消费提振不足，猪价偏弱震荡

Group 1: Report Industry Investment Rating - Investment rating for both the pig and egg markets: Cautiously bearish [3][5] Group 2: Report's Core View - For the pig market, although the expected reduction in pig slaughter may lead to firmer spot and near - term contract prices due to short - term supply rhythm adjustment, the overall oversupply situation remains unchanged, which has little impact on 2026 pig contracts and is favorable for hedging needs to participate at high prices [2] - For the egg market, with school stocking finished, tourism and catering demand declining, and food companies' purchases being cautious due to reduced terminal product consumption, overall demand has decreased. Cold - storage eggs have weakened market confidence, and supply - side pressure has made festival demand stimulation ineffective this year [4] Group 3: Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live hog 2511 contract yesterday was 13,365 yuan/ton, a change of - 185.00 yuan/ton from the previous trading day, a decline of 1.37% [1] - Spot: In Henan, the price of outer ternary live hogs was 13.97 yuan/kg, a change of + 0.01 yuan/kg from the previous trading day; in Jiangsu, it was 14.06 yuan/kg, a change of - 0.08 yuan/kg; in Sichuan, it was 13.77 yuan/kg, a change of + 0.00 yuan/kg [1] - Agricultural product wholesale prices on September 4: The "Agricultural Product Wholesale Price 200 Index" was 117.86, up 0.28 points from the previous day. The "Vegetable Basket" product wholesale price index was 118.66, up 0.34 points. The average price of pork in the national agricultural product wholesale market was 19.85 yuan/kg, down 0.9%; beef was 65.43 yuan/kg, up 0.2%; mutton was 60.68 yuan/kg, down 0.6%; eggs were 7.74 yuan/kg, unchanged; and white - striped chickens were 17.62 yuan/kg, up 2.0% [1] Market Analysis - The reduction in slaughter volume is increasing compared to the end of June and July, and continuous attention is needed in the future [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2510 contract yesterday was 3021 yuan/500 kilograms, a change of + 10.00 yuan from the previous trading day, an increase of 0.33% [3] - Spot: In Liaoning, the egg spot price was 3.20 yuan/jin, unchanged from the previous trading day; in Shandong, it was 3.25 yuan/jin, a change of + 0.10 yuan; in Hebei, it was 2.93 yuan/jin, unchanged [3] - On September 4, 2025, the national production - link inventory was 0.65 days, a decrease of 0.03 days from the previous day, a decline of 4.41%. The circulation - link inventory was 0.9 days, a decrease of 0.10 days, a decline of 10.00% [3] Market Analysis - Overall egg demand has declined, and festival demand stimulation is weak this year [4] Strategy - Cautiously bearish [5]