生猪：节前拉涨不及预期，压力扩大

Group 1: Report Title and General Situation - The report is titled "Pigs: Pre-holiday Rally Falls Short of Expectations, Pressure Increases" and is dated February 3, 2026 [1] Group 2: Investment Rating - There is no information about the report's industry investment rating in the given content Group 3: Core View - The pre - holiday rally of pigs is less than expected, and the pressure is expanding [1] Group 4: Fundamental Data Summary - Spot Prices: Henan's spot price is 12,880 yuan/ton with a year - on - year increase of 200 yuan/ton; Sichuan's is 12,100 yuan/ton with a year - on - year decrease of 50 yuan/ton; Guangdong's is 12,460 yuan/ton with a year - on - year increase of 400 yuan/ton [2] - Futures Prices: The price of Live Pig 2603 is 11,220 yuan/ton with a year - on - year increase of 55 yuan/ton; Live Pig 2605 is 11,650 yuan/ton with a year - on - year increase of 10 yuan/ton; Live Pig 2607 is 12,345 yuan/ton with a year - on - year increase of 40 yuan/ton [2] - Trading Volume and Open Interest: The trading volume of Live Pig 2603 is 69,198 lots with an increase of 13,547 lots from the previous day, and the open interest is 101,717 lots with a decrease of 16,937 lots from the previous day; for Live Pig 2605, the trading volume is 37,941 lots with an increase of 8,804 lots, and the open interest is 129,133 lots with an increase of 4,384 lots; for Live Pig 2607, the trading volume is 5,125 lots with an increase of 838 lots, and the open interest is 47,024 lots with an increase of 358 lots [2] - Price Spreads: The basis of Live Pig 2603 is 1,660 yuan/ton with a year - on - year increase of 145 yuan/ton; Live Pig 2605 is 1,230 yuan/ton with a year - on - year increase of 190 yuan/ton; Live Pig 2607 is 535 yuan/ton with a year - on - year increase of 160 yuan/ton. The 3 - 5 spread of live pigs is - 430 yuan/ton with a year - on - year increase of 45 yuan/ton, and the 5 - 7 spread is - 695 yuan/ton with a year - on - year decrease of 30 yuan/ton [2] Group 5: Trend Intensity - The trend intensity is - 1, with a range of [-2, 2]. -2 means the most bearish, and 2 means the most bullish [3]