生猪：供应将加速兑现，节前压力扩大

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - The supply of live pigs will be accelerated, and the pressure before the festival will increase [1]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - Spot Prices: The spot price of live pigs in Henan is 12,680 yuan/ton, in Sichuan is 12,150 yuan/ton (down 350 yuan/ton year-on-year), and in Guangdong is 12,060 yuan/ton (down 150 yuan/ton year-on-year) [2]. - Futures Prices: The prices of live pig futures contracts 2603, 2605, and 2607 are 11,220 yuan/ton (up 55 yuan/ton year-on-year), 11,650 yuan/ton (up 10 yuan/ton year-on-year), and 12,345 yuan/ton (up 40 yuan/ton year-on-year) respectively [2]. - Trading Volume and Open Interest: The trading volume of live pig futures contract 2603 is 69,198 lots (an increase of 13,547 lots compared to the previous day), with an open interest of 101,717 lots (a decrease of 16,937 lots compared to the previous day); the trading volume of contract 2605 is 37,941 lots (an increase of 8,804 lots), with an open interest of 129,133 lots (an increase of 4,384 lots); the trading volume of contract 2607 is 5,125 lots (an increase of 838 lots), with an open interest of 47,024 lots (an increase of 358 lots) [2]. - Price Spreads: The basis of live pig futures contracts 2603, 2605, and 2607 are 1,460 yuan/ton (down 55 yuan/ton year-on-year), 1,030 yuan/ton (down 10 yuan/ton year-on-year), and 335 yuan/ton (down 40 yuan/ton year-on-year) respectively; the price spreads between contracts 3 - 5 and 5 - 7 are -430 yuan/ton (up 45 yuan/ton year-on-year) and -695 yuan/ton (down 30 yuan/ton year-on-year) respectively [2]. 3.2 Market Information - On January 30th, the warehouse receipt price of the Lianzhou delivery warehouse was close to 11,300 yuan/ton [3]. 3.3 Trend Intensity - The trend intensity is -2, indicating the most bearish view, with the value range being integers within the [-2, 2] interval [4].