生猪：北方肥标价差走弱，驱动渐显

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - The report focuses on the pig market, with a trend strength of -1, indicating a relatively bearish view [3]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - Spot Prices: Henan's spot price is 11,980 yuan/ton, down 100 yuan/ton year - on - year; Sichuan's is 11,600 yuan/ton, unchanged; and Guangdong's is 12,560 yuan/ton, also unchanged [1]. - Futures Prices: The prices of pig2601, pig2603, and pig2605 are 11,755 yuan/ton, 11,465 yuan/ton, and 12,065 yuan/ton respectively, with year - on - year decreases of 200 yuan/ton, 90 yuan/ton, and 5 yuan/ton [1]. - Futures Trading Volume and Open Interest: The trading volumes of pig2601, pig2603, and pig2605 are 103,800 lots, 28,435 lots, and 19,009 lots respectively, with increases of 27,891 lots, 9,977 lots, and 7,941 lots compared to the previous day. The open interests are 139,553 lots, 113,296 lots, and 61,762 lots respectively, with increases of 9,034 lots, 4,935 lots, and 657 lots compared to the previous day [1]. - Price Spreads: The basis of pig2601, pig2603, and pig2605 are 225 yuan/ton, 515 yuan/ton, and - 85 yuan/ton respectively, with year - on - year changes of 100 yuan/ton, - 10 yuan/ton, and - 95 yuan/ton. The spreads between pig1 - 3 and pig3 - 5 are 290 yuan/ton and - 600 yuan/ton respectively, with year - on - year decreases of 110 yuan/ton and 85 yuan/ton [1]. 3.2 Market Information - 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% [2]. 3.3 Trend Intensity - The trend intensity is -1, with the range of trend intensity being integers in the [-2, 2] interval, where -2 is the most bearish and 2 is the most bullish [3].