生猪：增量将至，产业逻辑回归
Guo Tai Jun An Qi Huo·2025-12-03 02:07

Report Summary 1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2. Report's Core View - The report is titled "Pigs: Increment is Coming, and Industrial Logic Returns", indicating a potential change in the pig industry with an expected increase in supply and a return to industrial logic. However, the specific details of the core view are not fully elaborated in the given content. 3. Summary by Relevant Catalog 3.1 Pig Fundamental Data - Spot Prices: The spot prices in different regions vary. The price in Henan is 11,330 yuan/ton, down 100 yuan/ton compared to the previous period; in Sichuan, it is 11,500 yuan/ton, unchanged; and in Guangdong, it is 12,360 yuan/ton, up 100 yuan/ton [2]. - Futures Prices: The prices of different futures contracts also show different trends. The price of the Pig 2601 contract is 11,455 yuan/ton, down 40 yuan/ton; the Pig 2603 contract is 11,255 yuan/ton, up 50 yuan/ton; and the Pig 2605 contract is 11,950 yuan/ton, up 25 yuan/ton [2]. - Trading Volume and Open Interest: The trading volume of the Pig 2601 contract is 47,868 lots, down 2,025 lots compared to the previous day, and the open interest is 98,797 lots, down 2,943 lots. The trading volume of the Pig 2603 contract is 34,611 lots, up 1,949 lots, and the open interest is 137,984 lots, down 378 lots. The trading volume of the Pig 2605 contract is 12,643 lots, down 472 lots, and the open interest is 74,419 lots, up 264 lots [2]. - Price Spreads: The basis of the Pig 2601 contract is -125 yuan/ton, down 60 yuan/ton; the basis of the Pig 2603 contract is 75 yuan/ton, down 150 yuan/ton; the basis of the Pig 2605 contract is -620 yuan/ton, down 125 yuan/ton. The spread between Pig 1 - 3 is 200 yuan/ton, down 90 yuan/ton, and the spread between Pig 3 - 5 is -695 yuan/ton, up 25 yuan/ton [2]. 3.2 Trend Intensity - The trend intensity is -1, indicating a relatively bearish view. The range of trend intensity is from -2 to 2, with -2 being the most bearish and 2 being the most bullish [3].