生猪：降重不及预期，中枢将再度下移

Group 1: Report Core View - The weight reduction of live pigs fails to meet expectations, and the price center will move down again [1] Group 2: Industry Investment Rating - The trend strength is -1, indicating a relatively bearish view on the live pig market, with the range of trend strength being integers from -2 to 2, where -2 is the most bearish and 2 is the most bullish [2] Group 3: Summary by Directory Fundamental Tracking - Price Data: Henan spot price is 9,430 yuan/ton, down 100 yuan/ton; Sichuan spot price is 9,350 yuan/ton, unchanged; Guangdong spot price is 10,160 yuan/ton, unchanged; Live pig 2605 futures price is 9,965 yuan/ton, up 130 yuan/ton; Live pig 2607 futures price is 11,180 yuan/ton, down 70 yuan/ton; Live pig 2609 futures price is 12,520 yuan/ton, down 20 yuan/ton [1] - Trading Volume and Open Interest: The trading volume of live pig 2605 is 209,062 lots, an increase of 33,050 lots from the previous day, with an open interest of 202,586 lots, a decrease of 16,816 lots; The trading volume of live pig 2607 is 63,757 lots, an increase of 19,057 lots, with an open interest of 88,401 lots, an increase of 4,219 lots; The trading volume of live pig 2609 is 29,355 lots, an increase of 1,729 lots, with an open interest of 80,672 lots, an increase of 3,524 lots [1] - Spread Data: The basis of live pig 2605 is -535 yuan/ton, down 230 yuan/ton; The basis of live pig 2607 is -1,750 yuan/ton, down 30 yuan/ton; The basis of live pig 2609 is -3,090 yuan/ton, down 80 yuan/ton; The spread between live pig 2605 and 2607 is -1,215 yuan/ton, up 200 yuan/ton; The spread between live pig 2607 and 2609 is -1,340 yuan/ton, down 50 yuan/ton [1]