Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View - The report provides a comprehensive analysis of the pig market, including price, trading volume, open interest, and spread data, as well as market information and trend strength [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price Data**: The Henan spot price is 11,730 yuan/ton with a year - on - year increase of 250 yuan/ton; the Sichuan spot price is 11,250 yuan/ton with a year - on - year increase of 200 yuan/ton; the Guangdong spot price is 11,460 yuan/ton with no year - on - year change. For futures, the prices of contracts 2511, 2601, and 2603 are 11,525 yuan/ton, 12,235 yuan/ton, and 11,615 yuan/ton respectively, with year - on - year increases of 115 yuan/ton, 80 yuan/ton, and 45 yuan/ton [1]. - **Trading Volume and Open Interest**: The trading volume of contract 2511 is 21,548 lots, a decrease of 14,382 lots from the previous day; the open interest is 21,941 lots, a decrease of 6,208 lots from the previous day. For contract 2601, the trading volume is 132,739 lots, a decrease of 16,289 lots from the previous day, and the open interest is 103,162 lots, an increase of 607 lots from the previous day. For contract 2603, the trading volume is 28,717 lots, a decrease of 2,267 lots from the previous day, and the open interest is 83,188 lots, an increase of 1,905 lots from the previous day [1]. - **Spread Data**: The basis of contract 2511 is 205 yuan/ton with a year - on - year increase of 135 yuan/ton; the basis of contract 2601 is - 505 yuan/ton with a year - on - year increase of 170 yuan/ton; the basis of contract 2603 is 115 yuan/ton with a year - on - year increase of 205 yuan/ton. The spread between contracts 11 - 1 is - 710 yuan/ton with a year - on - year increase of 35 yuan/ton, and the spread between contracts 1 - 3 is 620 yuan/ton with a year - on - year increase of 35 yuan/ton [1]. 3.2 Market Information - Yuexiu and Yangxiang have added delivery warehouses [2]. 3.3 Trend Strength - The trend strength is 0, indicating a neutral view. The trend strength ranges from - 2 (most bearish) to 2 (most bullish) [3].

1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core View of the Report - The supply of live pigs is postponed, and the price center continues to move down [1]. 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Spot Prices**: The spot price of live pigs in Henan is 11,280 yuan/ton, in Sichuan is 10,800 yuan/ton, and in Guangdong is 11,460 yuan/ton, with year - on - year increases of 150 yuan/ton, 150 yuan/ton, and 100 yuan/ton respectively [1]. - **Futures Prices**: The prices of live pig futures contracts 2511, 2601, and 2603 are 11,165 yuan/ton, 11,905 yuan/ton, and 11,540 yuan/ton respectively, with year - on - year decreases of 235 yuan/ton, 290 yuan/ton, and 125 yuan/ton respectively [1]. - **Trading Volume and Open Interest**: The trading volume of live pig futures contract 2511 is 33,489 lots, a decrease of 9,492 lots from the previous day, with an open interest of 41,232 lots, a decrease of 3,573 lots. The trading volume of contract 2601 is 80,026 lots, an increase of 28,549 lots, with an open interest of 105,012 lots, an increase of 14,112 lots. The trading volume of contract 2603 is 16,872 lots, an increase of 951 lots, with an open interest of 77,419 lots, an increase of 1,948 lots [1]. 3.2 Market Information - Shennong's Yunnan and Guangxi warehouses registered 90 lots of warehouse receipts, and Guizhou Zhenfeng Fuyuan registered 21 lots of warehouse receipts [2]. 3.3 Trend Intensity - The trend intensity is - 2, indicating the most bearish view [3]. 3.4 Futures Research - **Basis**: The basis of live pig futures contracts 2511, 2601, and 2603 are 55 yuan/ton, 365 yuan/ton, and - 165 yuan/ton respectively, with year - on - year changes of 115 yuan/ton, 385 yuan/ton, and - 625 yuan/ton [4]. - **Spreads**: The spreads of live pig futures contracts 11 - 1 and 1 - 3 are 440 yuan/ton and - 260 yuan/ton respectively, with year - on - year changes of 275 yuan/ton and - 740 yuan/ton [4].

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View - The logic of secondary fattening has led to a downward shift in expectations for the hog market [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Spot Prices**: The Henan spot price is 11,130 yuan/ton, the Sichuan spot price is 10,650 yuan/ton, and the Guangdong spot price is 11,360 yuan/ton, all with a year - on - year increase of 100 [2]. - **Futures Prices**: The prices of hog futures contracts 2511, 2601, and 2603 are 11,400 yuan/ton, 12,195 yuan/ton, and 11,665 yuan/ton respectively, with year - on - year decreases of 50, 210, and 170 [2]. - **Trading Volume and Open Interest**: The trading volumes of hog futures contracts 2511, 2601, and 2603 are 42,981, 51,477, and 15,921 hands respectively, with decreases of 22,605, 5,785, and 2,048 hands compared to the previous day. The open interests are 44,805, 90,900, and 75,471 hands respectively, with changes of - 3,846, + 3,086, and + 4,275 hands compared to the previous day [2]. - **Price Spreads**: The basis of hog futures contracts 2511, 2601, and 2603 are - 270, - 1065, and - 535 yuan/ton respectively, with year - on - year increases of 150, 310, and 270. The spreads between contracts 11 - 1 and 1 - 3 are - 795 and 530 yuan/ton respectively, with year - on - year changes of 160 and - 40 [2]. 3.2 Market Information - Guizhou Zhenfeng Fuyuan registered 21 hands of warehouse receipts [3]. 3.3 Trend Intensity - The trend intensity is - 1, indicating a relatively bearish view. The range of trend intensity is an integer in the [-2, 2] interval, where - 2 is the most bearish and 2 is the most bullish [4].

Report Summary 1) Report Industry Investment Rating - No information provided on the industry investment rating. 2) Report's Core View - The spot price of live pigs has not reached the bottom, and attention should be paid to the basis convergence market [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Price Data**: Henan spot price is 11,130 yuan/ton, down 100 yuan/ton year - on - year; Sichuan spot price is 10,750 yuan/ton, down 300 yuan/ton year - on - year; Guangdong spot price is 11,560 yuan/ton, down 300 yuan/ton year - on - year. For futures, the price of live pig 2511 is 11,320 yuan/ton, down 275 yuan/ton year - on - year; live pig 2601 is 12,140 yuan/ton, down 25 yuan/ton year - on - year; live pig 2603 is 11,960 yuan/ton, down 10 yuan/ton year - on - year [2]. - **Trading Volume and Open Interest**: The trading volume of live pig 2511 is 57,873 lots, an increase of 6,946 lots compared with the previous day, and the open interest is 60,392 lots, an increase of 2,056 lots compared with the previous day. The trading volume of live pig 2601 is 40,663 lots, a decrease of 53 lots, and the open interest is 88,892 lots, an increase of 4,102 lots. The trading volume of live pig 2603 is 15,122 lots, a decrease of 1,137 lots, and the open interest is 63,618 lots, an increase of 6,069 lots [2]. - **Spread Data**: The basis of live pig 2511 is - 190 yuan/ton, up 175 yuan/ton year - on - year; the basis of live pig 2601 is - 1,010 yuan/ton, down 75 yuan/ton year - on - year; the basis of live pig 2603 is - 830 yuan/ton, down 90 yuan/ton year - on - year. The spread between live pig 11 - 1 is - 820 yuan/ton, down 250 yuan/ton year - on - year; the spread between live pig 1 - 3 is 180 yuan/ton, down 15 yuan/ton year - on - year [2]. Trend Intensity - The trend intensity is - 2, indicating the most bearish view. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [3].

Report Summary Report Industry Investment Rating - No information provided on the report industry investment rating Report's Core View - The spot bottom of live pigs has not appeared, and the premium of near - month contracts is relatively large [1] - The trend intensity is -1, indicating a relatively bearish view [3] Summary by Relevant Catalog Fundamental Tracking - **Spot Prices**: Henan's live pig spot price is 11,330 yuan/ton, down 1,100 yuan; Sichuan's is 11,250 yuan/ton, down 650 yuan; and Guangdong's is 12,060 yuan/ton, down 650 yuan [2] - **Futures Prices**: The prices of live pig futures contracts 2511, 2601, and 2603 are 11,595 yuan/ton (down 700 yuan), 12,165 yuan/ton (down 620 yuan), and 11,970 yuan/ton (down 480 yuan) respectively [2] - **Trading Volume and Open Interest**: For the 2511 contract, the trading volume is 50,927 lots (down 7,793 lots) and the open interest is 58,336 lots (down 17,117 lots); for the 2601 contract, the trading volume is 40,716 lots (up 3,662 lots) and the open interest is 84,790 lots (up 8,369 lots); for the 2603 contract, the trading volume is 16,259 lots (up 1,932 lots) and the open interest is 57,549 lots (up 4,944 lots) [2] - **Price Differences**: The basis of contracts 2511, 2601, and 2603 are - 265 yuan/ton (down 400 yuan), - 835 yuan/ton (down 480 yuan), and - 640 yuan/ton (down 620 yuan) respectively; the 11 - 1 spread is - 570 yuan/ton (down 80 yuan), and the 1 - 3 spread is 195 yuan/ton (down 140 yuan) [2]

Report Summary 1) Report Industry Investment Rating - The trend strength is -2, indicating a strong bearish view. The range of trend strength is an integer within the [-2, 2] interval, with -2 being the most bearish and 2 being the most bullish [2]. 2) Report Core View - The report focuses on the pig market, highlighting that the spot price decline increased during the holiday, and it is a basis - closing market [1]. 3) Summary by Related Catalogs Fundamental Tracking - **Spot Prices**: The Henan spot price is 12,480 yuan/ton with a year - on - year increase of 50; the Sichuan spot price is 11,900 yuan/ton with a year - on - year increase of 0; the Guangdong spot price is 12,660 yuan/ton with a year - on - year decrease of 50 [1]. - **Futures Prices**: The prices of pig2511, pig2601, and pig2603 are 12,355 yuan/ton, 12,825 yuan/ton, and 12,480 yuan/ton respectively, with year - on - year increases of 60, 40, and 30 [1]. - **Trading Volume and Open Interest**: The trading volume of pig2511, pig2601, and pig2603 is 44,100 hands, 31,876 hands, and 9,786 hands respectively, with decreases of 14,620 hands, 5,178 hands, and 4,541 hands compared to the previous day. The open interest of pig2511, pig2601, and pig2603 is 61,105 hands, 76,877 hands, and 52,713 hands respectively, with changes of - 14,348 hands, + 456 hands, and + 108 hands compared to the previous day [1]. - **Basis**: The basis of pig2511 is 125 yuan/ton with a year - on - year decrease of 10 [1].

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View - The report indicates that the bottom of the live - hog spot market has not been reached as of September 30, 2025 [1]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: The Henan spot price is 12,430 yuan/ton, down 150 yuan/ton year - on - year; the Sichuan spot price is 11,900 yuan/ton, down 200 yuan/ton year - on - year; the Guangdong spot price is 12,710 yuan/ton, down 200 yuan/ton year - on - year [3]. - **Futures Prices**: The price of live - hog 2511 is 12,295 yuan/ton, down 280 yuan/ton year - on - year; the price of live - hog 2601 is 12,785 yuan/ton, down 315 yuan/ton year - on - year; the price of live - hog 2603 is 12,450 yuan/ton, down 205 yuan/ton year - on - year [3]. - **Trading Volume and Open Interest**: The trading volume of live - hog 2511 is 58,720 lots, an increase of 19,978 lots from the previous day, and the open interest is 75,453 lots, a decrease of 9,566 lots from the previous day; the trading volume of live - hog 2601 is 37,054 lots, an increase of 10,127 lots from the previous day, and the open interest is 76,421 lots, an increase of 4,799 lots from the previous day; the trading volume of live - hog 2603 is 14,327 lots, an increase of 6,995 lots from the previous day, and the open interest is 52,605 lots, an increase of 1,743 lots from the previous day [3]. - **Price Spreads**: The basis of live - hog 2511 is 135 yuan/ton, up 130 yuan/ton year - on - year; the basis of live - hog 2601 is - 355 yuan/ton, up 165 yuan/ton year - on - year; the basis of live - hog 2603 is - 20 yuan/ton, up 55 yuan/ton year - on - year; the spread between live - hog 11 - 1 is - 490 yuan/ton, up 35 yuan/ton year - on - year; the spread between live - hog 1 - 3 is 335 yuan/ton, down 110 yuan/ton year - on - year [3]. 3.2 Trend Intensity - The trend intensity is - 1, indicating a relatively bearish view. The range of trend intensity is an integer within the [-2, 2] interval, with - 2 being the most bearish and 2 being the most bullish [4].

Report Summary 1. Report Industry Investment Rating - The trend strength is -2, indicating the most bearish view, with the range of trend strength being integers in the [-2, 2] interval [3]. 2. Core View - The market is pessimistic about the future of the pig industry. The spot price center will further decline, and the near - month contracts face high - capacity, high - inventory, and high - premium situations. The 11 - month contract is expected to see accelerated market competition. The 3 - month and 5 - month contracts may have a downward - moving center, and the 7 - month contract is expected to be strong in the short - term with a need to pay attention to stop - profit and stop - loss [4]. 3. Summary by Directory 3.1 Pig Fundamental Data - **Spot Prices**: The Henan spot price is 12,930 yuan/ton, down 50 yuan/ton year - on - year; the Sichuan spot price is 12,550 yuan/ton, down 250 yuan/ton year - on - year; the Guangdong spot price is 13,560 yuan/ton, down 400 yuan/ton year - on - year [2]. - **Futures Prices**: The price of the pig 2511 contract is 12,830 yuan/ton, down 170 yuan/ton year - on - year; the pig 2601 contract is 13,330 yuan/ton, down 180 yuan/ton year - on - year; the pig 2603 contract is 12,855 yuan/ton, down 150 yuan/ton year - on - year [2]. - **Trading Volume and Open Interest**: The trading volume of the pig 2511 contract is 57,106 lots, down 2,628 lots from the previous day, and the open interest is 98,989 lots, up 4,913 lots; the pig 2601 contract has a trading volume of 25,304 lots, down 382 lots, and an open interest of 66,666 lots, up 4,610 lots; the pig 2603 contract has a trading volume of 9,762 lots, up 4,096 lots, and an open interest of 42,992 lots, up 3,613 lots [2]. - **Price Spreads**: The basis of the pig 2511 contract is 100 yuan/ton, compared to 120 yuan/ton previously; the pig 2601 contract basis is - 400 yuan/ton, compared to 130 yuan/ton previously; the pig 2603 contract basis is 75 yuan/ton, compared to 100 yuan/ton previously. The 11 - 1 spread is - 500 yuan/ton, compared to 10 yuan/ton previously, and the 1 - 3 spread is 475 yuan/ton, compared to - 30 yuan/ton previously [2]. 3.2 Market Logic - Group companies have significantly reduced supply, but the average weight has increased again, and the price spread between fat and lean pigs has weakened, indicating a serious passive inventory build - up. The overall supply in September has increased significantly, and the market will face pressure due to the resonance of the production capacity cycle and inventory cycle from September to October. The short - term support level for the LH2511 contract is 12,500 yuan/ton, and the pressure level is 13,500 yuan/ton [4].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The end - of - month and beginning - of - month significant reduction in supply by large - scale pig farms led to a rebound in spot prices as expected. However, the average weight of pigs is increasing again, the price difference between fat and standard pigs is weakening, and the overall supply increase in September is large. From September to October, the production capacity cycle and inventory cycle resonate, and market pressure is gradually emerging. It is expected that the spot price center will further decline, and the national average price will hit new lows. The enthusiasm for purchasing piglets has declined, and the price decline has accelerated, corresponding to a decrease in the cost of pigs to be slaughtered in March - May. Attention should be paid to the driving force of the downward shift of the price center in March and May. There is an expectation of further policy regulation for the July contract, which is mainly strong in the short - term. Stop - loss and take - profit should be noted. The short - term support level for the LH2511 contract is 12,500 yuan/ton, and the pressure level is 13,500 yuan/ton [4] Group 3: Summary by Relevant Catalogs 1. Fundamental Tracking - **Spot Prices**: The spot price in Henan is 13,230 yuan/ton, down 100 yuan/ton year - on - year; in Sichuan, it is 12,950 yuan/ton, down 150 yuan/ton year - on - year; in Guangdong, it is 14,160 yuan/ton, down 180 yuan/ton year - on - year [2] - **Futures Prices**: The price of the Live Pig 2511 contract is 13,275 yuan/ton, up 20 yuan/ton year - on - year; the Live Pig 2601 contract is 13,745 yuan/ton, up 55 yuan/ton year - on - year; the Live Pig 2603 contract is 13,045 yuan/ton, down 15 yuan/ton year - on - year [2] - **Trading Volume and Open Interest**: The trading volume of the Live Pig 2511 contract is 38,413 lots, an increase of 8,046 lots from the previous day, and the open interest is 81,062 lots, an increase of 2,009 lots from the previous day; the Live Pig 2601 contract has a trading volume of 14,187 lots, an increase of 1,557 lots, and an open interest of 54,865 lots, an increase of 765 lots; the Live Pig 2603 contract has a trading volume of 3,991 lots, a decrease of 516 lots, and an open interest of 38,157 lots, an increase of 915 lots [2] - **Price Spreads**: The basis of the Live Pig 2511 contract is - 45 yuan/ton, down 120 yuan/ton year - on - year; the basis of the Live Pig 2601 contract is - 515 yuan/ton, down 155 yuan/ton year - on - year; the basis of the Live Pig 2603 contract is 185 yuan/ton, down 85 yuan/ton year - on - year; the spread between the 11th and 1st contracts is - 470 yuan/ton, down 35 yuan/ton year - on - year; the spread between the 1st and 3rd contracts is 700 yuan/ton, up 70 yuan/ton year - on - year [2] 2. Trend Intensity - The trend intensity is - 1, with the range of values being integers in the [- 2,2] interval. The strength levels are classified as weak, relatively weak, neutral, relatively strong, and strong. - 2 represents the most bearish view, and 2 represents the most bullish view [3] 3. Market Logic - As described in the core view, including factors such as supply changes, price trends, and policy expectations [4]

Report Industry Investment Rating - Not provided in the content Core Viewpoints of the Report - At the end of the month and the beginning of the month, large - scale pig - raising groups significantly reduced supply, and the spot price rebounded as expected. However, the average weight of pigs increased again, the price difference between fat and lean pigs weakened, and the overall supply in September increased significantly. From September to October, the production capacity cycle and inventory cycle resonated, and market pressure gradually emerged. It is expected that the spot price center will further decline, and the national average price will hit new lows. The enthusiasm for purchasing piglets declined, and the price decline accelerated, corresponding to a decrease in the cost of pigs to be slaughtered in March - May. Attention should be paid to the downward - driving force of the price center in March and May. There is an expectation of further policy regulation for the July contract, which is mainly strong in the short - term. Stop - loss and take - profit should be noted. The short - term support level for the LH2511 contract is 12,500 yuan/ton, and the pressure level is 13,500 yuan/ton [3] Summary by Relevant Catalogs Fundamental Tracking - **Price**: The price of Henan's live - pig spot is 13,480 yuan/ton, a year - on - year decrease of 50 yuan/ton; Sichuan's is 13,400 yuan/ton, with no year - on - year change; Guangdong's is 14,340 yuan/ton, a year - on - year increase of 100 yuan/ton. The price of the live - pig 2511 futures is 13,255 yuan/ton, a year - on - year decrease of 65 yuan/ton; the live - pig 2601 is 13,690 yuan/ton, a year - on - year decrease of 40 yuan/ton; the live - pig 2603 is 13,060 yuan/ton, a year - on - year increase of 45 yuan/ton [1] - **Trading Volume and Open Interest**: The trading volume of the live - pig 2511 futures is 30,367 lots, an increase of 9,160 lots from the previous day, and the open interest is 79,053 lots, an increase of 3,100 lots from the previous day; the live - pig 2601 has a trading volume of 12,630 lots, an increase of 3,561 lots from the previous day, and an open interest of 54,100 lots, an increase of 1,440 lots from the previous day; the live - pig 2603 has a trading volume of 4,507 lots, an increase of 1,694 lots from the previous day, and an open interest of 37,242 lots, an increase of 577 lots from the previous day [1] - **Price Spread**: The basis of the live - pig 2511 is 225 yuan/ton, a year - on - year increase of 15 yuan/ton; the live - pig 2601 is - 210 yuan/ton, a year - on - year decrease of 10 yuan/ton; the live - pig 2603 is 420 yuan/ton, a year - on - year decrease of 95 yuan/ton. The spread between the live - pig 11 - 1 is - 435 yuan/ton, a year - on - year decrease of 25 yuan/ton; the spread between the live - pig 1 - 3 is 630 yuan/ton, a year - on - year decrease of 85 yuan/ton [1] Trend Intensity - The trend intensity is 0, with a value range of [- 2,2] for integers. The strength levels are classified as weak, relatively weak, neutral, relatively strong, and strong. - 2 represents the most bearish view, and 2 represents the most bullish view [2] Market Logic - At the end of the month and the beginning of the month, large - scale pig - raising groups significantly reduced supply, and the spot price rebounded as expected. However, the average weight of pigs increased again, the price difference between fat and lean pigs weakened, and the overall supply in September increased significantly. From September to October, the production capacity cycle and inventory cycle resonated, and market pressure gradually emerged. It is expected that the spot price center will further decline, and the national average price will hit new lows. The enthusiasm for purchasing piglets declined, and the price decline accelerated, corresponding to a decrease in the cost of pigs to be slaughtered in March - May. Attention should be paid to the downward - driving force of the price center in March and May. There is an expectation of further policy regulation for the July contract, which is mainly strong in the short - term. Stop - loss and take - profit should be noted. The short - term support level for the LH2511 contract is 12,500 yuan/ton, and the pressure level is 13,500 yuan/ton [3]