生猪：等待旺季需求印证

Report Date - The report is dated January 19, 2026 [1] Industry Investment Rating - Not provided Core View - The report focuses on the pig market, waiting for the confirmation of peak - season demand [1] Summary by Relevant Catalog Fundamental Tracking - Spot Prices: The Henan spot price is 13,180 yuan/ton with a year - on - year increase of 100 yuan/ton; the Sichuan spot price is 12,800 yuan/ton with a year - on - year decrease of 100 yuan/ton; the Guangdong spot price is 13,060 yuan/ton with no year - on - year change [3] - Futures Prices: The price of Live Pig 2603 is 12,010 yuan/ton with a year - on - year increase of 215 yuan/ton; Live Pig 2605 is 12,260 yuan/ton with a year - on - year increase of 90 yuan/ton; Live Pig 2607 is 12,885 yuan/ton with a year - on - year increase of 55 yuan/ton [3] - Trading Volume and Open Interest: The trading volume of Live Pig 2603 is 133,132 lots, an increase of 75,178 lots from the previous day, and the open interest is 168,526 lots, an increase of 7,459 lots; for Live Pig 2605, the trading volume is 28,571 lots, an increase of 11,932 lots, and the open interest is 97,515 lots, a decrease of 888 lots; for Live Pig 2607, the trading volume is 6,100 lots, an increase of 2,512 lots, and the open interest is 44,276 lots, an increase of 346 lots [3] - Price Spreads: The basis of Live Pig 2603 is 1,170 yuan/ton with a year - on - year decrease of 115 yuan/ton; the basis of Live Pig 2605 is 920 yuan/ton with a year - on - year increase of 10 yuan/ton; the basis of Live Pig 2607 is 295 yuan/ton with a year - on - year increase of 45 yuan/ton. The spread between Live Pig 3 - 5 is - 250 yuan/ton with a year - on - year increase of 125 yuan/ton; the spread between Live Pig 5 - 7 is - 625 yuan/ton with a year - on - year increase of 35 yuan/ton [3] Trend Intensity - The trend intensity is 0, with the range of values being integers in the [-2, 2] interval. The strength levels are classified as weak, moderately weak, neutral, moderately strong, and strong, where -2 represents the most bearish and 2 represents the most bullish [4]