Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The order volume of slaughtering enterprises has decreased, so overall procurement is not very difficult. It is expected that the pig price in the market tomorrow may remain stable, and it cannot be ruled out that the prices in some regions will still be weak, with actual transactions being the main reference. Recently, most farms have a normal slaughter rhythm, and some enterprises are slightly faster in increasing their output. One reason is to catch up with the plan due to the slow rhythm in the earlier stage, and the other is to relieve the later supply pressure. Overall, the recent surge in spot prices has stimulated some pig farms to accelerate their slaughter, and the possibility of the Spring Festival market exceeding expectations is relatively low [2]. 3. Summary by Relevant Catalog Futures Market - **Prices**: The previous day's closing prices for January, March, May, July, September, and November contracts were 11,810, 11,465, 11,760, 12,425, 13,365, and 13,335 respectively, with price drops of -190, -100, -90, -45, -25, and -25, and percentage drops of -1.58%, -0.86%, -0.76%, -0.36%, -0.19%, and -0.19% respectively compared to the day before [2]. - **Trading Volume**: The trading volumes for January, March, May, July, September, and November contracts were 15, 53,652, 30,669, 4,880, 3,970, and 1,175 respectively [2]. - **Open Interest**: The open interests for January, March, May, July, September, and November contracts were 17, 133,394, 113,899, 46,200, 34,299, and 17,856 respectively, with changes of -17, 1,981, 5,555, 464, 248, and 27 respectively [2]. - **Spreads**: The current spreads for January - March, March - May, May - July, July - September, September - November, and November - January were 345, -295, -665, -940, 30, and 1,525 respectively, compared to previous values of 435, -285, -620, -920, 30, and 1,360 [2]. Spot Market - **Prices**: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning were 13.24, 12.77, 12.76, 13.23, 12.47, and 12.91 yuan/ton respectively, with price changes of 0.04, -25.48, 0.17, 0.03, 0.27, and -0.14 compared to the previous day [2]. Warehouse Receipts - The number of warehouse receipts was 433 both the previous day and the day before, with no change [2].