1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report 2.1 Pig Market - In the short - term, pig prices may experience a narrow - range shock due to weakening enthusiasm for secondary fattening after price increases and limited terminal demand growth. However, the decline in average slaughter weight and the expected price - supporting behavior of large farms at the end of the month may limit the downside. - In the medium - to - long - term, the oversupply situation will persist until the first half of next year. Pig prices during the peak season are not optimistic, and prices in the off - season of the first half of next year will also be under pressure. Although prices in the second half of next year are expected to be relatively strong due to capacity reduction, caution is still needed [5][60]. 2.2 Egg Market - In the short - term, egg prices will fluctuate at a low level due to sufficient supply and weak demand. Although the improvement of storage conditions and the increase in vegetable prices support egg prices, the lack of concentrated consumption before the Spring Festival limits the price increase. - In the medium - to - long - term, the supply growth rate will slow down, but due to the strong anti - risk ability of enterprises and the ease of chick supply, it will take time to clear the production capacity [6][91]. 2.3 Corn Market - In the short - term, the corn market will be under pressure due to sufficient supply from new grain listings and limited terminal demand recovery. It is expected to operate weakly. - In the medium - to - long - term, although the new season is expected to be a bumper harvest, the low carry - over inventory of old crops and limited imports will strengthen cost support. The demand for corn will be stable but weak, limiting the upside space [10][119]. 3. Summary According to the Directory 3.1 Feed and Livestock - Poultry View Summary 3.1.1 Pig - **Price**: As of October 24, the national spot price was 11.77 yuan/kg, up 0.67 yuan/kg from last week; the futures price of contract 2501 was 12175 yuan/ton, up 505 yuan/ton from last week; the basis of contract 01 was - 305 yuan/ton, up 85 yuan/ton from last week [5][60]. - **Supply**: The inventory of sows of reproductive age is still relatively high, and the production performance has improved. The supply pressure of pigs will remain high until the first half of next year. The planned slaughter volume of large - scale enterprises in October has increased. The proportion of small pigs in slaughter has increased, and the average slaughter weight has decreased [5][60]. - **Demand**: The slaughter volume has increased overall, but there is a decline in the later period. The fresh - sales rate is stable, and the cold - storage capacity has increased slightly. The demand for pork has increased due to the cooling weather, but the increase is limited [5][60]. - **Cost**: The prices of piglets and sows of reproductive age have fluctuated slightly. The losses of self - breeding and self - raising and purchasing piglets for fattening have narrowed, and the cost of fattening pigs has decreased [5][60]. - **Strategy**: Take a bearish view of contracts 01, 03, and 05 in the medium - term. Hold existing short positions and add short positions on rebounds. Pay attention to the arbitrage of going long on contract 05 and shorting on contract 03. Be cautious about bottom - fishing for contracts 07 and 09 [5][60]. 3.1.2 Egg - **Price**: As of October 24, the average price in the main production areas was 2.94 yuan/jin, down 0.05 yuan/jin from last Friday; the futures price of contract 2512 was 3086 yuan/500 kg, up 127 yuan/500 kg from last Friday; the basis of the main contract was - 556 yuan/500 kg, down 127 yuan/500 kg from last Friday [6][91]. - **Supply**: The number of newly - opened laying hens in October is still relatively high, and the number of old hens being slaughtered is at a high level. The supply pressure has been relieved, but the pattern of sufficient supply remains unchanged. In the medium - to - long - term, the supply growth rate will slow down, but it will take time to clear the production capacity [6][91]. - **Demand**: After the "Double Festivals", the terminal demand has weakened. The cooling weather and the increase in vegetable prices support egg prices, but the lack of concentrated consumption before the Spring Festival limits the price increase [6][91]. - **Strategy**: For the current main contract 12, pay attention to the spot price. If the spot price increase is limited, short on the futures market. Temporarily wait and see for contract 01 [6][91]. 3.1.3 Corn - **Price**: As of October 24, the平仓 price of corn at Jinzhou Port, Liaoning was 2160 yuan/ton, up 10 yuan/ton from last Friday; the futures price of contract 2601 was 2133 yuan/ton, up 16 yuan/ton from last Friday; the basis of the main contract was 27 yuan/ton, down 6 yuan/ton from last Friday [10][119]. - **Supply**: The old - crop inventory of traders is not large. The new - crop corn in the Northeast is expected to be a bumper harvest, and the supply is sufficient at the beginning of the listing. The import volume of corn in September was 60,000 tons, a 50% month - on - month increase and an 80.6% year - on - year decrease [10][119]. - **Demand**: The feed demand has increased due to the increase in the inventory of pigs and poultry, but the high price difference between corn and wheat has squeezed the feed demand for corn. The processing profit of deep - processing enterprises has turned positive, but the start - up rate is still at a low level [10][119]. - **Strategy**: Take a bearish view of the main contract 01. Wait for a rebound to short, and pay attention to the pressure levels of 2170 - 2200 [8][117]. 3.2 Variety Industry Data Analysis 3.2.1 Pig - **Weekly Market Review**: The pig price has increased, the futures price has strengthened, and the basis has increased slightly [5][60]. - **Fundamental Data Review**: The average slaughter weight has decreased, the fat - standard price difference has narrowed, the slaughter volume has increased, the cold - storage capacity has increased slightly, and the profit of pig - raising has improved [20]. - **Key Data Tracking**: The inventory of sows of reproductive age is slowly decreasing, and the production performance has reached the highest level in the past four years. The number of newly - born piglets has increased, indicating high supply pressure in the fourth quarter [22]. 3.2.2 Egg - **Weekly Market Review**: The egg price has fluctuated at a low level, the futures price has increased, and the basis has weakened [6][91]. - **Fundamental Data Review**: The price of eggs has decreased slightly, the price of chicks has increased, the price of old hens being slaughtered has decreased slightly, the sales volume in the sales areas has increased, and the inventory in the circulation link has increased [67]. - **Key Data Tracking**: The inventory of laying hens is at a high level, the number of newly - opened laying hens in October is still relatively high, and the number of old hens being slaughtered is at a high level [6][91]. 3.2.3 Corn - **Weekly Market Review**: The corn price has stopped falling and rebounded slightly, the futures price has increased, and the basis has weakened [10][119]. - **Fundamental Data Review**: The price of corn at the port has increased slightly, the supply has increased, the demand for deep - processing has increased slightly, and the inventory has increased [99]. - **Key Data Tracking**: The new - crop corn in the Northeast is expected to be a bumper harvest, the import volume is at a low level, and the feed demand is stable but weak [10][119].