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]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - After the Tomb - Sweeping Festival, second - stage fattening started, and state reserve rotation will support the downstream. Group companies are actively selling piglets without the drive to actively sell fattened pigs. Spot prices in April still have support, but high temperatures after May may cause greater selling pressure. Group companies' costs in March decreased significantly, and far - month contracts offer high hedging profits. External piglet purchases for hedging also have entry opportunities, gradually returning to the industrial logic. Pay attention to stop - loss and take - profit. The short - term support level for the LH2505 contract is 12,000 yuan/ton, and the pressure level is 14,000 yuan/ton [4] Group 3: Summary by Related Catalogs 1. Fundamental Tracking - **Spot Prices**: Henan's spot price is 14,920 yuan/ton, down 50 yuan/ton year - on - year; Sichuan's is 14,760 yuan/ton, up 50 yuan/ton year - on - year; and Guangdong's is 15,240 yuan/ton, unchanged year - on - year [2] - **Futures Prices**: The price of Live Pig 2505 is 13,545 yuan/ton, down 20 yuan/ton year - on - year; Live Pig 2507 is 13,590 yuan/ton, down 15 yuan/ton year - on - year; Live Pig 2509 is 14,325 yuan/ton, down 185 yuan/ton year - on - year [2] - **Trading Volume and Open Interest**: The trading volume of Live Pig 2505 is 4,823 lots, a decrease of 1,450 lots from the previous day, and the open interest is 12,446 lots, a decrease of 1,901 lots. For Live Pig 2507, the trading volume is 6,497 lots, an increase of 734 lots, and the open interest is 35,008 lots, a decrease of 429 lots. For Live Pig 2509, the trading volume is 54,167 lots, an increase of 23,446 lots, and the open interest is 75,597 lots, a decrease of 226 lots [2] - **Price Spreads**: The basis of Live Pig 2505 is 1,375 yuan/ton, down 30 yuan/ton year - on - year; Live Pig 2507 is 1,330 yuan/ton, down 35 yuan/ton year - on - year; Live Pig 2509 is 595 yuan/ton, up 135 yuan/ton year - on - year. The 5 - 7 spread is - 45 yuan/ton, down 5 yuan/ton year - on - year, and the 7 - 9 spread is - 735 yuan/ton, up 170 yuan/ton year - on - year [2] 2. Trend Intensity - The trend intensity is 0, with a range of [-2, 2]. A value of -2 indicates the most bearish view, and 2 indicates the most bullish view [3] 3. Market Logic - After the Tomb - Sweeping Festival, second - stage fattening started, and state reserve rotation will support the downstream. Group companies are actively selling piglets without the drive to actively sell fattened pigs. Spot prices in April still have support, but high temperatures after May may cause greater selling pressure. Group companies' costs in March decreased significantly, and far - month contracts offer high hedging profits. External piglet purchases for hedging also have entry opportunities, gradually returning to the industrial logic. Pay attention to stop - loss and take - profit. The short - term support level for the LH2505 contract is 12,000 yuan/ton, and the pressure level is 14,000 yuan/ton [4]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The market expected a price correction after the Tomb - Sweeping Festival. There was a large amount of second - fattening pig sales before the festival, and the narrowing and inversion of the price difference of 300 - jin fat pigs recently confirmed the sales. The volume of second - fattening pigs waiting to enter the market after the festival is large, so the callback space after the festival is limited, and the secondary inventory accumulation rhythm is expected to be quickly realized. The May and July contracts have already priced in the expected spot price correction in advance. During the holiday, the spot price was strong, and the logic of narrowing the basis may reappear [3]. - The capacity data in March is expected to be good, and the far - month contracts lack upward driving forces, being more likely to fall than to rise. The positive spreads of 5 - 9, 7 - 9, or 7 - 11 have allocation space [3]. - The actual impact of the Sino - US tariff issue is limited, but the sentiment is strong. Pay attention to setting stop - profit and stop - loss 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]. Group 3: Summary by Related Catalogs 1. Fundamental Tracking Spot Prices - The Henan spot price is 14,600 yuan/ton, a year - on - year increase of 50 yuan/ton; the Sichuan spot price is 14,400 yuan/ton, a year - on - year decrease of 50 yuan/ton; the Guangdong spot price is 15,280 yuan/ton, with no year - on - year change [1]. Futures Prices - The price of the生猪2505 contract is 13,270 yuan/ton, a year - on - year increase of 40 yuan/ton; the price of the生猪2507 contract is 13,480 yuan/ton, a year - on - year increase of 20 yuan/ton; the price of the生猪2509 contract is 13,860 yuan/ton, a year - on - year decrease of 20 yuan/ton [1]. Trading Volume and Open Interest - The trading volume of the生猪2505 contract is 25,524 lots, an increase of 5,287 lots from the previous day, and the open interest is 48,224 lots, a decrease of 1,388 lots from the previous day; the trading volume of the生猪2507 contract is 5,733 lots, an increase of 1,463 lots from the previous day, and the open interest is 33,498 lots, a decrease of 270 lots from the previous day; the trading volume of the生猪2509 contract is 7,232 lots, an increase of 605 lots from the previous day, and the open interest is 44,406 lots, an increase of 243 lots from the previous day [1]. Price Spreads - The basis of the生猪2505 contract is 1,330 yuan/ton, a year - on - year increase of 10 yuan/ton; the basis of the生猪2507 contract is 1,120 yuan/ton, a year - on - year increase of 30 yuan/ton; the basis of the生猪2509 contract is 740 yuan/ton, a year - on - year increase of 70 yuan/ton [1]. - The 5 - 7 spread of live pigs is - 210 yuan/ton, a year - on - year increase of 20 yuan/ton; the 7 - 9 spread of live pigs is - 380 yuan/ton, a year - on - year increase of 40 yuan/ton [1]. 2. Trend Intensity - The trend intensity is 0, with the value range of [- 2, 2]. The strength levels are classified as weak, relatively weak, neutral, relatively strong, and strong. - 2 represents the most bearish view, and 2 represents the most bullish view [2].

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].