Report Summary 1. Report Industry Investment Rating - The trend strength is -2, indicating the most bearish view, with the range of trend strength being integers in the [-2, 2] interval [3]. 2. Report's Core View - The demand in the peak season for pigs falls short of expectations, and supply contradictions emerge [1]. 3. Summary According to Relevant Catalogs Pig Fundamental Data - **Spot Prices**: The Henan spot price is 13,180 yuan/ton, down 100 yuan; the Sichuan spot price is 12,950 yuan/ton, up 150 yuan; the Guangdong spot price is 13,360 yuan/ton, unchanged [2]. - **Futures Prices**: The prices of live - hog 2603, 2605, and 2607 are 11,465 yuan/ton, 11,760 yuan/ton, and 12,425 yuan/ton respectively, down 100 yuan, 90 yuan, and 45 yuan [2]. - **Trading Volume and Open Interest**: The trading volume of live - hog 2603, 2605, and 2607 is 53,652 lots, 30,669 lots, and 4,880 lots respectively, with an increase of 10,712 lots, 12,414 lots, and 653 lots compared to the previous day. The open interest is 133,394 lots, 113,899 lots, and 46,200 lots respectively, with an increase of 1,981 lots, 5,555 lots, and 464 lots compared to the previous day [2]. - **Price Spreads**: The basis of live - hog 2603, 2605, and 2607 is 1,715 yuan/ton, 1,420 yuan/ton, and 755 yuan/ton respectively. The 3 - 5 spread is - 295 yuan/ton, and the 5 - 7 spread is - 665 yuan/ton [2].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View The market had a consensus expectation of price increases from late July to early August, but the volume - reduction and price - pulling by large - scale pig farms fell short of expectations. Retail farmers and second - fattening groups were panicked. The planned slaughter volume of large - scale farms in August increased while the demand growth was limited, leading to significant market pressure. The September contract was entering the pre - delivery month, and the futures price was still significantly higher than the warehouse - receipt cost, increasing the industry's willingness to deliver. It is expected to operate weakly. Recently, the macro sentiment has strongly supported the far - end contracts, and the market is in a pattern of weak reality and strong expectation, with the spread structure switching to backwardation. Attention should be paid to stop - loss and take - profit. The short - term support level for the LH2509 contract is 13,000 CNY/ton, and the pressure level is 14,500 CNY/ton [5]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: The Henan spot price was 14,080 CNY/ton, down 100 CNY/ton year - on - year; the Sichuan spot price was 13,450 CNY/ton, down 50 CNY/ton year - on - year; the Guangdong spot price was 15,540 CNY/ton, unchanged year - on - year [3]. - **Futures Prices and Trading Volume**: The price of the live - hog 2509 contract was 13,810 CNY/ton, down 75 CNY/ton year - on - year, with a trading volume of 15,751 lots (an increase of 2,019 lots from the previous day) and an open interest of 31,663 lots (a decrease of 4,047 lots from the previous day). The price of the live - hog 2511 contract was 14,010 CNY/ton, up 130 CNY/ton year - on - year, with a trading volume of 29,682 lots (an increase of 12,833 lots from the previous day) and an open interest of 58,972 lots (an increase of 3,930 lots from the previous day). The price of the live - hog 2601 contract was 14,310 CNY/ton, up 140 CNY/ton year - on - year, with a trading volume of 13,643 lots (an increase of 6,764 lots from the previous day) and an open interest of 42,444 lots (an increase of 1,957 lots from the previous day) [3]. - **Futures Spreads**: The basis of the live - hog 2509 contract was 270 CNY/ton, down 25 CNY/ton year - on - year; the basis of the live - hog 2511 contract was 70 CNY/ton, down 230 CNY/ton year - on - year; the basis of the live - hog 2601 contract was - 230 CNY/ton, down 240 CNY/ton year - on - year. The spread between the live - hog 2509 and 2511 contracts was - 200 CNY/ton, down 205 CNY/ton year - on - year, and the spread between the live - hog 2511 and 2601 contracts was - 300 CNY/ton, down 10 CNY/ton year - on - year [3]. 3.2 Trend Intensity The trend intensity was - 1, indicating a relatively bearish view. The range of trend intensity is an integer within the [ - 2,2] interval, where - 2 represents the most bearish view and 2 represents the most bullish view [4].