降重预期仍存，价格振幅收窄

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 of the Report - The national average pig price continues to decline in a narrow - range oscillation. Ample supply is the core reason for the continuous decline in pig prices. Short - term attention should be paid to the supporting effect of secondary fattening and frozen product warehousing on pig prices [2] - The current egg spot market is generally stable, but the supply is still abundant. The demand - boosting effect of pre - Tomb - Sweeping Festival stocking is limited, and egg prices may still oscillate weakly in the future [4][5] Group 3: Summary by Relevant Catalogs Pig - related Market News and Important Data - Futures: The closing price of the live pig 2605 contract yesterday was 9,980 yuan/ton, a change of - 65.00 yuan/ton from the previous trading day, a decrease of 0.65%. Spot: In Henan, the price of ternary live pigs was 9.66 yuan/kg, a change of - 0.10 yuan/kg from the previous trading day; in Jiangsu, it was 9.97 yuan/kg, a change of - 0.14 yuan/kg; in Sichuan, it was 9.53 yuan/kg, a change of - 0.10 yuan/kg [1] - On March 25, the "200 - Index of Agricultural Product Wholesale Prices" was 121.11, down 0.52 points from the previous day. The "Vegetable Basket" product wholesale price index was 122.54, down 0.60 points. The average wholesale price of pork in the national agricultural product wholesale market was 15.80 yuan/kg, a decrease of 1.4% [1] Market Analysis - The national average pig price shows a narrow - range downward oscillation. Pig prices in most domestic regions have declined to varying degrees, and there are more stable - price regions in the southern market. Piglet prices are also weakening. Ample supply of live pigs is the main reason for the continuous decline in pig prices. The enthusiasm of farmers for slaughter is high, but the overall slaughter progress is restricted by the downstream receiving speed. The willingness to store frozen products has increased slightly, and the secondary fattening sentiment has not changed significantly [2] Strategy - Cautiously bearish [3] Egg - related Market News and Important Data - Futures: The closing price of the egg 2605 contract yesterday was 3,410 yuan/500 kg, a change of + 9.00 yuan from the previous trading day, an increase of 0.26%. Spot: In Liaoning, the egg spot price was 3.11 yuan/jin, unchanged from the previous trading day; in Shandong, it was 3.25 yuan/jin, unchanged; in Hebei, it was 3.11 yuan/jin, a change of - 0.05 yuan [3] - On March 25, 2026, the national production - link inventory was 0.81 days, unchanged from the previous day. The circulation - link inventory was 1.11 days, an increase of 0.05 days, a growth rate of 4.72% [3] Market Analysis - The current egg spot market is generally stable, with prices in northern main - producing areas generally unchanged and those in some southern areas slightly increasing. Since March, egg prices have been effectively supported at the 3.0 key level. However, the current egg supply is still abundant, downstream traders' acceptance of high prices is limited, and the market sales speed has slowed down. The demand - boosting effect of pre - Tomb - Sweeping Festival stocking is limited [4][5] Strategy - Neutral [6]