备货情绪延续，猪价震荡偏强

1. Report Industry Investment Rating - The investment rating for the pig industry is cautiously bearish [3]. - The investment rating for the egg industry is also cautiously bearish [6]. 2. Core Viewpoints - For the pig market, the demand is boosted by the Winter Solstice stocking and the reluctance of farmers to sell, causing the pig price to maintain an upward trend. However, after the festival, the supply pressure may be released, which will restrict the pig price [2]. - For the egg market, although the festival stocking has accelerated the market turnover, the egg price remains in a low - level shock pattern due to the off - season consumption. The slow decline in inventory pressure on the supply side also restricts the egg price [5]. 3. Summary by Relevant Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live pig 2603 contract was 11,325 yuan/ton, a change of - 110.00 yuan/ton or - 0.96% from the previous trading day [1]. - Spot: In Henan, the price of external ternary live pigs was 11.80 yuan/kg, a change of - 0.01 yuan/kg; in Jiangsu, it was 12.15 yuan/kg, a change of + 0.25 yuan/kg; in Sichuan, it was 12.25 yuan/kg, with no change. The national average wholesale price of pork in agricultural product markets was 17.51 yuan/kg, up 0.5% from the previous day [1]. Market Analysis - The demand is boosted by the Winter Solstice stocking and farmers' reluctance to sell, and the supply is slightly tight in some northern areas, so the pig price keeps rising. The demand increase is mainly in East China, Shandong, and Henan. The pickling demand in Southwest China has also increased, while that in South China is relatively weak. After the festival, the supply pressure may be released and restrict the pig price [2]. Strategy - The strategy for the pig market is to be cautiously bearish [3]. Egg Market Market News and Important Data - Futures: The closing price of the egg 2601 contract was 2,916 yuan/500 kilograms, a change of - 176.00 yuan or - 5.69% from the previous trading day [3]. - Spot: In Liaoning, the egg spot price was 2.96 yuan/jin, with no change; in Shandong, it was 3.10 yuan/jin, with no change; in Hebei, it was 2.80 yuan/jin, with no change. On December 18, 2025, the production - link inventory was 0.94 days, and the circulation - link inventory was 1.29 days, both unchanged from the previous day [3][4]. Market Analysis - The festival stocking has accelerated the market turnover, but since it is the off - season for egg consumption, the support of festival purchases from catering and households for the egg price is unsustainable. The slow decline in inventory pressure on the supply side restricts the egg price [5]. Strategy - The strategy for the egg market is to be cautiously bearish [6].