生猪：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. Report's Core View - The trend strength of the pig futures market is -1, indicating a relatively bearish outlook [3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - Spot Prices: Henan's spot price is 11,880 yuan/ton, down 100 yuan/ton; Sichuan's is 11,500 yuan/ton, down 100 yuan/ton; and Guangdong's is 12,560 yuan/ton, unchanged [1]. - Futures Prices: Pig 2601 is 11,795 yuan/ton, up 40 yuan/ton; Pig 2603 is 11,525 yuan/ton, up 60 yuan/ton; Pig 2605 is 12,135 yuan/ton, up 70 yuan/ton [1]. - Futures Trading Volume and Open Interest: Pig 2601's trading volume is 61,333 lots, down 42,467 lots, and open interest is 133,241 lots, down 6,312 lots; Pig 2603's trading volume is 19,643 lots, down 8,792 lots, and open interest is 110,291 lots, down 3,005 lots; Pig 2605's trading volume is 13,133 lots, down 5,876 lots, and open interest is 60,884 lots, down 878 lots [1]. - Basis and Spreads: Pig 2601's basis is 85 yuan/ton, down 140 yuan/ton; Pig 2603's basis is 355 yuan/ton, down 160 yuan/ton; Pig 2605's basis is -255 yuan/ton, down 170 yuan/ton. The 1 - 3 spread is 270 yuan/ton, down 20 yuan/ton, and the 3 - 5 spread is -610 yuan/ton, down 10 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].