申万期货品种策略日报-生猪（LH）-20260225

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The pig market shows a pattern of strong supply and weak demand. If there is no significant boost in the demand side, pig prices may continue the weak and volatile trend in the short term [3] 3. Summary by Relevant Catalog Futures Market - Price Changes: The previous day's closing prices for January, March, May, July, September, and November contracts were 13145, 10355, 11265, 12085, 13080, and 13040 respectively. Compared with the prices two days ago, the changes were 5, -385, -235, -135, -60, and -25, with corresponding changes of 0.04%, -3.58%, -2.04%, -1.10%, -0.46%, and -0.19% [2] - Trading Volume and Open Interest: The trading volumes were 735, 15726, 78533, 9582, 6360, and 2027 respectively, and the open interests were 3009, 28012, 152533, 51114, 38889, and 24007. The changes in open interest were 336, -2065, 15873, 1696, 1867, and 454 [2] - Price Spreads: The current values of the spreads between January - March, March - May, May - July, July - September, September - November, and November - January were 2790, -910, -820, -995, 40, and -105 respectively, compared with the previous values of 2400, -760, -720, -920, 75, and -75 [2] Spot Market - Price Changes: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning were 11.32, 11.47, 11.2, 11.74, 11.27, and 10.92 yuan/ton respectively. Compared with the previous values, the changes were -1.17, -22.77, -0.09, 0.07, -0.47, and -0.58 [2] Warehouse Receipts - Quantity and Change: The number of warehouse receipts the previous day was 1156, with an increase of 129 compared to two days ago [2] Market Analysis - Supply and Demand: The output of key breeding companies reached 219,300 heads, a month - on - month increase of 8.15%. The slaughter volume of slaughtering enterprises was 98,800 heads, a month - on - month increase of 20.89%, indicating a concentrated release of supply pressure [3] - Profit Situation: The average loss per head in the self - breeding and self - raising mode was 135.59 yuan, and the loss per head in the mode of purchasing piglets was 71.54 yuan [3]