生猪：产业逻辑将回归

Group 1: Report Overview - The report is about the pig industry, stating that the industry logic will return in 2025 [1] Group 2: Fundamental Data - Spot prices: Henan's is 11,380 yuan/ton, Sichuan's is 11,350 yuan/ton (down 100 yuan/ton year - on - year), and Guangdong's is 11,360 yuan/ton (down 200 yuan/ton year - on - year) [3] - Futures prices: The price of pig 2601 is 11,465 yuan/ton (down 120 yuan/ton year - on - year), pig 2603 is 11,250 yuan/ton (down 65 yuan/ton year - on - year), and pig 2605 is 11,935 yuan/ton (down 55 yuan/ton year - on - year) [3] - Trading volume: Pig 2601 is 64,945 lots (up 6,464 lots from the previous day), pig 2603 is 27,757 lots (up 5,324 lots from the previous day), and pig 2605 is 13,489 lots (down 734 lots from the previous day) [3] - Open interest: Pig 2601 is 107,542 lots (down 9,780 lots from the previous day), pig 2603 is 135,971 lots (up 7,728 lots from the previous day), and pig 2605 is 73,864 lots (up 2,108 lots from the previous day) [3] - Price differences: Pig 2601 basis is - 85 yuan/ton (up 120 yuan/ton year - on - year), pig 2603 basis is 130 yuan/ton (up 65 yuan/ton year - on - year), pig 2605 basis is - 555 yuan/ton (up 55 yuan/ton year - on - year), pig 1 - 3 spread is 215 yuan/ton (down 55 yuan/ton year - on - year), and pig 3 - 5 spread is - 685 yuan/ton (down 10 yuan/ton year - on - year) [3] Group 3: Trend Intensity - The trend intensity is - 1, indicating a relatively bearish outlook. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [4]