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].

生猪：现货矛盾继续累积，短期震荡 | 周小球 | | 投资咨询从业资格号：Z0001891 | | | zhouxiaoqiu@gtht.com | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 吴昊 | | | 投资咨询从业资格号：Z0018592 | | wuhao8@gtht.com | | | | 【基本面跟踪】 | | | | | | | | | 生猪基本面数据 | | | | | | | | | | | 单 位 | | 价 格 | | 比 同 | | | 价 格 | 河南现货 | 元/吨 | | 12080 | | 100 | | | | 四川现货 | 元/吨 | | 11600 | | 100 | | | | 广东现货 | 元/吨 | | 12560 | | 200 | | | | | 单 位 | | 价 格 | | 同 比 | | | | 生猪2601 | 元/吨 | | 11955 | | 90 | | | | 生猪2603 | 元/吨 | | 11555 | | 90 | | | 期 货 | 生猪2605 | 元/吨 | | ...

【趋势强度】 2025 年 11 月 07 日 生猪：累库持续，等待现货矛盾释放 | 周小球 | | 投资咨询从业资格号：Z0001891 | | zhouxiaoqiu@gtht.com | | --- | --- | --- | --- | --- | | 吴昊 | | 投资咨询从业资格号：Z0018592 | | wuhao8@gtht.com | | 【基本面跟踪】 | | | | | | 生猪基本面数据 | | | | | | | | 单 位 | 价 格 | 比 同 100 | | 价 格 | 河南现货 | 元/吨 | 11980 | | | | 四川现货 | 元/吨 | 11500 | 0 | | | 广东现货 | 元/吨 | 12460 | -100 | | | | 单 位 | 价 格 | 同 比 | | | 生猪2601 | 元/吨 | 11940 | -5 | | | 生猪2603 | 元/吨 | 11490 | 0 | 资料来源：国泰君安期货 【市场信息】 1、饲料工业协会 9 月全国饲料产量 3036 万吨，环比增长 3.4%，同比增长 5%。 趋势强度：0 注：趋势强度取值范围为【-2 ...