养殖成本有所趋缓，压力预期得以缓解

Group 1: Report Industry Investment Ratings - Investment rating for the pig market: Cautiously bearish [3] - Investment rating for the egg market: Neutral [6] Group 2: Core Views - The national average price of live pigs has stabilized and risen slightly. The northern market has strong resistance to price cuts, while the southern market shows a slight decline. The supply pressure remains high, and the price is likely to continue to bottom out in the short term [2] - The domestic egg spot market is generally stable and slightly stronger. The support at the 3.0 level is strong, and the prices in the main production and sales areas have increased to varying degrees. The inventory pressure is limited, and attention should be paid to the boost of consumption demand in the second half of the month [5] Group 3: Market News and Important Data (Pig) - Futures: The closing price of the live pig 2605 contract was 10,810 yuan/ton, a change of -340.00 yuan/ton from the previous trading day, a decrease of 3.05% [1] - Spot: The price of ternary live pigs in Henan was 10.15 yuan/kg, a change of -0.03 yuan/kg from the previous trading day; in Jiangsu, it was 10.43 yuan/kg, a change of -0.03 yuan/kg; in Sichuan, it was 10.11 yuan/kg, a change of +0.00 yuan/kg [1] - Wholesale prices: On March 16, the "200-index of agricultural product wholesale prices" was 122.76, a decrease of 0.43 points from last Friday. The "vegetable basket" product wholesale price index was 124.46, a decrease of 0.52 points. The average price of pork in the national agricultural product wholesale market was 16.18 yuan/kg, an increase of 0.1% from last Friday [1] Group 4: Market News and Important Data (Egg) - Futures: The closing price of the egg 2605 contract was 3,439 yuan/500 kg, a change of +6.00 yuan from the previous trading day, an increase of 0.17% [3] - Spot: The egg spot price in Liaoning was 2.93 yuan/jin, a change of +0.00; in Shandong, it was 3.15 yuan/jin, a change of +0.10; in Hebei, it was 2.98 yuan/jin, a change of +0.09 [3] - Inventory: On March 16, 2026, the national production - link inventory was 0.89 days, a decrease of 0.03 days from the previous day, a decrease of 3.26%. The circulation - link inventory was 1.03 days, a decrease of 0.02 days, a decrease of 1.90% [3] Group 5: Market Analysis (Pig) - The supply pressure of live pigs remains high, and the price bottom - running time may be extended. Secondary fattening and frozen product storage provide some support, but the scale is not enough to drive the price up. The market is in the off - season, and the purchasing intention of slaughtering enterprises is weak [2] Group 6: Market Analysis (Egg) - The domestic egg spot market is stable and slightly stronger. The cost center has moved up, and the low - price range supports the bullish sentiment. The inventory pressure in each link is limited, and the price in the sales area follows the production area [5] Group 7: Strategies - Pig market strategy: Cautiously bearish [3] - Egg market strategy: Neutral [6]