节前备货预期抬升，猪价走势相对平稳

Group 1: Report Industry Investment Rating - The investment strategy for both the pig and egg markets is cautiously bearish [3][5] Group 2: Core Viewpoints of the Report - The pig price is adjusting in a stable and slightly weak manner. The supply of standard pigs has increased, leading to a decline in pig prices. However, the resistance of retail farmers in the northern region has restricted the decline. The strong piglet price may indicate a certain demand for piglet replenishment. The inventory of slaughtering enterprises is still high, and their procurement sentiment is cautious. The subsequent consumption - end Spring Festival stocking is expected to increase, and the marginal changes in the supply - demand game need to be observed [2] - The egg spot price continues to rise slightly. The tight supply in the northern region due to logistics has driven the price up. The pre - holiday stocking demand is still being released, and the overall market sales rhythm is stable. But as more areas start to have holidays, the acceptance of high - priced goods by the terminal is under pressure. The short - term support for egg prices is the pre - holiday stocking sentiment and low inventory levels. The inventory accumulation speed after the holiday may be the key to the post - holiday price adjustment [4] Group 3: Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live pig 2603 contract was 11,285 yuan/ton, a change of - 180 yuan/ton from the previous trading day, a decrease of 1.57%. - Spot: In Henan, the price of external ternary live pigs was 13.12 yuan/kg, a change of - 0.03 yuan/kg from the previous trading day; in Jiangsu, it was 13.22 yuan/kg, a change of - 0.15 yuan/kg; in Sichuan, it was 12.79 yuan/kg, a change of - 0.08 yuan/kg. The spot basis in these areas also changed accordingly [1] - Agricultural product prices: On January 27, the "200 - index of agricultural product wholesale prices" was 130.39, up 0.05 points from the previous day; the "vegetable basket" product wholesale price index was 133.33, up 0.07 points. The average price of pork in the national agricultural product wholesale market was 18.66 yuan/kg, up 0.1%; beef was 66.01 yuan/kg, down 0.3%; mutton was 63.64 yuan/kg, down 0.5%; eggs were 8.51 yuan/kg, up 1.2%; white - striped chickens were 17.25 yuan/kg, up 1.9% [1] Market Analysis - The pig price is adjusting in a stable and slightly weak manner, with the northern region showing better price stability and the southern region having a relatively larger decline. The enthusiasm of breeding enterprises to sell pigs has increased this week, and the month - on - month increase in sales is the largest since New Year's Day. The increase in the supply of standard pigs has led to a decline in pig prices, but the resistance of retail farmers in the northern region has restricted the decline. The strong piglet price after the recent adjustment of pig prices may indicate a certain demand for piglet replenishment. The inventory of slaughtering enterprises is still high, and their procurement sentiment is cautious, and they have a low willingness to significantly increase procurement [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2603 contract was 3,047 yuan/500 kg, a change of - 22 yuan from the previous trading day, a decrease of 0.72%. - Spot: In Liaoning, the egg spot price was 3.78 yuan/jin, a change of + 0.11 yuan from the previous trading day; in Shandong, it was 4.10 yuan/jin, a change of + 0.10 yuan; in Hebei, it was 3.62 yuan/jin, a change of + 0.11 yuan. The spot basis in these areas also changed accordingly [3] - Inventory: On January 27, 2026, the national production - link inventory was 0.52 days, a decrease of 0.06 days from the previous day, a decrease of 10.34%. The circulation - link inventory was 0.68 days, unchanged from the previous day [3] Market Analysis - The egg spot price continues to rise slightly, with a slight increase in the mainstream regions across the country. The tight supply in the northern region due to logistics has driven the market sentiment and the price up. The pre - holiday stocking demand at the terminal is still being released, and the overall market sales rhythm is stable. But as more areas start to have holidays, the acceptance of high - priced goods by the terminal is under pressure. The short - term support for egg prices is the pre - holiday stocking sentiment and low inventory levels, and the inventory accumulation speed after the holiday may be the key to the post - holiday price adjustment [4] Strategy - Cautiously bearish [5]