Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View - Today's spot prices of live pigs continued to rise, and it is expected that the spot prices may stabilize tomorrow. This is mainly due to two factors: the expansion of the price difference between standard and fat pigs, which led to a decrease in the supply of large - weight pigs, triggering farmers' reluctance to sell and sporadic secondary fattening; although the Winter Solstice consumption period has passed, slaughtering and consumption are still in the seasonal peak season. The 03 contract follows the trend of the spot market, and the short - term spot market is strong in the peak - season context, but attention should be paid to the selling pressure rhythm of retail farmers before the Spring Festival after this round of reluctance to sell [3]. 3. Summary by Relevant Catalog 3.1 Spot Price and Futures Price Information - **Spot Price**: On December 29, 2025, the national average spot price of live pigs was 12.75, with a rise of 0.56. Prices in different regions ranged from 11.94 (Jiangxi) to 12.91 (Jiangsu), with price increases in each region ranging from 0.60 to 0.97. The price of LH2601 was 11340, up 40; LH2603 was 11715, up 70; LH2605 was 12150, up 60. The spread between LH01 - 03 was - 375, and the spread between LH03 - 05 was - 435 on December 29, with changes of - 30 and 10 respectively [3]. 3.2 Market Supply Information - According to Yongyi data, the average weight of live pig slaughter this week was 129.70 kg, a decrease of 0.48 kg from last week, a week - on - week decrease of 0.37%, and an increase of 0.48 kg from last month. The average weight of group - farmed pigs slaughtered this week was 124.34 kg, a decrease of 0.22 kg from last week, a week - on - week decrease of 0.18%. The market's slaughter fluctuations mainly come from short - term actions of retail farmers [3].

Group 1: Report Overview - Report title: "Pig Daily Report - July 22, 2025" [2] - Report type: Agricultural product research report from the Commodity Research Institute [1][5][8] Group 2: Investment Rating - Not provided in the given content Group 3: Core Views - The supply pressure of live pigs continues to be reflected, and the spot price has significantly declined. The follow - up supply pressure is still expected to exist, and the further upward space of the live pig spot price is limited, with a certain downward pressure [4][6]. - The live pig futures market shows a relatively strong operation. It is expected to continue to operate strongly, while the spot price may decline due to market pressure, but the decline space is relatively limited [6]. Group 4: Price Data Summary Spot Price - The average spot price of live pigs today is 13.54 yuan/kg, down 0.13 yuan/kg from yesterday. Most regions' prices have declined, with only a few regions remaining unchanged or slightly increasing [4]. Futures Price - Futures contracts such as LH01, LH03, LH05, LH09, and LH11 have all shown price increases, while LH07 remained unchanged [4]. Sow/Piglet Price - This week, the piglet price is 440 yuan, and the sow price is 1628 yuan, both remaining unchanged from last week [4]. Spot Breeding Profit - The spot breeding profit of self - breeding and self - raising is 90.89 yuan/head, down 42.99 yuan/head from yesterday; the profit of purchasing piglets for breeding is - 18.66 yuan/head, down 50.26 yuan/head from yesterday [4]. Contract Spread - The spreads of LH7 - 9, LH9 - 1, LH9 - 11, and LH11 - 1 have all decreased [4]. Slaughter Volume - The slaughter volume today is 133,605 heads, down 1472 heads from yesterday [4]. Size Pig Spread - The spread between standard pigs and medium - sized pigs is 0.43 yuan/kg, up 0.01 yuan/kg; the spread between large - sized pigs and standard pigs is 0.07 yuan/kg, up 0.01 yuan/kg [4]. Group 5: Trading Strategies - Unilateral trading: Mainly in a range - bound operation [7]. - Arbitrage: LH91 long - short spread arbitrage [7]. - Options: Wait and see [7]