Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View - The logic of secondary fattening has led to a downward shift in expectations for the hog market [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Spot Prices**: The Henan spot price is 11,130 yuan/ton, the Sichuan spot price is 10,650 yuan/ton, and the Guangdong spot price is 11,360 yuan/ton, all with a year - on - year increase of 100 [2]. - **Futures Prices**: The prices of hog futures contracts 2511, 2601, and 2603 are 11,400 yuan/ton, 12,195 yuan/ton, and 11,665 yuan/ton respectively, with year - on - year decreases of 50, 210, and 170 [2]. - **Trading Volume and Open Interest**: The trading volumes of hog futures contracts 2511, 2601, and 2603 are 42,981, 51,477, and 15,921 hands respectively, with decreases of 22,605, 5,785, and 2,048 hands compared to the previous day. The open interests are 44,805, 90,900, and 75,471 hands respectively, with changes of - 3,846, + 3,086, and + 4,275 hands compared to the previous day [2]. - **Price Spreads**: The basis of hog futures contracts 2511, 2601, and 2603 are - 270, - 1065, and - 535 yuan/ton respectively, with year - on - year increases of 150, 310, and 270. The spreads between contracts 11 - 1 and 1 - 3 are - 795 and 530 yuan/ton respectively, with year - on - year changes of 160 and - 40 [2]. 3.2 Market Information - Guizhou Zhenfeng Fuyuan registered 21 hands of warehouse receipts [3]. 3.3 Trend Intensity - The trend intensity is - 1, indicating a relatively bearish view. The range of trend intensity is an integer in the [-2, 2] interval, where - 2 is the most bearish and 2 is the most bullish [4].