需求支撑不足，猪价震荡运行

Report Summary 1. Industry Investment Ratings - For the pig industry: Cautiously bearish [4] - For the egg industry: Neutral [6] 2. Core Views - The current pig market is in a situation of weak supply and demand. Spot prices remain firm due to secondary fattening, but as temperatures rise, consumption of pork cuts is difficult. Short - term pig prices are expected to fluctuate, and there is a risk of price decline in the medium to long term due to potential concentrated release of fattened and second - fattened pigs [3] - For eggs, approaching May Day, there is restocking demand from supermarkets and e - commerce, and consumption terminal purchases increase due to extreme weather, helping to clear inventories. However, high spot prices may suppress consumption, and with rising temperatures, traders are more cautious. Short - term egg prices are expected to fluctuate, and the futures price of the 2506 contract is also expected to follow the spot price and fluctuate [5][6] 3. Summary by Related Catalogs Pig Market - Market News and Important Data - Futures: The closing price of the live pig 2509 contract yesterday was 14,365 yuan/ton, a change of - 120.00 yuan/ton or - 0.83% from the previous trading day [2] - Spot: In Henan, the price of external ternary live pigs was 15.12 yuan/kg, a change of - 0.03 yuan/kg; in Jiangsu, it was 15.27 yuan/kg, a change of - 0.03 yuan/kg; in Sichuan, it was 14.78 yuan/kg, a change of - 0.04 yuan/kg [2] - Wholesale prices: On April 23, the "Agricultural Product Wholesale Price 200 Index" was 118.47, down 0.32 points from the previous day. The average wholesale price of pork was 20.99 yuan/kg, up 0.4% [2] - Market Analysis - The pig market is in a situation of weak supply and demand. Secondary fattening supports spot prices, but rising temperatures make it difficult for pork cuts to be sold. Short - term prices will fluctuate, and there is a risk of price decline in the medium to long term [3] - Strategy - Cautiously bearish [4] Egg Market - Market News and Important Data - Futures: The closing price of the egg 2506 contract yesterday was 3026 yuan/500 kilograms, a change of - 2.00 yuan or - 0.07% from the previous trading day [4] - Spot: In Liaoning, the egg spot price was 3.51 yuan/jin, unchanged; in Shandong, it was 3.50 yuan/jin, unchanged; in Hebei, it was 3.13 yuan/jin, a change of - 0.07 yuan/jin [4] - Inventory: On April 23, the national production - link inventory was 1.06 days, an increase of 0.01 days or 0.95% from the previous day; the circulation - link inventory was 1.47 days, an increase of 0.05 days or 3.52% [4] - Market Analysis - Approaching May Day, there is restocking demand, and consumption terminal purchases increase due to extreme weather, helping to clear inventories. However, high spot prices may suppress consumption, and with rising temperatures, traders are more cautious. Short - term egg prices are expected to fluctuate [5] - Strategy - Neutral [6]