市场整体情绪偏稳，中旬出栏预期增量

Report Industry Investment Ratings - Pig: Neutral [3] - Egg: Cautiously Bearish [6] Core Views - The overall market sentiment is stable, with an expected increase in pig slaughter in the middle of the month. The price of pigs is mainly stable with narrow adjustments in some areas, and the pre - Spring Festival stocking sentiment may support the pig price. The consumption boost from southern pickling demand is declining. Attention should be paid to the slaughter situation of farmers in the middle of the month [2] - The spot price of eggs has risen slightly, and the growth rate has narrowed. The pressure on egg - poultry inventory has continued to decline, but the absolute quantity is still high. The recent price increase is mainly supported by downstream bottom - fishing and pre - Spring Festival bullish stocking sentiment. Attention should be paid to its sustainability [5] Summary by Related Catalogs Pig Market News and Important Data - Futures: The closing price of the pig 2603 contract yesterday was 11,720 yuan/ton, a change of - 65.00 yuan/ton from the previous trading day, a decrease of 0.55% [1] - Spot: The price of external ternary pigs in Henan was 12.85 yuan/kg, a change of - 0.02 yuan/kg from the previous trading day; in Jiangsu, it was 13.19 yuan/kg, a change of + 0.01 yuan/kg; in Sichuan, it was 12.98 yuan/kg, a change of + 0.10 yuan/kg [1] - Agricultural product wholesale prices: On January 8, the "Agricultural Product Wholesale Price 200 Index" was 128.94, down 0.17 points from the previous day. The "Vegetable Basket" product wholesale price index was 131.56, down 0.19 points. The average wholesale price of pork was 17.89 yuan/kg, down 0.3%; beef was 65.96 yuan/kg, down 0.3%; mutton was 62.84 yuan/kg, down 0.7%; eggs were 7.58 yuan/kg, up 0.9%; white - striped chicken was 17.85 yuan/kg, up 0.6% [1] Market Analysis - The national pig price is mainly stable with narrow adjustments in some areas. The price in the north has declined, while the price in the east is relatively the highest in the country. The slaughter of breeding enterprises has increased, and there is still a certain bullish expectation. After the price of large pigs in the north declined, the slaughter of small farmers has increased. The pickling demand in the south is gradually ending, and the consumption boost has continued to decline recently. The impact of the epidemic has decreased after the price increase. The pre - Spring Festival stocking sentiment may support the pig price, and the price may be relatively resistant to decline. Attention should be paid to the slaughter situation of farmers in the middle of the month [2] Strategy - Neutral [3] Egg Market News and Important Data - Futures: The closing price of the egg 2603 contract yesterday was 3009 yuan/500 kg, a change of - 2.00 yuan from the previous trading day, a decrease of 0.07% [3] - Spot: The egg spot price in Liaoning was 3.07 yuan/jin, a change of + 0.07 yuan from the previous trading day; in Shandong, it was 3.30 yuan/jin, unchanged; in Hebei, it was 2.96 yuan/jin, unchanged [3] - Inventory: On January 8, 2026, the national production - link inventory was 0.84 days, unchanged from the previous day, and the circulation - link inventory was 1 day, also unchanged [4] Market Analysis - The spot price of eggs has risen slightly, and the growth rate has narrowed compared with the previous few days. The production areas are relatively strong, and the sales areas mainly follow the increase. After the price of culled old chickens has risen recently, the willingness of farmers to cull has loosened compared with the previous period, but there has not been a large - scale centralized culling. The pressure on egg - poultry inventory has continued to decline, but the absolute quantity is still high. After the egg price has risen for several consecutive days, the consumption support has begun to slow down. The recent price increase is mainly supported by downstream bottom - fishing and pre - Spring Festival bullish stocking sentiment. Attention should be paid to its sustainability [5] Strategy - Cautiously Bearish [6]