申万期货品种策略日报-生猪（LH）-20260310

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The pig market continues its pattern of fluctuating and declining prices. The average ex-farm price of ternary pigs in China is 10.2 yuan/kg, down 0.05 yuan/kg from the previous day. The market is in a state of oversupply, with demand remaining weak, and prices are under pressure. The market may continue to fluctuate weakly in the short term [2][3] 3. Summary by Relevant Catalogs Futures Market - Prices: The previous day's closing prices for January, March, May, July, September, and November contracts were 13,810, 10,150, 11,200, 12,300, 13,210, and 13,400 respectively. The price changes were 50, 0, 40, 120, 70, and 20, with corresponding percentage changes of 0.36%, 0.00%, 0.36%, 0.99%, 0.53%, and 0.15% [2] - Trading Volume: The trading volumes for January, March, May, July, September, and November contracts were 6,728, 0, 175,079, 22,294, 28,181, and 11,944 respectively [2] - Open Interest: The open interests for January, March, May, July, September, and November contracts were 14,962, 165, 180,023, 59,659, 54,247, and 36,366 respectively, with changes of 2,094, -13, 6,829, 621, 170, and 1,225 [2] - Spreads: The current spreads for January - March, March - May, May - July, July - September, September - November, and November - January are 3,660, -1,050, -1,100, -910, -190, and -410 respectively, compared to previous values of 3,610, -1,010, -1,020, -960, -240, and -380 [2] Spot Market - Prices: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning are 10.37, 10.07, 10.03, 10.28, 10.02, and 10.04 yuan/ton respectively, with price changes of -0.16, -20.24, -0.1, -0.3, 0.05, and -0.03 [2] Warehouse Receipts - The number of warehouse receipts is 1,150, with no change [2]