生猪：需求存负反馈，供应预期增量

Group 1: General Information - The report date is January 12, 2026, and it focuses on the pig industry with the view that demand has negative feedback and supply is expected to increase [1] Group 2: Pig Fundamental Data - Henan spot price is 12,980 yuan/ton with a year - on - year increase of 50 yuan/ton; Sichuan spot price is 13,100 yuan/ton with a year - on - year increase of 50 yuan/ton; Guangdong spot price is 12,760 yuan/ton with no year - on - year change [2] - Futures prices: the price of pig 2603 is 11,770 yuan/ton with a year - on - year increase of 50 yuan/ton; pig 2605 is 12,215 yuan/ton with a year - on - year increase of 15 yuan/ton; pig 2607 is 12,895 yuan/ton with a year - on - year increase of 35 yuan/ton [2] - Futures trading volume and position: the trading volume of pig 2603 is 52,974 lots, a decrease of 35,439 lots from the previous day, and the position is 168,424 lots, a decrease of 2,847 lots from the previous day; pig 2605 has a trading volume of 13,575 lots, a decrease of 15,259 lots from the previous day, and a position of 97,479 lots, an increase of 211 lots from the previous day; pig 2607 has a trading volume of 3,166 lots, a decrease of 3,599 lots from the previous day, and a position of 43,983 lots, an increase of 101 lots from the previous day [2] - Price spreads: the basis of pig 2603 is 1,210 yuan/ton with no year - on - year change; the basis of pig 2605 is 765 yuan/ton with a year - on - year increase of 35 yuan/ton; the basis of pig 2607 is 85 yuan/ton with a year - on - year increase of 15 yuan/ton; the spread between pig 2603 and 2605 is - 445 yuan/ton with a year - on - year increase of 35 yuan/ton; the spread between pig 2605 and 2607 is - 680 yuan/ton with a year - on - year decrease of 20 yuan/ton [2] Group 3: Trend Intensity - The trend intensity is - 1, with the value range from - 2 to 2, where - 2 means most bearish and 2 means most bullish [3]