Report Overview - Research Variety: Live pigs [1] - Report Cycle: Daily [1] - Report Date: December 23, 2025 [1] 1. Futures Market 1.1 Contract Quotes - The lh2603 live pig futures contract showed a volatile trend, closing at 11,415 points, up 0.71% from the previous settlement price, with a trading volume of 56,400 lots and an open interest of 161,900 lots [2] 1.2 Variety Prices - All live pig futures contracts generally rose, with a total open interest of 344,624 lots, a decrease of 2,251 lots from the previous trading day [4] 1.3 Related Quotes - The trading volume of live pig options was 11,008 lots, the total open interest was 57,599 lots, an increase of 1,378 lots, and the total exercise volume on the day was 0 lots [6] 2. Spot Market 2.1 Basis Data - The live pig basis was 245 yuan/ton yesterday and 239 yuan/ton today, a decrease of 6 yuan/ton from the previous trading day, showing a slight convergence [7] 2.2 Registered Warehouse Receipts - The warehouse receipt report of the Dalian Commodity Exchange showed that there were 863 registered warehouse receipts today, an increase of 40 lots from the previous trading day [8] 3. Influencing Factors 3.1 Industry News - Shanghai will include the live pig income insurance in the municipal financial agricultural insurance premium subsidy regular insurance, with different subsidy ratios for farmers in涉农 areas and municipal - owned enterprises, and the financial department will subsidize the insurance premiums for pigs within 105% of the basic supply volume [10][11] 3.2 Technical Analysis - The lh2603 live pig futures contract closed with a positive daily line, with a brief intraday rise. The K - line was near the upper track of the BOLL line, and the BOLL line was in a closing state [12] 4. Market Outlook - After the Winter Solstice, the small peak of demand in the live pig market has passed, and the supply - side contradiction remains to be released. However, the southern curing has gradually started, and the enthusiasm for second - fattening has increased. The price of the LH2603 live pig futures contract will continue the low - level volatile trend, and is expected to remain in a wide - range low - level shock in the short term [14][15]

Economic News - The State-owned Assets Supervision and Administration Commission emphasized the need for central enterprises to enhance budget management and cost control across all aspects of operations [2] - The National Development and Reform Commission and the National Energy Administration aim for a total installed capacity of 15 million kilowatts for solar thermal power by 2030, with costs comparable to coal power [2] - The Ministry of Housing and Urban-Rural Development proposed measures to promote the sale of existing homes and optimize affordable housing supply [2] - The General Administration of Customs conducted research on cutting-edge technology development and technology transfer [2] - The Hainan Free Trade Port has begun exporting self-produced goods with a value of 32,000 yuan, benefiting from over 12% cost savings [2] - The Shanghai Municipal Finance Bureau announced a subsidy for pig income insurance, with the municipal government covering 50% of the premium [2] - The U.S. economy showed a revised annualized GDP growth of 4.3% in Q3, exceeding expectations [2] - Japan reported a leak of radioactive water from a new reactor, with ongoing investigations into external radiation exposure [2] - Brazil confirmed anti-dumping duties on automotive glass from China, with specific rates for Malaysian producers [2] - South Korea's BC Card completed a pilot project for stablecoin payments, allowing foreign users to pay local merchants [2] Company Insights - Haibo Technology plans to invest 2 billion yuan in a smart green energy storage factory, expected to be completed by December 2028 [6] - Zhenyu Technology's subsidiary signed a strategic cooperation agreement to invest at least 1 billion yuan in projects related to new energy vehicle components and humanoid robots [6] - Huaxin Cement's major shareholder plans to increase its stake in the company by 200 million to 400 million yuan within six months [6] - Biological Shares' major shareholder intends to increase its stake by 50 million to 100 million yuan over the next year [6] Industry Strategy Agriculture Sector - The report suggests focusing on three main investment lines for the agriculture sector in 2026, with an emphasis on pig farming, feed, and pet food [7][9][10] - The pig farming industry is expected to see a gradual improvement in supply-demand dynamics, with a focus on cost management as a key factor for long-term growth [7] - The report highlights the potential for leading companies like Muyuan Foods to benefit from improved valuations and market conditions [8] Feed and Veterinary Medicine - The veterinary medicine sector is shifting towards innovation, with companies that prioritize R&D expected to thrive [9] - The feed industry is anticipated to see stable demand supported by high livestock inventory, with leading companies likely to gain market share [9] Pet Food Market - The domestic pet food market is projected to grow, with local brands gaining market share despite tariff disruptions [10][11]