申万期货品种策略日报-生猪（LH）-20260325

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The recent live hog market shows a weak and volatile pattern. The average price of ternary live hogs nationwide has slightly declined to 9.59 yuan/kg, with obvious regional price differences. The supply pressure has slightly eased but remains sufficient. The industry is still in a deep - loss stage due to the oversupply situation [3]. 3. Summary by Relevant Catalogs Futures Market - The previous day's closing prices of live hog futures for January, March, May, July, September, and November are 13645, 9000, 10045, 11250, 12485, and 12905 respectively. The price changes are 50, - 300, 65, 220, 185, and 180, with corresponding price change rates of 0.37%, - 3.23%, 0.65%, 1.99%, 1.50%, and 1.41% [2]. - The trading volumes are 4142, 1, 157586, 41268, 21721, and 6722 respectively. The open interests are 23570, 24, 212258, 77782, 71436, and 43187 respectively, and the changes in open interests are 1245, - 3, 5002, 1697, 1427, and 1415 respectively [2]. - The current spreads of January - March, March - May, May - July, July - September, September - November, and November - January are 4645, - 1045, - 1205, - 1235, - 420, and - 740 respectively, compared with the previous values of 4295, - 680, - 1050, - 1270, - 425, and - 870 [2]. Spot Market - The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning are 9.78, 9.67, 9.43, 10.02, 9.37, and 9.33 yuan/ton respectively, with price changes of - 0.1, - 19.43, - 0.09, - 0.01, - 0.02, and - 0.15 [2]. Warehouse Receipts - The number of warehouse receipts the previous day is 1032, a decrease of 19 compared with the day before [2].