农产品日报：消费有所回暖，猪价维持震荡-20251202

Group 1: Report Investment Ratings - Investment rating for the pig and egg sectors: Cautiously bearish [3][5] Group 2: Core Views - Pig market: Pig price decline has led to the continuous accumulation of frozen product inventory, affecting the growth of slaughter volume. This year's pickling demand is slightly lower than expected, and the end - of - year demand may have limited support for pig prices. With a lack of strong support on the demand side, the current large supply pressure has a more prominent suppressing effect on short - term pig prices [2] - Egg market: Although the capacity reduction has started, the inventory of laying hens in production remains high, and the short - term supply pressure is difficult to be substantially alleviated. Under the background of high supply, the demand side has limited support for egg prices, and the price increase space is expected to be relatively limited [4] Group 3: Market News and Important Data Pig - Futures: The closing price of the live hog 2601 contract yesterday was 11,495 yuan/ton, a change of +30.00 yuan/ton from the previous trading day, a change of +0.26% [1] - Spot: In Henan, the price of external ternary live hogs was 11.42 yuan/kg, a change of - 0.05 yuan/kg from the previous trading day; in Jiangsu, it was 11.64 yuan/kg, a change of +0.09 yuan/kg; in Sichuan, it was 11.50 yuan/kg, a change of +0.05 yuan/kg [1] - Agricultural product wholesale prices: On December 1, the "Agricultural Product Wholesale Price 200 Index" was 127.53, up 1.04 points from last Friday. The "Vegetable Basket" product wholesale price index was 129.96, up 1.20 points from last Friday. The average price of pork in the national agricultural product wholesale market was 17.80 yuan/kg, down 0.2% from last Friday; beef was 66.58 yuan/kg, up 0.1%; mutton was 63.40 yuan/kg, up 0.4%; eggs were 7.33 yuan/kg, down 0.3%; white - striped chickens were 17.89 yuan/kg, up 1.8% [1] Egg - Futures: The closing price of the egg 2601 contract yesterday was 3201 yuan/500 kilograms, a change of - 92.00 yuan from the previous trading day, a change of - 2.79% [3] - Spot: In Liaoning, the egg spot price was 2.96 yuan/jin, a change of +0.14 from the previous trading day; in Shandong, it was 3.20 yuan/jin, a change of +0.10; in Hebei, it was 2.71 yuan/jin, a change of +0.02 [3] - Inventory: On December 1, 2025, the national production - link inventory was 0.92 days, a decrease of 0.03 days from yesterday, a decrease of 3.16%. The circulation - link inventory was 1.19 days, unchanged from yesterday [3]