Report Summary 1. Report Industry Investment Rating - The trend strength is -2, indicating the most bearish outlook [3]. 2. Report's Core View - The demand for live pigs is underperforming expectations, and the supply contradiction is expanding [1]. 3. Summary by Relevant Catalog 3.1. Pig Fundamental Data - **Prices**: Henan spot price is 12,980 yuan/ton, down 200 yuan; Sichuan spot price is 12,700 yuan/ton, down 150 yuan; Guangdong spot price is 12,560 yuan/ton, down 400 yuan. For futures, the price of pig 2603 is 11,270 yuan/ton, down 15 yuan; pig 2605 is 11,695 yuan/ton, unchanged; pig 2607 is 12,370 yuan/ton, down 5 yuan [2]. - **Trading Volume and Open Interest**: The trading volume of pig 2603 is 51,067 lots, down 18,603 lots, and the open interest is 121,223 lots, down 6,419 lots; pig 2605 has a trading volume of 31,968 lots, down 1,260 lots, and an open interest of 118,843 lots, up 3,128 lots; pig 2607 has a trading volume of 6,225 lots, down 307 lots, and an open interest of 46,367 lots, down 216 lots [2]. - **Price Spreads**: The basis of pig 2603 is 1,710 yuan/ton, down 185 yuan; pig 2605 is 1,285 yuan/ton, down 200 yuan; pig 2607 is 610 yuan/ton, down 195 yuan. The spread between pig 3 - 5 is -425 yuan/ton, down 15 yuan; between pig 5 - 7 is -675 yuan/ton, up 5 yuan [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]