Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - This week, the spot market for live pigs showed weak fluctuations. The price of 20KG piglets in Henan remained at 20.9 yuan/kg, the price of live pigs in Henan dropped from 11.73 yuan/kg last week to 11.38 yuan/kg, and the price of 50KG binary sows nationwide remained at 1,548 yuan/head. The supply was relatively loose as group enterprises increased output and the willingness of individual farmers to sell increased. After the temperature dropped, consumption increased both in the north and south. The average slaughter weight nationwide was 124.62KG, a 0.1% decrease from last week [2]. - In the futures market, the price of live pig futures showed strong fluctuations. The highest price of the LH2601 contract was 11,605 yuan/ton, the lowest was 11,300 yuan/ton, and the closing price was 11,465 yuan/ton (compared to 11,350 yuan/ton last week). The basis of the LH2601 contract was -80 yuan/ton (compared to 380 yuan/ton last week) [2]. - Next week, the spot price of live pigs will run weakly. The overall slaughter progress in November was slow, and there was a large amount of secondary fattening backlogged in October. Although the demand increased after the temperature dropped, the supply pressure was prominent, and the price continued to decline. The supply is expected to increase continuously, and the speculative demand has been overdrawn. With factors such as slow enterprise slaughter progress, reduced speculative demand, and the impact of the epidemic, the selling of individual farmers will accelerate, and the spot price will continue to be under pressure [3]. - In the futures market, the LH2601 contract price closed at 11,465 yuan/ton on November 28th. Due to factors such as the weakening of the fat - standard price difference and the spread of the epidemic in some areas, the spot market remained weak. However, due to position limits on the January contract, there was a divergence between futures and spot prices. The January contract had a premium of over 800 yuan/ton over the lowest deliverable price. Attention should be paid to the basis - narrowing market driven by sellers' warehouse receipts delivery in December. For the far - end contracts, large reverse spreads can be held, and stop - loss and take - profit should be noted. The short - term support level for the LH2601 contract is 10,500 yuan/ton, and the pressure level is 12,000 yuan/ton [4]. 3. Summary by Relevant Catalogs Market Review (11.24 - 11.30) - **Spot Market**: The price of 20KG piglets in Henan was 20.9 yuan/kg, the price of live pigs in Henan was 11.38 yuan/kg, and the price of 50KG binary sows nationwide was 1,548 yuan/head. The supply was relatively loose, and consumption increased after the temperature dropped. The average slaughter weight was 124.62KG, a 0.1% decrease from last week [2]. - **Futures Market**: The price of the LH2601 contract fluctuated strongly, with a closing price of 11,465 yuan/ton. The basis was -80 yuan/ton [2]. Market Outlook (12.1 - 12.7) - **Spot Market**: The spot price will run weakly. The supply pressure is prominent, and factors such as slow slaughter progress, reduced speculative demand, and the impact of the epidemic will lead to continuous pressure on the price [3]. - **Futures Market**: The LH2601 contract has a divergence between futures and spot prices. Attention should be paid to the basis - narrowing market in December. For the far - end contracts, large reverse spreads can be held. The short - term support level is 10,500 yuan/ton, and the pressure level is 12,000 yuan/ton [4]. Other Data - **Basis and Spread**: This week, the basis was -80 yuan/ton, and the LH2601 - LH2603 spread was 215 yuan/ton [8]. - **Supply**: The average weight this week was 124.62KG. In September, the pork production was 549.6 tons, a 3.5% increase from the previous month; in October, the pork import was 7.14 tons, an 11.14% decrease from the previous month [11].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - In the short - term, there is a bottom - support sentiment in the pig market, but contradictions continue to accumulate. The rebound of spot prices in October led to an extension of the inventory accumulation cycle due to increased second - round fattening enthusiasm, postponing the pressure. The futures market is expected to enter an adjustment phase [3][4]. 3. Summary by Directory This Week's Market Review (10.20 - 10.26) - **Spot Market**: Pig prices showed a strong - side oscillation. The price of 20KG piglets in Henan was 19.4 yuan/kg (last week: 20.4 yuan/kg), the pig price in Henan was 11.98 yuan/kg (last week: 11.38 yuan/kg), and the price of 50KG binary sows nationwide was 1546 yuan/head (last week: 1566 yuan/head). The average national slaughter weight was 124.75KG, with a month - on - month increase of 0.06%. The supply tightened slightly as group slaughter progress was fast and individual farmers were reluctant to sell. Low prices stimulated demand, and the slaughter volume increased significantly [2]. - **Futures Market**: Pig futures prices showed a strong - side performance. The highest price of the LH2511 contract was 11615 yuan/ton, the lowest was 11200 yuan/ton, and the closing price was 11490 yuan/ton (last week: 11050 yuan/ton). The basis of the LH2511 contract was 490 yuan/ton (last week: 330 yuan/ton) [2]. Next Week's Market Outlook (10.27 - 11.2) - **Spot Market**: Pig spot prices will oscillate. After the sharp decline after the National Day holiday, low prices stimulated demand and second - round fattening. Supply is expected to increase continuously, but low prices have boosted demand. The inventory accumulation cycle has been extended, and the pressure has been postponed. Attention should be paid to the market sentiment after the rebound at the end of the month and the beginning of the next month [3]. - **Futures Market**: The LH2511 contract price closed at 11490 yuan/ton on October 24. Short - term spot prices are expected to oscillate upward, but the market is expected to enter an adjustment phase. The support level for the LH2511 contract is 11000 yuan/ton, and the pressure level is 12000 yuan/ton. Traders should pay attention to stop - loss and take - profit [4]. Other Data - **Basis and Month - spread**: This week's basis was 490 yuan/ton, and the LH2511 - LH2601 month - spread was - 685 yuan/ton [8]. - **Supply**: In August, pork production was 5.309 million tons, with a month - on - month increase of 5.9%; pork imports were 80,600 tons, with a month - on - month decrease of 2.02%. The average slaughter weight this week was 124.75KG [10].