购销逐渐转淡，肥标价差走扩

1. Report Industry Investment Rating - The investment ratings for both the pig and egg sectors are neutral [3][6] 2. Core Viewpoints - The national average pig price continues its narrow - range oscillation, with regional price differentiation. Most areas are stable or slightly rising, while the Northeast is experiencing a slight decline. As the Spring Festival approaches, the slaughter volume has decreased after peaking, and the market's buying and selling sentiment has weakened. Attention should be paid to the pre - festival price callback and post - festival restocking [2] - The national egg spot price continues to decline, and the daily average decline has widened. With the approaching Spring Festival, logistics are restricted, leading to inventory accumulation in production areas and a weakening of egg prices. The terminal consumption is light, and there is a lack of substantial support for prices. The post - festival price callback range needs to be tracked [4][5] 3. Summary by Relevant Catalogs Pig Market Market News and Key Data - Futures: The closing price of the pig 2605 contract yesterday was 11,540 yuan/ton, a change of - 15.00 yuan/ton (- 0.13%) from the previous trading day [1] - Spot: In Henan, the price of external ternary pigs was 12.38 yuan/kg, a change of + 0.26 yuan/kg from the previous trading day; in Jiangsu, it was 11.93 yuan/kg, a change of + 0.17 yuan/kg; in Sichuan, it was 10.79 yuan/kg, with no change from the previous trading day [1] - Agricultural product prices: On February 12, the "200 - index of agricultural product wholesale prices" was 129.48, up 0.03 points from the previous day; the "vegetable basket" product wholesale price index was 132.31, up 0.04 points. The average wholesale price of pork in the national agricultural product market was 18.07 yuan/kg, down 0.5% from the previous day; beef was 66.57 yuan/kg, up 0.6%; mutton was 65.06 yuan/kg, up 0.7%; eggs were 8.28 yuan/kg, up 0.5%; and white - striped chickens were 17.24 yuan/kg, down 0.9% [1] Market Analysis - The national average pig price shows a narrow - range oscillation, with regional differences. As the Spring Festival approaches, the scale farms' slaughter volume has decreased slightly, but the supply remains abundant. Some farmers are resisting price cuts, which supports price stability. The pre - festival centralized stocking is almost over, and the market's buying and selling sentiment has weakened. The slaughter volume has decreased after peaking, and southern regions will stop slaughtering later than the north. Attention should be paid to the pre - festival price callback and post - festival restocking [2] Strategy - The investment strategy for the pig market is neutral [3] Egg Market Market News and Key Data - Futures: The closing price of the egg 2603 contract yesterday was 3200 yuan/500 kg, a change of + 277.00 yuan (+ 9.48%) from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 3.51 yuan/jin, with no change from the previous trading day; in Shandong, it was 3.45 yuan/jin, a change of - 0.10 yuan; in Hebei, it was 2.89 yuan/jin, with no change from the previous trading day [3] Market Analysis - The national egg spot price continues to decline, and the daily average decline has widened. As the Spring Festival approaches, logistics are restricted, leading to inventory accumulation in production areas and a weakening of egg prices. The terminal consumption is light, and there is a lack of substantial support for prices. The post - festival price callback range needs to be tracked [4][5] Strategy - The investment strategy for the egg market is neutral [6]