申万期货品种策略日报-生猪（LH）-20260205

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The main contract of live hog futures, LH2605, closed up at 1,1735 yuan/ton, while the spot market continued to be weak, with the average ex-farm price of ternary live hogs in the country falling to 12.08 yuan/kg, and the market bearish sentiment was obvious. The supply pressure remained and the demand was insufficient, the profit level shrank significantly, and the industry was under obvious pressure. In the short term, the market sentiment was weak, and attention should be paid to the slaughter rhythm of retail farmers and the adjustment plans of group enterprises [3] Group 3: Summary According to the Catalog Futures Market - The previous day's closing prices of live hog futures in January, March, May, July, September, and November were 13,355 yuan, 11,150 yuan, 11,735 yuan, 12,295 yuan, 13,210 yuan, and 13,130 yuan respectively, with price changes of 100 yuan, -10 yuan, 135 yuan, 125 yuan, 155 yuan, and 170 yuan, and price change rates of 0.75%, -0.09%, 1.16%, 1.03%, 1.19%, and 1.31% respectively. The trading volumes were 525, 29,122, 70,275, 7,444, 8,803, and 3,263 respectively, and the open interests were 1,783, 83,841, 145,975, 50,455, 37,066, and 22,210 respectively, with changes in open interests of 252, -8,400, 8,354, 320, 554, and 1,213 respectively [2] - The current spreads between January - March, March - May, May - July, July - September, September - November, and November - January were 2,205 yuan, -585 yuan, -560 yuan, -915 yuan, 80 yuan, and -225 yuan respectively, compared with the previous values of 2,095 yuan, -440 yuan, -570 yuan, -885 yuan, 95 yuan, and -295 yuan respectively [2] Spot Market - The current spot prices of live hogs in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning were 12.22 yuan/kg, 11.77 yuan/kg, 12.1 yuan/kg, 12.15 yuan/kg, 12.1 yuan/kg, and 12.23 yuan/kg respectively, with price changes of -0.32 yuan, -0.2363 yuan, -0.26 yuan, -0.26 yuan, -0.38 yuan, and -0.36 yuan respectively compared with the previous values [2] Warehouse Receipts - The number of warehouse receipts the previous day was 647, an increase of 547 compared with the day before the previous day [2]