Group 1: Report Investment Rating - No relevant information provided Group 2: Core Views - This week (1.5 - 1.11), the spot price of live pigs showed a strong - side oscillation. The price of 20KG piglets in Henan was 23.2 yuan/kg (last week: 21.75 yuan/kg), the price of live pigs in Henan was 12.98 yuan/kg (last week: 12.45 yuan/kg), and the price of 50KG binary sows nationwide was 1556 yuan/head (last week: 1546 yuan/head). The supply was tight due to slow resumption of group slaughter and strong reluctance of retail farmers to sell, while the demand side had negative feedback as downstream entered the loss stage after New Year's Day. The average slaughter weight nationwide was 124.38KG (last week: 124.19KG), a 0.15% MoM increase [1]. - The futures price of live pigs oscillated. The highest price of the LH2603 contract this week was 11925 yuan/ton, the lowest was 11610 yuan/ton, and the closing price was 11770 yuan/ton (last week: 11795 yuan/ton). The basis of the LH2603 contract was 1030 yuan/ton (last week: 655 yuan/ton) [2]. - Next week (1.12 - 1.18), the spot price of live pigs will oscillate weakly. The overall slaughter progress in December was fast, leading to a shortage of pigs in the social group after the Winter Solstice, which drove up the reluctance to sell. Coupled with the entry of secondary fattening, the spot price rose sharply. After the New Year's Day holiday, the negative feedback from the downstream was obvious, and the spot price accelerated its decline. After the holiday, due to the reduction in enterprise slaughter and the reluctance to sell in the social aspect, inventory accumulation occurred again. From the supply perspective, according to the piglet data, the supply will enter a continuous incremental stage until March 2026. There have been multiple rounds of inventory - accumulation sentiment. In October, secondary fattening intervened, the overall supply progress in November was slow, and the weight did not decline significantly in December, so the supply pressure was not effectively relieved. From the demand perspective, the low price in October stimulated demand and increased the enthusiasm for warehousing, and secondary fattening continued to enter the market, which exceeded market expectations but also pre - empted the speculative demand increment for re - inventory accumulation. After the temperature drop in December, the demand for curing and regular demand increased, and the slaughter volume continued to rise. In general, the group continued to accumulate inventory in early January, the weight - reduction plan was postponed, and the feed data increased again, indicating that the social aspect was also under pressure. In mid - January, the demand will enter a vacuum period, and it is expected to be under pressure [3]. - In the futures market, the price of the LH2603 contract closed at 11770 yuan/ton on January 9th. In early January, enterprises reduced the slaughter volume, the weight increased, the social aspect was forced to accumulate inventory, the feed data increased again, the downstream losses were obvious, the negative feedback suppressed the slaughter volume, and inventory accumulation was confirmed. The weight - reduction plan before the Spring Festival has not been implemented, and the pressure is postponed. The negative expectations will continue to suppress the near - term contracts. In October, the losses of piglets stimulated the elimination of productive sows, and the continuous rise in piglet prices drove the repair of the far - end price center. The far - end has entered the stage of expected trading, and attention should be paid to setting stop - loss and take - profit levels. The short - term support level for the LH2603 contract is 11000 yuan/ton, and the pressure level is 12000 yuan/ton [4]. Group 3: Summary by Directory 1. Market Data - This week, the basis was 1030 yuan/ton, and the LH2603 - LH2605 spread was - 445 yuan/ton [9]. 2. Supply - This week's average weight was 124.38KG (last week: 124.19KG). In November, the pork output was 5.46 million tons, a 2.6% MoM decrease; the pork import was 60,500 tons, a 14.16% MoM decrease [13]. 3. Price - No specific summarized price information other than those mentioned above 4. Demand - No specific summarized demand information other than those mentioned above

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The spot price of live pigs showed a pattern of being strong first and then weak this week, with the futures price trending strongly. Looking ahead to next week, the spot price is expected to oscillate weakly, and the LH2603 contract price will continue to face pressure [2][3][4]. 3. Summary by Related Catalogs This Week's Market Review (12.29 - 1.4) - **Spot Market**: The price of 20KG piglets in Henan was 21.75 yuan/kg (21.1 yuan/kg last week), the price of live pigs in Henan was 12.45 yuan/kg (12.08 yuan/kg last week), and the price of 50KG binary sows nationwide was 1,546 yuan/head (unchanged from last week). The supply was tight at the end of the month due to reduced volume from large - scale farms and strong reluctance to sell among small farmers. Demand decreased after the New Year's Day holiday. The average slaughter weight nationwide was 124.54KG, a 0.2% month - on - month decrease [2]. - **Futures Market**: The LH2603 contract of live pig futures had a high of 11,880 yuan/ton, a low of 11,670 yuan/ton, and a closing price of 11,795 yuan/ton (11,645 yuan/ton last week). The basis of the LH2603 contract was 655 yuan/ton (435 yuan/ton last week) [2]. Next Week's Market Outlook (1.5 - 1.11) - **Spot Market**: The spot price of live pigs will oscillate weakly. The supply pressure is large as the overall slaughter progress in December was fast, and the supply increase was amplified before the winter solstice. After the winter solstice, the shortage of pigs in some social groups led to reluctance to sell, and the entry of secondary fattening increased the price. However, after the New Year's Day, the downstream negative feedback was obvious, and the price accelerated to decline. From the supply perspective, the supply will enter a continuous incremental stage until March 2026. From the demand perspective, the low price in October stimulated demand, and the entry of secondary fattening was continuous, but it also over - drafted the speculative demand for re - stocking. After December, the demand for curing and normal consumption increased, but after New Year's Day, it entered a demand vacuum period, and the price will continue to be under pressure [3]. - **Futures Market**: The price of the LH2603 contract closed at 11,795 yuan/ton on December 31. During the holiday, the supply from large - scale farms decreased, but the downstream negative feedback was strong, and the price of the spot market dropped rapidly. Pay attention to the change in social sentiment. In January, it may enter a resonance stage between large - scale farms and the social side. The current weight has just started to decline, and the change in feed data is small, indicating the start of active de - stocking. The 3 - month contract will continue to be under pressure. The short - term support level of the LH2603 contract is 11,000 yuan/ton, and the pressure level is 12,200 yuan/ton [4]. Other Data - **Basis and Monthly Spread**: This week's basis was 655 yuan/ton; the LH2603 - LH2605 monthly spread was - 370 yuan/ton [9]. - **Supply Data**: This week's average weight was 124.54KG (124.79KG last week). In October, the pork production was 5.605 billion tons, a 5.5% month - on - month increase; the pork import was 7.14 million tons, an 11.14% month - on - month decrease [12].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - This week (12.29 - 1.4), the spot market for live pigs showed a pattern of strengthening first and then weakening. The prices of 20KG piglets in Henan and live pigs in Henan increased slightly, while the price of 50KG binary sows remained unchanged. The supply was tight due to significant reduction in group sales at the end of the month and strong reluctance of individual farmers to sell, and the demand decreased after the holiday. The average slaughter weight decreased slightly. In the futures market, the price of live pig futures trended strongly. The LH2603 contract had a higher closing price compared to the previous week, and the basis widened [2]. - Next week (1.5 - 1.11), the spot price of live pigs is expected to oscillate weakly. The supply is expected to increase continuously until March 2026 according to piglet data, and the supply pressure has not been effectively relieved. The demand has over - anticipated the market but has also advanced the speculative demand for restocking. After the New Year's Day, the demand enters a vacuum period, and enterprises have a strong willingness to slaughter and reduce weight in January, putting pressure on the spot price. For the LH2603 futures contract, it is also under pressure, with a short - term support level at 11000 yuan/ton and a pressure level at 12200 yuan/ton [3][4]. 3. Summary by Relevant Catalogs 3.1 Market Review (12.29 - 1.4) - **Spot Market**: The price of 20KG piglets in Henan rose from 21.1 yuan/kg last week to 21.75 yuan/kg, the price of live pigs in Henan rose from 12.08 yuan/kg last week to 12.45 yuan/kg, and the price of 50KG binary sows remained at 1546 yuan/head. The average slaughter weight was 124.54KG, a 0.2% month - on - month decrease [2]. - **Futures Market**: The LH2603 contract had a highest price of 11880 yuan/ton, a lowest price of 11670 yuan/ton, and a closing price of 11795 yuan/ton (compared to 11645 yuan/ton last week). The basis of the LH2603 contract was 655 yuan/ton (compared to 435 yuan/ton last week) [2]. 3.2 Market Outlook (1.5 - 1.11) - **Spot Market**: The supply is increasing, and the demand is in a vacuum period after the holiday. Enterprises have a strong willingness to slaughter and reduce weight in January, so the spot price will be under pressure [3]. - **Futures Market**: The LH2603 contract is under pressure. Attention should be paid to changes in social sentiment. The short - term support level is 11000 yuan/ton, and the pressure level is 12200 yuan/ton [4]. 3.3 Other Data - **Basis and Spread**: The basis this week was 655 yuan/ton, and the LH2603 - LH2605 spread was - 370 yuan/ton [9]. - **Supply**: The average weight this week was 124.54KG (compared to 124.79KG last week). In October, the pork production was 5.605 billion tons, a 5.5% month - on - month increase, and the pork import was 7.14 million tons, an 11.14% month - on - month decrease [12].