在最近几年此起彼伏的结构性市场中，有人热衷于追逐短期热点，有人却锚定产业脉络深耕长期价值。当市场目光聚焦于新旧动能切换的关键机遇，一位 历经十六载投研锤炼的"穿越周期的基本面投资者"，正凭借扎实的研究功底与成熟的投资框架，在波动中持续为投资者创造收益，他就是泉果基金董事总 经理、研究部总经理刚登峰。 这位拥有十六年从业经验的投研老将，将其历经市场打磨的投资框架，凝练为从宏观周期研究到中观产业捕捉，"从产业逻辑的角度去把握产业周期，通 过抓住产业趋势来获取投资机会"，最终落地为精选"高质量+成长"型公司的完整链条。 在刚登峰看来，当前经济转型已接近尾声，长期来看，现在A股、港股，都是一个非常好的投资时期。当下乃至未来的最大机遇正蕴藏于科技、新能源与 周期这三大脉络的产业景气度之中。这一判断，也将成为其在泉果的首只开放式基金"泉果竞争优势"的核心投资逻辑。 经历多轮牛熊转换 "好公司"是核心选股标准 刚登峰拥有16年证券从业经验和11年投资管理经验。他的投研生涯始于2009年，作为一名周期行业研究员，他早期研究房地产、机械等周期板块，亲自见 证了"周期"的力量——它可以从波峰跌至谷底，也在轮回中孕育着巨大的机遇。 ...

点击 最 下方 " 推荐"、"赞 "及" 分享 "，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 第一部分 关于研究与投资的心得体会分享 我先就自己从业这么多年做研究和投资的一些体会，和大家做一个分享。 一、时间是每个人唯一稀缺的资产，要学会研究最重要的问题 做研究最为重要的是时间管理，我们每一个人最稀缺的就是时间。研究工作面对的是一个非常复杂 的、非结构化的海量信息。时间的稀缺性与信息的无限性就会派生出两个问题： 1、要研究最重要的问题 我一直说，我们研究的应该是大问题，要把握的是产业与企业的大方向，并在判断与决策上获得大 概率上的正确。概括起来就是，大问题、大方向、大概率。 无论是资深的分析师还是学校刚毕业的初学者，都一样要去学习站在产业的最高处、最前沿，以企 业老板的角度去思考大问题，即使在一些细枝末叶的问题上做得多么完美，其价值也是有限的。大 问题上的模糊准确远远比小问题上的完美精确更为重要。 2、在正确的路径上持续积累 解决效率问题的第一步是要树立科学合理的正确的研究方法，然后通过不断的学习，去持续优化这 个思维框架与方法体系。要在正确的路径上持续地积累，守正出奇。不能在丛林里面的羊 ...

Core Viewpoint - The global commodity market is experiencing divergent trends, with oil prices hitting a low, copper prices facing significant drops, and gold showing mixed signals, reflecting complex global economic dynamics driven by supply-demand fundamentals, industry logic, and monetary policy [1][3][5]. Oil Market - Oil prices have fallen to their lowest level since May, primarily due to an oversupply situation, with market expectations indicating that global oil supply will exceed demand next year [3]. - High production levels in the U.S. and concerns about economic prospects are suppressing demand expectations, creating fundamental pressure on oil prices [3]. - The approaching holiday season is leading to thin trading volumes, which can amplify price volatility in response to market movements, such as declines in U.S. stock markets [3]. Copper Market - Copper prices dropped by 3%, influenced by a significant decline in U.S. tech stocks, which are seen as a proxy for future demand [3]. - The market has redefined copper as the "AI metal," essential for AI data center construction and grid upgrades, making its pricing sensitive to shifts in tech stock performance [3]. - The recent price drop is viewed as a correction of previous rapid gains, but the long-term narrative surrounding global green transition and electrification remains strong [4]. Gold Market - Gold's price movements are closely tied to market perceptions of Federal Reserve policy, with recent hawkish comments from Fed officials dampening expectations for rapid rate cuts [3]. - Although gold is supported by safe-haven demand, the momentum for significant price increases has weakened, leading to a narrowing of its price gains [3]. - The core rationale for holding gold should focus on hedging against currency credit risks and extreme uncertainties rather than chasing short-term rate cut benefits [4]. Investment Strategy - For oil, the current oversupply situation suggests that it is better suited as an indicator of global demand and economic cycles rather than a long-term investment, with high short-term trading risks [4]. - For copper, the recent adjustment may provide a better entry point for investors who believe in its long-term value, emphasizing the need to distinguish between "bubble" and "value" [4]. - For gold, the current market conditions suggest a phase of high volatility, where maintaining positions for observation is preferable to aggressive buying [4].

1. Report Industry Investment Rating There is no relevant content provided in the report. 2. Core Viewpoints of the Report - This week, the inventory of the five major steel products increased by 153,900 tons to 1.35189 million tons, ending a four - week decline and reaching a seven - week high. The social inventory increased by 153,900 tons, and the steel mill inventory increased slightly by 1,000 tons. Specifically, the social inventory of rebar increased by 111,700 tons, while the steel mill inventory decreased by 35,200 tons. The weekly output decreased slightly, and the apparent demand decreased by 6.08% or 131,700 tons to 2.0341 million tons, the lowest in five months. The output increase of hot - rolled coils was greater than the inventory increase, and the apparent demand rebounded by 47,600 tons to 3.2 million tons. The apparent demand for cold - rolled and medium - thick plates fluctuated relatively little [2]. - Currently, the proportion of industrial logic is gradually increasing, and policy expectations are decreasing. After important events such as Sino - US tariff negotiations, the Politburo meeting, and the US interest - rate meeting have concluded, market sentiment has significantly cooled. In the short term, prices have entered a period of volatile consolidation, but the upward trend is expected to remain unchanged, although the momentum has slowed. In the later stage, attention should be paid to whether terminal demand can show better - than - expected performance [2]. - In the short term, the market will experience volatile consolidation, while in the long term, the upward trend remains unchanged [2]. 3. Summary According to the Catalog 3.1 Market Review and Price Performance 3.1.1 Futures and Spot Trend Review - Futures market: This week, the main RB2510 rebar contract retraced, closing at 3,205 yuan/ton, a week - on - week decrease of 89 yuan/ton, with a position of 1.816 million lots, a decrease of 90,000 lots. The main HC2510 hot - rolled coil contract slightly retraced, closing at 33,902 yuan/ton, a week - on - week decrease of 66 yuan/ton, with a position of 1.4339 million lots, a decrease of 73,800 lots [5]. - Spot market: This week, the spot price of rebar moved lower. As of July 31, the price of HRB400E 20MM in Beijing decreased by 60 yuan/ton to 3,270 yuan/ton compared with last week. The spot price of hot - rolled coils also moved lower. As of July 31, the price of Benxi Steel 5.75*1500*C:Q235B in Tianjin decreased by 30 yuan/ton to 3,370 yuan/ton compared with last week [6]. 3.1.2 Spread Changes - Futures - spot spread: This week, the basis of the main RB2510 rebar contract compared with the HRB400E 20MM spot in Shanghai was 165 yuan/ton, a change of +91 yuan/ton compared with the previous week. The basis of the main HC2510 hot - rolled coil contract compared with the 5.5*1500*C:Q235B:Ansteel spot in Shanghai was 40 yuan/ton, a change of +57 yuan/ton compared with the previous week [11]. - Inter - monthly spread: This week, the RB2601 - RB2510 spread was 56 yuan/ton, a change of +13 yuan/ton compared with the previous week. The HC2601 - HC2510 spread was 7 yuan/ton, a change of - 4 yuan/ton compared with the previous week [12]. - Rebar - hot - rolled coil spread: This week, the HC2510 - RB2510 spread was 185 yuan/ton, a change of +34 yuan/ton compared with the previous week. The HC2601 - RB2601 spread was 136 yuan/ton, a change of +17 yuan/ton compared with the previous week [13]. 3.2 Supply - Demand Situation Analysis 3.2.1 Supply - This week, the blast furnace operating rate of 247 steel mills surveyed by Mysteel was 83.46%, unchanged from last week and 2.18 percentage points higher than last year. The steel mill profitability rate was 65.37%, an increase of 1.73 percentage points from last week and 58.88 percentage points higher than last year. The daily average pig iron output was 2.4071 million tons, a decrease of 15,200 tons from last week but an increase of 40,900 tons compared with last year [20]. - The total weekly output of the five major steel products was 867,420 tons, a week - on - week increase of 450 tons. The increase was mainly in cold - and hot - rolled coils, while the output of other varieties decreased to varying degrees [20]. - The profitability rate of 247 steel mills continued to increase to 65.37%, reaching a high in more than nine months. The blast furnace operating rate remained unchanged at 83.46% for the third consecutive week. The blast furnace iron - making capacity utilization rate decreased to 90.24%, and the daily average pig iron output continued to decline by 15,200 tons to 2.4071 million tons, but the year - on - year increase still reached 1.73% [20]. 3.2.2 Demand - Recently, the State Council approved the construction of a hydropower project in the lower reaches of the Yarlung Zangbo River with a total investment of 1.2 trillion yuan, indicating good prospects for future infrastructure steel demand. - On the 31st, the third round of Sino - US economic and trade negotiations ended, and both sides agreed to extend the tariff truce period originally due to expire on August 12 by 90 days. The tariffs on China remained the same as before. There are signs of easing in Sino - US trade frictions and expectations of future Fed rate cuts. It is expected that the path for the implementation of the off - season logic will be less smooth, and demand will maintain a certain level of resilience. Currently, the demand for hot - rolled coils is still stronger than that for rebar, and this pattern is expected to continue for some time due to the arrival of the seasonal off - season for building materials [30]. 3.2.3 Inventory - This week, the social inventory of steel products in major cities across the country was 942,370 tons, a week - on - week increase of 152,900 tons. The inventory of steel mills by variety was 409,520 tons, a week - on - week increase of 1,000 tons. The total inventory of social and steel mills was 1.35189 million tons, a week - on - week increase of 153,900 tons. The overall inventory is at a low level compared with the same period, and steel mills have significantly reduced their inventory, transferring it downstream, continuing a certain de - stocking trend [36]. 3.2.4 Profit - The profitability rate of 247 steel mills continued to increase to 65.37%, reaching a high in more than nine months. The blast furnace operating rate remained unchanged at 83.46% for the third consecutive week. The blast furnace iron - making capacity utilization rate decreased to 90.24%, and the daily average pig iron output continued to decline by 15,200 tons to 2.4071 million tons, but the year - on - year increase still reached 1.73% [47]. - With the recovery of profits, electric - arc furnace steel mills continued to increase production and resume production, resulting in a significant increase in the operating rate and capacity utilization rate. However, due to poor steel sales, the overall recovery amplitude narrowed. As of July 30, the average operating rate of 87 independent electric - arc furnace steel mills in the country increased by 2.19% to 74.21%, and the capacity utilization rate increased by 1.56% to 57.05%, both reaching an eight - week high [47]. 3.2.5 Raw Material Prices - Affected by domestic policies this week, the prices of major raw materials fluctuated significantly. The price of Tangshan steel billets decreased by 100 yuan/ton to 3,097 yuan/ton, and the price of 61.5% PB powder decreased by 17 yuan/ton to 765 yuan/ton [56]. 3.3 Summary and Investment Suggestions - This week, the inventory of the five major steel products increased by 153,900 tons to 1.35189 million tons, ending a four - week decline and reaching a seven - week high. The social inventory increased by 153,900 tons, and the steel mill inventory increased slightly by 1,000 tons. Specifically, the social inventory of rebar increased by 111,700 tons, while the steel mill inventory decreased by 35,200 tons. The weekly output decreased slightly, and the apparent demand decreased by 6.08% or 131,700 tons to 2.0341 million tons, the lowest in five months. The output increase of hot - rolled coils was greater than the inventory increase, and the apparent demand rebounded by 47,600 tons to 3.2 million tons. The apparent demand for cold - rolled and medium - thick plates fluctuated relatively little [60]. - Currently, the proportion of industrial logic is gradually increasing, and policy expectations are decreasing. After important events such as Sino - US tariff negotiations, the Politburo meeting, and the US interest - rate meeting have concluded, market sentiment has significantly cooled. In the short term, prices have entered a period of volatile consolidation, but the upward trend is expected to remain unchanged, although the momentum has slowed. In the later stage, attention should be paid to whether terminal demand can show better - than - expected performance [60].

Report Summary 1) Industry Investment Rating No industry investment rating is provided in the report. 2) Core Views - **Rebar**: The main contract price of rebar declined weakly with a daily drop of 2.05%, with increasing volume and decreasing positions. In the current situation of both supply and demand increasing, the fundamentals of rebar have not improved substantially. Under the dominance of industrial logic, steel prices are still prone to pressure. The relatively positive factor is that the real - world contradictions are not significant under the low - inventory situation. It is expected that the rebar price will shift to a volatile downward trend, and domestic policies should be monitored [4]. - **Hot - Rolled Coil**: The main contract price of hot - rolled coil weakened and declined, recording a daily drop of 2.30%, with increasing volume and decreasing positions. Currently, both supply and demand of hot - rolled coils have weakened, the fundamentals have deteriorated slightly, inventory has increased slightly, but overall contradictions are not significant, and costs have risen significantly. It is expected that the hot - rolled coil price will maintain a high - level volatile operation, and overseas risks should be monitored [4]. - **Iron Ore**: The main contract price of iron ore continued to decline, with a daily drop of 1.75%, and both volume and positions decreased. Currently, the optimistic sentiment has weakened, and the over - valued ore price is oscillating downward. The relatively positive factor is that the fundamentals of iron ore are still acceptable under the current situation of weak supply and strong demand, and the downward space is limited. Under the dominance of industrial logic, it is expected that the ore price will continue the high - level adjustment trend, and the performance of finished products should be monitored [4]. 3) Summary by Directory Industry Dynamics - **Industrial Profits**: In June, the year - on - year decline in the profits of industrial enterprises above designated size narrowed compared with May. The new kinetic energy industries represented by the equipment industry had relatively fast profit growth. The operating income continued to grow, and the decline in enterprise profits narrowed. In June, the operating income of industrial enterprises above designated size increased by 1.0% year - on - year, with the same growth rate as in May. The total profit reached 715.58 billion yuan, a year - on - year decrease of 4.3%, and the decline narrowed by 4.8 percentage points compared with May. From January to June, the operating income increased by 2.5%, and the profit decreased by 1.8% [6]. - **Transportation Investment**: In the first half of this year, China completed transportation fixed - asset investment of 1.6474 trillion yuan. Investment in railways, highways, waterways, and civil aviation was 355.9 billion yuan, 1.1291 trillion yuan, 109.3 billion yuan, and 53.1 billion yuan respectively [7]. - **Anglo American's Iron Ore Production and Sales**: In the second quarter of 2025, Anglo American's iron ore production was 15.94 million tons, a 3% increase from the previous quarter and a 2% increase year - on - year. The production in the first half of the year was 31.38 million tons, a 2% year - on - year increase. The sales volume in the second quarter was 16.41 million tons, a 13% increase from the previous quarter and a 1% decrease year - on - year. The sales volume in the first half of the year was 30.97 million tons, a 5% year - on - year increase. The annual production target remains at 57 - 61 million tons, and the company has completed 55% of the lower - limit target in the first half of the year. The annual unit cash cost target remains at $36 per ton [8]. Spot Market - **Steel Products**: The spot prices of rebar, hot - rolled coil, and Tangshan billet all decreased. The national average price of rebar dropped by 41 yuan/ton, and that of hot - rolled coil dropped by 34 yuan/ton [9]. - **Iron Ore**: The price of 61.5% PB powder at Shandong ports decreased by 14 yuan/ton, and the price of Tangshan iron concentrate decreased by 5 yuan/ton [9]. Futures Market - **Rebar**: The closing price of the main rebar contract was 3,248 yuan/ton, a 2.05% decline, with a trading volume of 3,414,713 lots and a decrease in positions of 62,771 lots [11]. - **Hot - Rolled Coil**: The closing price of the main hot - rolled coil contract was 3,397 yuan/ton, a 2.30% decline, with a trading volume of 1,255,676 lots and a decrease in positions of 73,396 lots [11]. - **Iron Ore**: The closing price of the main iron ore contract was 786.0 yuan/ton, a 1.75% decline, with a trading volume of 531,456 lots and a decrease in positions of 39,554 lots [11]. Related Charts - **Steel Inventory**: Charts show the weekly changes and total inventory of rebar and hot - rolled coil, as well as the inventory of iron ore in 45 ports, 247 steel mills, and domestic mines [13][18]. - **Steel Mill Production**: Charts present the blast furnace operating rate, capacity utilization rate, profitability of 247 sample steel mills, the operating rate of 87 independent electric furnaces, and the profit and loss situation of 75 building material independent electric arc furnace steel mills [27][29][32]. 后市研判 - **Rebar**: Supply has increased slightly, and demand has improved, but both are still at low levels in recent years. The fundamentals have not improved substantially, and it is expected that the price will shift to a volatile downward trend [35]. - **Hot - Rolled Coil**: Both supply and demand have weakened, the fundamentals have deteriorated slightly, inventory has increased slightly, and it is expected that the price will maintain a high - level volatile operation [36]. - **Iron Ore**: The demand is still resilient, but the supply pattern is changing. The over - valued ore price is oscillating downward, and it is expected to continue the high - level adjustment trend [37].

Core Viewpoint - The investment philosophy of Zhuque Fund's Chen Fei emphasizes the importance of safety margins and clear industry trends, focusing on companies with "business extension lines" under a secure margin [1] Group 1: Investment Strategy - Chen Fei's investment focus is on companies in the growth and optimization phases of their industry lifecycle, identifying three stages: growth, intensified competition, and optimization [2] - The strategy includes investing in "Mount Everest-type" companies with significant potential and "tomorrow's stars" that are positioned in key industries [2] - The emphasis is on the alignment with industry logic and the importance of individual stock safety margins [2] Group 2: Safety Margin Framework - The safety margin framework consists of three layers: static safety margin, dynamic safety margin, and negative list management [3] - The static safety margin involves assessing undervalued core assets and hidden asset values such as patents and brand barriers [3] - The dynamic safety margin considers companies with high growth potential that can justify current valuations through future performance [3] - Negative list management involves avoiding companies with high debt levels and unclear business models [3] Group 3: Sector Focus - Chen Fei has increased investment in SMIC, holding 8.24% of shares by Q2 2024, when the stock's PB was between 0.6 and 0.7 [3] - The AI sector is expected to continue driving industry growth, with a focus on cloud-related hardware and software companies [4] - The innovative drug sector is gaining attention as China becomes a major hub for drug development, with significant advancements in dual antibodies and ADCs [5]

Group 1: Report Industry Investment Ratings - Not provided in the given content Group 2: Core Views of the Report - The steel market sentiment has slightly decreased, and it is expected to operate within a range [3]. - The iron ore fundamentals are weakening, and the price may face pressure [7]. - The coke market sentiment has slightly decreased, and it is expected to operate within a range [10]. - The coking coal sentiment has slightly decreased, and it is expected to operate within a range [14]. - The ferroalloy supply - demand contradiction is limited, and it is expected to operate within a range [18]. Group 3: Summaries by Variety Steel (including rebar and hot - rolled coil) - **Rebar**: The urban work conference was bearish as it didn't release stimulus signals and confirmed the end of the real - estate incremental era. Production and apparent demand decreased month - on - month, with total inventory slightly down, showing obvious off - season characteristics. The transaction logic has shifted from industrial to macro - sentiment and policy - expectation logic, and it will operate within the range of [3090, 3130] [1][4][5]. - **Hot - rolled coil**: Production and apparent demand decreased slightly month - on - month, and inventory changed little. The supply - demand is relatively balanced with limited fundamental contradictions. After the urban work conference, market sentiment declined, but later political bureau meetings may provide stimulus. It will operate within the range of [3230, 3270] [1][5]. Iron Ore - The demand side shows a decline in hot - metal production, which is expected to continue to decline slowly. The supply side has an increase in both arrivals and shipments, with more shipments to come. The overall supply - demand structure is neutral - weak. The urban meeting was below expectations, and the short - term market may return to fundamental trading. Short - term observation is recommended, and short positions can be arranged in the medium term. The price range is [750, 780] [1][8][9]. Coke - The first round of spot price increase occurred, and coking profit slightly improved. The fundamentals changed little. Independent coking enterprise production declined recently, but steel - mill coking production remained high. High hot - metal production guaranteed raw - material demand. Total inventory decreased month - on - month but remained at a high level. Market sentiment cooled slightly, and it will operate within the range of [1490, 1520] [1][12][13]. Coking Coal - Domestic coking coal production recently decreased, and the absolute level is close to that of last year. Some shut - down mines will resume production in July, increasing supply later. Upstream inventory decreased month - on - month, and spot trading improved. Market sentiment improved overall. Short - term macro - expectations cooled slightly, and it will operate within the range of [890, 920] [1][16][17]. Ferroalloys (including ferromanganese and ferrosilicon) - **Ferromanganese**: The fundamentals show increasing supply and decreasing demand, and inventory pressure is not significantly relieved. Manganese ore currently supports the price, but electricity costs in many production areas have decreased, and some mines' far - month quotes have slightly dropped, so there is an expectation of cost loosening. Although hot - metal production is at a high level, actual demand may decline in the off - season. Short - term trading is sentiment - driven, and attention should be paid to the 6000 yuan/ton mark. The price range is [5690, 5880] [1][20][21]. - **Ferrosilicon**: The fundamentals show a decline in both supply and demand. After the reduction of power prices in production areas, the cost line has further decreased. Factory inventory is relatively high, and some factories plan to resume production, while the downstream off - season has arrived, increasing the difficulty of inventory reduction. Short - term trading is sentiment - driven, with limited supply - demand contradictions, and it is expected to operate within the range of [5400, 5590] [1][20][21].

Group 1 - The A-share market experienced fluctuations with strong performance in sectors such as photovoltaic equipment, steel, cement, and coal, while communication equipment, semiconductors, aerospace, and consumer electronics lagged behind [1] - Long-term capital inflow into the market is accelerating, with steady growth in ETF sizes and continuous inflow of insurance funds, providing significant support [1] - The Federal Reserve maintained interest rates in June, but uncertainty remains regarding the path of potential rate cuts, which could significantly boost global risk appetite if clear signals are released [1] Group 2 - The A-share market showed signs of adjustment, with the majority of Federal Reserve members expecting a rate cut later this year, while the U.S. economy remains robust [2] - Domestic manufacturing PMI data indicates a recovery in manufacturing sentiment, reflecting resilience in the Chinese economy [2] - Upcoming mid-year reports are expected to significantly impact individual stock performance, reinforcing the importance of earnings in market dynamics [2]

Report Summary 1. Report Industry Investment Rating - The trend strength is 0, indicating a neutral stance on the market, with the range of trend strength being integers in the [-2, 2] interval. -2 represents the most bearish view, and 2 represents the most bullish view [2] 2. Core View of the Report - Although there are current market issues such as the inverted price difference between fat pigs in the north and south, a decrease in group piglet sales, and a slight increase in pen pressure in May, price increases have exceeded expectations, leading to continued inventory accumulation. The near - term contradictions have not reached the release stage. The macro - sentiment has cooled, and capital interference has decreased. The trading logic has switched to the industrial logic. Attention should be focused on the arbitrage strategy for the valuation deviation of the far - month inter - month spread from the normal state. In the medium - to - long - term, continuously layout the 11 - 1 reverse spread and pay attention to stop - loss and take - profit. The short - term support level for the LH2509 contract is 13,000 yuan/ton, and the pressure level is 15,000 yuan/ton [3] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Spot Prices**: The price of Henan's live pig spot is 15,000 yuan/ton, Sichuan's is 14,550 yuan/ton, and Guangdong's is 15,190 yuan/ton, with a year - on - year decrease of 50 yuan/ton in Guangdong [1] - **Futures Prices**: The price of the live pig 2507 contract is 13,575 yuan/ton, with a year - on - year increase of 50 yuan/ton [1] 3.2 Market Logic - **Trading Logic**: The trading logic has switched to the industrial logic. Focus on the arbitrage strategy for the valuation deviation of the far - month inter - month spread from the normal state. Continuously layout the 11 - 1 reverse spread in the medium - to - long - term and pay attention to stop - loss and take - profit [3] - **Contract Price Ranges**: The short - term support level for the LH2509 contract is 13,000 yuan/ton, and the pressure level is 15,000 yuan/ton [3] 3.3 Futures Trading Data | Contract | Volume (compared to the previous day) | Open Interest (compared to yesterday) | | ---- | ---- | ---- | | Live Pig 2507 | 3,265 (-1,782) | 28,942 (-950) | | Live Pig 2509 | 13,932 (-5,014) | 71,262 (-92) | | Live Pig 2511 | 1,876 (-2,431) | 29,684 (+74) | [3] 3.4 Futures Price Difference Data | Price Difference Type | Price Difference Value | Year - on - Year Change | | ---- | ---- | ---- | | Live Pig 2507 Basis | 35 | - | | Live Pig 2509 Basis | 295 | - | | Live Pig 2511 Basis | 5 | - | | Live Pig 7 - 9 Spread | 1,425 | -50 | | Live Pig 9 - 11 Spread | 1,115 | -15 | [3]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - After the May Day holiday, there is still a willingness for second - round fattening, but the price difference between fat pigs in the north and south is inverted, the sale of group piglets has decreased, and the pen pressure in May has slightly increased. The near - term contradiction is not in the release stage. The macro - sentiment has cooled, the capital disturbance has decreased, and the trading logic has switched to the industrial logic. Attention should be paid to the arbitrage strategy of the far - month inter - month spread valuation deviating from the normal state. It is expected that the liquidity of the 11 - 1 reverse spread will gradually increase at the end of May, 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 [5] Group 3: Summary by Related Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: Henan spot price is 15,000 yuan/ton with a year - on - year decrease of 50; Sichuan spot price is 14,650 yuan/ton with a year - on - year decrease of 100; Guangdong spot price is 15,290 yuan/ton with a year - on - year decrease of 150 [3] - **Futures Prices**: The price of pig 2507 is 13,495 yuan/ton with a year - on - year increase of 15; the price of pig 2509 is 13,925 yuan/ton with a year - on - year increase of 15; the price of pig 2511 is 13,625 yuan/ton with a year - on - year increase of 60 [3] - **Trading Volume and Open Interest**: The trading volume of pig 2507 is 5,294 lots, a decrease of 213 from the previous day, and the open interest is 30,668 lots, a decrease of 140 from the previous day; the trading volume of pig 2509 is 26,531 lots, an increase of 4,441 from the previous day, and the open interest is 71,319 lots, a decrease of 2,087 from the previous day; the trading volume of pig 2511 is 3,613 lots, an increase of 111 from the previous day, and the open interest is 29,156 lots, a decrease of 331 from the previous day [3] - **Price Spreads**: The basis of pig 2507 is 1,505 yuan/ton with a year - on - year decrease of 65; the basis of pig 2509 is 1,075 yuan/ton with a year - on - year decrease of 65; the basis of pig 2511 is 1,375 yuan/ton with a year - on - year decrease of 110; the 7 - 9 spread of pig is - 430 yuan/ton with no year - on - year change; the 9 - 11 spread of pig is 300 yuan/ton with a year - on - year decrease of 45 [3] 3.2 Trend Intensity - The trend intensity is 0, with a value range of [- 2,2] for integers, and the strength classification includes weak, slightly weak, neutral, slightly strong, and strong. - 2 represents the most bearish view, and 2 represents the most bullish view [4]