申万期货品种策略日报：生猪（LH）-20260203

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Northern pig prices rebounded with varying increases. At the beginning of the month, some breeding enterprises reduced their slaughter volume, and after consecutive price cuts, some social pig sources were reluctant to sell, supporting the stop - fall and rebound of pig prices. The increment trend at the slaughter end is not obvious, with some stable and some increasing. Next week will enter the stage of increasing supply and demand at the end of the year, and the pig price trend still needs continuous attention [2]. - In the southern market, prices showed different performances, mostly stabilizing after a decline and some slightly rising. At the beginning of the month, the slaughter rhythm of group enterprises slowed down compared with the previous period, and the supply pressure temporarily decreased. However, the slaughter end reported that the current order volume did not increase significantly, and in some markets, demand decreased due to people returning to their hometowns. Continue to pay attention to the slaughter volume of enterprises and consumption [4]. Group 3: Summary of Futures Market Futures Price - The previous day's closing prices of futures contracts in January, March, May, July, September, and November were 13350, 11220, 11635, 12230, 13170, and 13090 respectively. Compared with the prices two days ago, they decreased by 20, 0, - 15, - 115, - 135, and - 145 respectively, with decline rates of - 0.15%, 0.00%, - 0.13%, - 0.93%, - 1.01%, and - 1.10% [2]. Trading Volume and Open Interest - The trading volumes of futures contracts in January, March, May, July, September, and November were 617, 52010, 46731, 8319, 8159, and 3007 respectively. The open interests were 1431, 95950, 130488, 48562, 34765, and 19824 respectively. The changes in open interests were 200, - 5767, 1355, 1538, 46, and 596 respectively [2]. Price Spreads - The current price spreads of "January - March", "March - May", "May - July", "July - September", "September - November", and "November - January" were 2130, - 415, - 595, - 940, 80, and - 260 respectively. Compared with the previous values, they changed by - 20, 15, 100, 20, 10, and - 125 respectively [2]. Group 4: Summary of Spot Market Spot Prices - The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning were 12.89, 11.94, 12.3, 12.4, 12.43, and 12.85 yuan/ton respectively. Compared with the previous values, they changed by 0.41, - 23.86, 0.27, 0.53, 0.49, and 0.42 respectively [2]. Warehouse Receipts - The number of warehouse receipts the day before was 0, and two days ago it was 426, with a decrease of 426 [2].