养殖产业链日报：震荡偏强-20260112

Report Industry Investment Rating - The overall investment rating for the aquaculture industry chain is "oscillating with a slight upward trend" [1] Core Viewpoints - Soybeans are expected to maintain a slightly upward trend [1] - Corn is expected to show a slow upward trend in the new year, and there are opportunities to buy on dips after the phased supply pressure eases [1] - For eggs, it is advisable to wait and see for the time being [2] - For the far - month contracts of live pigs, it is recommended to buy on dips [3] Summary by Related Catalogs Soybeans - The producer price remains high with limited movement, and the consumer price follows the producer price. The market shows a "price stability under supply - demand stalemate" feature, but there are signs of stronger price support. On January 13, CCOFCO will conduct a two - way bidding transaction for 30,000 tons of domestic soybeans [1] Corn - After the New Year's Day, the supply of corn is still limited, but CCOFCO's weekly auction volume has increased to one million tons. The grain - selling progress in the Northeast has accelerated, and the remaining grain has decreased. Local deep - processing enterprises have slightly raised prices for purchases, and multi - channel supply has effectively supplemented the market. Corn is expected to show a slow upward trend [1] Eggs - In December, the inventory of laying hens decreased to 1.295 billion. The young - dominated structure with over 80% in the main production stage makes it difficult to eliminate production capacity. There is still great resistance to elimination in the future. Without the egg price falling below the feed cost, the industry lacks the motivation to clear production capacity actively [2] Live Pigs - In 2025, the actual total output of domestic pig - breeding enterprises increased steadily, reaching 155.79 million heads, a year - on - year increase of 18.38%. The actual output showed significant pre - and post - festival differences and seasonal characteristics. The third - party data shows that the reduction of pig production capacity has accelerated significantly, indicating an upward price expectation for far - month contracts [3]