生猪：去库节点来临，近端压力扩大

Report Summary 1. Report Industry Investment Rating - No industry investment rating provided in the report. 2. Core View - The report focuses on the hog market, indicating that the inventory reduction node has arrived, and the near - term pressure is expanding. The trend strength is - 1, suggesting a bearish view on the market [1][3]. 3. Summary by Related Content Hog Fundamental Data - Spot Prices: The Henan spot price is 11,430 yuan/ton, down 50 yuan/ton; the Sichuan spot price is 11,550 yuan/ton, down 50 yuan/ton; the Guangdong spot price is 11,760 yuan/ton, down 400 yuan/ton [2]. - Futures Prices: The price of hog 2601 is 11,540 yuan/ton, up 125 yuan/ton; hog 2603 is 11,365 yuan/ton, up 70 yuan/ton; hog 2605 is 12,060 yuan/ton, up 65 yuan/ton [2]. - Trading Volume and Open Interest: The trading volume of hog 2601 is 92,861 lots, an increase of 40,389 lots compared to the previous day, and the open interest is 128,058 lots, a decrease of 2,774 lots. For hog 2603, the trading volume is 41,967 lots, an increase of 23,281 lots, and the open interest is 124,616 lots, an increase of 2,786 lots. For hog 2605, the trading volume is 22,335 lots, an increase of 11,915 lots, and the open interest is 69,132 lots, an increase of 1,973 lots [2]. - Price Spreads: The basis of hog 2601 is - 110 yuan/ton, down 175 yuan/ton; the basis of hog 2603 is 65 yuan/ton, down 120 yuan/ton; the basis of hog 2605 is - 630 yuan/ton, down 115 yuan/ton. The spread between hog 1 - 3 is 175 yuan/ton, up 55 yuan/ton; the spread between hog 3 - 5 is - 695 yuan/ton, up 5 yuan/ton [2]. Trend Intensity - The trend intensity is - 1, with a range of [-2, 2]. - 2 represents the most bearish view, and 2 represents the most bullish view [3].