行业 生猪日报 日期 2025 年 11 月 25 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：涌益，建信期货研究中心 生猪行情： 期货方面，24 日生猪主力 2601 合约小幅高开后冲高回落，尾盘收阳，最高 11480 元/吨，最低 11360 元/吨，收盘报 11400 ...

Group 1 - The domestic futures market for agricultural products showed a strong performance, with live pig futures experiencing a price increase, reaching a high of 15,150 yuan per ton, marking a rise of approximately 1.88% [1] - Minmetals Futures noted that the supply from the breeding sector is adequate, but high temperatures and rainfall are suppressing pork demand, leading to a potential stabilization or slight decrease in prices [1] - The market is expected to face pressure from increased supply and stocking up ahead of the Spring Festival, with the possibility of price increases in August, although new highs may be difficult to achieve [1] Group 2 - Zhonghui Futures indicated that the pace of live pig sales has slowed, and the breeding sector's reluctance to sell is supporting price stability at the bottom [2] - Despite a rebound in prices, there are concerns about long-term overcapacity, making sustained price increases challenging [2] - Ruida Futures highlighted that mid-term supply pressures are increasing, and weak demand is limiting price growth, although lower prices may attract new entrants into the market [2]

Group 1 - The domestic futures market for agricultural products shows mixed performance, with live pig futures experiencing a downward trend, closing at 14,235.00 CNY/ton, down 1.65% from the previous session [1] - The National Bureau of Statistics reported a 1.3% increase in pork production in the first half of the year, with live pig inventory at 42,447 million heads, up 2.2% year-on-year [1] - The current sentiment in the live pig market is weak, with spot prices continuing to decline, leading to a significant narrowing of the basis between spot and futures prices [1] Group 2 - According to Wengang Futures, the increase in slaughtering may be limited due to weak downstream orders, resulting in a slight overall decline in pig prices [2] - New Century Futures anticipates a continued increase in live pig supply, while high temperatures are expected to suppress consumer demand, leading to a slight decrease in slaughterhouse operating rates [2]