Group 1: Report Summary - The report is about the pig futures market on March 12, 2026, with the theme of "Passive inventory accumulation and spot price decline in the pig market" [1] Group 2: Industry Investment Rating - Not provided Group 3: Core View - The trend strength of the pig market is -1, indicating a bearish view, with a range of [-2, 2], where -2 is the most bearish and 2 is the most bullish [3] Group 4: Key Data Spot Prices - Henan spot price is 10,230 yuan/ton, Sichuan spot price is 10,250 yuan/ton, and Guangdong spot price is 10,460 yuan/ton [2] Futures Prices - Pig 2605 is 11,170 yuan/ton (down 10% year - on - year), Pig 2607 is 12,310 yuan/ton (up 25% year - on - year), and Pig 2609 is 13,185 yuan/ton (down 15% year - on - year) [2] Futures Trading Volume and Open Interest - Pig 2605 trading volume is 64,206 lots (down 4,897 from the previous day), open interest is 186,980 lots (up 4,634 from the previous day); Pig 2607 trading volume is 9,932 lots (up 2,118 from the previous day), open interest is 61,212 lots (up 1,104 from the previous day); Pig 2609 trading volume is 9,681 lots (down 1,195 from the previous day), open interest is 56,697 lots (up 1,490 from the previous day) [2] Price Spreads - Pig 2605 basis is -940 yuan/ton (up 10% year - on - year), Pig 2607 basis is -2,080 yuan/ton (down 25% year - on - year), Pig 2609 basis is -2,955 yuan/ton (up 15% year - on - year); Pig 5 - 7 spread is -1,140 yuan/ton (down 35% year - on - year), Pig 7 - 9 spread is -875 yuan/ton (up 40% year - on - year) [2]

Report Summary 1. Report Industry Investment Rating - No information provided on the report's industry investment rating. 2. Core View of the Report - The report focuses on the pig market as the Laba Festival approaches, tracking the pig's fundamentals and providing price, futures, and spread data [1]. 3. Summary by Relevant Catalogs Pig Fundamental Data - **Spot Prices**: The spot price in Henan is 13,230 yuan/ton with a year - on - year increase of 100; in Sichuan, it's 12,800 yuan/ton with a year - on - year decrease of 50; and in Guangdong, it's 13,560 yuan/ton with a year - on - year decrease of 250 [2]. - **Futures Prices**: The prices of pig2603, pig2605, and pig2607 are 11,470 yuan/ton, 11,820 yuan/ton, and 12,450 yuan/ton respectively, with year - on - year decreases of 80, 75, and 105 [2]. - **Trading Volume and Open Interest**: The trading volume of pig2603 is 63,362 lots with a decrease of 20,424 from the previous day, and the open interest is 138,509 lots with a decrease of 5,591. For pig2605, the trading volume is 24,710 lots with a decrease of 2,638, and the open interest is 105,113 lots with an increase of 417. For pig2607, the trading volume is 6,535 lots with an increase of 28, and the open interest is 45,305 lots with an increase of 1,051 [2]. - **Spreads**: The basis of pig2603, pig2605, and pig2607 are 1,760 yuan/ton, 1,410 yuan/ton, and 780 yuan/ton respectively, with year - on - year increases of 180, 175, and 205. The spread between pig3 - 5 is - 350 yuan/ton with a year - on - year decrease of 5, and the spread between pig5 - 7 is - 630 yuan/ton with a year - on - year increase of 30 [2]. Trend Intensity - The trend intensity is - 1, indicating a relatively bearish view. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [3].