申万期货品种策略日报-生猪（LH）-20260319

Report Industry Investment Rating - Not provided Core View of the Report - The national average ex-farm price of ternary live pigs is 10.05 yuan/kg, slightly down 0.01 yuan/kg from the previous day, and the overall price continues to operate at a low level. The market shows signs of bottoming out. As the price drops, secondary fattening and frozen product warehousing increase slightly, and the price stops falling and stabilizes. However, terminal consumption remains weak, and there is no obvious positive support in the short term. It is expected that the pig price will mainly fluctuate at the bottom. The industry is under great pressure as both self - breeding and self - fattening and purchasing piglets for fattening are in deep losses. Overall, the market has both long and short factors, and it may maintain a weak consolidation in the short term [2][3] Summary by Relevant Catalogs Futures Market - Price and Change: The previous day's closing prices of futures contracts for January, March, May, July, September, and November are 13,810, 10,180, 10,695, 12,115, 13,085, and 13,295 respectively. Compared with the prices two days ago, the price changes are - 30, 0, - 115, - 25, 25, and - 25, with corresponding percentage changes of - 0.22%, 0.00%, - 1.06%, - 0.21%, 0.19%, and - 0.19% [2] - Trading Volume and Open Interest: The trading volumes are 4,996, 7, 131,400, 20,734, 14,714, and 4,507 respectively. The open interests are 20,179, 101, 202,398, 66,232, 62,323, and 40,594 respectively. The changes in open interest are 571, - 10, - 364, 3,491, 1,139, and 715 respectively [2] - Spread: The current spreads of January - March, March - May, May - July, July - September, September - November, and November - January are 3,630, - 515, - 1,420, - 970, - 210, and - 515 respectively, compared with the previous spreads of 3,660, - 630, - 1,330, - 920, - 260, and - 520 [2] Spot Market - Price and Change: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning are 10.14, 10.07, 10.17, 10.71, 9.99, and 9.86 yuan/ton respectively. Compared with the previous prices, the changes are - 0.09, - 20.14, 0, 0, - 0.09, and 0 [2] Warehouse Receipts - The number of warehouse receipts is 1,132, with no change from the previous two days [2]