生猪：现货旺季不旺，维持做空思路

Report Summary Investment Rating - The report maintains a shorting strategy for the hog industry, with a trend intensity of -1, indicating a bearish outlook [1][3] Core View - The spot market for hogs is not performing well during the peak season, and the report suggests maintaining a shorting strategy [1] Key Points from the Report Fundamental Data - Spot Prices: Henan's spot price is 12,580 yuan/ton, down 100 yuan; Sichuan's is 12,250 yuan/ton, down 100 yuan; and Guangdong's is 13,110 yuan/ton, down 250 yuan [2] - Futures Prices: The prices of hog futures contracts 2511, 2601, and 2603 are 12,685 yuan/ton, 13,310 yuan/ton, and 12,745 yuan/ton respectively, with year - on - year decreases of 45 yuan, 35 yuan, and 10 yuan [2] - Trading Volume and Open Interest: For contract 2511, trading volume is 30,918 lots, down 8,132 lots, and open interest is 89,538 lots, down 1,281 lots; for 2601, trading volume is 13,157 lots, down 6,220 lots, and open interest is 66,502 lots, down 209 lots; for 2603, trading volume is 5,442 lots, down 2,852 lots, and open interest is 48,476 lots, up 674 lots [2] - Price Spreads: The basis for contracts 2511, 2601, and 2603 are - 105 yuan/ton, - 730 yuan/ton, and - 165 yuan/ton respectively, with year - on - year decreases of 55 yuan, 65 yuan, and 90 yuan; the 11 - 1 spread is - 625 yuan/ton, down 10 yuan; the 1 - 3 spread is 565 yuan/ton, down 25 yuan [2]