生猪：矛盾继续积累，节前偏强

Report Summary Report Title and Date - The report is titled "Pigs: Contradictions Continue to Accumulate, Strong Before the Festival" and is dated December 31, 2025 [1] Core View - The contradictions in the pig industry continue to accumulate, and the price is expected to be strong before the festival [1] Industry Investment Rating - No industry investment rating is provided in the report Key Points by Section Fundamental Tracking - Spot Prices: The spot prices in Henan, Sichuan, and Guangdong are 12,530 yuan/ton, 12,650 yuan/ton, and 12,960 yuan/ton respectively, with year - on - year changes of 50 yuan/ton, 0 yuan/ton, and 400 yuan/ton [2] - Futures Prices: The prices of "Pig 2601", "Pig 2603", and "Pig 2605" are 11,305 yuan/ton, 11,790 yuan/ton, and 12,175 yuan/ton respectively, with year - on - year changes of - 35 yuan/ton, 75 yuan/ton, and 25 yuan/ton [2] - Trading Volume and Open Interest: The trading volumes of "Pig 2601", "Pig 2603", and "Pig 2605" are 6,043 lots, 105,463 lots, and 23,530 lots respectively, with changes of - 905 lots, 275 lots, and - 11,071 lots compared to the previous day. The open interests are 8,823 lots, 172,346 lots, and 88,702 lots respectively, with changes of - 3,397 lots, 1,230 lots, and - 162 lots compared to the previous day [2] - Price Spreads: The basis of "Pig 2601", "Pig 2603", and "Pig 2605" are 1,225 yuan/ton, 740 yuan/ton, and 355 yuan/ton respectively, with year - on - year changes of 85 yuan/ton, - 25 yuan/ton, and 25 yuan/ton. The spreads between "Pig 1 - 3" and "Pig 3 - 5" are - 485 yuan/ton and - 385 yuan/ton respectively, with year - on - year changes of - 110 yuan/ton and 50 yuan/ton [2] Market Information - Multiple companies registered warehouse receipts in December 2025. For example, Yunnan Shennong registered 85 lots on December 4, Guizhou Fuyuan registered 23 lots on December 5, and others also had different registrations [3] Trend Strength - The trend strength is 0, with the range of values from - 2 to 2, indicating a neutral view [4]