Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - In April, the progress of second - fattening procurement was over half, the sentiment of chasing high - price purchases cooled down, the group's supply volume decreased significantly during the holiday, and the spot price changed little. Currently, the price spreads between fat and standard pigs are inverted in both the north and the south, the group's piglet sales have decreased, the pen pressure in May has increased slightly, and staged de - stocking may start. The macro sentiment has cooled down, the capital disturbance has decreased, and the trading logic has switched to the industrial logic. Attention should be focused on the arbitrage strategy of the valuation deviation of the far - month inter - monthly spreads from the normal state. The liquidity of the 11 - 1 reverse spread is gradually increasing, and attention should be paid to stop - profit and stop - loss. The short - term support level of the LH2509 contract is 13,000 yuan/ton, and the pressure level is 15,000 yuan/ton [4] 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: The Henan spot price is 14,850 yuan/ton with a year - on - year increase of 100 yuan/ton; the Sichuan spot price is 14,450 yuan/ton with a year - on - year increase of 50 yuan/ton; the Guangdong spot price is 15,590 yuan/ton with no year - on - year change [2] - **Futures Prices**: The price of the Live Pig 2507 contract is 13,445 yuan/ton with a year - on - year decrease of 5 yuan/ton; the price of the Live Pig 2509 contract is 13,910 yuan/ton with a year - on - year decrease of 20 yuan/ton; the price of the Live Pig 2511 contract is 13,530 yuan/ton with a year - on - year decrease of 80 yuan/ton [2] - **Trading Volume and Open Interest**: The trading volume of the Live Pig 2507 contract is 5,632 lots, a decrease of 1,232 lots from the previous day, and the open interest is 31,498 lots, a decrease of 1,022 lots from the previous day; the trading volume of the Live Pig 2509 contract is 23,428 lots, a decrease of 15,573 lots from the previous day, and the open interest is 69,728 lots, a decrease of 3,220 lots from the previous day; the trading volume of the Live Pig 2511 contract is 4,524 lots, a decrease of 2,279 lots from the previous day, and the open interest is 27,719 lots, an increase of 103 lots from the previous day [2] - **Price Spreads**: The basis of the Live Pig 2507 contract is 1,405 yuan/ton with a year - on - year increase of 105 yuan/ton; the basis of the Live Pig 2509 contract is 940 yuan/ton with a year - on - year increase of 120 yuan/ton; the basis of the Live Pig 2511 contract is 1,320 yuan/ton with a year - on - year increase of 180 yuan/ton; the 7 - 9 spread of live pigs is - 465 yuan/ton with a year - on - year increase of 15 yuan/ton; the 9 - 11 spread of live pigs is 380 yuan/ton with a year - on - year increase of 60 yuan/ton [2] 3.2 Trend Intensity - The trend intensity is 0, with the value range being integers in the [- 2,2] interval. The strength levels are classified as weak, relatively weak, neutral, relatively strong, and strong, where - 2 represents the most bearish and 2 represents the most bullish [3] 3.3 Market Logic - The trading logic has switched to the industrial logic, and attention should be paid to the arbitrage strategy of the valuation deviation of the far - month inter - monthly spreads from the normal state. The liquidity of the 11 - 1 reverse spread is gradually increasing, and attention should be paid to stop - profit and stop - loss. The short - term support level of the LH2509 contract is 13,000 yuan/ton, and the pressure level is 15,000 yuan/ton [4]