申万期货品种策略日报-生猪（LH）-20260330

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The national average price of live pigs is reported at 9.37 yuan per kilogram, continuing a slight downward trend, and the industry remains in deep - seated losses. The core contradiction in the current market lies in abundant supply and weak demand. In the short term, without obvious positive support for demand, pig prices are expected to continue to maintain a narrow bottom - grinding pattern, and market sentiment is cautious [3] 3. Summary According to the Catalog Futures Market - Price and Change: The previous day's closing prices for January, March, May, July, September, and November contracts were 13425, 13195, 9965, 11180, 12520, and 12905 respectively. The price changes were - 160, 3290, 130, - 70, - 20, and - 50, with corresponding percentage changes of - 1.18%, 33.22%, 1.32%, - 0.62%, - 0.16%, and - 0.39% [2] - Trading Volume and Open Interest: The trading volumes were 7603, 4894, 209062, 63757, 29355, and 10753 respectively. The open interests were 27564, 3481, 202586, 88401, 80672, and 47631 respectively, with changes of 1410, 3481, - 16816, 4219, 3524, and 1693 [2] - Price Spreads: The current price spreads for 1 - 3 months, 3 - 5 months, 5 - 7 months, 7 - 9 months, 9 - 11 months, and 11 - 1 months are 230, 3230, - 1215, - 1340, - 385, and - 520 respectively, compared to previous values of 3680, 70, - 1415, - 1290, - 415, and - 630 [2] Spot Market - Spot Prices: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning are 9.46, 9.36, 9.32, 10.05, 9.11, and 9.11 yuan per ton respectively, with price changes of - 0.12, - 18.8, 0, 0, 0, and 0 [2] Warehouse Receipts - The number of warehouse receipts the day before was 483, a decrease of 526 compared to two days ago [2]