养殖产业链日报：震荡偏强-20260107

Report Industry Investment Rating - The report gives an overall investment rating of "Oscillating with an upward bias" for the aquaculture industry chain [1] Core Viewpoints - Soybean prices are expected to continue their upward trend due to strong policy auction results, reduced grassroots grain reserves, and rumors of halted imports [1] - Corn prices are expected to gradually rise in the new year, and investors should watch for buying opportunities after the supply pressure eases [1] - For eggs, with high resistance to capacity elimination and no strong incentive for the industry to clear capacity, a wait - and - see approach is recommended [2] - For pigs, although the annual supply is stable, there is an obvious acceleration in capacity reduction, and it is recommended to buy far - month contracts on dips [3][4] Summary by Related Catalogs Soybean - The mainstream trading price is 2.12 - 2.25 yuan per catty, up from the previous trading day [1] - Policy auctions of domestic soybeans have strong results, with active trading and premium transactions, boosting market confidence [1] - Grassroots grain reserves are decreasing, traders are reluctant to sell, and rumors of halted imports of soybeans strengthen the upward trend [1] Corn - As of December 25, 2025, the corn sales progress in the Northeast is 44%, 8% faster than the same period in 2024; in North China, it is 40%, 1% slower than the same period in 2024 [1] - Spot prices are rising slightly. Farmers are reluctant to sell, and the overall demand remains rigid [1] Eggs - In December, the laying hen inventory dropped to 1.295 billion, with a young - dominated structure that resists capacity elimination [2] - Without egg prices falling below feed costs, the industry lacks the motivation to clear capacity [2] Pigs - In 2025, the actual total pig output of domestic breeding enterprises reached 155.79 million, a year - on - year increase of 18.38% compared to 2024 [3] - The annual output shows significant pre - and post - holiday differences and seasonal characteristics [3] - There is an obvious acceleration in capacity reduction, and it is recommended to buy far - month contracts on dips [3][4]