Report Investment Rating - Short - term bearish, medium - term bullish [2] Core Viewpoints - The supply - side pressure of the pig industry may continue to increase, with scale enterprises accelerating sales and reducing weight to increase volume, high feed - to - meat ratio and cost due to continuous high temperature, retail farmers selling large - weight pigs, and the recurrence of African swine fever in some areas. The demand side remains sluggish due to the high - temperature off - season, general transactions, continuous losses of slaughtering enterprises, reduced purchases, few second - fattening entrants, and inactive frozen product storage. It is recommended to operate the LH2509 contract in the short - term range or long - term layout long positions in the LH2511 contract, and farmers should choose the opportunity to sell for hedging according to the slaughter rhythm [2][20] Summary by Directory 1. Supply Situation Analysis - The report may analyze the supply situation through the monthly trend chart of the number of breeding sows in sample enterprises and the weekly trend chart of the average slaughter weight of national sample commercial pigs [5][7] 2. Demand Situation Analysis - The report may analyze the demand situation through the key slaughtering enterprise's开工率, commercial pig inventory structure by weight, and key slaughtering enterprise's frozen product storage rate [11][13][14] 3. Cost - Profit Analysis - The report may analyze the cost - profit situation through the self - breeding and self - raising breeding profit and the profit of purchasing piglets for breeding [16][18] 4. Market Outlook - The supply - side pressure may continue to increase, and the demand side remains sluggish. It is recommended to operate the LH2509 contract in the short - term range or long - term layout long positions in the LH2511 contract, and farmers should choose the opportunity to sell for hedging according to the slaughter rhythm [2][20]