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. Core View - The report focuses on the situation of the pig industry, highlighting high inventory, high stock, high premium, and high positions in the pig market. 3. Summary by Relevant Catalogs Pig Fundamental Data - **Spot Prices**: The spot prices in Henan, Sichuan, and Guangdong are 10,030 yuan/ton, 10,150 yuan/ton, and 10,860 yuan/ton respectively, with year-on-year changes of -100 yuan/ton, -100 yuan/ton, and 0 yuan/ton [2]. - **Futures Prices**: The prices of pig futures contracts 2605, 2607, and 2609 are 10,475 yuan/ton, 11,650 yuan/ton, and 12,640 yuan/ton respectively, with year-on-year changes of -220 yuan/ton, -465 yuan/ton, and -445 yuan/ton [2]. - **Futures Trading Volume and Open Interest**: The trading volumes of pig futures contracts 2605, 2607, and 2609 are 149,769 lots, 49,030 lots, and 35,069 lots respectively, with increases of 18,369 lots, 28,296 lots, and 20,355 lots compared to the previous day. The open interests are 204,678 lots, 71,417 lots, and 64,597 lots respectively, with increases of 2,280 lots, 5,185 lots, and 2,274 lots compared to the previous day [2]. - **Price Spreads**: The basis of pig futures contracts 2605, 2607, and 2609 are -445 yuan/ton, -1620 yuan/ton, and -2610 yuan/ton respectively, with year-on-year changes of 120 yuan/ton, 365 yuan/ton, and 345 yuan/ton. The spreads between pig futures contracts 5 - 7 and 7 - 9 are -1175 yuan/ton and -990 yuan/ton respectively, with year-on-year changes of 245 yuan/ton and -20 yuan/ton [2].