低价情绪好转，底部区域确认

Group 1: Report Industry Investment Ratings - Investment rating for the pig industry: Cautiously bearish [3] - Investment rating for the egg industry: Neutral [6] Group 2: Core Views - The national pig spot price is stabilizing at a low level with regional differentiation, and the number of regions where the pig price has fallen below 10.0 has decreased. The sentiment improvement is mainly due to reserve purchases, and the demand is slightly boosted after the Lantern Festival, but the slaughter enterprise's operating rate will remain low in the short term [2] - The national egg spot price has generally declined slightly, with the northern production and sales areas weakening simultaneously. The short - term replenishment demand has subsided, inventory has accumulated, and the egg price is under pressure again [4][5] Group 3: Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the pig 2605 contract was 11,130 yuan/ton, a change of - 20.00 yuan/ton (-0.18%) from the previous trading day [1] - Spot: In Henan, the price of outer three - yuan pigs was 10.73 yuan/kg, a change of +0.03 yuan/kg; in Jiangsu, it was 10.82 yuan/kg, a change of +0.08 yuan/kg; in Sichuan, it was 10.26 yuan/kg, with no change [1] - Agricultural product wholesale prices: On March 4, the "Agricultural Product Wholesale Price 200 Index" was 124.67, down 0.98 points; the "Vegetable Basket" product wholesale price index was 126.74, down 1.15 points. The average price of pork was 17.20 yuan/kg, down 0.1%; beef was 66.28 yuan/kg, up 0.3%; mutton was 65.03 yuan/kg, down 0.6%; eggs were 7.54 yuan/kg, down 0.5%; white - striped chicken was 17.29 yuan/kg, down 1.1% [1] Market Analysis - The national pig spot price is stabilizing at a low level, with regional differentiation. The sentiment improvement is due to reserve purchases, and the demand is slightly boosted after the Lantern Festival, but the slaughter enterprise's operating rate will remain low in the short term [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2604 contract was 3209 yuan/500 kg, a change of +12.00 yuan (+0.38%) from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 2.87 yuan/jin, a change of -0.06; in Shandong, it was 2.95 yuan/jin, a change of -0.10; in Hebei, it was 2.60 yuan/jin, a change of -0.07 [3] - Inventory: On March 4, 2026, the production - link inventory was 1.37 days, an increase of 0.03 days (2.24%); the circulation - link inventory was 1.52 days, an increase of 0.04 days (2.70%) [3] Market Analysis - The national egg spot price has generally declined slightly, with the northern production and sales areas weakening simultaneously. The short - term replenishment demand has subsided, inventory has accumulated, and the egg price is under pressure again [4][5] Strategy - Neutral [6]