申万期货品种策略日报-生猪（LH）-20260326

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The hog market continues to be weak, with an average ex - factory price of 9.5 yuan/kg for live hogs of the outer three - yuan variety across the country, down 0.09 yuan/kg from the previous day. The market has an obvious oversupply situation, with general enthusiasm for second - fattening and frozen product warehousing, limited demand growth, and a pessimistic sentiment. The price is mainly oscillating at the bottom, lacking short - term rebound momentum. The overall market remains in a downturn [3]. 3. Summary According to Relevant Catalogs Futures Market - Prices: The previous day's closing prices for January, March, May, July, September, and November contracts were 13645, 9000, 9980, 11310, 12595, and 13010 respectively. Compared with the prices two days ago, the price changes were 0, 0, - 65, 60, 110, and 105, with percentage changes of 0.00%, 0.00%, - 0.65%, 0.53%, 0.88%, and 0.81% respectively [2]. - Trading Volume and Open Interest: The trading volumes were 7364, 0, 133743, 41805, 26821, and 10619 respectively, and the open interests were 25375, 23, 213787, 81765, 74205, and 45072 respectively. The changes in open interest were 1805, - 1, 1529, 3983, 2769, and 1885 respectively [2]. - Spreads: The current spreads for 1 - 3 months, 3 - 5 months, 5 - 7 months, 7 - 9 months, 9 - 11 months, and 11 - 1 month were 4645, - 980, - 1330, - 1285, - 415, and - 635 respectively, compared with the previous values of 4645, - 1045, - 1205, - 1235, - 420, and - 740 [2]. Spot Market - Prices: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning were 9.71, 9.51, 9.33, 10.01, 9.28, and 9.25 yuan/ton respectively, with price changes of - 0.07, - 19.18, - 0.1, - 0.01, - 0.09, and - 0.08 compared with the previous day [2]. Warehouse Receipts - The number of warehouse receipts the previous day was 1009, a decrease of 23 compared with two days ago [2]. Market Data - The price of standard hogs was 9.50 yuan/kg, and the price of fat hogs was 10.13 yuan/kg, with a price difference of 0.63 yuan/kg. The daily出栏量 of key breeding enterprises was 298878 heads, a slight increase of 0.31%. The average出栏 weight was 123.56 kg, a slight increase. The total slaughter volume of slaughtering enterprises was 136340 heads, a slight increase of 0.081%. The self - breeding and self - raising daily loss was 333.37 yuan/head, and the loss of purchasing piglets was 224.8 yuan/head [3].