1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Pig prices declined, with the main contract 2511 dropping 1.66% weekly. The supply side saw an accelerated pace of weight - reducing sales in the first half of the month, increasing market supply. However, after price drops, farmers showed signs of resistance, and the sales pace might slow down. The demand side had sufficient pig supply, with improved demand in some areas and a mild increase in slaughterhouse operating rates. With the upcoming school openings and double - festival stocking, demand is expected to improve significantly. Overall, the previous increase in farmers' sales pressured spot prices, but the resistance sentiment may change the short - term sales pace, leading to stable price adjustments. Technically, the 2511 contract corrected, but the current weight - reducing sales will ease future supply pressure, and with expected demand improvement, the decline of futures prices is limited. It is recommended to wait for corrections and try long positions with light positions [6]. 3. Summary by Relevant Catalogs 3.1 Weekly Summary - **Market Review**: Pig prices dropped, and the main contract 2511 fell 1.66% weekly [6][10]. - **Market Outlook**: On the supply side, the early weight - reducing sales increased supply, but price drops may slow down the sales pace. On the demand side, with sufficient supply and improving demand, the operating rate of slaughterhouses rose. Future demand is expected to improve due to school openings and double - festival stocking. Spot prices may adjust stably, and futures price decline is limited. It is advisable to wait for corrections and try long positions with light positions [6]. 3.2 Futures and Spot Markets 3.2.1 Futures Market - **Price Movement**: Pig futures prices declined, and the main contract 2511 dropped 1.66% weekly [6][10]. - **Net Position and Warehouse Receipts**: As of August 15, the net short position of the top 20 holders decreased by 1311 lots, and there were 430 futures warehouse receipts, an increase of 50 from last week [16]. 3.2.2 Spot Market - **Pig and Piglet Prices**: The national average pig price was 14.34 yuan/kg, unchanged from last week and down 3.14% from last month. The average price of 15 - kg weaned piglets was 31.07 yuan/kg, a decrease of 1.65 yuan from last week and 8.24% from last month [27]. - **Pork and Breeding Sow Prices**: On August 7, the national average pork price was 25.16 yuan/kg, a decrease of 0.05 yuan from the previous week. The average price of binary sows was 32.53 yuan/kg, an increase of 0.01 yuan from the previous week [31]. - **Pig - grain Ratio**: As of August 6, the pig - grain ratio was 6.02, a decrease of 0.03 from the previous week, below the break - even point [36]. 3.3 Industry Situation 3.3.1 Upstream - **Breeding Sow Inventory**: In late June 2025, the inventory of breeding sows was 40430000 heads, a month - on - month increase of 10000 heads and a year - on - year increase of 0.12%, reaching 103.7% of the normal level. In July, among 123 large - scale farms, the inventory increased slightly by 0.01% month - on - month and 3.03% year - on - year; among 85 small and medium - sized farms, it decreased slightly by 0.17% month - on - month but increased 6.67% year - on - year [41]. - **Pig Inventory**: In Q2 2023, the national pig inventory was 424470000 heads, an increase of 7160000 heads from the previous quarter and 9140000 heads year - on - year. In July, among 123 large - scale farms, the inventory increased 1.11% month - on - month and 5.28% year - on - year; among 85 small and medium - sized farms, it increased 2.49% month - on - month and 7.23% year - on - year [44]. - **Pig Sales Volume and Average Weight**: In July, among 123 large - scale farms, the sales volume decreased 3.08% month - on - month but increased 18.60% year - on - year; among 85 small and medium - sized farms, it decreased 1.46% month - on - month but increased 57.67% year - on - year. The average weight of slaughtered pigs was 123.23 kg, a decrease of 0.09 kg from last week [48]. 3.3.2 Industry Profit - **Pig Breeding Profit**: As of August 15, the profit of purchasing piglets for breeding was a loss of 157.05 yuan/head, with the loss widening by 22.91 yuan/head; the profit of self - breeding and self - raising was 28.85 yuan/head, a decrease of 16.28 yuan/head from the previous period [53]. - **Poultry Breeding Profit**: As of August 15, the profit of laying hens was a loss of 0.26 yuan/head, with the loss decreasing by 0.05 yuan/head week - on - week; the profit of 817 meat - hybrid chickens was 1.86 yuan/head [53]. 3.3.3 Domestic and Substitute Markets - **Pork Imports**: In the first six months of 2025, China imported 540000 tons of pork, with an average monthly import of 90000 tons, a year - on - year increase of 5.88%, at a historically low level [58]. - **Substitute Products**: As of the week of August 15, the price of white - striped chickens was 1.1 yuan/kg, an increase of 0.2 yuan/kg from last week. As of the week of August 14, the average price difference between standard and fat pigs was - 0.48 yuan/kg, a decrease of 0.11 yuan/kg from last week [61]. 3.3.4 Feed Market - **Feed Raw Material Prices**: As of August 14, the spot price of soybean meal was 3118.29 yuan/ton, an increase of 102.86 yuan/ton from the previous week; the price of corn was 2394.12 yuan/ton, a decrease of 1.47 yuan/ton from the previous week [67]. - **Feed Index and Price**: As of August 15, the closing price of the Dalian Commodity Exchange pig feed cost index was 924.07, a decrease of 0.85% from last week. The price of finishing pig compound feed was 3.34 yuan/kg, unchanged from last week [71]. - **Feed Production**: As of June 2025, the monthly feed production was 2937700 tons, an increase of 175.6 tons from the previous month [76]. 3.3.5 CPI - As of July 2025, China's CPI increased by 0.0% year - on - year [80]. 3.3.6 Downstream Market - **Slaughterhouse Operations**: In the 33rd week, the slaughterhouse operating rate was 27.79%, an increase of 0.85 percentage points from last week and 4.08 percentage points from the same period last year. The fresh - meat sales rate was 87.02%, a decrease of 0.64 percentage points from last week, and the frozen - product storage rate was 17.52%, a slight increase of 0.02 percentage points from last week [83]. - **Slaughter Volume and Catering Consumption**: As of June 2025, the slaughter volume of designated pig slaughterhouses was 30060000 heads, a decrease of 6.53% from the previous month. In July 2025, the national catering revenue was 450400000000 yuan, a year - on - year increase of 1.1% [88]. 3.4 Pig - related Stocks - The report mentions the stock trends of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis is provided [89].

Report Industry Investment Rating - No information provided in the report Core Viewpoints - The short - term price of live pigs is dominated by the slaughter rhythm, with possible repeated fluctuations. It is expected that the slaughter volume will first decrease and then increase in the short term, and the price will fluctuate slightly weaker [6]. Summary by Directory 1. Week - ly Key Points Summary - **Market Review**: The live pig price declined, with the main contract dropping 2.29% weekly [6][10]. - **Market Outlook**: On the supply side, farmers may reduce the supply at the beginning of the month, but the supply may resume later as they may slaughter pigs at a lower weight. The demand has slightly recovered in some areas, and the slaughterhouse operation rate has slightly increased, but high temperatures still suppress consumers' willingness to buy pork, resulting in a limited increase. Overall, short - term prices are dominated by the slaughter rhythm and are expected to fluctuate slightly weaker [6]. 2. Futures and Spot Markets Futures Market - **Price Movement**: The futures price declined this week, with the main contract dropping 2.29% weekly [10]. - **Net Position and Warehouse Receipts**: As of August 1, the net short position of the top 20 holders decreased, and there were 3000 futures warehouse receipts, an increase of 16 from last week [17]. Spot Market - **Live Pig and Piglet Prices**: The national average live pig price was 14.23 yuan/kg this week, down 0.58 yuan/kg from last week and 5.51% from last month. The average price of 15 - kg weaned piglets was 32.72 yuan/kg, down 1.14 yuan/kg from last week and 3.85% from last month [28]. - **Pork and Breeding Sow Prices**: As of July 24, the national average pork price was 25.37 yuan/kg, down 0.07 yuan/kg from the previous week. The average price of binary sows was 32.52 yuan/kg, unchanged from the previous week [32]. - **Pig - grain Ratio**: As of July 23, the pig - grain ratio was 6.16, down 0.07 from the previous week, below the break - even point [36]. 3. Industry Situation Upstream Situation - **Breeding Sow Inventory**: In June, the inventory of breeding sows increased month - on - month, reaching 103.7% of the normal level. According to Mysteel data, the inventory of large - scale farms and small and medium - sized farms increased slightly [41]. - **Live Pig Inventory**: In Q2 2023, the live pig inventory increased year - on - year. In June, according to Mysteel data, the inventory of large - scale and small and medium - sized farms increased month - on - month [44]. - **Slaughter Volume and Weight**: In June, the slaughter volume of large - scale farms increased month - on - month, while that of small and medium - sized farms decreased slightly. The average slaughter weight decreased [47]. Industry Profit - **Live Pig and Poultry Farming Profit**: As of August 1, the profit of purchasing piglets for farming was a loss of 116.78 yuan/head, with the loss widening by 45.39 yuan/head. The profit of self - breeding and self - raising was 43.85 yuan/head, a decrease of 18.3 yuan/head. The profit of laying hens was a loss of 0.16 yuan/head, with the loss widening by 0.1 yuan/head, and the profit of 817 meat - hybrid chickens was 0.19 yuan/head [52]. Domestic Market - **Pork Imports**: In the first six months of 2025, China imported a total of 540,000 tons of pork, with a monthly average of 90,000 tons, a year - on - year increase of 5.88%, at a historically low level [53][57]. Substitute Products - **White - striped Chicken Price and Standard - Fat Price Difference**: As of August 1, the price of white - striped chicken was 13.70 yuan/kg, unchanged from last week. As of July 31, the average price difference between standard and fat pigs was - 0.41 yuan/kg, a decrease of 0.14 yuan/kg from last week [60]. Feed Market - **Feed Raw Material Prices**: As of August 1, the price of soybean meal increased by 14.57 yuan/ton to 2977.71 yuan/ton, while the price of corn decreased by 5.09 yuan/ton to 2402.75 yuan/ton [66]. - **Feed Index and Spot Price**: As of August 1, the DCE pig feed cost index closed at 935.61, a decrease of 0.82% from last week. The price of finishing pig compound feed was 3.35 yuan/kg, unchanged from last week [70]. - **Feed Production**: As of June 2025, the monthly feed production was 2.9377 million tons, an increase of 175,600 tons month - on - month [75]. CPI - As of June 2025, China's CPI increased by 0.1% year - on - year [79]. Downstream Situation - **Slaughterhouse Operation**: In the 31st week, the slaughterhouse operation rate was 26.83%, an increase of 0.43 percentage points from last week. The fresh - sales rate decreased slightly, and the frozen - product storage rate increased slightly [82]. - **Slaughter Volume and Catering Consumption**: As of June 2025, the slaughter volume of designated pig slaughterhouses decreased by 6.53% month - on - month. In June, the national catering revenue was 47.076 billion yuan, a year - on - year increase of 0.9% [87]. Live Pig - related Stocks - The report mentions the stock trends of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific data is provided [88].

Report Overview - Report Title: "2025.07.18 - Weekly Report on the Pig Market: Expected Range-bound Fluctuations in Pig Prices" [2] - Researcher: Zhang Xin - Industry: Pig Market 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - Pig prices showed a trend of first falling and then rising, with the main contract declining by 1.46% on a weekly basis. In the short term, increased supply and weak demand will suppress price fluctuations. However, as prices weaken, it may stimulate the sentiment of farmers to hold prices and attract secondary fattening, and the slaughter rhythm may slow down again at the end of the month, limiting the downside space. Overall, the market is expected to show a volatile trend, and short - term prices will change with the slaughter and secondary fattening entry and exit rhythms. The recommended strategy is range trading or waiting and seeing [7]. 3. Summary by Directory 3.1 Weekly Summary - **Market Review**: Pig prices first declined and then rose, with the main contract down 1.46% weekly [7]. - **Market Outlook**: Supply increased as the slaughter rhythm of farmers recovered in mid - month and the proportion of large pigs for slaughter accelerated due to high - temperature and rainy weather in the South. Demand was weak as high temperatures reduced people's willingness to buy pork, schools were on holiday, and the terminal sales were slow, leading to a continuous decline in the slaughterhouse operating rate, although it was higher than the same period last year. Overall, short - term supply increase and weak demand will suppress price fluctuations, but lower prices may stimulate farmers' price - holding sentiment and attract secondary fattening, and the slaughter rhythm may slow down at the end of the month, limiting the downside space. - **Strategy Recommendation**: Range trading or waiting and seeing [7]. 3.2 Futures Market - **Price Trend**: Futures prices first declined and then rose, with the main contract down 1.46% weekly [11]. - **Net Position and Warehouse Receipts**: As of July 18, the net short position of the top 20 holders in pig futures was 16,156 lots, a decrease of 721 lots from the previous week, and the number of futures warehouse receipts was 284, a decrease of 3 from the previous week [17]. 3.3 Spot Market - **Base Difference**: The basis of the September contract was 65 yuan/ton, and the basis of the November contract was 565 yuan/ton this week [21]. - **Pig and Piglet Prices**: The national average price of live pigs was 14.81 yuan/kg this week, a decrease of 0.11 yuan/kg from the previous week but an increase of 2.35% from the previous month. The average price of 15 - kg weaned piglets was 34.03 yuan/kg, unchanged from the previous week and the same period last month [28]. - **Pork and Sow Prices**: On July 10, the national average market price of pork was 25.35 yuan/kg, an increase of 0.11 yuan/kg from the previous week. The average market price of binary sows was 32.52 yuan/kg, unchanged from the previous week [32]. - **Pig - Grain Ratio**: As of the week of July 9, 2025, the pig - grain ratio was 6.27, an increase of 0.06 from the previous week, but still below the break - even point [36]. 3.4 Industry Situation 3.4.1 Upstream - **Sow Inventory**: In May 2025, the inventory of breeding sows was 40.42 million heads, a month - on - month increase of 40,000 heads (0.1%) and a year - on - year increase of 1.15%, reaching 103.6% of the normal inventory. In June, according to Mysteel data, the inventory of breeding sows in large - scale farms increased slightly by 0.29% month - on - month and 4.20% year - on - year, and in small and medium - sized farms, it increased slightly by 0.17% month - on - month and 7.05% year - on - year [41]. - **Pig Inventory**: In Q2 2023, the national pig inventory was 424.47 million heads, an increase of 7.16 million heads from the end of the previous quarter and 9.14 million heads year - on - year. In May, according to Mysteel data, the inventory of commercial pigs in large - scale farms increased by 0.30% month - on - month, and in small and medium - sized farms, it increased by 0.57% month - on - month [44]. - **Slaughter Volume**: In June, according to Mysteel data, the slaughter volume of commercial pigs in large - scale farms was 10.7682 million heads, a month - on - month increase of 1.60% and a year - on - year increase of 23.60%, while in small and medium - sized farms, it was 487,700 heads, a month - on - month decrease of 0.40% but a year - on - year increase of 57.41%. The average slaughter weight of live pigs this week was 123.49 kg, a slight decrease of 0.01 kg from the previous week [47]. 3.4.2 Industry Profit - **Pig Farming Profit**: As of July 18, the profit of purchasing piglets for farming was a loss of 18.66 yuan/head, a decrease of 50.26 yuan/head from the previous week; the profit of self - breeding and self - raising pigs was 90.89 yuan/head, a decrease of 42.98 yuan/head from the previous week [52]. - **Poultry Farming Profit**: As of July 18, the profit of egg - laying hens was a loss of 0.47 yuan/head, a decrease in loss of 0.22 yuan/head from the previous week, and the profit of 817 meat - hybrid chickens was a loss of 0.56 yuan/head [52]. 3.4.3 Import - In the first six months of 2025, China imported a total of 540,000 tons of pork, with an average monthly import of 90,000 tons, a year - on - year increase of 5.88%, which was at a historically low level during the same period [57]. 3.4.4 Substitutes - As of the week of July 11, the price of white - striped chickens was 13.20 yuan/kg, unchanged from the previous week. As of the week of July 17, the average price difference between standard and fat pigs was - 0.19 yuan/kg, a decrease of 0.05 yuan/kg from the previous week [61]. 3.4.5 Feed - **Feed Price**: As of July 17, the spot price of soybean meal was 2938.86 yuan/ton, an increase of 24 yuan/ton from the previous week, and the price of corn was 2409.12 yuan/ton, a decrease of 12.45 yuan/ton from the previous week [66]. - **Feed Index and Price**: As of July 18, the closing price of the Dalian Commodity Exchange pig feed cost index was 944.59, an increase of 0.7% from the previous week. This week, the price of finishing pig compound feed was 3.35 yuan/kg, unchanged from the previous week [70]. - **Feed Output**: As of June 2025, the monthly feed output was 2.9377 million tons, a month - on - month increase of 175,600 tons [75]. 3.4.6 CPI - As of June 2025, the year - on - year increase in CPI was 0.1% [79]. 3.4.7 Downstream - **Slaughterhouse Operating Rate and Cold Storage Capacity**: In the 29th week, the operating rate of slaughterhouses was 25.15%, a decrease of 0.07 percentage points from the previous week but 5.94 percentage points higher than the same period last year. As of Thursday this week, the cold storage capacity of key domestic slaughterhouses was 17.44%, an increase of 0.02 percentage points from the previous week [82]. - **Slaughter Volume and Catering Consumption**: As of May 2025, the slaughter volume of designated pig slaughtering enterprises was 32.16 million heads, a month - on - month increase of 4.52%. In June 2025, the national catering revenue was 47.076 billion yuan, a year - on - year increase of 0.9% [87]. 3.5 Pig - Related Stocks - The report mentions the stock trends of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis is provided [88].

Report Summary 1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints - The price of live pigs increased slightly, with the main contract rising 0.28% weekly. In the short - term, the supply is still tight as the mid - month increase in large - scale farm slaughter is slow, and smallholders are reluctant to sell, and the average slaughter weight is decreasing. However, there is supply pressure in the medium - term as the sow production capacity is in an increasing cycle in the third quarter. [6][10] - On the demand side, high temperatures suppress pork purchasing, and with schools on holiday, the terminal sales are slow, and the slaughterhouse operating rate has declined continuously but is higher than last year. Overall, it's the off - season for consumption, and demand is weakening steadily. The slaughter rhythm of farmers and the entry of second - fattening are key factors affecting short - term market conditions. [6] - Currently, tight supply supports a strong price oscillation, but the increase may slow down as the mid - month slaughter volume may recover. In the medium - term, the off - season demand and medium - term supply pressure will limit the price upside. [6] 3. Summary by Directory 3.1. Week - on - Week Summary - **Market Review**: The live pig price increased slightly, with the main contract rising 0.28% weekly. [6][10] - **Market Outlook**: Short - term supply is tight, medium - term has supply pressure; demand is in the off - season and weakening. The slaughter rhythm and second - fattening entry are key short - term factors. [6] - **Strategy Recommendation**: Interval trading or 9 - 1 positive spread trading. [6] 3.2. Futures and Spot Markets 3.2.1. Futures Market - The futures price increased slightly this week, and the net short position of the top 20 holders increased. As of July 11, the net short position was 16,877 lots, an increase of 6,313 lots from last week, and there were 447 futures warrants, a decrease of 3 from last week. [10][12][16] 3.2.2. Spot Market - **Live Pig and Piglet Prices**: The national average live pig price was 14.92 yuan/kg this week, a decrease of 0.37 yuan/kg from last week but an increase of 4.48% from last month. The average price of 15 - kg weaned piglets was 34.03 yuan/kg, unchanged from last week but a decrease of 0.32% from last month. [27] - **Pork and Sow Prices**: The national average pork price was 25.35 yuan/kg in the week of July 3, an increase of 0.15 yuan/kg from the previous week. The average price of binary sows was 32.52 yuan/kg, unchanged from the previous week. [31] - **Pig - Grain Ratio**: As of the week of July 2, 2025, the pig - grain ratio was 6.21, an increase of 0.08 from the previous week, but still below the break - even point. [36] 3.3. Industry Situation 3.3.1. Upstream - **Sow Inventory**: In May 2025, the inventory of breeding sows increased. The Ministry of Agriculture and Rural Affairs data showed that the inventory was 40.42 million heads at the end of May, a 0.1% month - on - month increase and a 1.15% year - on - year increase, reaching 103.6% of the normal level. Mysteel data also showed an increase in both large - scale farms and small - scale farms. [41] - **Live Pig Inventory**: In Q1 2023, the live pig inventory was 417.31 million heads, a decrease of 10.12 million heads from the end of the previous quarter but an increase of 8.81 million heads year - on - year. In May, the inventory of commercial pigs in large - scale farms and small - scale farms increased month - on - month according to Mysteel data. [44] - **Slaughter Volume and Weight**: In May, the slaughter volume of sample enterprises decreased month - on - month, and the average slaughter weight decreased. The average slaughter weight of national ternary hybrid live pigs this week was 123.50 kg, a slight decrease of 0.02 kg from last week. [49] 3.3.2. Industry Profit - **Livestock Farming Profit**: As of July 11, the profit of purchasing piglets for fattening was 31.6 yuan/head, an increase of 57.86 yuan/head week - on - week; the profit of self - breeding and self - fattening was 133.87 yuan/head, an increase of 14.15 yuan/head week - on - week. [54] - **Poultry Farming Profit**: As of July 11, the profit of laying hens was - 0.69 yuan/head, with the loss increasing by 0.11 yuan/head week - on - week, and the profit of 817 meat - hybrid chickens was - 0.92 yuan/head. [54] 3.3.3. Domestic Market - In the first five months of 2025, China imported a total of 450,000 tons of pork, with a monthly average of 90,000 tons, a 4.65% year - on - year increase, and it was at a historically low level during the same period. [55][59] 3.3.4. Substitute Products - As of the week of July 11, the price of white - striped chickens was 13.20 yuan/kg, unchanged from last week. As of the week of July 10, the average price difference between standard and fat pigs was - 0.14 yuan/kg, a decrease of 0.08 yuan/kg from last week. [62] 3.3.5. Feed - **Feed Raw Material Prices**: As of July 11, the spot price of soybean meal was 2,914.86 yuan/ton, a decrease of 1.43 yuan/ton from the previous week; the price of corn was 2,421.57 yuan/ton, a decrease of 14.7 yuan/ton from the previous week. [68] - **Feed Index and Price**: As of July 11, the closing price of the Dalian Commodity Exchange pig feed cost index was 935.32, a 1.63% decrease from last week. The price of finishing pig compound feed was 3.35 yuan/kg, unchanged from last week. [71] - **Feed Production**: In May 2025, the monthly feed production was 27.621 million tons, an increase of 0.981 million tons month - on - month. [76] 3.3.6. CPI - As of June 2025, China's CPI increased by 0.1% year - on - year. [80] 3.3.7. Downstream - **Slaughter Enterprises**: In the 28th week, the operating rate of slaughter enterprises was 25.22%, a decrease of 1.28 percentage points from last week but 5.48 percentage points higher year - on - year. As of Thursday this week, the frozen product storage rate of key domestic slaughter enterprises was 17.46%, an increase of 3% from last week. [83] - **Slaughter Volume and Catering**: In May 2025, the slaughter volume of designated pig slaughtering enterprises was 32.16 million heads, a 4.52% increase from the previous month. The national catering revenue in May was 457.82 billion yuan, a 5.9% year - on - year increase. [88] 3.3.8. Live Pig Stocks - The report shows the trend charts of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis is provided. [89][91]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The supply of live pigs is tight in the short - term, leading to a strong price fluctuation. The main contract of live pig futures rose 2.14% this week. However, in the medium - term, there is still supply pressure as the sow production capacity is in an increasing cycle in the third quarter. The demand is weak during the off - season, and the key factors affecting the short - term market are the slaughter rhythm of the breeding end and the entry of second - fattening. If the slaughter rhythm recovers later, the price increase will slow down and adjust, and the off - season demand and medium - term supply pressure will limit the upside space of prices. The recommended strategy is range trading [6]. 3. Summary by Directory 3.1. Weekly Highlights - **Market Review**: The price of live pigs continued to rise, with the main contract rising 2.14% this week [6][10]. - **Market Outlook**: In the short - term, the supply is tight due to the scale farms' price - holding and reduced slaughter at the beginning of the month, and the farmers' reluctance to sell. The average slaughter weight has decreased. As the price difference between fat and standard pigs narrows and the price of live pigs rises, the slaughter rhythm is expected to recover. In the medium - term, there is supply pressure as the sow production capacity is in an increasing cycle in the third quarter. The demand is weak during the off - season, with high temperatures suppressing people's willingness to buy pork, slow terminal sales, and a decline in the slaughterhouse's operating rate, although it is higher than last year [6]. - **Strategy Recommendation**: Range trading [6]. 3.2. Futures and Spot Markets 3.2.1. Futures Market - **Price Movement**: The futures rebounded this week, with the main contract rising 2.14% [10]. - **Net Position and Warehouse Receipts**: As of July 4, the net short position of the top 20 holders of live pig futures increased by 1168 lots to 10564 lots compared with last week. The number of futures warehouse receipts was 450, a decrease of 300 compared with last week [16]. 3.2.2. Spot Market - **Base Difference**: This week, the base difference of the July contract of live pigs was 1350 yuan/ton, and the base difference of the September contract was 895 yuan/ton [20]. - **Live Pig and Piglet Prices**: The average price of live pigs in the national market this week was 14.55 yuan/kg, an increase of 0.02 yuan/kg compared with last week and 2.03% compared with last month. The average price of 15 - kg weaned piglets was 34.03 yuan/kg, the same as last week and a decrease of 10.78% compared with last month [27]. - **Pork and Breeding Sow Prices**: As of the week of June 26, the national market price of pork was 25.20 yuan/kg, the same as the previous week. The average market price of binary sows this week was 32.52 yuan/kg, the same as the previous week [31]. - **Pig - grain Ratio**: As of the week of June 11, 2025, the pig - grain ratio was 6.12, a decrease of 0.17 compared with the previous week, and it was lower than the break - even point [35]. 3.3. Industry Situation 3.3.1. Upstream - **Sow Inventory**: In May 2025, the inventory of breeding sows increased. The inventory of breeding sows at the end of May was 40420000 heads, a month - on - month increase of 40000 heads (0.1%) and a year - on - year increase of 1.15%, reaching 103.6% of the normal inventory. According to Mysteel data, the inventory of breeding sows in large - scale farms in May increased slightly by 0.33% month - on - month and 4.26% year - on - year, and the inventory of small and medium - sized farms increased slightly by 0.03% month - on - month and 8.07% year - on - year [40]. - **Live Pig Inventory**: In the first quarter, the inventory of live pigs increased year - on - year. According to Mysteel data, in May, the inventory of commercial pigs in large - scale farms increased by 0.45% month - on - month and 5.75% year - on - year, and the inventory of small and medium - sized farms increased by 0.82% month - on - month and 8.07% year - on - year [43]. - **Slaughter Volume and Weight**: In May, the slaughter volume of commercial pigs in large - scale farms decreased by 2.38% month - on - month and increased by 12.35% year - on - year, and the slaughter volume of small and medium - sized farms decreased by 1.48% month - on - month and increased by 73.46% year - on - year. The average slaughter weight of externally -三元 live pigs this week was 123.52 kg, a slight decrease of 0.01 kg compared with last week [47]. 3.3.2. Industry Profit and Other Aspects - **Breeding Profit**: As of July 4, the profit of purchasing piglets for breeding was a loss of 26.26 yuan/head, a decrease in loss of 105.45 yuan/head compared with last week. The profit of self - breeding and self - raising was 119.72 yuan/head, an increase of 69.48 yuan/head compared with last week. The profit of poultry breeding was a loss of 0.58 yuan/head, a decrease in loss of 0.17 yuan/head compared with last week [52]. - **Pork Import**: From January to May 2025, the cumulative import of pork was 450000 tons, with an average monthly import of 90000 tons, a year - on - year increase of 4.65%, at a historically low level [53][57]. - **Substitute and Feed**: As of July 4, the price of white - striped chickens was 13.20 yuan/kg, an increase of 0.20 yuan/kg compared with last week. As of the week of June 26, the average price difference between standard and fat pigs was - 0.06 yuan/kg, an increase of 0.09 yuan/kg compared with last week. As of July 4, the spot price of soybean meal was 2916.29 yuan/ton, an increase of 13.43 yuan/ton compared with the previous week. As of July 3, the price of corn was 2436.86 yuan/ton, an increase of 5.88 yuan/ton compared with the previous week. As of July 4, the closing price of the Dalian Commodity Exchange's pig feed cost index decreased by 0.77% compared with last week. This week, the price of finishing pig compound feed was 3.35 yuan/kg, a decrease of 0.01 yuan/kg compared with last week. As of May 2025, the monthly output of feed was 2762100 tons, an increase of 98100 tons compared with the previous month [61][66][69][74]. - **CPI**: As of May 2025, China's CPI decreased by 0.1% year - on - year, the same as last month [77]. 3.3.3. Downstream - **Slaughter and Demand**: In the 27th week, the operating rate of slaughtering enterprises was 26.50%, a decrease of 1.24 percentage points compared with last week and 10.32 percentage points higher than last year. As of this Thursday, the frozen product storage rate of key domestic slaughtering enterprises was 14.46%, a decrease of 2.95% compared with last week. As of May 2025, the slaughter volume of designated live pig slaughtering enterprises was 32.16 million heads, an increase of 4.52% compared with last month. In May 2025, the national catering revenue was 457.82 billion yuan, a year - on - year increase of 5.9% [80][85]. 3.4. Live Pig Stocks - The report mentioned the stock trends of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific data was provided [86].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The supply side has seen a slowdown in the slaughter rhythm of the breeding end, and the average slaughter weight has decreased, leading to a reduction in supply. However, the sow production capacity is in an increasing cycle in the second and third quarters, and the medium - term supply pressure is increasing. On the demand side, the slaughterhouse operating rate has stopped falling and rebounded, but high temperatures suppress the willingness to purchase pork, the terminal sales speed has slowed down, and the rebound space is limited, with a possible subsequent decline. Short - term supply reduction, along with policies discouraging secondary fattening and state reserve purchases boosting market sentiment, support a short - term rebound in hog futures prices. But the expected increase in medium - term supply and weak demand limit the upside of spot prices, which may drag down the futures price increase. Overall, the market is expected to be volatile. The strategy suggestion is to wait and see [6]. 3. Summary by Directory 3.1 Weekly Highlights Summary - **Market Review**: Hog prices rebounded, with the main contract rising 0.76% weekly [6][9]. - **Market Outlook**: Short - term supply reduction and policy support lead to a short - term futures price rebound, but medium - term supply increase and weak demand limit the upside of spot and futures prices. - **Strategy Recommendation**: Temporary wait - and - see [6]. 3.2 Futures Market Situation - **Price Movement**: Futures rebounded, with the main contract rising 0.76% weekly [9]. - **Net Position and Warehouse Receipts**: The net short position increased, and there were 750 futures warehouse receipts [11][15]. 3.3 Spot Market Situation - **Hog and Piglet Prices**: The national average hog price was 14.33 yuan/kg, unchanged from last week and down 0.9% from last month. The average price of 15 - kg weaned piglets was 34.14 yuan/kg, down 0.14 yuan/kg from last week and 16.04% from last month [26]. - **Pork and Sow Prices**: On June 12, the national average pork price was 25.26 yuan/kg, down 0.23 yuan/kg from the previous week. The average price of binary sows was 32.52 yuan/kg, unchanged from the previous week [31]. - **Pig - grain Ratio**: As of June 11, the pig - grain ratio was 6.12, down 0.17 from the previous week, below the break - even point [35]. 3.4 Upstream Situation - **Sow Inventory**: In April 2025, the national sow inventory was 40380000 heads, down 10000 from the previous month, up 1.31% year - on - year, equivalent to 103.6% of the normal inventory. In May, the sow inventory of large - scale farms increased by 0.33% month - on - month and 4.26% year - on - year, and that of small and medium - sized farms increased by 0.03% month - on - month and 8.07% year - on - year [40]. - **Hog Inventory**: In Q1 2023, the national hog inventory was 417310000 heads, down 10120000 from the previous quarter but up 8810000 year - on - year. In May, the hog inventory of large - scale farms increased by 0.45% month - on - month and 5.75% year - on - year, and that of small and medium - sized farms increased by 0.82% month - on - month and 8.07% year - on - year [43]. - **Hog Slaughter Volume and Weight**: In May, the hog slaughter volume of large - scale farms was 1059860000 heads, down 2.38% month - on - month but up 12.35% year - on - year, and that of small and medium - sized farms was 48960000 heads, down 1.48% month - on - month but up 73.46% year - on - year. The average slaughter weight was 123.78 kg, down 0.18 kg from last week [47]. 3.5 Industry Situation - **Breeding Profits**: As of June 20, the profit of purchasing piglets for breeding was a loss of 186.79 yuan/head, with a 19.4 - yuan increase compared to the previous week; the profit of self - breeding and self - raising was 19.4 yuan/head, with a 22.3 - yuan increase compared to the previous week. The poultry breeding profit was a loss of 0.47 yuan/head, with a 0.08 - yuan reduction in loss compared to the previous week [52]. - **Import Volume**: From January to May 2025, the cumulative imported pork was 450000 tons, with an average monthly import of 90000 tons, up 4.65% year - on - year, at a historically low level [57]. - **Substitute Products**: As of June 20, the price of white - striped chicken was 13.0 yuan/kg, unchanged from last week. As of June 19, the average national price difference between standard and fat hogs was - 0.22 yuan/kg, a 0.01 - yuan decrease from last week [60]. - **Feed Situation**: As of June 20, the spot price of soybean meal was 3015.14 yuan/ton, up 47.14 yuan/ton from the previous week; the corn price was 2417.06 yuan/ton, up 11.37 yuan/ton from the previous week. The DCE hog feed cost index closed at 971.29, up 0.99% from last week, and the price of finishing pig compound feed was 3.36 yuan/kg, unchanged from last week. In May 2025, the monthly feed production was 2762100 tons, up 98100 tons from the previous month [66][69][74]. - **CPI**: As of May 2025, the year - on - year CPI decreased by 0.1%, with a narrowing decline [77]. 3.6 Downstream Situation - **Slaughter and Cold Storage**: In the 25th week, the slaughterhouse operating rate was 27.97%, up 0.75 percentage points from last week and 17.77 percentage points higher than the same period last year. As of Thursday this week, the cold storage capacity of key domestic slaughterhouses was 17.35%, up 0.01% from last week [80]. - **Slaughter Volume and Catering Consumption**: As of April 2025, the slaughter volume of designated hog slaughtering enterprises was 30770000 heads, up 0.46% from the previous month. In May 2025, the national catering revenue was 4578.2 billion yuan, up 5.9% year - on - year [85]. 3.7 Hog - related Stocks - Mentioned stocks include Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis is provided [86].

Core Viewpoint - In May, both large-scale and medium-sized pig farming sectors experienced an increase in breeding sow inventory, with trends aligning between the two groups. However, as pig prices decline and profitability shrinks, changes in inventory levels may continue to reflect similar patterns in June [1][6][7]. Group 1: Breeding Sow Inventory - In May, the national breeding sow inventory increased month-on-month, with large-scale farms showing a shift from negative to positive growth, while medium-sized farms saw a narrowing increase [3][4]. - The increase in large-scale breeding sow inventory is attributed to ongoing expansion activities, including clearing and replanting, as well as replenishing stocks affected by previous pig diseases [3][4]. - Medium-sized farms faced a decline in piglet transaction enthusiasm and prices, leading to a more cautious approach, which resulted in a slower growth rate in breeding sow inventory [3][4]. Group 2: Pig Inventory - The national pig inventory also saw a month-on-month increase in May, with large-scale farms experiencing a narrowing growth rate while medium-sized farms shifted from a decrease to an increase [4][6]. - The average weight of pigs traded in May showed a slight decline, which, combined with falling prices and rising temperatures, led to reduced confidence among farmers, particularly in large-scale operations [4][6]. - Medium-sized farms benefited from lower costs for secondary fattening and feed, contributing to an increase in pig inventory as they did not sell off previously fattened pigs before the Dragon Boat Festival [4][6]. Group 3: Outlook for June - In June, piglet prices are expected to decline further, with many regions seeing prices drop below 500 yuan per head, and southern regions experiencing pig prices falling below the cost line of 14 yuan per kilogram [6][7]. - As profitability continues to decrease, both large-scale and medium-sized farms may adjust their strategies, with large farms potentially reducing weight and production to avoid losses, while medium-sized farms may accelerate the culling of breeding sows [6][7]. - Despite the anticipated decline in breeding sow inventory by the end of June, the decrease is expected to be limited due to ongoing expansion activities in certain regions [7].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The supply pressure will ease at the end and beginning of the month, but the selling willingness of breeders and second - fattening farmers increases, and the mid - term supply pressure will increase due to the growth cycle of sows in the second and third quarters. - After the Dragon Boat Festival, terminal demand will cool down again, and the seasonal consumption of pork will weaken with rising temperatures. - In the short term, the change in the slaughter rhythm will lead to an adjustment in hog prices, but the overall price trend is weak due to the mid - term supply - demand imbalance with a looser pattern. - The recommended strategy is to short on rallies and conduct rolling operations. [6] 3. Summary by Directory 3.1 Weekly Highlights - **Market Review**: Hog prices fluctuated and adjusted, with the main contract rising 0.67% weekly. - **Market Outlook**: Supply pressure will ease in the short term but increase in the mid - term, and demand will decline seasonally. Overall, the short - term price will adjust, and the mid - term trend is weak. - **Strategy**: Short on rallies and conduct rolling operations. [6] 3.2 Futures and Spot Markets - **Futures Market**: This week, futures fluctuated and adjusted. The net short position of the top 20 futures decreased, and there were 0 futures warrants. As of May 30, the net short position of the top 20 in hog futures was 8,804 lots, 3,750 lots less than last week, and the number of futures warrants decreased by 633 to 5 lots compared to last week. [10][12][16] - **Spot Market**: - The basis of the July and September hog contracts was 1,295 yuan/ton and 895 yuan/ton respectively this week. - The national average hog price was 14.62 yuan/kg, up 0.27 yuan/kg from last week and down 1.88% from last month. The average price of 15 - kg weaned piglets was 40.66 yuan/kg, unchanged from last week and down 0.59% from last month. - The national pork price was 25.68 yuan/kg in the week of May 22, down 0.16 yuan/kg from the previous week. The average price of binary sows was 32.53 yuan/kg, unchanged from the previous week. - The hog - grain ratio was 6.29 as of the week of May 21, down 0.13 from the previous week, below the break - even point and continuing to weaken. [20][27][31][35] 3.3 Industry Situation - **Upstream**: - In April, the inventory of breeding sows decreased slightly month - on - month, accounting for 103.6% of the normal inventory. The inventory of breeding sows in large - scale farms and small and medium - sized farms in April showed a slight increase. - In the first quarter, the hog inventory increased year - on - year, and the inventory of institutions increased slightly in April. - In April, the hog slaughter volume increased, and the average slaughter weight remained unchanged. [40][43][46] - **Industry**: - As of May 30, the profit of purchasing piglets for fattening was a loss of 84.37 yuan/head, a decrease of 68.32 yuan/head month - on - month; the profit of self - breeding and self - fattening was 35.65 yuan/head, a decrease of 12.56 yuan/head month - on - month. The poultry breeding profit was a loss of 0.36 yuan/head, with a reduced loss of 0.09 yuan/head week - on - week. - From January to April 2025, the cumulative imported pork was 360,000 tons, a year - on - year increase of 5.88%, but at a historically low level. - As of May 30, the price of white - striped chickens was 13.2 yuan/kg, down 0.2 yuan/kg from last week; the average price difference between standard and fat hogs was - 0.01 yuan/kg, an increase of 0.02 yuan/kg from last week. - As of May 30, the spot price of soybean meal was 2,975.14 yuan/ton, down 52.86 yuan/ton from the previous week; the corn price was 2,376.08 yuan/ton, up 4.31 yuan/ton from the previous week. - As of May 30, the closing price of the Dalian Commodity Exchange hog feed cost index was 943.45, up 0.3% from last week; the price of finishing pig compound feed was 3.37 yuan/kg, unchanged from last week. - As of April 2025, the monthly feed output was 26.64 million tons, a year - on - year decrease of 1.132 million tons. - As of April 2025, China's CPI decreased year - on - year, but the decline narrowed. [51][56][60][65] - **Downstream**: - In the 22nd week, the slaughtering enterprise's operating rate was 29.35%, up 0.8 percentage points from last week and 9.03 percentage points higher year - on - year. The frozen product storage capacity of key domestic slaughtering enterprises was 17.28%, unchanged from last week. - As of April 2025, the slaughter volume of designated hog slaughtering enterprises was 30.77 million heads, an increase of 0.46% from the previous month. In April 2025, the national catering revenue was 416.7 billion yuan, a year - on - year increase of 5.2%. [79][84] - **Hog Stocks**: The report mentions the stock trends of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific data is provided. [85]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The price of live pigs first rose and then fell, with the main contract dropping 1.90% weekly. In the short - term, both supply and demand are expected to increase slightly, in a slightly loose balance state. The price may continue to be under pressure, but continuous price drops may cause farmers' reluctance to sell, hindering the decline. It is recommended that short positions be appropriately closed at low prices to realize profits, and hold them with a light position while setting stop - losses [6]. 3. Summary by Related Catalogs 3.1. Weekly Highlights Summary - **Market Review**: The price of live pigs first rose and then fell, with the main contract dropping 1.90% weekly [6]. - **Market Outlook**: On the supply side, farmers' slaughter increased slightly, with stable slaughter weight. The risk of second - fattening increased, and the mid - term supply pressure is expected to rise. On the demand side, terminal demand declined, but there may be a short - term increase in demand due to Dragon Boat Festival stocking. Overall, short - term supply and demand are expected to increase slightly, in a slightly loose balance state [6]. - **Strategy Recommendation**: Short positions can be appropriately closed at low prices to realize profits, hold them with a light position, and set stop - losses [6]. 3.2. Futures and Spot Markets 3.2.1. Futures Market - **Price Trend**: Futures prices first rose and then fell, with the main contract dropping 1.90% weekly [10]. - **Net Position and Warehouse Receipts**: The net short position decreased, and there were 696 futures warehouse receipts, 9 less than last week [12][16]. 3.2.2. Spot Market - **Base Difference**: The base difference of the May live pig contract was 570 yuan/ton, and that of the September contract was 1240 yuan/ton [20]. - **Prices of Live Pigs and Piglets**: The national average price of live pigs was 14.83 yuan/kg, down 0.09 yuan/kg from last week and 0.80% from last month. The average price of 15 - kg weaned piglets was 40.69 yuan/kg, down 0.21 yuan/kg from last week and 0.51% from last month [27]. - **Prices of Pork and Sows**: The national average price of pork was 25.99 yuan/kg, down 0.03 yuan/kg from the previous week. The average market price of binary sows was 32.53 yuan/kg, up 0.01 yuan/kg from the previous week [31]. - **Pig - grain Ratio**: As of the week of April 23, 2025, the pig - grain ratio was 6.68, down 0.03 from the previous week [35]. 3.3. Industry Situation 3.3.1. Upstream Situation - **Sow Inventory**: In March 2025, the inventory of reproductive sows was 40.39 million, 270,000 less than last month. In April, the inventory of reproductive sows in 123 large - scale farms increased slightly by 0.36% month - on - month, and that in 85 small and medium - sized farms increased by 1.61% month - on - month [40]. - **Live Pig Inventory**: In Q1 2023, the live pig inventory was 417.31 million. In April, the live pig inventory in 123 large - scale farms increased by 0.10% month - on - month, and that in 85 small and medium - sized farms decreased by 0.91% month - on - month [43]. - **Slaughter Volume and Average Weight**: In April, the slaughter volume of 123 large - scale farms increased by 4.46% month - on - month, and that of 85 small and medium - sized farms increased by 4.09% month - on - month. The average slaughter weight of live pigs remained unchanged from last week [46]. 3.3.2. Industry Profit - **Live Pig and Poultry Farming Profits**: As of May 16, the profit of purchasing piglets for farming was 48.2 yuan/head, down 10.26 yuan/head from last week; the profit of self - breeding and self - raising was 80.66 yuan/head, down 3.67 yuan/head from last week. The poultry farming profit was - 0.16 yuan/head, with a reduced loss of 0.14 yuan/head week - on - week [51]. 3.3.3. Domestic Situation - **Pork Imports**: From January to March 2025, China imported 280,000 tons of pork, a year - on - year increase of 7.69%, but at a historically low level [56]. 3.3.4. Substitute Situation - **White - striped Chicken Price and Fat - to - Standard Price Difference**: As of the week of May 16, the price of white - striped chicken was 13.5 yuan/kg, down 0.2 yuan/kg from last week. As of the week of May 8, the national average fat - to - standard price difference of live pigs was 0.03 yuan/kg, the same as last week [60]. 3.3.5. Feed Situation - **Feed Raw Material Prices**: As of May 16, the spot price of soybean meal was 3115.71 yuan/ton, down 196.58 yuan/ton from the previous week; the price of corn was 2374.9 yuan/ton, up 11.37 yuan/ton from the previous week [65]. - **Feed Index and Price**: As of May 16, the closing price of the Dalian Commodity Exchange pig feed cost index was 937.19, down 1.36% from last week. The price of finishing pig compound feed was 3.37 yuan/kg, unchanged from last week [68]. - **Feed Output**: As of March 2025, the monthly feed output was 27.772 million tons, a year - on - year increase of 1.428 million tons [72]. 3.3.6. CPI Situation - As of April 2025, China's CPI decreased by 0.1% year - on - year, with the same decline rate as last month [75]. 3.3.7. Downstream Situation - **Slaughtering Enterprises**: In the 20th week, the slaughtering enterprise's开工 rate was 28.11%, down 0.43 percentage points from last week. As of Thursday this week, the frozen product storage capacity of key domestic slaughtering enterprises was 17.28%, up 0.01% from last week [78]. - **Slaughter Volume and Catering Consumption**: As of March 2025, the slaughter volume of designated pig slaughtering enterprises was 30.63 million, up 40.7% from last month. In March 2025, the national catering revenue was 423.55 billion yuan, a year - on - year increase of 5.6% [83]. 3.3.8. Live Pig Stocks - The report shows the trend charts of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis is provided [84].

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - Strategy suggestion: Wait for a rebound and then conduct short - selling operations [7] - Market review: The hog price faced downward pressure and declined. The main contract dropped by 2.18% on a weekly basis [8][11] - Market outlook: On the supply side, the entry of secondary fattening decreased. As the May Day holiday approached, some breeders and secondary fatteners sold large hogs, leading to an increase in the average slaughter weight. The spread between standard and fat hogs turned positive, and the prices of feed raw materials rose, increasing the risk of secondary fattening. The pressure caused by the postponed supply may gradually emerge. According to the hog breeding cycle, the sow production capacity is in an increasing cycle in the second and third quarters, and the medium - term supply pressure is expected to increase. On the demand side, the slaughterhouse operating rate rose again last week. As the May Day holiday approaches, the terminal demand may improve later, and the operating rate may maintain a slight upward trend. There are still passive inventory - building phenomena in a few regions. The basis of the main hog contract has retracted from a deep discount to a relatively normal range. In the short term, there is a game between supply and demand, and the hog price will fluctuate. However, the medium - term fundamentals are bearish, and it is expected that the market center will move down slightly in the future [8] 3. Summary by Relevant Catalogs 3.1 Weekly Highlights Summary - Strategy: Wait for a rebound and short - sell [7] - Market review: The hog price declined, with the main contract down 2.18% weekly [8][11] - Outlook: Supply pressure may increase in the medium - term, while short - term demand may improve. The price will fluctuate in the short term and move down slightly in the medium - term [8] 3.2 Futures Market Situation - Price change: The futures price fell, and the main contract dropped by 2.18% on a weekly basis [11] - Net position and warehouse receipt: As of April 25th, the net short position of the top 20 holders decreased by 822 lots to 15,367 lots compared with last week, and the futures warehouse receipts increased by 150 to 665 lots [18] 3.3 Spot Market Situation - Basis: On Friday, the basis of the May hog contract was 985 yuan/ton, and that of the September contract was 950 yuan/ton [22] - Hog and piglet prices: This week, the national average hog price was 14.96 yuan/kg, up 0.01 yuan/kg from last week and 2.19% from last month. The average price of 15 - kg weaned piglets was 40.90 yuan/kg, unchanged from last week and up 0.86% from last month [29] - Pork and sow prices: As of the week of April 17th, the national average pork price was 26.08 yuan/kg, up 0.05 yuan/kg from the previous week. The average price of binary sows was 32.51 yuan/kg, unchanged from the previous week [33] - Pig - grain ratio: As of the week of April 16th, 2025, the pig - grain ratio was 6.72, up 0.01 from the previous week [37] 3.4 Upstream Situation - Sow inventory: In March 2025, the inventory of reproductive sows was 40.39 million, a decrease of 270,000 from the previous month and an increase of 1.17% year - on - year, equivalent to 103.6% of the normal inventory. Among the 208 sample enterprises, the inventory of reproductive sows in 123 large - scale farms increased slightly by 0.08% month - on - month and 4.83% year - on - year in March, and that in 85 small and medium - sized farms increased slightly by 0.41% month - on - month and 11.89% year - on - year [42] - Hog inventory: In Q1 2023, the national hog inventory was 41.731 million, a decrease of 1.012 million from the end of the previous quarter and an increase of 881,000 year - on - year. In March, the inventory of commercial hogs in 123 large - scale farms increased by 0.27% month - on - month and 6.32% year - on - year, and that in 85 small and medium - sized farms increased by 2.57% month - on - month and 12.37% year - on - year [45] - Slaughter volume and weight: In March, the slaughter volume of commercial hogs in 123 large - scale farms increased by 17.43% month - on - month and 22.65% year - on - year, and that in 85 small and medium - sized farms increased by 5.01% month - on - month and 76.16% year - on - year. The average slaughter weight of national outer - ternary hogs this week was 124.04 kg, an increase of 0.03 kg from last week [48] 3.5 Industry Situation - Breeding profit: As of April 25th, the profit of purchasing piglets for breeding was 53.53 yuan/head, an increase of 31.74 yuan/head compared with last week; the profit of self - breeding and self - raising was 100.16 yuan/head, an increase of 20.71 yuan/head compared with last week. The profit of poultry breeding was 0.05 yuan/head, an increase of 0.01 yuan/head week - on - week [53] - Import volume: From January to March 2025, China imported 280,000 tons of pork, a year - on - year increase of 7.69%, but it was at a historically low level [58] - Substitute products: As of the week of April 25th, the price of white - striped chickens was 13.5 yuan/kg, unchanged from last week. As of the week of April 24th, the average price difference between standard and fat hogs was 0.1 yuan/kg, with the spread narrowing by 0.12 yuan/kg compared with last week [61] - Feed situation: As of April 24th, the spot price of soybean meal was 4,062.29 yuan/ton, an increase of 667.15 yuan/ton from the previous week; the price of corn was 2,279.61 yuan/ton, an increase of 11.57 yuan/ton from the previous week. As of April 25th, the closing price of the Dalian Commodity Exchange hog feed cost index increased by 1.31% compared with last week, while the price of fattening hog compound feed was 3.35 yuan/kg, unchanged from last week. As of March 2025, the monthly feed production was 2.7772 million tons, an increase of 142,800 tons year - on - year [67][70][74] - CPI: As of March 2025, the year - on - year CPI decreased by 0.1%, with the decline narrowing by 0.6 percentage points compared with last month [78] 3.6 Downstream Situation - Slaughter and inventory: In the 17th week, the operating rate of slaughterhouses was 27.19%, an increase of 0.35 percentage points compared with last week and 0.41 percentage points higher year - on - year. As of Thursday this week, the frozen product storage capacity of key domestic slaughterhouses was 17.45%, a slight increase of 0.04 percentage points compared with last week [81] - Slaughter volume and catering consumption: As of February 2025, the slaughter volume of designated hog slaughtering enterprises was 21.77 million, a decrease of 42.95% compared with the previous month. In March 2025, the national catering revenue was 423.55 billion yuan, a year - on - year increase of 5.6% [86] 3.7 Hog Stocks The report mentions the stock trends of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis content is provided [87]