申万期货品种策略日报-生猪（LH）-20260317

Report Industry Investment Rating - Not provided Core View of the Report - The national live pig market shows a weak and stable trend The national average price is 10.10 yuan/kg, slightly up 0.01 yuan/kg from the previous day, with limited overall fluctuations The price has dropped by about 30% compared with the same period last year, and the industry is still in the low - running range Market sentiment is cautious, with most areas expected to remain stable and some may continue narrow - range adjustments [2][4] Summary by Relevant Content Areas Futures Market - Price Changes: The 1 - month contract price rose 20 to 13840, with a 0.14% increase; the 3 - month contract remained unchanged at 10180; the 5 - month contract fell 340 to 10810, a 3.05% drop; the 7 - month contract fell 205 to 12140, a 1.66% decline; the 9 - month contract fell 105 to 13060, a 0.80% decrease; the 11 - month contract fell 50 to 13320, a 0.37% decline [2] - Trading Volume and Open Interest: The trading volumes of 1 - month, 3 - month, 5 - month, 7 - month, 9 - month, and 11 - month contracts are 3078, 0, 141410, 19614, 15270, and 4275 respectively The open interests are 19608, 111, 202762, 62741, 61184, and 39879 respectively, with changes of 1031, - 4, 11656, 1180, 2430, and 385 respectively [2] - Spreads: The current spreads of 1 - month - 3 - month, 3 - month - 5 - month, 5 - month - 7 - month, 7 - month - 9 - month, 9 - month - 11 - month, and 11 - month - 1 - month are 3660, - 630, - 1330, - 920, - 260, and - 520 respectively, compared with previous values of 3640, - 970, - 1195, - 820, - 205, and - 450 [2] Spot Market - Price Changes: In different provinces, the current spot prices of live pigs are 10.23 yuan/kg in Henan, 10.07 yuan/kg in Sichuan, 10.17 yuan/kg in Hunan, 10.71 yuan/kg in Guangdong, 10.08 yuan/kg in Guangxi, and 9.86 yuan/kg in Liaoning, with price changes of 0.06, - 20.18, 0, 0, - 0.04, and 0.15 respectively compared with the previous day [2] Warehouse Receipts - The number of warehouse receipts is 1132, a decrease of 1 from the day before the previous day [2]