市场整体清淡，区域价差走缩

1. Report Industry Investment Rating - The investment rating for the pig industry is cautiously bearish [3] - The investment rating for the egg industry is neutral [6] 2. Core Views - The pig market is generally sluggish with narrowing regional price spreads. Pig prices continue to oscillate narrowly and decline. The supply - demand pattern is difficult to change significantly in the short term, and attention should be paid to the bottom - support strength of pig prices [1][2] - Egg prices continue to stabilize and rise slightly. The increase is supported by rising raw material costs and improving demand. The overall egg - poultry production capacity is sufficient, and attention should be paid to changes in inventory pressure [4][5] 3. Summary by Related Catalogs Pig Market News and Important Data - Futures: The closing price of the pig 2605 contract yesterday was 11,180 yuan/ton, a change of - 20.00 yuan/ton (- 0.18%) from the previous trading day [1] - Spot: In Henan, the price of external ternary pigs was 10.29 yuan/kg, a change of - 0.06 yuan/kg; in Jiangsu, it was 10.57 yuan/kg, a change of - 0.06 yuan/kg; in Sichuan, it was 10.13 yuan/kg, a change of + 0.00 yuan/kg [1] - Agricultural product prices: On March 10, the "200 - index of agricultural product wholesale prices" was 123.63, down 0.15 points from the previous day. The average price of pork in the national agricultural product wholesale market was 16.90 yuan/kg, down 0.9% [1] Market Analysis - Pig prices show a narrow - range oscillating downward trend. The number of price - stabilizing regions has increased. The slaughter volume of the breeding end is rising, and the market is in the off - season of consumption. The demand of the terminal market is weak, and the procurement expectation of the slaughter end is cautious [2] Strategy - Cautiously bearish [3] Egg Market News and Important Data - Futures: The closing price of the egg 2605 contract yesterday was 3412 yuan/500 kg, a change of - 15.00 yuan (- 0.44%) from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 2.93 yuan/jin, a change of + 0.06; in Shandong, it was 3.05 yuan/jin, a change of + 0.00; in Hebei, it was 2.84 yuan/jin, a change of + 0.00 [3] - Inventory: On March 10, 2026, the production - link inventory was 1.05 days, a decrease of 0.11 days (9.48%) from the previous day; the circulation - link inventory was 1.37 days, a decrease of 0.05 days (3.52%) [3] Market Analysis - Egg prices continue to stabilize and rise slightly. The increase is supported by rising raw material costs and improving demand. The inventory pressure in the production area is decreasing, and the inventory in the sales area is under limited pressure [4][5] Strategy - Neutral [6]