Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core View of the Report - The trend strength is -1, indicating a relatively bearish view. After the Tomb - Sweeping Festival, the second - fattening of pigs started after the spot price stopped falling, and the state reserve rotation supported the downstream. The spot price in April still had support, and the near - month contracts traded based on the logic of closing the basis last week. However, the enthusiasm for high - price procurement in the second - fattening has cooled down, the price spread between fat and lean pigs is inverted, the sale of piglets by large farms has decreased, the pen pressure has increased slightly, and the phased destocking has begun, weakening the sentiment of near - month contracts. The macro sentiment has cooled down, and the trading logic has switched to the industrial logic. Attention should be paid to the 11 - 1 reverse spread of far - month contracts, and stop - loss and take - profit should be noted. The short - term support level for the LH2505 contract is 13000 yuan/ton, and the pressure level is 14500 yuan/ton [3][4] Group 3: Summary According to the Directory 1. Fundamental Tracking - **Spot Prices**: The Henan spot price is 14750 yuan/ton, down 100 yuan/ton; the Sichuan spot price is 14400 yuan/ton, unchanged; the Guangdong spot price is 15590 yuan/ton, down 50 yuan/ton [2] - **Futures Prices**: The price of the LH2505 contract is 14000 yuan/ton, up 25 yuan/ton; the price of the LH2507 contract is 13450 yuan/ton, down 35 yuan/ton; the price of the LH2509 contract is 13930 yuan/ton, down 200 yuan/ton [2] - **Trading Volume and Open Interest**: The trading volume of the LH2505 contract is 1661 lots, down 1173 lots compared with the previous day, and the open interest is 2419 lots, down 803 lots compared with the previous day; the trading volume of the LH2507 contract is 6864 lots, up 1633 lots, and the open interest is 32520 lots, down 630 lots; the trading volume of the LH2509 contract is 39001 lots, up 11526 lots, and the open interest is 72948 lots, down 421 lots [2] - **Price Spreads**: The basis of the LH2505 contract is 750 yuan/ton, down 125 yuan/ton; the basis of the LH2507 contract is 1300 yuan/ton, down 65 yuan/ton; the basis of the LH2509 contract is 820 yuan/ton, up 100 yuan/ton; the 5 - 7 spread is 550 yuan/ton, up 60 yuan/ton; the 7 - 9 spread is - 480 yuan/ton, up 165 yuan/ton [2] 2. Market Logic - After the Tomb - Sweeping Festival, the second - fattening of pigs started after the spot price stopped falling, and the state reserve rotation supported the downstream. The spot price in April still had support, and the near - month contracts traded based on the logic of closing the basis last week. However, the enthusiasm for high - price procurement in the second - fattening has cooled down, the price spread between fat and lean pigs is inverted, the sale of piglets by large farms has decreased, the pen pressure has increased slightly, and the phased destocking has begun, weakening the sentiment of near - month contracts. The macro sentiment has cooled down, and the trading logic has switched to the industrial logic. Attention should be paid to the 11 - 1 reverse spread of far - month contracts, and stop - loss and take - profit should be noted. The short - term support level for the LH2505 contract is 13000 yuan/ton, and the pressure level is 14500 yuan/ton [4]

Report Overview - Report Date: April 29, 2025 [1] - Title: "Pigs: Phase-out of Inventory Initiated" [1] Investment Rating - Not provided Core View - After the Tomb-Sweeping Festival, the spot price stopped falling, second-round fattening started, and state reserve purchases supported the downstream. In April, the spot price was still supported, and the near-month contracts traded based on the logic of closing the basis last week. However, the enthusiasm for high-price second-round fattening cooled, the price spread between fat and lean pigs was inverted, group sales of piglets decreased, pen pressure increased slightly, and a phase-out of inventory began, weakening the sentiment of near-month contracts. The macro sentiment cooled, and the trading logic switched to the industrial logic. Attention should be paid to far-month arbitrage, and stop-loss and take-profit should be noted. The short-term support level for the LH2505 contract is 13,000 yuan/ton, and the pressure level is 14,500 yuan/ton [5] Summary by Directory 1. Pig Fundamental Data - **Spot Prices**: The Henan spot price is 14,850 yuan/ton with a year-on-year increase of 50 yuan/ton; the Sichuan spot price is 14,400 yuan/ton with no year-on-year change; the Guangdong spot price is 15,640 yuan/ton with no year-on-year change [3] - **Futures Prices**: The prices of contracts LH2505, LH2507, and LH2509 are 13,975 yuan/ton, 13,485 yuan/ton, and 14,130 yuan/ton respectively, with year-on-year decreases of 140 yuan/ton, 55 yuan/ton, and 20 yuan/ton [3] - **Trading Volume and Open Interest**: The trading volume of LH2505 increased by 1,019 hands to 2,834 hands, and the open interest decreased by 975 hands to 3,222 hands; the trading volume of LH2507 decreased by 259 hands to 5,231 hands, and the open interest decreased by 212 hands to 33,150 hands; the trading volume of LH2509 increased by 240 hands to 27,475 hands, and the open interest increased by 1,071 hands to 73,369 hands [3] - **Price Spreads**: The basis of LH2505, LH2507, and LH2509 are 875 yuan/ton, 1365 yuan/ton, and 720 yuan/ton respectively, with year-on-year increases of 190 yuan/ton, 105 yuan/ton, and 70 yuan/ton; the 5 - 7 spread is 490 yuan/ton with a year-on-year decrease of 85 yuan/ton; the 7 - 9 spread is -645 yuan/ton with a year-on-year decrease of 35 yuan/ton [3] 2. Trend Intensity - The trend intensity is -1, indicating a relatively bearish view. The range of trend intensity is an integer within [-2, 2], with -2 being the most bearish and 2 being the most bullish [4]