申万期货品种策略日报-生猪（LH）-20260209

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - This weekend, the national pig price showed a weak and volatile trend. The north continued to be weak due to supply pressure, while the south showed a mixed trend of stability and decline supported by regional price differences. As the Minor New Year approaches, terminal stocking has limited support for prices, and the market pattern of strong supply and weak demand remains unchanged. In the short term, the resistance sentiment of the breeding side and the price - pressing mentality of slaughtering enterprises will continue to compete. The pig price in the north may adjust slightly, and the decline in the south may narrow due to active external sales, but overall, there is a lack of rebound momentum. It is expected that the pig price will remain weak before the Spring Festival [2] 3. Summary According to Relevant Catalogs Futures Market - Price Changes: The previous day's closing prices for January, March, May, July, September, and November contracts were 13,200, 10,860, 11,625, 12,195, 13,100, and 13,025 respectively. Compared with two days ago, the prices decreased by 125, 135, 60, 50, 35, and 5, with corresponding declines of - 0.94%, - 1.23%, - 0.51%, - 0.41%, - 0.27%, and - 0.04% [2] - Trading Volume: The trading volumes of January, March, May, July, September, and November contracts were 507, 28,725, 48,568, 4,422, 3,814, and 2,121 respectively [2] - Open Interest: The open interests were 2,063, 65,988, 143,321, 50,102, 36,694, and 23,477 respectively. The changes in open interest were 267, - 8,876, - 1,148, - 154, - 481, and 412 [2] - Spreads: The current spreads of January - March, March - May, May - July, July - September, September - November, and November - January were 2,340, - 765, - 570, - 905, 75, and - 175 respectively, compared with previous values of 2,330, - 690, - 560, - 890, 105, and - 295 [2] Spot Market - Price Changes: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning were 12.28, 11.54, 11.84, 11.74, 11.8, and 12.38 yuan/ton respectively. Compared with the previous value, the changes were - 0.08, - 23.08, - 0.04, - 0.16, - 0.04, and 0.24 [2] Warehouse Receipts - The quantity of warehouse receipts was 647 both the previous day and two days ago, with no change [2]