Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - Northeast soybean spot prices are weak, with more market circulation and sparse trading, but the state - reserve auction provides price reference and bottom support, and short - term prices are expected to be in shock adjustment with obvious bottom support [1] - Shandong corn prices rose slightly, while Northeast corn continued to decline weakly. There is a certain price correction pressure in the spot market, and short - term prices may be adjusted, but the downward space is limited [1] - The egg market is entering the off - season, with stable supply due to high laying rates and high inventory. Near - month contracts are expected to be weakly volatile, and far - month contracts may fall if the chicken culling is not as expected [2] - The state has started to purchase frozen pork for storage, but short - term supply pressure remains high. The supply of live pigs will be in excess from March to May, and there is an expectation of a price rebound at the end of the third quarter, but near - month pressure is huge [3][4] Group 3: Summary by Related Catalogs Soybean - Northeast soybean spot prices are weak, with more market circulation and sparse trading. The state - reserve auction at 4500 yuan/ton last Thursday had a transaction rate of over 60%, providing price reference and bottom support. Short - term prices are expected to be in shock adjustment [1] Corn - Shandong corn prices rose slightly, and Northeast corn continued to decline weakly. There was a high volume of corn in North China last weekend to this week, and the inventory of deep - processing enterprises gradually accumulated. Today, the arrival volume decreased, and the price decline slowed down. In the Northeast, the sales of ground - stored grain are coming to an end, and the supply has increased recently. Spot prices have correction pressure, and short - term prices may be adjusted, but the downward space is limited [1] Egg - The egg market is entering the off - season. The current laying rate is about 92.71%, and it is expected to remain stable. The inventory is high, and the supply pressure persists. After the sharp rise in futures last week, there has been a continuous adjustment in the past two days, and the price difference between futures and spot is narrowing. Near - month contracts are expected to be weakly volatile, and far - month contracts may fall if the chicken culling is not as expected [2] Pig - The state has started to purchase frozen pork for storage to promote price stability. However, short - term supply pressure remains high. The supply of live pigs will be in excess from March to May due to the high inventory of sows in the second quarter of last year. There is an expectation of a price rebound at the end of the third quarter, but near - month pressure is huge, and both near - and far - month contracts are in a deep adjustment period [3][4]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Oilseeds**: The release of the US biodiesel policy and the firmness of Brazilian premiums support the cost of soybean imports in China. However, the increase in reserve releases has cooled the bullish sentiment for soybeans. For example, the 05 contract of soybeans is expected to be weak in the short - term, while the 09 contract of soybeans and soybean meal can be considered for long - position layout [3][5][12]. - **Oils**: The continuous tension in the Middle East situation, the implementation of the US biodiesel policy, and the restart of Indonesia's B50 policy have driven up the prices of oils. Palm oil can be treated with a cautious bullish attitude, and soybean oil and rapeseed oil may continue to fluctuate widely [3][4]. - **Feed**: The supply of feed grains such as corn and corn starch is under pressure in the short - term, but the low channel inventory limits the decline space. The price of rapeseed meal may continue to fluctuate and bottom out, waiting for a stable upward opportunity [6][7]. - **Livestock and Poultry**: The short - term supply - demand pattern of pigs is difficult to change fundamentally, and the far - month futures contracts of pigs may have a larger premium. The supply pressure of eggs has been alleviated to some extent, and the far - month peak - season contracts have a large premium over the current off - season spot [8][9]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis - **Oilseeds**: The 05 contract of soybeans is expected to be weak due to increased reserve releases. The 09 contract of soybeans and soybean meal can be considered for long - position layout due to cost - end support [12]. - **Oils**: Palm oil is expected to be bullish, while soybean oil and rapeseed oil may fluctuate widely. The 05 contract of palm oil can be treated with a cautious bullish attitude, and the 09 contract of soybean oil can be considered for long - position after stabilization [12]. - **Protein**: The 09 contract of soybean meal is expected to be stable, and the 05 contract of rapeseed meal may continue to fluctuate and adjust [12]. - **Energy and By - products**: Corn and corn starch may adjust in the short - term, and it is recommended to wait and see or look for long - position opportunities at low prices [12]. - **Livestock and Poultry**: The 05 contract of pigs and eggs may continue to search for the bottom, and it is recommended to wait and see [12]. 3.1.2 Commodity Arbitrage - **Inter - month Arbitrage**: For most varieties, it is recommended to wait and see. For the 5 - 9 spread of corn, it is recommended to short at high prices, and for the 5 - 7 spread of pigs, it is recommended to hold the reverse arbitrage [13][14]. - **Inter - commodity Arbitrage**: For most inter - commodity spreads, it is recommended to wait and see. For the 05 soybean oil - palm oil, 05 rapeseed oil - soybean oil, and 05 rapeseed oil - palm oil spreads, it is recommended to wait and see. For the 05 soybean oil - meal ratio and 05 rapeseed oil - meal ratio, it is recommended to take a bullish approach [14]. 3.1.3 Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various varieties, which can be used as a reference for spot - futures operations [15]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Oilseeds - **Daily Data**: It includes the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping periods, which helps to understand the cost - end situation of oils and oilseeds [17][18]. - **Weekly Data**: It shows the inventory and operating rates of various oils and oilseeds, such as the inventory of soybeans, soybean meal, rapeseed, rapeseed meal, palm oil, peanuts, and peanut oil, as well as the operating rates of related processing plants [19][20]. 3.2.2 Feed - **Daily Data**: It provides the import cost data of corn from different countries and months, which is helpful for analyzing the cost of feed grains [20]. - **Weekly Data**: It includes the consumption, inventory, operating rate, and sales progress of corn and corn starch, which can reflect the supply - demand situation of the feed market [21]. 3.2.3 Livestock and Poultry - **Daily Data**: It shows the spot prices and price changes of pigs and eggs in different regions, which can reflect the short - term market situation [21][22]. - **Weekly Data**: It provides the key data of pigs and eggs, such as the price, cost, profit, slaughter volume, and inventory of pigs, as well as the supply, demand, and profit data of eggs [23][24]. 3.3 Third Part: Fundamental Tracking Charts The report provides a series of charts to track the fundamentals of the livestock and poultry, oils and oilseeds, and feed sectors, including the price, inventory, production, and consumption data of various varieties, which helps to visually understand the market situation [25][26][28]. 3.4 Fourth Part: Options Situation of Feed, Livestock, and Oils The report provides the option - related data of feed, livestock, and oils, such as the price difference between soybean meal and rapeseed meal, historical volatility, option trading volume, and open interest, which can be used as a reference for option trading [96][98][100]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock, and Oils The report provides the warehouse receipt data of various varieties, including rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, pigs, and eggs, which can reflect the supply - demand situation in the physical market [106][108][110].

Group 1: Strategy and Market Overview - The report emphasizes the importance of combining momentum strategies with quarterly report trading for April, suggesting that timing and industry selection can enhance strategy performance [3] - A review of the A-share market indicates a rebound after a dip, influenced by geopolitical tensions and global market fluctuations [3][4] - The report highlights the performance of various asset classes, noting that commodity prices have generally risen, while the U.S.-China interest rate spread has expanded [3] Group 2: Fixed Income Insights - The report tracks a significant drop in pig prices, reaching a new low, indicating a challenging environment for the agricultural sector [5] - The "fixed income plus" products are facing redemption pressures, which may lead to a reduction in equity asset allocations and widening of yield spreads [6] Group 3: Industry-Specific Insights - In the machinery and equipment sector, the demand for motor winding equipment is expected to surge due to the growth of the robotics industry, with market size projected to grow from 0.7 billion to 13.5 billion by 2030 [7][8] - The coal industry is experiencing price fluctuations due to geopolitical tensions affecting LNG supplies, with increased reliance on coal for power generation expected to support global coal prices [13][14] - The pig farming sector is facing significant losses, with prices dropping to 9.46 yuan/kg, and the report suggests that the industry will continue to struggle in the near term [17][18] Group 4: Company Performance Highlights - China Merchants Bank reported a slight increase in revenue and net profit for 2025, with a focus on wealth management and stable asset quality [24][25][28] - Meituan's core local business is entering a profit recovery phase as competition in the food delivery sector eases [29] - Huakong Technology achieved substantial revenue growth in 2025, driven by its strategic upgrade of the "3+N+3" smart product platform [30] Group 5: Investment Recommendations - The report recommends focusing on companies in the coal sector such as China Coal Energy and Yanzhou Coal Mining, which are expected to benefit from the current market dynamics [15] - In the agricultural sector, it suggests monitoring companies like Muyuan Foods and Wens Foodstuffs for potential investment opportunities despite current losses [17][18] - For the machinery sector, it highlights the investment potential in Tianzhong Precision Machinery, which has a strong technological foundation in motor winding equipment [8]

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The domestic soybean market maintains a stable price, with the mid - term continuing an upward trend in a volatile manner, and short - term adjustment space is limited [1]. - The domestic corn market shows a downward trend, with short - term adjustment due to price and oil factors, and it is recommended to wait and see [1]. - The egg price is expected to gradually move up, and it is not recommended to be overly bearish [2]. - The pig market is in a phase of capacity reduction, with prices likely to rebound moderately in the second half of the year [4]. 3. Summary by Related Catalogs Soybean - The domestic soybean spot market price remains stable. The focus is on the domestic soybean auction by Sinograin, and the result fails to break the market's wait - and - see atmosphere [1]. - The prices in the Northeast and South production areas are stable. After - festival replenishment demand ends, downstream users focus on inventory digestion and turn to a wait - and - see attitude [1]. - Sinograin's auction transactions decline, but the futures price has strong support below, with limited short - term adjustment space and a mid - term upward trend in a volatile manner [1]. Corn - The domestic corn market is on a downward trend. In North China, the supply remains high, and the price is weak. In Northeast China, the sales of on - the - ground grain are coming to an end, and the supply has increased recently [1]. - There is price adjustment pressure in the spot market, and with the decline of crude oil, corn has short - term adjustment. It is recommended to wait and see [1]. 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 from March to April 2026 decreases significantly, and the laying hen inventory will decline from April to May. In March, the egg supply tightens, supporting price increases [2]. - The egg futures rose sharply last week, and the spot price increase was limited. The futures price fell today, but it is still expected to move up gradually [2]. Pig - The National Development and Reform Commission and the Ministry of Agriculture and Rural Affairs held a symposium. The pig price has entered the first - level early warning range of excessive decline due to factors such as the decline in post - festival consumption demand [3]. - In March, the pig slaughter plan of key provincial - level large - scale breeding enterprises increased by 17.63% month - on - month, and the average slaughter weight increased. The supply pressure is heavy [3][4]. - The pig spot market is weak, the feed cost rises, and the breeding profit deteriorates, forcing capacity reduction in the short term. It is expected that the capacity reduction will continue from March to May, and the price may rebound moderately in the second half of the year [4].

Investment Rating - The report maintains a positive outlook on the agricultural sector [12] Core Insights - The price of weaned piglets has accelerated its decline, with prices for 7 kg piglets falling below 300 yuan per head, while the pig price continues to fluctuate at a low level, leading to industry losses that have persisted for about six months. Market-driven capacity reduction is expected to accelerate [2][6] - Geopolitical issues are ongoing, and rising crude oil prices are pushing basic agricultural product prices upward, which may further increase breeding costs. The combination of falling pig prices and rising costs is expected to exacerbate industry losses and accelerate cash flow depletion for breeding enterprises [2][6] - During the downward cycle, the competitiveness of breeding costs will become the core competitive advantage for enterprises. This cycle may lead to a continuous optimization of the industry competitive landscape, with companies that have cost advantages and cash flow expected to enjoy longer profit cycles. The report is optimistic about the pig breeding sector and recommends focusing on it [2][6] Summary by Sections Pig Breeding - As of March 20, 2026, the average price of pigs nationwide is 9.99 yuan/kg, down 33% year-on-year and 3% month-on-month. The price of 15 kg piglets is 385 yuan/head, down 39% year-on-year and 9% month-on-month; the price of 7 kg piglets is 294 yuan/head, down 43% year-on-year and 10% month-on-month [19] - The industry has faced losses for six months, with cash flow pressure becoming increasingly prominent. Given the current relatively loose supply of pigs, prices are likely to remain at the bottom during the traditional off-season from March to April [7][19] - The report highlights the core competitiveness of low-cost breeding enterprises and continues to recommend companies such as Wens Foodstuffs, Dekang Agriculture, and Shennong Group [7] Beef Breeding - Since 2026, beef prices have risen significantly, with the price of fattened bulls at 26.02 yuan/kg, up 8% year-on-year, and calf prices at 34.8 yuan/kg, up 38% year-on-year. The price of breeding cows is 9700 yuan/head, up 10% year-on-year [8][42] - The current cycle of beef breeding has seen prolonged losses, leading to a significant reduction in domestic breeding cow capacity. The report anticipates that the current cycle of beef breeding may last over two years due to tightening global beef supply [8][42] Other Agricultural Products - As of March 20, 2026, corn prices are 2333 yuan/ton, up 6% year-on-year; soybean meal prices are 3372 yuan/ton, up 1% year-on-year; and wheat prices are 2600 yuan/ton, up 7% year-on-year [62][64] - Geopolitical issues may continue to boost agricultural product prices, with rising oil prices increasing planting costs in major agricultural regions [9]

Investment Rating - The report assigns an "Accumulate" rating for the agricultural sector [6] Core Insights - The report highlights a continued optimistic outlook for agricultural products due to ongoing international conflicts, which are expected to drive prices upward [3] - The domestic pet market is experiencing rapid growth, with companies like Zhongchong Co. and Guai Bao Pet at low valuation levels, presenting investment opportunities [4] - The livestock sector is facing challenges with high weights and low prices, particularly in the pig market, where prices are expected to remain depressed [5] Summary by Sections Planting Sector - The report maintains a positive outlook for agricultural prices, particularly for major crops like soybeans, corn, and wheat, with current prices at 4,277 CNY/ton for soybeans, 2,453 CNY/ton for corn, and 2,588 CNY/ton for wheat [3] - The ongoing conflict in the Middle East is expected to increase demand for vegetable oil raw materials due to rising energy prices [3] - Recommended companies include Kangnong Seed Industry, which leads in corn seed variety iteration, and Nopson, which is expected to benefit from blueberry sales growth [3] Livestock Sector - The average weight of pigs at market is currently 128.71 kg, with prices continuing to decline, leading to a negative outlook for the sector [5] - The report suggests that rising feed costs due to higher corn prices will further pressure the livestock industry [5] - Recommended stocks in this sector include Muyuan Foods, Wens Foodstuff Group, and New Hope Liuhe [5] Pet Sector - The domestic pet market is growing rapidly, with major pet exhibitions in cities like Beijing and Shenzhen showcasing the industry's vitality [4] - Companies with overseas production capacity and increasing orders are expected to perform well despite currency fluctuations [4] - Key investment opportunities highlighted include Guai Bao Pet and Zhongchong Co., both of which are at low valuation levels [4] Key Company Profit Forecasts and Valuations - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for several companies, with recommendations to accumulate shares in companies like Muyuan Foods (PE 9.40), Wens Foodstuff Group (PE 13.11), and Kangnong Seed Industry (PE 11.05) [36]

Report Industry Investment Rating - Not provided Core Viewpoints - The soybean price in the Northeast region has slightly declined, but the support below the futures price is strong, with limited short - term adjustment space and a mid - term upward trend [1]. - The domestic corn market shows a regional - differentiated and multi - factor - intertwined volatile pattern. There is a short - term adjustment, but the downside space is limited, and it is advisable to wait for the adjustment to complete and then consider buying on dips [1][2]. - The egg price is supported by a decrease in production capacity in March and is expected to gradually move up in the long - term, but a small - scale adjustment should be watched out for after a sharp rise [2]. - The pig market is in a stage of capacity reduction, with low prices and poor profits in the short - term. The price may gradually recover in the second half of the year [3][4]. Summary by Related Catalogs Soybean - In the Northeast region, due to increased planting costs, scarce grassroots inventory, and intensified geopolitical conflicts, along with weak overall demand, the soybean price has slightly declined, while the high - protein soybean price is relatively firm. Traders are mostly on the sidelines. In the inland region, the soybean circulation is slow, and the market is hard to stabilize. On March 26, the actual transaction volume of the state - owned soybean auction was 64,941 tons out of the planned 104,095 tons, with a base price of 4,500 yuan/ton and an average transaction price of 4,505 yuan/ton [1]. Corn - The domestic corn market is regionally differentiated. In North China, the supply is high, the inventory of deep - processing enterprises is accumulating, and the price is slightly weak, with the current purchase price ranging from 2,420 to 2,500 yuan/ton. In Northeast China, the sales of ground - stored grain are coming to an end, and the supply has increased recently, with some deep - processing purchase prices slightly reduced by 10 - 20 yuan/ton. There is a short - term adjustment in the corn price, but the downside space is limited [1][2]. Egg - As of the end of February 2026, the national laying - hen inventory was 1.35 billion, a year - on - year increase of 3.4%. However, due to a significant decrease in new - laying hens from March to April and an expected decline in the inventory from April to May, along with a decrease in egg supply in March, the egg price is supported to rise. After a sharp rise, a small - scale adjustment should be watched out for [2]. Pig - Affected by factors such as the post - holiday decline in consumer demand, the pig price has entered the first - level early - warning range of excessive decline. The March pig slaughter plan of key provincial - level large - scale breeding enterprises has increased by 17.63% month - on - month, and the average slaughter weight has reached 128.55 kg. The market supply is large, the demand is weak, and the breeding profit has deteriorated. The pig market is in a capacity - reduction stage in the short - term, and the price may recover in the second half of the year [3][4].

Core Viewpoint - The current oil price shock will not lead China into a "stagflation" scenario; improved inflation expectations will help catalyze the upward cycle of inventory, and the global energy transition and production security will accelerate capital goods exports from China, presenting opportunities in manufacturing and cyclical industries [6] Group 1: Impact of High Oil Prices on the Industry Chain - High oil prices affect the economic inflation center and rhythm significantly, primarily through industrial production and consumer prices [8] - The cost impact of high oil prices is most pronounced in transportation, chemicals, electricity, and construction, with the ability to transmit costs ranked as upstream > downstream > midstream [10] - High oil prices promote manufacturing price increases and inventory replenishment, with the petrochemical chain being the most benefited [17][19] Group 2: Review of Oil Price Shock Impact on A-shares - The oil price shocks from 2010-2012 and 2021-2022 had diverse impacts on A-shares, with four main mechanisms identified: 1) Rising oil prices boost resource prices and inventory replenishment, benefiting the oil chain and its substitutes [24] 2) Sustained high oil prices increase costs for oil-dependent industries, eroding profits [24] 3) Rising oil prices suppress export demand due to increased global manufacturing costs [24] 4) High oil prices trigger monetary tightening, negatively impacting stock market risk appetite [24] Group 3: Review of the 2010-2012 Oil Price Shock - During the 2010-2012 oil shock, the profitability of cyclical industries was negatively impacted by rising costs, particularly during high oil price plateau periods [27] - The manufacturing sector's profitability was less affected, with stable net profit margins in the machinery and electrical equipment sectors [29] - The consumer and technology sectors were generally less impacted by oil price shocks, although some downstream sectors like agriculture and textiles experienced declines [32][44] Group 4: Review of the 2021-2022 Oil Price Shock - The oil price shock during the 2021-2022 period had limited impact on the supply side, with oil prices rising initially but then declining significantly [40] - The cyclical industries showed resilience, with net profit margins remaining stable despite initial pressures from rising costs [41] - The consumer and technology sectors maintained low sensitivity to oil prices, although some sectors like agriculture and textiles faced challenges [44][49] Group 5: Industry Recommendations - Industries recommended for investment include petrochemicals, coal, and agricultural chemicals, which benefit from price differentials due to rising oil prices [4] - Capital goods sectors such as power equipment, new energy vehicles, and engineering machinery are expected to benefit from global energy transition and production security demands [4] - Industries likely to see inventory replenishment driven by price expectations include construction materials, steel, and chemicals [4]

Core Viewpoint - The Chinese agricultural and animal husbandry industry is transitioning from domestic competition to global value chain restructuring, with leading companies leveraging cost efficiency and technological advantages to expand overseas, particularly in underdeveloped regions of Asia, Africa, and Latin America, creating a new growth opportunity [1]. Feed Industry - Domestic feed production growth is slowing, entering a phase of stock competition, with a projected CAGR of 2.4% from 2021 to 2024, and a decline in production expected in 2024 [2][4]. - The feed market is shifting focus from expanding production to enhancing quality, with specific segments like poultry and pig feed showing varied growth rates [4][6]. - The overseas feed market presents significant opportunities, with nearly 500 million tons of potential in Asia, Africa, and Latin America, where the concentration is low and profit margins are high [2][11]. Livestock Industry - The demand for pork is stabilizing, with a projected CAGR of 2% from 2022 to 2024, while poultry consumption is expected to grow at 3% during the same period, reflecting a recovery from previous declines [6][8]. - The scale of pig farming is stabilizing, with a projected 70.1% scale rate by 2024, indicating limited room for further expansion [8][10]. - Southeast Asia's pig slaughtering volume exceeds 100 million heads, with Vietnam's pig prices expected to be significantly higher than in China, creating opportunities for competitive advantages [26][34]. Competitive Advantages - Chinese agricultural leaders possess significant operational efficiency and technological capabilities, enabling them to compete effectively in global markets [10][40]. - The core competitive elements include advanced feed formulations, comprehensive service systems, and efficient operational frameworks that support rapid scaling and market penetration [35][39]. - The integration of feed, breeding, and veterinary services into a cohesive offering enhances customer loyalty and market presence [38][39]. Global Market Dynamics - The global feed market is characterized by low concentration, with leading companies primarily involved in integrated agricultural and food processing, presenting opportunities for specialized Chinese firms to capture market share [19][20]. - The poultry and aquaculture sectors are expected to see significant growth, with specific regions like Southeast Asia and Latin America offering substantial market potential due to rising incomes and changing consumption patterns [15][21]. - The competitive landscape in Southeast Asia is evolving, with local firms showing strong performance in specific segments, indicating a need for strategic positioning by Chinese companies [24][26].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Views of the Report - For soybeans, prices are stable with a slight decline, and there may be a small - scale adjustment in the short - term, but the absolute space is limited. Attention should be paid to the auction results on the 26th [1] - For corn, there is a certain price correction pressure in the spot market, and there is a short - term adjustment. However, the downward space is estimated to be limited. It is advisable to wait for the adjustment to complete and then consider buying on dips. Short - term, it is recommended to wait and see [1] - For eggs, the short - term supply and demand is still loose, but there is an obvious downward expectation for the inventory in March. It is recommended to adopt a low - buying strategy [2] - For pigs, the supply pressure in March is heavy, the demand is low, and the feed cost is rising, which forces the capacity to be cleared. It is estimated that the pig industry will still be in the process of capacity reduction from March to May. The far - month price depends on the effectiveness of near - month capacity reduction [3][4] Group 3: Summary by Related Catalogs Soybeans - In the Northeast, due to increased planting costs, scarce remaining quantity at the grass - roots level, and intensified geopolitical conflicts, but poor overall demand, soybean prices are stable with a slight decline, and high - protein prices are relatively firm. Traders are mostly on the sidelines [1] - In the inland areas, the soybean circulation is slow, and the pressure is postponed, making it difficult for the market to stabilize. CGS will auction 104,095 tons on the 26th, which may put pressure on subsequent prices [1] Corn - In the Northeast, prices are mainly stable. Although the purchase price at the northern port has been slightly reduced, the purchase price of deep - processing enterprises in the production area is stable, having no obvious impact on the regional market [1] - In North China, prices first rose and then stabilized. Traders are reluctant to sell due to strong bullish expectations. Affected by weather, the arrival volume of deep - processing enterprises is low, forcing enterprises to raise prices for procurement [1] - In the southern sales areas and ports, quotes fluctuate slightly. High - price transactions are difficult, and feed enterprises have limited acceptance of high - price raw materials, increasing the proportion of alternative raw materials. Market sentiment is wait - and - see [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 rise of egg prices [2] - The number of newly - laid hens from March to April 2026 has decreased significantly. From April to May, the national laying - hen inventory will decline. In March, the egg production rate has declined in some areas, and the supply of eggs has tightened, supporting price increases [2] Pigs - The National Development and Reform Commission and the Ministry of Agriculture and Rural Affairs held a symposium, indicating that pig prices have entered the first - level early warning range of excessive decline due to factors such as the decline in post - holiday consumption demand [3] - In March, the planned pig slaughter of key provincial - scale breeding enterprises increased by 17.63% month - on - month, and the slaughter rhythm accelerated. The stock of large - weight pigs is still large, and the average slaughter weight has increased, increasing the effective market supply [3][4] - The supply pressure in March is heavy, the demand is low, and the feed cost is rising, which worsens the breeding profit and forces the capacity to be cleared. The stocks of pig - breeding companies have been sold off [4]