出栏节奏偏慢，猪价维持震荡

1. Report Industry Investment Rating - The investment rating for both the pig and egg industries is neutral [3][6] 2. Core Views - For the pig industry, it is expected that the spot price will remain weak in May, but the downside space of the futures contracts is limited due to large discounts. Although supply data shows an oversupply, low frozen product inventory and limited secondary fattening support the bottom of the pig spot price [2] - For the egg industry, the short - term supply - demand pattern of oversupply is difficult to change, but the increase in breeding costs provides some support for the spot price [5] 3. Summary by Related Catalogs Pig Industry Market News and Important Data - Futures: The closing price of the live pig 2509 contract was 13,985 yuan/ton, up 25 yuan/ton (+0.18%) from the previous trading day [1] - Spot: In Henan, the price of external ternary live pigs was 15.04 yuan/kg, up 0.01 yuan/kg; in Jiangsu, it was 15.23 yuan/kg, unchanged; in Sichuan, it was 14.70 yuan/kg, unchanged [1] - Wholesale market: On May 7, the "Agricultural Product Wholesale Price 200 Index" was 116.64, up 0.02 points; the "Vegetable Basket" product wholesale price index was 117.25, up 0.03 points. The average price of pork in the national agricultural product wholesale market was 21.02 yuan/kg, up 0.3% [1] Market Analysis - From the supply - demand perspective, the spot price is expected to be weak in May. The large discounts of futures contracts limit the downside space. Low frozen product inventory and limited secondary fattening support the spot price, but their large - scale participation depends on price drops [2] Strategy - The strategy for the pig industry is neutral [3] Egg Industry Market News and Important Data - Futures: The closing price of the egg 2506 contract was 2,890 yuan/500 kilograms, up 6 yuan (+0.21%) from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 3.04 yuan/jin, down 0.12 yuan; in Shandong, it was 3.10 yuan/jin, down 0.10 yuan; in Hebei, it was 2.73 yuan/jin, down 0.09 yuan [3] - Inventory: On May 7, 2025, the national production - link inventory was 1.34 days, unchanged; the circulation - link inventory was 1.79 days, up 0.03 days (1.70%) [3] Market Analysis - After the Qingming Festival, the spot price was weak. The post - festival restocking and the May Day holiday boosted demand and prices, but high - price acceptance at the consumer end was limited. Entering the Dragon Boat Festival stocking period, overall demand is slowly increasing, but the short - term oversupply pattern persists, and increased breeding costs support the price [4][5] Strategy - The strategy for the egg industry is neutral [6]