宏观层面，地缘风险溢价仍在，但今日铸造铝价格走势随电解铝、铜及贵金属一同回调。特朗普政府 2026 年对委内瑞拉发动军事打击后，又将目光锁定格陵兰岛，且接连干预多国内政。这一系列举动引 发多头对全球政治局势动荡的强烈担忧，为规避风险，多头选择在价格高点获利了结。受此影响，人民 币震荡走弱，全球股市大面积下挫，市场风险偏好受到一定压制，铸造铝价格因此承压下行。 基本面方面，原料端，因进口废铝与国产废铝供应均偏紧，这使得铸造铝价格跌幅受限，成本端对铸造 铝价格形成有力支撑。需求端表现依旧疲软，行业步入季节性消费淡季，年末氛围渐浓，合金厂开工率 持续下滑，汽车行业消费需求也有所下降，铸造铝采购需求低迷。现货市场上，持货商报价依旧坚挺， 下调幅度不大，下游企业谨慎入场，日内交易仅维持刚需。第二交易时段，铸造铝盘面价格走低，持货 商报价略有下调，小部分买方追跌补货，但市场流通货源零星，实质性成交稀少，整体成交活跃度一 般。 综合来看，铝合金需求将逐步进入淡季，合金厂按需生产导致开工率回落，但成本端支撑稳固，加之持 仓上升，铸造铝价格将维持高位震荡格局。此外，铝合金价格走势与铝价紧密相关，当铝价（AL）回 落时，更有利于 ...

Core Viewpoint - The company experienced a decline in both sales volume and revenue for chicken products in October 2025, primarily due to the overall supply-demand dynamics in the industry [1]. Company Performance - In October 2025, the company sold 19.4567 million chickens, generating a revenue of 56.2981 million yuan, reflecting a month-on-month decrease of 10.00% in sales volume and 14.90% in revenue [1]. - Year-on-year, the sales volume and revenue decreased by 17.15% and 34.89%, respectively [1]. Industry Context - The current supply of egg-laying hens is relatively abundant, which, combined with lower-than-expected market demand during the National Day and Mid-Autumn Festival holidays, has increased market pressure [1]. - The market is entering a seasonal consumption lull, leading to low egg prices and a cautious outlook among breeding units, resulting in reduced enthusiasm for replenishing stocks [1]. - Additionally, the weak price trends for both live pigs and broiler chickens have indirectly suppressed egg consumption [1].

Report Overview - **Report Date**: July 24, 2025 - **Report Type**: Black Building Materials Daily Report - **Research Institution**: Huatai Futures Research Institute Industry Investment Ratings - **Steel**: Sideways with an upward bias [1][2] - **Iron Ore**: Sideways [3][4] - **Coking Coal and Coke**: Sideways with an upward bias [5][7] - **Steam Coal**: Sideways with an upward bias in the short - term, supply remains loose in the long - term [8] Core Views - The market sentiment of steel is slowing down, and steel prices are oscillating with an upward bias. The building materials are in the off - season, while the plates show strong consumption resilience. Policy benefits are emerging [1]. - The price of iron ore is oscillating. Macro - policy disturbances have increased, and the short - term price has rebounded. The supply has strong support, and the demand is guaranteed. In the long run, the supply - demand remains loose [3]. - The futures prices of coking coal and coke have risen significantly. The supply of coking coal is tight, and the demand for coke is strong. The market sentiment is positive [5][6]. - The market sentiment of steam coal is high, and the coal prices in the production areas are oscillating upwards. The supply is gradually releasing, and the demand is expected to strengthen in the short term. The supply pattern remains loose in the long run [8]. Summary by Commodity Steel - **Market Analysis**: The futures trading atmosphere has slowed down, and the trading volume has slightly decreased. The spot market demand has slightly increased, and the spot trading is generally weak. Building materials are in the off - season with slightly increased inventory and slightly decreased production. Plates maintain a pattern of strong supply and demand [1]. - **Strategy**: Unilateral: Sideways with an upward bias; Others: None [2] Iron Ore - **Market Analysis**: The futures price is oscillating. The spot price in Tangshan Port has slightly declined, and the trading is cold. The long - term spot trading volume has increased. The short - term price has rebounded, the supply has strong support, and the demand is guaranteed. The port inventory has not increased significantly. In the long run, the supply - demand remains loose [3]. - **Strategy**: Unilateral: Sideways; Others: None [4] Coking Coal and Coke - **Market Analysis**: The futures prices have risen significantly. The coke market has implemented two rounds of price increases, and some coking enterprises have over - increased prices. The supply of coking coal is tight, and the demand for coke is strong. The market sentiment is positive [5][6]. - **Strategy**: Coking Coal: Sideways with an upward bias; Coke: Sideways with an upward bias; Others: None [7] Steam Coal - **Market Analysis**: The coal prices in the production areas are rising. The procurement demand from metallurgy and chemical industries is good, and the restocking demand from some local power plants has been released. The port market is rising, but the terminal's acceptance of prices is slow to improve, and the trading is deadlocked. The import coal price is high and firm, but the trading activity is not high [8]. - **Strategy**: None

Group 1: Report Industry Investment Ratings - Investment rating for the pig market: Cautiously bearish [3] - Investment rating for the egg market: Neutral [5] Group 2: Core Views of the Report - The pig market is in a pattern of strong supply and weak demand, with prices fluctuating widely in May. As it enters the seasonal consumption off - season, there is a lack of short - term positive factors. Long - term attention should be paid to pig出栏情况, secondary fattening, and frozen product changes [2] - The egg market has entered the seasonal consumption off - season. After the Dragon Boat Festival food enterprise stocking ended and with the decline in school demand after the mid - and high - school entrance exams, along with the high - temperature and high - humidity environment in the southern rainy season, the short - term supply - demand pattern of oversupply is difficult to change [4] Group 3: Market News and Important Data Pig Market - Futures: The closing price of the live pig 2509 contract yesterday was 13,485 yuan/ton, a change of - 5.00 yuan/ton (- 0.04%) from the previous trading day [1] - Spot: In Henan, the price of external ternary live pigs was 14.03 yuan/kg, a change of - 0.18 yuan/kg; in Jiangsu, it was 14.42 yuan/kg, a change of - 0.08 yuan/kg; in Sichuan, it was 14.00 yuan/kg, a change of - 0.08 yuan/kg [1] - Agricultural product wholesale prices on June 5: The "Agricultural Product Wholesale Price 200 Index" was 113.50, up 0.06 points; the "Vegetable Basket" product wholesale price index was 113.63, up 0.07 points. The average price of pork was 20.70 yuan/kg, down 0.2%; beef was 64.44 yuan/kg, up 1.5%; mutton was 59.76 yuan/kg, up 1.2%; eggs were 7.76 yuan/kg, up 0.8%; white - striped chickens were 17.54 yuan/kg, up 1.1% [1] Egg Market - Futures: The closing price of the egg 2507 contract yesterday was 2,878 yuan/500 kilograms, a change of + 1.00 yuan (+ 0.03%) from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 2.78 yuan/jin, with no change; in Shandong, it was 2.90 yuan/jin, with no change; in Hebei, it was 2.58 yuan/jin, with no change [3] - Inventory: On June 5, 2025, the national production - link inventory was 1.02 days, an increase of 0.02 days (2.00%); the circulation - link inventory was 1.42 days, an increase of 0.03 days (2.16%) [3]

Group 1: Report Industry Investment Ratings - Investment rating for the pig market: Cautiously bearish [3] - Investment rating for the egg market: Neutral [6] Group 2: Core Views of the Report - The pig market is in a seasonal consumption off - season, showing a pattern of strong supply and weak demand, with short - term lack of positive factors and long - term need to monitor hog slaughter, secondary fattening, and frozen product changes [2] - The egg market is also in a seasonal consumption off - season, and the short - term supply - demand pattern of oversupply is difficult to change [5] Group 3: Summary of Relevant Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live hog 2509 contract yesterday was 13,490 yuan/ton, a change of - 20.00 yuan/ton from the previous trading day, a decrease of 0.15% [1] - Spot: In Henan, the price of outer three - yuan live hogs was 14.21 yuan/kg, a change of - 0.19 yuan/kg from the previous trading day; in Jiangsu, it was 14.50 yuan/kg, a change of - 0.10 yuan/kg; in Sichuan, it was 14.08 yuan/kg, a change of - 0.07 yuan/kg [1] - Agricultural product prices: On June 4, the "Agricultural Product Wholesale Price 200 Index" was 113.44, down 0.29 points from the previous day. The average wholesale price of pork was 20.75 yuan/kg, up 0.8% from the previous day; beef was 63.50 yuan/kg, down 0.6%; mutton was 59.08 yuan/kg, down 1.2%; eggs were 7.70 yuan/kg, up 1.2%; and white - striped chickens were 17.35 yuan/kg, up 0.8% [1] Market Analysis - The pig market is entering a seasonal consumption off - season. Rising temperatures and school holidays will affect rigid demand. Frozen product inventory is slowly being destocked, and there is little frozen product warehousing at current price levels. The market shows a pattern of strong supply and weak demand, with short - term lack of positive factors [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2507 contract yesterday was 2,877 yuan/500 kilograms, a change of - 20.00 yuan from the previous trading day, a decrease of 0.69% [3] - Spot: In Liaoning, the egg spot price was 2.78 yuan/jin, unchanged from the previous trading day; in Shandong, it was 2.90 yuan/jin, unchanged; in Hebei, it was 2.58 yuan/jin, unchanged [3] - Inventory: On June 4, the national production - link inventory was 1.00 days, an increase of 0.02 days from the previous trading day, and the circulation - link inventory was 1.39 days, an increase of 0.02 days [3] Market Analysis - After the Dragon Boat Festival, food company stocking ended, leading to a decline in egg prices. After the mid - and high - school entrance exams this month, school demand dropped significantly. During the plum - rain season in the South, high temperature and humidity caused frequent egg spoilage, and all links were more cautious in purchasing, mainly on a demand - based basis. The overall demand is weak, and the short - term supply - demand pattern of oversupply is difficult to change [4][5] Strategy - Neutral [6]