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]