申万期货品种策略日报-生猪（LH）-20260211

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The hog futures market continues to operate weakly, with the main contract LH2605 closing at 11,470 yuan/ton, showing an intraday decline of 0.48%. The current core contradiction in the market lies in the oversupply on the spot side. With large - scale farms in the north reducing prices for slaughter, the average price of live hogs has dropped. Although terminal consumption has slightly recovered, the incremental capacity of slaughtering enterprises is limited, unable to bear the concentrated slaughter pressure from the breeding side. In the short term, the spot price is expected to remain under pressure and continue to drag down the futures market sentiment, maintaining a volatile and bearish pattern. It is recommended to pay attention to the marginal impact of the daily slaughter volume of group enterprises and downstream slaughter volume on prices [3] 3. Summary According to Relevant Catalogs Futures Market - Price Information: The previous day's closing prices for January, March, May, July, September, and November contracts are 13,205, 10,745, 11,470, 12,160, 13,115, and 13,030 respectively. The price changes are 5, 100, - 95, 30, 20, and 20, with corresponding price change rates of 0.04%, 0.94%, - 0.82%, 0.25%, 0.15%, and 0.15% [2] - Trading Volume and Open Interest: The trading volumes are 291, 30,850, 46,228, 6,147, 3,382, and 1,018 respectively. The open interests are 2,488, 51,980, 149,549, 50,025, 38,008, and 24,047 respectively. The changes in open interests are 116, - 8,063, 1,842, - 99, 516, and 259 respectively [2] - Price Spreads: The current price spreads for January - March, March - May, May - July, July - September, September - November, and November - January are 2,460, - 725, - 690, - 955, 85, and - 175 respectively, compared with previous values of 2,555, - 920, - 565, - 965, 85, and - 190 [2] Spot Market - Spot Prices: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning are 11.82, 10.8, 11.45, 11.47, 11.47, and 11.69 yuan/ton respectively. The price changes are - 0.27, - 21.69, - 0.12, - 0.07, - 0.1, and - 0.12 [2] Warehouse Receipts - The number of warehouse receipts is 727, with no change [2]