Market Overview - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 4,138.76, down 0.64% [4] - The CSI 300 Index experienced a decrease of 0.60%, closing at 4,761.03 [4] Agricultural Sector Insights - The agricultural sector reported a weekly performance with the CSI 300 Index increasing by 2.79% and the agriculture sector rising by 0.98%, ranking 28th among sectors [6] - Pig prices increased week-on-week, with average prices for external three yuan pigs in Sichuan, Guangdong, and Henan at 13.10, 12.86, and 12.93 CNY/kg respectively, showing a mixed trend [6] - The average pork price was 17.97 CNY/kg, up 1.18% from the previous week, while the average wholesale price for piglets rose by 6.45% to 16.50 CNY/kg [6] - The self-breeding and self-raising profit margin was -11.54 CNY per head, a reduction of approximately 23.05 CNY per head from the previous week [6] - The report suggests focusing on Hai Da Group due to favorable conditions in the feed industry and its competitive advantages in the market [6] Livestock Industry Trends - The pig farming industry has entered a loss phase, prompting a new round of capacity reduction driven by market forces and policy adjustments [6] - The number of breeding sows is expected to decrease rapidly, indicating a trend towards capacity reduction in the first half of the year [6] - Companies such as Wen's Foodstuffs, Shennong Group, and New Hope are recommended for investment due to their potential recovery in fundamentals and valuations [6] Poultry Sector Developments - Shengnong Development's breeding chicken business is progressing steadily, with cost control measures leading to reduced production costs [6] - The company is enhancing its revenue structure by increasing its presence in high-value channels [6] Pet Food Market Outlook - The pet food sector is anticipated to continue growing, with increasing penetration rates in pet ownership [6] - The competition is shifting from marketing to research and supply chain efficiency, suggesting a focus on brands that prioritize R&D [6] Coal Industry Analysis - The coal market is maintaining normal production levels, with a gradual recovery in supply as coal mines resume operations [8] - The demand from downstream sectors remains limited, leading to a stable but weak market outlook [8] - Investment recommendations include companies like Yanzhou Coal Mining, Shaanxi Coal and Chemical Industry, and China Shenhua Energy, with a focus on potential recovery in Q4 performance [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For stocks, with the entry of incremental funds at the beginning of the year, the financing scale has increased significantly, and the market trading volume has rapidly expanded. In the long - term, the policy support for the capital market remains unchanged. Strategically, the idea of buying on dips is recommended [4]. - For bonds, the improvement of economic expectations may put pressure on the bond market, but the sustainability of economic recovery momentum needs to be observed. The central bank's attitude of caring for funds remains, and the bond market is expected to be volatile and weak [8]. - For precious metals, if the silver price stabilizes, it will continue a new upward trend, and the driving force for the gold price remains strong. It is recommended to pay attention to the support of gold and silver prices around the BCOM and tariff adjustment nodes and buy on dips after short - term negative factors end [10]. - For non - ferrous metals, most metal prices are expected to be volatile. For example, copper prices are expected to fluctuate and consolidate in the short term; aluminum prices are expected to remain high; zinc and lead prices are expected to fluctuate widely following the sentiment of the non - ferrous sector [13][15][18]. - For black building materials, steel prices are expected to continue to fluctuate at the bottom; iron ore prices are expected to fluctuate at a relatively high level; glass and soda ash markets are generally weak; coking coal and coke prices are expected to fluctuate in a range [32][34][37]. - For energy and chemicals, different products have different trends. For example, rubber is recommended to be treated neutrally; the valuation of heavy - quality oil products is raised; methanol has the feasibility of buying on dips; urea is recommended to take profits on rallies [55][57][59]. - For agricultural products, the short - term trend of hog prices is expected to be stable or slightly rising, and different trading strategies are recommended for different contract periods; egg prices are expected to be stable or rising, and different strategies are also recommended for different contract periods [79][80][81]. 3. Summary by Relevant Catalogs 3.1 Macro - financial 3.1.1 Stock Index - **Market Information**: China Chamber of Commerce for Import and Export of Machinery and Electronic Products promoted a "soft landing" of the EU's anti - subsidy case on electric vehicles; Lihong No.1 completed its first sub - orbital flight test; Brain - Machine Haihe Laboratory completed the first "space brain - machine interface experiment"; prices of multiple non - ferrous and precious metal futures reached new highs [2]. - **Basis Ratio of Stock Index Futures**: Different ratios are provided for IF, IC, IM, and IH contracts in different periods [3]. - **Strategy Viewpoint**: With incremental funds entering at the beginning of the year, the financing scale has increased significantly, and the market trading volume has rapidly expanded. In the long - term, the policy support for the capital market remains unchanged. Strategically, the idea of buying on dips is recommended [4]. 3.1.2 Treasury Bonds - **Market Information**: On Monday, the closing prices of TL, T, TF, and TS main contracts changed by 0.30%, 0.07%, 0.05%, and 0.00% respectively. The Canadian Prime Minister will visit China, and the National Development and Reform Commission and other departments issued relevant policies on government investment funds [5]. - **Liquidity**: The central bank conducted 861 billion yuan of 7 - day reverse repurchase operations on Monday, with a net investment of 361 billion yuan [6][7]. - **Strategy Viewpoint**: The improvement of economic expectations may put pressure on the bond market, but the sustainability of economic recovery momentum needs to be observed. The central bank's attitude of caring for funds remains, and the bond market is expected to be volatile and weak [8]. 3.1.3 Precious Metals - **Market Information**: Shanghai gold rose 1.31%, and Shanghai silver rose 7.23%. The US federal prosecutor launched a criminal investigation into Fed Chairman Powell, which impacted the Fed's independence [9]. - **Strategy Viewpoint**: If the silver price stabilizes, it will continue a new upward trend, and the driving force for the gold price remains strong. It is recommended to pay attention to the support of gold and silver prices around the BCOM and tariff adjustment nodes and buy on dips after short - term negative factors end [10]. 3.2 Non - ferrous Metals 3.2.1 Copper - **Market Information**: Silver prices were strong, and the domestic equity market strengthened, driving copper prices to rise. LME copper inventory decreased, and domestic electrolytic copper social inventory increased [12]. - **Strategy Viewpoint**: The Fed's interest - rate cut expectation has weakened, and short - term sentiment may cool down. The copper mine supply is in a tight pattern, and copper prices are expected to fluctuate and consolidate in the short term [13]. 3.2.2 Aluminum - **Market Information**: The general atmosphere of bulk commodities was strong, and aluminum prices fluctuated and rose. LME aluminum inventory decreased, and domestic aluminum ingot and aluminum rod social inventories increased [14]. - **Strategy Viewpoint**: The high - level fluctuations of precious metals and non - ferrous metals have increased, and short - term sentiment may cool down. Aluminum prices are expected to remain high [15]. 3.2.3 Zinc - **Market Information**: The Shanghai zinc index rose, and LME zinc also increased. Zinc ingot social inventory decreased slightly [16][17]. - **Strategy Viewpoint**: The zinc price has a large room for catch - up compared with copper and aluminum. It is expected to fluctuate widely following the sentiment of the non - ferrous sector [18]. 3.2.4 Lead - **Market Information**: The Shanghai lead index rose, and LME lead also increased. Lead ingot social inventory increased [19]. - **Strategy Viewpoint**: The lead price is approaching the upper edge of the long - term oscillation range, and it is expected to fluctuate widely following the sentiment of the non - ferrous sector [19]. 3.2.5 Nickel - **Market Information**: Nickel prices rebounded, and the prices of nickel ore and nickel iron also changed accordingly [20]. - **Strategy Viewpoint**: The oversupply pressure of nickel is still large, and it is expected to fluctuate widely in the short term. It is recommended to wait and see in the short term [20][21]. 3.2.6 Tin - **Market Information**: Tin prices rose significantly. The supply in Myanmar is gradually recovering, and the demand is mainly for rigid needs [22]. - **Strategy Viewpoint**: The tin market demand is weak, and the supply is expected to improve. It is recommended to wait and see. The price is expected to fluctuate following the market risk preference [22]. 3.2.7 Carbonate Lithium - **Market Information**: The spot index of carbonate lithium rose, and the futures price also increased [23]. - **Strategy Viewpoint**: The "rush to export" effect has increased the demand expectation, but the rapid rise may increase the callback risk. It is recommended to wait and see or try with a light position [23]. 3.2.8 Alumina - **Market Information**: The alumina index rose, and the inventory continued to accumulate [24]. - **Strategy Viewpoint**: The mine price is expected to decline, and the alumina market continues to face over - capacity. It is recommended to wait and see and consider shorting on rallies [25]. 3.2.9 Stainless Steel - **Market Information**: The stainless steel main contract price was stable, and the social inventory decreased [26]. - **Strategy Viewpoint**: The optimistic expectation of Indonesia's RKAB supports the price. The price is expected to remain high and volatile in the short term [27]. 3.2.10 Casting Aluminum Alloy - **Market Information**: The price of casting aluminum alloy rose, and the inventory increased slightly [28]. - **Strategy Viewpoint**: The cost is strong, and the supply is disturbed. The price is expected to remain high in the short term [29]. 3.3 Black Building Materials 3.3.1 Steel - **Market Information**: The prices of rebar and hot - rolled coil increased, and the inventory of rebar increased slightly while that of hot - rolled coil decreased slightly [31]. - **Strategy Viewpoint**: The steel price is expected to continue to fluctuate at the bottom. It is necessary to pay attention to the de - stocking of hot - rolled coil and relevant policies [32]. 3.3.2 Iron Ore - **Market Information**: The iron ore main contract price rose, and the port inventory continued to accumulate [33]. - **Strategy Viewpoint**: The overseas iron ore shipment is in the off - season, and the iron ore price is expected to fluctuate at a relatively high level. It is necessary to pay attention to the steel mill's replenishment and iron - making rhythm [34]. 3.3.3 Glass and Soda Ash - **Market Information**: The glass main contract price decreased slightly, and the inventory decreased. The soda ash main contract price increased, and the inventory increased [35][37]. - **Strategy Viewpoint**: The glass price is expected to fluctuate, and it is recommended to wait and see. The soda ash market is generally weak [36][37]. 3.3.4 Coking Coal and Coke - **Market Information**: The prices of coking coal and coke rose. The spot prices of coking coal and coke also changed [38]. - **Strategy Viewpoint**: The commodity market sentiment is positive, but the fundamental support for the price is limited. The price is expected to fluctuate in a range [40][41]. 3.3.5 Manganese Silicon and Ferrosilicon - **Market Information**: The prices of manganese silicon and ferrosilicon rose. The spot prices also changed [42]. - **Strategy Viewpoint**: The future market trend is mainly affected by the overall market sentiment and cost factors. It is recommended to pay attention to manganese ore and "dual - carbon" policies [45]. 3.3.6 Industrial Silicon and Polysilicon - **Market Information**: The price of industrial silicon rose slightly, and the price of polysilicon decreased. The inventory of industrial silicon may increase, and the supply of polysilicon may be adjusted [46][48]. - **Strategy Viewpoint**: Industrial silicon is expected to face inventory pressure, and polysilicon is expected to be weak and volatile. It is necessary to pay attention to relevant policies and production plans [47][49]. 3.4 Energy and Chemicals 3.4.1 Rubber - **Market Information**: The rubber price fluctuated and rebounded. The tire start - up rate had marginal fluctuations, and the inventory increased [51][53]. - **Strategy Viewpoint**: The overall commodity atmosphere is positive, but the rubber seasonality is weak. A neutral strategy is recommended, and short - selling can be considered if the price falls below a certain level [55]. 3.4.2 Crude Oil - **Market Information**: The main contract price of INE crude oil rose, and the inventories of refined oil products changed [56]. - **Strategy Viewpoint**: The Latin American geopolitical situation does not have enough positive impact on the overall oil price, but the valuation of heavy - quality oil products is raised [57]. 3.4.3 Methanol - **Market Information**: The regional spot prices of methanol changed, and the main contract price decreased [58]. - **Strategy Viewpoint**: The current valuation of methanol is low, and it has the feasibility of buying on dips [59]. 3.4.4 Urea - **Market Information**: The regional spot prices of urea changed slightly, and the main contract price increased [60]. - **Strategy Viewpoint**: The import window has opened, and it is recommended to take profits on rallies [62]. 3.4.5 Pure Benzene and Styrene - **Market Information**: The prices of pure benzene and styrene rose. The inventory of pure benzene increased, and the inventory of styrene decreased [63]. - **Strategy Viewpoint**: The non - integrated profit of styrene can be long - bought before the first quarter [64]. 3.4.6 PVC - **Market Information**: The PVC main contract price rose, and the inventory increased [65]. - **Strategy Viewpoint**: The domestic PVC market has a pattern of strong supply and weak demand. It is recommended to short on rallies [66]. 3.4.7 Ethylene Glycol - **Market Information**: The ethylene glycol main contract price rose, and the inventory increased [67]. - **Strategy Viewpoint**: The ethylene glycol market needs to increase production cuts to improve the supply - demand pattern. It is necessary to beware of rebound risks [68]. 3.4.8 PTA - **Market Information**: The PTA main contract price rose, and the inventory decreased [69]. - **Strategy Viewpoint**: The PTA is expected to enter the Spring Festival inventory - accumulation stage. It is recommended to pay attention to long - buying opportunities on dips [70]. 3.4.9 p - Xylene - **Market Information**: The p - xylene main contract price rose, and the inventory decreased [71][72]. - **Strategy Viewpoint**: The p - xylene load is high, and it is recommended to pay attention to long - buying opportunities following the crude oil price [73]. 3.4.10 Polyethylene (PE) - **Market Information**: The PE main contract price rose, and the inventory increased [74]. - **Strategy Viewpoint**: The PE price may be supported, and it is recommended to long - buy the LL5 - 9 spread on dips [75]. 3.4.11 Polypropylene (PP) - **Market Information**: The PP main contract price rose, and the inventory situation was complex [76]. - **Strategy Viewpoint**: The PP price may bottom out in the first quarter of next year [77]. 3.5 Agricultural Products 3.5.1 Hogs - **Market Information**: The domestic hog price was mixed, and the price may stabilize or rise slightly [79]. - **Strategy Viewpoint**: The short - term hog price may support the futures price, but in the medium - term, supply pressure exists. Different trading strategies are recommended for different contract periods [80]. 3.5.2 Eggs - **Market Information**: The national egg price mostly rose, and the price is expected to be stable or rise [81]. - **Strategy Viewpoint**: The short - term egg price may support the futures price, but in the medium - term, supply pressure exists. Different trading strategies are recommended for different contract periods [82]. 3.5.3 Soybean and Rapeseed Meal - **Market Information**: The protein meal futures price fluctuated. The import cost of soybeans may have a bottom, but the fundamental situation is weak [83][84]. - **Strategy Viewpoint**: It is recommended to wait and see in the short term due to the combination of long - and short - term factors [84]. 3.5.4 Oils and Fats - **Market Information**: The oil futures price fluctuated. The palm oil inventory in Malaysia increased, and the domestic three - major oil inventories were at a relatively high level [85][86]. - **Strategy Viewpoint**: The current fundamental situation is weak, but the long - term expectation is optimistic. The oil price may be close to the bottom [86]. 3.5.5 Sugar - **Market Information**: The Zhengzhou sugar futures price fluctuated. The spot price of sugar decreased slightly [87]. - **Strategy Viewpoint**: The international sugar price may rebound after February, and it is recommended to wait and see in the short term [89]. 3.5.6 Cotton - **Market Information**: The Zhengzhou cotton futures price decreased. The cotton supply and demand situation changed [90]. - **Strategy Viewpoint**: The cotton price may fluctuate after rising. It is recommended to wait for a callback to buy [91].

Report Industry Investment Rating - The overall investment rating for the aquaculture industry chain is "oscillating with a slight upward trend" [1] Core Viewpoints - Soybeans are expected to maintain a slightly upward trend [1] - Corn is expected to show a slow upward trend in the new year, and there are opportunities to buy on dips after the phased supply pressure eases [1] - For eggs, it is advisable to wait and see for the time being [2] - For the far - month contracts of live pigs, it is recommended to buy on dips [3] Summary by Related Catalogs Soybeans - The producer price remains high with limited movement, and the consumer price follows the producer price. The market shows a "price stability under supply - demand stalemate" feature, but there are signs of stronger price support. On January 13, CCOFCO will conduct a two - way bidding transaction for 30,000 tons of domestic soybeans [1] Corn - After the New Year's Day, the supply of corn is still limited, but CCOFCO's weekly auction volume has increased to one million tons. The grain - selling progress in the Northeast has accelerated, and the remaining grain has decreased. Local deep - processing enterprises have slightly raised prices for purchases, and multi - channel supply has effectively supplemented the market. Corn is expected to show a slow upward trend [1] Eggs - In December, the inventory of laying hens decreased to 1.295 billion. The young - dominated structure with over 80% in the main production stage makes it difficult to eliminate production capacity. There is still great resistance to elimination in the future. Without the egg price falling below the feed cost, the industry lacks the motivation to clear production capacity actively [2] Live Pigs - In 2025, the actual total output of domestic pig - breeding enterprises increased steadily, reaching 155.79 million heads, a year - on - year increase of 18.38%. The actual output showed significant pre - and post - festival differences and seasonal characteristics. The third - party data shows that the reduction of pig production capacity has accelerated significantly, indicating an upward price expectation for far - month contracts [3]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [4]. Core Insights - The report highlights a rebound in pig prices, which are stabilizing and maintaining strength. The focus is also on the pet industry following the release of a white paper on the sector [1][3]. - The report suggests that the supply of pigs remains ample in the first half of 2026, with a prolonged bottoming period expected for the industry cycle. The logic for a rebound in 2026 remains intact, presenting potential investment opportunities [3][4]. Summary by Sections Pig Farming - As of January 11, the national average price for external three yuan pigs is 12.70 yuan/kg, reflecting a week-on-week increase of 2.1%. The supply of large pigs is tight, and the enthusiasm for secondary fattening has increased, leading to a temporary tightening of the market [3]. - The price of weaned piglets has also risen, reaching 251 yuan/head, nearing industry cost levels. The report notes that the production capacity reduction has slowed down, with a slight increase in the number of breeding sows [3][4]. Pet Industry - The 2026 China Pet Industry White Paper indicates that the urban pet consumption market reached 312.6 billion yuan in 2025, growing by 4.1% year-on-year. The dog market accounted for 160.6 billion yuan, while the cat market reached 152.0 billion yuan [3]. - The average annual spending per pet owner has shown a slight increase, with dog owners spending an average of 3,006 yuan and cat owners spending 2,085 yuan [3]. Chicken Farming - The average price for white feather broiler chicks has decreased to 3.15 yuan/chick, a week-on-week decline of 6.5%. Despite this, the supply of broilers remains tight, with the average price for broiler chickens at 3.79 yuan/kg [3]. - The report emphasizes that the theme of abundant supply in the white feather chicken market will continue into 2025-2026, and it suggests focusing on leading companies in the sector [3].

Report Information - Report Title: Yangtze River Futures Feed and Livestock Industry Weekly Report - Report Date: January 12, 2026 - Researcher: Ye Tian - Company: Yangtze River Futures Co., Ltd. Industry Investment Ratings - No industry investment ratings were provided in the report. Core Views - **Pig Market**: Supply pressure remains high, and futures prices are under pressure. In the short - term, pig prices will fluctuate and adjust, with a risk of decline. In the long - term, the supply in the first quarter will increase, and prices after the Spring Festival will be under pressure. The price in the second half of the year is expected to be stronger but still above the equilibrium level [4][56]. - **Egg Market**: As the Spring Festival approaches, the spot price is expected to rise seasonally, but the sufficient supply will limit the increase. In the long - term, the supply pressure in the second quarter may be alleviated, but the overall long - term supply pressure still exists [5][83]. - **Corn Market**: In the short - term, the supply and demand are balanced, and the futures price will fluctuate within a range. In the long - term, the new - season corn supply is sufficient, and the demand is moderately weak, which will limit the upside space [6][103]. Summary by Directory 1. Feed and Livestock Viewpoints Summary Pig - **Spot and Futures**: As of January 9, the national spot price was 12.51 yuan/kg, down 0.03 yuan/kg from last week; the futures price of contract 2503 was 11770 yuan/ton, down 25 yuan/ton; the basis of contract 03 was 1160 yuan/ton, up 305 yuan/ton [4][56]. - **Supply**: Since September, the inventory of reproductive sows has been slightly decreasing. The supply will remain high before the first half of the year and decrease marginally after August. In January, the planned pig slaughter of large - scale enterprises decreased month - on - month [4][56]. - **Demand**: The weekly slaughter rate and volume decreased. The Spring Festival stocking period has not started, and the demand growth is weak. The high frozen - meat inventory will suppress the supply in the future [4][56]. - **Cost**: The prices of piglets and binary reproductive sows increased. The self - breeding and self - raising profit was positive, and the loss of purchasing piglets for breeding narrowed. The cost of self - breeding and self - raising fattening pigs increased slightly [4][56]. - **Strategy**: In the context of high supply pressure, short the off - season contracts on rallies. Be cautious about bullish on the far - month contracts. The industry can hedge at high levels above the profit [4][56]. Eggs - **Spot and Futures**: As of January 9, the average price in the main production areas was 3.23 yuan/jin, up 0.21 yuan/jin; the average price in the main sales areas was 3.24 yuan/jin, up 0.21 yuan/jin; the futures price of contract 2603 was 3040 yuan/500 kg, up 89 yuan/500 kg; the basis of the main contract was - 137 yuan/500 kg, weaker by 51 yuan/500 kg [5][83]. - **Supply**: The number of newly - opened laying hens in January corresponds to the replenishment in August 2025, showing a year - on - year and month - on - month decline. The inventory of laying hens is slowly declining, but the base is still large [5][83]. - **Demand**: As the Spring Festival approaches, the domestic demand is expected to increase significantly. The low price of pork and the high price of vegetables increase the substitution demand for eggs [5][83]. - **Strategy**: Currently, the basis is low, and the valuation is high. Do not short on the short - term. Wait for the spot price to rise less than expected and then hedge the post - festival 03 contract at high levels [5][83]. Corn - **Spot and Futures**: As of January 9, the corn flat - cargo price at Jinzhou Port in Liaoning was 2330 yuan/ton, unchanged from before the holiday; the futures price of contract 2603 was 2263 yuan/ton, up 37 yuan/ton; the basis of the main contract was 67 yuan/ton, weaker by 37 yuan/ton [6][103]. - **Supply**: The national grain - selling progress was 50%, faster than the same period last year. The supply in the production areas slowed down, and the import policy grain auction had good results [6][103]. - **Demand**: The demand for feed is rigid, but the increase in corn price may lead to an increase in wheat substitution. The deep - processing demand is limited due to low profits and high inventories [6][103]. - **Strategy**: Do not chase the high price of the futures in the short - term. Holders of grain can hedge at high levels on rallies. In the long - term, the demand will gradually recover, but the supply is sufficient, which will limit the upside [6][103]. 2. Variety Industry Data Analysis Pig - **Weekly Market Review**: The spot price first decreased and then increased, with narrow fluctuations. The futures price fluctuated more under the influence of spot and macro factors, and the basis strengthened [4][56]. - **Key Data Tracking**: The inventory of reproductive sows is expected to decline slowly. The production performance is at a high level in the past four years. The number of new - born piglets has been increasing since February 2025, indicating high supply in the first quarter of 2026 [16]. Eggs - **Weekly Market Review**: The spot price rebounded from the low level, and the futures price of the main contract was strong, with a slight premium over the spot [61][83]. - **Key Data Tracking**: The inventory of laying hens is slowly declining. The weekly number of eliminated chickens decreased, and the price of chicken seedlings increased [83]. Corn - **Weekly Market Review**: The national corn price was adjusted within a narrow range. The futures price of the main contract was strong, with a discount to the spot [89][103]. - **Key Data Tracking**: The national grain - selling progress was 50%, faster than the same period last year. The import of corn increased in November. The inventory in the north and south ports increased [6][103].

Report Title - The report is titled "Hualian Futures Egg Weekly Report: Synchronous Rebound in Futures and Spot Markets" [2] Report Industry Investment Rating - No industry investment rating is provided in the report Core Viewpoints - The egg market shows significant supply - demand imbalance, with high in - production laying hen inventory, young age structure, limited demand benefits, and still - excess capacity. Egg prices hit bottom multiple times in 2025, pressuring farmers and weakening their confidence. Before 2026, farmers may accelerate the culling of old hens. As the in - production laying hen inventory decreases and the Spring Festival stocking demand starts, the market supply - demand pattern is shifting from loose to tight - balance, but the upward price space is restricted by substitute prices and terminal consumption [13] - The main contract continues to fluctuate widely at a low level, with the pressure level at 3050 - 3100. For options, investors can lightly buy call options of far - month contracts [13] Summary by Directory 1. Week - ly Viewpoint and Strategy - **Fundamental Viewpoint** - Spot: The national egg spot price continued to rebound this week. The average price in the main producing areas was 3.14 yuan/jin, up 0.15 yuan/jin (5.02%) from last week, with the low - price area at 3.00 yuan/jin. In the short term, production costs and farmers' reluctance to sell support the price. Market trading improved, and inventories were digested. However, the previous price was disappointing, and the industry's continuous losses led to accelerated culling of old hens and low replenishment enthusiasm. The in - production laying hen inventory and new production may decline, but the medium - term supply pressure remains, and the price rebound space is limited [12] - Supply - demand: In December 2025, the national in - production laying hen inventory was about 1.295 billion, a 0.92% month - on - month decrease and a 7.11% year - on - year increase. The newly - hatched laying hens in December were from the chicks replenished around August 2025. Due to over - capacity, low price increases, and high - temperature impacts in August, the number of newly - hatched hens decreased. In December, the egg price increase was weak, and farmers were eager to cull old hens. The actual number of culled old hens was greater than the newly - hatched ones, so the inventory decreased. In January, the number of newly - hatched hens will continue to decline, and farmers are likely to cull old hens before the Spring Festival. The in - production laying hen inventory may decline but remain at a high level in the past five years. The short - term egg price is under pressure, but the medium - term supply - demand outlook is improving [12] - Outlook: The egg market has supply - demand imbalance. The in - production laying hen inventory is high, and the age structure is young. The demand is limited, and the capacity is still excessive. In 2026, farmers may cull old hens before the Spring Festival. As the inventory decreases and the Spring Festival stocking demand starts, the supply - demand pattern is changing, but the price increase is restricted. Future attention should be paid to culling, capacity reduction, and holiday demand [13] 2. Futures and Spot Markets - **Spot Price** - The national egg spot price continued to rebound. The average price in the main producing areas was 3.14 yuan/jin, up 0.15 yuan/jin (5.02%) from last week, with the low - price area at 3.00 yuan/jin. In the short term, production costs and farmers' reluctance to sell support the price, but the medium - term supply pressure remains, and the price rebound space is limited [24] 3. Capacity - **In - production Laying Hen Inventory** - In December 2025, the national in - production laying hen inventory was about 1.295 billion, a 0.92% month - on - month decrease and a 7.11% year - on - year increase. In January, the number of newly - hatched hens will continue to decline, and farmers are likely to cull old hens before the Spring Festival. The in - production laying hen inventory may decline but remain at a high level in the past five years. The short - term egg price is under pressure, but the medium - term supply - demand outlook is improving [37] 4. Supply Side - **In - production Laying Hen Inventory** - In December 2025, the national in - production laying hen inventory was about 1.295 billion, a 0.92% month - on - month decrease and a 7.11% year - on - year increase. In January, the number of newly - hatched hens will continue to decline, and farmers are likely to cull old hens before the Spring Festival. The in - production laying hen inventory may decline but remain at a high level in the past five years. The short - term egg price is under pressure, but the medium - term supply - demand outlook is improving [37] - **Replenishment Volume Analysis** - In December, the total sales volume of commercial - generation chicks of 15 representative enterprises was 37.25 million, a 3.39% month - on - month increase. As capacity is gradually reduced, farmers' replenishment sentiment has slightly improved. However, due to the low - level egg price fluctuations and long - term losses in egg chicken farming, most small and medium - sized farmers' replenishment enthusiasm is still low. Only large - scale farms maintain normal chick - buying. The utilization rate of breeding eggs is generally 40% - 50%, and only a few large enterprises can reach about 60%. Considering the low chick price, the chick price is expected to be stable, with an average monthly price of about 2.80 yuan/chick [42] - **Culled Chicken Price** - Based on the average culling age of 488 days in December, the old hens to be culled in January were mostly from the chicks replenished from August to September 2024. With the weak egg price increase and low expectations for the Spring Festival market, farmers plan to cull old hens before the Spring Festival. In January, the supply of old hens is relatively sufficient, and the demand will improve due to Spring Festival stocking. The price of old hens may fluctuate within a narrow range, with an average monthly price of about 4.10 yuan/jin [45] - **Culled Chicken Slaughter Volume** - The total slaughter volume of 22 designated slaughter enterprises this week was 2.333 million, a 196,500 increase (9.20% month - on - month) from last week. After the New Year's Day holiday, slaughterhouses resumed work. With the simultaneous increase in egg and chicken prices, the slaughter end is optimistic about the pre - Spring Festival market, but the overall purchase increase is limited due to weak downstream demand [48] 5. Demand Side - **Demand Shows Seasonal Trends** - As an agricultural and sideline product, egg prices show obvious seasonal characteristics. They usually decline from January to April, reach the annual low around April, then rise until reaching the first - half - year high at the end of May, decline in June, rise in late July, reach the annual high from mid - to late September, decline after the peak season in September and October, and gradually stabilize from November to December [71] 6. Cost and Profit - **Cost Side** - The feed cost is the main cost of egg chicken farming, accounting for about 80% of the total cost. In 2026, the corn supply is expected to increase, and the annual average price may slightly decrease. The international purchase volume of soybean meal may increase, and its average price may also decline slightly. Although the feed cost may decrease by 1% - 2%, other costs such as labor and epidemic prevention increase. The full - industry full cost is generally above 3.5 yuan/jin. The egg feed cost in 2026 is expected to decline by 1% - 2% year - on - year, which will support egg chicken farming profits [79] - **Egg Chicken Farming Profit** - The egg chicken farming profit is mainly affected by egg prices and farming costs. This week, the cost per jin of eggs was 3.52 yuan/jin, unchanged from last week. The profit was - 0.42 yuan/jin, a 0.13 yuan/jin (23.64%) increase from last week. The farming cost per chicken was 133.10 yuan/chicken, a 0.13 yuan/chicken (0.10%) increase from last week. The farming profit was 4.84 yuan/chicken, a 4.69 yuan/chicken (49.21%) increase from last week [87]

Investment Rating - The industry rating is "Outperform the Market" [4][68]. Core Insights - The report highlights fluctuations in pig prices, with a focus on supply rhythm changes. As of January 9, the pig price was 12.58 CNY/kg, showing a week-on-week decrease of 0.09 CNY/kg. The report notes that the northern farming sector is experiencing tight supply due to previous overselling and disease impacts, while southern enterprises are increasing output, leading to weaker price adjustments [2][9][30]. - In the beef sector, calf prices are rising, and import restrictions on beef are expected to support long-term price increases. As of January 9, the price for fattening bulls was 25.51 CNY/kg, up 0.08% week-on-week, while calf prices reached 32.41 CNY/kg, up 2.43% week-on-week. The report anticipates a tightening supply of beef in the coming years due to a decrease in breeding cows [3][34]. - The poultry sector is affected by an outbreak of avian influenza in France, leading to tightened breeding imports. The price for white feather broilers was 7.64 CNY/kg as of January 9, down 0.08% week-on-week. The report suggests that the ongoing restrictions on imports may lead to a contraction in upstream capacity [3][41][45]. Summary by Sections Swine Industry - Pig prices are currently experiencing fluctuations, with a noted decrease in average weight of pigs being marketed. The average weight as of January 8 was 128.54 kg, down 0.12 kg week-on-week. The report indicates that the industry is facing losses, and capacity reduction policies are expected to continue, potentially leading to a long-term increase in pig prices [2][11][30]. - The average daily slaughter volume for the week was 189,800 pigs, reflecting a week-on-week decrease of 5.13%. The report also mentions a decrease in frozen product inventory rates, which stood at 19.48% as of January 8, down 2.06 percentage points week-on-week [11][30]. Beef Industry - The report indicates that calf prices are on the rise due to increased demand from breeding farms. The long-term outlook for beef prices is positive, supported by import restrictions on beef that will limit supply [3][34]. Poultry Industry - The report notes that the outbreak of avian influenza has led to a halt in the pricing of broiler chicks, with current prices for white feather broilers slightly down. The ongoing restrictions on imports are expected to impact upstream production capacity [3][41][45]. Dairy Industry - The report states that raw milk prices are currently at a low point, with the price as of January 2 being 3.03 CNY/kg, unchanged week-on-week. The ongoing losses in the dairy sector are expected to lead to continued capacity reduction, with a potential stabilization of prices in 2026 [3][35]. Seed Industry - The report discusses the strengthening of intellectual property protection in the seed industry, highlighting recent cases that aim to combat infringement and improve market order. This regulatory environment is expected to support the revitalization of the seed industry [52].

Report Industry Investment Rating No specific industry investment ratings were provided in the report. Core Viewpoints of the Report - A-share market is expected to continue its upward trend in the short term and may rise further in 2026 compared to 2025, supported by macro policies, inflation, capital market reforms, and the role of Central Huijin [1]. - The bond market is favored by asset shortages and weak economic conditions, but the central bank has recently warned of interest rate risks [1]. - Metal prices are influenced by factors such as supply disruptions, macro sentiment, and cost changes. Some metals are expected to have upward trends, while others may experience volatility or are subject to supply concerns [1]. - Energy and chemical product prices are affected by factors such as geopolitical conflicts, supply and demand, and cost support. Some products are expected to have upward trends, while others may experience volatility [1]. - Agricultural product prices are influenced by factors such as seasonal changes, policy support, and supply and demand. Some products are expected to have upward trends, while others may experience volatility [1]. Summary by Category A-shares - A-share market has continuous trading volume increase. Short-term, the index is expected to remain strong. In 2026, the index may continue to rise on the basis of 2025, supported by macro policies, inflation, capital market reforms, and Central Huijin [1]. Bonds - Asset shortages and weak economic conditions are favorable for bond futures, but the central bank has recently warned of interest rate risks. Attention should be paid to the Bank of Japan's interest rate decision [1]. Metals - Copper: Supply disruptions and improved macro sentiment have led to a rise in copper prices, and the upward trend is expected to continue [1]. - Aluminum: Domestic electrolytic aluminum has accumulated inventory, but macro sentiment is positive, and global aluminum ingot supply is expected to tighten, leading to a strong aluminum price [1]. - Alumina: Supply has significant release potential, putting pressure on prices. However, the current price is close to the cost line, and the price is expected to oscillate [1]. - Zinc: Fundamentals have improved, and the cost center has shifted upward. With positive macro sentiment, zinc prices have risen, but the upside space is limited due to fundamental pressure [1]. - Nickel: Supply concerns have led to a significant increase in nickel prices and an increase in positions. The short-term price may be strongly oscillating, but high risks and volatility are present at high price levels. Attention should be paid to Indonesian policies and macro sentiment [1]. Industrial and Energy Chemicals - Polycrystalline silicon: Northwest production has increased, while southwest production has decreased. December production schedules for polycrystalline silicon and organic silicon have declined [1]. - Carbonate lithium: It is the traditional peak season for new energy vehicles, with strong energy storage demand and increased supply from restarts. Prices have risen rapidly in the short term [1]. - Rebar and hot-rolled coil: Futures-spot arbitrage positions can be rolled for profit-taking. The price valuation is not high, and short-selling is not recommended [1]. - Iron ore: Near-term contracts are restricted by production cuts, but the commodity sentiment is positive, and there is still an upward opportunity for far-term contracts [1]. - Silicone and ferrosilicon: There is a combination of weak reality and strong expectations. In the short term, expectations dominate, and energy consumption control and anti-involution may disrupt supply [1]. - Soda ash: The market sentiment has improved, and the supply and demand are supportive. The price is low and expected to be strong in the short term [1]. - Coking coal and coke: If the "capacity reduction" expectation continues to ferment and there is pre-holiday restocking of spot goods, there may still be room for price increases, but the actual increase is difficult to judge, and volatility increases after a significant rise [1]. Agricultural Products - Palm oil: The December MPOB data is expected to be bearish, but the price is expected to reverse under themes such as seasonal production cuts, the B50 policy, and US biofuels. Short-term rebounds due to macro sentiment should be watched out for [1]. - Soybean oil: The fundamentals are strong, and it is recommended to be overweight in the oil market. Consider the spread between soybean oil and palm oil [1]. - Cotton: There is support but no driving force in the short term. Future attention should be paid to the central government's No. 1 document in the first quarter of next year, planting area intentions, weather during the planting period, and peak season demand [1]. - Sugar: There is a global surplus and increased domestic supply. The short side consensus is strong. If the price continues to fall, there is strong cost support, but there is a lack of continuous driving force in the short term [1]. - Corn: With the release of reserve and imported grains, the supply has increased. The spot price is expected to be firm in the short term, and the futures price will oscillate within a range [1]. - Pulp: The 05 contract is expected to oscillate between 5400 - 5700 yuan/ton due to the tug-of-war between "strong supply" and "weak demand" [1]. - Logs: The spot price has shown signs of bottoming out and rebounding, and the downward space for the futures price is limited. However, the January overseas quotation has slightly declined, and there is a lack of upward driving factors. The price is expected to oscillate between 760 - 790 yuan/m³ [1]. Energy and Chemicals - Crude oil: OPEC+ has suspended production increases until the end of 2026. The uncertainty of the Russia-Ukraine peace agreement and US sanctions on Venezuelan oil exports have an impact [1]. - Fuel oil: Follows the trend of crude oil in the short term, with no prominent supply-demand contradictions [1]. - Asphalt: The "14th Five-Year Plan" rush demand is likely to be disproven, and the supply of Ma Rui crude oil is sufficient. The profit margin is high [1]. - Natural rubber: The raw material cost provides strong support, the futures-spot price difference has rebounded significantly, and the midstream inventory has increased substantially [1]. - BR rubber: The upward momentum has slowed down, the spot price has led the recovery of the basis, and the processing profit has narrowed. There are positive factors for future domestic butadiene exports [1]. - PTA: The PX market has experienced a sharp rise, and the PTA market is expected to remain tight in 2026. Domestic PTA maintains high production, and the gasoline spread provides support for aromatics [1]. - Ethylene glycol: Two MEG plants in Taiwan, China, plan to shut down next month. The price has rebounded rapidly due to supply-side news, and the downstream demand is slightly better than expected [1]. - Styrene: The Asian market is stable, with suppliers reluctant to cut prices due to losses and buyers pressing for lower prices due to weak downstream demand. The market is in a weak balance, and the upward momentum depends on overseas markets [1]. - Urea: The export sentiment has eased, and the upside space is limited due to insufficient domestic demand. There is support from anti-involution and the cost side [1]. - PE: There is a risk of rising crude oil prices due to geopolitical conflicts. The supply pressure is high, and the market expectation is weak due to planned production increases in 2026 [1]. - PP: The supply pressure is high, and the downstream improvement is less than expected. The cost is supported by high propylene monomer and crude oil prices [1]. - PVC: The global production is expected to be low in 2026, but the current supply pressure is rising. The demand is weak, and the implementation of differential electricity prices in the northwest may force the clearance of PVC production capacity [1]. - LPG: The January CP has risen unexpectedly, and the import cost provides strong support. Geopolitical conflicts have increased the risk premium. The inventory accumulation trend has slowed down, and the domestic port inventory is decreasing. The long-term demand for LPG is expected to increase [1]. Aviation - It is expected to peak in mid-January. Airlines are still cautious about trial resumptions [1].

1. Report Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Viewpoints of the Report - Multiple agricultural products are in a state of price fluctuation. The overall supply of oilseeds is relatively loose, and the prices of oils and fats are expected to fluctuate. The prices of double - meal are also expected to fluctuate. Corn prices are expected to range - bound, and the pig market is expected to be volatile with a near - term weak and long - term strong trend. The prices of natural and synthetic rubber are expected to be bullish in the short - term and mid - term respectively. Cotton prices are expected to be bullish in the long - term, while sugar prices are expected to be bearish in the medium - and long - term. Pulp prices are expected to be bullish with fluctuations, and the prices of double - gum paper and logs are expected to be range - bound [1][5][8][11][13][16][18][19][20][22][23]. 3. Summary by Relevant Catalogs 3.1. Oils and Fats - **Viewpoint**: Oils and fats are fluctuating, with soybean oil being relatively strong. Attention should be paid to important reports [5]. - **Logic**: Soybean oil has a relatively strong trend, with a firm basis and increased spot trading. The impact of international geopolitical issues on crude oil prices is weakening, and the supply surplus has led to a decline in crude oil prices. The market expects a bumper harvest of South American soybeans, which will impact US soybean exports. The domestic soybean oil market should pay attention to the arrival and crushing of auctioned soybeans. Malaysian palm oil is in the production - reduction season, but the export demand is weak, and the inventory reduction is uncertain. The domestic rapeseed oil inventory is expected to decline in the near - term, and the basis is expected to be strong, while the supply is expected to increase in the long - term [5]. - **Outlook**: Soybean oil, palm oil, and rapeseed oil are all expected to fluctuate. It is recommended to pay attention to the fundamental indicators and policy expectations, and consider short - term buying hedging after an oversold situation [6]. 3.2. Protein Meal - **Viewpoint**: The market trading is hot, and double - meal continues to rise [1][8]. - **Logic**: Internationally, the weather in South America is generally favorable for crop growth, but the dry weather in central and southern Argentina is a concern. The market expects a bumper harvest of South American soybeans, and the US soybean exports are facing competition. Domestically, there is a situation of weak supply and demand before the festival. The oil mill's operating rate, meal sales, and pick - up volume have all decreased, and the inventory has increased. The downstream pig inventory has increased, but the breeding is in a loss, and the feed enterprises' inventory has also increased. There are uncertainties in rapeseed imports [8]. - **Outlook**: US soybeans, Dalian soybean meal, and rapeseed meal are all expected to fluctuate. Attention should be paid to China's soybean import customs inspection policy [2][9]. 3.3. Corn/Starch - **Viewpoint**: The rotation of grain continues to be sold at a premium, and the futures have strengthened again [11]. - **Logic**: The fundamentals are generally stable. The premium transactions of corn acquisition and auction have ignited the market's bullish sentiment. The sales of grain in the Northeast are slow, and the arrival volume in the North China is decreasing. The downstream has established a certain safety inventory, and the production profit of deep - processing enterprises has shrunk. The launch of the policy - based grain source has a limited negative impact on corn [11]. - **Outlook**: The price is expected to be range - bound, and it is expected to fall first and then rise before the Spring Festival [11]. 3.4. Pig - **Viewpoint**: The slaughter rhythm slows down at the beginning of the month, and the spot price rebounds slightly [12]. - **Logic**: In the short - term, the slaughter volume in December was high, and the planned slaughter volume in January has decreased. In the medium - term, the supply of commercial pigs is expected to be excessive before April 2026. In the long - term, the sow inventory has decreased, and the supply pressure is expected to ease after May 2026. The consumption has weakened after the New Year's Day holiday, and the pig weight is higher than the same period last year [13]. - **Outlook**: The market is expected to be volatile. The near - term prices are expected to be range - bound at a low level, while the long - term prices are supported by the expectation of capacity reduction [13]. 3.5. Natural Rubber - **Viewpoint**: The rubber price maintains a bullish trend [15]. - **Logic**: Driven by the overall strong sentiment in the commodity market, natural rubber has continued to rise. The rise is mainly driven by macro factors, and the fundamentals have not changed significantly. The overseas supply is increasing seasonally, and the raw material prices are firm, but the demand is weak after the price increase [16]. - **Outlook**: The fundamentals have limited variables, but the capital sentiment is strong. It is recommended to be bullish in the short - term [16]. 3.6. Synthetic Rubber - **Viewpoint**: The upward logic remains unchanged, and the market is running strongly [17]. - **Logic**: The market generally expects the fundamentals of butadiene to improve. The absolute price of the BR market is low. The price of butadiene has been strong recently, which has boosted the market. Although the inventory has increased, the buying sentiment has been driven by the positive expectations [18]. - **Outlook**: The supply - demand pattern of butadiene is expected to improve, but there is short - term pressure. It is expected to be range - bound with an upward trend in the medium - term [18]. 3.7. Cotton - **Viewpoint**: It continues to rise with increasing positions [18]. - **Logic**: In the long - term, the price of Zhengzhou cotton is expected to continue to rise, and the domestic market is expected to be stronger than the international market. The core drivers are the expected tight balance this year and the expected decrease in the planting area in 2026. The supply of US cotton is expected to be loose, and its rise will be indirectly driven by the domestic market [18]. - **Outlook**: It is expected to be range - bound with an upward trend in the long - term. A strategy of buying on dips is recommended [18]. 3.8. Sugar - **Viewpoint**: The sugar price is fluctuating, and there is still pressure in the future [19]. - **Logic**: Globally, the supply in the 25/26 sugar - making season is expected to be loose. In the domestic market, the sugar production is expected to increase. The overall supply situation at home and abroad remains unchanged, and the sugar price is expected to be weak in the medium - and long - term [19]. - **Outlook**: It is expected to be range - bound with a downward trend in the medium - and long - term. A strategy of selling on rebounds is recommended [19]. 3.9. Pulp - **Viewpoint**: It falls after reaching a high, and the pulp market continues to fluctuate [20]. - **Logic**: The supply - demand situation has not changed significantly. There are still some bullish factors, such as the increase in the US dollar price of broad - leaf pulp and the expected supply reduction of coniferous pulp. However, there are also bearish factors, such as the difficulty in cost transfer and the seasonal decline in demand. The market is currently driven by capital, and the futures are expected to be range - bound with an upward trend [20]. - **Outlook**: It is expected to be range - bound with an upward trend. The bottom is supported by positive news, but there is pressure from hedging at the top [20][21]. 3.10. Double - Gum Paper - **Viewpoint**: The fundamentals have not changed much, and the double - gum paper market is fluctuating at a high level [21]. - **Logic**: The market sentiment has improved after the paper mill raised the price, and the futures market has been running strongly. The spot market has changed from a downward trend to an upward trend. The supply is expected to be stable in January, and the price is expected to be supported in the short - term. The price may be weak in February due to the Spring Festival holiday and is expected to be supported in March [22]. - **Outlook**: The price is expected to form a bottom, and it is expected to be range - bound with an upward trend in the short - term [22]. 3.11. Logs - **Viewpoint**: The market is warming up, and logs are strengthening following the black - goods sector [23]. - **Logic**: Driven by the overall strength of the commodity and black - goods sectors, the log futures have rebounded. The market is in a situation of weak supply and demand before the Spring Festival. The supply pressure is expected to ease in January and February. The futures price has support at a certain level, and the 03 contract has some trading opportunities [23]. - **Outlook**: The supply pressure will ease marginally in January and February, and the log market is expected to be range - bound [23].

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - Corn prices may rise again after New Year's Day as downstream enters seasonal restocking, and long - term focus is on import and domestic auction policies [3] - Starch prices are expected to strengthen slightly in the future, and long - term focus is on downstream consumption rhythm [3] - Short - term sugar pricing can refer to domestic sugar cost and spot price, and long - term may seek out - of - quota import cost if the global sugar market surplus intensifies [4] - Cotton demand is expected to improve next year, suitable for long - term buying [5] - Egg prices in the second quarter may be favorable if there is a concentrated culling of chickens before Laba [8] - Apple prices are expected to maintain high - level shock in the short term, with a near - strong and far - weak pattern in the medium term [14] - For pigs, there may be a short - term weakening of sentiment, and long - term improvement depends on further production and inventory reduction at the near end [14] Group 3: Corn/Starch Key Data - From 2025/12/30 to 2026/01/07, the price in Shekou decreased by 10, the basis decreased by 26, and the processing profit of starch increased by 8 [2] Market Analysis - Short - term: Market sentiment is weak due to policy, but origin prices are firm. After New Year's Day, downstream restocking may drive prices up [3] - Long - term: Focus on import and domestic auction policies [3] Group 4: Sugar Key Data - From 2025/12/30 to 2026/01/07, the price in Liuzhou increased by 10, the basis decreased by 12, and the import profit from Thailand decreased by 58 [4] Market Analysis - Short - term: Supply pressure of raw sugar decreases, and pricing can refer to domestic cost and spot price [4] - Long - term: If the global surplus intensifies, prices may seek out - of - quota import cost [4] Group 5: Cotton/Cotton Yarn Key Data - From 2025/12/30 to 2026/01/07, the price of 3128 cotton increased by 160, and the 32S spinning profit increased by 7 [5] Market Analysis - Low initial inventory offsets most of the production increase. Demand is expected to improve next year [5] Group 6: Eggs Key Data - From 2025/12/30 to 2026/01/07, the price in Hebei increased by 0.09, and the basis increased by 45 [7] Market Analysis - The inflection point of inventory has appeared. If there is concentrated culling before Laba, it is favorable for egg prices in the second quarter [8] Group 7: Apples Key Data - From 2025/12/30 to 2026/01/07, the 1 - month basis changed by 1.00, the 5 - month basis changed by 31.00, and the 10 - month basis changed by 57.00 [13][14] Market Analysis - Short - term: The price is firm, and the price is expected to maintain high - level shock [14] - Medium - term: Subject to the impact of competing products in the consumption end, with a near - strong and far - weak pattern [14] Group 8: Pigs Key Data - From 2025/12/30 to 2026/01/07, the price in Henan Kaifeng increased by 0.05, and the basis increased by 75 [14] Market Analysis - Short - term: Demand decreases after the New Year's Day holiday, and sentiment weakens [14] - Long - term: Improvement depends on further production and inventory reduction at the near end [14]