养殖产业链日报：震荡偏强-20260114

Report Industry Investment Rating - The overall investment rating for the breeding industry chain is "oscillating upward" [1] Core Viewpoints - The soybean market will maintain an oscillating upward trend, with production and sales differentiation persisting [1] - The domestic corn spot market is advancing steadily, and there are opportunities to buy on dips [1] - For eggs, it's advisable to wait and see for now due to high - resistance in capacity elimination [2] - For the far - month contracts of live pigs, it's recommended to buy on dips as there is an upward price expectation [3][4] Summary by Related Catalogs Soybean - The production - sales differentiation in the soybean market is hard to reverse in the short term, with the northeast region's price increase lacking terminal demand support and the sales area under pressure from high inventory and weak demand [1] - The purchase and sale two - way bidding transaction of 30,000 tons of domestic soybeans by CGC Grain & Oil Co., Ltd. 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, and the expected selling pressure has not materialized while the sales progress is over 50% in the northeast [1] - The local reserve rotation auction in the northeast region was popular this week, and the price was at a premium compared to the current spot [1] - The single - period supply of imported corn auctions will be halved to 100,000 tons next week, presenting opportunities to buy on dips [1] Egg - In December, the laying hen inventory dropped to 1.295 billion, with a young - dominated structure accounting for over 80%, resulting in high resistance in capacity elimination [2] - Without the egg price falling below the feed cost, the industry lacks the motivation to actively clear capacity [2] Live Pig - In 2025, the actual live pig slaughter volume of domestic breeding enterprises reached 155.79 million, a year - on - year increase of 18.38% compared to 2024, showing a stable supply foundation [3] - The actual slaughter volume showed significant pre - and post - holiday differences and seasonality, with the lowest in February at 10.349 million and the highest in December at 14.5822 million [3] - The capacity reduction of live pigs has accelerated significantly, indicating an upward price expectation for far - month contracts [3][4]