大肥需求减弱，猪价震荡运行

1. Report Industry Investment Ratings - The investment rating for the pig market is "cautiously bearish" [3] - The investment rating for the egg market is "neutral" [5] 2. Core Views - In the short - term, the rolling entry of secondary fattening and farmers' reluctance to sell continue. The pre - May Day stocking demand may boost spot prices, and the slaughtering enterprise's开工率 will rise. But in the long - term, with the slow recovery of the fertile sow data, there is supply pressure in the pig market [2] - Near May Day, although there is an increase in egg consumption due to supermarket and e - commerce promotions and tourism catering, the overall demand is still weak, and the short - term oversupply pattern is hard to change [4] 3. Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the pig 2509 contract was 14,130 yuan/ton, a change of - 20.00 yuan/ton (- 0.14%) from the previous trading day [1] - Spot: In Henan, the price of outer ternary pigs was 14.88 yuan/kg; in Jiangsu, it was 15.16 yuan/kg; in Sichuan, it was 14.32 yuan/kg. The national average wholesale price of pork on April 28 was 20.87 yuan/kg, up 1.3% from the previous day [1] Market Analysis - Short - term: Secondary fattening and farmers' reluctance to sell continue. Pre - May Day stocking may boost prices, and the supply and slaughtering enterprise's开工率 will increase [2] - Long - term: The fertile sow data is slowly recovering, leading to supply pressure [2] Strategy - The strategy for the pig market is "cautiously bearish" [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2506 contract was 2,981 yuan/500 kilograms, a change of - 31.00 yuan (- 1.03%) from the previous trading day [3] - Spot: In Liaoning, the egg price was 3.33 yuan/jin; in Shandong, it was 3.20 yuan/jin; in Hebei, it was 3.07 yuan/jin. On April 28, the production - link inventory was 1.29 days, and the circulation - link inventory was 1.81 days [3] Market Analysis - Demand: Near May Day, consumption is boosted by promotions and tourism catering, but overall demand is still weak due to insufficient terminal consumption and concerns about egg storage [4] - Market Pattern: The short - term oversupply pattern is hard to change, and the consumer end has limited ability to accept high prices [4] Strategy - The strategy for the egg market is "neutral" [5]