Report Information - Report Name: Pig Daily Report [1] - Date: November 07, 2025 [2] Industry Investment Rating - Not provided Core Viewpoints - On the supply side, pig slaughter is expected to increase slightly until the first half of next year, and the second-round fattening and holding in October have increased the supply pressure before the Spring Festival. In the short term, the planned sales volume in November decreased by 3.27% month-on-month compared with the actual sales volume in October, with the daily average remaining flat. At the beginning of the month, the enthusiasm for slaughter was average, and the sentiment of reluctance to sell increased in some regions. On the demand side, after the current spot price rebounded to a high level, the second-round fattening is mainly on the sidelines. As the weather continues to cool, the terminal consumer demand continues to rise, but the continuous increase is insufficient. The orders of slaughtering enterprises are average, and the operating rate and slaughter volume of slaughtering enterprises fluctuate slightly. The pickling and sausage-making in the middle and late months may increase slightly. Overall, the spot market will be mainly volatile, while the futures market will be weak in the medium and long term and may rebound in the short term [7]. Summary by Directory 1. Market Review and Operation Suggestions - **Futures Market**: On the 6th, the main 2601 contract of live pigs opened flat, then fluctuated narrowly after hitting a low and rebounding, and closed down at the end of the session. The highest was 11,975 yuan/ton, the lowest was 11,860 yuan/ton, and the closing price was 11,940 yuan/ton, up 0.67% from the previous day. The total open interest of the index decreased by 917 lots to 351,356 lots [6]. - **Spot Market**: On the 6th, the average price of ternary live pigs nationwide was 11.79 yuan/kg, up 0.01 yuan/kg from the previous day [6]. 2. Industry News - Not provided 3. Data Overview - **Profit**: As of October 30, the average profit per self - bred and self - raised pig was -34.5 yuan/head, a month - on - month increase of 20 yuan/head; the profit per pig purchased as a piglet was -258 yuan/head, a month - on - month increase of 50 yuan/head [12]. - **Utilization Rate**: As of October 31, the utilization rate of fattening pens was 55.5%, a month - on - month increase of 21.2 percentage points, and the same as the same period last year [12]. - **Price Difference**: As of the end of October, the price difference between 175 - kg fat pigs and standard pigs was 0.71 yuan/jin, a month - on - month increase of 0.36 yuan/jin [12]. - **Cost**: As of the end of October, the cost of fattening a 110 - kg pig to 140 kg was 12.18 yuan/kg, a decrease of 0.58 yuan/kg from the previous month; the cost of fattening a 125 - kg pig to 150 kg was 12.63 yuan/kg, a decrease of 0.44 yuan/kg from the previous month [12]. - **Slaughter Weight**: The average slaughter weight of pigs nationwide in October was 128.1 kg, a decrease of 0.3 kg from September, a month - on - month decrease of 0.23%, and an increase of 2.2 kg from the same period last year, a year - on - year increase of 1.75% [12]. - **Slaughter Volume**: In September, the slaughter volume of large - scale pig slaughtering enterprises nationwide was 35.84 million heads, a month - on - month increase of 7% and a year - on - year increase of 28.5% [12].