Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - The spot price of live pigs has short - term support [1]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - Prices: Henan spot price is 11,980 yuan/ton with a year - on - year increase of 100; Sichuan spot price is 11,700 yuan/ton with no year - on - year change; Guangdong spot price is 11,660 yuan/ton with no year - on - year change. Futures prices for生猪2511,生猪2601, and生猪2603 are 11,490 yuan/ton (-25 year - on - year), 12,175 yuan/ton (-25 year - on - year), and 11,570 yuan/ton (-40 year - on - year) respectively [2]. - Trading Volume and Open Interest: Trading volume for生猪2511,生猪2601, and生猪2603 are 10,504 hands (600 more than the previous day), 102,151 hands (20,620 more than the previous day), and 20,428 hands (4,824 more than the previous day) respectively. Open interest for生猪2511,生猪2601, and生猪2603 are 16,370 hands (-1,376 compared to yesterday), 112,397 hands (5,026 more than yesterday), and 89,282 hands (3,691 more than yesterday) respectively [2]. - Price Spreads: The basis for生猪2511,生猪2601, and生猪2603 are 490 yuan/ton (125 year - on - year), -195 yuan/ton (125 year - on - year), and 410 yuan/ton (140 year - on - year) respectively. The 生猪11 - 1 spread is -685 yuan/ton with no year - on - year change, and the 生猪1 - 3 spread is 605 yuan/ton with a 15 year - on - year increase [2]. 3.2 Market Information - The trend strength is 0, indicating a neutral view. The trend strength ranges from -2 (most bearish) to 2 (most bullish) [3]. 3.3 Futures Research - Yuexiu and Yangxiang have added delivery warehouses. - In September, the national feed output 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].
生猪：现货短期存在支撑