Group 1: Stock Indices - The Shanghai Composite Index closed on February 10 with an increase of 5.28 points, a rise of 0.13%, reaching 4128.37 points [6] - The Shenzhen Component Index closed with an increase of 2.19 points, a rise of 0.02%, reaching 14210.63 points [6] - The CSI 300 Index closed with an increase of 5.24 points, a rise of 0.11%, reaching 4724.30 points [6] - The ChiNext Index closed down by 12.23 points, a decline of 0.37%, reaching 3320.54 points [6] - The STAR Market 50 Index closed with an increase of 13.34 points, a rise of 0.91%, reaching 1471.50 points [6][40] Group 2: Commodity Indices - The report includes various commodity indices such as lithium carbonate, silver, crude oil, PTA, cotton, sugar, rubber, PVC, coking coal, palm oil, soda ash, live pigs, soybean meal, glass, and red dates, but specific data for these commodities is not provided in the text [35][41][45][47][50][52][54][56][58][61][63][65][66][68]

Report Summary 1. Core View - Confirmation of off - season during peak season and the start of the release of the "reservoir" for the pig industry [1] 2. Fundamental Data - **Spot Prices**: Henan spot price is 12,430 yuan/ton, down 450 yuan; Sichuan spot price is 11,650 yuan/ton, unchanged; Guangdong spot price is 11,860 yuan/ton, down 200 yuan [2] - **Futures Prices**: The price of live - hog 2603 is 10,860 yuan/ton, down 135 yuan; live - hog 2605 is 11,625 yuan/ton, down 60 yuan; live - hog 2607 is 12,195 yuan/ton, down 50 yuan [2] - **Trading Volume and Open Interest**: For live - hog 2603, trading volume is 28,725 lots, down 8,149 lots, and open interest is 65,988 lots, down 8,876 lots; for live - hog 2605, trading volume is 48,568 lots, down 19,829 lots, and open interest is 143,321 lots, down 1,148 lots; for live - hog 2607, trading volume is 4,422 lots, down 3,540 lots, and open interest is 50,102 lots, down 154 lots [2] - **Price Spreads**: The basis of live - hog 2603 is 1,570 yuan/ton, down 315 yuan; the basis of live - hog 2605 is 805 yuan/ton, down 390 yuan; the basis of live - hog 2607 is 235 yuan/ton, down 400 yuan; the spread between live - hog 2603 and 2605 is - 765 yuan/ton, down 75 yuan; the spread between live - hog 2605 and 2607 is - 570 yuan/ton, down 10 yuan [2] 3. Market Information - Guangxi Yangxiang registered 100 lots of warehouse receipts for the March contract; Dekang registered 525 lots; Fuyuan registered 22 lots [3] 4. Trend Intensity - The trend intensity is - 2, indicating the most bearish view [4]

Group 1: Report Title and General Situation - The report is titled "Pigs: Pre-holiday Rally Falls Short of Expectations, Pressure Increases" and is dated February 3, 2026 [1] Group 2: Investment Rating - There is no information about the report's industry investment rating in the given content Group 3: Core View - The pre - holiday rally of pigs is less than expected, and the pressure is expanding [1] Group 4: Fundamental Data Summary - **Spot Prices**: Henan's spot price is 12,880 yuan/ton with a year - on - year increase of 200 yuan/ton; Sichuan's is 12,100 yuan/ton with a year - on - year decrease of 50 yuan/ton; Guangdong's is 12,460 yuan/ton with a year - on - year increase of 400 yuan/ton [2] - **Futures Prices**: The price of Live Pig 2603 is 11,220 yuan/ton with a year - on - year increase of 55 yuan/ton; Live Pig 2605 is 11,650 yuan/ton with a year - on - year increase of 10 yuan/ton; Live Pig 2607 is 12,345 yuan/ton with a year - on - year increase of 40 yuan/ton [2] - **Trading Volume and Open Interest**: The trading volume of Live Pig 2603 is 69,198 lots with an increase of 13,547 lots from the previous day, and the open interest is 101,717 lots with a decrease of 16,937 lots from the previous day; for Live Pig 2605, the trading volume is 37,941 lots with an increase of 8,804 lots, and the open interest is 129,133 lots with an increase of 4,384 lots; for Live Pig 2607, the trading volume is 5,125 lots with an increase of 838 lots, and the open interest is 47,024 lots with an increase of 358 lots [2] - **Price Spreads**: The basis of Live Pig 2603 is 1,660 yuan/ton with a year - on - year increase of 145 yuan/ton; Live Pig 2605 is 1,230 yuan/ton with a year - on - year increase of 190 yuan/ton; Live Pig 2607 is 535 yuan/ton with a year - on - year increase of 160 yuan/ton. The 3 - 5 spread of live pigs is - 430 yuan/ton with a year - on - year increase of 45 yuan/ton, and the 5 - 7 spread is - 695 yuan/ton with a year - on - year decrease of 30 yuan/ton [2] Group 5: Trend Intensity - The trend intensity is - 1, with a range of [-2, 2]. -2 means the most bearish, and 2 means the most bullish [3]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - The supply of live pigs will be accelerated, and the pressure before the festival will increase [1]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: The spot price of live pigs in Henan is 12,680 yuan/ton, in Sichuan is 12,150 yuan/ton (down 350 yuan/ton year-on-year), and in Guangdong is 12,060 yuan/ton (down 150 yuan/ton year-on-year) [2]. - **Futures Prices**: The prices of live pig futures contracts 2603, 2605, and 2607 are 11,220 yuan/ton (up 55 yuan/ton year-on-year), 11,650 yuan/ton (up 10 yuan/ton year-on-year), and 12,345 yuan/ton (up 40 yuan/ton year-on-year) respectively [2]. - **Trading Volume and Open Interest**: The trading volume of live pig futures contract 2603 is 69,198 lots (an increase of 13,547 lots compared to the previous day), with an open interest of 101,717 lots (a decrease of 16,937 lots compared to the previous day); the trading volume of contract 2605 is 37,941 lots (an increase of 8,804 lots), with an open interest of 129,133 lots (an increase of 4,384 lots); the trading volume of contract 2607 is 5,125 lots (an increase of 838 lots), with an open interest of 47,024 lots (an increase of 358 lots) [2]. - **Price Spreads**: The basis of live pig futures contracts 2603, 2605, and 2607 are 1,460 yuan/ton (down 55 yuan/ton year-on-year), 1,030 yuan/ton (down 10 yuan/ton year-on-year), and 335 yuan/ton (down 40 yuan/ton year-on-year) respectively; the price spreads between contracts 3 - 5 and 5 - 7 are -430 yuan/ton (up 45 yuan/ton year-on-year) and -695 yuan/ton (down 30 yuan/ton year-on-year) respectively [2]. 3.2 Market Information - On January 30th, the warehouse receipt price of the Lianzhou delivery warehouse was close to 11,300 yuan/ton [3]. 3.3 Trend Intensity - The trend intensity is -2, indicating the most bearish view, with the value range being integers within the [-2, 2] interval [4].

Report Summary 1. Report Industry Investment Rating - The trend strength is -1, indicating a relatively bearish view. The range of trend strength is from -2 (most bearish) to 2 (most bullish) [2]. 2. Report's Core View - The demand for live pigs is underperforming expectations, and attention should be paid to supply contradictions [1]. 3. Summary by Relevant Catalog 3.1 Pig Fundamental Data - **Spot Prices**: The spot price of live pigs in Henan is 13,180 yuan/ton, unchanged year-on-year; in Sichuan, it is 12,850 yuan/ton, down 100 yuan/ton year-on-year; in Guangdong, it is 12,960 yuan/ton, down 400 yuan/ton year-on-year [1]. - **Futures Prices**: The price of live pig futures contract 2603 is 11,285 yuan/ton, down 180 yuan/ton year-on-year; contract 2605 is 11,695 yuan/ton, down 65 yuan/ton year-on-year; contract 2607 is 12,375 yuan/ton, down 50 yuan/ton year-on-year [1]. - **Trading Volume and Open Interest**: The trading volume of contract 2603 is 69,670 lots, an increase of 16,018 lots from the previous day, and the open interest is 127,642 lots, a decrease of 5,752 lots. The trading volume of contract 2605 is 33,228 lots, an increase of 2,559 lots, and the open interest is 115,715 lots, an increase of 1,816 lots. The trading volume of contract 2607 is 6,532 lots, an increase of 1,652 lots, and the open interest is 46,583 lots, an increase of 383 lots [1]. - **Price Spreads**: The basis of contract 2603 is 1,895 yuan/ton, an increase of 180 yuan/ton year-on-year; the basis of contract 2605 is 1,485 yuan/ton, an increase of 65 yuan/ton year-on-year; the basis of contract 2607 is 805 yuan/ton, an increase of 50 yuan/ton year-on-year. The spread between contracts 2603 and 2605 is -410 yuan/ton, a decrease of 115 yuan/ton year-on-year; the spread between contracts 2605 and 2607 is -680 yuan/ton, a decrease of 15 yuan/ton year-on-year [1].

Report Summary 1. Industry Investment Rating - No information about the industry investment rating is provided in the report. 2. Core View - The report focuses on the situation of the pig market, with the demand expectation for Laba Festival realized, and suggests paying attention to the supply contradiction [1]. - The trend intensity is -1, indicating a relatively bearish view, with -2 being the most bearish and 2 being the most bullish [2]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: The Henan spot price is 13,280 yuan/ton, up 50 yuan/ton year - on - year; the Sichuan spot price is 12,800 yuan/ton, unchanged year - on - year; the Guangdong spot price is 13,360 yuan/ton, down 200 yuan/ton year - on - year [1]. - **Futures Prices**: The price of Live Pig 2603 is 11,565 yuan/ton, down 35 yuan/ton year - on - year; Live Pig 2605 is 11,850 yuan/ton, down 45 yuan/ton year - on - year; Live Pig 2607 is 12,470 yuan/ton, down 85 yuan/ton year - on - year [1]. - **Trading Volume and Open Interest**: For Live Pig 2603, the trading volume is 42,940 lots, down 7,794 lots from the previous day, and the open interest is 131,413 lots, down 4,037 lots from the previous day; for Live Pig 2605, the trading volume is 18,255 lots, down 1,790 lots from the previous day, and the open interest is 108,344 lots, up 1,559 lots from the previous day; for Live Pig 2607, the trading volume is 4,227 lots, down 52 lots from the previous day, and the open interest is 45,736 lots, up 692 lots from the previous day [1]. - **Price Spreads**: The basis of Live Pig 2603 is 1,715 yuan/ton, up 85 yuan/ton year - on - year; the basis of Live Pig 2605 is 1,430 yuan/ton, up 95 yuan/ton year - on - year; the basis of Live Pig 2607 is 810 yuan/ton, up 135 yuan/ton year - on - year; the spread between Live Pig 3 - 5 is - 285 yuan/ton, up 10 yuan/ton year - on - year; the spread between Live Pig 5 - 7 is - 620 yuan/ton, up 40 yuan/ton year - on - year [1].

Group 1: Report Title and Date - The report is titled "Pigs: Negative Feedback in Demand, Supply Release Further Delayed" and was released on January 14, 2026 [1] Group 2: Analysts - The analysts are Zhou Xiaoqiu (Investment Consulting Qualification Number: Z0001891, email: zhouxiaoqiu@gtht.com) and Wu Hao (Investment Consulting Qualification Number: Z0018592, email: wuhao8@gtht.com) [1] Group 3: Pig Fundamental Data Spot Prices - Henan spot price is 13,030 yuan/ton, up 100 yuan year-on-year [2] - Sichuan spot price is 13,000 yuan/ton, down 100 yuan year-on-year [2] - Guangdong spot price is 13,260 yuan/ton, unchanged year-on-year [2] Futures Prices - The price of Pig 2603 is 11,795 yuan/ton, up 60 yuan year-on-year [2] - The price of Pig 2605 is 12,170 yuan/ton, up 5 yuan year-on-year [2] - The price of Pig 2607 is 12,830 yuan/ton, up 5 yuan year-on-year [2] Trading Volumes and Open Interests - The trading volume of Pig 2603 is 57,954 lots, down 5,059 lots from the previous day, and the open interest is 161,067 lots, down 8,770 lots from the previous day [2] - The trading volume of Pig 2605 is 16,639 lots, down 1,079 lots from the previous day, and the open interest is 98,403 lots, down 888 lots from the previous day [2] - The trading volume of Pig 2607 is 3,588 lots, down 1,034 lots from the previous day, and the open interest is 43,930 lots, down 176 lots from the previous day [2] Price Spreads - The basis of Pig 2603 is 1,235 yuan/ton, up 40 yuan year-on-year [2] - The basis of Pig 2605 is 860 yuan/ton, up 95 yuan year-on-year [2] - The basis of Pig 2607 is 200 yuan/ton, up 95 yuan year-on-year [2] - The spread between Pig 2603 and Pig 2605 is -375 yuan/ton, up 55 yuan year-on-year [2] - The spread between Pig 2605 and Pig 2607 is -660 yuan/ton, unchanged year-on-year [2] Group 4: Trend Intensity - The trend intensity is 0, with a range of [-2, 2] and classifications including weak, slightly weak, neutral, slightly strong, and strong, where -2 is the most bearish and 2 is the most bullish [3]

Report Summary 1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2. Report's Core View - The report is titled "Pigs: Increment is Coming, and Industrial Logic Returns", indicating a potential change in the pig industry with an expected increase in supply and a return to industrial logic. However, the specific details of the core view are not fully elaborated in the given content. 3. Summary by Relevant Catalog 3.1 Pig Fundamental Data - **Spot Prices**: The spot prices in different regions vary. The price in Henan is 11,330 yuan/ton, down 100 yuan/ton compared to the previous period; in Sichuan, it is 11,500 yuan/ton, unchanged; and in Guangdong, it is 12,360 yuan/ton, up 100 yuan/ton [2]. - **Futures Prices**: The prices of different futures contracts also show different trends. The price of the Pig 2601 contract is 11,455 yuan/ton, down 40 yuan/ton; the Pig 2603 contract is 11,255 yuan/ton, up 50 yuan/ton; and the Pig 2605 contract is 11,950 yuan/ton, up 25 yuan/ton [2]. - **Trading Volume and Open Interest**: The trading volume of the Pig 2601 contract is 47,868 lots, down 2,025 lots compared to the previous day, and the open interest is 98,797 lots, down 2,943 lots. The trading volume of the Pig 2603 contract is 34,611 lots, up 1,949 lots, and the open interest is 137,984 lots, down 378 lots. The trading volume of the Pig 2605 contract is 12,643 lots, down 472 lots, and the open interest is 74,419 lots, up 264 lots [2]. - **Price Spreads**: The basis of the Pig 2601 contract is -125 yuan/ton, down 60 yuan/ton; the basis of the Pig 2603 contract is 75 yuan/ton, down 150 yuan/ton; the basis of the Pig 2605 contract is -620 yuan/ton, down 125 yuan/ton. The spread between Pig 1 - 3 is 200 yuan/ton, down 90 yuan/ton, and the spread between Pig 3 - 5 is -695 yuan/ton, up 25 yuan/ton [2]. 3.2 Trend Intensity - The trend intensity is -1, indicating a relatively bearish view. The range of trend intensity is from -2 to 2, with -2 being the most bearish and 2 being the most bullish [3].

Industry Investment Rating - No information provided Core View - The report is titled "Pigs: Reducing Volume and Realizing, Industrial Logic Will Return", but no clear core view is presented other than basic data tracking [1] Summary by Relevant Catalogs Fundamental Tracking Spot Prices - Henan spot price is 11,430 yuan/ton, with a year - on - year increase of 50 yuan/ton [1] - Sichuan spot price is 11,500 yuan/ton, with a year - on - year increase of 150 yuan/ton [1] - Guangdong spot price is 12,260 yuan/ton, with a year - on - year increase of 900 yuan/ton [1] Futures Prices - The price of Live Hogs 2601 is 11,495 yuan/ton, with a year - on - year increase of 30 yuan/ton [1] - The price of Live Hogs 2603 is 11,205 yuan/ton, with a year - on - year decrease of 45 yuan/ton [1] - The price of Live Hogs 2605 is 11,925 yuan/ton, with a year - on - year decrease of 10 yuan/ton [1] Trading Volume and Open Interest - The trading volume of Live Hogs 2601 is 49,893 lots, a decrease of 15,052 lots from the previous day; the open interest is 101,740 lots, a decrease of 5,802 lots from the previous day [1] - The trading volume of Live Hogs 2603 is 32,662 lots, an increase of 4,905 lots from the previous day; the open interest is 138,362 lots, an increase of 2,391 lots from the previous day [1] - The trading volume of Live Hogs 2605 is 13,115 lots, a decrease of 374 lots from the previous day; the open interest is 74,155 lots, an increase of 291 lots from the previous day [1] Spreads - The basis of Live Hogs 2601 is - 65 yuan/ton, with a year - on - year increase of 20 yuan/ton [1] - The basis of Live Hogs 2603 is 225 yuan/ton, with a year - on - year increase of 95 yuan/ton [1] - The basis of Live Hogs 2605 is - 495 yuan/ton, with a year - on - year increase of 60 yuan/ton [1] - The spread between Live Hogs 2601 and 2603 is 290 yuan/ton, with a year - on - year increase of 75 yuan/ton [1] - The spread between Live Hogs 2603 and 2605 is - 720 yuan/ton, with a year - on - year decrease of 35 yuan/ton [1] Trend Intensity - The trend intensity is 0, with a range of [-2, 2] for integer values, representing a neutral view [2]

Group 1: Report Overview - The report is about the pig industry, stating that the industry logic will return in 2025 [1] Group 2: Fundamental Data - **Spot prices**: Henan's is 11,380 yuan/ton, Sichuan's is 11,350 yuan/ton (down 100 yuan/ton year - on - year), and Guangdong's is 11,360 yuan/ton (down 200 yuan/ton year - on - year) [3] - **Futures prices**: The price of pig 2601 is 11,465 yuan/ton (down 120 yuan/ton year - on - year), pig 2603 is 11,250 yuan/ton (down 65 yuan/ton year - on - year), and pig 2605 is 11,935 yuan/ton (down 55 yuan/ton year - on - year) [3] - **Trading volume**: Pig 2601 is 64,945 lots (up 6,464 lots from the previous day), pig 2603 is 27,757 lots (up 5,324 lots from the previous day), and pig 2605 is 13,489 lots (down 734 lots from the previous day) [3] - **Open interest**: Pig 2601 is 107,542 lots (down 9,780 lots from the previous day), pig 2603 is 135,971 lots (up 7,728 lots from the previous day), and pig 2605 is 73,864 lots (up 2,108 lots from the previous day) [3] - **Price differences**: Pig 2601 basis is - 85 yuan/ton (up 120 yuan/ton year - on - year), pig 2603 basis is 130 yuan/ton (up 65 yuan/ton year - on - year), pig 2605 basis is - 555 yuan/ton (up 55 yuan/ton year - on - year), pig 1 - 3 spread is 215 yuan/ton (down 55 yuan/ton year - on - year), and pig 3 - 5 spread is - 685 yuan/ton (down 10 yuan/ton year - on - year) [3] Group 3: Trend Intensity - The trend intensity is - 1, indicating a relatively bearish outlook. The range of trend intensity is from - 2 (most bearish) to 2 (most bullish) [4]