Report Summary 1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2. Report's Core View - The report is titled "Pigs: Increment is Coming, and Industrial Logic Returns", indicating a potential change in the pig industry with an expected increase in supply and a return to industrial logic. However, the specific details of the core view are not fully elaborated in the given content. 3. Summary by Relevant Catalog 3.1 Pig Fundamental Data - **Spot Prices**: The spot prices in different regions vary. The price in Henan is 11,330 yuan/ton, down 100 yuan/ton compared to the previous period; in Sichuan, it is 11,500 yuan/ton, unchanged; and in Guangdong, it is 12,360 yuan/ton, up 100 yuan/ton [2]. - **Futures Prices**: The prices of different futures contracts also show different trends. The price of the Pig 2601 contract is 11,455 yuan/ton, down 40 yuan/ton; the Pig 2603 contract is 11,255 yuan/ton, up 50 yuan/ton; and the Pig 2605 contract is 11,950 yuan/ton, up 25 yuan/ton [2]. - **Trading Volume and Open Interest**: The trading volume of the Pig 2601 contract is 47,868 lots, down 2,025 lots compared to the previous day, and the open interest is 98,797 lots, down 2,943 lots. The trading volume of the Pig 2603 contract is 34,611 lots, up 1,949 lots, and the open interest is 137,984 lots, down 378 lots. The trading volume of the Pig 2605 contract is 12,643 lots, down 472 lots, and the open interest is 74,419 lots, up 264 lots [2]. - **Price Spreads**: The basis of the Pig 2601 contract is -125 yuan/ton, down 60 yuan/ton; the basis of the Pig 2603 contract is 75 yuan/ton, down 150 yuan/ton; the basis of the Pig 2605 contract is -620 yuan/ton, down 125 yuan/ton. The spread between Pig 1 - 3 is 200 yuan/ton, down 90 yuan/ton, and the spread between Pig 3 - 5 is -695 yuan/ton, up 25 yuan/ton [2]. 3.2 Trend Intensity - The trend intensity is -1, indicating a relatively bearish view. The range of trend intensity is from -2 to 2, with -2 being the most bearish and 2 being the most bullish [3].

Group 1: Report Overview - The report is about the pig industry, stating that the industry logic will return in 2025 [1] Group 2: Fundamental Data - **Spot prices**: Henan's is 11,380 yuan/ton, Sichuan's is 11,350 yuan/ton (down 100 yuan/ton year - on - year), and Guangdong's is 11,360 yuan/ton (down 200 yuan/ton year - on - year) [3] - **Futures prices**: The price of pig 2601 is 11,465 yuan/ton (down 120 yuan/ton year - on - year), pig 2603 is 11,250 yuan/ton (down 65 yuan/ton year - on - year), and pig 2605 is 11,935 yuan/ton (down 55 yuan/ton year - on - year) [3] - **Trading volume**: Pig 2601 is 64,945 lots (up 6,464 lots from the previous day), pig 2603 is 27,757 lots (up 5,324 lots from the previous day), and pig 2605 is 13,489 lots (down 734 lots from the previous day) [3] - **Open interest**: Pig 2601 is 107,542 lots (down 9,780 lots from the previous day), pig 2603 is 135,971 lots (up 7,728 lots from the previous day), and pig 2605 is 73,864 lots (up 2,108 lots from the previous day) [3] - **Price differences**: Pig 2601 basis is - 85 yuan/ton (up 120 yuan/ton year - on - year), pig 2603 basis is 130 yuan/ton (up 65 yuan/ton year - on - year), pig 2605 basis is - 555 yuan/ton (up 55 yuan/ton year - on - year), pig 1 - 3 spread is 215 yuan/ton (down 55 yuan/ton year - on - year), and pig 3 - 5 spread is - 685 yuan/ton (down 10 yuan/ton year - on - year) [3] Group 3: Trend Intensity - The trend intensity is - 1, indicating a relatively bearish outlook. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [4]