生猪：降重不及预期，中枢继续下移

1. Report Industry Investment Rating - The trend strength is -2, indicating the most bearish view [3] 2. Core View of the Report - The weight reduction of live pigs fails to meet expectations, and the price center continues to move down [1] 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - Spot Prices: The spot price in Henan is 9,530 yuan/ton, down 150 yuan; in Sichuan, it is 9,350 yuan/ton, down 50 yuan; in Guangdong, it is 10,160 yuan/ton, up 100 yuan [2] - Futures Prices: The price of Live Pig 2605 is 9,835 yuan/ton, down 145 yuan; Live Pig 2607 is 11,250 yuan/ton, down 60 yuan; Live Pig 2609 is 12,540 yuan/ton, down 55 yuan [2] - Trading Volume and Open Interest: The trading volume of Live Pig 2605 is 176,012 lots, an increase of 42,269 lots; the open interest is 219,402 lots, an increase of 5,615 lots. For Live Pig 2607, the trading volume is 44,700 lots, an increase of 2,895 lots; the open interest is 84,182 lots, an increase of 2,417 lots. For Live Pig 2609, the trading volume is 27,626 lots, an increase of 805 lots; the open interest is 77,148 lots, an increase of 2,943 lots [2] - Price Spreads: The basis of Live Pig 2605 is -305 yuan/ton, down 5 yuan; the basis of Live Pig 2607 is -1,720 yuan/ton, down 90 yuan; the basis of Live Pig 2609 is -3,010 yuan/ton, down 95 yuan. The spread between Live Pig 5 - 7 is -1,415 yuan/ton, down 85 yuan; the spread between Live Pig 7 - 9 is -1,290 yuan/ton, down 5 yuan [2]