1. Report Industry Investment Rating - The trend strength is -2, indicating the most bearish view [3] 2. Core View of the Report - The weight reduction of live pigs fails to meet expectations, and the price center continues to move down [1] 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: The spot price in Henan is 9,530 yuan/ton, down 150 yuan; in Sichuan, it is 9,350 yuan/ton, down 50 yuan; in Guangdong, it is 10,160 yuan/ton, up 100 yuan [2] - **Futures Prices**: The price of Live Pig 2605 is 9,835 yuan/ton, down 145 yuan; Live Pig 2607 is 11,250 yuan/ton, down 60 yuan; Live Pig 2609 is 12,540 yuan/ton, down 55 yuan [2] - **Trading Volume and Open Interest**: The trading volume of Live Pig 2605 is 176,012 lots, an increase of 42,269 lots; the open interest is 219,402 lots, an increase of 5,615 lots. For Live Pig 2607, the trading volume is 44,700 lots, an increase of 2,895 lots; the open interest is 84,182 lots, an increase of 2,417 lots. For Live Pig 2609, the trading volume is 27,626 lots, an increase of 805 lots; the open interest is 77,148 lots, an increase of 2,943 lots [2] - **Price Spreads**: The basis of Live Pig 2605 is -305 yuan/ton, down 5 yuan; the basis of Live Pig 2607 is -1,720 yuan/ton, down 90 yuan; the basis of Live Pig 2609 is -3,010 yuan/ton, down 95 yuan. The spread between Live Pig 5 - 7 is -1,415 yuan/ton, down 85 yuan; the spread between Live Pig 7 - 9 is -1,290 yuan/ton, down 5 yuan [2]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core View of the Report - The report focuses on the pig market, stating that the impact of commodity sentiment has been realized, and the market is returning to the industrial logic [1]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: Henan spot price is 10,480 yuan/ton with a year - on - year decrease of 50; Sichuan spot price is 10,350 yuan/ton with a year - on - year decrease of 50; Guangdong spot price is 10,860 yuan/ton with a year - on - year decrease of 100 [2]. - **Futures Prices**: The price of pig2605 is 11,200 yuan/ton with a year - on - year increase of 40; pig2607 is 12,300 yuan/ton with a year - on - year increase of 120; pig2609 is 13,210 yuan/ton with a year - on - year increase of 70 [2]. - **Trading Volume and Open Interest**: For pig2605, the trading volume is 175,079 hands with an increase of 93,513 compared to the previous day, and the open interest is 180,023 hands with an increase of 6,829 compared to the previous day. For pig2607, the trading volume is 22,294 hands with an increase of 7,296, and the open interest is 59,659 hands with an increase of 621. For pig2609, the trading volume is 28,181 hands with an increase of 7,293, and the open interest is 54,247 hands with an increase of 170 [2]. - **Basis and Spreads**: The basis of pig2605 is - 80 yuan/ton; pig2607 is - 910 yuan/ton with a year - on - year increase of 50; pig2609 is - 720 yuan/ton with a year - on - year decrease of 90. The pig 5 - 7 spread is - 1,820 yuan/ton with a year - on - year decrease of 170; the pig 7 - 9 spread is - 2,730 yuan/ton with a year - on - year decrease of 120; and another spread data is - 1,100 [2]. 3.2 Trend Intensity - The trend intensity is - 2, indicating the most bearish view. The trend intensity value ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [2].

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. Report's Core View - The demand in the peak season for pigs falls short of expectations, and supply contradictions emerge [1]. 3. Summary According to Relevant Catalogs Pig Fundamental Data - **Spot Prices**: The Henan spot price is 13,180 yuan/ton, down 100 yuan; the Sichuan spot price is 12,950 yuan/ton, up 150 yuan; the Guangdong spot price is 13,360 yuan/ton, unchanged [2]. - **Futures Prices**: The prices of live - hog 2603, 2605, and 2607 are 11,465 yuan/ton, 11,760 yuan/ton, and 12,425 yuan/ton respectively, down 100 yuan, 90 yuan, and 45 yuan [2]. - **Trading Volume and Open Interest**: The trading volume of live - hog 2603, 2605, and 2607 is 53,652 lots, 30,669 lots, and 4,880 lots respectively, with an increase of 10,712 lots, 12,414 lots, and 653 lots compared to the previous day. The open interest is 133,394 lots, 113,899 lots, and 46,200 lots respectively, with an increase of 1,981 lots, 5,555 lots, and 464 lots compared to the previous day [2]. - **Price Spreads**: The basis of live - hog 2603, 2605, and 2607 is 1,715 yuan/ton, 1,420 yuan/ton, and 755 yuan/ton respectively. The 3 - 5 spread is - 295 yuan/ton, and the 5 - 7 spread is - 665 yuan/ton [2].

Group 1: General Information - The report date is January 12, 2026, and it focuses on the pig industry with the view that demand has negative feedback and supply is expected to increase [1] Group 2: Pig Fundamental Data - Henan spot price is 12,980 yuan/ton with a year - on - year increase of 50 yuan/ton; Sichuan spot price is 13,100 yuan/ton with a year - on - year increase of 50 yuan/ton; Guangdong spot price is 12,760 yuan/ton with no year - on - year change [2] - Futures prices: the price of pig 2603 is 11,770 yuan/ton with a year - on - year increase of 50 yuan/ton; pig 2605 is 12,215 yuan/ton with a year - on - year increase of 15 yuan/ton; pig 2607 is 12,895 yuan/ton with a year - on - year increase of 35 yuan/ton [2] - Futures trading volume and position: the trading volume of pig 2603 is 52,974 lots, a decrease of 35,439 lots from the previous day, and the position is 168,424 lots, a decrease of 2,847 lots from the previous day; pig 2605 has a trading volume of 13,575 lots, a decrease of 15,259 lots from the previous day, and a position of 97,479 lots, an increase of 211 lots from the previous day; pig 2607 has a trading volume of 3,166 lots, a decrease of 3,599 lots from the previous day, and a position of 43,983 lots, an increase of 101 lots from the previous day [2] - Price spreads: the basis of pig 2603 is 1,210 yuan/ton with no year - on - year change; the basis of pig 2605 is 765 yuan/ton with a year - on - year increase of 35 yuan/ton; the basis of pig 2607 is 85 yuan/ton with a year - on - year increase of 15 yuan/ton; the spread between pig 2603 and 2605 is - 445 yuan/ton with a year - on - year increase of 35 yuan/ton; the spread between pig 2605 and 2607 is - 680 yuan/ton with a year - on - year decrease of 20 yuan/ton [2] Group 3: Trend Intensity - The trend intensity is - 1, with the value range from - 2 to 2, where - 2 means most bearish and 2 means most bullish [3]

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View of the Report - The cooling expectation for the pig market has materialized, and the pressure is gradually being released [1]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: The spot price of pigs in Henan is 11,830 yuan/ton with a year - on - year increase of 100; in Sichuan, it is 11,400 yuan/ton with no year - on - year change; in Guangdong, it is 12,160 yuan/ton with no year - on - year change [2]. - **Futures Prices**: The price of pig futures contract 2601 is 11,560 yuan/ton with a year - on - year increase of 25; contract 2603 is 11,350 yuan/ton with a year - on - year decrease of 5; contract 2605 is 11,995 yuan/ton with a year - on - year decrease of 45 [2]. - **Trading Volume and Open Interest**: For contract 2601, the trading volume is 55,080 lots, a decrease of 32,311 from the previous day, and the open interest is 138,334 lots, a decrease of 4,083 from the previous day; for contract 2603, the trading volume is 14,483 lots, a decrease of 6,257 from the previous day, and the open interest is 114,413 lots, a decrease of 469 from the previous day; for contract 2605, the trading volume is 12,335 lots, a decrease of 3,827 from the previous day, and the open interest is 64,576 lots, an increase of 1,060 from the previous day [2]. - **Price Spreads**: The basis of contract 2601 is 270 yuan/ton with a year - on - year increase of 75; the basis of contract 2603 is 480 yuan/ton with a year - on - year increase of 105; the basis of contract 2605 is - 165 yuan/ton with a year - on - year increase of 145; the spread between contract 2601 and 2603 is 210 yuan/ton with a year - on - year increase of 30; the spread between contract 2603 and 2605 is - 645 yuan/ton with a year - on - year increase of 40 [2]. 3.2 Trend Intensity - The trend intensity is - 1, indicating a relatively bearish view. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [3].

1. Report Industry Investment Rating - The report does not provide an industry investment rating. 2. Core View of the Report - The supply of live pigs is postponed, and the price center continues to move down [1]. 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Spot Prices**: The spot price of live pigs in Henan is 11,280 yuan/ton, in Sichuan is 10,800 yuan/ton, and in Guangdong is 11,460 yuan/ton, with year - on - year increases of 150 yuan/ton, 150 yuan/ton, and 100 yuan/ton respectively [1]. - **Futures Prices**: The prices of live pig futures contracts 2511, 2601, and 2603 are 11,165 yuan/ton, 11,905 yuan/ton, and 11,540 yuan/ton respectively, with year - on - year decreases of 235 yuan/ton, 290 yuan/ton, and 125 yuan/ton respectively [1]. - **Trading Volume and Open Interest**: The trading volume of live pig futures contract 2511 is 33,489 lots, a decrease of 9,492 lots from the previous day, with an open interest of 41,232 lots, a decrease of 3,573 lots. The trading volume of contract 2601 is 80,026 lots, an increase of 28,549 lots, with an open interest of 105,012 lots, an increase of 14,112 lots. The trading volume of contract 2603 is 16,872 lots, an increase of 951 lots, with an open interest of 77,419 lots, an increase of 1,948 lots [1]. 3.2 Market Information - Shennong's Yunnan and Guangxi warehouses registered 90 lots of warehouse receipts, and Guizhou Zhenfeng Fuyuan registered 21 lots of warehouse receipts [2]. 3.3 Trend Intensity - The trend intensity is - 2, indicating the most bearish view [3]. 3.4 Futures Research - **Basis**: The basis of live pig futures contracts 2511, 2601, and 2603 are 55 yuan/ton, 365 yuan/ton, and - 165 yuan/ton respectively, with year - on - year changes of 115 yuan/ton, 385 yuan/ton, and - 625 yuan/ton [4]. - **Spreads**: The spreads of live pig futures contracts 11 - 1 and 1 - 3 are 440 yuan/ton and - 260 yuan/ton respectively, with year - on - year changes of 275 yuan/ton and - 740 yuan/ton [4].

Report Summary 1) Report Industry Investment Rating - No information provided on the industry investment rating. 2) Report's Core View - The spot price of live pigs has not reached the bottom, and attention should be paid to the basis convergence market [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Price Data**: Henan spot price is 11,130 yuan/ton, down 100 yuan/ton year - on - year; Sichuan spot price is 10,750 yuan/ton, down 300 yuan/ton year - on - year; Guangdong spot price is 11,560 yuan/ton, down 300 yuan/ton year - on - year. For futures, the price of live pig 2511 is 11,320 yuan/ton, down 275 yuan/ton year - on - year; live pig 2601 is 12,140 yuan/ton, down 25 yuan/ton year - on - year; live pig 2603 is 11,960 yuan/ton, down 10 yuan/ton year - on - year [2]. - **Trading Volume and Open Interest**: The trading volume of live pig 2511 is 57,873 lots, an increase of 6,946 lots compared with the previous day, and the open interest is 60,392 lots, an increase of 2,056 lots compared with the previous day. The trading volume of live pig 2601 is 40,663 lots, a decrease of 53 lots, and the open interest is 88,892 lots, an increase of 4,102 lots. The trading volume of live pig 2603 is 15,122 lots, a decrease of 1,137 lots, and the open interest is 63,618 lots, an increase of 6,069 lots [2]. - **Spread Data**: The basis of live pig 2511 is - 190 yuan/ton, up 175 yuan/ton year - on - year; the basis of live pig 2601 is - 1,010 yuan/ton, down 75 yuan/ton year - on - year; the basis of live pig 2603 is - 830 yuan/ton, down 90 yuan/ton year - on - year. The spread between live pig 11 - 1 is - 820 yuan/ton, down 250 yuan/ton year - on - year; the spread between live pig 1 - 3 is 180 yuan/ton, down 15 yuan/ton year - on - year [2]. Trend Intensity - The trend intensity is - 2, indicating the most bearish view. The trend intensity ranges from - 2 to 2, with - 2 being the most bearish and 2 being the most bullish [3].

Group 1: Investment Rating - The trend intensity is -1, indicating a relatively bearish outlook, with the value ranging from -2 (most bearish) to 2 (most bullish) [2] Group 2: Core View - In mid - to late May, the volume - price performance confirmed passive inventory accumulation. Recently, the secondary fattening group entered the market in advance at the end of the month due to concerns about policy restrictions, accelerating the inventory accumulation. In June, it entered the stage of accelerated weight reduction and inventory reduction. The 7 - and 9 - month contracts will trade the inventory reduction logic. The implementation of the ban on selling secondary - fattened pigs by many enterprises will accelerate inventory reduction and benefit the repair of long - term expectations. If the average weight per head decreases by 10KG, the pork supply in the fourth quarter will decrease by 6 - 8% with the same basic inventory. The January contract, a pure peak - season contract before the Spring Festival, will have a consumption increase of over 30% compared to the third quarter and will be re - valued. The short - term support level for the LH2509 contract is 13,500 yuan/ton, and the pressure level is 15,000 yuan/ton [3] Group 3: Summary by Directory 1. Fundamental Tracking - **Spot Prices**: The Henan spot price is 14,250 yuan/ton, down 100 yuan/ton year - on - year; the Sichuan spot price is 14,050 yuan/ton, down 100 yuan/ton year - on - year; the Guangdong spot price is 15,340 yuan/ton, down 200 yuan/ton year - on - year [1] - **Futures Prices**: The price of the生猪2507 contract is 13,255 yuan/ton, up 45 yuan/ton; the price of the生猪2509 contract is 13,490 yuan/ton, down 20 yuan/ton; the price of the生猪2511 contract is 13,325 yuan/ton, up 15 yuan/ton [1] - **Futures Trading Volume and Open Interest**: The trading volume of the生猪2507 contract is 3,493 lots, down 996 lots from the previous day, and the open interest is 16,577 lots, down 945 lots from the previous day; the trading volume of the生猪2509 contract is 25,112 lots, down 1,184 lots from the previous day, and the open interest is 78,586 lots, up 1,200 lots from the previous day; the trading volume of the生猪2511 contract is 5,550 lots, down 2,012 lots from the previous day, and the open interest is 37,250 lots, up 461 lots from the previous day [3] - **Futures Basis and Spreads**: The basis of the生猪2507 contract is 995 yuan/ton, up 995 yuan/ton year - on - year; the basis of the生猪2509 contract is 760 yuan/ton, up 760 yuan/ton year - on - year; the basis of the生猪2511 contract is 925 yuan/ton, up 925 yuan/ton year - on - year; the 7 - 9 spread is - 235 yuan/ton, down 115 yuan/ton year - on - year; the 9 - 11 spread is - 35 yuan/ton, down 80 yuan/ton year - on - year [3][4]