生猪：现货再度转弱，降重驱动将至

Report Summary 1. Report Industry Investment Rating - The trend strength is -2, indicating the most bearish view. The range of trend strength is an integer within the [-2, 2] interval, with -2 being the most bearish and 2 being the most bullish [3]. 2. Core View - The spot price of live pigs has weakened again, and the driving force for weight reduction is approaching [1]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - Spot Prices: The Henan spot price is 9,980 yuan/ton, down 50 yuan; the Sichuan spot price is 10,050 yuan/ton, down 100 yuan; the Guangdong spot price is 10,860 yuan/ton, unchanged [2]. - Futures Prices: The prices of live pig futures contracts 2605, 2607, and 2609 are 10,335 yuan/ton (down 140 yuan), 11,370 yuan/ton (down 280 yuan), and 12,500 yuan/ton (down 140 yuan) respectively [2]. - Trading Volume and Open Interest: The trading volume of live pig 2605 is 175,447 lots, an increase of 25,678 lots; the open interest is 199,811 lots, a decrease of 4,867 lots. The trading volume of live pig 2607 is 54,016 lots, an increase of 4,986 lots; the open interest is 72,200 lots, an increase of 783 lots. The trading volume of live pig 2609 is 31,577 lots, a decrease of 3,492 lots; the open interest is 64,895 lots, an increase of 298 lots [2]. - Price Spreads: The basis of live pig 2605 is -355 yuan/ton, up 90 yuan; the basis of live pig 2607 is -1390 yuan/ton, up 230 yuan; the basis of live pig 2609 is -2520 yuan/ton, up 90 yuan. The spread between live pig 5 - 7 is -1035 yuan/ton, up 140 yuan; the spread between live pig 7 - 9 is -1130 yuan/ton, down 140 yuan [2].