Investment Rating - The investment rating for the company is "Buy" and it is maintained [9]. Core Views - The company reported a total revenue of 24.2 billion yuan for 2025, a decrease of 10.1% year-on-year. The net profit attributable to shareholders was 1.86 billion yuan, down 16.3% year-on-year, while the net profit excluding non-recurring items was 1.78 billion yuan, down 14.7% year-on-year. In Q4 alone, the company achieved a revenue of 6.09 billion yuan, a year-on-year decrease of 7.2% but a quarter-on-quarter increase of 1.9%. The net profit for Q4 was 400 million yuan, up 92.9% year-on-year but down 17.2% quarter-on-quarter, with a net profit excluding non-recurring items of 430 million yuan, up 148.8% year-on-year but down 0.8% quarter-on-quarter [6][12]. Company Overview - The company is a leader in the polyurethane industry, specializing in the research, production, and sales of spandex fibers, polyurethane raw liquids, and adipic acid. As of the 2025 annual report, the company has a spandex production capacity of 475,000 tons per year, polyurethane raw liquid capacity of 520,000 tons per year, and adipic acid capacity of 1.355 million tons per year, all ranking first globally. The company's gross margin for 2025 was 13.2%, and the net margin was 7.7%, with year-on-year changes of -0.6 percentage points and -0.5 percentage points, respectively. In Q4, the gross margin was 10.5%, with a quarter-on-quarter change of -4.2 percentage points [6][13]. Market Conditions - The spandex market continued to experience low demand in 2025, with significant signs of price stabilization. The average market price for spandex in 2025 was 23,373 yuan per ton, a year-on-year decrease of 11.5%. The price spread narrowed by 1,120 yuan per ton year-on-year. In Q4, the spandex price and price spread changed by -49 yuan per ton and -58 yuan per ton quarter-on-quarter, respectively. The company maintained strong resilience during this downturn, with spandex production and sales volumes of 399,000 tons and 396,000 tons, respectively, representing year-on-year increases of 11.7% and 7.7% [6][13]. Future Outlook - The profitability of adipic acid is under short-term pressure but remains promising in the long term. The average market price for adipic acid in 2025 was 7,250 yuan per ton, down 20.6% year-on-year. The company’s basic chemical segment had a gross margin of 3.9% in 2025, a decrease of 6.9 percentage points year-on-year. The industry is currently experiencing a phase of consolidation, with increasing quality demands from downstream sectors. In the future, the nylon 66 and PBAT industries are expected to drive growth in adipic acid consumption [6][13]. Financial Projections - The company is expected to see its net profit attributable to shareholders reach 2.83 billion yuan in 2026, 3.64 billion yuan in 2027, and 4.49 billion yuan in 2028 [6][13].

Core Viewpoint - The major shareholder of Conch Cement, Conch Group, has significantly increased its stake for the first time in approximately 12 years, while the company has changed its stock repurchase plan to cancellation, indicating a strategic shift amidst ongoing industry challenges [1][2]. Company Summary - Conch Group increased its shareholding from 36.40% to 37.05% by purchasing 34.76 million A-shares, valued between 7.86 billion to 9.26 billion yuan based on share price fluctuations during the purchase period [1][2]. - The company plans to change the purpose of 22.24 million A-shares, previously intended for resale, to cancellation, which will reduce registered capital and potentially enhance earnings per share (EPS) [2][3]. - Conch Cement's revenue has declined from a peak of 176.29 billion yuan in 2020 to 82.53 billion yuan in 2025, a drop of 53.19%, while net profit decreased from 35.16 billion yuan to 8.11 billion yuan during the same period [3][4]. - Despite a 9.33% revenue decline in 2025 compared to 2024, net profit increased by 5.42%, attributed to effective cost control measures [3][4]. - The sales gross margin improved to 24.16% in 2025, up from 21.7% in 2024, while the net profit margin rose to 9.53% from 8.42% [3][4]. Industry Summary - The cement industry is experiencing a downturn, with demand expected to continue declining, although the rate of decline may slow due to supply-side policies and market consolidation [5][6]. - The domestic cement demand is projected to remain weak in 2025, with a further drop in capacity utilization and prices expected to fluctuate at low levels [5][6]. - The supply-side policies, including "overproduction control" and carbon market regulations, are anticipated to lead to the exit of excess and outdated production capacity, potentially improving profitability in the long term [6][5]. - The overall cement market is in a slow downward trend, with production expected to be around 70% of peak levels in 2025, and infrastructure investment is projected to decline for the first time since 2014 [6][5].

Core Viewpoint - The article discusses the current dynamics in the agricultural commodity market, emphasizing that the apparent "commodity rotation" is driven by macro narratives rather than fundamental changes. The key investment focus should be on identifying whether the main driving force for each commodity is "industrial reality" or "cost inflation" [3]. Group 1: Cotton Market - The cotton market faces a significant contradiction between high domestic prices and weak downstream demand, leading to a tug-of-war situation. Domestic cotton prices are high, but the cotton yarn sector struggles to raise prices, resulting in negative profit margins [4]. - Domestic cotton production has been adjusted downwards, yet the demand remains lackluster, with exports constrained by external factors and only seasonal domestic demand showing slight improvement [4]. - The key support for domestic cotton prices comes from high planting costs and policy support, but this creates a scenario where costs are strong but upward price movement is weak [5]. Group 2: Lumber Market - The lumber market is primarily driven by rising import costs due to geopolitical conflicts, which have increased international oil prices and shipping costs, leading to higher CFR quotes [6]. - However, this is contrasted by weak domestic demand, particularly in the real estate sector, with a notable divergence between northern and southern markets [6]. - Future lumber prices will depend on the interplay between cost expectations and weak demand, with a need to monitor shipping costs closely [6]. Group 3: Sugar Market - The sugar market is currently influenced by energy price dynamics, particularly the rising oil prices that affect ethanol values, which in turn impacts sugar production decisions in Brazil [7]. - There is a significant divergence between international and domestic markets, with external markets trading on energy expectations while domestic markets remain rational due to high domestic sugar supply [7]. - The future direction of sugar prices will hinge on whether high oil prices can effectively translate into higher domestic ethanol prices, thereby impacting sugar production ratios [7]. Group 4: Pulp Market - The pulp market is characterized by weak supply and demand dynamics, with no significant disruptions on the supply side and stable demand from downstream sectors [8]. - Price movements are more influenced by macroeconomic sentiments and related commodities rather than intrinsic supply-demand imbalances [8]. - Future price trends are expected to remain within a range, with upward movements requiring unexpected demand recovery or supply-side disruptions [8]. Group 5: Live Pig Market - The live pig market is undergoing a deep cyclical bottoming process, with prices falling below 10 yuan/kg, marking a ten-year low and leading to significant industry losses [9]. - Despite the current losses, the decline in feed costs has lessened the severity of losses compared to previous years, and there is significant pressure from high inventory levels [9]. - The market outlook is focused on the balance between weak realities and expectations for capacity clearance, with potential for recovery anticipated in later months [10]. Group 6: Egg Market - The egg market is experiencing a "weak-driven fluctuation" with limited trend space for significant price movements, as production capacity is slowly being reduced [11]. - The key to future capacity changes lies in increasing culling rates, with high culling prices encouraging farmers to reduce stock [11]. - The market outlook suggests a focus on structural opportunities as production capacity gradually decreases, although there are potential risks from future culling rates and production increases [12].

1. Report Industry Investment Rating - Not provided in the given content. 2. Core Views of the Report Industrial Silicon - Supply: Last week, the industrial silicon supply was 78,000 tons, remaining flat week-on-week. The supply schedule is increasing, but it remains at a low level [6]. - Demand: Last week, the demand was 69,000 tons, a 1.47% week-on-week increase. The demand recovery is at a low level. Different downstream sectors have varying inventory and profit situations [6]. - Cost: The production cost of sample oxygenated 553 in Xinjiang is 9,769.7 yuan/ton, remaining flat week-on-week. The cost support has increased during the dry season [6]. - Expectation: Industrial Silicon 2605 is expected to fluctuate in the range of 8,515 - 8,695 yuan/ton [6]. Polysilicon - Supply: Last week, the polysilicon output was 19,000 tons, remaining flat week-on-week. The scheduled output for March is 84,900 tons, a 10.25% increase compared to the previous month [8]. - Demand: The overall demand shows a continuous decline. Different downstream sectors such as silicon wafers, battery cells, and components have different production and inventory trends [9][10]. - Cost: The average production cost of N-type polysilicon is 40,260 yuan/ton, with a profit of 240 yuan/ton [9]. - Expectation: Polysilicon 2605 is expected to fluctuate in the range of 34,705 - 36,755 yuan/ton [10]. Overall Market - Bullish factors include rising cost support and manufacturers' plans to halt or reduce production [12]. - Bearish factors include slow post - holiday demand recovery and strong supply but weak demand in the downstream polysilicon market [13]. - The main logic lies in capacity clearance, cost support, and demand growth [13]. 3. Summary According to the Directory Daily Views Industrial Silicon - Supply: 78,000 tons last week, flat week-on-week [6]. - Demand: 69,000 tons last week, up 1.47% week-on-week. Different downstream sectors have different inventory levels and profit conditions. For example, polysilicon inventory is high, while organic silicon inventory is low [6]. - Cost: Xinjiang sample oxygenated 553 production cost is 9,769.7 yuan/ton, flat week-on-week. Dry season cost support increases [6]. - Basis: On March 24, the spot price of non - oxygenated silicon in East China was 9,150 yuan/ton, and the basis of the 05 contract was 545 yuan/ton, with the spot price at a premium to the futures price, indicating a bullish trend [6]. - Inventory: Social inventory is 553,000 tons, up 0.18% week-on-week; sample enterprise inventory is 197,800 tons, up 0.36% week-on-week; major port inventory is 136,000 tons, up 1.49% week-on-week, indicating a bearish trend [6]. - Market: MA20 is upward, and the price of the 05 contract closes above MA20, indicating a bullish trend [6]. - Main Position: The main position is net short, with an increase in short positions, indicating a bearish trend [6]. - Expectation: Supply schedule increases, but remains at a low level; demand recovery is at a low level; cost support increases. Industrial Silicon 2605 is expected to fluctuate between 8,515 - 8,695 yuan/ton [6]. Polysilicon - Supply: Output was 19,000 tons last week, flat week-on-week. The scheduled output for March is 84,900 tons, a 10.25% increase compared to the previous month [8]. - Demand: Different downstream sectors have different trends. For example, silicon wafer production is currently in a loss state, but the scheduled output for March is increasing. Battery cell and component production are currently profitable, and the scheduled output for March is also increasing [9]. - Cost: The average production cost of N-type polysilicon is 40,260 yuan/ton, with a profit of 240 yuan/ton [9]. - Basis: On March 24, the price of N-type dense material was 40,500 yuan/ton, and the basis of the 05 contract was 6,770 yuan/ton, with the spot price at a premium to the futures price, indicating a bullish trend [9]. - Inventory: Weekly inventory is 344,000 tons, down 3.64% week-on-week, but still at a historically high level, indicating a bearish trend [9]. - Market: MA20 is downward, and the price of the 05 contract closes below MA20, indicating a bearish trend [10]. - Main Position: The main position is net long, with a decrease in long positions, indicating a bullish trend [10]. - Expectation: Supply schedule continues to increase; overall demand shows a continuous decline; cost support remains stable. Polysilicon 2605 is expected to fluctuate between 34,705 - 36,755 yuan/ton [10]. Market Overview - Industrial Silicon: Different contracts show different price changes. For example, the 01 contract price increased by 1.27% to 9,150 yuan/ton. Social inventory increased, and some sample enterprise production decreased [15]. - Polysilicon: Different contracts also show different price changes. For example, the 05 contract price increased by 0.83% to 35,730 yuan/ton. Weekly total inventory decreased by 3.64% to 344,000 tons [16]. Downstream Market Organic Silicon - DMC: The daily capacity utilization rate remained stable at 68.6%. The weekly output was 45,100 tons, a 5.87% increase compared to the previous week. The monthly inventory was 58,500 tons, a 23.94% increase compared to the previous month [15]. - Downstream Products: The prices of products such as 107 glue, raw rubber, silicone oil, and D4 remained stable [15]. Aluminum Alloy - Price and Supply: The price of SMM aluminum alloy ADC12 remained stable at 24,400 yuan/ton. The import profit improved, with the actual immediate profit increasing from - 2,400 yuan/ton to - 2,117 yuan/ton [15]. - Inventory and Output: The monthly output of primary aluminum - based aluminum alloy ingots decreased by 30.99% to 209,300 tons, and the monthly output of recycled aluminum alloy ingots decreased by 41.31% to 358,000 tons. The weekly social inventory of aluminum alloy ingots decreased by 7.24% to 53,800 tons [15]. Polysilicon Downstream - Silicon Wafers: The weekly output was 11.78 GW, a 1.66% decrease compared to the previous week. The inventory was 276,500 tons, a 2.46% decrease compared to the previous week. The scheduled output for March is 49.01 GW, a 10.70% increase compared to the previous month [9]. - Battery Cells: The February output was 37.09 GW, a 10.49% decrease compared to the previous month. The weekly inventory of the external sales factory was 6.79 GW, a 16.66% increase compared to the previous week. The scheduled output for March is 46.36 GW, a 24.99% increase compared to the previous month [9]. - Components: The February output was 29.3 GW, a 16.76% decrease compared to the previous month. The expected output for March is 41.39 GW, a 41.26% increase compared to the previous month. The domestic monthly inventory decreased by 51.73% to 24.76 GW, and the European monthly inventory increased by 12.30% to 38.41 GW [9].

Group 1: Report Investment Rating - No relevant information Group 2: Core Views - The soybean market has gradually slowed down and is currently in a stalemate, with weak sales. The downstream is in a state of consuming inventory and waiting and seeing, and the price decline space is limited. Attention should be paid to the arrival of imported soybeans and the release of reserve beans [1] - The corn price has limited adjustment space after a continuous rise, and it is advisable to buy on dips in the future [2] - The egg price is restricted by the high inventory, but the inventory is expected to decline in March, and it is recommended to take a low - buying strategy [2] - The pig market is in a stage of shock and bottom - grinding. Although there is support for far - month contracts, the supply - demand pattern will not change until the official data is significantly adjusted [4] Group 3: Summary by Commodity Soybean - Since March, the soybean market has seen a slowdown in sales, with downstream enterprises having sufficient inventory and cautious procurement. The price has fallen from a high level, and attention should be paid to the arrival of imported soybeans and the release of reserve beans [1] Corn - In the Northeast, the remaining grain at the grass - roots level is less than 30%. The market supply has increased, but the feed enterprises' acceptance of high - priced grain is insufficient. The start - up rate of deep - processing enterprises has rebounded. The rumored release of expired rice may suppress the corn price. The price adjustment is limited, and it is advisable to buy on dips [2] Egg - In late February 2026, the national laying - hen inventory was 1.35 billion, a year - on - year increase of 3.4%. The new - laying hens in March - April will decrease significantly, and the inventory will decline in April - May. The short - term supply - demand is loose, but there is an expected decline in March. It is recommended to take a low - buying strategy [2] Pig - In March, the government strengthened the regulation of the pig market, with a target to reduce the number of breeding sows by 7.8%. The current supply is still loose, the demand is weak, and the breeding profit has deteriorated. The far - month contracts may have some support, but the market is still in a bottom - grinding stage [3][4]

Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Date: March 20, 2026 [2] - Research Team: Energy and Chemical Research Team [4] Industry Investment Rating - Not provided in the report Core Viewpoints - The soda ash market is in a weak and pressured situation with significant supply - side pressure, weak demand, and high inventory. Although cost - side support from geopolitical factors exists, the market still faces downward pressure in the long - term. Short - term fluctuations may increase, and the market needs real capacity clearance on the supply side to break the deadlock [8]. - The glass market has a situation where prices are caught between high inventory and potential production capacity release on the upside, and cold - repair expectations on the downside. The core contradiction is the inventory accumulation. In the long - term, the improvement of the supply - demand structure and the opening of the upward price channel depend on the continuous change of commercial housing sales data. There is a short - term possibility of a rebound, but the upward space is limited [9][10]. Summary by Directory I. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - **March 19 Market Data**: The main soda ash futures SA605 continued to decline. The closing price was 1,217 yuan/ton, a decrease of 9 yuan/ton or 0.73%, with a daily reduction of 18,903 lots in positions [7]. - **Fundamentals**: The supply side has significant pressure due to new capacity release and high operating rates, resulting in a loose supply. The demand side is weak, especially in the real estate and photovoltaic sectors. The inventory is at a historically high level and the de - stocking process is blocked. Geopolitical factors support the cost side, partially offsetting the downward pressure [8]. - **Outlook**: Short - term fluctuations may increase. If it can effectively stand above the 1,200 - yuan mark, there may be upward space. In the long - term, due to the weak supply - demand pattern, there is downward price pressure. The market needs capacity clearance on the supply side [8]. Glass - **Fundamentals**: The glass price is in a situation where it is difficult to go up or down. High inventory and potential production capacity release suppress the price, while the cold - repair expectation of some production lines provides support. However, the current cold - repair of individual production lines has not had a substantial impact on the supply side, and inventory accumulation remains the core problem restricting the upward price movement [9][10]. - **Outlook**: Although the market is in the traditional off - season, the trading sentiment has improved. There is a short - term possibility of a rebound, but the upward space is limited. In the long - term, the opening of the upward price channel depends on the continuous change of commercial housing sales data [10]. II. Data Overview - The report provides multiple charts including the price trends of active soda ash and glass contracts, soda ash weekly production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production, with data sources from Wind, iFind, and the research and development department of Jianxin Futures [12][17][19]

Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoints - The soybean auction restart can increase market supply, but the volume is limited, and the market procurement is rational. The soybean price has fallen from the high level, and the decline space is relatively limited. Attention should be paid to the arrival of imported soybeans and the release of reserved imported beans [1]. - The driving force of corn price weakens after continuous rise, and there may be a certain price adjustment in the short - term, but the adjustment range is relatively limited. In the future, it is still possible to consider actively replenishing stocks or buying on dips [2]. - The high egg inventory restricts the rapid rise of egg prices. However, the number of newly - laid hens will decrease significantly in March - April 2026, and the egg inventory will decline in April - May. Although the short - term supply and demand are still loose, there is an obvious decline expectation in March. It is recommended to adopt a low - buying strategy [2]. - The pig market is likely to repeatedly bottom out in the first half of the year. The short - term supply pressure is difficult to reduce, and the pig price may continue to bottom out at 10.0 - 11.0 yuan/kg. The continuous loss will promote the breeding end to gradually accelerate the production reduction. The far - month contract may have some support, but the supply - demand pattern will not change until the official data is significantly adjusted [3][4]. Summary by Related Content Soybean - Since March, the auctions of other market entities have restarted, but the trading volume is limited. The 41% protein price of 5037 yuan/ton is basically the same as the market price, indicating rational market procurement [1]. - Due to the resumption of Brazilian soybean shipments and the delay of Trump's visit to China, the soybean price has fallen from the high level, and the decline space is relatively limited. Attention should be paid to the arrival of imported soybeans and the release of reserved imported beans, which may put pressure on the price [1]. Corn - The remaining grain in the northeast region is less than 30%. As the corn price rises to a high level, the willingness of growers to sell grain increases, and the market supply of grain has increased. Feed enterprises mainly make rigid replenishment, while deep - processing enterprises continue to purchase due to the recovery of the startup rate, and some enterprises have slightly adjusted the purchase price [1]. - There are rumors that the release of over - aged rice is about to be implemented, which may suppress the corn price [1]. - After continuous rise, the driving force of corn price weakens, and there may be a certain price adjustment in the short - term, but the adjustment range is relatively limited. In the future, it is still possible to consider actively replenishing stocks or buying on dips [2]. Egg - In late February 2026, the national laying hen inventory was 1.35 billion, a year - on - year increase of 3.4%, which restricts the rapid rise of egg prices [2]. - The number of newly - laid hens in March - April 2026 will decrease significantly, and the laying hen inventory will decline in April - May. Although the short - term supply and demand are still loose, there is an obvious decline expectation in March. It is recommended to adopt a low - buying strategy [2]. Pig - In the first half of the year, the pig market is likely to repeatedly bottom out along the path of "loss - capacity reduction - rebound - hoarding - price reduction - loss". The short - term supply pressure is difficult to reduce [3]. - In March, the pig price has fallen below 10.5 yuan/kg, and the losses of both breeding modes have exceeded 200 yuan/head. The supply in March - April may increase, and the pig price may continue to bottom out at 10.0 - 11.0 yuan/kg. The continuous loss will promote the breeding end to gradually accelerate the production reduction [3][4]. - Although a third - party institution predicts a slight reduction in the inventory of reproductive sows in February, the far - month contract may have some support, but the supply - demand pattern will not change until the official data is significantly adjusted [4].

Summary of Conference Call on Pig Cycle Investment Opportunities Industry Overview - The conference call focuses on the pig farming industry, highlighting the current challenges and investment opportunities within the sector as pig prices have dropped to a historical low of 10 yuan/kg, marking the lowest since 2010 [1][2]. Core Insights and Arguments - **Current Market Conditions**: The pig farming industry is experiencing significant cash losses due to rising feed costs and falling pig prices, which are below the cost line of 11.5-12 yuan/kg. This situation is leading to a severe capacity reduction in the industry [1][2][3]. - **Policy Adjustments**: The government has set a target to reduce the breeding sow inventory to 36.5 million heads, a decrease of over 10% from peak levels. This policy is expected to drive a reversal in the pig cycle [1][2][6]. - **Price Predictions**: It is anticipated that the pig price will reach a bottom in Q3-Q4 of 2026, with the stock prices in the sector likely to start rising in Q1-Q2 of 2026, following a historical pattern where stock prices lead commodity prices by 1-3 quarters [1][4]. - **Cost Pressures**: Rising oil prices, currently above 80 USD, are contributing to increased costs for corn and soybean meal, which are essential for pig farming. This cost pressure is expected to accelerate the capacity reduction process [1][3][4]. - **Inflation Expectations**: The Consumer Price Index (CPI) is projected to rise to around 1% in 2026, driven by the pig cycle and the effects of rising oil prices, which will contribute to a moderate inflation rebound [1][11]. Additional Important Points - **Investment Strategy**: Investors are advised to position themselves during the initial phase of capacity reduction, focusing on high-purity livestock breeding indices with a weight limit of 15% [1][2]. - **Historical Context**: The current cycle differs from previous ones driven by diseases like African swine fever, as the current situation is more about market-driven capacity reduction rather than sudden supply shocks [6][12]. - **Supply-Demand Dynamics**: The industry is facing a supply-demand imbalance, with many farms experiencing losses since October 2025. The average cash cost is around 11 yuan/kg, leading to increased cash flow pressures [3][4]. - **Future Outlook**: The investment value in the pig farming sector is expected to increase as the industry approaches a turning point, with the potential for a prolonged profit cycle following the capacity reduction [2][3][6]. Conclusion - The pig farming industry is at a critical juncture, with significant investment opportunities arising from current market conditions, policy adjustments, and expected price reversals. Investors are encouraged to monitor capacity reductions and market dynamics closely to capitalize on upcoming trends.

Report Summary 1. Report's Industry Investment Rating No information provided. 2. Core Views - The short - term supply of soybeans is tight, but the price decline space is limited, and attention should be paid to the arrival of imported soybeans and the release of state - reserved soybeans [1]. - Corn may experience short - term price adjustments after continuous rises, but the adjustment range is limited, and it is advisable to consider replenishing stocks or buying on dips [1]. - The short - term supply and demand of eggs are still loose, but the inventory is expected to decline significantly in March, and a low - buying strategy is recommended [2]. - The pig market is likely to repeatedly bottom out in the first half of the year, and the price may remain at 10.0 - 11.0 yuan/kg. The market is in the process of capacity reduction, and the far - month contracts may have some support but are still in the bottom - grinding stage [3][4]. 3. Summary by Related Catalogs Soybeans - The price of Northeast soybeans has risen rapidly. Some large customers in the terminal market have sold the stored grains in the producing areas, increasing the remaining grains in the producing areas [1]. - The short - term supply is tight as the arrival of imported soybeans is expected in April. The high - premium policy auction today strengthened the market's perception of tight supply [1]. - Due to Brazil resuming soybean shipments and the disappointment of the expected growth in US soybean demand, the soybean price has fallen from its high, but the decline space is limited [1]. Corn - Last week, the price of Shandong corn approached 2500 yuan/ton with no trading volume increase. This week, with the significant increase in supply, the price turned from rising to falling [1]. - The demand for corn will gradually weaken in the later stage, and the game between capital and the industry will intensify. After continuous rises, the driving force for corn price increase has weakened, and short - term price adjustment may occur, but the adjustment range is limited [1]. Eggs - As of the end of February 2026, the national laying - hen inventory was 1.35 billion, a year - on - year increase of 3.4%, which restricts the rapid and substantial increase in egg prices [2]. - The number of newly laid hens will significantly decrease from March to April 2026, and the national laying - hen inventory will enter a significant decline channel from April to May [2]. - The sharp rise in feed raw materials has squeezed the profit of laying hens, which will accelerate the industry's capacity clearance. Although the short - term supply and demand are still loose, the inventory is expected to decline in March [2]. Pigs - In the first half of the year, the pig market is likely to repeatedly bottom out along the path of "loss - capacity reduction - rebound - hoarding - price cut - loss" due to the lack of a substantial supply gap and demand growth [3]. - In March, as the pig price fell below 10.5 yuan/kg, the losses of both breeding models exceeded 200 yuan per head [3]. - From March to April, the slaughter volume may gradually increase, but the average slaughter weight remains above 125 kg, and the oversupply situation is difficult to reverse in the short term. The pig price may remain at 10.0 - 11.0 yuan/kg, and the continuous losses will accelerate the capacity reduction [3]. - The short - term demand for pigs is still weak, and the feed cost is rising, which worsens the breeding profit and drives short - term capacity clearance. The far - month contracts may have some support, but the supply - demand pattern will not change until the official data shows a significant decline [4].

Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoints - The domestic soybean market is expected to remain strong, and it is advisable to go long at low prices [1]. - The corn fundamentals are still strong, and it is recommended to actively replenish stocks or buy on dips [2]. - For eggs, although the short - term supply and demand are still loose, there is an obvious downward expectation for the inventory in March, and a low - long strategy is suggested [3]. - The pig market is in a stage of bottom - grinding oscillation. The short - term situation is poor, but the far - month contracts may have some support [3][4]. Summary by Related Catalogs Soybean - Northeast soybean prices are rising rapidly. Some large customers' full - amount stored grains in the production area are being cashed out, increasing the remaining grains in the production area. COFCO's high - price acquisition makes it difficult to store normally. Traders' acquisition prices are generally raised, and the profitability is uncertain. The price may rise in March and reach a turning point in early April [1]. Corn - In the Northeast, the post - festival grain sales progress is slower than usual, and the remaining grain inventory is low. Large - scale purchasing enterprises are increasing their acquisition efforts, pushing up regional prices. However, with the temperature rising, the enthusiasm for grain sales at the grass - roots level is increasing, and the price increase amplitude is narrowing. In Shandong, the arrival volume of corn is low, and enterprises are increasing prices to stimulate supply. The market is bullish, and the grass - roots are reluctant to sell, showing the characteristic of "price rising but volume decreasing" [2]. Eggs - In late February 2026, the national laying - hen inventory was 1.35 billion, a year - on - year increase of 3.4%, which restricts the rapid rise of egg prices. The number of newly - opened laying hens will decrease significantly from March to April 2026, and the inventory will decline from April to May. Feed cost increases are squeezing profits and accelerating capacity clearance [3]. Pigs - The domestic live - pig spot price has dropped to 10.29 yuan/kg, a year - on - year drop of nearly 30%, and the self - breeding and self - raising loss per head exceeds 280 yuan, with continuous losses for 5 weeks. In March, the slaughter is accelerating, but the demand is still weak. The feed cost is rising, and the profitability is deteriorating, forcing short - term capacity clearance. Some predict a slight reduction in the breeding sow inventory in February, and the far - month contracts may have some support, but the supply - demand pattern remains loose [3][4].