生猪：中枢进一步下移

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The central price of live pigs will further decline in the future [1] 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - Spot Prices: Henan's spot price is 12,230 yuan/ton, down 300 yuan year-on-year; Sichuan's is 12,000 yuan/ton, down 250 yuan; Guangdong's is 13,060 yuan/ton, unchanged [3] - Futures Prices: The prices of live pig futures contracts 2601, 2603, and 2605 are 11,735 yuan/ton, 11,315 yuan/ton, and 11,800 yuan/ton respectively, with year-on-year decreases of 80 yuan, 60 yuan, and 95 yuan [3] - Trading Volume and Open Interest: The trading volumes of contracts 2601, 2603, and 2605 are 116,424 lots, 24,507 lots, and 13,238 lots respectively, with increases of 34,050 lots, 3,625 lots, and 4,796 lots compared to the previous day. The open interests are 144,679 lots, 109,150 lots, and 58,169 lots respectively, with increases of 9,790 lots, 3,722 lots, and 1,931 lots compared to the previous day [3] - Price Spreads: The basis of contracts 2601, 2603, and 2605 are 495 yuan/ton, 915 yuan/ton, and 430 yuan/ton respectively, with year-on-year decreases of 220 yuan, 240 yuan, and 205 yuan. The spread between contracts 1 - 3 is 420 yuan/ton, down 20 yuan year-on-year; the spread between contracts 3 - 5 is -485 yuan/ton, up 35 yuan year-on-year [3] 3.2 Market Information - Trend Intensity: The trend intensity is -1, indicating a bearish view on the market [4] 3.3 Futures Research - New Delivery Warehouses: Yuexiu and Yangxiang have added new delivery warehouses [5] - Feed Production: In September, the national feed production was 30.36 million tons, with a month-on-month increase of 3.4% and a year-on-year increase of 5% [5]