养殖产业链日报：震荡偏强-20260105

Group 1: Report's Industry Investment Rating - The investment rating for the breeding industry chain in this report is "Oscillating Strongly" [1] Group 2: Report's Core View - The report analyzes the current situation of various products in the breeding industry chain, including soybeans, corn, eggs, and pigs, and provides corresponding market trends and investment suggestions [1][2] Group 3: Summary by Product Soybeans - Domestic soybean spot prices are stable and slightly stronger. Northeast prices are strong due to factors like good state - reserve auction results and farmer reluctance to sell. Market procurement is cautious, and the supply - demand sides are waiting to see the subsequent state - reserve release. High - quality beans in Shandong, Jiangsu, Anhui, and Henan are stable, with slow market sales and increased supply from other sources. Mid - term, it will maintain a wide - range oscillation. Attention should be paid to the market reaction after consecutive auctions of imported soybeans this week [1] Corn - Domestic corn spot prices oscillate weakly. With increased grain supply, factory quotes are slightly lower. The confirmed wheat auction and ongoing corn auctions have increased bearish sentiment. Attention should be paid to the opportunity to buy on dips after the phased supply pressure eases [1] Eggs - As of the end of November, the national laying - hen inventory was about 1.352 billion, a year - on - year decrease of 5.32%, and it is still decreasing. It is expected that the inventory will decline by 0.50% - 0.80% in the first quarter of 2026. Although the current inventory is still at a relatively high level, the proportion of medium - and large - sized eggs is high, and some small farmers are reducing production. A medium - and long - term supply contraction expectation is gradually forming. The market tried to rise today. It is not recommended to be overly bearish, and it is advisable to wait and see for now [2] Pigs - In October 2025, the inventory of breeding sows dropped to 39.9 million, still above the reasonable industry regulation target of 39 million, but with a clear downward trend. The speed and intensity of subsequent capacity reduction will determine the supply contraction range. If the capacity reduction accelerates, it is expected that the inventory of breeding sows will drop to around 37.5 - 38 million by the end of 2026. The price trend shows a pattern of being low in the front and high in the back, and there may be opportunities to buy on dips for far - month contracts [2]