生猪：现货底部未现

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View - The report indicates that the bottom of the live - hog spot market has not been reached as of September 30, 2025 [1]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - Spot Prices: The Henan spot price is 12,430 yuan/ton, down 150 yuan/ton year - on - year; the Sichuan spot price is 11,900 yuan/ton, down 200 yuan/ton year - on - year; the Guangdong spot price is 12,710 yuan/ton, down 200 yuan/ton year - on - year [3]. - Futures Prices: The price of live - hog 2511 is 12,295 yuan/ton, down 280 yuan/ton year - on - year; the price of live - hog 2601 is 12,785 yuan/ton, down 315 yuan/ton year - on - year; the price of live - hog 2603 is 12,450 yuan/ton, down 205 yuan/ton year - on - year [3]. - Trading Volume and Open Interest: The trading volume of live - hog 2511 is 58,720 lots, an increase of 19,978 lots from the previous day, and the open interest is 75,453 lots, a decrease of 9,566 lots from the previous day; the trading volume of live - hog 2601 is 37,054 lots, an increase of 10,127 lots from the previous day, and the open interest is 76,421 lots, an increase of 4,799 lots from the previous day; the trading volume of live - hog 2603 is 14,327 lots, an increase of 6,995 lots from the previous day, and the open interest is 52,605 lots, an increase of 1,743 lots from the previous day [3]. - Price Spreads: The basis of live - hog 2511 is 135 yuan/ton, up 130 yuan/ton year - on - year; the basis of live - hog 2601 is - 355 yuan/ton, up 165 yuan/ton year - on - year; the basis of live - hog 2603 is - 20 yuan/ton, up 55 yuan/ton year - on - year; the spread between live - hog 11 - 1 is - 490 yuan/ton, up 35 yuan/ton year - on - year; the spread between live - hog 1 - 3 is 335 yuan/ton, down 110 yuan/ton year - on - year [3]. 3.2 Trend Intensity - The trend intensity is - 1, indicating a relatively bearish view. 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].