生猪：旺季不旺确认，堰塞湖释放开始

Report Summary 1. Core View - Confirmation of off - season during peak season and the start of the release of the "reservoir" for the pig industry [1] 2. Fundamental Data - Spot Prices: Henan spot price is 12,430 yuan/ton, down 450 yuan; Sichuan spot price is 11,650 yuan/ton, unchanged; Guangdong spot price is 11,860 yuan/ton, down 200 yuan [2] - Futures Prices: The price of live - hog 2603 is 10,860 yuan/ton, down 135 yuan; live - hog 2605 is 11,625 yuan/ton, down 60 yuan; live - hog 2607 is 12,195 yuan/ton, down 50 yuan [2] - Trading Volume and Open Interest: For live - hog 2603, trading volume is 28,725 lots, down 8,149 lots, and open interest is 65,988 lots, down 8,876 lots; for live - hog 2605, trading volume is 48,568 lots, down 19,829 lots, and open interest is 143,321 lots, down 1,148 lots; for live - hog 2607, trading volume is 4,422 lots, down 3,540 lots, and open interest is 50,102 lots, down 154 lots [2] - Price Spreads: The basis of live - hog 2603 is 1,570 yuan/ton, down 315 yuan; the basis of live - hog 2605 is 805 yuan/ton, down 390 yuan; the basis of live - hog 2607 is 235 yuan/ton, down 400 yuan; the spread between live - hog 2603 and 2605 is - 765 yuan/ton, down 75 yuan; the spread between live - hog 2605 and 2607 is - 570 yuan/ton, down 10 yuan [2] 3. Market Information - Guangxi Yangxiang registered 100 lots of warehouse receipts for the March contract; Dekang registered 525 lots; Fuyuan registered 22 lots [3] 4. Trend Intensity - The trend intensity is - 2, indicating the most bearish view [4]