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]

Group 1 - The data shows a decrease in consumption across various provinces in China, with notable declines in Anhui, Shandong, and Zhejiang [2][3] - Jiangxi province experienced the largest drop of 0.16, while Guangdong province saw a slight increase of 0.01 [2][3] - The overall trend indicates a mixed performance across regions, with some provinces like Inner Mongolia and Liaoning showing positive changes [3] Group 2 - The report highlights that the consumption levels in several provinces have remained stable, such as in Hebei and Yunnan, which both reported no change [3] - The data reflects a week-over-week comparison, indicating fluctuations in consumption patterns across different regions [2][3] - The information is crucial for understanding regional market dynamics and potential investment opportunities in the commodity sector [4]

Summary of Key Points Core Viewpoint - The data presents a snapshot of various provinces in China, showing the changes in certain metrics from May 6 to May 7, as well as week-over-week comparisons, indicating regional variations in performance. Group 1: Regional Performance - Anhui Province reported a value of 15.23, unchanged from the previous day but down by 0.10 from the previous week [2] - Shandong Province saw a slight increase to 15.15, up by 0.01 from the previous day and down by 0.03 from the previous week [2] - Zhejiang Province increased to 15.44, up by 0.07 from the previous day and 0.06 from the previous week [2] - Jiangxi Province reported a value of 14.88, up by 0.01 from the previous day and up by 0.12 from the previous week [2] - Fujian Province decreased to 15.19, down by 0.02 from the previous day but up by 0.09 from the previous week [2] - Henan Province increased to 15.04, up by 0.06 from the previous day and 0.06 from the previous week [2] Group 2: Variations Across Regions - Hebei Province reported a value of 15.03, up by 0.02 from the previous day but down by 0.13 from the previous week [3] - Inner Mongolia saw an increase to 14.70, up by 0.06 from the previous day and 0.05 from the previous week [3] - Guangdong Province decreased to 15.69, down by 0.04 from the previous day and down by 0.16 from the previous week [3] - Sichuan Province remained stable at 14.65, unchanged from the previous day and up by 0.05 from the previous week [3] - Yunnan Province reported a stable value of 14.70, unchanged from the previous day and up by 0.10 from the previous week [3]