Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The pork market is expected to be volatile and bullish. The operation suggestion remains to go long on dips. The supply of live pigs is sufficient, but it's difficult to purchase at low prices due to raw material support and the price - raising intention of group farms. The approaching May Day holiday provides short - term support for terminal stocking, but the consumption support is limited [2][21]. 3. Summary by Directory 3.1 Supply Situation Analysis The report mentions the sample enterprise's monthly chart of the number of breeding sows in stock (in ten thousand heads), the weekly chart of the average weight of commercial pigs sold nationwide (in kilograms), and the weight - based inventory structure of commercial pigs (in %). However, specific data analysis is not presented [5][7][11]. 3.2 Demand Situation Analysis The report includes the key slaughter enterprises'开工率 (in %) and the key slaughter enterprises' frozen product storage capacity rate (in %). But no specific data analysis is provided [13][16]. 3.3 Cost - Profit Analysis The report shows the self - breeding and self - raising breeding profit (in yuan per head) and the profit of purchasing piglets for breeding (in yuan per head), yet no specific data analysis is given [18][19]. 3.4 Market Outlook The supply side: Farms have a good enthusiasm for slaughter, and the slaughter end has no pressure in purchasing. Due to raw material support, group farms intend to raise prices. Although the supply of live pigs is sufficient, it's difficult to buy at low prices. The demand side: With the approaching of May Day, terminal stocking provides slight support, but the support time is short. It is expected that there will be a little stocking 1 - 2 days before the festival, and the consumption support is average. Overall, the pork market is volatile and bullish, and the operation suggestion is to go long on dips [21].

Core Viewpoint - April is a critical month for the pig market, often signaling positive changes in market trends [2][6] Group 1: Seasonal Factors - The transition from cold to warm weather in April leads to increased consumer activity, contributing to a rise in demand for pork [3] - The May Day holiday further boosts market sentiment and consumption [3] Group 2: Supply Dynamics - April and May are peak months for secondary fattening, which, while not altering overall supply and demand, affects the supply rhythm and consequently influences pig prices [4][6] - The current market shows a significant price increase, with the average price of external three yuan pigs rising from 14 yuan/kg to 15 yuan/kg by the end of April [7] Group 3: Short-term Outlook - The short-term outlook for pig prices is stable with slight upward movement expected, but the increase will be limited [8] - Three main supporting factors for this stability include: 1. High enthusiasm for secondary fattening due to a shift in the industry towards shorter-term farming practices [9] 2. Increased consumption trends, particularly around holidays, leading to higher purchasing activity from slaughterhouses [12] 3. Rising costs due to increased feed prices, which has led to a stronger willingness among farmers to maintain prices [13] Group 4: Long-term Concerns - The long-term outlook remains concerning due to a persistent supply surplus and high production capacity, which could lead to market pressures if prices do not rise as expected [15] - The overall economic environment is expected to remain challenging, potentially impacting consumer demand for pork [15]