生猪：矛盾开始释放，大反套思路

Report Summary 1) Report Industry Investment Rating - The trend strength is -2, indicating the most bearish view [3] 2) Core View of the Report - The contradiction in the pig market begins to be released, and a large reverse spread strategy is proposed [1] 3) Summary by Relevant Catalogs Fundamental Tracking - Spot Prices: The Henan spot price is 11,980 yuan/ton, down 250 yuan; the Sichuan spot price is 11,650 yuan/ton, down 350 yuan; the Guangdong spot price is 12,760 yuan/ton, down 300 yuan [1] Market Information - New delivery warehouses have been added by Yuexiu and Yangxiang - In September, the national feed output was 3.036 million tons, with a month - on - month increase of 3.4% and a year - on - year increase of 5% [2] Futures Research - Trading Data: For the pig 2601 contract, the trading volume is 127,723 lots, an increase of 11,299 lots from the previous day, and the open interest is 146,297 lots, an increase of 1,618 lots from the previous day; for the pig 2603 contract, the trading volume is 35,679 lots, an increase of 11,172 lots from the previous day, and the open interest is 109,568 lots, an increase of 418 lots from the previous day; for the pig 2605 contract, the trading volume is 22,729 lots, an increase of 9,491 lots from the previous day, and the open interest is 59,103 lots, an increase of 934 lots from the previous day [4] - Basis and Spreads: The basis of pig 2601 is -95 yuan/ton; the basis of pig 2603 is -500 yuan/ton; the basis of pig 2605 is -15 yuan/ton; the 1 - 3 spread is 295 yuan/ton, down 200 yuan; the 3 - 5 spread is 620 yuan/ton, down 295 yuan; the 1 - 5 spread is 120 yuan/ton, down 310 yuan; the 3 - 1 spread is 325 yuan/ton [4] - Futures Prices: The price of pig 2601 is 11,685 yuan/ton, down 50 yuan; the price of pig 2603 is 11,360 yuan/ton, up 45 yuan; the price of pig 2605 is 11,860 yuan/ton, up 60 yuan [4]