申万期货品种策略日报-生猪（LH）-20260128

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Most markets have relatively sufficient supply from the breeding side, and slaughtering enterprises' procurement is relatively smooth with sufficient planned purchases. The pig price is likely to have a narrow adjustment tomorrow [2]. - Affected by the support of previous piglet replenishment, piglet prices continued to rise this week, with an increase ranging from 10 - 30 yuan per head. However, as prices continue to rise, the enthusiasm for purchasing high - priced piglets has weakened, orders have shrunk to some extent, and the later increase in piglet prices may narrow [2]. 3. Summary by Relevant Catalogs Futures Market - Prices: The previous day's closing prices for different contract months (January, March, May, July, September, November) were 12,690, 11,285, 11,695, 12,375, 13,320, and 13,305 respectively. Compared with the prices two days ago, the price changes were 880, - 180, - 65, - 50, - 45, - 30, with corresponding percentage changes of 7.45%, - 1.57%, - 0.55%, - 0.40%, - 0.34%, - 0.22% [2]. - Trading Volume: The trading volumes for different contract months were 21, 69,670, 33,228, 6,532, 4,831, 1,779 respectively [2]. - Open Interest: The open interests for different contract months were 0, 127,642, 115,715, 46,583, 33,928, 18,404 respectively, with changes of - 17, - 5,752, 1,816, 383, - 371, 548 [2]. - Spreads: The current spreads between different contract months (January - March, March - May, May - July, July - September, September - November, November - January) were 1,405, - 410, - 680, - 945, 15, 615 respectively, compared with previous values of 345, - 295, - 665, - 940, 30, 1,525 [2]. Spot Market - Prices: The current spot prices in different regions (Henan, Sichuan, Hunan, Guangdong, Guangxi, Liaoning) were 13.18, 12.67, 12.68, 12.87, 12.38, 12.84 yuan per ton respectively. Compared with the previous values, the price changes were - 0.06, - 0.1, - 0.08, - 0.36, - 0.09, - 0.07 [2]. Warehouse Receipts - The number of warehouse receipts the previous day was 426, a decrease of 7 compared with two days ago [2].