发布日期：2026 年 2 月 27 日 大豆：当前大豆市场以稳为主。一方面部分粮库收购基本结束，且进口大豆 上涨；外加当前处于市场消费旺季和补库高峰，市场货源流通速度加快，市场需 求集中显现。另一方面，在市场需求没有较大改变的情况下，供求关系不对等日 益明显，短期内没有具体方向进行改善。总的来说大豆价格低点已出，后续更多 的是呈现震荡上扬走势。 玉米：东北地区，绥化象屿、北安象屿等多家深加工企业恢复收购，黑龙江 的青冈龙凤和京粮龙江上调收购价格。东北还需要等待十五以后，上量才能恢复 正常状态。港口方面，假期结束以后，虽到车量有所增多，但处于低位，价格出 现小涨。2 月 26 日集港车辆为 200 车左右；港口主流报价 2310--2320 元/吨。 山东市场，随着深加工企业的开机的逐步恢复，玉米需求有所增加，但是玉米供 应一般，使得这几天价格不断小幅提升。今日晨间到车量 662 台，较昨日增加 309 台，随着上量的增加，深加工灵活调整价格；诸城源发、容海、福洋等企业 下调价格，恒仁工贸上调五厘。 短期玉米低位或还存在一定反复，不过在玉米最大供应压力阶段已经过去来 说，下方空间相对有限，如存在回落调整，可以 ...

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The industry is in a critical game period between short - term price pressure and long - term capacity clearance. The sustainability of the far - month contract rise requires near - month inventory reduction, and the policy regulation and the culling of reproductive sows from March to May will be decisive for the future market trend [3] 3. Summary by Related Categories Soybean - Before the Spring Festival, the spot price of soybeans in the Northeast production area rose strongly, with the price of 39% protein commercial beans in some areas exceeding 2.3 yuan per catty. The remaining soybean inventory at the grass - roots level is low, and soybean trade is expected to fully resume after the Lantern Festival. After the holiday, market players have a general need to replenish stocks, so the price of domestic soybeans is still supported in the short term. However, the short - term over - rise of the soybean futures before the festival has led to a negative basis with the spot, which restricts the increase to some extent. Pay attention to the auction announcement of state - reserve imported soybeans next week. Overall, the low point of soybean prices has passed, and the subsequent trend will be more of an oscillating upward one [1] Corn - The Shandong and North China markets have seen a pre - emptive rise. Affected by the slow recovery of logistics after the festival and the incomplete start of grass - roots grain sales, the arrival volume of deep - processing enterprises has remained low, with only more than a hundred vehicles arriving in Shandong in the morning. Enterprises have to raise prices to ensure daily production and replenish post - holiday inventory. In the short term, the low point of corn prices may still fluctuate, but since the stage of the greatest supply pressure has passed, the downside space is relatively limited. If there is a decline and adjustment, it is advisable to consider actively replenishing stocks or buying [1] Egg - Currently, the inventory at all links has accumulated to a certain extent, while the downstream demand is in the early stage of recovery. In the short term, the egg price may remain weakly fluctuating near the opening price, and all parties will mainly focus on digesting inventory. From the supply side, the number of culled laying hens in February may be greater than the supply of newly - laid hens, so the inventory of laying hens in production may decline to a certain extent, but the absolute value is still at a high level, providing limited support for prices. Since the pricing difference of contracts after March has been obvious, the driving force of this slight decline in inventory has been basically exhausted, and further clarity on culling hens is needed for eggs to have more upward - driving forces [2] Pig - Official data shows that the inventory of reproductive sows in December was 39.61 million, a month - on - month decrease of 0.29 million, continuing the trend of capacity reduction; while the inventory of reproductive sows in sample enterprises of Zhuochuang increased to 6.7123 million in January, an increase of 0.0353 million, indicating that large - scale farms have slightly replenished at the low level. The survival rate of piglets has dropped to 93.73%, a decrease of 0.41 percentage points, possibly affected by winter diseases, posing a potential pressure on the supply of piglets in spring. In terms of slaughter supply, the pig inventory in January decreased to 56.5446 million, a decrease of 0.3085 million; the monthly slaughter volume was 13.149 million, a month - on - month decrease of 0.5704 million, which is in line with the seasonal characteristic of the slowdown in slaughter during the Spring Festival holiday. The slaughter weight has not changed much, and the supply structure has not undergone extreme adjustments [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The domestic soybean price is expected to be supported in the short term, but the post - holiday futures price may have a limited adjustment. The short - term low of corn may fluctuate, but the downward space is limited. Egg prices may fluctuate weakly near the opening price in the short term, and the short - term supply and demand of eggs have no obvious driving force. The short - term oversupply situation of live pigs is difficult to fundamentally change, and the industry is in a key game period of short - term price pressure and long - term capacity clearance [1][2] Summary by Related Content Soybean - During the long holiday, the domestic soybean market was stagnant, and the purchase price of domestic soybeans remained stable. On February 23, the purchase price of 39% protein soybeans in Northeast China was 4180 - 4280 yuan/ton, the same as before the holiday. After the holiday, there is a replenishment demand, which is expected to support the price. However, due to the short - term over - rise of soybean futures before the holiday, there is a negative basis with the spot, and there was an adjustment after the holiday, but the adjustment range is limited [1] Corn - As the Spring Festival holiday is coming to an end, the corn market is still in a state of stagnation, but some deep - processing enterprises in some areas have started to resume work and signaled price increases. Most deep - processing enterprises are still cautious, and some plan to reduce prices for purchases after the temperature rises. The short - term low of corn may fluctuate, but the downward space is limited, and it is advisable to consider replenishment or buying on dips [1] Egg - Currently, the inventory of all links has accumulated, and the downstream demand is in the initial stage of recovery. The egg price may fluctuate weakly near the opening price in the short term, and all parties will mainly focus on digesting inventory. The number of laying hens may decline in February, but the absolute value is still high, and the support for prices is limited. The short - term supply and demand have no obvious driving force, and it is regarded as a shock for the time being [2] Live Pig - At the end of January 2026, the national inventory of fertile sows was 39.62 million, with a month - on - month increase of 0.27% and a year - on - year increase of 0.06%, equivalent to 101.6% of the normal inventory, still at the upper limit of the green control range. The short - term oversupply situation is difficult to change fundamentally. The industry is in a key game period, and the current capacity clearance progress is slow. The growth trend of commercial pig supply is expected to continue until the first half of 2026 [2]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints - The cyclical bottom of soybean has emerged, with limited subsequent decline space, and it is expected to continue the volatile trend [1] - Corn is expected to be in a wide - range volatile state before the Spring Festival, and buying at dips can be considered if there is a significant decline [2] - The continuous promotion of capacity reduction will be the core theme of the egg supply side in 2026. The in - production laying hen inventory is expected to decline year - on - year in the second quarter, and it is not recommended to be overly bearish in the short term [2] - The darkest time for live pigs around the Spring Festival is being realized, and subsequent attention should be paid to the regulation of reproductive sows to construct the far - month supply - demand balance sheet [4] Group 3: Summary by Commodity Soybean - Low - protein soybean prices in the Northeast are stable, with limited grassroots inventory and strong price - holding psychology. High - protein soybean supply is tight with a high - quality - high - price feature, and some 39% protein content commodity beans are around 2.2 yuan/jin [1] - On February 2nd, 60,608 tons of 2022 reserve soybeans were auctioned and all were sold, but the auction did not warm up the overall market, and the acceptance of high prices is still weak. Most traders are digesting inventory and fulfilling previous contracts [1] Corn - As the Spring Festival approaches, the corn spot market is approaching the end of trading. Downstream enterprises have basically completed stocking, and deep - processing enterprises are starting shutdown maintenance [2] - This year, the demand for corn in Northeast China is strong, and the grain - selling progress is faster than the same period. However, recent temperature rises and the approaching Spring Festival have increased the enthusiasm of grassroots farmers to sell grain, leading to an increase in corn listings and a continuous decline in prices [2] Egg - Based on the 4 - month cycle from chick sales to in - production inventory, the low - replenishment situation since the second quarter of 2025 will be concentrated in 2026. The in - production laying hen inventory is expected to turn from an increase to a decrease year - on - year in the second quarter, and may fall below 1.3 billion in the middle of the year [2] - The Spring Festival stocking is coming to an end, and the egg futures price has dropped significantly. Attention should be paid to the supply - side reduction performance before the Spring Festival. There is no obvious short - term driver, and it is not recommended to be overly bearish [2] Live Pig - At the end of 2025, the inventory of reproductive sows was 39.61 million, a decrease of 1.16 million or 2.9%, which is 101.6% of the normal reserve. The national live pig slaughter in 2025 was 719.73 million, an increase of 17.16 million or 2.4%. The national live pig inventory at the end of 2025 was 429.67 million, an increase of 2.24 million or 0.5% [3] - From late January to early February, as the pre - holiday slaughter window narrows, concentrated slaughter may drive pig prices further down. Although farmers are resistant to price drops and there are weather disturbances, they can only slow down the decline rate [3][4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The cyclical bottom of soybeans has emerged with limited room for subsequent decline, and soybeans are expected to continue in a volatile trend. Corn is expected to experience wide - range fluctuations before the Spring Festival, and it can still be considered for buying on dips if there is a significant decline [1]. - The national egg market prices have stabilized in many places but are still falling locally. There is no obvious short - term driver, and excessive bearishness is not recommended. The Spring Festival is the darkest time for live pigs, and subsequent attention should be paid to the regulation of reproductive sows to construct a supply - demand balance sheet for the far - month [2][3]. 3. Summary by Related Categories Soybeans - Low - protein soybeans in the Northeast region have stable prices, with limited grassroots inventory and strong price - holding mentality. High - protein soybeans are in short supply, with high - quality products commanding higher prices, and some 39% protein - content commodity beans are priced around 2.2 yuan per catty [1]. - On February 2nd, 60,608 tons of 2022 - produced reserve soybeans were auctioned in places like Jiayin, Shangzhi, and Hulunbuir, all of which were sold at an average price of 4,297.6 yuan per ton and a maximum premium of 310 yuan per ton. However, the high - price acceptance in the overall market remains weak [1]. Corn - The Northeast corn market has entered a small peak of pre - festival grain sales. With increased supply and decreased demand, the price trend is weak. In Shandong, the grain sales progress has exceeded 50%. The market supply increment is limited, and the price is slightly stronger. Corn is expected to fluctuate widely before the festival, and buying on dips can be considered in case of a large decline [1]. Eggs - Egg prices in the national market have stabilized in many places but are still falling locally. The inventory days in the production link in February are estimated to average about 2.50 days, with the monthly inventory center significantly higher than that in January, which will have a phased impact on prices. There is no obvious short - term driver, and excessive bearishness is not recommended [2]. Pigs - At the end of 2025, the number of reproductive sows was 39.61 million, a decrease of 1.16 million or 2.9%. The number of live pigs slaughtered in 2025 was 719.73 million, an increase of 17.16 million or 2.4%. At the end of 2025, the live pig inventory was 429.67 million, an increase of 2.24 million or 0.5% [2]. - From late January to early February, as the pre - festival slaughter window narrows, concentrated slaughter may drive pig prices further down. The Spring Festival is the darkest time for live pigs, and subsequent attention should be paid to the regulation of reproductive sows [2][3].

Report Industry Investment Rating - Not mentioned in the report Core Viewpoints - The cyclical bottom of soybeans has emerged, and the subsequent decline space is limited, with an expected continuation of the oscillating trend [1] - Corn in the Northeast is expected to have a wide - range oscillation before the Spring Festival, and it can be considered to buy on dips if there is a large decline [1] - Egg inventory in February is expected to have a higher monthly center of gravity than in January, which will have a phased impact on prices, and it is not recommended to be overly bearish [2] - The worst time for live pigs around the Spring Festival is being realized, and subsequent attention should be paid to the regulation of reproductive sows to construct a supply - demand balance sheet for the far - month [3] Summary by Category Soybeans - The soybean market in the Northeast has remained stable recently, with only narrow price fluctuations and a significant decline in trading activity [1] - On February 2, 60,608 tons of reserve soybeans from 2022 were auctioned, all were sold, with an average price of 4,297.6 yuan/ton and a maximum premium of 310 yuan/ton, but the market atmosphere has not improved [1] - Most traders are mainly digesting inventory and fulfilling previous contracts [1] Corn - The Northeast market has entered a small peak of pre - festival grain sales, with supply increasing and demand decreasing, resulting in a weak trend [1] - In Shandong, the grain sales progress has exceeded 50%, and the supply and demand sides are in a continuous game. The price in North China is low, and the actual supply increase is limited. The corn price is slightly stronger [1] Eggs - In January, the inventory days in the production and circulation links of eggs in the main producing areas decreased significantly, with the production - link inventory days at 1.01 days (a 2.88% month - on - month decrease) and the circulation - link inventory days at 1.09 days (a 5.22% month - on - month decrease) [2] - The estimated average inventory days in the production link in February is about 2.50 days, with a significantly higher monthly inventory center of gravity than in January [2] Pigs - At the end of 2025, the inventory of reproductive sows was 39.61 million, a decrease of 1.16 million (a 2.9% decline), and it was 101.6% of the normal inventory [2] - In 2025, the national live pig slaughter was 719.73 million, an increase of 17.16 million (a 2.4% increase) [2] - At the end of 2025, the national live pig inventory was 429.67 million, an increase of 2.24 million (a 0.5% increase) [2] - From late January to early February, concentrated slaughter may drive pig prices further down, and the worst time for live pigs around the Spring Festival is being realized [3]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The cyclical bottom of soybeans has emerged, and the subsequent decline space is limited, with an expected continuation of the oscillating trend [1] - Corn is expected to have a wide - range oscillation before the Spring Festival, and it can still be considered for bargain - buying if there is a large decline [1] - There is no obvious short - term driver for eggs, and excessive bearishness is not recommended due to a marginal improvement in inventory compared to the second half of last year [2] - The darkest time for pigs around the Spring Festival is being realized, and subsequent attention should be paid to the regulation of reproductive sows to construct a supply - demand balance sheet for the far - month [3] 3. Summary by Related Categories Soybeans - In the Northeast production area, the spot market for low - protein soybeans is stable, with little remaining grain in the grass - roots level and sluggish transactions. The supply of high - protein soybeans is tight, showing the characteristic of better quality commanding a higher price. The price of 39% protein content commercial beans in some areas is around 2.2 yuan per catty [1] - On February 2, 2026, at 14:00, China Grain Reserves Corporation planned to auction 60,608 tons of soybeans, all of which were sold. The reserve price was 4,050 yuan per ton, the average transaction price was 4,298 yuan per ton, and the premium was 210 - 310 yuan per ton [1] Corn - The Northeast market has entered a small peak of grain sales before the Spring Festival. Under the game of increased supply and decreased demand, the corn trend is weak. Farmers who want to sell grain are selling one after another, and traders and grain dealers have little expectation of price increases. The shipment volume before the Spring Festival has increased [1] - In Shandong, the grain sales progress has exceeded 50%. The supply and demand sides are in continuous game. Currently, North China has a low - price area. In addition to the support of deep - processing stocking demand, traders have the intention to build warehouses, and the actual increase in market supply is limited. The corn price is stable with a slight upward trend [1] Eggs - The current inventory of laying hens in production is still at a relatively high level in recent years, with sufficient basic market supply capacity [2] - The culling rhythm of old hens has slowed down. With the recent sharp rise in egg prices, the income of the breeding link has expanded, and farmers' confidence has been restored. The industry generally has the idea of delaying the culling of old hens and even molting them later, resulting in a decrease in the slaughter volume of old hens and slowing down the reduction rate of production capacity [2] - According to the breeding cycle, the newly - laid hens recently were the chicks replenished around October 2025. Although the egg price at that time inhibited some replenishment, the established production capacity is still gradually coming into production, resulting in the situation of "old hens not leaving and new hens coming", and the overall national production capacity remains at a high level [2] Pigs - At the end of 2025, the inventory of reproductive sows was 39.61 million, a decrease of 1.16 million, a decline of 2.9%, and currently it is 101.6% of the normal inventory [2] - In 2025, the national pig slaughter was 719.73 million, an increase of 17.16 million compared with the previous year, a growth of 2.4% [2] - At the end of 2025, the national pig inventory was 429.67 million, an increase of 2.24 million compared with the end of the previous year, a growth of 0.5% [2] - From the end of January to the beginning of February, as the pre - Spring Festival slaughter window narrows, concentrated slaughter may drive pig prices to weaken further. Although farmers have resistance to price drops and there are weather disturbances, they can only slow down the downward rate and are difficult to reverse the trend [3]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core Viewpoints of the Report - The cyclical bottom of soybeans has emerged, and the subsequent decline space is limited. It is estimated that soybeans will continue to fluctuate [1] - Corn is expected to have wide - range fluctuations before the Spring Festival. If there is a large decline, consider buying on dips [1] - There is no obvious short - term driver for eggs. Due to a slight improvement in the marginal inventory compared to the second half of last year, it is not recommended to be overly bearish [2] - The darkest time for pigs around the Spring Festival has passed. Subsequently, attention should be paid to the regulation of sows to build a supply - demand balance sheet for the far - month period [4] Group 3: Summary by Related Categories Soybeans - In the Northeast soybean producing area, the spot market for low - protein soybeans is stable. The supply of high - protein soybeans is tight with the feature of high - quality and high - price. The price of 39% protein - content commercial soybeans in some areas is around 2.2 yuan per catty [1] - On February 2, 2026, at 14:00, China Grain Reserves Corporation planned to auction 60,608 tons of soybeans, all of which were sold. The reserve price was 4,050 yuan per ton, the average transaction price was 4,298 yuan per ton, and the premium was 210 - 310 yuan per ton [1] Corn - In the Northeast production area, after entering the twelfth lunar month, farmers' attitude of holding prices has loosened slightly, and the amount of corn on the market has improved slightly. In terms of demand, there is a rigid demand for stocking before the Spring Festival in the feed and deep - processing industries, but due to the relatively high price of dry corn, the inventory days of mainstream feed and deep - processing corn have increased to more than 30 days [1] Eggs - The current inventory of laying hens is still at a relatively high level in recent years. The old - hen culling rate has slowed down, and new - laying hens are gradually entering the market, resulting in the overall production capacity remaining high [2] Pigs - At the end of 2025, the inventory of breeding sows was 39.61 million, a decrease of 1.16 million or 2.9%. It was 101.6% of the normal reserve. The national pig slaughter in 2025 was 719.73 million, an increase of 17.16 million or 2.4%. The national pig inventory at the end of 2025 was 429.67 million, an increase of 2.24 million or 0.5% [2] - With the arrival of the Spring Festival in February, the pressure on the breeding side to sell pigs may be temporarily reduced. The supply of pigs is expected to decrease significantly. The pre - festival stocking provides short - term support, but the demand will decline after the Spring Festival [3] - In 2025, pig - related enterprises generally declined, with most enterprises suffering heavy losses and their stock prices falling sharply, which also had a certain pessimistic impact on the commodities [3]

Report Investment Rating - No investment rating information is provided in the report. Core Viewpoints - The cyclical bottom of soybeans has emerged, and the subsequent decline space is limited. Soybeans are expected to continue a relatively strong oscillatory trend [1]. - Corn is expected to have a wide - range oscillation before the Spring Festival. If there is a large decline, it can be considered to buy on dips [1]. - There is no obvious short - term driver for eggs, and due to a marginal improvement in the存栏量 compared to the second half of last year, excessive short - selling is not recommended [2]. - Pig de - capacity is still ongoing. It is estimated that the spot supply around the Spring Festival is still large, and the near - month and spot prices are difficult to show continuous growth. The far - month needs to focus on capacity reduction in the recent two months and the number of reproductive sows [3][4]. Summary by Commodity Soybeans - In the Northeast production area, the spot market for low - protein soybeans is stable, with little remaining grain in the grass - roots level and sluggish transactions. The supply of high - protein soybeans is tight, showing the characteristic of high - quality and high - price. The price of 39% protein - content commercial beans in some areas is around 2.2 yuan per catty. Multiple domestic soybean two - way bidding transactions by the China National Grain and Oils Reserves Corporation have all been successfully concluded recently, indicating certain market demand support [1]. Corn - In the production area of Northeast China, after entering the twelfth lunar month, farmers' willingness to hold prices has slightly weakened, and the phenomenon of farmers threshing and selling grain for cash has increased, resulting in a slight improvement in the supply of grass - roots corn. In terms of demand, there is a rigid demand for pre - Spring Festival stockpiling in the feed and deep - processing industries, and the purchasing enthusiasm of some factories has increased. However, due to the relatively high price of dry grain, the inventory days of mainstream feed and deep - processing corn have increased to more than 30 days, and the factory's raw material inventory is relatively safe, with a cautious market sentiment [1]. Eggs - The current inventory of laying hens is still at a relatively high level in recent years, and the basic market supply capacity is sufficient. The culling rhythm of old hens has slowed down. With the recent rapid and substantial increase in egg prices, the breeding income has expanded, and farmers' confidence has been restored. There is a common idea in the industry to delay the culling of old hens and even carry out molting later, resulting in a decrease in the number of old hens sold and a slowdown in the reduction of production capacity. According to the breeding cycle, the recently newly - opened laying hens were the chicks replenished around October 2025. Although the egg prices at that time inhibited some replenishment, the established production capacity is still being gradually opened, resulting in a situation of "old hens not leaving, new hens coming", which keeps the overall national production capacity at a high level [2]. Pigs - At the end of 2025, the inventory of reproductive sows was 39.61 million, a decrease of 1.16 million or 2.9%, currently 101.6% of the normal inventory. In 2025, the national pig slaughter was 719.73 million, an increase of 17.16 million or 2.4% compared with the previous year. At the end of 2025, the national pig inventory was 429.67 million, an increase of 2.24 million or 0.5% compared with the previous year - end. The pig inventory at the end of 2025 was still higher than the same period last year, indicating that pig de - capacity is still ongoing. It is estimated that the spot supply around the Spring Festival is still large, and the near - month and spot prices are difficult to show continuous growth. The far - month needs to focus on capacity reduction in the recent two months and the number of reproductive sows [2][3][4].

Group 1: Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Group 2: Core Views - The cyclical bottom of soybean has emerged, and the subsequent decline space is limited. It is estimated that soybeans will continue to show a relatively strong and volatile trend [1]. - Corn is expected to have a wide - range volatile trend before the Spring Festival. If there is a large decline and adjustment, it can still be considered to buy on dips [1]. - The inventory of laying hens in the first half of 2026 will decrease month - by - month, with significant declines in March and April, and a narrowing decline in May. It is not recommended to be overly bearish [2]. - The de - capacity of pigs is still ongoing. It is estimated that the spot supply around the Spring Festival is still large, and it is difficult for the near - month and spot prices to show a continuous rise. The far - month needs to focus on the de - capacity in the past two months and the number of sows [3]. Group 3: Summary by Related Content Soybean - In the Northeast production area, the spot market of low - protein soybeans is stable, with little remaining grain inventory at the grass - roots level and sluggish transactions. The supply of high - protein soybeans is tight, showing the characteristic of high - quality and high - price. The price of 39% protein content commercial soybeans in some areas is around 2.2 yuan per catty. Multiple domestic soybean two - way bidding transactions by Sinograin have all been completed, indicating certain market demand support [1]. Corn - In the production area, after entering the twelfth lunar month, farmers' attitude of holding prices has loosened slightly, and the phenomenon of threshing and selling grain by grass - roots farmers has increased, with a slight improvement in the supply of grass - roots corn. In terms of demand, there is a rigid demand for stockpiling before the Spring Festival in the feed and deep - processing industries, and the purchasing enthusiasm of some factories has increased. However, due to the relatively high price of dry grain, the inventory days of mainstream feed and deep - processing corn have increased to more than 30 days, and the factory's raw material inventory is relatively safe, with a cautious attitude in the market [1]. Egg - Calculated from the chick replenishment data, the inventory of laying hens in the first half of 2026 will show a monthly decreasing trend, with significant declines in March and April due to the combined effects of less previous replenishment and accelerated elimination of old chickens. In May, the inventory will continue to decline, but the decline will narrow, and the industry will gradually enter the supply - demand adjustment transition period. The market is in a state of hesitation, with a slight decline after a recent upward rush, and there is no obvious driving force. Since the current inventory margin has improved slightly compared with the second half of last year, it is not recommended to be overly bearish [2]. Pig - At the end of 2025, the inventory of breeding sows was 39.61 million, a decrease of 1.16 million or 2.9%, and it was 101.6% of the normal reserve. In October 2025, the sow inventory was 39.9 million. In 2025, the national pig slaughter was 719.73 million, an increase of 17.16 million or 2.4% compared with the previous year. At the end of 2025, the national pig inventory was 429.67 million, an increase of 2.24 million or 0.5% compared with the end of the previous year. The pig de - capacity is still ongoing, and it is estimated that the spot supply around the Spring Festival is still large, and the near - month and spot prices are difficult to show a continuous rise [2][3].