生猪：需求表现不及预期，关注供应矛盾

Report Summary 1. Report Industry Investment Rating - The trend strength is -1, indicating a relatively bearish view. The range of trend strength is from -2 (most bearish) to 2 (most bullish) [2]. 2. Report's Core View - The demand for live pigs is underperforming expectations, and attention should be paid to supply contradictions [1]. 3. Summary by Relevant Catalog 3.1 Pig Fundamental Data - Spot Prices: The spot price of live pigs in Henan is 13,180 yuan/ton, unchanged year-on-year; in Sichuan, it is 12,850 yuan/ton, down 100 yuan/ton year-on-year; in Guangdong, it is 12,960 yuan/ton, down 400 yuan/ton year-on-year [1]. - Futures Prices: The price of live pig futures contract 2603 is 11,285 yuan/ton, down 180 yuan/ton year-on-year; contract 2605 is 11,695 yuan/ton, down 65 yuan/ton year-on-year; contract 2607 is 12,375 yuan/ton, down 50 yuan/ton year-on-year [1]. - Trading Volume and Open Interest: The trading volume of contract 2603 is 69,670 lots, an increase of 16,018 lots from the previous day, and the open interest is 127,642 lots, a decrease of 5,752 lots. The trading volume of contract 2605 is 33,228 lots, an increase of 2,559 lots, and the open interest is 115,715 lots, an increase of 1,816 lots. The trading volume of contract 2607 is 6,532 lots, an increase of 1,652 lots, and the open interest is 46,583 lots, an increase of 383 lots [1]. - Price Spreads: The basis of contract 2603 is 1,895 yuan/ton, an increase of 180 yuan/ton year-on-year; the basis of contract 2605 is 1,485 yuan/ton, an increase of 65 yuan/ton year-on-year; the basis of contract 2607 is 805 yuan/ton, an increase of 50 yuan/ton year-on-year. The spread between contracts 2603 and 2605 is -410 yuan/ton, a decrease of 115 yuan/ton year-on-year; the spread between contracts 2605 and 2607 is -680 yuan/ton, a decrease of 15 yuan/ton year-on-year [1].