生猪：去库节点已至

Report Summary 1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Report's Core View - The trend strength is -1, indicating a relatively bearish view. The -1 value falls within the range of [-2, 2], with -2 being the most bearish and 2 being the most bullish [3]. 3. Summary by Relevant Catalog 3.1 Pig Fundamental Data - Spot Prices: The Henan spot price is 11,480 yuan/ton, down 100 yuan/ton year - on - year; the Sichuan spot price is 11,600 yuan/ton, unchanged; the Guangdong spot price is 12,160 yuan/ton, unchanged [2]. - Futures Prices: The prices of live hog 2601, 2603, and 2605 are 11,415 yuan/ton (up 15 yuan/ton year - on - year), 11,295 yuan/ton (unchanged), and 11,995 yuan/ton (up 70 yuan/ton year - on - year) respectively [2]. - Trading Volume and Open Interest: The trading volume of live hog 2601, 2603, and 2605 are 52,472 hands (-9,769 hands compared to the previous day), 18,686 hands (-6,165 hands), and 10,420 hands (-6,694 hands) respectively. The open interest of live hog 2601, 2603, and 2605 are 130,832 hands (-6,073 hands compared to the previous day), 121,830 hands (+2,467 hands), and 67,159 hands (-398 hands) respectively [2]. - Price Spreads: The basis of live hog 2601, 2603, and 2605 are 65 yuan/ton (-115 yuan/ton year - on - year), 185 yuan/ton (-100 yuan/ton year - on - year), and - 515 yuan/ton (-170 yuan/ton year - on - year) respectively. The 1 - 3 spread of live hog is 120 yuan/ton (up 15 yuan/ton year - on - year), and the 3 - 5 spread is -700 yuan/ton (-70 yuan/ton year - on - year) [2].