生猪：需求存负反馈，供应释放继续延后

Group 1: Report Title and Date - The report is titled "Pigs: Negative Feedback in Demand, Supply Release Further Delayed" and was released on January 14, 2026 [1] Group 2: Analysts - The analysts are Zhou Xiaoqiu (Investment Consulting Qualification Number: Z0001891, email: zhouxiaoqiu@gtht.com) and Wu Hao (Investment Consulting Qualification Number: Z0018592, email: wuhao8@gtht.com) [1] Group 3: Pig Fundamental Data Spot Prices - Henan spot price is 13,030 yuan/ton, up 100 yuan year-on-year [2] - Sichuan spot price is 13,000 yuan/ton, down 100 yuan year-on-year [2] - Guangdong spot price is 13,260 yuan/ton, unchanged year-on-year [2] Futures Prices - The price of Pig 2603 is 11,795 yuan/ton, up 60 yuan year-on-year [2] - The price of Pig 2605 is 12,170 yuan/ton, up 5 yuan year-on-year [2] - The price of Pig 2607 is 12,830 yuan/ton, up 5 yuan year-on-year [2] Trading Volumes and Open Interests - The trading volume of Pig 2603 is 57,954 lots, down 5,059 lots from the previous day, and the open interest is 161,067 lots, down 8,770 lots from the previous day [2] - The trading volume of Pig 2605 is 16,639 lots, down 1,079 lots from the previous day, and the open interest is 98,403 lots, down 888 lots from the previous day [2] - The trading volume of Pig 2607 is 3,588 lots, down 1,034 lots from the previous day, and the open interest is 43,930 lots, down 176 lots from the previous day [2] Price Spreads - The basis of Pig 2603 is 1,235 yuan/ton, up 40 yuan year-on-year [2] - The basis of Pig 2605 is 860 yuan/ton, up 95 yuan year-on-year [2] - The basis of Pig 2607 is 200 yuan/ton, up 95 yuan year-on-year [2] - The spread between Pig 2603 and Pig 2605 is -375 yuan/ton, up 55 yuan year-on-year [2] - The spread between Pig 2605 and Pig 2607 is -660 yuan/ton, unchanged year-on-year [2] Group 4: Trend Intensity - The trend intensity is 0, with a range of [-2, 2] and classifications including weak, slightly weak, neutral, slightly strong, and strong, where -2 is the most bearish and 2 is the most bullish [3]