申万期货品种策略日报-生猪（LH）-20260213

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The futures main contract LH2605 slightly declined by 0.13% to 11,540 yuan/ton. The average price of national outer ternary live pigs was reported at 11.52 yuan/kg, slightly up 0.03 yuan/kg from the previous day. The market shows a regional differentiation pattern. The market at the slaughter end features "contraction in the north and stability in the south". As the Spring Festival approaches, pre - festival stocking is coming to an end. The market supply and demand both tend to weaken, with the north entering the pre - festival quiet period earlier than the south. Short - term pig prices may show a narrow - range fluctuation supported by sentiment and local stocking, but the overall upside space is limited. Attention should be paid to the change in the slaughter sentiment of the breeding end and the post - festival consumption recovery rhythm [2] 3. Summary by Relevant Catalogs Futures Market - Price and Fluctuation: The previous day's closing prices of futures contracts in January, March, May, July, September, and November were 13,280, 10,895, 11,540, 12,230, 13,180, and 13,160 respectively. The price changes were - 5, 50, - 15, - 30, - 30, and 10, with corresponding percentage changes of - 0.04%, 0.46%, - 0.13%, - 0.24%, - 0.23%, and 0.08% [2] - Trading Volume and Open Interest: The trading volumes were 174, 23,297, 43,604, 4,822, 2,624, and 1,144 respectively. The open interests were 2,695, 35,155, 141,128, 49,769, 37,465, and 23,918 respectively, with changes of 33, - 11,104, - 6,442, - 428, - 268, and - 114 [2] - Price Spreads: The current price spreads of "January - March", "March - May", "May - July", "July - September", "September - November", and "November - January" were 2,385, - 645, - 690, - 950, 20, and - 120 respectively, compared with the previous values of 2,440, - 710, - 705, - 950, 60, and - 135 [2] Spot Market - Price and Fluctuation: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning were 12.18, 10.8, 11.23, 11.47, 11.54, and 11.5 yuan/ton respectively, with changes of 0.24, - 21.6, 0.02, 0, 0.07, and - 0.1 compared with the previous values [2] Warehouse Receipts - The number of warehouse receipts the day before the previous day was 727, and the number the previous day was 1027, with an increase of 300 [2]