生猪：去库降重或将启动，现货承压

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The de - stocking and weight - reduction of live pigs may start, putting pressure on the spot market [1] 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - Spot Prices: Henan spot price is 10,180 yuan/ton with a year - on - year increase of 100 yuan/ton; Sichuan spot price is 10,250 yuan/ton with no year - on - year change; Guangdong spot price is 10,860 yuan/ton with a year - on - year increase of 200 yuan/ton [2] - Futures Prices: The price of live pig 2605 is 11,150 yuan/ton with a year - on - year increase of 20 yuan/ton; live pig 2607 is 12,345 yuan/ton with a year - on - year increase of 55 yuan/ton; live pig 2609 is 13,165 yuan/ton with a year - on - year increase of 40 yuan/ton [2] - Trading Volume and Open Interest: For live pig 2605, the trading volume is 66,348 lots, a decrease of 21,868 lots from the previous day, and the open interest is 191,106 lots, a decrease of 2,548 lots from the previous day; for live pig 2607, the trading volume is 10,662 lots, a decrease of 2,690 lots from the previous day, and the open interest is 61,561 lots, a decrease of 301 lots from the previous day; for live pig 2609, the trading volume is 10,206 lots, a decrease of 3,017 lots from the previous day, and the open interest is 58,754 lots, an increase of 909 lots from the previous day [2] - Price Spreads: The basis of live pig 2605 is - 970 yuan/ton with a year - on - year increase of 80 yuan/ton; the basis of live pig 2607 is - 2,165 yuan/ton with a year - on - year increase of 45 yuan/ton; the basis of live pig 2609 is - 2,985 yuan/ton with a year - on - year increase of 60 yuan/ton; the spread between live pig 5 - 7 is - 1,195 yuan/ton with a year - on - year decrease of 35 yuan/ton; the spread between live pig 7 - 9 is - 820 yuan/ton with a year - on - year increase of 15 yuan/ton [2] 3.2 Trend Intensity - The trend intensity is - 1, with the range of trend intensity being integers in the interval [-2, 2]. - 2 represents the most bearish view, and 2 represents the most bullish view [3]