生猪周报：关注现实面与预期面的风格切换

1   -1- -2- -3- -4- 30,00030,000 25,00025,000 20,00020,000 15,00015,000 10,00010,000 5,0005,000 0 2/13/14/15/16/17/18/19/110/111/112/11/1 0 4/15/16/17/18/19/110/111/112/11/12/13/1 1 LH2201 LH2301 LH2401 LH2501 3 LH2203 LH2303 LH2403 LH2503 5 LH2205 LH2305 LH2405 7 LH2207 LH2307 LH2407 25,00025,000 20,00020,000 15,00015,000 10,00010,000 5,0005,000 0 6/17/18/19/110/111/112/11/12/13/14/15/1 0 8/19/110/111/112/11/12/13/14/15/16/17/1 35,000 30,000 25,000 20,000 15,000 10,000 5,000 30,000 9 LH2109 LH2209 LH2309 LH2409 11 LH2111 LH2211 LH2311 LH2411 25,000 20,000 15,000 10,000 5,000 0 10/111/112/11/12/13/14/15/16/17/18/19/1 0 12/11/12/13/14/15/16/17/18/19/110/111/1 -5- / 15,0005 10,000 5,000 0 -5,000 -5 -1,0 -1,5 -2,0 -2,5 -10,000 9 LH2109 LH2209 LH2309 LH2409 10/111/112/11/12/13/14/15/16/17/18/19/1 -3,000 00 7-9 0LH2207-LH2209 00 LH2307-LH2309 LH2407-LH2409 00 00 00 00 10/111/112/11/12/13/14/15/16/1 /3,000 2,000 /3,000 2,000 9-1 LH2109-LH2201LH2209-LH2301 9-11 LH2109-LH2111 LH2309-LH2311 LH2209-LH2211 LH2409-LH2411 1,000 LH2309-LH2401LH2409-LH2501 1,0000 0 -1,000 -2,000 12/11/12/13/14/15/16/17/18/1 -1,000 -2,000 -3,000 -4,000 2/13/14/15/16/17/18/1 / / 9-3 LH2109-LH2203 LH2309-LH2403 LH2209-LH2303 LH2409-LH2503 9-5 LH2109-LH2205 LH2309-LH2405 LH2209-LH2305 LH2409-LH2505 3,0004,000 2,000 1,000 3,000 2,000 01,000 -1,0000 -2,000-1,000 -3,000-2,000 -4,000 4/15/16/17/18/1 -3,000 6/16/116/217/17/117/217/318/108/208/30 -6- 45.00 40.00 35.00 30.00 25.00 20.00 15.00 10.00 5.00 0.00 1/12/13/14/15/16/17/18/19/110/111/112/1 2,5007,000 2019 2020 2021 2022 2023 2024 2,000 1,500 1,000 500 6,000 5,000 4,000 3,000 2,000 1,000 0 1/1 15KG 2019 2020 2021 2022 2023 2024 2/13/14/15/16/17/18/19/110/111/112/1 0 1/1 50KG 2019 2020 2021 2022 2023 2024 2/13/14/15/16/17/18/19/110/111/112/1 15.00 13.00 11.00 9.00 1.20 150-120kg 175-120kg 200-120kg 120kg 0.70 0.20 -0.30 16.00 2019 2020 2021 2022 2023 2024 14.00 12.00 10.00 8.00 6.00 7.00 5.00 2021/6/3 2021/12/32022/6/32022/12/32023/6/32023/12/3 -0.80 -1.30 4.00 2.00 0.00 1/1 2/13/14/15/16/17/18/19/110/111/112/1 -7- 2019 2020 2021 2022 2023 2024 300,000 250,000 200,000 150,000 100,000 50,000 0 1/12/13/14/15/16/17/18/19/110/111/112/1 16.00 15.50 15.00 14.50 14.00 13.50 13.00 12.50 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 12.000 2024/2/182024/2/282024/3/92024/3/192024/3/292024/4/82024/4/182024/4/282024/5/8 -8- 2019 2020 2021 2022 2023 2024 135.00 130.00 125.00 120.00 115.00 110.00 105.00 100.00 1/12/13/14/15/16/17/18/19/110/111/112/1 % 20.00% 15.00% 90KG 201920202021202220232024 % 40.00% 35.00% 30.00% 150KG 201920202021202220232024 25.00% 10.00%20.00% 15.00% 5.00%10.00% 5.00% 0.00% 1/1 2/13/14/15/16/17/18/19/110/111/112/1 0.00% 1/1 2/13/14/15/16/17/18/19/110/111/112/1 -9- 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 1/12/13/14/15/16/17/18/19/110/111/112/1 -10- 3,000 2,500 2,000 1,500 1,000 500 0 -500 -1,000 2010/1/82011/7/82013/1/82014/7/82016/1/82017/7/82019/1/82020/7/82022/1/82023/7/8 3,500 3,000 2,500 2,000 1,500 1,000 500 0 -500 -1,000 1/12/13/14/15/16/17/18/19/110/111/112/1 3,000 2019 2020 2021 2022 2023 2024 2019 2020 2021 2022 2023 2024 2,000 1,000 0 -1,000 -2,000 1/12/13/14/15/16/17/18/19/110/111/112/1 -11- 2022 2023 2024 100 50 0 -50 -100 -150 1/12/13/14/15/16/17/18/19/110/111/112/1 -12- 4,500 4,3624,3794,3884,3904,367 4,343 4,3054,284 4,258 4,2964,271 4,2414,240 4,210 4,1584,142 4,0674,042 3,992 4,400 4,300 4,200 4,100 4,000 3,900 3,800 3,700 2022-09 2022-12 2023-03 2023-06 2023-09 2023-12 2024-03 1,200,000 1,000,000 %15.00%12.00 2020 2021 2022 2023 2024 10.00%11.50 11.00 800,000 600,000 400,000 200,000 5.00% 0.00% -5.00% -10.00% 10.50 10.00 9.50 9.00 8.50 0-15.00%8.00 2016-092018-032019-092021-032022-092024-031/12/13/14/15/16/17/18/19/110/111/112/1 94%85.00% 92% 90% 88% 86% 84% 82% 80.00% 75.00% 70.00% 65.00% 80% 2020-042020-102021-042021-102022-042022-102023-042023-102024- 60.00% 2020-042020-102021-042021-102022-042022-102023-042023-102024- -13- -14- -15-