生猪：现货情绪转弱

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The current market has entered the expected trading phase. The expected state reserve purchase has driven the formation of policy - bottom sentiment, and the consistent bullish expectation from July to August has boosted near - end sentiment. The spot price has continued to strengthen, and the futures market has repaired the basis. However, the futures price offers hedging profits, leading to increased market competition. The large number of piglets sold by group farms in the first quarter will start to be slaughtered in July. The impact path of this round of inventory reduction is more complex, and subsequent spot performance needs to be observed. The short - term support level for the LH2509 contract is 13,000 yuan/ton, and the pressure level is 14,500 yuan/ton [5] Group 3: Summary According to the Catalog 1. Pig Fundamental Data - Spot Prices: The Henan spot price is 15,030 yuan/ton, down 50 yuan/ton year - on - year; the Sichuan spot price is 14,450 yuan/ton, unchanged year - on - year; the Guangdong spot price is 16,540 yuan/ton, unchanged year - on - year [3] - Futures Prices: The price of the Pig 2509 contract is 14,265 yuan/ton, down 10 yuan/ton year - on - year; the Pig 2511 contract is 13,600 yuan/ton, down 85 yuan/ton year - on - year; the Pig 2601 contract is 13,675 yuan/ton, down 60 yuan/ton year - on - year [3] - Trading Volume and Open Interest: The trading volume of the Pig 2509 contract is 25,661 lots, an increase of 2,678 lots from the previous day, and the open interest is 71,740 lots, a decrease of 1,328 lots from the previous day; the Pig 2511 contract has a trading volume of 8,544 lots, an increase of 2,954 lots, and an open interest of 43,049 lots, an increase of 808 lots; the Pig 2601 contract has a trading volume of 3,862 lots, a decrease of 180 lots, and an open interest of 20,080 lots, an increase of 461 lots [3] - Price Spreads: The Pig 2509 basis is 765 yuan/ton, down 40 yuan/ton year - on - year; the Pig 2511 basis is 1430 yuan/ton, up 35 yuan/ton year - on - year; the Pig 2601 basis is 1355 yuan/ton, up 10 yuan/ton year - on - year; the Pig 9 - 11 spread is 665 yuan/ton, up 75 yuan/ton year - on - year; the Pig 11 - 1 spread is - 75 yuan/ton, down 25 yuan/ton year - on - year [3] 2. Trend Intensity - The trend intensity is 0, indicating a neutral market sentiment. The range of trend intensity is an integer within the [-2, 2] interval, with -2 being the most bearish and 2 being the most bullish [4]