生猪：降温涨价预期落空，压力逐步释放

Report Summary 1) Report Industry Investment Rating - The trend strength is -2, indicating the most bearish view, with the range of trend strength being integers in the [-2, 2] interval [2] 2) Core View of the Report - The expectation of price increase due to temperature drop in the pig market has failed, and the pressure is gradually being released [1] 3) Summary by Relevant Catalog Pig Fundamental Data - Spot Prices: The spot price in Henan is 11,680 yuan/ton, down 300 yuan year-on-year; in Sichuan, it is 11,400 yuan/ton, unchanged year-on-year; in Guangdong, it is 12,160 yuan/ton, down 200 yuan year-on-year [1] - Futures Prices: The price of Live Pig 2601 is 11,695 yuan/ton, down 80 yuan year-on-year; Live Pig 2603 is 11,470 yuan/ton, down 95 yuan year-on-year; Live Pig 2605 is 12,140 yuan/ton, down 55 yuan year-on-year [1] - Futures Trading Volume and Open Interest: The trading volume of Live Pig 2601 is 81,878 lots, an increase of 20,120 lots from the previous day, and the open interest is 137,254 lots, an increase of 6,579 lots; for Live Pig 2603, the trading volume is 25,641 lots, an increase of 8,290 lots, and the open interest is 112,559 lots, an increase of 3,726 lots; for Live Pig 2605, the trading volume is 15,661 lots, an increase of 6,182 lots, and the open interest is 61,998 lots, an increase of 2,167 lots [1] - Price Spreads: The basis of Live Pig 2601 is -15 yuan/ton, down 220 yuan year-on-year; the basis of Live Pig 2603 is 210 yuan/ton, down 205 yuan year-on-year; the basis of Live Pig 2605 is -460 yuan/ton, down 245 yuan year-on-year; the spread between Live Pig 1 - 3 is 225 yuan/ton, an increase of 15 yuan; the spread between Live Pig 3 - 5 is -670 yuan/ton, down 40 yuan [1]