1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoint of the Report - This week, the live hog price fluctuated at a low level, with the main contract 2605 down 0.09% for the week. The selling sentiment of the breeding end has increased, accelerating the slaughter rhythm. Combining the sow production capacity and the number of newborn piglets, the supply in the near - term is sufficient. Although there are intermittent entries in the second - fattening, the overall sentiment is weak and the attitude is cautious, with limited effect on alleviating the supply. On the demand side, the demand has entered the off - season, the terminal consumption is rigid, and the slaughter enterprises may maintain the current level with small fluctuations or even a slight reduction, with limited support for the price. Overall, the situation of oversupply in the market continues, putting pressure on the live hog price. However, because the price is at a low level and there is an expectation of capacity reduction, the decline pace has slowed down, and the live hog price will mainly fluctuate weakly. Attention should be paid to the impact of the entry dynamics of second - fattening and capital flow on the price [8]. 3. Summary According to the Directory 3.1. Week - on - Week Summary - **Market performance**: The live hog price fluctuated at a low level this week, and the main contract 2605 was down 0.09% for the week [8][12]. - **Market outlook**: The supply in the near - term is sufficient. The second - fattening has limited effect on alleviating the supply. The demand is in the off - season, and the support for the price is limited. The oversupply situation continues, but the decline pace of the price has slowed down, and it will mainly fluctuate weakly. Attention should be paid to the entry dynamics of second - fattening and capital flow [8]. 3.2. Futures and Spot Markets 3.2.1. Futures Market - **Price trend**: The futures price bottomed out and fluctuated this week, and the main contract 2605 was down 0.09% for the week [12]. - **Net position and warehouse receipts**: As of March 13, the net short position of the top 20 long - short positions in live hog futures increased by 7949 lots to 59292 lots compared with last week, and the number of live hog futures warehouse receipts was 1133, a decrease of 17 lots compared with the previous week [18]. - **Contract spread**: The spread between lh2605 and lh2607 contracts was - 1195, and the spread between lh2605 and lh2609 contracts was - 2015 [24]. 3.2.2. Spot Market - **Base difference**: The base difference of the March contract this week was - 80 yuan/ton, and the base difference of the May contract was - 1050 yuan/ton [28]. - **Live hog and piglet prices**: The average national live hog market price this week was 10.18 yuan/kg, a decrease of 0.36 yuan/kg compared with last week. The average price of 15 - kg weaned piglets was 27.62 yuan/kg, a decrease of 1.62 yuan/kg compared with last week [38]. - **Pork and sow prices**: On March 12, the national pork market price was 16.5 yuan/kg, a decrease of 0.38 yuan/kg compared with the previous week. The average market price of binary sows was 32.45 yuan/kg, a slight decrease of 0.01 yuan/kg compared with the previous week [45]. - **Pig - grain ratio**: As of the week of February 11, 2026, the pig - grain ratio was 5.5, a decrease of 0.18 compared with the previous week, still below 6:1 [49]. 3.3. Industry Situation 3.3.1. Upstream - **Sow inventory**: In December 2025, the inventory of reproductive sows was 39.61 million, equivalent to 101.56% of the normal inventory, in the green area. According to Mysteel data, in February, the inventory of reproductive sows in 123 large - scale farms decreased slightly by 0.01% month - on - month, and the inventory in 85 small and medium - sized farms decreased by 0.11% month - on - month [55]. - **Live hog inventory**: At the end of the fourth quarter of 2025, the live hog inventory was 429.67 million, a month - on - month decrease of 1.6% and a year - on - year increase of 0.5%. In February, the live hog inventory in 123 large - scale farms increased by 1.79% month - on - month and 5.57% year - on - year, and the inventory in 85 small and medium - sized farms increased by 1.36% month - on - month and 11.89% year - on - year [59]. - **Slaughter volume and average weight**: In February, the slaughter volume of 123 large - scale farms decreased by 12.95% month - on - month and increased by 12.12% year - on - year, and the slaughter volume of 85 small and medium - sized farms increased by 2.85% month - on - month and 23.07% year - on - year. The average slaughter weight of national ternary live hogs this week was 123.17 kg, the same as last week [63]. 3.3.2. Industry Profit - **Livestock and poultry breeding profit**: As of March 13, the breeding profit of purchased piglets was - 118.18 yuan/head, a decrease of 59.29 yuan/head; the breeding profit of self - bred and self - raised live hogs was - 283.15 yuan/head, a decrease of 45.17 yuan/head. The breeding profit of laying hens was - 0.33 yuan/head, a week - on - week increase of 0.02 yuan/head, and the breeding profit of 817 meat - hybrid chickens was - 0.32 yuan/head, a week - on - week increase of 0.34 yuan/head [68]. 3.3.3. Domestic Import - In December 2025, the pork import volume was 60,000 tons, a year - on - year decrease of 33.33%; from January to December, the pork import volume was 980,000 tons, a year - on - year decrease of 8.41% [74]. 3.3.4. Substitute Products - As of the week of March 13, the price of white - striped chickens was 13.7 yuan/kg, a decrease of 0.1 yuan/kg compared with last week. As of the week of March 12, the average price difference between standard and fat hogs was - 0.74 yuan/kg, a decrease of 0.03 yuan/kg compared with last week [78]. 3.3.5. Feed - **Feed price**: As of March 13, the spot price of soybean meal was 3438.86 yuan/ton, an increase of 264.29 yuan/ton compared with the previous week. As of March 6, the spot price of corn was 2446.86 yuan/ton, an increase of 29.02 yuan/ton compared with the previous week. The closing price of the Dalian Commodity Exchange live hog feed cost index was 971.98, and the average market price of live hog feed was 2.66 yuan/kg, a decrease of 0.01 yuan/kg compared with last week [85][89]. - **Feed production**: In December 2025, the monthly feed production was 30.086 million tons, a month - on - month increase of 307,000 tons. In February 2026, the sales of piglet feed decreased by 3.84% month - on - month and 2.77% year - on - year [94]. 3.3.6. CPI - As of February 2026, China's CPI increased by 1.3% year - on - year [99]. 3.3.7. Downstream - **Slaughter enterprise situation**: In the 11th week of 2026, the slaughter enterprise's operating rate was 28.53%, an increase of 1.26 percentage points compared with last week and 2.67 percentage points compared with the same period last year. The fresh - sales rate of key domestic slaughter enterprises was 82.44%, a month - on - month decrease of 2.16% and a year - on - year decrease of 7.54%; the frozen - product storage rate was 17.84%, an increase of 0.32% compared with last week and 0.92% compared with the same period last year [103]. - **Slaughter volume and catering consumption**: As of January 2026, the slaughter volume of designated live hog slaughtering enterprises was 44.04 million, a month - on - month increase of 9.96% and a 15.41% increase compared with the previous month. In December 2025, the national catering revenue was 573.8 billion yuan, a year - on - year increase of 2.19% [109]. 3.3.8. Live Hog Stocks - The report presents the trend charts of Muyuan Co., Ltd. and Wens Co., Ltd., but no specific analysis is provided [111][113]

Group 1 - The core viewpoint of the article highlights significant declines in the prices of various agricultural products, indicating a downward trend in the market [1] Group 2 - The price of white strip pork decreased by 52.6% month-on-month and 38.3% year-on-year [1] - The price of white strip chicken fell by 37.1% month-on-month and 33.3% year-on-year [1] - The price of eggs dropped by 43.1% month-on-month and 40.4% year-on-year [1] - The price of vegetables decreased by 37.9% month-on-month and 36.0% year-on-year [1] - The price of aquatic products declined by 43.5% month-on-month and 19.0% year-on-year [1]

Core Insights - The "Agricultural Products Wholesale Price Index" decreased to 126.38, down by 0.69 points from the previous day, while the "Vegetable Basket" price index fell to 128.73, down by 0.77 points [1] Price Summary - The average wholesale price of pork is 17.70 yuan/kg, down by 1.3% from yesterday - Beef is priced at 66.24 yuan/kg, down by 0.3% - Mutton is at 65.48 yuan/kg, up by 0.2% - Eggs are priced at 7.64 yuan/kg, down by 1.4% - Broiler chicken is at 17.42 yuan/kg, up by 0.5% - The average price of 28 monitored vegetables is 5.30 yuan/kg, down by 1.5% - The average price of 6 monitored fruits is 7.91 yuan/kg, down by 1.4% - Carp is priced at 20.00 yuan/kg, up by 0.4% - Common carp is at 14.73 yuan/kg, down by 1.4% - White catfish is priced at 10.82 yuan/kg, up by 7.0% - Large hairtail is at 40.77 yuan/kg, down by 4.9% [1] Price Changes in Key Products - The top five price increases among 46 monitored fresh agricultural products are white catfish (7.0%),洋白菜 (2.3%), flower catfish (2.1%), pumpkin (1.7%), and broiler chicken (0.5%) - The top five price decreases are large hairtail (4.9%), large yellow croaker (4.5%), leeks (4.3%), green peppers (3.7%), and spinach (3.7%) [2]

Core Viewpoint - The report provides a detailed analysis of retail prices for various food items, highlighting both month-on-month and year-on-year changes in prices, indicating trends in the food market. Group 1: Grain Prices - Rice is priced at 6.50 yuan/kg, showing no change month-on-month and a decrease of 1.1% year-on-year [1] - Flour is priced at 6.09 yuan/kg, with a slight decrease of 0.2% month-on-month and a decrease of 2.4% year-on-year [1] Group 2: Cooking Oil Prices - Soybean oil is priced at 12.78 yuan/kg, with a minor decrease of 0.1% month-on-month and a decrease of 1.5% year-on-year [1] - Peanut oil is priced at 28.71 yuan/kg, showing a slight increase of 0.1% month-on-month and no change year-on-year [1] - Canola oil is priced at 16.72 yuan/kg, with a decrease of 0.1% month-on-month and a decrease of 1.4% year-on-year [1] - Blended oil is priced at 15.56 yuan/kg, remaining unchanged month-on-month and showing a decrease of 0.8% year-on-year [1] Group 3: Meat Prices - Pork (hind leg) is priced at 26.76 yuan/kg, with a slight increase of 0.2% month-on-month and a significant decrease of 9.7% year-on-year [1] - White strip chicken is priced at 24.86 yuan/kg, remaining unchanged month-on-month and showing a decrease of 1.3% year-on-year [1] Group 4: Egg Prices - Fresh eggs are priced at 10.69 yuan/kg, with a decrease of 0.3% month-on-month and a decrease of 1.7% year-on-year [1] Group 5: Aquatic Product Prices - Carp is priced at 22.53 yuan/kg, with an increase of 1.6% month-on-month and an increase of 4.4% year-on-year [1] - Silver carp is priced at 22.43 yuan/kg, with a slight increase of 0.2% month-on-month and an increase of 2.1% year-on-year [1] - Grass carp is priced at 23.95 yuan/kg, with an increase of 0.6% month-on-month and an increase of 11.3% year-on-year [1] - Crucian carp is priced at 30.01 yuan/kg, with a slight increase of 0.1% month-on-month and an increase of 4.8% year-on-year [1] - Large hairtail is priced at 48.41 yuan/kg, with a minor decrease of 0.1% month-on-month and an increase of 0.6% year-on-year [1] - Large yellow croaker is priced at 55.96 yuan/kg, with a minor decrease of 0.1% month-on-month and an increase of 10.0% year-on-year [1] Group 6: Vegetable Prices - The average price of vegetables is 8.58 yuan/kg, with an increase of 1.1% month-on-month and an increase of 11.3% year-on-year [1] - The top five vegetables with the highest month-on-month price increases include yam (13.40 yuan/kg, +4.0%), asparagus lettuce (7.63 yuan/kg, +3.7%), cucumber (9.89 yuan/kg, +3.7%), Chinese cabbage (3.55 yuan/kg, +2.3%), and celery (7.19 yuan/kg, +2.1%) [1] - The top five vegetables with the largest month-on-month price decreases include bitter melon (12.76 yuan/kg, -0.7%), tomato (9.45 yuan/kg, -0.6%), eggplant (8.73 yuan/kg, -0.5%), chili (13.24 yuan/kg, -0.3%), and ginger (14.74 yuan/kg, -0.2%) [1]

Group 1 - The core viewpoint of the article indicates that during the Spring Festival holiday, the inventory of eggs in circulation is high, and the supply and demand in the poultry market remain stable [1] Group 2 - From February 16 to 22, the retail price of eggs in 36 major cities across the country decreased by 0.3% compared to the previous period, while the retail price of dressed chicken remained basically stable [1] - In the western region, the price of eggs saw a significant decline, with Guiyang, Chongqing, and Hohhot experiencing decreases of 8.5%, 0.7%, and 0.2% respectively [1] - In the central region, the price of dressed chicken also saw notable declines, with Zhengzhou and Hefei reporting decreases of 2.9% and 1.3% respectively [1]

Price Trends in Agricultural Products - The national market price of edible agricultural products increased by 0.5% from February 16 to 22 compared to the previous week [1] - The average wholesale price of 30 types of vegetables rose to 5.60 yuan per kilogram, marking a 1.3% increase, with celery, lettuce, and cabbage seeing increases of 5.7%, 5.0%, and 4.1% respectively [1] - The average wholesale price of 6 types of fruits experienced a slight increase, with citrus, pears, and grapes rising by 1.0%, 1.0%, and 0.7% respectively [1] Price Trends in Aquatic Products - Wholesale prices of aquatic products saw a slight increase, with large hairtail, silver carp, and carp rising by 1.2%, 0.7%, and 0.3% respectively [2] Price Trends in Meat and Grain Products - Wholesale prices of meat showed a slight increase, with pork priced at 18.98 yuan per kilogram, up by 0.5%, while lamb and beef increased by 0.3% and 0.1% respectively [3] - Grain and oil wholesale prices remained stable overall, with soybean oil and rapeseed oil both increasing by 0.1%, while peanut oil and rice remained unchanged, and flour decreased by 0.2% [3] - Poultry product prices remained stable with a slight decrease, as the price of whole chickens remained largely unchanged, while eggs decreased by 0.6% [3]

Group 1 - The national market price of edible agricultural products increased by 0.4% month-on-month in January [1] Group 2 - The wholesale price of grain in 36 major cities decreased by 0.2% month-on-month, remaining unchanged year-on-year [2] - The wholesale price of edible oil decreased by 0.3% month-on-month and fell by 1.5% year-on-year [2] - The wholesale price of pork increased by 4.4% month-on-month but decreased by 16.5% year-on-year [2] - The wholesale price of beef increased by 0.2% month-on-month and rose by 6.5% year-on-year [2] - The wholesale price of lamb increased by 1.2% month-on-month and rose by 4.0% year-on-year [2] - The wholesale price of eggs increased by 4.6% month-on-month but decreased by 18.2% year-on-year [2] - The wholesale price of broiler chickens decreased by 0.3% month-on-month and fell by 6.3% year-on-year [2] - The wholesale price of 30 types of vegetables decreased by 4.4% month-on-month but increased by 8.8% year-on-year [2] - The wholesale price of 6 types of fruits increased by 1.8% month-on-month and rose by 3.8% year-on-year [2]

Core Insights - The "Agricultural Products Wholesale Price 200 Index" decreased to 127.77, down by 0.74 points from the previous day, indicating a general decline in agricultural product prices [1] - The "Vegetable Basket" product wholesale price index fell to 130.32, down by 0.87 points from the previous day, reflecting a decrease in vegetable prices [1] Price Summary - The average wholesale price of pork is 18.02 yuan/kg, down by 0.7% from yesterday - The average price of beef is 66.66 yuan/kg, up by 1.4% - The average price of mutton is 65.93 yuan/kg, up by 1.1% - The average price of eggs is 7.78 yuan/kg, down by 1.8% - The average price of broiler chicken is 17.46 yuan/kg, down by 0.3% [1] Vegetable and Fruit Prices - The average price of 28 monitored vegetables is 5.38 yuan/kg, down by 1.3% - The average price of 6 monitored fruits is 8.00 yuan/kg, down by 1.2% [1] Fish Prices - The price of crucian carp is 20.06 yuan/kg, up by 0.1% - The price of carp is 14.96 yuan/kg, up by 0.7% - The price of white catfish is 10.18 yuan/kg, down by 4.9% - The price of large hairtail is 41.50 yuan/kg, down by 4.6% [1] Price Changes in Key Products - The top five price increases among 46 monitored fresh agricultural products are: - Large yellow croaker: up by 8.3% - Asparagus lettuce: up by 1.8% - Beef: up by 1.4% - Winter melon: up by 1.4% - Grass carp: up by 1.1% [1] - The top five price decreases are: - Chinese cabbage: down by 6.3% - White catfish: down by 4.9% - Large hairtail: down by 4.6% - Onion: down by 4.1% - Spinach: down by 3.8% [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The pig market shows a pattern of strong supply and weak demand, and it is expected that the post - holiday price will mainly fluctuate weakly. The main pig 2605 contract on the futures market gapped lower, with a decline of more than 2.21%, hitting a low of 11,230 yuan/ton. Attention should be paid to second - round fattening, slaughter, and the rhythm of hog sales [2] Group 3: Summary by Relevant Catalogs Futures Disk - The closing price of the main futures contract for live pigs is 11,265 yuan/ton, a decrease of 235 yuan; the main contract position is 152,533 lots, an increase of 15,873 lots; the number of warehouse receipts is 1,156 lots, an increase of 129 lots; the net long position of the top 20 futures holders is - 46,304 lots, an increase of 723 lots [2] Spot Price - The live pig price in Henan Zhumadian is 11,000 yuan/ton, a decrease of 1,400 yuan; in Jilin Siping, it is 10,500 yuan/ton, a decrease of 1,000 yuan; in Guangdong Yunfu, it is 11,500 yuan/ton, a decrease of 400 yuan. The main basis of live pigs is - 265 yuan/ton, a decrease of 1,165 yuan [2] Upstream Situation - The national live pig inventory is 42,9670,000 heads, a decrease of 7130,000 heads; the national breeding sow inventory is 3,9610,000 heads, a decrease of 290,000 heads [2] Industry Situation - The year - on - year increase of CPI is 0.2%, a decrease of 0.6 percentage points; the spot price of soybean meal in Zhangjiagang is 3,080 yuan/ton, unchanged; the spot price of corn is 2,375.29 yuan/ton, an increase of 3.13 yuan; the Dalian Commodity Exchange pig feed cost index is 926.1, an increase of 1.88; the monthly output of feed is 30,086,000 tons, an increase of 307,000 tons; the price of binary breeding sows is 1,429 yuan/head, a decrease of 2 yuan; the breeding profit of purchased piglets is 53.1 yuan/head, a decrease of 38.32 yuan; the breeding profit of self - bred and self - raised live pigs is - 98.32 yuan/head, a decrease of 60.23 yuan; the monthly import volume of pork is 60,000 tons, unchanged; the average price of white - striped chickens in the main producing areas is 14 yuan/kg, unchanged [2] Downstream Situation - The slaughter volume of designated live pig slaughtering enterprises is 4,8910,000 heads, an increase of 9340,000 heads; the monthly retail sales of social consumer goods in the catering industry is 573.8 billion yuan, a decrease of 31.9 billion yuan [2] Industry News - In January 2026, 4.7513 million live pigs were slaughtered in 244 live pig slaughtering enterprises in Guangdong Province, a month - on - month decrease of 2.25%, ending three consecutive months of month - on - month growth, and a year - on - year increase of 21.54%, with 12 consecutive months of year - on - year growth. During the Spring Festival, the spot price of live pigs declined. From the fourth and fifth days of the lunar new year, the breeding side gradually resumed hog sales. Currently, the market demand is still in the stage of consuming pre - holiday stocks, the slaughter volume is at a low level, and the overall demand has entered the off - season after the festival [2]

Core Viewpoint - The consumer goods market in Yanzhou District, Jining City, Shandong Province, is well-supplied and prices are generally stable during the Spring Festival of 2026, with a mixed trend in price changes compared to the previous year [1] Group 1: Price Stability in Grains and Oils - Prices for flour (special grade) and rice remain stable at 2.10 yuan per jin and 2.80 yuan per jin, respectively, showing no change compared to the previous year [3] - Prices for soybean oil (Golden Dragon Fish) and peanut oil (Luhua) are also stable at 65.00 yuan for 5 liters and 156.00 yuan for 5 liters, respectively, with no change year-on-year [3] Group 2: Meat and Egg Price Changes - Prices for various pork cuts, including lean pork and belly pork, have decreased significantly, with reductions of 21.88% and 19.23%, respectively [4] - Chicken egg prices have dropped by 14.00% to 4.30 yuan per jin, while the price of white-cut chicken has increased by 8.33% to 6.50 yuan per jin [4] Group 3: Fish Price Trends - The price of frozen hairtail fish has decreased by 23.08% to 10.00 yuan per jin, while prices for crucian carp remain stable at 8.50 yuan per jin [6] - Prices for carp, mackerel, and shrimp have also seen declines of 9.64%, 23.08%, and 8.00%, respectively [6] Group 4: Vegetable Price Fluctuations - The average price of 17 monitored vegetable varieties has decreased by 6.35% to 3.39 yuan per jin, with notable declines in prices for rapeseed (down 25.00%) and garlic (down 35.71%) [7] - Some vegetables, such as cabbage and tomatoes, have seen significant price increases of 60.00% and 42.86%, respectively [7] Group 5: Mixed Trends in Fruit Prices - Prices for apples and pears remain stable, while banana prices have increased by 34.62% to 3.50 yuan per jin [8] - Prices for watermelon and tangerines have decreased significantly, by 33.33% and 30.00%, respectively [8]