生猪：商品情绪影响兑现，回归产业逻辑

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core View of the Report - The report focuses on the pig market, stating that the impact of commodity sentiment has been realized, and the market is returning to the industrial logic [1]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - Spot Prices: Henan spot price is 10,480 yuan/ton with a year - on - year decrease of 50; Sichuan spot price is 10,350 yuan/ton with a year - on - year decrease of 50; Guangdong spot price is 10,860 yuan/ton with a year - on - year decrease of 100 [2]. - Futures Prices: The price of pig2605 is 11,200 yuan/ton with a year - on - year increase of 40; pig2607 is 12,300 yuan/ton with a year - on - year increase of 120; pig2609 is 13,210 yuan/ton with a year - on - year increase of 70 [2]. - Trading Volume and Open Interest: For pig2605, the trading volume is 175,079 hands with an increase of 93,513 compared to the previous day, and the open interest is 180,023 hands with an increase of 6,829 compared to the previous day. For pig2607, the trading volume is 22,294 hands with an increase of 7,296, and the open interest is 59,659 hands with an increase of 621. For pig2609, the trading volume is 28,181 hands with an increase of 7,293, and the open interest is 54,247 hands with an increase of 170 [2]. - Basis and Spreads: The basis of pig2605 is - 80 yuan/ton; pig2607 is - 910 yuan/ton with a year - on - year increase of 50; pig2609 is - 720 yuan/ton with a year - on - year decrease of 90. The pig 5 - 7 spread is - 1,820 yuan/ton with a year - on - year decrease of 170; the pig 7 - 9 spread is - 2,730 yuan/ton with a year - on - year decrease of 120; and another spread data is - 1,100 [2]. 3.2 Trend Intensity - The trend intensity is - 2, indicating the most bearish view. The trend intensity value ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [2].