供应压力偏大，猪价震荡运行

Group 1: Report Industry Investment Rating - The investment rating for the pig and egg markets is neutral [3][5] Group 2: Core Viewpoints of the Report - The future supply of live pigs will further increase, while the consumption side is expected to remain stable, leading to increased pressure on the spot market. As the weather gets hotter, the demand for secondary fattening will be suppressed, and the price difference between large fat pigs and standard pigs may continue to widen, accelerating the slaughter of large fat pigs [2] - In the short term, the market pattern of oversupply in the egg market is difficult to change, and the consumer end has limited ability to accept high prices [4] Group 3: Summary by Related Catalogs Live Pig Market Market News and Important Data - Futures: The closing price of the live pig 2509 contract yesterday was 13,580 yuan/ton, a change of -70.00 yuan/ton from the previous trading day, a decrease of 0.51% [1] - Spot: The price of external ternary live pigs in Henan was 14.33 yuan/kg, a change of -0.27 yuan/kg from the previous trading day; in Jiangsu, it was 14.57 yuan/kg, a change of -0.31 yuan/kg; in Sichuan, it was 14.16 yuan/kg, a change of -0.10 yuan/kg [1] - Agricultural product wholesale prices: On May 22, the "Agricultural Product Wholesale Price 200 Index" was 114.02, down 0.07 points from the previous day. The average wholesale price of pork in the national agricultural product wholesale market was 20.67 yuan/kg, down 0.2% from the previous day [1] Market Analysis - Future live pig supply will increase, consumption will remain stable, and spot pressure will increase. Secondary fattening demand will be suppressed by hot weather, and the price difference between large fat pigs and standard pigs may widen, accelerating the slaughter of large fat pigs [2] Strategy - The live pig market is expected to maintain a pattern of strong supply and weak demand, with a neutral strategy [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2507 contract yesterday was 2,957 yuan/500 kilograms, a change of -2.00 yuan from the previous trading day, a decrease of 0.07% [3] - Spot: The egg spot price in Liaoning was 3.04 yuan/jin, unchanged from the previous trading day; in Shandong, it was 3.10 yuan/jin, a change of -0.10 yuan; in Hebei, it was 2.62 yuan/jin, a change of -0.05 yuan [3] - Inventory: On May 22, 2025, the national production - link inventory was 1.31 days, an increase of 0.20 days from the previous day, an increase of 18.02%. The circulation - link inventory was 1.87 days, an increase of 0.24 days from the previous day, an increase of 14.72% [3] Market Analysis - Last week was the post - stocking digestion period, demand was difficult to increase, market transactions slowed down, and festival stocking by supermarkets and e - commerce had not started. Considering the limited boost from the Dragon Boat Festival, the storage time of eggs was reduced due to weather, and traders were cautious in purchasing, resulting in weak overall demand [4] Strategy - The egg market is expected to maintain a pattern of oversupply in the short term, with a neutral strategy [5]