生猪：腊八需求预期落地，关注供应矛盾

Report Summary 1. Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core View - The report focuses on the situation of the pig market, with the demand expectation for Laba Festival realized, and suggests paying attention to the supply contradiction [1]. - The trend intensity is -1, indicating a relatively bearish view, with -2 being the most bearish and 2 being the most bullish [2]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - Spot Prices: The Henan spot price is 13,280 yuan/ton, up 50 yuan/ton year - on - year; the Sichuan spot price is 12,800 yuan/ton, unchanged year - on - year; the Guangdong spot price is 13,360 yuan/ton, down 200 yuan/ton year - on - year [1]. - Futures Prices: The price of Live Pig 2603 is 11,565 yuan/ton, down 35 yuan/ton year - on - year; Live Pig 2605 is 11,850 yuan/ton, down 45 yuan/ton year - on - year; Live Pig 2607 is 12,470 yuan/ton, down 85 yuan/ton year - on - year [1]. - Trading Volume and Open Interest: For Live Pig 2603, the trading volume is 42,940 lots, down 7,794 lots from the previous day, and the open interest is 131,413 lots, down 4,037 lots from the previous day; for Live Pig 2605, the trading volume is 18,255 lots, down 1,790 lots from the previous day, and the open interest is 108,344 lots, up 1,559 lots from the previous day; for Live Pig 2607, the trading volume is 4,227 lots, down 52 lots from the previous day, and the open interest is 45,736 lots, up 692 lots from the previous day [1]. - Price Spreads: The basis of Live Pig 2603 is 1,715 yuan/ton, up 85 yuan/ton year - on - year; the basis of Live Pig 2605 is 1,430 yuan/ton, up 95 yuan/ton year - on - year; the basis of Live Pig 2607 is 810 yuan/ton, up 135 yuan/ton year - on - year; the spread between Live Pig 3 - 5 is - 285 yuan/ton, up 10 yuan/ton year - on - year; the spread between Live Pig 5 - 7 is - 620 yuan/ton, up 40 yuan/ton year - on - year [1].