生猪：降重驱动将至，近端压力放大

Report Summary 1. Report Industry Investment Rating - The trend strength is -2, indicating the most bearish view [3]. 2. Core View - The report is titled "Pigs: The Driving Force of Weight Reduction is Approaching, and the Near - term Pressure is Amplified" [1]. 3. Summary by Directory 3.1 Pig Fundamental Data - Spot Prices: Henan spot price is 9,930 yuan/ton, down 50 yuan; Sichuan spot price is 9,850 yuan/ton, down 200 yuan; Guangdong spot price is 10,510 yuan/ton, down 350 yuan [2]. - Futures Prices: The price of Live Pig 2605 is 10,220 yuan/ton, down 115 yuan; Live Pig 2607 is 11,280 yuan/ton, down 90 yuan; Live Pig 2609 is 12,575 yuan/ton, up 75 yuan [2]. - Trading Volume and Open Interest: For Live Pig 2605, the trading volume is 148,035 lots, down 27,412 lots, and the open interest is 203,669 lots, up 3,858 lots; for Live Pig 2607, the trading volume is 39,134 lots, down 14,882 lots, and the open interest is 74,575 lots, up 2,375 lots; for Live Pig 2609, the trading volume is 24,315 lots, down 7,262 lots, and the open interest is 66,889 lots, up 1,994 lots [2]. - Price Spreads: The basis of Live Pig 2605 is - 290 yuan/ton, up 65 yuan; the basis of Live Pig 2607 is - 1350 yuan/ton, up 40 yuan; the basis of Live Pig 2609 is - 2645 yuan/ton, down 125 yuan; the spread between Live Pig 5 - 7 is - 1060 yuan/ton, down 25 yuan; the spread between Live Pig 7 - 9 is - 1295 yuan/ton, down 165 yuan [2].