生猪：短期屠宰、肥标及二育情绪共振

Report Summary 1. Report Industry Investment Rating - No information on the report industry investment rating is provided in the given content. 2. Report's Core View - The report focuses on the short - term resonance of slaughter, fat - standard, and second - fattening emotions in the pig market [1]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - Spot Prices: Henan spot price is 11,980 yuan/ton with a year - on - year increase of 250 yuan/ton; Sichuan spot price is 11,500 yuan/ton with a year - on - year increase of 250 yuan/ton; Guangdong spot price is 11,460 yuan/ton with no year - on - year change [2]. - Futures Prices: The price of Live Pig 2511 is 11,460 yuan/ton with a year - on - year decrease of 65 yuan/ton; Live Pig 2601 is 12,220 yuan/ton with a year - on - year decrease of 15 yuan/ton; Live Pig 2603 is 11,585 yuan/ton with a year - on - year decrease of 30 yuan/ton [2]. - Trading Volume and Open Interest: For Live Pig 2511, the trading volume is 10,907 lots, a decrease of 10,641 lots from the previous day, and the open interest is 20,254 lots, a decrease of 1,687 lots from the previous day; for Live Pig 2601, the trading volume is 80,626 lots, a decrease of 52,113 lots from the previous day, and the open interest is 103,570 lots, an increase of 408 lots from the previous day; for Live Pig 2603, the trading volume is 15,659 lots, a decrease of 13,058 lots from the previous day, and the open interest is 84,415 lots, an increase of 1,227 lots from the previous day [2]. - Price Spreads: The basis of Live Pig 2511 is 520 yuan/ton with a year - on - year increase of 315 yuan/ton; the basis of Live Pig 2601 is - 240 yuan/ton with a year - on - year increase of 265 yuan/ton; the basis of Live Pig 2603 is 395 yuan/ton with a year - on - year increase of 280 yuan/ton; the spread between Live Pig 11 - 1 is - 760 yuan/ton with a year - on - year decrease of 50 yuan/ton; the spread between Live Pig 1 - 3 is 635 yuan/ton with a year - on - year increase of 15 yuan/ton [2]. 3.2 Market Information - Trend Intensity: The trend intensity is 0, indicating a neutral market sentiment. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [3]. 3.3 Futures Research - New delivery warehouses have been added by Yuexiu and Yangxiang. - In September, the national feed production of the Feed Industry Association was 30.36 million tons, with a month - on - month increase of 3.4% and a year - on - year increase of 5% [4].