申万期货品种策略日报-生猪（LH）-20260224

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoint - The market will return to the basic pattern of "strong supply and weak demand" after the Spring Festival. The pig - price upward space is fundamentally restricted, but there won't be a panic - driven sharp decline due to the strong expectation of pig - price recovery in the second half of 2026. Short - term pig prices are expected to fluctuate at the bottom, with low possibilities of a significant upward or downward trend. However, be vigilant that the strong bullish sentiment may bring forward the upward trend to April or May, thus over - consuming the subsequent real market [2]. 3. Summary According to Related Catalog 3.1 Futures Market - Prices: The previous day's closing prices for different contract months (March, January, May, July, September, November) were 13140, 10740, 11500, 12220, 13140, 13065 respectively, with price drops of - 140, - 155, - 40, - 10, - 40, - 95 and corresponding percentage drops of - 1.05%, - 1.42%, - 0.35%, - 0.08%, - 0.30%, - 0.72% compared to the prices two days ago [2]. - Volume and Open Interest: The trading volumes were 776, 14122, 38318, 5391, 3861, 1809 respectively, and the open interests were 2673, 30077, 136660, 49418, 37022, 23553 respectively. The open - interest changes were - 22, - 5078, - 4468, - 351, - 443, - 365 respectively [2]. - Spreads: The current spreads for 1 - 3 months, 3 - 5 months, 5 - 7 months, 7 - 9 months, 9 - 11 months, 11 - 1 months were 2400, - 760, - 720, - 920, 75, - 75 respectively, compared to the previous values of 2385, - 645, - 690, - 950, 20, - 120 [2]. 3.2 Spot Market - Prices: The current spot prices in different regions (Henan, Sichuan, Hunan, Guangdong, Guangxi, Liaoning) were 12.49, 11.3, 11.29, 11.67, 11.74, 11.5 yuan/ton respectively, with price changes of 0.06, 0.31, - 22.1, 0.2, 0.2, 0 compared to the previous values [2]. 3.3 Warehouse Receipts - The number of warehouse receipts was 1027, with no change [2].