申万期货品种策略日报-生猪（LH）-20260202

Report Industry Investment Rating - Not provided Core View of the Report - In recent days, the prices of standard pigs in many places have been continuously weakening. However, retail farmers still have a certain sentiment of reluctance to sell large pigs, and the prices of large pigs have not shown the same downward adjustment as standard pigs, resulting in an expansion of the price difference between fat and standard pigs. In the short term, the supply reduction on the supply side has weak resistance, and the short - term significant increase in demand is relatively weak. Therefore, it is expected that the short - term price will still be weakly adjusted under the drag of strong supply and weak demand [3] Summary According to the Catalog Futures Market - Price and Change: The previous day's closing prices of futures contracts in January, March, May, July, September, and November were 13345, 11165, 11640, 12305, 13235, and 13220 respectively. The price changes were 45, - 105, - 55, - 65, - 45, and - 65, with corresponding percentage changes of 0.34%, - 0.93%, - 0.47%, - 0.53%, - 0.34%, and - 0.49% [2] - Trading Volume and Open Interest: The trading volumes were 789, 55651, 29137, 4287, 3036, and 2837 respectively, and the open interests were 1133, 118654, 124749, 46666, 34190, and 19262 respectively. The changes in open interest were 144, - 2569, 5906, 299, - 126, and 470 [2] - Price Spreads: The current price spreads of January - March, March - May, May - July, July - September, September - November, and November - January were 2180, - 475, - 665, - 930, 15, and - 125 respectively, compared with previous values of 2030, - 425, - 675, - 910, - 5, and - 15 [2] Spot Market - Prices and Changes: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning were 12.71, 12.27, 12.23, 12, 12.07, and 12.73 yuan/ton respectively, with price changes of - 0.23, - 0.2474, - 0.26, - 0.4, - 0.12, and - 0.11 compared to the previous values [2] Warehouse Receipts - The number of warehouse receipts was 426 on the previous day, with no change compared to two days ago [2]