降重预期上升，价格趋势延续

1. Report Industry Investment Ratings - The investment rating for the pig sector is cautiously bearish [3] - The investment rating for the egg sector is neutral [6] 2. Core Views of the Report - In the pig market, the current supply - demand imbalance persists, with supply exceeding demand, and pig prices are expected to remain under pressure. In the egg market, the current price increase is driven by pre - holiday stocking, and after the stocking sentiment fades, the market may return to a volatile adjustment pattern [2][5] 3. Summary by Relevant Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live hog 2605 contract yesterday was 9,980 yuan/ton, a change of - 240.00 yuan/ton from the previous trading day, a decrease of 2.35%. [1] - Spot: In Henan, the price of outer three - yuan live hogs was 9.85 yuan/kg, a change of - 0.08 yuan/kg from the previous trading day; in Jiangsu, it was 10.21 yuan/kg, a change of - 0.10 yuan/kg; in Sichuan, it was 9.66 yuan/kg, with no change from the previous trading day. The national average wholesale price of pork on March 23 was 16.01 yuan/kg, a 0.2% increase from last Friday [1] Market Analysis - At the beginning of the week, the spot price of live hogs continued the weak trend of the weekend, with the decline rate increasing and the decline in the north stronger than in the south. Piglet prices also continued to decline. Breeders generally have expectations of reducing weight and selling, and the short - term live hog supply is expected to increase month - on - month. The overall supply - demand pattern of supply exceeding demand remains unchanged, and pig prices are expected to be under pressure [2] Strategy - The strategy for the pig market is to be cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2605 contract yesterday was 3,443 yuan/500 kg, a change of + 34.00 yuan from the previous trading day, an increase of 1.00%. [3] - Spot: In Liaoning, the egg spot price was 3.11 yuan/jin, a change of + 0.07 from the previous trading day; in Shandong, it was 3.25 yuan/jin, with no change; in Hebei, it was 3.16 yuan/jin, a change of + 0.09. On March 23, the national production - link inventory was 0.81 days, a decrease of 0.08 days from the previous day, a decrease of 8.99%, and the circulation - link inventory remained unchanged [3] Market Analysis - The spot price of eggs continued to be strong, mainly driven by pre - Tomb - Sweeping Festival stocking. However, the overall egg supply is still abundant, and after the stocking sentiment fades, the egg price may lack upward momentum and return to a volatile adjustment pattern [4][5] Strategy - The strategy for the egg market is neutral [6]