申万期货品种策略日报-生猪（LH）-20260227

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The domestic hog market is in a stalemate. The average price of ternary hogs in the country is stable at 10.77 yuan/kg. The prices in major producing areas such as Henan have slightly increased, but the high - price areas like Guangdong remain unchanged, indicating a lack of unified upward momentum. The supply is relatively sufficient as the slaughter volume in most regions is stable or increasing, and the procurement of slaughtering enterprises is smooth. The demand is weak, with limited fresh sales boost and low willingness for frozen product warehousing. The market is in a weak supply - demand balance, and it is expected that the national hog price will continue to have narrow - range adjustments in the short term [3] Group 3: Summary of Futures Market - Price and Change: The previous day's closing prices of hog futures for January, March, May, July, September, and November were 13390, 10120, 11395, 12360, 13330, and 13280 respectively. The price changes were 50, - 275, - 70, 15, 20, and 15, with corresponding price change rates of 0.37%, - 2.65%, - 0.61%, 0.12%, 0.15%, and 0.11% [2] - Trading Volume and Open Interest: The trading volumes were 1171, 15271, 54028, 9060, 6867, and 1941 respectively, and the open interests were 4210, 16629, 154348, 53361, 43162, and 26056 respectively. The changes in open interest were 396, - 8167, - 119, 553, 1294, and 344 [2] - Price Spreads: The current price spreads of January - March, March - May, May - July, July - September, September - November, and November - January were 3270, - 1275, - 965, - 970, 50, and - 110 respectively, compared with the previous values of 2945, - 1070, - 880, - 965, 45, and - 75 [2] Group 4: Summary of Spot Market - Spot Prices: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning were 11.06, 10.76, 10.75, 11.21, 10.6, and 10.52 yuan/ton respectively. The price changes were 0.07, - 21.63, - 0.02, 0, 0.08, and 0.07 [2] Group 5: Summary of Warehouse Receipts - The number of warehouse receipts was 1156 on the previous day and the day before, with no change [2]