申万期货品种策略日报：生猪（LH）-20260401

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The national live pig market shows a stable and narrow - adjustment pattern. The national average price remains at 9.42 yuan/kg, unchanged from the previous day. There are obvious regional price differences, with high prices in Guangdong remaining stable and low prices in Guizhou rebounding slightly. The slaughter end reports that the supply of live pigs in the market is generally sufficient, and enterprise procurement is smooth. Most areas' slaughter volume only shows a narrow - range change. It is expected that the pig price will continue to be mainly in a state of waiting or narrow - range adjustment in the short term. The piglet market is the focus today, with prices generally falling to 180 - 220 yuan/head, but the transactions are light, and the enthusiasm of the breeding end for replenishment is generally weak. Overall, the market supply is sufficient while the demand is flat, and the short - term market lacks the impetus for significant fluctuations [2][3] 3. Summary by Relevant Catalogs Futures Market - Prices: The previous day's closing prices for January, March, May, July, September, and November contracts were 12915, 12565, 9770, 10730, 11810, and 12180 respectively. Compared with two days ago, the price changes were - 250, - 380, - 235, - 335, - 465, and - 465, with corresponding percentage changes of - 1.90%, - 2.94%, - 2.35%, - 3.03%, - 3.79%, and - 3.68% [2] - Trading Volume: The trading volumes for January, March, May, July, September, and November contracts were 12424, 3247, 188706, 73300, 66455, and 20257 respectively [2] - Open Interest: The open interests for January, March, May, July, September, and November contracts were 31875, 5436, 187160, 97774, 92625, and 49997 respectively, with changes of 2605, 1120, - 2159, 6755, 8910, and 1714 [2] - Spreads: The current spreads of January - March, March - May, May - July, July - September, September - November, and November - January are 350, 2795, - 960, - 1080, - 370, and - 735 respectively, compared with previous values of 220, 2940, - 1060, - 1210, - 370, and - 520 [2] Spot Market - Prices: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning are 9.53, 9.31, 9.32, 10.05, 9.32, and 9.31 yuan/ton respectively. Compared with the previous values, the price changes are - 0.01, - 18.57, 0, 0, - 0.02, and - 0.03 [2] Warehouse Receipts - The number of warehouse receipts the day before was 0, with a decrease of 441 compared with two days ago [2]