申万期货品种策略日报-生猪（LH）-20260210

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report The pig market shows a trend of joint decline in futures and spot prices. The main contract LH2605 closed down 0.69%. The average ex - farm price of live pigs in the spot market also declined slightly. Due to the approaching of the Minor New Year, the sales window for farmers is narrowing, leading to a loosening of the pressure - holding sentiment and a sharp increase in market supply pressure. Although the slaughtering rate of downstream slaughtering enterprises has increased, it is still difficult to digest the supply pressure, causing the transaction price to decline. The market presents a game pattern of "both supply and demand increasing, but the supply pressure is more prominent" in the short term. It is expected that pig prices may remain weakly stable, and the key to the subsequent market lies in whether the slaughter sentiment of farmers continues and whether the slaughtering rate of slaughtering enterprises can perform more strongly [3]. 3. Summary by Related Catalogs Futures Market - Prices: The previous day's closing prices of contracts in January, March, May, July, September, and November were 13200, 10645, 11565, 12130, 13095, and 13010 respectively. Compared with the prices two days ago, the price changes were 0, - 215, - 60, - 65, - 5, and - 15, with corresponding price change rates of 0.00%, - 1.98%, - 0.52%, - 0.53%, - 0.04%, and - 0.12% [2]. - Trading Volume: The trading volumes of contracts in January, March, May, July, September, and November were 467, 33719, 70539, 7310, 5914, and 1538 respectively [2]. - Open Interest: The open interests of contracts in January, March, May, July, September, and November were 2372, 60043, 147707, 50124, 37492, and 23788 respectively, with changes of 309, - 5945, 4386, 22, 798, and 311 [2]. - Price Spreads: The current price spreads of "January - March", "March - May", "May - July", "July - September", "September - November", and "November - January" are 2555, - 920, - 565, - 965, 85, and - 190 respectively, compared with the previous values of 2340, - 765, - 570, - 905, 75, and - 175 [2]. Spot Market - Prices: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning are 12.09, 10.89, 11.57, 11.54, 11.57, and 11.81 yuan/ton respectively. Compared with the previous values, the price changes are - 0.19, - 22.43, - 0.27, - 0.2, - 0.23, and - 0.57 [2]. Warehouse Receipts The number of warehouse receipts the day before was 727, an increase of 80 compared with two days ago [2].