申万期货品种策略日报-生猪（LH）-20260123

Report Summary 1. Report Industry Investment Rating - No information provided regarding the industry investment rating 2. Core Viewpoints - Northern markets may see firming prices as some slaughterhouses face procurement difficulties, while southern markets may continue to weaken as procurement is relatively smooth. Some markets are experiencing an expanding spread between standard and fat pigs, with larger spreads in Sichuan due to low large - pig inventories [4] 3. Summary by Relevant Categories Futures Market - Price and Change: The previous day's closing prices for January, March, May, July, September, and November contracts were 11900, 11600, 11895, 12555, 13460, and 13430 respectively. Price changes were 0, 130, 75, 105, 85, and 40 with corresponding percentage changes of 0.00%, 1.13%, 0.63%, 0.84%, 0.64%, and 0.30%. [2] - Trading Volume and Open Interest: Trading volumes were 8, 50734, 20045, 4279, 3632, and 870 respectively. Open interests were 49, 135450, 106785, 45044, 34436, and 17472, with changes of - 16, - 3059, 1672, - 261, 414, and 49 respectively. [2] - Spread: Current spreads for 1 - 3 months, 3 - 5 months, 5 - 7 months, 7 - 9 months, 9 - 11 months, and 11 - 1 months were 300, -295, -660, -905, 30, and 1530 respectively, compared to previous values of 430, -350, -630, -925, -15, and 1490. [2] Spot Market - Prices in Different Regions: Current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning were 13.13, 12.71, 12.78, 13.4, 12.37, and 12.85 yuan/ton respectively, with price changes of 0.06, -0.01, -0.32, -0.31, -0.36, and 0.01 compared to the previous day. [2] Warehouse Receipts - The number of warehouse receipts was 433 on the previous day, with no change from two days ago. [2]