供应压力持续释放，猪价偏弱运行

1. Report Industry Investment Rating - The investment rating for both the pig and egg markets is cautiously bearish [3][5] 2. Core Viewpoints - The pig market is in a situation of oversupply, with supply pressure expected to increase after the holiday due to continued high - level group sales and ineffective inventory reduction [2] - The egg market will maintain a pattern of strong supply and weak demand as the double - festival boost is over and all - level inventories are abundant [4] 3. Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live pig 2511 contract yesterday was 12,295 yuan/ton, a change of - 280.00 yuan/ton from the previous trading day, a decline of 2.23% [1] - Spot: In Henan, the price of external ternary live pigs was 12.55 yuan/kg, down 0.10 yuan/kg from the previous day; in Jiangsu, it was 12.77 yuan/kg, down 0.03 yuan/kg; in Sichuan, it was 11.84 yuan/kg, down 0.23 yuan/kg [1] - Agricultural product prices: On September 29, the "Agricultural Product Wholesale Price 200 Index" was 118.80, down 0.05 points from the previous day. The average wholesale price of pork in the national agricultural product wholesale market was 19.32 yuan/kg, up 0.8% [1] Market Analysis - This week, the spot price has been declining. Due to the approaching holiday, group farms are rushing to meet the slaughtering schedule, increasing supply. Consumption has increased slightly, but the market is still in an oversupply situation, and inventory has not been effectively reduced [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2511 contract yesterday was 3016 yuan/500 kg, a change of - 20.00 yuan from the previous trading day, a decline of 0.66% [3] - Spot: In Liaoning, the egg spot price was 3.33 yuan/jin, unchanged; in Shandong, it was 3.75 yuan/jin, unchanged; in Hebei, it was 2.96 yuan/jin, down 0.11 yuan/jin [3] - Inventory: On September 29, 2025, the national production - link inventory was 1.03 days, up 0.03 days from the previous day, an increase of 3.00%. The circulation - link inventory remained unchanged [3] Market Analysis - The double - festival stocking is basically over, and the festival boost effect is poor. The arrival volume in sales areas has decreased significantly, the goods movement in all links is slow, and terminal demand is weak. The market will maintain a pattern of strong supply and weak demand [4] Strategy - Cautiously bearish [5]