2025 年 11 月 27 日 商 品 研 究 豆粕：移仓换月，或仍以震荡为主 豆一：现货稳定，盘面震荡 吴光静 投资咨询从业资格号：Z0011992 wuguangjing@gtht.com 【基本面跟踪】 豆粕/豆一基本面数据 资料来源：文华财经，卓创，汇易，国泰君安期货研究 【宏观及行业新闻】 11 月 26 日 CBOT 大豆日评：中国购进至少 10 船美豆，大豆温和上涨。北京德润林 2025 年 11 月 27 日消息：周三，芝加哥期货交易所（CBOT）大豆期货收盘温和上涨，主要受到中国采购需求支撑。交易商 请务必阅读正文之后的免责条款部分 1 泰 君 安 期 货 研 究 所 期货研究 国 | | | 收盘价 （日盘） | 涨 跌 收盘价 （夜盘） 涨 跌 | | | --- | --- | --- | --- | --- | | | DCE豆一2601 （元/吨） | 4094 | -23（-0.56%） 4098 -5（-0.12%） | | | 货 期 | （元/吨） DCE豆粕2601 | 3015 | +6（+0.20%） -8（-0.26%） 3013 | | | | CBOT大豆01 ...

| 周小球 | | 投资咨询从业资格号：Z0001891 | | | zhouxiaoqiu@gtht.com | | | --- | --- | --- | --- | --- | --- | --- | | 吴昊 | | 投资咨询从业资格号：Z0018592 | | | wuhao8@gtht.com | | | 【基本面跟踪】 | | | | | | | | 生猪基本面数据 | | | | | | | | | | 单 位 | 价 格 | | 同 | 比 | | 价 格 | 河南现货 | 元/吨 | 11880 | | -100 | | | | 四川现货 | 元/吨 | 11500 | | -100 | | | | 广东现货 | 元/吨 | 12560 | | 0 | | | | | 单 位 | 价 格 | | 同 | 比 | | | 生猪2601 | 元/吨 | 11795 | | 40 | | | | 生猪2603 | 元/吨 | 11525 | | 60 | | | 期 货 | 生猪2605 | 元/吨 | 12135 | | 70 | | | | | 单 位 | 成交量 | 较前日 | 持仓量 | ...

Report Overview - Date: November 5, 2025 - Publisher: Guotai Junan Futures - Report Type: Commodity Research Morning Report - Black Series 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - Iron ore is expected to fluctuate at high levels [2][4] - Rebar and hot - rolled coil are likely to experience weak oscillations due to sector sentiment [2][7] - Ferrosilicon and silicomanganese are expected to have wide - range fluctuations influenced by sector sentiment and supply - demand dynamics [2][11] - Coke and coking coal are predicted to fluctuate at high levels [2][14] - Logs are expected to have repeated oscillations [2][16] 3. Summary by Commodity Iron Ore - **Fundamentals**: The previous day's futures closing price was 775.5 yuan/ton, down 7 yuan or 0.89%. The positions increased by 12,824 hands. Spot prices of various iron ore types decreased by 2 yuan/ton, except for domestic ores which remained unchanged. The basis and some spreads changed slightly [4] - **News**: On October 29, it was announced that President Xi Jinping would meet with US President Trump in Busan, South Korea on October 30 [5] - **Trend Intensity**: 0, indicating a neutral trend [5] Rebar and Hot - Rolled Coil - **Fundamentals**: The previous day's closing prices of RB2601 and HC2601 futures were 3,044 yuan/ton and 3,265 yuan/ton, down 44 yuan (-1.42%) and 34 yuan (-1.03%) respectively. Spot prices in major cities decreased. The basis increased, and some spreads changed [7] - **News**: In mid - October 2025, key steel enterprises' average daily production of crude steel decreased by 0.9%, pig iron by 1.3%, and steel increased by 0.8%. On October 30, steel production, inventory, and apparent demand data showed certain changes. Five departments supported commercial real estate REITs issuance. The 15th Five - Year Plan proposed directions for the steel industry. In September, China's steel exports increased while imports also rose slightly [8][9][10] - **Trend Intensity**: 0 for both rebar and hot - rolled coil, indicating a neutral trend [10] Ferrosilicon and Silicomanganese - **Fundamentals**: Futures prices of ferrosilicon and silicomanganese decreased. Spot prices of silicon - manganese in Inner Mongolia decreased by 30 yuan/ton. The basis and various spreads changed [11] - **News**: Zhengzhou Commodity Exchange adjusted the centralized cancellation date of ferrosilicon and urea in February 2026. There were price quotes and electricity price changes in the ferrosilicon and manganese - silicon markets. Some steel mills' procurement prices and quantities were announced [11][12][13] - **Trend Intensity**: 0 for both ferrosilicon and silicomanganese, indicating a neutral trend [13] Coke and Coking Coal - **Fundamentals**: Futures prices of coking coal and coke decreased. Some spot prices of coking coal increased, while others remained unchanged. Coke spot prices were mostly stable. The basis and spreads changed [14] - **News**: On October 29, it was announced that President Xi Jinping would meet with US President Trump in Busan, South Korea on October 30 [15] - **Trend Intensity**: 0 for both coke and coking coal, indicating a neutral trend [15] Logs - **Fundamentals**: Futures prices of different log contracts showed different degrees of decline. Trading volumes and positions also changed significantly. Spot prices of most log types were stable, with a small number showing slight decreases [17] - **News**: On October 29, it was announced that President Xi Jinping would meet with US President Trump in Busan, South Korea on October 30 [19] - **Trend Intensity**: 0, indicating a neutral trend [19]

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View - The futures index is in a volatile pattern with the "boots" gradually landing [4] 3. Summary by Relevant Catalogs 3.1. Periodic Index Data Tracking - On October 29, all the current - month contracts of the four major index futures rose. IF rose 1.2%, IH rose 0.41%, IC rose 2.06%, and IM rose 1.4% [2] - On the trading day, the total trading volume of index futures declined, indicating a cooling of investors' trading enthusiasm. Specifically, the total trading volume of IF decreased by 11,905 lots, IH decreased by 6,016 lots, IC increased by 8,363 lots, and IM decreased by 23,657 lots. In terms of positions, the total position of IF increased by 439 lots, IH decreased by 762 lots, IC increased by 9,663 lots, and IM decreased by 5,250 lots [2][3] 3.2. Trend Intensity - The trend intensity of IF and IH is 1; the trend intensity of IC and IM is 1. The trend intensity ranges from - 2 to 2, with integer values, and the strength is classified as weak, relatively weak, neutral, relatively strong, and strong, where - 2 means the most bearish and 2 means the most bullish [7] 3.3. Important Drivers - Although the Fed cut interest rates by 25 basis points as expected and announced the end of QT, Powell's hawkish remarks on the prospect of a December interest - rate cut caused the market's probability of a December interest - rate cut to plummet from 95% to 65%. U.S. stocks, U.S. bonds, gold, and digital currencies tumbled briefly during the session, while the U.S. dollar rose. Eventually, the Nasdaq closed up supported by NVIDIA, and the Dow closed down [7] - The A - share market performed strongly. The Shanghai Composite Index reached 4,000 points, hitting a new high in the rebound; the ChiNext Index soared nearly 3%; the North Securities 50 soared more than 8%, hitting the largest daily increase in 9 months. The Shanghai Composite Index closed up 0.7% at 4,016.33 points, the Shenzhen Component Index rose 1.95%, the ChiNext Index rose 2.93%, the North Securities 50 rose 8.41%, the Science and Technology Innovation 50 rose 1.18%, and the Wind All - A rose 1.16%. The total trading volume of A - shares throughout the day was 2.29 trillion yuan, compared with 2.17 trillion yuan the previous day. The new energy sector exploded, with the energy - storage direction seeing a wave of limit - up stocks. The non - ferrous metals sector strengthened collectively, led by copper and zinc. Computing hardware stocks strengthened again, with many stocks hitting record highs. The quantum technology concept has been strengthening recently, and the Hainan Free Trade concept continued to rise [7] 3.4. Index Futures' Top 20 Member Position Changes - For IF contracts, the long - position changes of different contracts vary, such as - 111 for IF2511, 1981 for IF2512, etc.; the short - position changes also vary, like - 135 for IF2511, 1425 for IF2512 [6] - For IH contracts, the long - position changes of different contracts are different, such as - 222 for IH2511, - 1952 for IH2512, etc.; the short - position changes also show variations, like - 497 for IH2511, - 1497 for IH2512 [6] - For IC contracts, the long - position changes of different contracts are diverse, such as 1560 for IC2511, 4388 for IC2512, etc.; the short - position changes also have differences, like 1462 for IC2511, 4920 for IC2512 [6] - For IM contracts, the long - position changes of different contracts are different, such as - 948 for IM2512, - 262 for IM2603, etc.; the short - position changes also vary, like - 585 for IM2512, - 33 for IM2603 [6]

Report Summary 1) Report Industry Investment Rating - No industry investment rating information is provided in the report. 2) Core Viewpoints - Aluminum is expected to continue oscillating, alumina to remain flat in the short - term, and cast aluminum alloy to follow the trend of electrolytic aluminum [1]. 3) Summary by Relevant Catalogs Futures Market - **Aluminum**: The closing price of the Shanghai Aluminum main contract was 21,140, down 220 from T - 1. The trading volume was 187,481, down 21,767 from T - 1. The LME Aluminum 3M closing price was 2,894, up 16 from T - 1. The LME注销仓单占比 was 13.09%, down 9.62% from T - 1 [1]. - **Alumina**: The closing price of the Shanghai Alumina main contract was 2,817, down 12 from T - 1. The trading volume was 314,332, up 35,771 from T - 1 [1]. - **Aluminum Alloy**: The closing price of the aluminum alloy main contract was 20,575, down 140 from T - 1. The trading volume was 2,553, down 4,162 from T - 1 [1]. Spot Market - **Aluminum - related Premiums**: The Shanghai Bonded Area Premium was 83, unchanged from T - 1. The EU Rotterdam Aluminum Ingot Premium (MB) was 307.5, up 20 from T - 1 [1]. - **Processing Fees**: The Foshan Aluminum Rod processing fee was 220, unchanged from T - 1. The Shandong 1A60 Aluminum Rod processing fee was 100, down 100 from T - 1 [1]. - **Price Differences**: The aluminum ingot scrap - refined price difference was 232, down 72 from T - 1 [1]. Enterprise - related Data - **Electrolytic Aluminum**: The electrolytic aluminum enterprise profit was 5,114.54, up 6.74 from T - 1. The aluminum spot import profit was - 2,438.43, up 52.5 from T - 1 [1]. - **Alumina**: The average domestic alumina price was 2,910, unchanged from T - 1. The alumina enterprise profit in Shanxi was - 120, unchanged from T - 1 [1]. - **Aluminum Alloy**: The theoretical profit of ADC12 was 29, up 2 from T - 1 [1]. Other Information - **ADP Employment Data**: As of the four - week period ending October 11, the average number of new private - sector jobs in the US was about 14,000. ADP will start releasing weekly preliminary estimates of the ADP National Employment Report this week [2]. - **"15th Five - Year Plan"**: The "15th Five - Year Plan" proposal mentioned "finance" 17 times and put forward requirements such as "accelerating the construction of a financial power" [2]. - **Trend Intensity**: The trend intensity of aluminum, alumina, and aluminum alloy is 0, indicating a neutral outlook [2].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The stock index futures are oscillating and waiting for the post - session meeting communiqué [3] - On October 22, all the current - month contracts of the four major stock index futures declined. The trading volume and positions of stock index futures decreased, indicating that investors' trading enthusiasm has cooled down [1][2] 3. Summary by Related Catalogs 3.1 Stock Index Futures Data Tracking - **IF Series**: The closing price of CSI 300 was 4592.57, down 0.33%. The closing prices of IF2511, IF2512, IF2603, and IF2606 were 4574, 4563.4, 4537, and 4500.2 respectively, all down. The trading volume and positions of most contracts decreased [1] - **IH Series**: The closing price of SSE 50 was 3010.1, up 0.09%. The closing prices of IH2511, IH2512, IH2603, and IH2606 were 3003.6, 3005.6, 3005.2, and 3004.4 respectively, mostly down. The trading volume and positions of most contracts decreased [1] - **IC Series**: The closing price of CSI 500 was 7128.48, down 0.80%. The closing prices of IC2511, IC2512, IC2603, and IC2606 were 7065, 7011.6, 6849, and 6683 respectively, mostly down. The trading volume and positions of most contracts decreased [1] - **IM Series**: The closing price of CSI 1000 was 7312.21, down 0.43%. The closing prices of IM2511, IM2512, IM2603, and IM2606 were 7237.2, 7163.2, 6947.2, and 6736 respectively, all down. The trading volume and positions of most contracts decreased [1] 3.2 Trading Volume and Position Changes - **Trading Volume**: IF's total trading volume decreased by 25,532 lots, IH's by 6344 lots, IC's by 36,408 lots, and IM's by 50,712 lots [2] - **Positions**: IF's total positions decreased by 9453 lots, IH's by 2835 lots, IC's by 12,637 lots, and IM's by 13,666 lots [2] 3.3 Positions of the Top 20 Members - The long and short positions of most contracts of IF, IH, IC, and IM decreased, but the data for some contracts (e.g., IF2606) were not announced [5] 3.4 Trend Intensity and Important Drivers - **Trend Intensity**: The trend intensity of IF and IH is 1, and that of IC and IM is also 1 [6] - **Important Drivers**: Trump said that China and the US would reach an agreement on trade issues at the APEC summit next week, but the two heads of state may not meet. The Chinese Foreign Ministry responded. The Shanghai Composite Index fell 0.07%, the Shenzhen Component Index fell 0.62%, etc. A - share trading volume hit a new low at 1.69 trillion yuan [6]

1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core View of the Report - The supply of live pigs is postponed, and the price center continues to move down [1]. 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Spot Prices**: The spot price of live pigs in Henan is 11,280 yuan/ton, in Sichuan is 10,800 yuan/ton, and in Guangdong is 11,460 yuan/ton, with year - on - year increases of 150 yuan/ton, 150 yuan/ton, and 100 yuan/ton respectively [1]. - **Futures Prices**: The prices of live pig futures contracts 2511, 2601, and 2603 are 11,165 yuan/ton, 11,905 yuan/ton, and 11,540 yuan/ton respectively, with year - on - year decreases of 235 yuan/ton, 290 yuan/ton, and 125 yuan/ton respectively [1]. - **Trading Volume and Open Interest**: The trading volume of live pig futures contract 2511 is 33,489 lots, a decrease of 9,492 lots from the previous day, with an open interest of 41,232 lots, a decrease of 3,573 lots. The trading volume of contract 2601 is 80,026 lots, an increase of 28,549 lots, with an open interest of 105,012 lots, an increase of 14,112 lots. The trading volume of contract 2603 is 16,872 lots, an increase of 951 lots, with an open interest of 77,419 lots, an increase of 1,948 lots [1]. 3.2 Market Information - Shennong's Yunnan and Guangxi warehouses registered 90 lots of warehouse receipts, and Guizhou Zhenfeng Fuyuan registered 21 lots of warehouse receipts [2]. 3.3 Trend Intensity - The trend intensity is - 2, indicating the most bearish view [3]. 3.4 Futures Research - **Basis**: The basis of live pig futures contracts 2511, 2601, and 2603 are 55 yuan/ton, 365 yuan/ton, and - 165 yuan/ton respectively, with year - on - year changes of 115 yuan/ton, 385 yuan/ton, and - 625 yuan/ton [4]. - **Spreads**: The spreads of live pig futures contracts 11 - 1 and 1 - 3 are 440 yuan/ton and - 260 yuan/ton respectively, with year - on - year changes of 275 yuan/ton and - 740 yuan/ton [4].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Iron ore is expected to experience wide - range fluctuations [2][7] - Rebar and hot - rolled coil are likely to see a slight price correction due to weak current situations and weakening expectations [2][8] - Ferrosilicon and silicomanganese are expected to have wide - range fluctuations with cost as the bottom support [2][13] - Coke and coking coal are expected to have wide - range fluctuations due to repeated expectations [2][16][17] - Logs are expected to have repeated fluctuations [2][19] 3. Summaries Based on Relevant Catalogs Iron Ore - **Fundamental Data**: The closing price of I2601 was 776.5 yuan/ton, down 5.5 yuan/ton (-0.70%). The trading volume was 508,365 hands, up 8,566 hands. Imported and domestic ore prices mostly declined slightly, and some basis and spread values changed slightly [5] - **Macro and Industry News**: In September 2025, the national industrial producer price index decreased by 2.3% year - on - year, with a narrowing decline [6] - **Trend Intensity**: The trend intensity of iron ore is 0, indicating a neutral view [6] Rebar and Hot - Rolled Coil - **Fundamental Data**: The closing price of RB2601 was 3,034 yuan/ton, down 26 yuan/ton (-0.85%), and HC2601 was 3,212 yuan/ton, down 28 yuan/ton (-0.86%). Spot prices in various regions decreased, and some basis and spread values changed [8] - **Macro and Industry News**: In early October 2025, the average daily output of key steel enterprises' crude steel increased by 7.5% month - on - month, pig iron increased by 3.2%, and steel decreased by 8.5%. Steel inventories increased. In August 2025, steel exports decreased slightly, and imports increased [8][10] - **Trend Intensity**: The trend intensity of rebar and hot - rolled coil is 0, indicating a neutral view [11] Ferrosilicon and Silicomanganese - **Fundamental Data**: Futures and spot prices of ferrosilicon and silicomanganese changed, and some basis, near - far month spread, and cross - variety spread values also changed [13] - **Macro and Industry News**: There were price quotes for ferrosilicon and silicomanganese in the market, and a large steel mill's inquiry prices for ferrosilicon and silicomanganese in October changed compared to September [13] - **Trend Intensity**: The trend intensity of ferrosilicon and silicomanganese is 0, indicating a neutral view [15] Coke and Coking Coal - **Fundamental Data**: The closing price of JM2601 was 1,151 yuan/ton, down 2.5 yuan/ton (-0.2%), and J2601 was 1,642 yuan/ton, down 12.5 yuan/ton (-0.8%). Spot prices were mostly stable, and some basis and spread values changed [17] - **Macro and Industry News**: In September 2025, the national industrial producer price index decreased by 2.3% year - on - year, with a narrowing decline [18] - **Trend Intensity**: The trend intensity of coke is 0 (neutral), and that of coking coal is 1 (slightly bullish) [18] Logs - **Fundamental Data**: Futures contract prices, trading volumes, and open interests of logs changed, and spot prices in different regions were mostly stable [20] - **Macro and Industry News**: In September 2025, the national industrial producer price index decreased by 2.3% year - on - year, with a narrowing decline [22] - **Trend Intensity**: The trend intensity of logs is 0, indicating a neutral view [22]

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views - Iron ore: Macroeconomic risk appetite declines, and valuation is under pressure [2][4] - Rebar and hot-rolled coil: Weak reality combined with weakening expectations may lead to a slight correction in steel prices [2][6] - Ferrosilicon and silicomanganese: The market is filled with a strong wait-and-see atmosphere, with wide fluctuations [2][9] - Coke and coking coal: Macroeconomic expectations are volatile, with weak fluctuations [2][13] - Logs: Weak fluctuations [2][15] Summary by Commodity Iron Ore - **Fundamental data**: The closing price of the I 2601 futures contract was 795.0 yuan/ton, up 4.5 yuan or 0.57%. The open interest was 476,191 lots, an increase of 16,626 lots. Among imported ores, the price of Carajás fines (65%) was 924.0 yuan/ton, up 1.0 yuan; PB fines (61.5%) was 790.0 yuan/ton, up 2.0 yuan; Jinbuba fines (61%) was 760.0 yuan/ton, up 2.0 yuan; and Super Special fines (56.5%) remained unchanged at 716.0 yuan/ton. Among domestic ores, the price of Benxi ore (66%) was 946.0 yuan/ton, up 9.0 yuan; and Laiwu ore (65%) was 864.0 yuan/ton, up 9.0 yuan [4] - **Macro and industry news**: China responded to the US threat of imposing additional tariffs on China, stating that if the US persists, China will take corresponding measures [4] - **Trend strength**: -1 [4] Rebar and Hot-Rolled Coil - **Fundamental data**: The closing price of the RB2601 rebar futures contract was 3,103 yuan/ton, up 16 yuan or 0.52%; the HC2601 hot-rolled coil futures contract was 3,285 yuan/ton, up 12 yuan or 0.37%. In terms of spot prices, rebar prices in Shanghai, Hangzhou, and Beijing increased by 10 yuan/ton, while remaining unchanged in Guangzhou. Hot-rolled coil prices in Hangzhou increased by 10 yuan/ton, while remaining unchanged in Shanghai, Tianjin, and Guangzhou. The price of Tangshan billet increased by 10 yuan/ton to 2,970 yuan/ton [6] - **Macro and industry news**: In October 2025, the US announced additional 100% tariffs on China in response to China's export controls on rare earths and other related items and imposed export controls on all key software. In August 2025, China's steel exports were 9.51 million tons, a month-on-month decrease of 3.3%, and imports were 500,000 tons, a month-on-month increase of 10.4%. According to the weekly data from Steel Union on October 8, the output of rebar decreased by 36,200 tons, hot-rolled coil by 14,000 tons, and the total output of the five major varieties decreased by 37,600 tons; the total inventory of rebar increased by 239,600 tons, hot-rolled coil by 299,200 tons, and the total inventory of the five major varieties increased by 692,300 tons; the apparent demand for rebar decreased by 950,600 tons, hot-rolled coil by 336,400 tons, and the total apparent demand for the five major varieties decreased by 1.6937 million tons [6][8] - **Trend strength**: 0 for both rebar and hot-rolled coil [8] Ferrosilicon and Silicomanganese - **Fundamental data**: The spot price of ferrosilicon FeSi75-B in Inner Mongolia was 5,200 yuan/ton; the spot price of silicomanganese FeMn65Si17 in Inner Mongolia was 5,680 yuan/ton. The price of manganese ore Mn44 lump was 40.0 yuan/ton-degree, and the price of semi-coke small material in Shenmu was 710 yuan/ton. The spot-futures price difference for ferrosilicon was -236 yuan/ton, an increase of 36 yuan; for silicomanganese, it was -80 yuan/ton, an increase of 14 yuan [10] - **Macro and industry news**: On October 10, the prices of 72 and 75 ferrosilicon in various regions decreased to varying degrees, and the prices of 6517 silicomanganese in the north and south also decreased by 50 yuan/ton. As of this Friday, the manganese ore inventory in Tianjin Port increased by 80,100 tons, in Qinzhou Port decreased by 118,600 tons, in Fangchenggang decreased by 2,000 tons, and the total inventory increased by 27,900 tons [10] - **Trend strength**: 0 for both ferrosilicon and silicomanganese [12] Coke and Coking Coal - **Fundamental data**: The closing price of the JM2601 coking coal futures contract was 1,161 yuan/ton, down 3 yuan or 0.3%; the J2601 coke futures contract was 1,666.5 yuan/ton, up 12.5 yuan or 0.8%. Among spot coking coal prices, the prices of Linfen low-sulfur main coking coal, Jinquan Meng 5 clean coal self-pickup price, and Lvliang low-sulfur main coking coal remained unchanged. The price of Peak Downs coking coal converted to RMB decreased by 1,650 yuan to 0 yuan/ton. Among spot coke prices, the prices of Hebei quasi-primary dry quenched coke, Shanxi quasi-primary delivered price, and Rizhao Port quasi-primary price index remained unchanged [13] - **Macro and industry news**: China responded to the US threat of imposing additional tariffs on China, stating that if the US persists, China will take corresponding measures [14] - **Trend strength**: -1 for both coke and coking coal [14] Logs - **Fundamental data**: The closing prices of the 2511, 2601, and 2603 log futures contracts remained unchanged. The trading volume and open interest of each contract had different degrees of change. Among spot log prices, the prices of various types of logs in Shandong and Jiangsu markets remained mostly unchanged, with only a few showing slight increases [16] - **Macro and industry news**: China responded to the US threat of imposing additional tariffs on China, stating that if the US persists, China will take corresponding measures [18] - **Trend strength**: -1 [18]

Report Summary 1) Report Industry Investment Rating - The trend strength is -2, indicating a strong bearish view. The range of trend strength is an integer within the [-2, 2] interval, with -2 being the most bearish and 2 being the most bullish [2]. 2) Report Core View - The report focuses on the pig market, highlighting that the spot price decline increased during the holiday, and it is a basis - closing market [1]. 3) Summary by Related Catalogs Fundamental Tracking - **Spot Prices**: The Henan spot price is 12,480 yuan/ton with a year - on - year increase of 50; the Sichuan spot price is 11,900 yuan/ton with a year - on - year increase of 0; the Guangdong spot price is 12,660 yuan/ton with a year - on - year decrease of 50 [1]. - **Futures Prices**: The prices of pig2511, pig2601, and pig2603 are 12,355 yuan/ton, 12,825 yuan/ton, and 12,480 yuan/ton respectively, with year - on - year increases of 60, 40, and 30 [1]. - **Trading Volume and Open Interest**: The trading volume of pig2511, pig2601, and pig2603 is 44,100 hands, 31,876 hands, and 9,786 hands respectively, with decreases of 14,620 hands, 5,178 hands, and 4,541 hands compared to the previous day. The open interest of pig2511, pig2601, and pig2603 is 61,105 hands, 76,877 hands, and 52,713 hands respectively, with changes of - 14,348 hands, + 456 hands, and + 108 hands compared to the previous day [1]. - **Basis**: The basis of pig2511 is 125 yuan/ton with a year - on - year decrease of 10 [1].