Group 1: Agricultural Products Market - The national edible agricultural product market prices increased by 1.6% from the previous week [1] - The average wholesale price of 30 types of vegetables reached 5.24 yuan per kilogram, rising by 7.4%, with bitter melon, cauliflower, and cucumber seeing increases of 21.6%, 18.5%, and 17.3% respectively [1] - The average wholesale price of six types of fruits saw a slight increase, with watermelon, citrus, and grapes rising by 5.4%, 2.7%, and 2.2% respectively [1] - Wholesale prices for grain and oil remained stable, with rice and flour holding steady, while soybean oil, peanut oil, and rapeseed oil decreased by 0.1% [1] - Wholesale prices for aquatic products slightly declined, with grass carp, crucian carp, and large yellow croaker decreasing by 0.9%, 0.3%, and 0.3% respectively [1] - Meat wholesale prices predominantly decreased, with pork priced at 18.47 yuan per kilogram, down by 0.2%, and beef also down by 0.2%, while lamb remained stable [1] - Poultry product wholesale prices saw a slight decline, with eggs and broiler chickens decreasing by 0.9% and 0.1% respectively [1] Group 2: Production Materials Market - The prices of basic chemical raw materials generally increased, with sulfuric acid rising by 3.1%, while soda ash and polypropylene remained stable, and methanol decreased by 0.1% [2] - Prices of non-ferrous metals saw slight increases, with copper, aluminum, and zinc rising by 0.9%, 0.6%, and 0.3% respectively [2] - Coal prices predominantly increased, with coking coal and thermal coal priced at 1,050 yuan and 770 yuan per ton, rising by 1.0% and 0.9% respectively, while anthracite coal decreased by 0.2% [2] - Rubber prices experienced slight increases, with natural rubber and synthetic rubber rising by 0.7% and 0.2% respectively [2] - Steel prices remained stable, with rebar and hot-rolled strip steel priced at 3,308 yuan and 3,511 yuan per ton, both increasing by 0.1%, while welded steel pipes and ordinary plates decreased by 0.5% and 0.3% respectively [2] - Wholesale prices for refined oil slightly decreased, with 92-octane gasoline, 95-octane gasoline, and 0-octane diesel all declining by 0.5% [2] - Fertilizer prices remained stable with slight declines, as compound fertilizer held steady while urea decreased by 0.6% [2]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - For soybeans and soybean meal, the global soybean supply is expected to remain loose. With high domestic soybean and soybean meal inventories, the import of US soybeans will slow down the domestic destocking process and reduce the crushing profit margin. It is recommended to short on rebounds [2][4]. - For palm oil, the high - yield situation in Malaysia and Indonesia suppresses the market. Although there is an expectation of supply tightness in the first quarter of next year, it has been affected by the current high - yield situation. It is advisable to wait and see for a clearer production signal [5][6]. - For sugar, considering the expected increase in production in Brazil's next sugar - cane crushing season and the expected increase in production in the Northern Hemisphere's main producing countries, it is recommended to short on rallies in the fourth quarter [9][10]. - For cotton, the demand during the peak consumption season this year is weak, and there is an expectation of a bumper harvest in the new year. Although the recent increase in the new cotton purchase price has driven up Zhengzhou cotton futures, the upward space is limited [12][13]. - For eggs, the spot price has a rebound expectation but is limited by high supply. The futures market is in a bottom - building stage, and it is advisable to wait and see [15][17]. - For pigs, in the short term, the price may continue to rebound, but in the medium term, due to high supply pressure, it is advisable to gradually establish reverse spread positions on rebounds and short when approaching the pressure level [19][20]. 3. Summary by Directory Strategy Views - Import cost of soybeans fluctuates mainly. With high domestic soybean and soybean meal inventories, the crushing profit is under pressure. It is recommended to short on rebounds [4]. - For palm oil, wait for a clearer production signal due to the current high - yield suppression [6]. - For sugar, short on rallies in the fourth quarter considering the expected increase in production [10]. - For cotton, the upward space is limited due to weak fundamentals [13]. - For eggs, wait and see as the spot price rebound is limited and the futures market is in a bottom - building stage [17]. - For pigs, short - term rebound, medium - term short on rebounds and establish reverse spread positions [20]. Market Information - **Soybeans and Soybean Meal**: Overnight CBOT soybeans rose as US officials said China would buy a large amount of US soybeans. Domestic soybean and soybean meal inventories are high. Brazil's 2025/26 soybean sowing rate reached 36% as of last Thursday [2]. - **Palm Oil**: Malaysia's palm oil exports and production data showed different trends in October. High production in Malaysia and Indonesia suppressed the market, and there are rumors about suspending the implementation of B50 in Indonesia in 2026 [5]. - **Sugar**: Zhengzhou sugar futures prices fluctuated narrowly on Monday. Brazilian sugar production is expected to increase in the next season, and gasoline prices in Brazil were cut [9]. - **Cotton**: Zhengzhou cotton futures prices continued to fluctuate on Monday. Xinjiang's machine - picked cotton purchase price rose, and the spinning mill's operating rate was flat compared with the previous week [12]. - **Eggs**: The national egg price was mostly stable with a few areas having narrow adjustments. Supply was relatively stable, and market sales were average [15]. - **Pigs**: Domestic pig prices generally rose yesterday. Supply is expected to be limited, and downstream purchase enthusiasm is good [19].

Core Viewpoint - The agricultural economy in China is showing a stable and positive development trend, with expectations for a good harvest in the current year despite challenges from natural disasters [1][2]. Group 1: Grain Production - Summer grain production has remained stable, with a total output of 2,994.8 million jin, a slight decrease of 3.1 million jin or 0.1% year-on-year [2]. - Early rice production has increased to 570.3 million jin, up by 6.8 million jin or 1.2% compared to the previous year [2]. - The combined increase in summer grain and early rice production is 3.7 million jin, laying a solid foundation for a good harvest for the year [2]. Group 2: Livestock Production - The total meat production from pigs, cattle, sheep, and poultry reached 73.12 million tons, an increase of 2.68 million tons or 3.8% year-on-year [3]. - The number of pigs slaughtered increased to 52.992 million heads, up by 962,000 heads or 1.8%, marking a growth for three consecutive quarters [3]. - The production of pork reached 43.68 million tons, an increase of 128,000 tons or 3.0% year-on-year [3]. Group 3: Market Supply and Prices - The producer prices of agricultural products decreased by 3.6% year-on-year in the first three quarters [5]. - Grain prices saw a decline, with wheat down by 2.5%, rice down by 1.6%, and corn down by 5.3% [5]. - Despite the overall price decline, some livestock prices have shown an upward trend, with live cattle prices increasing for three consecutive months [5].

Summary of Agricultural Products Market - The national edible agricultural product market price decreased by 0.5% from the previous week [1] - Wholesale prices for poultry products saw a slight decline, with eggs and white strip chicken decreasing by 3.3% and 0.3% respectively [1] - The wholesale price of pork was 19.01 yuan per kilogram, down by 2.2%, while beef and lamb prices decreased by 0.3% and increased by 0.3% respectively [1] - Average wholesale prices for 30 types of vegetables were 4.77 yuan per kilogram, down by 0.4%, with cauliflower, broccoli, and spinach decreasing by 11.0%, 5.4%, and 3.5% respectively [1] - Average wholesale prices for six types of fruits showed slight fluctuations, with apples, bananas, oranges, and grapes decreasing by 0.7%, 0.5%, 0.3%, and 0.3% respectively, while watermelon increased by 6.5% [1] - Grain and oil wholesale prices remained stable, with rice and flour prices unchanged from the previous week, while prices for rapeseed oil, soybean oil, and peanut oil increased by 0.2%, 0.1%, and 0.1% respectively [1] Summary of Production Materials Market - Prices of non-ferrous metals saw a slight increase, with copper, zinc, and aluminum rising by 2.1%, 0.9%, and 0.7% respectively [2] - Coal prices continued to rise, with prices for smokeless lump coal, coking coal, and thermal coal at 1154 yuan, 1031 yuan, and 760 yuan per ton, increasing by 0.8%, 0.6%, and 0.3% respectively [2] - Rubber prices experienced a slight increase, with both synthetic and natural rubber rising by 0.1% [2] - Prices of basic chemical raw materials showed slight fluctuations, with sulfuric acid, polypropylene, and methanol decreasing by 0.3%, 0.3%, and 0.2% respectively, while soda ash increased by 0.5% [2] - Wholesale prices of finished oil products slightly decreased, with 0 diesel, 92 gasoline, and 95 gasoline all decreasing by 0.1% [2] - Fertilizer prices continued to decline, with urea and compound fertilizer decreasing by 0.4% and 0.1% respectively [2] - Steel prices showed a slight decrease, with channel steel, rebar, and ordinary medium plate priced at 3607 yuan, 3356 yuan, and 3738 yuan per ton, decreasing by 0.8%, 0.5%, and 0.3% respectively [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The pig price is expected to be weak in the short - term and under pressure in the first half of next year, with potential improvement in the second half. Egg prices are likely to be weak in the short - term and face long - term supply pressure. Corn prices are expected to be weak in the short - term and have cost support in the long - term [5][82][102] - For pigs, short - term supply exceeds demand, but policy support may limit the decline. For eggs, post - holiday demand is weak, and long - term supply adjustment takes time. For corn, new grain listing suppresses prices, and demand growth is limited [5][82][102] 3. Summary by Directory 3.1 Feed and Livestock Perspective Summary - **Pig**: The spot price has dropped unexpectedly, and the futures price is running weakly. Supply is increasing, demand is limited, and the price is under pressure. Policy support and other factors may limit the decline. Suggest a bearish view on contracts 11, 01, 03, 05, and focus on the long 05 short 03 arbitrage [5] - **Egg**: Demand has seasonally declined, and the egg price is running weakly. Short - term supply is sufficient, and long - term supply pressure remains. Suggest shorting contracts 12 and 01 after a rebound [82] - **Corn**: During the new crop listing period, the futures price rebound is under pressure. New grain supply is abundant, and demand growth is limited. Suggest a bearish view on the 11 contract and focus on the 1 - 5 reverse arbitrage [102] 3.2 Variety Industry Data Analysis 3.2.1 Pig - **Weekly Market Review**: As of October 10, the national spot price was 11.14 yuan/kg, down 1.04 yuan/kg from before the holiday. The futures price of 2511 was 11320 yuan/ton, down 1035 yuan/ton. The 11 - contract basis was - 130 yuan/ton, down 345 yuan/ton [5] - **Fundamental Data Review**: In terms of supply, the proportion of small and large pigs in weekly slaughter decreased, and the average slaughter weight decreased slightly. In terms of demand, the weekly average daily slaughter rate and volume decreased, and the frozen product storage rate increased. In terms of cost, the prices of piglets and sows decreased, and the losses of self - breeding and purchased piglet breeding increased [16] - **Key Data Tracking**: The inventory of breeding sows decreased slightly in August but remained at the upper limit of the equilibrium range. The production performance improved, and the supply in the fourth quarter and the first half of next year is expected to be high. The planned slaughter volume of enterprises in October increased [20] 3.2.2 Egg - **Weekly Market Review**: As of October 10, the average price in the main producing areas was 2.93 yuan/jin, down 0.48 yuan/jin from before the holiday. The futures price of the 2511 contract was 2806 yuan/500 kg, down 232 yuan/500 kg. The basis was - 276 yuan/500 kg, weaker than before the holiday [63] - **Fundamental Data Review**: In terms of supply, the laying rate recovered, and the inventory of laying hens in September was at a high level. In terms of demand, the post - holiday demand decreased, and the inventory in production and circulation links increased. In terms of profit, the breeding profit decreased [64] - **Key Data Tracking**: The number of newly - opened laying hens in October decreased month - on - month and increased year - on - year. The number of newly - opened laying hens from November 2025 to January 2026 is expected to decrease. The supply growth rate will slow down, but long - term supply pressure remains [82] 3.2.3 Corn - **Weekly Market Review**: As of October 10, the平仓 price at Jinzhou Port in Liaoning was 2180 yuan/ton, down 130 yuan/ton from before the holiday. The futures price of the 2511 contract was 2125 yuan/ton, down 18 yuan/ton. The basis was 55 yuan/ton, weaker than before the holiday [88] - **Fundamental Data Review**: In terms of supply, the old - crop inventory of traders was low, and new grain was gradually listed. In terms of demand, feed demand increased, but the substitution of wheat and the low - level operation of deep - processing limited the demand for corn. In terms of inventory, the inventory in the north port increased, and that in the south port decreased [90] - **Key Data Tracking**: The new - crop corn is expected to be abundant due to suitable weather during the growing period. The demand growth is limited, and the price is under pressure in the short - term and has cost support in the long - term [102]

Report Industry Investment Ratings - Soybean (Domestic): ☆☆☆ [1] - Soybean (Imported): Not rated - Soybean Meal: ☆☆☆ [1] - Soybean Oil: ☆☆☆ [1] - Palm Oil: ★★★ [1] - Rapeseed Meal: ★★★ [1] - Rapeseed Oil: ★★★ [1] - Corn: ★☆☆ [1] - Live Hogs: ★★★ [1] - Eggs: ☆☆☆ [1] Core Viewpoints - The supply and demand situation of different agricultural products varies, and the market performance also shows different trends. It is necessary to pay attention to the impact of various factors such as production, inventory, policies, and seasons on the market [2][3][5]. - For different agricultural products, different investment strategies are recommended, including short - term tracking, long - term cautious optimism, and pre - holiday waiting and seeing [2][3][5]. Summary by Related Catalogs Soybean - Domestic soybean prices are currently strong, with low - protein soybeans on the market. The expected output of domestic soybeans is flat or slightly increased compared to last year due to increased planting area. The price difference between domestic and imported soybeans has widened. The price of US soybeans is weak due to seasonal harvest pressure and uncertain export prospects. The supply of domestic soybeans may be tight in the first quarter of next year, but the risk of supply gap will be alleviated. Focus on the performance of domestic soybeans after listing and the new Brazilian crop in the second quarter of next year [2]. Soybean & Soybean Meal - After Argentina's export policy was introduced, the prices of related products on the Dalian Commodity Exchange fell sharply, with a weekly decline of 2.98%. After reaching the sales limit of $7 billion, Argentina cancelled the soybean tax - exemption policy. The domestic soybean meal inventory of oil mills has risen to 125 tons. The supply of soybeans from July to November is sufficient, and the annual output of domestic soybeans is expected to reach 21 million tons. The supply in the fourth quarter is generally stable, and the possible supply gap will occur in the first quarter of next year. The short - term trend of soybean meal is affected by foreign policies, and long - term cautious optimism is maintained [3]. Soybean Oil & Palm Oil - US soybeans are under seasonal harvest pressure, and China has not purchased US soybeans. The domestic soybean supply may be tight in the first quarter of next year, but the risk of supply gap will be alleviated. Palm oil is in a seasonal production - reduction cycle in the fourth quarter. In the medium term, soybean oil and palm oil are expected to fluctuate within a range, and they face macro - risk tests [3]. Rapeseed Meal & Rapeseed Oil - The rapeseed futures market shows a pattern of weak oil and strong meal, but the overall fluctuation is small. The supply of rapeseed is sufficient, which suppresses the price of rapeseed meal. The demand for rapeseed meal is limited due to low price - performance ratio and the approaching off - season of aquatic feed. The demand for rapeseed oil increases in autumn and winter, and the inventory is expected to continue to decline. It is recommended to wait and see before the holiday [5]. Corn - The output of new - season corn is expected to increase due to favorable weather conditions. The opening price of new - season corn has dropped. Shandong's spot price is weak, and the supply is increasing. Corn is expected to fluctuate before and after the opening of new - season grain, and the Dalian corn futures are expected to remain weak at the bottom [6]. Live Hogs - The price of live hog futures has dropped significantly, and the valuation centers of near - and far - month contracts have shifted down. The supply of live hogs is abundant, and the spot price has reached a new low. The government has carried out small - scale frozen - pork purchases. The supply pressure in the second half of the year is high, and the industry is in a loss state. Attention should be paid to the process of capacity reduction and the impact of re - entry in the fourth quarter [7]. Eggs - The egg futures have significantly reduced their positions. The spot price has declined after reaching a high point on September 17. After the National Day, the demand for eggs will weaken. The industry needs to deeply reduce production capacity. The pressure of newly - laid hens is expected to decrease by the end of the year, and the peak of production capacity is expected to occur in the fourth quarter. It is recommended to consider long - position layouts for the far - month contracts in the first half of next year and pay attention to the exit of short - position funds for near - month contracts [8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints The report presents a comprehensive overview of the futures market, including spot prices, fundamental information, macro - news, and capital flows. It covers multiple commodities such as palm oil, soybeans, and their derivatives, as well as related macro - economic indicators and policy actions. 3. Summary by Directory 01 Spot Quotes - The closing price of BMD Malaysian palm oil futures contract 12 was 4396.00, with a previous - day decline of 0.99% [1]. - Brent crude oil futures contract 12 on ICE closed at 68.82, with a previous - day increase of 0.03% and an overnight decline of 1.40% [1]. - NYMEX WTI crude oil futures contract 11 closed at 65.19, with a previous - day decline of 0.05% and an overnight decline of 1.72% [1]. - CBOT soybean futures contract 11 closed at 1014.00, with a previous - day increase of 0.20% and an overnight decline of 0.07% [1]. - The US dollar index was at 98.16, with a decline of 0.28% [1]. 02 Spot Quotes (Continued) - For DCE palm oil futures contract 2601, the spot price in North China was 9340, with a basis of 90 and a daily basis change of - 10 [2]. - For DCE soybean oil futures contract 2601, the spot price in Shandong was 8420, with a basis of 222 [2]. - For DCE soybean meal futures contract 2601, the spot price in Shandong was 2920, with a basis of - 25 and a daily basis change of 11 [2]. - The CNF quote for Brazilian imported soybeans was 478 dollars per ton, with a CNF premium of 290 cents per bushel [2]. 03 Important Fundamental Information 3.1 Production Area Weather - From October 1 to 5, high - temperature conditions will continue in major US soybean - producing states, with varying precipitation levels [3]. - The weather in the US Midwest will become dry over the weekend and this week, which is conducive to corn harvesting. However, scattered showers may delay the harvesting progress in the south and east regions until Thursday, but the drought situation may improve [5]. 3.2 International Supply and Demand - From September 1 - 25, 2025, Malaysian palm oil production decreased by 4.14% month - on - month, with a 3.19% decrease in yield per unit area and a 0.18% decrease in oil extraction rate [7]. - From September 1 - 25, 2025, Malaysian palm oil product exports were 795,947 tons, a 14.73% decrease compared to the same period last month [7]. - India's edible oil imports in the 2025/26 fiscal year are expected to increase by 4.6% to a record 17.1 million tons, driven by a 13.4% surge in palm oil imports to 9.3 million tons [8]. - As of the week ending September 23, CBOT soybean long positions decreased by 1407 lots to 165,944 lots, and short positions increased by 14,032 lots to 160,196 lots [8]. - Brazil's 2025/26 new - season soybean planting has started rapidly, with 4.16% of the expected planting area already sown, compared to 0.54% in the same period last year [9]. - As of last Friday, the soybean planting progress in Mato Grosso, Brazil, reached 5.97%, much faster than the 0.53% in the same period last year [9]. - After Argentina suspended the grain export tax from last Tuesday to Wednesday, it still has 7.6 million tons of soybean derivatives and 8.9 million tons of corn available for export, with a total value of 4.93 billion dollars [9]. - Consulting firm Expana has raised its forecast for EU rapeseed production in the current year to 20.4 million tons, a 21.4% increase from the previous year [10]. - As of the week ending September 24, the rapeseed harvesting rate in Saskatchewan, Canada, was 41.7% [10]. - In 2024, rapeseed accounted for less than a quarter of the raw materials for biodiesel and renewable diesel in Canada. Canada imported a large amount of used biodiesel and renewable diesel [11]. - On Friday, the Baltic Dry Index decreased by 7 points or 0.31% to 2259 points, with a weekly increase of 2.5% [12]. 3.3 Domestic Supply and Demand - On September 28, the trading volume of soybean oil and palm oil was 0 tons, a 100% decrease compared to the previous trading day [14]. - On September 28, the trading volume of soybean meal in major domestic oil mills was 30,500 tons, a decrease of 32,000 tons compared to the previous trading day [14]. - In the 39th week (September 20 - 26), the actual soybean crushing volume of domestic oil mills was 2.2672 million tons, with an operating rate of 63.28%, 120,600 tons lower than the forecast [14]. - As of the week ending September 26, the self - breeding and self - raising pig farming profit was a loss of 74.11 yuan per head, and the profit from purchasing piglets for farming was a loss of 236.57 yuan per head [15]. - On September 28, the "Agricultural Product Wholesale Price 200 Index" was 118.85, up 0.07 points from last Friday [15]. 04 Macroeconomic News 4.1 International News - The final value of the US one - year inflation rate expectation in September was 4.7%, lower than the expected 4.8% [17]. - The final value of the US Michigan Consumer Confidence Index in September was 55.1, lower than the expected 55.4 [17]. - The US core PCE price index annual rate in August was 2.9%, in line with expectations [17]. - The EU has appealed the panel report on the Indonesian biodiesel import tariff dispute at the WTO [17]. 4.2 Domestic News - On September 26, the US dollar/Chinese yuan exchange rate was reported at 7.1152, up 34 points (depreciation of the Chinese yuan) [19]. - On September 26, the People's Bank of China conducted 165.8 billion yuan of 7 - day reverse repurchase operations, resulting in a net withdrawal of 188.5 billion yuan [19]. - In August, the profits of industrial enterprises above the designated size in China increased by 20.4% year - on - year, compared to a 1.5% decline in the previous month [20]. - The third - quarter (110th) regular meeting of the Monetary Policy Committee of the People's Bank of China was held on September 23, emphasizing the implementation of a moderately loose monetary policy [20]. 05 Capital Flows - On September 26, 2025, the futures market had a net capital outflow of 7.678 billion yuan, including a net outflow of 7.205 billion yuan in the commodity futures market, 246 million yuan in the stock index futures market, and 132 million yuan in the treasury bond futures market [22]. 06 Arbitrage Tracking No relevant content provided.

Group 1: Report Industry Investment Rating - Investment rating for both the pig and egg markets: Cautiously bearish [3][5] Group 2: Report's Core View - For the pig market, the short - term supply - demand pattern is characterized by strong supply and weak demand due to the reduced weight - based slaughter of group factories during the festival. In the long - term, attention should be paid to the culling of sows and policy changes [2] - For the egg market, the short - term consumption demand is strong due to the double festivals, but the impact of cold - stored eggs entering the market should be monitored [4] Group 3: Summary by Related Catalogs Pig Market Market News and Key Data - Futures: The closing price of the live pig 2511 contract was 12,830 yuan/ton, a change of - 170 yuan/ton (- 1.31%) from the previous trading day [1] - Spot: In Henan, the price of outer ternary live pigs was 12.88 yuan/kg (- 0.06 yuan/kg); in Jiangsu, it was 13.10 yuan/kg (- 0.11 yuan/kg); in Sichuan, it was 12.56 yuan/kg (- 0.10 yuan/kg) [1] - Agricultural product wholesale prices: On September 18, the "Agricultural Product Wholesale Price 200 Index" rose 0.03 points, and the "Vegetable Basket" product wholesale price index rose 0.04 points. The average wholesale price of pork was 19.55 yuan/kg (- 0.9%); beef was 65.97 yuan/kg (+ 1.1%); mutton was 61.09 yuan/kg (+ 0.5%); eggs were 8.40 yuan/kg (+ 1.6%); white - striped chickens were 17.55 yuan/kg (+ 1.0%) [1] Market Analysis - The short - term supply - demand pattern is difficult to change, but long - term attention should be paid to the culling of sows and policy changes [2] Strategy - Cautiously bearish [3] Egg Market Market News and Key Data - Futures: The closing price of the egg 2511 contract was 3,132 yuan/500 kilograms, a change of + 16 yuan (+ 0.51%) from the previous trading day [3] - Spot: In Liaoning, the egg price was 3.53 yuan/jin (- 0.07); in Shandong, it was 3.85 yuan/jin (unchanged); in Hebei, it was 3.42 yuan/jin (- 0.11) [3] - Inventory: On September 18, 2025, the production - link inventory was 0.5 days (unchanged), and the circulation - link inventory was 0.97 days, an increase of 0.23 days (31.08%) [3] Market Analysis - After the egg price increase, the terminal consumption and sales are smooth, and the overall demand is still strong due to the festival. However, attention should be paid to the impact of cold - stored eggs entering the market [4] Strategy - Cautiously bearish [5]

Agricultural Products Market - The national market prices for edible agricultural products remained stable from September 8 to 14, with a slight decrease in production material prices by 0.2% compared to the previous week [1] - Average wholesale prices for six types of fruits saw a minor decline, with grapes, citrus, and apples decreasing by 3.1%, 2.1%, and 0.6% respectively [1] - The average wholesale price for 30 types of vegetables was 4.75 yuan per kilogram, down by 0.2%, with cucumber, broccoli, and cauliflower decreasing by 8.7%, 4.4%, and 4.4% respectively [1] - Wholesale prices for aquatic products showed a slight decline, with crucian carp, carp, and grass carp decreasing by 1.3%, 1.2%, and 0.5% respectively [1] - Meat wholesale prices experienced minor fluctuations, with pork priced at 19.97 yuan per kilogram, down by 0.6%, while lamb and beef increased by 0.3% and 0.2% respectively [1] - Grain and oil wholesale prices showed slight fluctuations, with rice and rapeseed oil decreasing by 0.2% and 0.1%, while soybean oil and peanut oil increased by 0.2% and 0.1% respectively [1] - Poultry product wholesale prices saw a slight increase, with eggs and broilers rising by 3.3% and 0.1% respectively [1] Production Materials Market - The prices of basic chemical raw materials predominantly decreased, with sulfuric acid, soda ash, and polypropylene declining by 1.6%, 0.6%, and 0.1% respectively, while methanol increased by 0.5% [2] - Coal prices showed a stable decline, with coking coal and thermal coal priced at 1001 yuan and 756 yuan per ton, decreasing by 1.2% and 0.5% respectively, while smokeless block coal remained unchanged at 1136 yuan per ton [2] - Fertilizer prices continued to decline, with urea and compound fertilizer decreasing by 0.5% and 0.3% respectively [2] - Finished oil wholesale prices experienced a slight decrease, with 92-octane gasoline, 0-octane diesel, and 95-octane gasoline dropping by 0.2%, 0.2%, and 0.1% respectively [2] - Rubber prices saw a slight retreat, with synthetic rubber and natural rubber decreasing by 0.3% and 0.1% respectively [2] - Steel prices remained stable, with high-speed wire, rebar, and welded steel pipes priced at 3547 yuan, 3366 yuan, and 3795 yuan per ton, all decreasing by 0.1%, while ordinary medium plates, hot-rolled strips, and channel steel increased by 0.1% [2] - Prices of non-ferrous metals showed a slight increase, with aluminum and zinc rising by 0.8% and 0.6%, while copper prices remained unchanged [2]

Group 1: Report Investment Ratings - Investment rating for the industry: Cautiously bearish for both the hog and egg sectors [3][5] Group 2: Core Views - For hogs, the short - term supply - strong and demand - weak pattern is hard to change due to the reduced festival boost from the earlier weight - reducing sales by group factories. In the long - term, attention should be paid to the reduction of sow capacity and national policies [2] - For eggs, the short - term strong consumption demand during the double festivals has driven up the spot price. However, the potential impact of cold - stored eggs entering the market needs to be closely monitored [4] Group 3: Market News and Key Data Hog - Futures: The closing price of the hog 2511 contract was 13,275 yuan/ton, up 20 yuan/ton (+0.15%) from the previous trading day [1] - Spot: In Henan, the price of external ternary hogs was 13.32 yuan/kg (unchanged); in Jiangsu, it was 13.49 yuan/kg, down 0.11 yuan/kg; in Sichuan, it was 12.87 yuan/kg, down 0.18 yuan/kg [1] - Agricultural product wholesale prices on September 15: The "Agricultural Product Wholesale Price 200 Index" was 117.94, down 0.37 points; the "Vegetable Basket" product wholesale price index was 118.71, down 0.45 points. The average pork price was 19.88 yuan/kg (unchanged), beef 65.66 yuan/kg (unchanged), mutton 61.09 yuan/kg, down 0.3%, eggs 8.11 yuan/kg, up 2.0%, and白条鸡17.52 yuan/kg, up 0.5% [1] Egg - Futures: The closing price of the egg 2511 contract was 3143 yuan/500 kilograms, up 103 yuan (+3.39%) from the previous trading day [3] - Spot: In Liaoning, the egg price was 3.49 yuan/jin, up 0.11 yuan; in Shandong, it was 3.75 yuan/jin, up 0.10 yuan; in Hebei, it was 3.60 yuan/jin, up 0.27 yuan [3] - Inventory: On September 15, the production - link inventory was 0.45 days (unchanged), and the circulation - link inventory was 0.56 days, down 0.09 days (-13.85%) [3] Group 4: Market Analysis Hog - The earlier weight - reducing sales by group factories have weakened the festival boost. In the short - term, the supply - strong and demand - weak pattern persists, while in the long - term, the reduction of sow capacity and policy changes are key factors [2] Egg - After the egg price increase, the terminal consumption and trading are smooth, and the inventory has been cleared. The overall demand is still strong due to the double festivals, but the potential impact of cold - stored eggs needs attention [4] Group 5: Strategies - For hogs, the strategy is to be cautiously bearish [3] - For eggs, the strategy is to be cautiously bearish [5]