申万期货品种策略日报-生猪（LH）-20260311

Report Industry Investment Rating - Not provided Core View - The national live pig market continues its weak adjustment. It is expected that the short - term decline in national pig prices will narrow, and the overall trend will be mainly volatile adjustment [2][3] Summary According to Relevant Catalogs Futures Market - Price Information: The previous day's closing prices for January, March, May, July, September, and November contracts were 13790, 10110, 11180, 12285, 13200, and 13350 respectively. Compared with the prices two days ago, they decreased by -20, -40, -20, -15, -10, and -50, with corresponding decline rates of -0.14%, -0.39%, -0.18%, -0.12%, -0.08%, and -0.37% [2] - Trading Volume and Open Interest: The trading volumes were 1927, 11, 69103, 7814, 10876, and 5296 respectively, and the open interests were 15514, 149, 182346, 60108, 55207, and 37216 respectively. The changes in open interest were 552, -16, 2323, 449, 960, and 850 respectively [2] - Price Spreads: The current price spreads of January - March, March - May, May - July, July - September, September - November, and November - January were 3680, -1070, -1105, -915, -150, and -440 respectively, compared with the previous values of 3660, -1050, -1100, -910, -190, and -410 [2] Spot Market - Spot Prices: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning were 10.31, 10.11, 10.06, 10.3, 10.02, and 9.98 yuan/ton respectively. Compared with the previous values, the changes were -0.06, -20.18, 0.03, 0.02, 0, and -0.06 [2] Warehouse Receipts - The number of warehouse receipts was 1150 for both the previous day and two days ago, with no change [2] Market Analysis - Supply: Key breeding enterprises' slaughter volume reached 304,600 heads, a month - on - month increase of 3.69%, and the average slaughter weight was 123.17 kg, remaining at a high level. The slaughter volume of sample slaughterhouses increased slightly by 0.01% [2][3] - Profit Situation: Although the breeding losses are still severe, they have slightly narrowed, with a loss of 238.85 yuan per self - breeding and self - raising pig [3] - Regional Situation: Currently, the supply in the north is abundant while the demand is weak, and the support from secondary fattening in the south has weakened [3]