalogs 3.1 Data Overview and Market Views - **Price Indicators**: The national average price of standard pigs this week was 13.26 yuan/kg, a week - on - week decrease of 0.46 yuan/kg and a decline of 3.35%. The average price of standard pigs in different regions showed differentiation, with the lowest in Guangxi at 12.43 yuan/kg. The price of piglets continued to decline rapidly, with the national average price falling below 300 yuan/head. The price of sows decreased slightly, and the price of white - striped pigs also declined, with a deeper decline than that of live pigs, and the price difference between live pigs and white - striped pigs narrowed [4]. - **Capacity Indicators**: The official inventory of reproductive sows in July was 40420,000 heads, a month - on - month decrease of 10,000 heads. The indicators of the average number of healthy piglets per litter and the fattening survival rate remained stable. The inventory of commercial pigs continued to increase, and the planned monthly出栏 volume of major institutions in September showed an upward trend. The theoretical出栏 volume from September to December is expected to increase month - by - month, indicating a relatively large supply pressure [4]. - **Demand Indicators**: The sample slaughter volume continued to increase, and the slaughter start - up rate rose, indicating sufficient market supply. The demand improvement in September was uneven, and attention should be paid to the impact of the pre - holiday stocking demand at the end of the month on the consumer market [5]. - **Cost and Profit Indicators**: The continuous decline in the spot price led to a reduction in the profits of the breeding end, especially the mode of purchasing piglets was in deep losses. The ratio of pig price to grain price was below 6 for two consecutive weeks, and there were high calls for the government to purchase and store pigs to support the price. The Ministry of Commerce's anti - dumping measures against imported pork from the EU had a relatively large impact on the import market, but it was difficult to reverse the supply - demand fundamentals [5]. - **Futures Market Indicators**: The spot price continued to decline, the near - month futures contracts followed the spot price downwards, and the valuation of the far - month contracts was re - structured [5]. 3.2 Market Price Trends - The report presents the historical price trends of standard pigs, white - striped pigs, piglets, and sows from 2022 to 2025 through charts, showing the price fluctuations in different years and months [9]. 3.3 Pig Market Balance Sheet - From March to May, the supply - demand gap was the same as the previous year; from June to August, the supply - demand gap widened rapidly and was higher than the previous year [13]. 3.4 Capacity and Supply Data - **Sow Inventory**: The official inventory of reproductive sows and the sample inventory data of Steel Union showed a slight decline. The total elimination volume of reproductive sows and the elimination volume of different subjects were also presented, and the birth number, sales volume of piglets, and the sales volume of piglet feed and fattening feed were also included [16][22]. - **Litter Efficiency**: The report shows the historical data of breeding farrowing rate, average number of healthy piglets per litter, fattening survival rate, and survival rate of piglets from 2020 to 2025. The PSY of 16 listed pig - raising enterprises has been increasing year by year, which is an important reason for the continuous over - expectation of piglet supply [32][34]. - **Commercial Pig Inventory and出栏**: The inventory of commercial pigs continued to increase, and the planned出栏 volume of major institutions in September showed an upward trend. The report also presented the inventory structure of different weights,出栏 weight, and price differences between standard and fat pigs [4][36]. 3.5 Slaughter Volume and Market Demand - **Slaughter Situation**: The fresh - selling rate, daily slaughter volume, capacity utilization rate, and start - up rate of slaughter enterprises from 2021 to 2025 were presented. In July 2025, the slaughter volume of large - scale designated pig slaughtering enterprises was 31.66 million heads, a month - on - month increase of 5.3% and a year - on - year increase of 30.4%. From January to July 2025, the slaughter volume was 215.21 million heads, a year - on - year increase of 16.6% [57][58]. - **Market Supply**: The report shows the historical data of the wholesale volume of white - striped pigs in Xinfadi Market, the arrival volume of white - striped pigs in Shanghai Western Suburb Market and Nanhuanqiao Market, and the price trends of beef, mutton, chicken, and fish from 2021 to 2025 [59][68]. 3.6 Breeding Costs and Industrial Profits - The report presents the historical trends of profits from purchasing piglets and self - breeding and self - raising, the price of fattening feed, the ratio of pig price to grain price, and the current and expected breeding costs of different breeding modes from 2021 to 2025 [72][80]. 3.7 Futures Market Situation - **Futures Contract Trends**: The report shows the price trends of different futures contracts (01, 03, 05, 07, 09, 11) from 2022 to 2026 [94]. - **Basis Trends**: The basis trends of different futures contracts from 2023 to 2026 were presented [104]. - **Contract Spread Trends**: The spread trends between different futures contracts from 2022 to 2026 were presented [113].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - This week, the spot market price of pigs continued to decline, with the national average price of standard pigs dropping by nearly 1 yuan/kg in the past two weeks. The market sentiment has weakened overall. Although there was a slight price increase over the weekend due to some reluctance to sell among pig farmers, the demand was insufficient [5]. - The price of piglets remained stable this week. Since the end of June, the price of piglets has been rising because current piglet purchases can still ensure pigs are ready for sale before the Spring Festival, which has increased the enthusiasm for piglet purchases [5]. - The sample slaughter volume decreased this week, and the downstream demand was weak. The losses of slaughterhouses widened, and the negative feedback from the demand side on live pig prices increased. The consumption in July - August is expected to remain sluggish, and the key factor affecting prices is still supply [6]. - The feed cost increased slightly this week, while the profit of pig farmers decreased significantly. The profit of the pig - purchasing and fattening model has turned negative, and the losses of slaughterhouses continue [6]. - Overall, the supply in July is not expected to increase significantly. The supply in the second half of July may decrease compared to the middle of the month, which is conducive to price stabilization. However, the demand is in a seasonal off - peak, and the negative feedback on price increases persists. It is recommended to wait and see in the short term [7]. 3. Summary by Directory 3.1 Data Overview and Market View 3.1.1 Price - The national average price of standard pigs this week was 14.19 yuan/kg, a decrease of 0.51 yuan/kg from last week, and the price in Sichuan (the optimal delivery area) was 13.63 yuan/kg, a decrease of 0.75 yuan/kg. The average price in Henan was 14.3 yuan/kg, a decrease of 0.4 yuan/kg. The price of pork carcasses was 18.69 yuan/kg, a decrease of 0.46 yuan/kg [5]. - The price of piglets was 444.76 yuan/head, a decrease of 0.48 yuan/head, remaining relatively stable. The price of sows was 1638.1 yuan/head, a decrease of 2.38 yuan/head [5]. 3.1.2 Production Capacity - According to national statistics, the inventory of breeding sows in June was 4.043 million heads, an increase of 10,000 heads from the previous month and a decrease of 370,000 heads from the peak in November last year. The inventory of breeding sows in the Steel Union sample increased by 15,100 heads to 5.2725 million heads [5]. - The average number of healthy piglets per litter was 11.41, unchanged from the previous month, and the fattening survival rate was 93.21%, also unchanged [5]. 3.1.3 Supply - The planned slaughter volume of commercial pigs this month was 13.005 million heads, an increase of 164,300 heads from last month. The average slaughter weight was 123.49 kg, a slight decrease of 0.01 kg [5]. - The price difference between standard and fat pigs was - 0.27 yuan/kg, a significant change from - 0.12 yuan/kg last week, indicating that the price of fat pigs was relatively strong [5]. 3.1.4 Demand - The daily slaughter volume was 107,803 heads, a decrease of 1,151 heads from last week. The slaughter rate of key slaughtering enterprises was 26.05%, a decrease of 0.28 percentage points. The fresh - meat sales rate was 87.87%, an increase of 0.08 percentage points [6]. - The wholesale volume of pork in Xinfadi Market increased by 3.51%, and the arrival volume of pork carcasses in Nanhuanqiao Market and Shanghai Xijiao Market increased by 26.11% and 7.73% respectively [6]. 3.1.5 Cost and Profit - The feed cost was 2.72 yuan/kg, an increase of 0.01 yuan/kg. The profit of self - breeding and self - fattening was 114.86 yuan/head, a decrease of 45.44 yuan/head. The profit of the pig - purchasing and fattening model was - 71.84 yuan/head, a significant decrease from 0.17 yuan/head last week [6]. - The profit of slaughtering was - 23 yuan/head, a slight improvement from - 23.9 yuan/head last week [6]. 3.1.6 Futures Market - The closing price of the main futures contract (LH2509) was 14,135 yuan/ton, a decrease of 210 yuan/ton. The basis of the main contract was 55 yuan/ton, a significant decrease of 800 yuan/ton from last week [6]. - The price difference between contracts (7 - 9) was - 455 yuan/ton, a decrease of 810 yuan/ton, and the price difference between contracts (9 - 11) was 500 yuan/ton, a decrease of 200 yuan/ton [6]. 3.2 Market Price Trend - The report presents the historical price trends of standard pigs, pork carcasses, piglets, and sows from 2022 - 2025, helping to understand the long - term price changes in the pig market [10]. 3.3 Pig Market Balance Sheet - From 2024 - 2025, the supply and demand of the pig market fluctuated. The supply - demand gap was relatively stable from March - May and widened significantly from June - August [12][15]. 3.4 Production Capacity and Supply Data 3.4.1 Basic Production Capacity - Sow Inventory - The report shows the inventory trends of official breeding sows and different samples of breeding sows (scale enterprises, scale + small and medium - sized enterprises, small and medium - sized farmers) from February - December [17][19][21]. 3.4.2 Basic Production Capacity - Litter Efficiency - It includes the number of piglets born in sample enterprises, the average number of healthy piglets per litter, the survival rate of piglets, and the fattening survival rate from March - December [26][27][28]. 3.4.3 Pig Inventory - Slaughter Plan and Slaughter Characteristics - The report presents the trends of the average slaughter weight, the price difference between standard and fat pigs, the north - south price difference, the monthly planned slaughter volume of scale enterprises, and the monthly slaughter volume of major pig - raising enterprises [36][37][38]. 3.5 Slaughter Volume and Market Demand 3.5.1 Slaughter Situation - It shows the trends of the fresh - meat sales rate, daily slaughter volume, storage capacity rate, and daily operating rate of slaughtering enterprises from 2021 - 2025 [41][42]. 3.5.2 Market Demand - The report presents the trends of the wholesale volume of pork carcasses in Xinfadi Market, the arrival volume of pork carcasses in Nanhuanqiao Market and Shanghai Xijiao Market, and the price difference between live pigs and pork carcasses from 2022 - 2025 [43][45][49]. 3.5.3 Competitor Price Situation - It shows the price trends of beef, mutton, chicken, and fish from 2021 - 2025 [52][53]. 3.6 Pig - Raising Cost and Industry Profit - The report presents the trends of the price of pig - raising feed, the profit of the pig - purchasing and fattening model, the profit of self - breeding and self - fattening, the pig - grain ratio, and the expected and current costs of different pig - raising models from 2021 - 2025 [56][57][58]. 3.7 Futures Market Situation 3.7.1 Futures Market Trend - Each Futures Contract Trend - It shows the price trends of different futures contracts (01, 03, 05, 07, 09, 11) from 2022 - 2026 [72][73][74]. 3.7.2 Futures Market Trend - Each Contract Basis Trend - It presents the basis trends of different futures contracts (01, 03, 05, 07, 09, 11) from 2023 - 2026 [83][84][85]. 3.7.3 Futures Market Trend - Each Contract Price Difference Trend - It shows the price difference trends between different futures contracts (01 - 03, 03 - 05, 05 - 07, 07 - 09, 09 - 11, 11 - 01) from 2022 - 2025 [93][94][95].