生猪：短期现货偏强，再累库格局

Report Summary 1. Report Industry Investment Rating - No information provided on the report industry investment rating. 2. Report's Core View - The short - term spot price of live pigs is strong, and the pattern is one of re - building inventory [1]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Spot Prices: Henan's live pig spot price is 12,480 yuan/ton with a year - on - year increase of 500 yuan/ton; Sichuan's is 11,900 yuan/ton with a 200 yuan/ton increase; and Guangdong's is 12,060 yuan/ton with a 400 yuan/ton increase [1]. - Futures Prices: The prices of live pig futures contracts 2511, 2601, and 2603 are 12,065 yuan/ton, 12,330 yuan/ton, and 11,725 yuan/ton respectively, with year - on - year increases of 575 yuan/ton, 155 yuan/ton, and 155 yuan/ton [1]. - Trading Volume and Open Interest: For the 2511 contract, the trading volume is 13,843 lots, an increase of 3339 lots from the previous day, and the open interest is 10,735 lots, a decrease of 5635 lots. For the 2601 contract, the trading volume is 92,285 lots, a decrease of 9866 lots, and the open interest is 109,501 lots, a decrease of 2896 lots. For the 2603 contract, the trading volume is 26,424 lots, an increase of 5996 lots, and the open interest is 88,771 lots, a decrease of 511 lots [1]. - Basis and Spreads: The basis of contracts 2511, 2601, and 2603 are 415 yuan/ton, 150 yuan/ton, and 755 yuan/ton respectively. The 11 - 1 spread is - 265 yuan/ton, and the 1 - 3 spread is 605 yuan/ton [1]. 3.2 Market Information - Trend Intensity: The trend intensity is 0, indicating a neutral view. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [2]. 3.3 Futures Research - New delivery warehouses have been added by Yuexiu and Yangxiang. - 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%. - The price of Guangxi Group is 5.7 - 5.9 yuan/kg, and the 11 - contract futures price is at par with the Guangxi delivery price [3].