申万期货品种策略日报：生猪（LH）-20260305

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The current live hog market continues the pattern of weak and stable fluctuations with regional differentiation. The average price of三元hogs in China is 10.38 yuan/kg, showing a slight month - on - month decline. The market is in a loss - bottoming stage under the pattern of "strong supply and weak demand", and it is expected that the hog price will remain weak below the cost line in the short term without strong rebound momentum [2][4] 3. Summary According to Relevant Catalogs Futures Market - Price and Change: The previous day's closing prices of futures contracts in January, March, May, July, September, and November were 13545, 10105, 11130, 12245, 13230, and 13305 respectively. The price changes were 115, 5, - 20, - 125, - 90, and 0, with corresponding price change rates of 0.86%, 0.05%, - 0.18%, - 1.01%, - 0.68%, and 0.00% [2] - Trading Volume and Open Interest: The trading volumes were 0, 47, 77474, 12321, 9287, and 4236 respectively. The open interests were 7471, 199, 169609, 55523, 50567, and 31663 respectively, with open interest changes of 1725, - 24, 4945, 474, 2826, and 1959 [2] - Price Spreads: The current price spreads of 1 - 3 months, 3 - 5 months, 5 - 7 months, 7 - 9 months, 9 - 11 months, and 11 - 1 month were 3440, - 1025, - 1115, - 985, - 75, and - 240 respectively, compared with the previous values of 3330, - 1050, - 1220, - 950, 15, and - 125 [2] Spot Market - Spot Prices: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning were 0, 10.17, 10.39, 11.01, 10.28, and 10.07 yuan/ton respectively, with price changes of - 10.79, - 0.1, - 0.2, - 0.22, - 0.29, and - 0.09 compared with the previous values [2] Warehouse Receipts - The number of warehouse receipts the day before was 0, with a decrease of 1156 compared with two days ago [2]