Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core View of the Report - The current pig market is in a game - stage. Short - term market has a large pressure to digest inventory due to factors such as the weakening of fat pig demand, increased feed consumption, and the reverse spread of 300 - jin pigs and standard pigs. It is recommended to mainly short at high prices with attention to stop - profit and stop - loss. The short - term support level of the LH2505 contract is 12,000 yuan/ton, and the pressure level is 14,000 yuan/ton [4]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: Henan spot price is 14,570 yuan/ton (YoY - 50), Sichuan spot price is 14,650 yuan/ton (YoY 0), and Guangdong spot price is 15,600 yuan/ton (YoY 80) [2]. - **Futures Prices**: The prices of LH2505, LH2507, and LH2509 are 13,475 yuan/ton (YoY 120), 13,525 yuan/ton (YoY 130), and 14,040 yuan/ton (YoY 40) respectively [2]. - **Trading Volume and Open Interest**: The trading volume of LH2505, LH2507, and LH2509 is 41,381 hands (- 24,105 compared to the previous day), 7,919 hands (- 1,951), and 4,792 hands (- 4,359) respectively; the open interest is 72,448 hands (- 4,565 compared to the previous day), 32,474 hands (+ 886), and 35,850 hands (+ 365) respectively [2]. - **Price Spreads**: The basis of LH2505, LH2507, and LH2509 is 1,095 yuan/ton (YoY - 170), 1,045 yuan/ton (YoY - 180), and 530 yuan/ton (YoY - 90) respectively; the spread between LH2505 - LH2507 is - 50 yuan/ton (YoY - 10), and the spread between LH2507 - LH2509 is - 515 yuan/ton (YoY 90) [2]. 3.2 Trend Intensity - The trend intensity is 0, with a range of [- 2, 2]. - 2 represents the most bearish, and 2 represents the most bullish [3]. 3.3 Market Logic - From the spot perspective, the second - fattening pigs entering the market in February aimed to obtain fat - standard profit, leading to large - scale procurement in both the north and the south and group companies' passive pig - holding. However, as fat pig demand weakens, feed consumption increased significantly from January to February, and inventory accumulation is confirmed. The spread between 300 - jin pigs and standard pigs has reversed, and second - fattening pigs start to be sold. The short - term market faces great pressure to digest inventory. Also, the actual delivery cost of the March contract is high, the theoretical discount of the May contract increases, and the delivery, position - limit, and spot logic resonate. It is advisable to short at high prices and pay attention to stop - profit and stop - loss [4].