生猪：旺季需求不及预期，供应矛盾显现

Report Summary 1. Report Industry Investment Rating - The trend strength is -2, indicating the most bearish view, with the range of trend strength being integers in the [-2, 2] interval [3]. 2. Report's Core View - The demand in the peak season for pigs falls short of expectations, and supply contradictions emerge [1]. 3. Summary According to Relevant Catalogs Pig Fundamental Data - Spot Prices: The Henan spot price is 13,180 yuan/ton, down 100 yuan; the Sichuan spot price is 12,950 yuan/ton, up 150 yuan; the Guangdong spot price is 13,360 yuan/ton, unchanged [2]. - Futures Prices: The prices of live - hog 2603, 2605, and 2607 are 11,465 yuan/ton, 11,760 yuan/ton, and 12,425 yuan/ton respectively, down 100 yuan, 90 yuan, and 45 yuan [2]. - Trading Volume and Open Interest: The trading volume of live - hog 2603, 2605, and 2607 is 53,652 lots, 30,669 lots, and 4,880 lots respectively, with an increase of 10,712 lots, 12,414 lots, and 653 lots compared to the previous day. The open interest is 133,394 lots, 113,899 lots, and 46,200 lots respectively, with an increase of 1,981 lots, 5,555 lots, and 464 lots compared to the previous day [2]. - Price Spreads: The basis of live - hog 2603, 2605, and 2607 is 1,715 yuan/ton, 1,420 yuan/ton, and 755 yuan/ton respectively. The 3 - 5 spread is - 295 yuan/ton, and the 5 - 7 spread is - 665 yuan/ton [2].