生猪：去库不及预期，中枢继续下移

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The de - stocking of the pig industry fails to meet expectations, and the price center continues to move down [1] 3. Summary by Related Catalogs 3.1 Pig Fundamental Data - Spot Prices: Henan spot price is 9,380 yuan/ton with a year - on - year decrease of 50 yuan/ton; Sichuan spot price is 9,200 yuan/ton with a year - on - year decrease of 150 yuan/ton; Guangdong spot price is 10,160 yuan/ton with no year - on - year change [2] - Futures Prices: The price of live hog 2605 is 10,005 yuan/ton with a year - on - year increase of 40 yuan/ton; the price of live hog 2607 is 11,065 yuan/ton with a year - on - year decrease of 115 yuan/ton; the price of live hog 2609 is 12,275 yuan/ton with a year - on - year decrease of 245 yuan/ton [2] - Trading Volume and Open Interest: For live hog 2605, the trading volume is 131,149 lots with a decrease of 77,913 lots from the previous day, and the open interest is 189,319 lots with a decrease of 13,267 lots from the previous day; for live hog 2607, the trading volume is 39,091 lots with a decrease of 24,666 lots from the previous day, and the open interest is 91,019 lots with an increase of 2,618 lots from the previous day; for live hog 2609, the trading volume is 30,050 lots with an increase of 695 lots from the previous day, and the open interest is 83,715 lots with an increase of 3,043 lots from the previous day [2] - Price Spreads: The basis of live hog 2605 is - 625 yuan/ton with a year - on - year decrease of 90 yuan/ton; the basis of live hog 2607 is - 1,685 yuan/ton with a year - on - year increase of 65 yuan/ton; the basis of live hog 2609 is - 2,895 yuan/ton with a year - on - year increase of 195 yuan/ton; the spread between live hog 5 - 7 is - 1,060 yuan/ton with a year - on - year increase of 155 yuan/ton; the spread between live hog 7 - 9 is - 1,210 yuan/ton with a year - on - year increase of 130 yuan/ton [2] 3.2 Trend Intensity - The trend intensity is - 1, indicating a weak - bearish view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [3]