年前出栏缩量，猪价震荡偏强

Group 1: Report Industry Investment Rating - Investment rating for the pig industry: Cautiously bearish [3] - Investment rating for the egg industry: Cautiously bearish [6] Group 2: Core Views of the Report - Pig prices are oscillating strongly with a decline in the north and an increase in the national average price. The supply is shrinking at the end of the year, and bad weather and holiday consumption support the price. The secondary fattening sentiment slows down after the price rises. Attention should be paid to the post - holiday slaughter rhythm [2] - Egg spot prices have stopped rising and started to fall, mainly concentrated in Hebei. The boost from New Year's Day consumption is limited, and the sufficient market capacity may still put pressure on egg prices [5] Group 3: Summary by Relevant Categories Pig Market Market News and Key Data - Futures: The closing price of the live pig 2603 contract was 11,790 yuan/ton, up 75 yuan/ton or 0.64% from the previous trading day [1] - Spot: Henan's outer three - yuan live pig price was 12.55 yuan/kg, up 0.08 yuan/kg; Jiangsu's was 12.84 yuan/kg, down 0.06 yuan/kg; Sichuan's was 12.65 yuan/kg, unchanged. The national average wholesale price of pork was 17.73 yuan/kg, up 0.3% [1] Market Analysis - Pig prices are oscillating strongly with a stable and rising national average. Supply is shrinking at the end of the year, and bad weather may hinder slaughter. Holiday consumption boosts the slaughter volume, and the price difference between standard and fat pigs widens, which is beneficial to price increases. The secondary fattening sentiment slows down [2] Strategy - Cautiously bearish [3] Egg Market Market News and Key Data - Futures: The closing price of the egg 2601 contract was 2,938 yuan/500 kg, down 3 yuan or 0.10% from the previous trading day [3] - Spot: Liaoning's egg spot price was 2.84 yuan/jin, unchanged; Shandong's was 3.10 yuan/jin, unchanged; Hebei's was 2.76 yuan/jin, down 0.02 yuan [3] - Inventory: On December 30, 2025, the national production - link inventory was 0.95 days, and the circulation - link inventory was 1.31 days, both unchanged from the previous day [4] Market Analysis - Egg spot prices have stopped rising and started to fall, mainly in Hebei. The boost from New Year's Day consumption is limited, and the end of pre - festival stocking and sufficient market capacity may put pressure on prices [5] Strategy - Cautiously bearish [6]