生猪：社会猪出栏节点将至

Industry Investment Rating - No information provided Core View - The social pig slaughter node is approaching [1] - The trend strength is -1, indicating a relatively bearish view [3] Summary by Relevant Catalog Fundamental Tracking - Price Data: Henan spot price is 11,730 yuan/ton with a year-on-year decrease of 50; Sichuan spot price is 11,400 yuan/ton with no year-on-year change; Guangdong spot price is 12,360 yuan/ton with no year-on-year change. For futures, the prices of live hog 2601, 2603, and 2605 are 11,350 yuan/ton, 11,245 yuan/ton, and 11,860 yuan/ton respectively, with year-on-year decreases of 90, 70, and 80 [2] - Trading Volume and Open Interest: The trading volumes of live hog 2601, 2603, and 2605 are 53,119 hands, 19,710 hands, and 12,755 hands respectively, with decreases of 30,230 hands, 1,247 hands, and 537 hands compared to the previous day. The open interests are 133,298 hands, 118,104 hands, and 65,745 hands respectively, with changes of -6,792 hands, +1,691 hands, and +27 hands compared to the previous day [2] - Price Spread Data: The basis of live hog 2601, 2603, and 2605 are 380 yuan/ton, 485 yuan/ton, and -130 yuan/ton respectively, with year-on-year increases of 40, 20, and 30. The spreads between live hog 1 - 3 and 3 - 5 are 105 yuan/ton and -615 yuan/ton respectively, with year-on-year changes of -20 and +10 [2]