申万期货品种策略日报-生猪（LH）-20260212

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Views - The futures and spot markets of the pig industry show a divergent trend. The main futures contract LH2605 closed slightly up 0.30% to 11,555 yuan/ton, and market sentiment rebounded slightly. However, the spot market remained weak, with the national average price falling to 11.44 yuan/kg. The core contradiction lies in the oversupply situation. [2] - The daily output of large-scale farms increased to 351,400 heads, while the sales of slaughtered pork were sluggish, and demand was weak. The self-breeding and self-raising model in the industry has fallen into losses. It is expected that there is no strong basis for a short-term rebound in pig prices, and the market tomorrow may show a narrow-range fluctuation and a generally stable trend. [4] Group 3: Summary Based on the Directory Futures Market - Price and Change: The previous day's closing prices of contracts in January, March, May, July, September, and November were 13,285, 10,845, 11,555, 12,260, 13,210, and 13,150 respectively, with price increases of 80, 100, 85, 100, 95, and 120, and increases of 0.61%, 0.93%, 0.74%, 0.82%, 0.72%, and 0.92% respectively. [2] - Trading Volume and Open Interest: The trading volumes were 406, 22,688, 52,452, 7,703, 5,579, and 2,487 respectively, and the open interests were 2,662, 46,259, 147,570, 50,197, 37,733, and 24,032 respectively. The changes in open interests were +174, -5,721, -1,979, +172, -275, and -15 respectively. [2] - Price Spreads: The current price spreads between January - March, March - May, May - July, July - September, September - November, and November - January were 2,440, -710, -705, -950, 60, and -135 respectively, compared with previous values of 2,460, -725, -690, -955, 85, and -175 respectively. [2] Spot Market - Price and Change: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning were 11.94, 10.8, 11.21, 11.47, 11.47, and 11.6 yuan/ton respectively, with price changes of 0.12, -21.6, -0.24, 0, 0, and -0.09 respectively. [2] Warehouse Receipts - The number of warehouse receipts was 727 on the previous day, with no change from two days ago. [2]