生猪：中枢或进一步下移

Report Summary Industry Investment Rating - No information provided Core View - The central price of live pigs may further decline [1] Summary by Relevant Catalogs Pig Fundamental Data - Henan spot price is 12,530 yuan/ton, up 50 yuan/ton year-on-year; Sichuan spot price is 12,250 yuan/ton, down 100 yuan/ton year-on-year; Guangdong spot price is 13,060 yuan/ton, unchanged year-on-year [3] - Futures prices: Live Pig 2601 is 11,815 yuan/ton, down 65 yuan/ton year-on-year; Live Pig 2603 is 11,375 yuan/ton, down 35 yuan/ton year-on-year; Live Pig 2605 is 11,895 yuan/ton, down 5 yuan/ton year-on-year [3] - Trading volume and open interest: Live Pig 2601 trading volume is 82,374 lots, down 30,030 lots from the previous day, and open interest is 134,889 lots, down 924 lots from the previous day; Live Pig 2603 trading volume is 20,882 lots, down 6,191 lots from the previous day, and open interest is 105,428 lots, up 1,344 lots from the previous day; Live Pig 2605 trading volume is 8,442 lots, down 5,429 lots from the previous day, and open interest is 56,238 lots, up 775 lots from the previous day [3] - Price spreads: Live Pig 2601 basis is 715 yuan/ton, up 115 yuan/ton year-on-year; Live Pig 2603 basis is 1,155 yuan/ton, up 85 yuan/ton year-on-year; Live Pig 2605 basis is 635 yuan/ton, up 55 yuan/ton year-on-year; Live Pig 1 - 3 spread is 440 yuan/ton, down 30 yuan/ton year-on-year; Live Pig 3 - 5 spread is -520 yuan/ton, down 30 yuan/ton year-on-year [3] Market Information - Trend intensity is -1, indicating a bearish view [4] Futures Research - Yuexiu and Yangxiang have added delivery warehouses [5] - The national feed output in September was 30.36 million tons, a month-on-month increase of 3.4% and a year-on-year increase of 5% [5]