Report Summary 1. Industry Investment Rating - The investment rating for the pig industry is "Short - term volatility" [1] 2. Core View - The current pig futures market has entered the expected trading stage. The continuous reserve - purchase expectation has driven the formation of policy - bottom sentiment, and the bulls' trading of the expectation of a bottom - out and rise in July has led to the strong operation of the 09 contract. However, the impact path of this policy on destocking has become more complex. In the medium - to - long - term, the pig inventory cycle has production characteristics and sustainability, and the structure maintains the expectation of reverse spreads. Short - term investors should pay attention to capital sentiment and set stop - loss and take - profit levels. The support level for the short - term LH2509 contract is 13,000 yuan/ton, and the pressure level is 14,500 yuan/ton [5] 3. Summary by Directory 3.1 Pig Fundamental Data - **Spot Prices**: The Henan spot price is 14,430 yuan/ton, the Sichuan spot price is 13,700 yuan/ton (down 100 yuan/ton year - on - year), and the Guangdong spot price is 15,440 yuan/ton (down 50 yuan/ton year - on - year) [3] - **Futures Prices**: The prices of pig2507, pig2509, and pig2511 are 13,335 yuan/ton (up 80 yuan/ton year - on - year), 13,895 yuan/ton (up 135 yuan/ton year - on - year), and 13,445 yuan/ton (up 105 yuan/ton year - on - year) respectively [3] - **Trading Volume and Open Interest**: The trading volume of pig2507 is 815 lots (down 740 lots from the previous day), with an open interest of 6,449 lots (down 287 lots from the previous day); the trading volume of pig2509 is 25,523 lots (up 530 lots), with an open interest of 76,202 lots (down 84 lots); the trading volume of pig2511 is 4,366 lots (up 1,046 lots), with an open interest of 40,179 lots (up 183 lots) [3] - **Spreads**: The basis of pig2507 is 1,095 yuan/ton (down 80 yuan/ton year - on - year), the basis of pig2509 is 535 yuan/ton (down 135 yuan/ton year - on - year), the basis of pig2511 is 985 yuan/ton (down 105 yuan/ton year - on - year), the 7 - 9 spread is - 560 yuan/ton (down 55 yuan/ton year - on - year), and the 9 - 11 spread is 450 yuan/ton (up 30 yuan/ton year - on - year) [3] 3.2 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 [4] 3.3 Market Logic - The current market is in the expected trading stage. Policy - bottom sentiment is formed due to the continuous reserve - purchase expectation, and the 09 contract is strongly driven by the bulls' expectation of a bottom - out and rise in July. The impact of the policy on destocking is complex, and factors such as weight reduction, spot - price reaction, and small - farmer hoarding need to be considered. In the medium - to - long - term, the pig inventory cycle has production characteristics and sustainability, and the structure maintains the expectation of reverse spreads. Short - term investors should pay attention to capital sentiment and set stop - loss and take - profit levels. The support level for the short - term LH2509 contract is 13,000 yuan/ton, and the pressure level is 14,500 yuan/ton [5]

Report Summary 1. Report Industry Investment Rating - No specific industry investment rating is provided. 2. Core View of the Report - The current futures market has entered the expectation trading stage. The continuous reserve - purchase expectation has driven the formation of policy - bottom sentiment, and the long - position trading of the expectation that prices will bottom out and rise in July has led to the strong operation of the 09 contract. However, the impact path of this policy on inventory reduction has become more complex, and factors such as weight reduction, spot price reaction, and retail farmer's hog - holding situation need to be considered. In the medium - to - long - term, the pig inventory cycle has production characteristics and persistence, with an expected reverse spread in structure, but short - term attention should be paid to capital sentiment and stop - loss operations. The short - term support level for the LH2509 contract is 13,000 yuan/ton, and the pressure level is 14,500 yuan/ton [3]. 3. Summary According to Relevant Catalogs 3.1 Fundamental Tracking - **Spot Prices**: The Henan spot price is 14,280 yuan/ton, the Sichuan spot price is 14,000 yuan/ton, and the Guangdong spot price is 15,640 yuan/ton, all with a year - on - year change of 0 [1]. - **Futures Prices**: The price of the pig 2507 contract is 13,305 yuan/ton with a year - on - year change of 0, and the price of the pig 2509 contract is 13,815 yuan/ton with a year - on - year increase of 35 [1]. 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]. 3.3 Market Logic - **Market Operation Reason**: The continuous reserve - purchase expectation has driven the formation of policy - bottom sentiment, and the long - position trading of the July bottom - out and rise expectation has led to the strong operation of the 09 contract [3]. - **Policy Impact**: The impact path of this policy on inventory reduction is more complex and needs to consider factors such as weight reduction, spot price reaction, and retail farmer's hog - holding situation [3]. - **Inventory Cycle**: In the medium - to - long - term, the pig inventory cycle has production characteristics and persistence, with an expected reverse spread in structure [3]. - **Short - term Risk**: Short - term attention should be paid to capital sentiment, and stop - loss operations are necessary. The short - term support level for the LH2509 contract is 13,000 yuan/ton, and the pressure level is 14,500 yuan/ton [3]. - **Futures Trading Data**: For the pig 2507 contract, the trading volume is 1,006 lots, a decrease of 1,268 lots from the previous day, and the open interest is 7,893 lots, a decrease of 335 lots from the previous day. For the pig 2509 contract, the trading volume is 21,972 lots, a decrease of 2,040 lots from the previous day, and the open interest is 78,433 lots, an increase of 927 lots from the previous day. For the pig 2511 contract, the trading volume is 4,751 lots, an increase of 731 lots from the previous day, and the open interest is 39,991 lots, an increase of 233 lots from the previous day [3]. - **Futures Basis and Spread Data**: The basis of the pig 2507 contract is - 35 yuan/ton, the basis of the pig 2509 contract is 430 yuan/ton (a year - on - year increase of 30), and the basis of the pig 2511 contract is 465 yuan/ton. The 7 - 9 spread is 895 yuan/ton (a year - on - year decrease of 5), and the 9 - 11 spread is - 510 yuan/ton [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]

1. Report Industry Investment Rating - The trend strength is -1, indicating a bearish view on the market, with a range of [-2, 2] and -2 being the most bearish [2] 2. Core View of the Report - In mid - to late May, the volume - price performance confirmed passive inventory accumulation. Recently, the secondary fattening group rushed to enter 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 clearance. After the festival, enterprises have set clear weight - reduction goals and increased sales. The time to reach the bottom of inventory clearance is uncertain. Both the July and September contracts will trade based on the inventory - clearance logic. The implementation of the policy of banning the sale of second - fattened pigs by many enterprises will accelerate inventory clearance and is conducive to 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 be re - valued, and the market sentiment is expected to strengthen. Attention should be paid to setting stop - profit and stop - loss levels [3] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Price data**: The Henan spot price is 14,350 yuan/ton (down 100 yuan/ton year - on - year), the Sichuan spot price is 14,150 yuan/ton (unchanged year - on - year), the Guangdong spot price is 15,540 yuan/ton (unchanged year - on - year), and the price of the live hog 2507 contract is 13,210 yuan/ton (up 5 yuan/ton compared to the same period) [1] 3.2 Market Logic - **Inventory situation**: In mid - to late May, passive inventory accumulation occurred. The early entry of the secondary fattening group at the end of the month accelerated the inventory accumulation. In June, it entered the weight - reduction and inventory - clearance stage. Enterprises have set weight - reduction goals and increased sales. The time to reach the bottom of inventory clearance is uncertain [3] - **Contract trading logic**: The July and September contracts will trade based on the inventory - clearance logic. The implementation of the ban on selling second - fattened pigs will accelerate inventory clearance and is beneficial to 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%. The January contract will be re - valued, and the market sentiment is expected to strengthen [3] - **Trading suggestions**: The short - term support level of the LH2509 contract is 13,500 yuan/ton, and the pressure level is 15,000 yuan/ton. Attention should be paid to setting stop - profit and stop - loss levels [3] 3.3 Futures Trading Data - **Volume and open interest**: For the live hog 2507 contract, the trading volume is 4,489 lots (down 3,797 lots from the previous day), and the open interest is 17,522 lots (down 1,277 lots from the previous day). For the live hog 2509 contract, the trading volume is 26,296 lots (down 4,323 lots from the previous day), and the open interest is 77,386 lots (up 1,736 lots from the previous day). For the live hog 2511 contract, the trading volume is 7,562 lots (down 1,217 lots from the previous day), and the open interest is 36,789 lots (up 886 lots from the previous day) [3] - **Basis and spread data**: The basis of the live hog 2507 contract is 1,140 yuan/ton (down 105 yuan/ton year - on - year), the basis of the live hog 2509 contract is 840 yuan/ton (down 5 yuan/ton year - on - year), the basis of the live hog 2511 contract is 1,040 yuan/ton (unchanged year - on - year), the 7 - 9 spread is - 300 yuan/ton, and the 9 - 11 spread is 5 yuan/ton [3][4]

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The current stage will enter the phase of accelerated weight - reduction and de - stocking. If the policy to ban secondary fattening is fully implemented, it means restricting inventory accumulation, and accelerated de - stocking is conducive to the repair of long - term expectations. The January contract, as a pure peak - season contract before the Spring Festival, is entering a stage of enhanced liquidity with strengthening expectations. Attention should be paid to stop - profit and stop - loss. The short - term support level for the LH2509 contract is 13,500 yuan/ton, and the pressure level is 15,000 yuan/ton [4]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Spot Prices**: The Henan spot price is 14,500 yuan/ton (down 50 yuan/ton year - on - year), the Sichuan spot price is 14,300 yuan/ton (down 50 yuan/ton year - on - year), and the Guangdong spot price is 15,540 yuan/ton (up 200 yuan/ton year - on - year) [2]. - **Futures Prices**: The price of the live - hog 2507 contract is 13,215 yuan/ton (down 45 yuan/ton year - on - year), the 2509 contract is 13,640 yuan/ton (up 80 yuan/ton year - on - year), and the 2511 contract is 13,240 yuan/ton (up 130 yuan/ton year - on - year) [2]. - **Trading Volume and Open Interest**: The trading volume of the live - hog 2507 contract is 9,096 lots (up 4,567 lots compared to the previous day), with an open interest of 21,731 lots (down 1,993 lots compared to the previous day); the 2509 contract has a trading volume of 51,661 lots (up 34,666 lots compared to the previous day), with an open interest of 79,448 lots (up 1,488 lots compared to the previous day); the 2511 contract has a trading volume of 12,592 lots (up 5,939 lots compared to the previous day), with an open interest of 36,885 lots (up 460 lots compared to the previous day) [2]. - **Price Spreads**: The basis of the live - hog 2507 contract is 1,285 yuan/ton (down 5 yuan/ton year - on - year), the 2509 contract is 860 yuan/ton (down 130 yuan/ton year - on - year), and the 2511 contract is 1,260 yuan/ton (down 180 yuan/ton year - on - year). The 7 - 9 spread is - 425 yuan/ton (down 125 yuan/ton year - on - year), and the 9 - 11 spread is 400 yuan/ton (down 50 yuan/ton year - on - year) [2]. 3.2 Trend Intensity - The trend intensity is 1, with the range of values for trend intensity being integers in the [- 2,2] interval. The strength levels are classified as weak, relatively weak, neutral, relatively strong, and strong, where - 2 represents the most bearish view and 2 represents the most bullish view [3]. 3.3 Market Logic - The volume - price performance in mid - to - late May confirms the occurrence of passive inventory accumulation. Recently, the secondary - fattening group is worried about later policy restrictions on secondary fattening, so they entered the market in advance and concentratedly at the end of the month, accelerating the inventory - accumulation process. The current stage will enter the phase of accelerated weight - reduction and de - stocking [4].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The current north - south spread of fattening pigs is inverted, group sales of piglets decreased, recent fat pig selling pressure initially confirms inventory accumulation, and official piglet numbers confirm the stock. With weakening expectations, weak demand, and slaughter volume unable to support selling, prices have fallen more than expected, leading to passive inventory accumulation and a possible switch in the positive spread structure. The January contract is affected by liquidity, resulting in the far - month spread deviating from the seasonal reasonable spread. In the medium - to - long - term, continuously layout 7 - 1, 9 - 1, and 11 - 1 reverse spreads, and pay attention to stop - profit and stop - loss. The short - term support level for the LH2509 contract is 13,000 yuan/ton, and the pressure level is 15,000 yuan/ton [3] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Spot Prices**: The Henan spot price is 14,300 yuan/ton, down 150 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 15,290 yuan/ton, unchanged year - on - year [1] - **Futures Prices**: The price of the live pig 2507 contract is 13,205 yuan/ton, down 35 yuan/ton year - on - year; the price of the live pig 2509 contract is 13,515 yuan/ton, down 65 yuan/ton year - on - year; the price of the live pig 2511 contract is 13,180 yuan/ton, down 110 yuan/ton year - on - year [1] - **Futures Trading Volume and Open Interest**: The trading volume of the live pig 2507 contract is 5,872 lots, a decrease of 1,759 lots from the previous day, and the open interest is 27,021 lots, a decrease of 758 lots from the previous day; the trading volume of the live pig 2509 contract is 25,562 lots, a decrease of 2,430 lots from the previous day, and the open interest is 80,485 lots, a decrease of 178 lots from the previous day; the trading volume of the live pig 2511 contract is 6,079 lots, an increase of 1,117 lots from the previous day, and the open interest is 34,247 lots, an increase of 1,034 lots from the previous day [1] 3.2 Trend Intensity - The trend intensity is - 1, indicating a weak bearish view. The range of trend intensity values is an integer in the interval [- 2,2], where - 2 represents the most bearish and 2 represents the most bullish [2] 3.3 Market Logic - The north - south spread of fattening pigs is inverted, group sales of piglets decreased, recent fat pig selling pressure initially confirms inventory accumulation, official piglet numbers confirm the stock, expectations are weakening, demand is weak, slaughter volume cannot support selling, and passive inventory accumulation occurs, leading to a possible switch in the positive spread structure. The January contract is affected by liquidity, and the far - month spread deviates from the seasonal reasonable spread. Wait for the opportunity of liquidity shift, and continuously layout 7 - 1, 9 - 1, and 11 - 1 reverse spreads in the medium - to - long - term, paying attention to stop - profit and stop - loss. The short - term support level for the LH2509 contract is 13,000 yuan/ton, and the pressure level is 15,000 yuan/ton [3] - **Spread Data**: The basis of the live pig 2507 contract is 1,095 yuan/ton, down 115 yuan/ton year - on - year; the basis of the live pig 2509 contract is 785 yuan/ton, down 85 yuan/ton year - on - year; the basis of the live pig 2511 contract is 1,120 yuan/ton, down 40 yuan/ton year - on - year; the 7 - 9 spread is - 310 yuan/ton; the 9 - 11 spread is 335 yuan/ton [3]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The current sentiment in the pig market is weak, with a phase of inventory reduction. The north - south fat pig price spread is inverted, group sales of piglets have decreased, and there is evidence of inventory accumulation from the recent pressure of fat pig sales. The official piglet numbers confirm the inventory, leading to a weakening of expectations. There is a possibility of a phase of weight reduction due to trade circulation issues, and the positive spread structure may switch. The January contract is affected by liquidity, and the far - month spread currently deviates from the seasonal reasonable spread. Long - term, it is advisable to continuously layout the 11 - 1 reverse spread, paying attention to stop - profit and stop - loss. The short - term support level for the LH2509 contract is 13,000 yuan/ton, and the pressure level is 15,000 yuan/ton [4]. 3. Summary by Relevant Catalogs Pig Fundamental Data - **Spot Prices**: The Henan spot price is 14,750 yuan/ton with a year - on - year decrease of 50 yuan/ton; the Sichuan spot price is 14,250 yuan/ton with no year - on - year change; the Guangdong spot price is 15,140 yuan/ton with a year - on - year increase of 150 yuan/ton [2]. - **Futures Prices**: The prices of pig futures contracts 2507, 2509, and 2511 are 13,355 yuan/ton (up 55 yuan/ton year - on - year), 13,690 yuan/ton (up 5 yuan/ton year - on - year), and 13,360 yuan/ton (down 20 yuan/ton year - on - year) respectively [2]. - **Trading Volume and Open Interest**: For the pig 2507 contract, the trading volume is 5,426 lots (down 1,545 lots from the previous day), and the open interest is 27,030 lots (down 704 lots from the previous day); for the 2509 contract, the trading volume is 14,313 lots (down 7,885 lots from the previous day), and the open interest is 78,680 lots (down 663 lots from the previous day); for the 2511 contract, the trading volume is 3,176 lots (down 1,047 lots from the previous day), and the open interest is 32,179 lots (up 315 lots from the previous day) [2]. - **Spreads**: The basis of pig 2507, 2509, and 2511 contracts are 1,395 yuan/ton (down 105 yuan/ton year - on - year), 1,060 yuan/ton (down 55 yuan/ton year - on - year), and 1,390 yuan/ton (down 30 yuan/ton year - on - year) respectively. The 7 - 9 spread is - 335 yuan/ton (up 50 yuan/ton year - on - year), and the 9 - 11 spread is 330 yuan/ton (up 25 yuan/ton year - on - year) [2]. Trend Intensity The trend intensity is 0, with the range of values in the [-2, 2] interval for integers. The strength levels are classified as weak,偏弱, neutral, 偏强, and strong, where -2 represents the most bearish view and 2 represents the most bullish view [3].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - Although there are issues such as inverted price differences between fat pigs in the north and south, reduced piglet sales by groups, and increased pen pressure in May, price increases have led to continued inventory accumulation. The near - term contradictions are not at the release stage. The trading logic has switched to the industrial logic, and attention should be paid to the arbitrage strategy of the far - month inter - monthly spread valuation deviating from the norm. In the medium - to - long - term, continue to layout the 11 - 1 reverse spread, and pay attention to stop - profit and stop - loss. The short - term support level of the LH2509 contract is 13,000 yuan/ton, and the pressure level is 15,000 yuan/ton [5]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: The spot price of pigs in Henan is 15,000 yuan/ton, in Sichuan is 14,450 yuan/ton (down 100 yuan/ton compared to the previous period), and in Guangdong is 15,190 yuan/ton [3]. - **Futures Prices**: The price of the live hog 2507 contract is 13,495 yuan/ton (down 150 yuan/ton), the 2509 contract is 13,780 yuan/ton (down 240 yuan/ton), and the 2511 contract is 13,550 yuan/ton (down 105 yuan/ton) [3]. - **Trading Volume and Open Interest**: The trading volume of the live hog 2507 contract is 9,989 lots (an increase of 2,918 lots compared to the previous day), with an open interest of 27,584 lots (a decrease of 706 lots); the 2509 contract has a trading volume of 40,357 lots (an increase of 12,323 lots), with an open interest of 77,561 lots (an increase of 5,221 lots); the 2511 contract has a trading volume of 6,572 lots (an increase of 3,358 lots), with an open interest of 30,277 lots (an increase of 837 lots) [3]. - **Price Spreads**: The basis of the live hog 2507 contract is 1,505 yuan/ton (an increase of 150 yuan/ton), the 2509 contract is 1,220 yuan/ton (an increase of 240 yuan/ton), and the 2511 contract is 1,450 yuan/ton (an increase of 105 yuan/ton). The 7 - 9 spread is - 285 yuan/ton (an increase of 90 yuan/ton), and the 9 - 11 spread is 230 yuan/ton (a decrease of 135 yuan/ton) [3]. 3.2 Trend Intensity - The trend intensity is 0, with the range of values in the [-2, 2] interval for integers. It represents a neutral state [4]. 3.3 Market Logic - The trading logic has switched to the industrial logic. Focus on the far - month inter - monthly spread valuation deviating from the norm for arbitrage strategies. In the medium - to - long - term, continue to layout the 11 - 1 reverse spread and pay attention to stop - profit and stop - loss. The short - term support level of the LH2509 contract is 13,000 yuan/ton, and the pressure level is 15,000 yuan/ton [5].

Report Summary 1. Report Industry Investment Rating - The trend strength is 0, indicating a neutral stance on the market, with the range of trend strength being integers in the [-2, 2] interval. -2 represents the most bearish view, and 2 represents the most bullish view [2] 2. Core View of the Report - Although there are current market issues such as the inverted price difference between fat pigs in the north and south, a decrease in group piglet sales, and a slight increase in pen pressure in May, price increases have exceeded expectations, leading to continued inventory accumulation. The near - term contradictions have not reached the release stage. The macro - sentiment has cooled, and capital interference has decreased. The trading logic has switched to the industrial logic. Attention should be focused on the arbitrage strategy for the valuation deviation of the far - month inter - month spread from the normal state. In the medium - to - long - term, continuously layout the 11 - 1 reverse spread and pay attention to stop - loss and take - profit. The short - term support level for the LH2509 contract is 13,000 yuan/ton, and the pressure level is 15,000 yuan/ton [3] 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Spot Prices**: The price of Henan's live pig spot is 15,000 yuan/ton, Sichuan's is 14,550 yuan/ton, and Guangdong's is 15,190 yuan/ton, with a year - on - year decrease of 50 yuan/ton in Guangdong [1] - **Futures Prices**: The price of the live pig 2507 contract is 13,575 yuan/ton, with a year - on - year increase of 50 yuan/ton [1] 3.2 Market Logic - **Trading Logic**: The trading logic has switched to the industrial logic. Focus on the arbitrage strategy for the valuation deviation of the far - month inter - month spread from the normal state. Continuously layout the 11 - 1 reverse spread in the medium - to - long - term and pay attention to stop - loss and take - profit [3] - **Contract Price Ranges**: The short - term support level for the LH2509 contract is 13,000 yuan/ton, and the pressure level is 15,000 yuan/ton [3] 3.3 Futures Trading Data | Contract | Volume (compared to the previous day) | Open Interest (compared to yesterday) | | ---- | ---- | ---- | | Live Pig 2507 | 3,265 (-1,782) | 28,942 (-950) | | Live Pig 2509 | 13,932 (-5,014) | 71,262 (-92) | | Live Pig 2511 | 1,876 (-2,431) | 29,684 (+74) | [3] 3.4 Futures Price Difference Data | Price Difference Type | Price Difference Value | Year - on - Year Change | | ---- | ---- | ---- | | Live Pig 2507 Basis | 35 | - | | Live Pig 2509 Basis | 295 | - | | Live Pig 2511 Basis | 5 | - | | Live Pig 7 - 9 Spread | 1,425 | -50 | | Live Pig 9 - 11 Spread | 1,115 | -15 | [3]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - After the May Day holiday, there is still a willingness for secondary fattening to rotate, but the price difference between fat pigs in the north and south is inverted, the sale of group piglets has decreased, and the pen pressure in May has slightly increased. The near - end contradiction is not yet at the release stage. The macro - sentiment has cooled down, the capital disturbance has decreased, and the trading logic has switched to the industrial logic. Attention should be paid to the arbitrage strategy of the far - month inter - month spread valuation deviating from the norm. It is expected that the liquidity of the 11 - 1 reverse spread will gradually increase at the end of May, and stop - loss and take - profit should be noted. The short - term support level for the LH2509 contract is 13,000 yuan/ton, and the pressure level is 15,000 yuan/ton [5]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: The spot price in Henan is 15,000 yuan/ton with a year - on - year change of 0; in Sichuan, it is 14,550 yuan/ton with a year - on - year decrease of 100; in Guangdong, it is 15,240 yuan/ton with a year - on - year decrease of 50 [3]. - **Futures Prices**: The price of the Pig 2507 contract is 13,525 yuan/ton with a year - on - year increase of 30; Pig 2509 is 13,870 yuan/ton with a year - on - year decrease of 55; Pig 2511 is 13,580 yuan/ton with a year - on - year decrease of 45 [3]. - **Trading Volume and Open Interest**: The trading volume of Pig 2507 is 5,047 lots, a decrease of 247 from the previous day, and the open interest is 29,892 lots, a decrease of 776 from the previous day. For Pig 2509, the trading volume is 18,946 lots, a decrease of 7,585, and the open interest is 71,354 lots, an increase of 35. For Pig 2511, the trading volume is 4,307 lots, an increase of 694, and the open interest is 29,610 lots, an increase of 454 [3]. - **Price Spreads**: The basis of Pig 2507 is 1,475 yuan/ton with a year - on - year decrease of 30; Pig 2509 is 1,130 yuan/ton with a year - on - year increase of 55; Pig 2511 is 1,420 yuan/ton with a year - on - year increase of 45. The 7 - 9 spread of pigs is - 345 yuan/ton with a year - on - year increase of 85; the 9 - 11 spread is 290 yuan/ton with a year - on - year decrease of 10 [3]. 3.2 Trend Intensity - The trend intensity is 0, with a value range of [-2, 2] for integers, indicating a neutral position [4].