行业 生猪日报 日期 2026 年 02 月 26 日 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 请阅读正文后的声明 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 ＃summary＃ 每日报告 一、行情回顾与操作建议 图1：全国生猪出栏价 元/公斤 图2：样本屠宰场屠宰量 头 数据来源：涌益，建信期货研究中心 数据来源：涌益，建信期货研究中心 生猪行情： 期货方面，25 日生猪主力 2605 合约小幅高开 ...

期货研究报告 2026年02月24日 生猪期货：加速向下，弱势难改 高剑飞 投资咨询从业资格号：Z0014742 gaojianfei@nzfco.com 报告导读： 1、市场回顾与展望：2026 年春节期间（2.16–2.23）生猪现货价格先涨后跌、冲高回落。全国均价 走势（外三元），2月14日11.59元/公斤，2月20日冲高12.20–12.30元/公斤，2月23日12.49元/公斤。 现货：2月下旬—3月上旬继续探底，低点或至11.0–11.2 元/公斤（5.5–5.6 元/斤）；3月中下旬随 消费小幅回暖、压栏增多，弱反弹至11.4–11.6元/公斤，高度有限。 展望：LH05合约11000-11600元/吨区间震荡，目前处于加速向下阶段，向下空间亦有限。 关注因素：1.能繁母猪存栏变化；2.消费复苏进度；3.政策调控动态等。 生猪 单位 最新一周 上一期 周度环比变化量 频率 仔猪 元/头 357.14 357.62 -0.48 周度 周度出栏均重 公斤 122.9 123.26 -0.36 周度 外购仔猪养殖利润 元/头 7.97 -0.39 8.36 周度 自繁自养养殖利润 元/头 -45.6 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - This weekend, the national pig price showed a weak and volatile trend. The north continued to be weak due to supply pressure, while the south showed a mixed trend of stability and decline supported by regional price differences. As the Minor New Year approaches, terminal stocking has limited support for prices, and the market pattern of strong supply and weak demand remains unchanged. In the short term, the resistance sentiment of the breeding side and the price - pressing mentality of slaughtering enterprises will continue to compete. The pig price in the north may adjust slightly, and the decline in the south may narrow due to active external sales, but overall, there is a lack of rebound momentum. It is expected that the pig price will remain weak before the Spring Festival [2] 3. Summary According to Relevant Catalogs Futures Market - **Price Changes**: The previous day's closing prices for January, March, May, July, September, and November contracts were 13,200, 10,860, 11,625, 12,195, 13,100, and 13,025 respectively. Compared with two days ago, the prices decreased by 125, 135, 60, 50, 35, and 5, with corresponding declines of - 0.94%, - 1.23%, - 0.51%, - 0.41%, - 0.27%, and - 0.04% [2] - **Trading Volume**: The trading volumes of January, March, May, July, September, and November contracts were 507, 28,725, 48,568, 4,422, 3,814, and 2,121 respectively [2] - **Open Interest**: The open interests were 2,063, 65,988, 143,321, 50,102, 36,694, and 23,477 respectively. The changes in open interest were 267, - 8,876, - 1,148, - 154, - 481, and 412 [2] - **Spreads**: The current spreads of January - March, March - May, May - July, July - September, September - November, and November - January were 2,340, - 765, - 570, - 905, 75, and - 175 respectively, compared with previous values of 2,330, - 690, - 560, - 890, 105, and - 295 [2] Spot Market - **Price Changes**: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning were 12.28, 11.54, 11.84, 11.74, 11.8, and 12.38 yuan/ton respectively. Compared with the previous value, the changes were - 0.08, - 23.08, - 0.04, - 0.16, - 0.04, and 0.24 [2] Warehouse Receipts - The quantity of warehouse receipts was 647 both the previous day and two days ago, with no change [2]

行业 生猪日报 日期 2026 年 02 月 05 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：涌益，建信期货研究中心 生猪行情： 期货方面，4日生猪主力2605合约小幅高开后震荡走高，尾盘收阳，最高11800 元/吨，最低 11580 元/吨，收盘报 11735 元/吨，较 ...

及 策 略 南方市场价格表现不一，多数跌后企稳，部分稍涨，月初集团企业出栏节奏较前期有所减 缓，供应压力暂时稍减，但屠宰端反馈目前订单量并无明显增加，且部分市场因人员返乡， 需求减少，继续关注企业端的出栏量级以及消费量。 免 责 声 明 本公司具有中国证监会核准的期货交易咨询业务资格 （核准文号 证监许可[2011]1284号） 研究局限性和风险提示 报告中依据和结论存在范围局限性，对未来预测存在不及预期，以及宏观环境和产业链影响因素存在不确定性变化等风险。 分析师声明 作者具有期货交易咨询执业资格，保证报告所采用的数据均来自合规渠道，分析逻辑基于作者的职业理解，本报告清晰准确地 反映了作者的研究观点，力求独立、客观和公正，结论不受任何第三方的授意或影响，作者及利益相关方不曾因也将不会因本 报告中的具体推荐意见或观点而直接或间接获取任何形式的不当利益。 免责声明 本报告的信息均来源于第三方信息提供商或其他已公开信息，本公司对这些信息的准确性、完整性、时效性或可靠性不作任何 保证，也不保证所包含的信息和建议不会发生任何变更。市场有风险，投资需谨慎。我们力求报告内容的客观、公正，但文中 的观点、结论和建议仅供参考 ...

2026 年 1 月 30 日 生猪：需求表现不及预期，供应矛盾释放 | 周小球 | 投资咨询从业资格号：Z0001891 | zhouxiaoqiu@gtht.com | | --- | --- | --- | | 吴昊 | 投资咨询从业资格号：Z0018592 | wuhao8@gtht.com | | 【基本面跟踪】 | | | 生猪基本面数据 | | | 单 位 | 价 格 | | 同 | 比 | | --- | --- | --- | --- | --- | --- | --- | | 价 格 | 河南现货 | 元/吨 | 12680 | | -300 | | | | 四川现货 | 元/吨 | 12500 | | -200 | | | | 广东现货 | 元/吨 | 12210 | | -350 | | | 期 货 | | 单 位 | 价 格 | | 同 | 比 | | | 生猪2603 | 元/吨 | 11270 | | -15 | | | | 生猪2605 | 元/吨 | 11695 | | 0 | | | | 生猪2607 | 元/吨 | 12370 | | -5 | | | | | 单 位 | ...

Report Summary 1. Report Industry Investment Rating - The trend strength is -2, indicating the most bearish outlook [3]. 2. Report's Core View - The demand for live pigs is underperforming expectations, and the supply contradiction is expanding [1]. 3. Summary by Relevant Catalog 3.1. Pig Fundamental Data - **Prices**: Henan spot price is 12,980 yuan/ton, down 200 yuan; Sichuan spot price is 12,700 yuan/ton, down 150 yuan; Guangdong spot price is 12,560 yuan/ton, down 400 yuan. For futures, the price of pig 2603 is 11,270 yuan/ton, down 15 yuan; pig 2605 is 11,695 yuan/ton, unchanged; pig 2607 is 12,370 yuan/ton, down 5 yuan [2]. - **Trading Volume and Open Interest**: The trading volume of pig 2603 is 51,067 lots, down 18,603 lots, and the open interest is 121,223 lots, down 6,419 lots; pig 2605 has a trading volume of 31,968 lots, down 1,260 lots, and an open interest of 118,843 lots, up 3,128 lots; pig 2607 has a trading volume of 6,225 lots, down 307 lots, and an open interest of 46,367 lots, down 216 lots [2]. - **Price Spreads**: The basis of pig 2603 is 1,710 yuan/ton, down 185 yuan; pig 2605 is 1,285 yuan/ton, down 200 yuan; pig 2607 is 610 yuan/ton, down 195 yuan. The spread between pig 3 - 5 is -425 yuan/ton, down 15 yuan; between pig 5 - 7 is -675 yuan/ton, up 5 yuan [2].

行业 生猪日报 日期 2026 年 01 月 29 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：涌益，建信期货研究中心 生猪行情： 期货方面，28 日生猪主力 2603 合约小幅高开后冲高回落震荡走跌，尾盘收 阴，最高 11340 元/吨，最低 11230 元/吨，收盘报 1 ...

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints - In the spot market, both supply and demand are decreasing month - on - month, and the spot price will fluctuate. In the futures market, the supply of live pigs is expected to increase slightly, the proportion of second - fattening pigs is still high compared to the same period last year, the current epidemic situation is sporadically occurring seasonally without continuous spread, and after the Spring Festival, it will enter the off - season of consumption. Therefore, the 03/05 contracts will mainly fluctuate weakly [7] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Futures Market**: On the 22nd, the main 2603 contract of live pigs opened slightly higher and then fluctuated upwards, closing with a positive line at the end of the session. The highest price was 11,600 yuan/ton, the lowest was 11,480 yuan/ton, and the closing price was 11,600 yuan/ton, up 1.09% from the previous day. The total open interest of the index decreased by 1,201 lots to 339,236 lots [6] - **Spot Market**: On the 22nd, the average price of ternary pigs nationwide was 12.87 yuan/kg, down 0.1 yuan/kg from the previous day [6] - **Supply Side**: Currently, the utilization rate of second - fattening pens is relatively high compared to the same period last year, and there are still pigs to be slaughtered. In January, the planned slaughter volume of sample breeding enterprises decreased by 3.1% month - on - month. In the second half of the month, the enthusiasm of breeders to slaughter increased, and the overall slaughter weight has not changed much [7] - **Demand Side**: Second - fattening is mainly in a wait - and - see state. After the demand for curing and sausage - making ended, the demand has decreased significantly. Terminal consumer demand is average, the orders of slaughtering enterprises have decreased, and the operating rate and slaughter volume of slaughtering enterprises have slightly decreased. On January 22nd, the slaughter volume of sample slaughtering enterprises was 178,800 heads, an increase of 500 heads from the previous day, a decrease of 7,000 heads week - on - week, and a decrease of 19,000 heads month - on - month [7] 3.2 Industry News - From January 8th - 14th, the average sales price of 15kg piglets in the market was 425 yuan/head, an increase of 62 yuan/head from the previous week [10] - As of January 15th, the expected cost of self - breeding and self - raising was 12.15 yuan/kg, an increase of 0.02 yuan/kg week - on - week. The cost of fattening with purchased piglets was affected by both feed prices and piglet prices. The expected cost of fattening purchased piglets to 125kg and then slaughtering was 12.24 yuan/kg, an increase of 0.49 yuan/kg week - on - week [10][11] 3.3 Data Overview - As of January 15th, the average profit per head of self - breeding and self - raising was +25.8 yuan/head, an increase of 25.8 yuan/head week - on - week; the average profit per head of fattening with purchased piglets was - 100.5 yuan/head, an increase of 29.3 yuan/head week - on - week [20] - In the week ending January 15th, the average slaughter weight of live pigs was 128.85kg, an increase of 0.31kg from the previous week, a week - on - week increase of 0.24%, a decrease of 1.33kg from the previous month, a month - on - month decrease of 1.02%, and an increase of 5.89kg from the same period last year, a year - on - year increase of 4.79% [20]

Report Information - Report Name: Pig Daily Report [1] - Report Date: January 20, 2026 [2] Industry Investment Rating - No information provided Core Viewpoints - The spot market is expected to be range - bound as consumption recovers and supply remains relatively abundant. The 03 futures contract is likely to trend weakly due to expected slight increase in supply, high second - fattening pressure, seasonal sporadic outbreaks of the epidemic, and the post - holiday consumption off - season [7] Content Summaries by Section 1. Market Review and Operation Suggestions - **Futures Market**: On the 19th, the main 2603 contract of live pigs opened slightly higher, then fluctuated downwards after a short rise, closing in the red. The highest price was 12,140 yuan/ton, the lowest was 11,400 yuan/ton, and the closing price was 11,705 yuan/ton, down 2.09% from the previous day. The total open interest of the index decreased by 278 lots to 356,946 lots [6] - **Spot Market**: On the 19th, the average price of ternary pigs nationwide was 13.30 yuan/kg, up 0.05 yuan/kg from the previous day [6] - **Supply Side**: The enthusiasm for second - fattening before New Year's Day increased, and the utilization rate of second - fattening pens is currently higher than the same period last year, waiting to be gradually slaughtered. In January, the planned slaughter volume of sample breeding enterprises decreased by 3.1% month - on - month. The northern breeding side is slaughtering as normal, while the southern side is controlling the volume to raise prices, and the overall slaughter weight has not changed much [7] - **Demand Side**: Second - fattening is mainly on the sidelines. The demand for curing and sausage - making is near the end, terminal consumer consumption has increased slightly, and the orders of slaughtering enterprises have increased slightly, with the operating rate and slaughter volume slightly increasing. On January 19th, the slaughter volume of sample slaughtering enterprises was 191,500, down 1,000 from the previous day, up 2,600 week - on - week, and down 16,000 month - on - month [7] 2. Industry News - According to Yongyi Consulting data, in the week of January 15th, the average sales price of 15 - kg piglets in the market was 425 yuan/head, up 62 yuan/head from the previous week [8] 3. Data Overview - **Cost and Profit**: As of January 15th, the expected cost of self - breeding and self - fattening was 12.15 yuan/kg, up 0.02 yuan/kg week - on - week. The expected cost of fattening with purchased piglets was 12.24 yuan/kg, up 0.49 yuan/kg week - on - week. The average profit per head of self - breeding and self - fattening was +25.8 yuan/head, up 25.8 yuan/head week - on - week; the average profit per head of purchasing piglets for fattening was - 100.5 yuan/head, up 29.3 yuan/head week - on - week [16] - **Slaughter Weight**: As of the week of January 15th, the average slaughter weight of live pigs was 128.85 kg, up 0.31 kg from the previous week (a week - on - week increase of 0.24%), down 1.33 kg from the previous month (a month - on - month decrease of 1.02%), and up 5.89 kg from the same period last year (a year - on - year increase of 4.79%) [16]