养殖产业链日报：震荡偏强-20260113

Report Industry Investment Rating - The overall investment rating for the breeding industry chain is "Oscillating with a Bullish Bias" [1] Core Viewpoints - The soybean market is expected to continue oscillating with a bullish bias; for corn, pay attention to buying opportunities when the price declines; for eggs, it's advisable to stay on the sidelines for now; for live pigs, it's recommended to buy far - month contracts on dips [1][2][3] Specific Industry Summaries Soybean - The domestic soybean spot market has remained stable overall. In the producing areas, prices are high with no obvious change in sales. In the consuming areas, prices are stable mainly following the producing areas, but downstream food enterprises have weak demand. The purchase - and - sale two - way bidding transaction of domestic soybeans by CGCGO had a 100% transaction rate, indicating some market demand support [1] Corn - Since the New Year's Day holiday, the domestic corn spot market has advanced steadily. The expected selling pressure has not materialized, and the sales progress in the Northeast has exceeded 50%. The local reserve rotation auctions in the Northeast were popular this week, and the price was at a premium compared to the current spot. Next week, the single - period import corn auction volume will be halved to 100,000 tons, and it's advisable to buy on dips [1] Egg - In December, the laying hen inventory dropped to 1.295 billion. The young - dominated structure (80.12% in the main - producing group) makes capacity elimination difficult. As long as the egg price doesn't fall below the feed cost, there's no incentive for the industry to clear capacity actively. It's recommended to stay on the sidelines [2] Live Pig - In 2025, the actual live pig slaughter volume of domestic breeding enterprises increased steadily, reaching 155.79 million heads, a year - on - year increase of 18.38%. The monthly slaughter volume showed significant pre - and post - holiday differences and seasonality. The third - party data shows that the capacity reduction has accelerated significantly, indicating an upward price expectation for far - month contracts, and it's recommended to buy on dips [3]