生猪：二育入场积极

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report indicates that second - fattening of pigs is actively entering the market, and provides detailed fundamental data, market information, and trend strength analysis of the pig industry [1]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - Spot Prices: The spot price in Henan is 11,480 yuan/ton with a year - on - year increase of 100 yuan/ton; in Sichuan, it is 11,050 yuan/ton with a 150 yuan/ton increase; in Guangdong, it is 11,460 yuan/ton with no year - on - year change [3]. - Futures Prices: The price of pig 2511 is 11,410 yuan/ton with a year - on - year increase of 360 yuan/ton; pig 2601 is 12,155 yuan/ton with a 485 yuan/ton increase; pig 2603 is 11,570 yuan/ton with a 290 yuan/ton increase [3]. - Trading Volume and Open Interest: The trading volume of pig 2511 is 35,930 lots, an increase of 8,944 lots from the previous day, and the open interest is 28,149 lots, a decrease of 7,695 lots. For pig 2601, the trading volume is 149,028 lots, an increase of 62,564 lots, and the open interest is 102,555 lots, a decrease of 4,417 lots. For pig 2603, the trading volume is 30,984 lots, an increase of 7,841 lots, and the open interest is 81,283 lots, a decrease of 308 lots [3]. - Price Spreads: The basis of pig 2511 is 70 yuan/ton with a year - on - year decrease of 260 yuan/ton; the basis of pig 2601 is - 675 yuan/ton with a - 385 yuan/ton change; the basis of pig 2603 is - 90 yuan/ton with a - 190 yuan/ton change. The spread between pig 11 - 1 is - 745 yuan/ton with a - 125 yuan/ton change, and the spread between pig 1 - 3 is 585 yuan/ton with a 195 yuan/ton change [3]. 3.2 Market Information - 90 lots of warehouse receipts were registered at Shennong's Yunnan and Guangxi warehouses, and 21 lots at Guizhou Zhenfeng Fuyuan Source [4]. - Yuexiu and Yangxiang added new delivery warehouses [4]. 3.3 Trend Strength The trend strength is - 1, indicating a relatively bearish view, with the range of trend strength being integers in the [- 2,2] interval [5].