生猪：需求存负反馈

1. Report's Industry Investment Rating - No information provided on the report's industry investment rating 2. Report's Core View - The demand for live pigs has negative feedback [1] - The trend strength is -1, indicating a relatively bearish view [5] 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - Spot Prices: Henan's spot price is 13,030 yuan/ton with a year-on-year increase of 50; Sichuan's is 12,950 yuan/ton, up 100 year-on-year; Guangdong's is 12,760 yuan/ton with no year-on-year change [3] - Futures Prices: The price of live pig 2603 is 11,785 yuan/ton, down 25 year-on-year; 2605 is 12,260 yuan/ton, up 5; 2607 is 12,940 yuan/ton with no year-on-year change [3] - Trading Volume and Open Interest: For live pig 2603, the trading volume is 101,121 lots, an increase of 18,488 from the previous day, and the open interest is 171,415 lots, up 1,785; for 2605, the trading volume is 29,533 lots, up 3,806, and the open interest is 97,142 lots, up 3,228; for 2607, the trading volume is 6,709 lots, up 732, and the open interest is 43,911 lots, up 978 [3] - Price Spreads: The basis of live pig 2603 is 1,245 yuan/ton, up 75 year-on-year; 2605 is 770 yuan/ton, up 45; 2607 is 90 yuan/ton, up 50. The spread between 2603 and 2605 is -475 yuan/ton, down 30 year-on-year, and between 2605 and 2607 is -680 yuan/ton, up 5 [3] 3.2 Market Information - Yunnan Shennong registered 85 lots of warehouse receipts on December 4; Guizhou Fuyuan registered 23 lots on December 5; Dekang registered 225 lots on December 10 and 150 lots on December 11; Yangxiang registered 40 lots on December 10; COFCO registered 300 lots on December 15 and 150 lots on December 29; Muyuan registered 40 lots on December 23 [4]