Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The price of the main May contract of eggs rose significantly today, with a maximum increase of 3.37% to over 3,525 yuan/ton. The position of the May contract increased instead of decreasing as the limit on positions approached before delivery. On the one hand, the recent increase in feed costs has raised the price center, and the average price of eggs in the main producing areas has recently risen to 3.3 yuan/jin. On the other hand, the market has been moving goods well recently, so the willingness to place buy orders has increased. However, considering the current situation, the current fundamental supply is relatively loose, and the increase in the May contract today is too large. Considering that the trading time for the May contract is limited as the limit on positions approaches in the future, funds may also close their positions in advance. Therefore, it is not recommended to chase the rise in eggs [8]. Group 3: Summary by Directory 1. Fundamental Information - The average price in the main producing areas today is 3.31 yuan/jin, an increase of 0.03 yuan/jin compared to the previous trading day; the average price in the main selling areas is 3.47 yuan/jin, remaining unchanged from the previous trading day. Most of the mainstream prices across the country remained stable today. The egg prices in major markets in Beijing remained stable, with the mainstream reference price in Beijing at 148 yuan/44 jin, and the mainstream wholesale prices in Shimen, Xinfadi, and Huilongguan at 148 yuan/44 jin. The mainstream wholesale price of eggs on Dayang Road was 148 yuan [stable], with both high and low prices depending on quality, normal arrivals, flexible transactions, and normal sales. Egg prices in Northeast Liaoning, Jilin, and Heilongjiang remained stable, prices in Shanxi and Hebei were mainly stable, the mainstream prices in Shandong were mostly stable, egg prices in Henan were stable, brown egg prices in Hubei were stable, and prices in Jiangsu and Anhui were mainly stable. There were some price fluctuations in local areas, and egg prices continued to fluctuate and consolidate, with normal sales [4]. - According to Zhuochuang data, the number of laying hens in production nationwide in February was 1.35 billion, an increase of 60 million compared to the previous month and a year-on-year increase of 3.4%, higher than previously expected. The monthly output of laying hen chicks from sample enterprises monitored by Zhuochuang Information in February (accounting for about 50% of the country) was 43.3 million, with little change month-on-month and a year-on-year decrease of 5% [4]. - According to Zhuochuang data, the number of laying hens culled in the main producing areas nationwide in the week of March 5 was 10.94 million, an increase of 24% compared to the previous week. According to the monitoring and statistics of the culling age of culled hens in key producing areas across the country by Zhuochuang Information, the average culling age of culled hens in the week of March 5 was 502 days, an increase of 1 day compared to the previous week [5]. - According to Zhuochuang data, as of the week of March 5, the egg sales volume in representative selling areas nationwide was 7,304 tons, an increase of 1.5% compared to the previous week, which is at a relatively high level in the same period over the years [5]. - According to Zhuochuang data, as of March 5, the weekly average profit per jin of eggs was -0.29 yuan/jin, a decrease of 0.06 yuan/jin compared to the previous week; on February 27, the expected profit from laying hen farming was -11.85 yuan/hen, a decrease of 1.27 yuan/jin compared to the previous week [5]. - According to Zhuochuang data, as of the week of March 5, the average weekly inventory in the production link was 1.22 days, a decrease of 0.04 days compared to the previous week's inventory days [6]. - The average weekly inventory in the circulation link was 1.27 days, an increase of 0.02 days compared to the previous week [7]. - The price of culled hens across the country fell today, with the average price in the main producing areas at 5.07 yuan/jin, a decrease of 0.14 yuan/jin compared to the previous trading day [7]. 2. Trading Logic - The price of the main May contract of eggs rose significantly today, with a maximum increase of 3.37% to over 3,525 yuan/ton. The position of the May contract increased instead of decreasing as the limit on positions approached before delivery. On the one hand, the recent increase in feed costs has raised the price center, and the average price of eggs in the main producing areas has recently risen to 3.3 yuan/jin. On the other hand, the market has been moving goods well recently, so the willingness to place buy orders has increased. However, considering the current situation, the current fundamental supply is relatively loose, and the increase in the May contract today is too large. Considering that the trading time for the May contract is limited as the limit on positions approaches in the future, funds may also close their positions in advance. Therefore, it is not recommended to chase the rise in eggs [8]. 3. Trading Strategies - Unilateral: Consider shorting the June contract on rallies [9]. - Arbitrage: It is recommended to wait and see [9]. - Options: It is recommended to wait and see [9].

Group 1: Report Industry Investment Ratings - Investment rating for the pig industry: Cautiously bearish [3] - Investment rating for the egg industry: Neutral [6] Group 2: Core Views of the Report - The national average pig price continues to decline in a narrow - range oscillation. Ample supply is the core reason for the continuous decline in pig prices. Short - term attention should be paid to the supporting effect of secondary fattening and frozen product warehousing on pig prices [2] - The current egg spot market is generally stable, but the supply is still abundant. The demand - boosting effect of pre - Tomb - Sweeping Festival stocking is limited, and egg prices may still oscillate weakly in the future [4][5] Group 3: Summary by Relevant Catalogs Pig - related Market News and Important Data - Futures: The closing price of the live pig 2605 contract yesterday was 9,980 yuan/ton, a change of - 65.00 yuan/ton from the previous trading day, a decrease of 0.65%. Spot: In Henan, the price of ternary live pigs was 9.66 yuan/kg, a change of - 0.10 yuan/kg from the previous trading day; in Jiangsu, it was 9.97 yuan/kg, a change of - 0.14 yuan/kg; in Sichuan, it was 9.53 yuan/kg, a change of - 0.10 yuan/kg [1] - On March 25, the "200 - Index of Agricultural Product Wholesale Prices" was 121.11, down 0.52 points from the previous day. The "Vegetable Basket" product wholesale price index was 122.54, down 0.60 points. The average wholesale price of pork in the national agricultural product wholesale market was 15.80 yuan/kg, a decrease of 1.4% [1] Market Analysis - The national average pig price shows a narrow - range downward oscillation. Pig prices in most domestic regions have declined to varying degrees, and there are more stable - price regions in the southern market. Piglet prices are also weakening. Ample supply of live pigs is the main reason for the continuous decline in pig prices. The enthusiasm of farmers for slaughter is high, but the overall slaughter progress is restricted by the downstream receiving speed. The willingness to store frozen products has increased slightly, and the secondary fattening sentiment has not changed significantly [2] Strategy - Cautiously bearish [3] Egg - related Market News and Important Data - Futures: The closing price of the egg 2605 contract yesterday was 3,410 yuan/500 kg, a change of + 9.00 yuan from the previous trading day, an increase of 0.26%. Spot: In Liaoning, the egg spot price was 3.11 yuan/jin, unchanged from the previous trading day; in Shandong, it was 3.25 yuan/jin, unchanged; in Hebei, it was 3.11 yuan/jin, a change of - 0.05 yuan [3] - On March 25, 2026, the national production - link inventory was 0.81 days, unchanged from the previous day. The circulation - link inventory was 1.11 days, an increase of 0.05 days, a growth rate of 4.72% [3] Market Analysis - The current egg spot market is generally stable, with prices in northern main - producing areas generally unchanged and those in some southern areas slightly increasing. Since March, egg prices have been effectively supported at the 3.0 key level. However, the current egg supply is still abundant, downstream traders' acceptance of high prices is limited, and the market sales speed has slowed down. The demand - boosting effect of pre - Tomb - Sweeping Festival stocking is limited [4][5] Strategy - Neutral [6]

1. Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core Views - The global economic and political situation is complex, with the military conflict between the US, Israel, and Iran intensifying, which has a significant impact on the energy market and may lead to a long - term energy crisis. The Chinese government will continue to implement a moderately loose monetary policy and take measures to boost domestic demand and promote economic development [10][11][17] - The performance of different industries varies. The gold price has dropped sharply, the aluminum price has risen due to supply shortages, the coal - coke - steel - ore industry has new exploration results, the energy - chemical industry is affected by the Middle East situation, and the agricultural product market, especially the pig - breeding market, is in a downturn [5][6][13] 3. Summary by Directory 3.1 Macro Data - GDP growth in the fourth quarter of 2025 slowed down year - on - year, with a growth rate of 4.5%. The manufacturing and non - manufacturing PMIs in February 2026 were below the boom - bust line, at 49.0% and 49.5%, respectively. Social financing scale in February 2026 was 23855 billion yuan. The growth rates of M0, M1, and M2 in February 2026 were 14.1%, 5.9%, and 9.0% respectively. New RMB loans in February 2026 were 9000 billion yuan. CPI in February 2026 increased by 1.3% year - on - year, and PPI decreased by 0.9%. Fixed - asset investment in the first two months of 2026 increased by 1.8% year - on - year, and the total retail sales of consumer goods increased by 2.8%. Exports in February 2026 increased by 39.6% year - on - year, and imports increased by 13.8% [1] 3.2 Commodity Investment Reference 3.2.1 Comprehensive - Domestic refined oil prices may rise to the "9 - yuan era", with an expected increase of about 2000 yuan/ton. The 1 - year and 5 - year LPRs in March 2026 remained unchanged at 3.0% and 3.5% respectively, and experts predict a possible interest rate cut in the middle of the year. The trading rules of platinum and palladium futures on the Guangzhou Futures Exchange have been adjusted [2] - The People's Bank of China will maintain a moderately loose monetary policy. The US - China trade relations are expected to improve, and both sides hope to promote economic and trade cooperation. The base differences of domestic commodities vary, and the Middle East situation is tense [3][4] 3.2.2 Metals - The international gold price has dropped by 10.49%, and domestic gold jewelry prices have also declined. The performance of gold - related listed companies may be further differentiated, with upstream gold mining enterprises benefiting the most from the rising gold price. The calculation method of the margin account fund adequacy ratio for ICBC's agent individual precious metal trading business has been modified [5] - Aluminum production in Bahrain has been affected, leading to a sharp rise in international aluminum prices. Battery - grade lithium carbonate and lithium hydroxide prices have reached new lows in over a month [6][7] 3.2.3 Coal - Coking - Steel - Ore - A large - scale rare - earth mine in Sichuan has increased its reserves by over 200%, and Indonesia is expected to approve a nickel - ore production plan of about 1 billion tons by the end of March [8] 3.2.4 Energy - Chemical - The military conflict between the US, Israel, and Iran has affected the safety of navigation in the Persian Gulf and the Strait of Hormuz. The US has threatened to attack Iran's power plants, and Iran has responded strongly. The global energy supply is at risk, and the supply of liquefied petroleum gas in India is in short supply [9][10][11] 3.2.5 Agricultural Products - China will implement a plan to increase the income of urban and rural residents to boost consumption. The pig - breeding market is in deep losses, and the state has started to purchase frozen pork for storage. Scientists have developed "long - life rice" [12][13][14] 3.3 Financial News Compilation 3.3.1 Open Market - This week, 2423 billion yuan of reverse repurchases and 4500 billion yuan of MLF will expire. Last week, the central bank achieved a net injection of 658 billion yuan through reverse repurchase operations [15] 3.3.2 Key News - The draft financial law is open for public comments, aiming to strengthen financial risk management. China will promote high - quality development and opening - up, and the government will take measures to boost domestic demand. The central bank will promote the high - level opening of the financial industry and maintain a moderately loose monetary policy [16][17] - The performance comparison benchmarks of wealth management products are showing trends of "anchor replacement" and reduction. The LPR has remained stable for ten months. The sixth state - owned bank's financial asset investment company has been established. Iran has put forward six conditions for a ceasefire, and the US is seeking diplomatic solutions [19][20][21] - Some bond - related events have occurred, such as the ineffective bond - holder meeting and the default of debt repayment. Overseas credit ratings of some companies have been adjusted [22] 3.3.3 Bond Market Summary - The main interest - rate bonds in the inter - bank bond market in China have been fluctuating within a narrow range. The performance of exchange - traded bonds and convertible bonds has been mixed. Shibor short - term varieties have mostly declined, and the yields of European and US bonds have generally risen [23][24][25] 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar has risen, while the US dollar index has also risen, and most non - US currencies have declined [26][27] 3.3.5 Research Report Highlights - CITIC Securities believes that the US - Iran conflict may lead to high oil prices for a long time, and China's exports may slow down in the short term. Huatai Fixed - Income is cautious about US bonds. Guosheng Fixed - Income expects the long - end interest rate to recover. Shenwan Fixed - Income provides investment strategies for small and medium - sized banks' Tier 2 and perpetual bonds [28][29][30] 3.3.6 Today's Reminder - On March 23, 2026, a large number of bonds will be listed, issued, and have their payments made, and many bonds will have their principal and interest repaid [30][31] 3.4 Stock Market Key News - The A - share market has shown a significant divergence, with the Shanghai Composite Index hitting a new low this year. The Hong Kong stock market has also declined, but the IPO financing amount has exceeded 100 billion Hong Kong dollars [32]

Group 1: Report Investment Rating - No relevant information Group 2: Core Views - The soybean market has gradually slowed down and is currently in a stalemate, with weak sales. The downstream is in a state of consuming inventory and waiting and seeing, and the price decline space is limited. Attention should be paid to the arrival of imported soybeans and the release of reserve beans [1] - The corn price has limited adjustment space after a continuous rise, and it is advisable to buy on dips in the future [2] - The egg price is restricted by the high inventory, but the inventory is expected to decline in March, and it is recommended to take a low - buying strategy [2] - The pig market is in a stage of shock and bottom - grinding. Although there is support for far - month contracts, the supply - demand pattern will not change until the official data is significantly adjusted [4] Group 3: Summary by Commodity Soybean - Since March, the soybean market has seen a slowdown in sales, with downstream enterprises having sufficient inventory and cautious procurement. The price has fallen from a high level, and attention should be paid to the arrival of imported soybeans and the release of reserve beans [1] Corn - In the Northeast, the remaining grain at the grass - roots level is less than 30%. The market supply has increased, but the feed enterprises' acceptance of high - priced grain is insufficient. The start - up rate of deep - processing enterprises has rebounded. The rumored release of expired rice may suppress the corn price. The price adjustment is limited, and it is advisable to buy on dips [2] Egg - In late February 2026, the national laying - hen inventory was 1.35 billion, a year - on - year increase of 3.4%. The new - laying hens in March - April will decrease significantly, and the inventory will decline in April - May. The short - term supply - demand is loose, but there is an expected decline in March. It is recommended to take a low - buying strategy [2] Pig - In March, the government strengthened the regulation of the pig market, with a target to reduce the number of breeding sows by 7.8%. The current supply is still loose, the demand is weak, and the breeding profit has deteriorated. The far - month contracts may have some support, but the market is still in a bottom - grinding stage [3][4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The domestic soybean market is expected to remain strong, and it is advisable to go long at low prices [1] - The domestic corn market shows a trend of simultaneous increase in futures and spot prices, and it is still possible to consider actively replenishing stocks or buying on dips in the future [2] - The supply of eggs is expected to contract significantly in the future, and it is recommended to take a long - position approach at low prices [3] - The pig industry is in a critical game period of short - term price pressure and long - term capacity clearance, and the near - term is expected to fluctuate at the bottom [4] Summary by Related Catalogs Soybean - The price of soybeans in the Northeast production area has been rising since the listing. Due to factors such as geopolitical conflicts, futures price increases, and the increase in the purchase price of COFCO, the price of the remaining soybeans has continued to rise. After a small amount of restocking, the overall market purchase and sales are still relatively light [1] Corn - The domestic corn market shows a trend of simultaneous increase in futures and spot prices. The purchase prices in the main production areas of North China and Northeast China have hit new highs. The remaining grain at the grass - roots level is less than 30%, and the inventory of enterprises and ports is at a historical low. With the increase in temperature, the enthusiasm of grass - roots grain sales has significantly increased, and the market is facing a critical window period of a small sales peak. Although influenced by the sharp decline in crude oil, the corn fundamentals are still strong [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%, which restricts the sharp rise in egg prices. However, the number of newly - laid hens from March to April 2026 will decrease significantly, and the laying - hen inventory will enter a significant downward channel from April to May. The supply is expected to shrink, but the near - term supply is still loose, and the price is expected to be stable with a slight upward trend [2][3] Pig - As of the end of December 2025, the national inventory of productive sows was 39.61 million, and in January 2026, it slightly decreased to 39.58 million, still higher than the regulatory red line. The supply of pigs in the first half of 2026 is under great pressure. It is estimated that subsequent state purchases will continue to delay the surplus pressure. The industry is in a critical game period, and the near - term is expected to fluctuate at the bottom [3][4]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The industry is in a critical game period between short - term price pressure and long - term capacity clearance. Policy regulation and the culling of reproductive sows from March to May will determine the future market trend. The near - term is expected to be mainly in a state of bottom - grinding oscillation [4] - For various products in the breeding industry chain, the overall suggestion is a low - buying strategy Summary by Product Soybean - The domestic soybean spot market price is trending strongly. Northeast farmers are reluctant to sell and ask for high prices. The low supply of beans at the grass - roots level and the high - level operation of Douyi support the price. Large trading entities like COFCO are purchasing, but the market trading is cautious. The domestic soybean market is expected to remain strong, and a low - buying strategy is advisable [1] Corn - The domestic corn market shows a simultaneous rise in futures and spot prices. The purchase prices in the main production areas of North China and Northeast China have reached new highs. With less than 30% of the grass - roots grain remaining and low enterprise and port inventories, the market sentiment is bullish. Deep - processing enterprises are raising prices to ensure the operation rate. The recent increase in the amount of corn on the market due to improved farmers' selling enthusiasm and the rise in crude oil prices are positive factors. A low - buying strategy is recommended, and it is advisable to replenish stocks or buy on dips [1] Egg - In February, the inventory of laying hens was 1.296 billion, an increase of 8 million compared to January. The age structure of laying hens is getting older. Although the supply is currently relatively loose, the downside is limited, and the price is expected to be stable with a slight upward trend in the future. A low - buying strategy is recommended [2] Pig - As of the end of December 2025, the national inventory of reproductive sows was 39.61 million, 101.6% of the normal level. In January 2026, it slightly decreased to 39.58 million, still above the regulatory red line. The pig supply in the first half of 2026 is under pressure. The state's purchase of 10,000 tons of pork indicates an oversupply situation, and further purchases are expected. The relevant departments may further reduce the inventory of reproductive sows to 36.5 million [3]

Group 1: Report Industry Investment Ratings - Investment rating for the pig industry: Cautiously bearish [3] - Investment rating for the egg industry: Neutral [6] Group 2: Core Views - The national pig spot price is stabilizing at a low level with regional differentiation, and the number of regions where the pig price has fallen below 10.0 has decreased. The sentiment improvement is mainly due to reserve purchases, and the demand is slightly boosted after the Lantern Festival, but the slaughter enterprise's operating rate will remain low in the short term [2] - The national egg spot price has generally declined slightly, with the northern production and sales areas weakening simultaneously. The short - term replenishment demand has subsided, inventory has accumulated, and the egg price is under pressure again [4][5] Group 3: Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the pig 2605 contract was 11,130 yuan/ton, a change of - 20.00 yuan/ton (-0.18%) from the previous trading day [1] - Spot: In Henan, the price of outer three - yuan pigs was 10.73 yuan/kg, a change of +0.03 yuan/kg; in Jiangsu, it was 10.82 yuan/kg, a change of +0.08 yuan/kg; in Sichuan, it was 10.26 yuan/kg, with no change [1] - Agricultural product wholesale prices: On March 4, the "Agricultural Product Wholesale Price 200 Index" was 124.67, down 0.98 points; the "Vegetable Basket" product wholesale price index was 126.74, down 1.15 points. The average price of pork was 17.20 yuan/kg, down 0.1%; beef was 66.28 yuan/kg, up 0.3%; mutton was 65.03 yuan/kg, down 0.6%; eggs were 7.54 yuan/kg, down 0.5%; white - striped chicken was 17.29 yuan/kg, down 1.1% [1] Market Analysis - The national pig spot price is stabilizing at a low level, with regional differentiation. The sentiment improvement is due to reserve purchases, and the demand is slightly boosted after the Lantern Festival, but the slaughter enterprise's operating rate will remain low in the short term [2] Strategy - Cautiously bearish [3] Egg Market Market News and Important Data - Futures: The closing price of the egg 2604 contract was 3209 yuan/500 kg, a change of +12.00 yuan (+0.38%) from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 2.87 yuan/jin, a change of -0.06; in Shandong, it was 2.95 yuan/jin, a change of -0.10; in Hebei, it was 2.60 yuan/jin, a change of -0.07 [3] - Inventory: On March 4, 2026, the production - link inventory was 1.37 days, an increase of 0.03 days (2.24%); the circulation - link inventory was 1.52 days, an increase of 0.04 days (2.70%) [3] Market Analysis - The national egg spot price has generally declined slightly, with the northern production and sales areas weakening simultaneously. The short - term replenishment demand has subsided, inventory has accumulated, and the egg price is under pressure again [4][5] Strategy - Neutral [6]

1. Report Industry Investment Rating - No information provided in the content 2. Core View of the Report - Due to the good profit performance in the early stage, the market's enthusiasm for culling has decreased, slowing down the overall capacity reduction. Considering that the egg consumption enters the off - season after the Spring Festival, although the inventory has been alleviated, the recent good egg price has weakened the overall capacity reduction. It is advisable to consider shorting the June contract on rallies [7]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices**: JD01 closed at 3606, down 12 from the previous day; JD05 closed at 3343, down 63; JD09 closed at 3777, down 31 [2]. - **Inter - month Spreads**: The 01 - 05 spread was 263, up 51; the 05 - 09 spread was - 434, down 32; the 09 - 01 spread was 171, down 19 [2]. - **Price Ratios**: The 01 egg/corn ratio was 1.54, unchanged; the 01 egg/soybean meal ratio was 1.20, down 0.01. The 05 egg/corn ratio was 1.41, down 0.02; the 05 egg/soybean meal ratio was 1.18, down 0.03. The 09 egg/corn ratio was 1.58, down 0.01; the 09 egg/soybean meal ratio was 1.28, down 0.01 [2]. 3.2 Spot Market - **Egg Prices**: The average price in the main producing areas was 2.99 yuan/jin, down 0.03 yuan/jin from the previous day; the average price in the main selling areas was 3.14 yuan/jin, down 0.03 yuan/jin [2][4]. - **Culled Chicken Prices**: The average price of culled chickens in the main producing areas was 4.89 yuan/jin, unchanged from the previous day [2][6]. 3.3 Profit Calculation - **Costs**: The average price of culled chickens was 4.89 yuan/jin, unchanged; the average price of chicks was 3.21 yuan/feather, up 0.04; the price of layer vaccines was 3 yuan, unchanged. The average price of corn was 2398 yuan, up 3; the average price of soybean meal was 3142 yuan, unchanged; the price of layer compound feed was 2.62 yuan, unchanged [2]. - **Profits**: The profit per feather was 1.89 yuan, down 1.24 from the previous day [2]. 3.4 Fundamental Information - **Egg Prices**: The national mainstream egg prices remained stable, with prices in most regions unchanged, and the prices continued to fluctuate and consolidate with normal sales [4]. - **Laying Hen Inventory**: In February, the national inventory of laying hens was 1.35 billion, an increase of 60 million from the previous month and a year - on - year increase of 3.4%, higher than expected. The monthly output of layer chicks in February was 43.3 million, with little change month - on - month and a year - on - year decrease of 5% [4]. - **Culled Chicken Information**: In the week of February 26, the number of culled laying hens in the main producing areas was 8.78 million, a 42% increase from the previous week. The average culling age of culled chickens was 501 days, an increase of 1 day from the previous week [5][7]. - **Egg Sales**: As of the week of February 26, the egg sales volume in the representative selling areas was 4278 tons, at a relatively low level in the same period over the years [6]. - **Profit Situation**: As of February 26, the weekly average profit per jin of eggs was - 0.35 yuan/jin, a decrease of 0.2 yuan/jin from the previous week; the expected profit of layer farming was - 11.85 yuan/feather, a decrease of 1.27 yuan/feather from the previous week [6]. - **Inventory Situation**: As of the week of February 26, the average weekly inventory in the production link was 1.29 days, an increase of 0.05 days from the previous week; the average weekly inventory in the circulation link was 1.18 days, a decrease of 0.08 days from the previous week [6]. 3.5 Trading Logic - Due to the good profit performance in the early stage, the market's enthusiasm for culling has decreased, slowing down the overall capacity reduction. Considering the off - season of egg consumption after the Spring Festival, although the inventory has been alleviated, the recent good egg price has weakened the overall capacity reduction [7]. 3.6 Trading Strategies - **Single - sided**: Consider shorting the June contract on rallies [8]. - **Arbitrage**: It is recommended to wait and see [8]. - **Options**: It is recommended to wait and see [8].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The soybean price has reached its low point and will show an oscillating upward trend in the future [1] - The short - term low of corn may fluctuate, but the downward space is limited, and one can consider replenishing stocks or buying when it falls [2] - Egg prices may remain weakly oscillating around the opening price in the short term, and more upward drivers require further clarity on chicken culling [2] - The pig industry is in a key game period between short - term price pressure and long - term capacity clearance, and the subsequent policy regulation and the de - stocking of sows from March to May will play a decisive role in the future market trend [4] Summary by Related Catalogs Soybean - The soybean market is currently stable. Some grain depots have basically completed their purchases, and imported soybeans have risen. It is in the peak consumption and restocking season, with accelerated market supply circulation and concentrated demand. However, the supply - demand relationship is increasingly unequal, and there is no specific improvement direction in the short term [1] Corn - In the Northeast region, some deep - processing enterprises have resumed purchases, and some have raised purchase prices. After the holiday, the number of arriving vehicles at the port has increased but is still at a low level, with a small price increase. In the Shandong market, as the deep - processing enterprises gradually resume operation, the demand for corn has increased, but the supply is average, leading to a continuous small increase in prices. With the increase in supply, some enterprises have adjusted prices [1] - The short - term low of corn may fluctuate, but since the stage of maximum supply pressure has passed, the downward space is limited, and one can consider replenishing stocks or buying when it falls [2] Egg - Currently, all links have a certain inventory accumulation, and downstream demand is in the initial stage of recovery. Egg prices may remain weakly oscillating around the opening price in the short term, and all parties will mainly focus on digesting inventory. In February, the number of culled chickens may be greater than the supply of newly - laid hens, so the inventory of laying hens may decline to some extent, but the absolute value is still high, with limited support for prices. The driving force of the slight decline in inventory has been basically exhausted, and more upward drivers for eggs need further clarity on chicken culling [2] Pig - Official data shows that the inventory of breeding sows in December was 39.61 million, a month - on - month decrease of 0.29 million, and the trend of capacity reduction continues. The inventory of breeding sows in sample enterprises in January increased to 6.7123 million, an increase of 0.0353 million, indicating that large - scale farms slightly replenished at the low level. The survival rate of piglets dropped to 93.73%, a decrease of 0.41 percentage points, which may be affected by winter diseases and pose potential pressure on the supply of piglets in spring. In January, the inventory of live pigs decreased to 56.5446 million, a decrease of 0.3085 million, and the monthly slaughter volume was 13.149 million, a month - on - month decrease of 0.5704 million, in line with the seasonal characteristic of the slowdown in slaughter rhythm during the Spring Festival. The slaughter weight did not change much, and the supply structure did not have extreme adjustments [3] - The industry is in a key game period between short - term price pressure and long - term capacity clearance. Although the far - month contracts have risen significantly today, the sustainability of this rise still requires the cooperation of near - month de - stocking. The subsequent policy regulation and the de - stocking of sows from March to May will play a decisive role in the future market trend [4]

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]