Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - This week (7.28 - 8.03), the spot market for live pigs showed weak performance. Piglet, live pig, and sow prices had different trends, with supply - side issues like group's ineffective end - month price increase and panicked retail farmers, and demand being suppressed by summer and high temperatures. The average slaughter weight decreased by 0.32% week - on - week. In the futures market, prices were weakly volatile. The LH2509 contract had a certain price range, and the basis changed from negative to positive [2]. - Next week (8.04 - 8.10), the spot price of live pigs will be weakly volatile. In August, the supply pressure is expected to be large due to factors such as the release of social inventory and the planned increase in enterprise slaughter. Demand will be limited in July - August due to high temperatures. The futures LH2509 contract may gradually return to the industrial logic, with the basis potentially turning to a contango structure. The support level is 13000 yuan/ton, and the pressure level is 14500 yuan/ton [3][4]. 3. Summary by Related Catalogs 3.1 Market Review (7.28 - 8.03) - **Spot Market**: The price of 20KG piglets in Henan was 36.05 yuan/kg (last week: 37.5 yuan/kg), the price of live pigs in Henan was 14.43 yuan/kg (last week: 14.18 yuan/kg), and the price of 50KG binary sows nationwide was 1628 yuan/head (unchanged from last week). The average slaughter weight nationwide was 124.28KG, a 0.32% week - on - week decrease [2]. - **Futures Market**: The highest price of the LH2509 contract was 14410 yuan/ton, the lowest was 13880 yuan/ton, and the closing price was 14055 yuan/ton (last week: 14385 yuan/ton). The basis of the LH2509 contract was 375 yuan/ton (last week: - 205 yuan/ton) [2]. 3.2 Market Outlook (8.04 - 8.10) - **Spot Market**: The spot price of live pigs will be weakly volatile. In August, the supply pressure is large, and demand is limited. The price may reach a new low this year [3]. - **Futures Market**: The LH2509 contract will gradually return to the industrial logic, with the basis potentially turning to a contango structure. The support level is 13000 yuan/ton, and the pressure level is 14500 yuan/ton. Attention should be paid to the stop - profit and stop - loss [4]. 3.3 Other Data - **Basis and Spread**: This week, the basis was 375 yuan/ton, and the LH2509 - LH2511 spread was 375 yuan/ton [9]. - **Supply**: In June, the pork output was 529.5 tons, a 4.3% month - on - month increase; the pork import was 8.84 million tons, a 5.6% month - on - month decrease. The average weight this week was 124.28KG (last week: 124.68KG) [12].

Report Summary 1. Report's Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The current situation of the pig market is characterized by strong expectations but weak reality, and attention should be paid to path changes [1] - In the short - term, the spot price of live pigs will oscillate weakly, and the futures price of the LH2509 contract will be in the range of 13000 - 14500 yuan/ton, with the 2026 contract entering the industrial profit - locking logic stage [3][4] 3. Summary by Related Catalogs This Week's Market Review (7.21 - 7.27) - **Spot Market**: Pig prices are running weakly. The price of 20KG piglets in Henan is 37.5 yuan/kg, the price of live pigs in Henan is 14.18 yuan/kg, and the price of 50KG binary sows nationwide is 1628 yuan/head. The supply side shows a slight increase from large - scale farms and some reluctance to sell from smallholders. The demand side remains at a low level and is suppressed by high temperatures. The average slaughter weight nationwide is 124.68KG, with a month - on - month decrease of 0.21% [2] - **Futures Market**: Pig futures prices fluctuate significantly. The highest price of the LH2509 contract is 15150 yuan/ton, the lowest is 14160 yuan/ton, and the closing price is 14385 yuan/ton. The basis of the LH2509 contract is - 205 yuan/ton [2] Next Week's Market Outlook (7.28 - 8.03) - **Spot Market**: The spot price of live pigs will oscillate weakly. In the off - season, the adjustment of slaughter volume by large - scale farms has a greater impact on prices. As the peak season approaches in the second half of the year, the release of social inventory will increase, and the influence of large - scale farms will decline. In August, the contradictions will start to be released. The supply side has relatively high inventory accumulation, and the demand side is suppressed by high temperatures. The policy of purchases for storage may provide support [3] - **Futures Market**: The LH2509 contract price has been affected by strong macro - sentiment this week. However, as it approaches the position - limit period, it will gradually return to the industrial logic. The far - month 2026 contract will enter the industrial profit - locking logic stage. The short - term support level for the LH2509 contract is 13000 yuan/ton, and the pressure level is 14500 yuan/ton [4] Other Data - **Basis and Monthly Spread**: This week's basis is - 205 yuan/ton, and the LH2509 - LH2511 monthly spread is 0 yuan/ton [9] - **Supply**: The average weight this week is 124.68KG. In May, pork production was 549.6 tons, a month - on - month increase of 4.3%; in June, pork imports were 8.84 million tons, a month - on - month decrease of 5.6% [12]

Report Summary 1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - This week (6.30 - 7.6), the spot price of live pigs showed a strong trend. The price of 20KG piglets in Henan was 36.9 yuan/kg, and the price of live pigs in Henan was 15.18 yuan/kg. The national price of 50KG binary sows was 1623 yuan/head. The supply was tight at the beginning of the month, and the demand decreased during the week. The average slaughter weight decreased by 0.1% month - on - month. The futures price of live pigs also showed a strong trend. The LH2509 contract had a high of 14420 yuan/ton, a low of 13820 yuan/ton, and a closing price of 14305 yuan/ton. The basis was 875 yuan/ton [3]. - Next week (7.7 - 7.13), the spot price of live pigs is expected to fluctuate weakly. The adjustment of group slaughter has a great impact on the price during the off - season. Although the policy of purchasing and storing may support the price, the demand is weak, and the idle space in the social circle is getting smaller. The LH2509 contract price is mainly driven by sentiment. The short - term support level is 13000 yuan/ton, and the pressure level is 14500 yuan/ton [4][5]. 3. Summary by Directory 3.1 Market Review - **Spot Market**: The price of live pigs was strong. The price of 20KG piglets in Henan decreased from 37.3 yuan/kg last week to 36.9 yuan/kg, and the price of live pigs in Henan increased from 14.93 yuan/kg last week to 15.18 yuan/kg. The national price of 50KG binary sows remained unchanged at 1623 yuan/head. The supply was tight due to light pressure on group slaughter at the beginning of the month and farmers' reluctance to sell, while the demand decreased with the increase in temperature. The average slaughter weight was 125.13KG, a 0.1% decrease from last week [3]. - **Futures Market**: The LH2509 contract price was strong. The high was 14420 yuan/ton, the low was 13820 yuan/ton, and the closing price was 14305 yuan/ton, compared with 14005 yuan/ton last week. The basis was 875 yuan/ton, down from 925 yuan/ton last week [3]. 3.2 Market Outlook - **Spot Market**: The price is expected to fluctuate weakly. The adjustment of group slaughter has a great impact during the off - season. Although there is a policy bottom expectation from purchasing and storing, the demand is weak, and the idle space in the social circle is shrinking. There may be second - fattening entry in early and mid - July, but attention should be paid to pressure release [4]. - **Futures Market**: The LH2509 contract price first traded on the basis logic and then on the anti - involution logic. It is currently mainly sentiment - driven. The short - term support level is 13000 yuan/ton, and the pressure level is 14500 yuan/ton. Attention should be paid to the spot profit - taking and anti - spread trading opportunities [5]. 3.3 Other Data - **Basis and Spread**: The basis this week was 875 yuan/ton, and the LH2509 - LH2511 spread was 585 yuan/ton [10]. - **Supply**: The average slaughter weight this week was 125.13KG (last week was 125.26KG). In May, the pork production was 549.6 tons, a 4.3% month - on - month increase, and the pork import was 9.37 million tons, a 16.17% month - on - month increase [13]. - **Demand**: No specific demand - related data summary was provided other than the description of the current weak demand situation in the market outlook section.

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The live pig spot price will fluctuate and adjust. The group's adjustment of slaughter volume has a significant impact on the price during the off - season. Although the downstream demand is weak and difficult to bear the supply pressure, the retail end has a sentiment of hoarding, the secondary fattening group actively replenishes stocks, and the policy of continuous state reserve purchases is expected, so the spot price turns stronger again [3]. - In the futures market, the LH2509 contract price is expected to have a long - term de - stocking process. Pay attention to the mid - line spread structure switching to the reverse spread market and set stop - profit and stop - loss points. The short - term support level of the LH2509 contract is 13,000 yuan/ton, and the pressure level is 14,500 yuan/ton [4]. 3. Summary by Directory This Week's Market Review (6.9 - 6.15) - **Spot Market**: The live pig price fluctuated and adjusted. The price of 20KG piglets in Henan was 39.1 yuan/kg (last week: 41.6 yuan/kg), the live pig price in Henan this week was 14.08 yuan/kg (last week: 14 yuan/kg), and the price of 50KG binary sows nationwide was 1,621 yuan/head (last week: 1,631 yuan/head). The average national slaughter weight was 125.76KG (last week: 126KG), with a month - on - month decrease of 0.19%. The supply side has limited incremental amplitude from groups, and retail farmers still have a sentiment of hoarding. The post - holiday market demand shows a seasonal decline, and the rising temperature further suppresses the demand increment, while the demand for secondary fattening replenishment is strong [1]. - **Futures Market**: The live pig futures price showed a strong - side fluctuation. The highest price of the LH2509 contract this week was 13,840 yuan/ton, the lowest price was 13,350 yuan/ton, and the closing price was 13,790 yuan/ton (last week: 13,460 yuan/ton). The basis of the LH2509 contract was 290 yuan/ton (last week: 540 yuan/ton) [2]. Next Week's Market Outlook (6.16 - 6.22) - **Spot Market**: The live pig spot price will fluctuate and adjust. The group's slaughter adjustment has a great impact on the price during the off - season. Although the downstream demand is weak, the retail end has a hoarding sentiment, the secondary fattening group actively replenishes stocks, and the policy of continuous state reserve purchases is expected, so the price turns stronger again. The supply has accelerated inventory accumulation, and the group's slaughter progress is in line with the plan. The incremental slaughter in the second quarter is limited, and the incremental slaughter in the third quarter will be more obvious. The demand is in the off - season, and the downstream support may be limited. The policy of secondary fattening sales has tightened, and the active incremental inventory accumulation drive is limited, but the state reserve purchase policy provides support [3]. - **Futures Market**: The LH2509 contract price has a long - term de - stocking process. Pay attention to the mid - line spread structure switching to the reverse spread market and set stop - profit and stop - loss points. The short - term support level is 13,000 yuan/ton, and the pressure level is 14,500 yuan/ton [4]. Other Data - **Basis and Monthly Spread**: This week's basis was 290 yuan/ton; the LH2507 - LH2509 monthly spread was - 495 yuan/ton [9]. - **Supply**: This week's average weight was 125.76KG (last week: 126KG). In April, the pork output was 5.268 billion tons, a month - on - month increase of 3.7%; the pork import volume was 805,000 tons, a month - on - month decrease of 11.8% [12].