2026年2月10日 欧线)。总近月关注开舱指引 投资咨询从业资格号：Z0021502 郑玉洁 zhengyujie@gtht.com 黄柳楠 投资咨询从业资格号:Z0015892 huangliunan@gtht.com 【基本面跟踪】 表 1:集运指数(欧线)基本面数据 | 期货 | | 昨日收盘价 | 日 涨跌 | | 昨日成交 5 昨日持仓 | | | 持仓变动 昨日成交/持仓 | | 前日成交/持仓 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | EC2604 | 1.238.0 | -0. 39% | | 14. 384 | 31.132 | -295 - | 0. 46 | | 0. 94 | | | EC2606 | 1.553.0 | -0. 03% | | 2. 206 | 14.726 | -86 | 0. 15 | | 0. 33 | | | | | 本期 | | 2026/2/9 | | 单位 | | 周涨幅 | | | | SCFIS:欧洲航线 | | | 1.657.94 | | ...

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core View of the Report - Since February - March, slaughter volume has been rising, prices have been relatively strong, and pig weight has increased. High feed data year - on - year confirms the inventory accumulation logic. With a high empty - pen rate among retail farmers this year and many waiting for price entry, the current inverted spread between fat and standard pigs may stimulate the resale of second - fattened pigs, which is negative for the May contract. However, the next price decline space is limited, and the second inventory accumulation rhythm is expected to be quickly realized, with the July contract more likely to reflect this logic. There is allocation space for the 7 - 9 or 7 - 11 calendar spread. Attention should be paid to setting stop - loss and take - profit levels. The short - term support level for the LH2505 contract is 12,000 yuan/ton, and the pressure level is 14,000 yuan/ton [3]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: Henan spot price is 14,570 yuan/ton, Sichuan is 14,650 yuan/ton, and Guangdong is 15,700 yuan/ton [2]. - **Futures Prices**: The price of the pig 2505 contract is 13,535 yuan/ton (up 80 yuan year - on - year), the 2507 contract is 13,590 yuan/ton (up 65 yuan year - on - year), and the 2509 contract is 14,110 yuan/ton (up 65 yuan year - on - year) [2]. - **Trading Volume and Open Interest**: For the 2505 contract, the trading volume is 36,312 lots (up 6,875 lots from the previous day), and the open interest is 70,231 lots (up 1,708 lots from the previous day); for the 2507 contract, the trading volume is 4,575 lots (down 3,159 lots from the previous day), and the open interest is 33,123 lots (up 157 lots from the previous day); for the 2509 contract, the trading volume is 6,774 lots (up 2,718 lots from the previous day), and the open interest is 38,282 lots (up 1,481 lots from the previous day) [2]. - **Basis and Spreads**: The 2505 basis is 1,035 yuan/ton (down 80 yuan year - on - year), the 2507 basis is 980 yuan/ton (down 65 yuan year - on - year), the 2509 basis is 460 yuan/ton (down 65 yuan year - on - year), the 5 - 7 spread is - 55 yuan/ton, and the 7 - 9 spread is - 520 yuan/ton [2]. 3.2 Trend Intensity - The trend intensity is 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish) [2].