Group 1: Investment Ratings - The investment strategy for the pig market is neutral [3] - The investment strategy for the egg market is cautiously bearish [5] Group 2: Core Views - Pig prices are maintaining a narrow - range fluctuation with terminal sales remaining flat. The spot price of pigs has slightly declined, showing regional differentiation. The northern market is weaker than the southern one. After the Spring Festival stocking season starts, it is expected to support pig prices. Attention should be paid to the downward pressure on pig prices after the weakening of the bullish sentiment [1][2] - The overall egg price is stable, with a slight decline in some areas. The positive effect of Spring Festival stocking on egg prices is weakening. The egg production capacity is at a high level, and the market supply pressure is increasing. The egg price is under pressure due to the weakening sentiment, but it is still at a relatively low level compared to the same period [4] Group 3: Summary by Market (Pig Market) Market News and Key Data - The closing price of the live - hog 2603 contract was 11,550 yuan/ton, a change of - 155.00 yuan/ton (- 1.32%) from the previous trading day. In the spot market, the prices of external ternary live - hogs in Henan, Jiangsu, and Sichuan were 13.23 yuan/kg, 13.66 yuan/kg, and 12.98 yuan/kg respectively, with corresponding daily price changes of - 0.08 yuan/kg, + 0.01 yuan/kg, and + 0.01 yuan/kg. The national average wholesale price of pork increased by 0.1% to 18.47 yuan/kg [1] Market Analysis - Pig spot prices have slightly declined with regional differences. The bullish sentiment in the north is not supported, while the southern prices have risen. The willingness of farmers to hold prices is weakening, and the Spring Festival stocking has not started yet. The daily slaughter volume of enterprises is increasing slowly, and the terminal sales are not strong enough to absorb price increases. Snowy weather may delay pig sales, and the Spring Festival stocking is expected to support prices later [2] Group 4: Summary by Market (Egg Market) Market News and Key Data - The closing price of the egg 2603 contract was 3027 yuan/500 kilograms, a change of + 4.00 yuan (+ 0.13%) from the previous trading day. The spot prices in Liaoning, Shandong, and Hebei were 3.44 yuan/jin, 3.80 yuan/jin, and 3.40 yuan/jin respectively, with no daily price change. On January 20, 2026, the national production - link inventory was 0.39 days, an increase of 0.05 days (14.71%) from the previous day, and the circulation - link inventory was 0.45 days, an increase of 0.03 days (7.14%) [3] Market Analysis - Egg prices are generally stable with a slight decline in some areas. The positive effect of Spring Festival stocking on egg prices is weakening. The egg - producing capacity is at a high level, the downstream circulation speed is slowing down, and the supply pressure is increasing. Traders are more cautious in purchasing, and the inventory pressure in the sales areas is rising, strengthening the bearish market sentiment [4]
终端走货持平，猪价维持窄幅震荡
Hua Tai Qi Huo·2026-01-21 05:05