Group 1: Report Summary - The report focuses on the hog market, analyzing the current fundamentals, trend strength, and market logic [1][4] Group 2: Industry Investment Rating - No industry investment rating is provided in the report Group 3: Core Viewpoints - The market is under pressure due to increased planned slaughter volume by group farms in August, passive hog retention by散户, and limited demand growth. The daily trading volume has been poor, making it difficult to absorb market supply. The September contract is approaching the delivery month, and with the significant premium of the futures price over the warehouse receipt cost, the industry's willingness to deliver has increased. Attention should be paid to the price convergence. The macro - sentiment has strong support for the far - end contracts, resulting in a pattern of weak current situation and strong expectations, with the spread structure maintaining a reverse spread. Stop - loss and take - profit should be noted. The short - term support and pressure levels for the LH2509 contract are 13,000 yuan/ton and 14,500 yuan/ton respectively [4] Group 4: Pig Fundamental Data - **Spot Prices**: Henan's spot price is 13,930 yuan/ton, Sichuan's is 13,550 yuan/ton, and Guangdong's is 15,190 yuan/ton (down 100 yuan/ton year - on - year) [2] - **Futures Prices**: The prices of hog2509, hog2511, and hog2601 are 13,870 yuan/ton (down 80 yuan/ton year - on - year), 13,900 yuan/ton (down 145 yuan/ton year - on - year), and 14,130 yuan/ton (down 165 yuan/ton year - on - year) respectively [2] - **Trading Volume and Open Interest**: For hog2509, the trading volume is 5,772 lots (down 4,063 lots from the previous day), and the open interest is 16,609 lots (down 2,018 lots from the previous day). For hog2511, the trading volume is 34,419 lots (down 13,089 lots from the previous day), and the open interest is 64,710 lots (down 1,520 lots from the previous day). For hog2601, the trading volume is 15,747 lots (down 2,368 lots from the previous day), and the open interest is 46,213 lots (up 437 lots from the previous day) [2] - **Price Spreads**: The basis of hog2509, hog2511, and hog2601 are 60 yuan/ton (up 80 yuan/ton year - on - year), 30 yuan/ton (up 145 yuan/ton year - on - year), and - 200 yuan/ton (up 165 yuan/ton year - on - year) respectively. The spread between hog9 - 11 is - 30 yuan/ton (up 65 yuan/ton year - on - year), and the spread between hog11 - 1 is - 230 yuan/ton (up 20 yuan/ton year - on - year) [2] Group 5: Trend Intensity - The trend intensity is - 1, indicating a relatively bearish view. The range of trend intensity is an integer within [- 2,2], with - 2 being the most bearish and 2 being the most bullish [3]