白条走货偏慢，猪价震荡运行

Group 1: Report Industry Investment Rating - The investment rating for both the pig and egg sectors is neutral [3][5] Group 2: Report's Core View - For the pig market, future pig supply is expected to continue increasing, putting pressure on spot prices. The improvement in consumption is uncertain. Although the market believes that pig inventory has been significantly reduced and the expectation for forward contracts has improved, the overall reduction in pig production capacity is not obvious at present and needs continuous attention [2] - For the egg market, egg prices have declined, leading to increased replenishment enthusiasm among food companies and low - price stocking by traders. Tourism and catering consumption remains strong, and consumption demand is on the rise. The spot market is moving smoothly, and egg consumption is transitioning from the off - season to the peak season. Spot prices are expected to fluctuate upward this week, but the impact of cold - storage egg出库 on the spot market needs to be closely monitored [4] Group 3: Summary According to Relevant Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live pig 2509 contract yesterday was 13,900 yuan/ton, a change of - 145.00 yuan/ton from the previous trading day, a decrease of 1.03% [1] - Spot: In Henan, the price of external ternary live pigs was 13.76 yuan/kg, an increase of 0.02 yuan/kg from the previous trading day; in Jiangsu, it was 13.89 yuan/kg, an increase of 0.03 yuan/kg; in Sichuan, it was 13.44 yuan/kg, unchanged from the previous trading day [1] - Agricultural product prices on August 14: The "Agricultural Product Wholesale Price 200 Index" was 114.75, up 0.17 points from the previous day; the "Vegetable Basket" product wholesale price index was 115.05, up 0.19 points. The average price of pork in the national agricultural product wholesale market was 20.23 yuan/kg, down 0.1%; beef was 64.91 yuan/kg, up 0.2%; mutton was 59.85 yuan/kg, up 0.3%; eggs were 7.52 yuan/kg, up 0.1%; white - striped chickens were 17.39 yuan/kg, up 0.9% [1] Market Analysis - Future pig supply is expected to increase, and spot prices will continue to be under pressure. The improvement in consumption is uncertain. Although the market believes that pig inventory has been significantly reduced, the overall reduction in pig production capacity is not obvious at present and needs continuous attention [2] Strategy - The strategy is neutral [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2509 contract yesterday was 3,189 yuan/500 kilograms, a change of - 88.00 yuan from the previous trading day, a decrease of 2.69% [3] - Spot: In Liaoning, the egg spot price was 3.02 yuan/jin, unchanged from the previous trading day; in Shandong, it was 3.05 yuan/jin, unchanged; in Hebei, it was 2.62 yuan/jin, unchanged [3] - Inventory: On August 14, the national production - link inventory was 0.85 days, a decrease of 0.02 days from the previous trading day, and the circulation - link inventory was 1.05 days, unchanged from the previous trading day [3] Market Analysis - Egg prices have declined, leading to increased replenishment enthusiasm among food companies and low - price stocking by traders. Tourism and catering consumption remains strong, and consumption demand is on the rise. The spot market is moving smoothly, and egg consumption is transitioning from the off - season to the peak season. Spot prices are expected to fluctuate upward this week, but the impact of cold - storage egg出库 on the spot market needs to be closely monitored [4] Strategy - The strategy is neutral [5]