生猪：去库降重将启动，持续时间或超预期

Report Summary 1. Report Industry Investment Rating - The trend strength is -2, indicating the most bearish view [3] 2. Core View - The de - stocking and weight - reduction of live pigs will start, and the duration may exceed expectations [1] 3. Summary by Relevant Catalog 3.1 Pig Fundamental Data - Spot Prices: Henan spot price is 10,130 yuan/ton, down 100 yuan/ton year - on - year; Sichuan spot price is 10,250 yuan/ton, unchanged year - on - year; Guangdong spot price is 10,860 yuan/ton, unchanged year - on - year [2] - Futures Prices: The price of live pig 2605 is 10,695 yuan/ton, down 115 yuan/ton year - on - year; live pig 2607 is 12,115 yuan/ton, down 25 yuan/ton year - on - year; live pig 2609 is 13,085 yuan/ton, up 25 yuan/ton year - on - year [2] - Trading Volume and Open Interest: For live pig 2605, the trading volume is 131,400 lots, down 10,010 lots from the previous day, and the open interest is 202,398 lots, down 364 lots from the previous day; for live pig 2607, the trading volume is 20,734 lots, up 1,120 lots from the previous day, and the open interest is 66,232 lots, up 3,491 lots from the previous day; for live pig 2609, the trading volume is 14,714 lots, down 556 lots from the previous day, and the open interest is 62,323 lots, up 1,139 lots from the previous day [2] - Price Spreads: The basis of live pig 2605 is - 565 yuan/ton, up 15 yuan/ton year - on - year; the basis of live pig 2607 is - 1,985 yuan/ton, down 75 yuan/ton year - on - year; the basis of live pig 2609 is - 2,955 yuan/ton, down 125 yuan/ton year - on - year; the 5 - 7 spread of live pig is - 1,420 yuan/ton, down 90 yuan/ton year - on - year; the 7 - 9 spread of live pig is - 970 yuan/ton, down 50 yuan/ton year - on - year [2]