Group 1: Report Industry Investment Rating - The investment strategy for both the pig and egg markets is cautiously bearish [3][5] Group 2: Core Viewpoints of the Report - The pig price is adjusting in a stable and slightly weak manner. The supply of standard pigs has increased, leading to a decline in pig prices. However, the resistance of retail farmers in the northern region has restricted the decline. The strong piglet price may indicate a certain demand for piglet replenishment. The inventory of slaughtering enterprises is still high, and their procurement sentiment is cautious. The subsequent consumption - end Spring Festival stocking is expected to increase, and the marginal changes in the supply - demand game need to be observed [2] - The egg spot price continues to rise slightly. The tight supply in the northern region due to logistics has driven the price up. The pre - holiday stocking demand is still being released, and the overall market sales rhythm is stable. But as more areas start to have holidays, the acceptance of high - priced goods by the terminal is under pressure. The short - term support for egg prices is the pre - holiday stocking sentiment and low inventory levels. The inventory accumulation speed after the holiday may be the key to the post - holiday price adjustment [4] Group 3: Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live pig 2603 contract was 11,285 yuan/ton, a change of - 180 yuan/ton from the previous trading day, a decrease of 1.57%. - Spot: In Henan, the price of external ternary live pigs was 13.12 yuan/kg, a change of - 0.03 yuan/kg from the previous trading day; in Jiangsu, it was 13.22 yuan/kg, a change of - 0.15 yuan/kg; in Sichuan, it was 12.79 yuan/kg, a change of - 0.08 yuan/kg. The spot basis in these areas also changed accordingly [1] - Agricultural product prices: On January 27, the "200 - index of agricultural product wholesale prices" was 130.39, up 0.05 points from the previous day; the "vegetable basket" product wholesale price index was 133.33, up 0.07 points. The average price of pork in the national agricultural product wholesale market was 18.66 yuan/kg, up 0.1%; beef was 66.01 yuan/kg, down 0.3%; mutton was 63.64 yuan/kg, down 0.5%; eggs were 8.51 yuan/kg, up 1.2%; white - striped chickens were 17.25 yuan/kg, up 1.9% [1] Market Analysis - The pig price is adjusting in a stable and slightly weak manner, with the northern region showing better price stability and the southern region having a relatively larger decline. The enthusiasm of breeding enterprises to sell pigs has increased this week, and the month - on - month increase in sales is the largest since New Year's Day. The increase in the supply of standard pigs has led to a decline in pig prices, but the resistance of retail farmers in the northern region has restricted the decline. The strong piglet price after the recent adjustment of pig prices may indicate a certain demand for piglet replenishment. The inventory of slaughtering enterprises is still high, and their procurement sentiment is cautious, and they have a low willingness to significantly increase procurement [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2603 contract was 3,047 yuan/500 kg, a change of - 22 yuan from the previous trading day, a decrease of 0.72%. - Spot: In Liaoning, the egg spot price was 3.78 yuan/jin, a change of + 0.11 yuan from the previous trading day; in Shandong, it was 4.10 yuan/jin, a change of + 0.10 yuan; in Hebei, it was 3.62 yuan/jin, a change of + 0.11 yuan. The spot basis in these areas also changed accordingly [3] - Inventory: On January 27, 2026, the national production - link inventory was 0.52 days, a decrease of 0.06 days from the previous day, a decrease of 10.34%. The circulation - link inventory was 0.68 days, unchanged from the previous day [3] Market Analysis - The egg spot price continues to rise slightly, with a slight increase in the mainstream regions across the country. The tight supply in the northern region due to logistics has driven the market sentiment and the price up. The pre - holiday stocking demand at the terminal is still being released, and the overall market sales rhythm is stable. But as more areas start to have holidays, the acceptance of high - priced goods by the terminal is under pressure. The short - term support for egg prices is the pre - holiday stocking sentiment and low inventory levels, and the inventory accumulation speed after the holiday may be the key to the post - holiday price adjustment [4] Strategy - Cautiously bearish [5]

国家生猪大数据生猪合作专题 国家生猪大数据中心 X 西南期货有限公司 生猪2025年四季度数据解读与2026年一季度展 望 一、能繁母猪存栏量（12 月 3961 万头，同比-2.87%） 解读：根据统计局和农业农村部联合发布的全国能繁母猪存栏量 显示，2025 年四季度能繁母猪存栏量呈 "高位下降" 态势，产能 去化节奏加快，受全行业亏损压力及政策强力推动，截至 12 月底， 能繁母猪存栏 3961 万头，同比降减 2.87%。距离正常保有量上限（3900 万头）高出 1.56%，整体降幅略低于此前的市场预期（至 2026 年 1 月前调减 100 万头母猪至 3950 万头左右）。值得注意的是，近年规 模场通过更新原种提升繁育效率，能繁母猪 MSY（每头母猪每年提供 育肥猪出栏数）持续增长，因此就 2025 年四季度能繁母猪存栏量同 比下降 2.6%的变化而言，其对应的 2026 年三季度商品猪出栏量，或 反而出现同比增长（MSY 同比增长幅度高于能繁母猪存栏量的同比降 减幅度）。 展望：短期来看，2026 年一季度能繁母猪存栏或延续环比下滑 趋势，但降减幅度收敛。一方面，当前肥猪与仔猪仍处于亏损区间， ...

北京商报讯（记者 郭秀娟 王悦彤） 1月28日，北京商报记者获悉，近日神农集团发布公告称，公司预 计2025年年度实现归母净利润3.13亿元至3.84亿元，同比减少44.09%至54.43%。 公告表示，报告期内，公司销售生猪307.42万头（包含对外销售和对内部屠宰企业销售），较上年同期 增长35.34%，公司持续做好生猪健康管理及提升产能利用率、生产管理效率，养殖成本较上年同期下 降。全年商品猪销售均价约13.39元/公斤，较上年同期下降约17.70%，由于生猪销售价格同比出现较大 幅度下降，导致生猪养殖业务利润同比减少。 ...

Group 1 - The company plans to introduce 266,000 sets of grandparent white feather broiler chickens in 2025, indicating a sufficient stock of grandparent breeding chickens [1] - The supply of parent generation chicks is expected to increase in 2026 compared to 2025 [1] - The projected sales volume of commercial generation chicks for 2026 is over 600 million, with a significant increase in breeding pig sales expected to reach 150,000 heads compared to 2025 [1]

证券日报网讯1月27日，东瑞股份（001201）发布公告称，截至本公告披露日，公司对控股子公司的担 保余额为16.04亿元，占公司2024年末经审计净资产的47.28%。上述担保均是合并报表范围内公司为控 股子公司提供的担保。公司及子公司无对外担保情况，不存在逾期担保、涉及诉讼的对外担保及因担保 被判决败诉而应承担损失的情形。 ...

证券日报网讯 1月27日，西部牧业发布公告称，公司预计2025年度归属于上市公司股东的净利润 为-5600万元至-4300万元，上年同期为-11880.58万元；扣除非经常性损益后的净利润为-7900万元 至-6600万元，上年同期为-16062.03万元。 （文章来源：证券日报） ...

Core Viewpoint - Western Dairy (300106.SZ) expects a net profit attributable to shareholders of the listed company to be between -56 million and -43 million yuan for 2025, with a net profit excluding non-recurring gains and losses projected to be between -79 million and -66 million yuan [1] Group 1 - During the reporting period, local dairy farming enterprises optimized and adjusted their herd structure, appropriately eliminating aging and low-yield dairy cows, which led to a decrease in the company's feed sales revenue and profit [1] - The company made provisions for bad debts on receivables in accordance with relevant regulations and prudence principles, and also made provisions for impairment on certain inventories and idle assets during the reporting period [1] - The amount of non-recurring gains and losses for the company during the reporting period was approximately 23 million yuan, mainly from government subsidies received [1]

Core Viewpoint - The company expects a reduced net profit loss for 2025, projecting a loss of 43 million to 56 million yuan, compared to a loss of 119 million yuan in the same period last year [1] Financial Performance - The anticipated net profit loss for 2025 is between 43 million and 56 million yuan, indicating an improvement from the previous year's loss of 119 million yuan [1] - The expected non-recurring net profit loss for 2025 is projected to be between 66 million and 79 million yuan [1] Operational Adjustments - Local dairy farming enterprises have optimized and adjusted their herd structure, leading to the appropriate culling of older and low-yielding cows [1] - The reduction in the procurement of concentrated feed has contributed to a decline in the company's feed sales revenue and profit [1] - The company has made provisions for impairment on certain inventories and idle assets [1]

证券日报网讯1月27日，巨星农牧（603477）发布公告称，公司预计2025年年度实现归属于母公司所有 者的净利润2，600.00万元到3，600.00万元，与上年同期相比，将减少49，254.80万元到48，254.80万 元，同比减少94.99%到93.06%。 ...

Core Viewpoint - The recent fluctuations in pig prices are attributed to supply constraints reaching their limits, while downstream consumption has not shown significant improvement, leading to limited upward momentum in prices [2]. Supply Analysis - The supply pressure for February is expected to be low, as January's price increase was primarily due to reduced market supply. The theoretical outflow for January corresponds to last year's March production capacity, which saw a significant decline in breeding sows [4]. - February's theoretical outflow aligns with last year's April production capacity, which also experienced a decrease, indicating that supply pressure will remain manageable [4]. Demand Analysis - February is expected to see a notable increase in consumption due to the Spring Festival, with both previously held back and newly fattened pigs being released into the market. However, the timing of supply and demand increases may not align perfectly [6]. - The uncertainty surrounding consumer demand remains a critical factor, as the extent of consumption growth is unpredictable despite potentially lower pork prices stimulating some increase [7][8]. Market Sentiment - Historical trends indicate that market sentiment often drives pig prices more than supply and demand fundamentals during the Spring Festival, with increased slaughter rates and higher order volumes from distributors expected [6]. - However, the overall price increase is anticipated to be limited due to the uncertain nature of consumer demand and the expectation that supply growth will outpace demand growth [10].