申万期货品种策略日报-生猪（LH）-20260206

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The pig market continues its weak oscillation with significant regional differentiation. The average price of ternary pigs in the country is reported at 12.00 yuan/kg, slightly down 0.12 yuan/kg from the previous day. The market has entered a "price decline - reluctance to sell" game phase, and the pig price is expected to fluctuate and adjust before the festival. Attention should be paid to the changes in the selling mentality of secondary fattening farmers after the stabilization in the north [3] 3. Summary According to the Catalog Futures Market - Previous Day Closing Price: For January, it's 13325; March, 10995; May, 11685; July, 12245; September, 13135; November, 13030 [2] - Two - day Ago Closing Price: January, 13355; March, 11150; May, 11735; July, 12295; September, 13210; November, 13130 [2] - Price Changes: January, -30; March, -155; May, -50; July, -50; September, -75; November, -100 [2] - Price Change Ratios: January, -0.22%; March, -1.39%; May, -0.43%; July, -0.41%; September, -0.57%; November, -0.76% [2] - Trading Volume: January, 202; March, 36874; May, 68397; July, 7962; September, 6735; November, 2978 [2] - Open Interest: January, 1796; March, 74864; May, 144469; July, 50256; September, 37175; November, 23065 [2] - Change in Open Interest: January, 13; March, -8977; May, -1506; July, -199; September, 109; November, 855 [2] - Price Spreads: 1 - 3 months, 2330; 3 - 5 months, -690; 5 - 7 months, -560; 7 - 9 months, -890; 9 - 11 months, 105; 11 - 1 month, -295 [2] - Previous Price Spreads: 1 - 3 months, 2205; 3 - 5 months, -585; 5 - 7 months, -560; 7 - 9 months, -915; 9 - 11 months, 80; 11 - 1 month, -225 [2] Spot Market - Spot Prices (Yuan/ton): Henan, 12.36; Sichuan, 11.54; Hunan, 11.88; Guangdong, 11.9; Guangxi, 11.84; Liaoning, 12.14 [2] - Previous Spot Prices (Yuan/ton): Henan, 12.22; Sichuan, 11.77; Hunan, 12.1; Guangdong, 12.15; Guangxi, 12.1; Liaoning, 12.23 [2] - Price Changes: Henan, 0.14; Sichuan, -23.31; Hunan, -0.22; Guangdong, -0.25; Guangxi, -0.26; Liaoning, -0.09 [2] Warehouse Receipts - Quantity: 647, with no change from the previous two days [2]