Core Insights - The Chinese pig industry in 2025 is characterized by high capacity adjustments and a reshaping of regional patterns, with the breeding sow inventory reaching a five-year high [1][2] - The trend of pig transportation has shifted from "North pigs South" to "South pigs North," with southern regions continuing to dominate supply while northern provinces gradually recover their capacity [2][5] Group 1: Breeding Sow Inventory - The breeding sow inventory is projected to reach a near five-year high by the end of September 2025, with a total of 9.0629 million heads, reflecting a year-on-year increase of 4.45% [1] - The inventory trend in 2025 shows an initial increase followed by a decrease, influenced by high breeding profits in the first half and a subsequent slowdown in expansion due to declining pig prices [1] Group 2: Transportation Patterns - The transportation pattern of pigs has evolved, with southern regions increasingly supplying the market while northern regions like Shandong are seeing a recovery in local production [2] - The implementation of new regulations for cross-province transportation in September 2025 is expected to raise costs and suppress long-distance transport, thereby enhancing regional supply-demand balance [2][5] Group 3: Future Outlook - The "South pigs North" transportation characteristic is anticipated to continue into 2026, with southern provinces maintaining their dominant supply position and ongoing pressure on outflows from provinces like Sichuan and Guangdong [5] - The new transportation regulations are likely to lead to a more stable overall transportation structure, focusing on internal supply-demand balance across regions [5]