生猪：现货转弱，旺季预期降低

Report Summary 1. Report Industry Investment Rating - The trend strength is -2, indicating the most bearish view [3] 2. Core View of the Report - The spot market for live pigs has weakened, and the expectations for the peak season have decreased [1] 3. Summary by Relevant Catalog 3.1 Pig Fundamental Data - Spot Prices: The Henan spot price is 13,430 yuan/ton with a year - on - year increase of 250 yuan/ton; the Sichuan spot price is 12,950 yuan/ton with a 150 yuan/ton increase; the Guangdong spot price is 14,060 yuan/ton with a 1,000 yuan/ton increase [2] - Futures Prices: The prices of live pig 2603, 2605, and 2607 are 11,705 yuan/ton, 11,945 yuan/ton, and 12,605 yuan/ton respectively, with year - on - year decreases of 275 yuan/ton, 210 yuan/ton, and 155 yuan/ton [2] - Trading Volume and Open Interest: The trading volume of live pig 2603, 2605, and 2607 are 149,841 lots, 49,664 lots, and 10,219 lots respectively, with increases of 88,100 lots, 26,503 lots, and 6,862 lots compared to the previous day. The open interest are 154,389 lots, 106,779 lots, and 44,679 lots respectively, with changes of - 7,106 lots, + 6,963 lots, and + 632 lots compared to the previous day [2] - Price Spreads: The basis of live pig 2603, 2605, and 2607 are 1,725 yuan/ton, 1,485 yuan/ton, and 825 yuan/ton respectively, with year - on - year increases of 525 yuan/ton, 460 yuan/ton, and 405 yuan/ton. The spreads between live pig 3 - 5 and 5 - 7 are - 240 yuan/ton and - 660 yuan/ton respectively, with year - on - year decreases of 65 yuan/ton and 55 yuan/ton [2]