申万期货品种策略日报-生猪（LH）-20260323

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The overall pig price in China is stable with a slight downward trend. The prices in the northern market have been slightly adjusted downwards over the weekend, and the terminal consumption is weak with limited demand growth. Although some large-scale farms have reduced their slaughter volume, the overall supply of pigs in the market is sufficient, providing insufficient support for prices. The southern market is also running weakly and stable, with active slaughter by farmers, a loose supply, and weak sales feedback from slaughtering enterprises. The current supply - demand pattern has not changed significantly, and the market lacks the impetus for continuous growth. It is expected that the pig prices in both the north and the south will be subject to narrow - range adjustments in the short term. The abundant supply of pigs and weak terminal consumption remain the main factors restricting the market [3]. 3. Summary According to the Catalog Futures Market - Price Changes: The previous day's closing prices for January, March, May, July, September, and November contracts were 13,545, 9,730, 10,220, 11,280, 12,575, and 12,805 respectively. Compared with the prices two days ago, the price changes were 140, 130, - 115, - 90, 75, and 95, with corresponding percentage changes of 1.04%, 1.35%, - 1.11%, - 0.79%, 0.60%, and 0.75% [2]. - Trading Volume and Open Interest: The trading volumes were 5,846, 0, 148,035, 39,134, 24,315, and 7,693 respectively. The open interests were 21,949, 42, 203,669, 74,575, 66,889, and 41,452 respectively, with changes of 1,149, - 13, 3,858, 2,375, 1,994, and 1,164 [2]. - Price Spreads: The current spreads for January - March, March - May, May - July, July - September, September - November, and November - January were 3,815, - 490, - 1,060, - 1,295, - 230, and - 740 respectively, compared with the previous values of 3,805, - 735, - 1,035, - 1,130, - 210, and - 695 [2]. Spot Market - Price Changes: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning were 10.02, 9.87, 9.87, 10.17, 9.64, and 9.66 yuan/ton respectively. Compared with the previous values, the price changes were 0, - 19.78, - 0.13, - 0.37, - 0.12, and - 0.08 [2]. Warehouse Receipts - The number of warehouse receipts was 1,051 on the previous day, the same as two days ago, with no change [2].