申万期货品种策略日报-生猪（LH）-20260316

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - The pig market shows regional differentiation. The northern market has narrow price fluctuations over the weekend, with stable terminal consumption, sporadic restocking for secondary fattening, and a slight reduction in local slaughter, supporting a slightly stronger price. However, the overall supply and demand are matched, lacking the impetus for continuous growth. It is expected that the short - term slaughter volume may increase, and the market may fluctuate weakly. The southern market has a stalemate between supply and demand, with stable mainstream prices and possible daily fluctuations in some areas affected by the supply rhythm. Currently, the supply is still abundant, and the short - term market is also expected to operate weakly. Overall, the market lacks significant positive factors, and short - term prices are likely to be under pressure [2][4] Group 3: Summary by Relevant Catalog Futures Market - Price and Change: The previous day's closing prices for January, March, May, July, September, and November contracts are 13820, 10180, 11150, 12345, 13165, and 13370 respectively. The price changes are 30, 0, 20, 55, 40, and 50, with corresponding percentage changes of 0.22%, 0.00%, 0.18%, 0.45%, 0.30%, and 0.38% [2] - Volume and Position: The trading volumes are 2523, 2, 66348, 10662, 10206, and 3781 respectively. The positions are 18577, 115, 191106, 61561, 58754, and 39494 respectively, with position changes of 473, - 14, - 2548, - 301, 909, and 686 [2] - Spread: The current spreads of 1 - 3 months, 3 - 5 months, 5 - 7 months, 7 - 9 months, 9 - 11 months, and 11 - 1 months are 3640, - 970, - 1195, - 820, - 205, and - 450 respectively, compared with previous values of 3610, - 950, - 1160, - 835, - 195, and - 470 [2] Spot Market - Price and Change: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning are 10.17, 10.11, 10.17, 10.71, 10.12, and 9.71 yuan/ton respectively. The price changes are 0.08, - 20.22, 0.1, 0.2, 0.01, and - 0.06 [2] Warehouse Receipts - The number of warehouse receipts is 1133, with no change [2]