Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. Core Viewpoints of the Report - **Corn**: In 2026, the supply - demand pattern of corn is basically balanced, and it may maintain a range - bound operation throughout the year. In the short - to - medium term, conduct band trading around the new - season corn sales rhythm. In the long term, follow the pricing logic of grain substitution and planting cost, and focus on industrial policy orientation [3][330]. - **Pork**: In 2026, the pork market is trading the 'expected difference' of capacity reduction under the situation of weak reality and strong expectation. The supply increase is coming to an end, and the market is waiting for the verification of capacity reduction. Near - month contracts will trade the basis regression logic around supply and demand, while far - month contracts will trade the 'expected difference' of capacity reduction driven by policies [3]. - **Eggs**: In 2026, the egg market is also trading the 'expected difference' of capacity reduction under the situation of weak reality and strong expectation. In the short - to - medium term, the decline of egg prices after the festival may be relatively limited. In the long term, the continuous increase in the scale of egg - laying chicken farming may extend the price bottom cycle. Wait patiently for the capacity reduction process driven by excessive culling of laying hens [3]. Summary by Directory I. Analysis of the Breeding and Feed Industry Chain - **Industry Chain Structure Diagram**: The report presents the overall structure diagram of the breeding and feed industry chain, as well as the structure diagrams of the corn, pig, and egg industry chains [14][16][19]. II. Introduction to Breeding and Feed Futures and Option Contracts - **Corn Futures/Options Contracts and Delivery Systems**: The trading parameters, delivery quality standards, etc. of corn futures and options contracts are introduced. For example, the trading unit of corn futures is 10 tons/hand, and the minimum price change is 1 yuan/ton [25][27]. - **Pork Futures/Options Contracts and Delivery Systems**: The trading parameters and delivery quality standards of pork futures and options contracts are introduced. Different delivery quality standards apply to contracts before and after LH2607 [35][41]. - **Egg Futures/Options Contracts and Delivery Systems**: The trading parameters and delivery quality standards of egg futures and options contracts are introduced. The trading unit of egg futures is 5 tons/hand, and the minimum price change is 1 yuan/500 kilograms [70][74]. III. Long - term Trends and 2025 Market Review - **Spot Market**: - **Corn**: The long - term trend of the domestic corn spot market has gone through five stages, and in 2025, it showed a pattern of rising first and then falling. The international corn spot price has also experienced different stages of change, and in 2025, the supply was relatively abundant, putting pressure on the price [97][106]. - **Pork**: The long - term trend of the domestic pork spot price can be divided into six cycles. In 2025, the supply - demand pattern of oversupply and weak demand pressured the price to decline [113][120]. - **Eggs**: The long - term trend of the domestic egg spot price has gone through three major cycles. In 2025, the price declined, with a seasonal rebound in the third quarter and a decline again in the fourth quarter [124][129]. - **Futures Market**: - **Corn**: The long - term trend of Dalian corn futures has four stages, and in 2025, it first rose and then fell. The CBOT corn futures also showed different trends in different periods, and in 2025, it first declined and then fluctuated in a low - level range [134][148]. - **Pork**: Since the listing of pork futures in January 2021, the futures price has shown a downward trend with a narrowing amplitude. In 2025, the supply increased and the price continued to fall [155][161]. - **Eggs**: Since the listing of egg futures in November 2013, they have shown a large - range cyclical operation. In 2025, the futures price generally declined, with a seasonal peak falling short of expectations [166][170]. - **Trading Volume and Open Interest Data**: In 2025, the trading volume and turnover of corn futures increased year - on - year, while the open interest decreased. The trading volume of pork futures increased year - on - year, the turnover decreased, and the open interest reached a record high. The trading volume and turnover of egg futures increased significantly year - on - year, and the open interest also reached a record high [174][177][183]. IV. Analysis of the Upstream and Downstream Supply Patterns of the Breeding Industry Chain - **Corn**: Globally, the supply pressure of corn has decreased, but the supply pressure of US corn is prominent. In China, the supply of corn in the 2025/26 period is expected to be basically balanced, with an increase in production and a slight increase in imports [184][190]. - **Pork**: The sow inventory is still above the reasonable level, and the supply of pigs before August 2026 is still at a high level. The number of newborn piglets in 2025 indicates that the supply before March 2026 is relatively abundant, and the supply pressure will gradually ease after April. The average slaughter weight in 2025 was relatively high, and the frozen product storage rate was at a low level. The import of pork and related products has been decreasing in recent years [202][205][215]. - **Eggs**: The inventory of laying hens is at a relatively high level, and the industry is showing an intensive development trend. The chick replenishment volume in 2025 showed a trend of first rising and then falling, and the chick price also changed accordingly. The culling of laying hens in 2025 was affected by the egg price, and the current culling age has not reached the level of excessive culling [220][224][229]. V. Analysis of the Upstream and Downstream Consumption Patterns of the Breeding Industry Chain - **Corn**: Corn consumption is mainly divided into feed and industrial consumption. In 2026, feed consumption is expected to be relatively stable, and industrial consumption will increase slightly [239]. - **Pork**: Pork consumption is relatively rigid, showing seasonal patterns. In the long term, factors such as population structure and consumption structure changes will affect pork consumption [244][248]. - **Eggs**: The total egg consumption is relatively stable, and the consumption structure is mainly fresh eggs. Egg consumption shows obvious seasonal patterns, and the key consumption periods in 2026 are the Mid - Autumn Festival and the end - of - year double - festival stocking [250][252]. VI. Summary and Analysis of the Supply - Demand Situation of the Breeding Industry's Upstream and Downstream - **Corn**: The supply - demand pattern of domestic corn in the 2025/26 period has shifted to basic balance. Pay attention to the scale of imports and domestic grain substitution under policy guidance [253]. - **Pork**: The expectation of capacity reduction is the focus of the market. Before July 2026, the supply of pigs is still at a high level. Pork consumption is relatively rigid and shows seasonal patterns [260][261]. - **Eggs**: The current egg supply is at a relatively high level in the cycle. Pay attention to the culling rhythm and intensity of laying hens. Before the actual capacity reduction is completed, the price is expected to fluctuate around the production cost [264]. VII. Analysis and Outlook of Arbitrage Opportunities - **Corn**: When the basis is outside the [- 100, + 100] range, conduct a feasibility analysis of spot - futures arbitrage. Currently, pay attention to the spot - futures arbitrage opportunity of buying spot and selling futures when the basis weakens to below - 200 yuan/ton [266]. - **Pork**: Consider the anti - arbitrage trading opportunity of selling near - month contracts and buying far - month contracts in 2026, as the supply in the first half of the year is relatively abundant and there is an expectation of price increase driven by capacity reduction in the second half of the year [270]. - **Eggs**: If excessive culling is confirmed, pay attention to anti - arbitrage opportunities; if the culling is less than expected, pay attention to positive - arbitrage opportunities. Focus on the strength relationship between contracts around the peak consumption seasons for inter - month arbitrage [274]. VIII. Option Analysis and Strategy Recommendations - **Corn Options**: In 2026, the supply - demand pattern of corn is expected to be basically balanced. It is recommended to mainly sell options based on the support and pressure levels [278]. - **Pork Options**: In 2026, the pork price is expected to be weak in the near - term and strong in the long - term. It is recommended to sell call options at the upper pressure level for near - month contracts, and for far - month contracts, pay attention to the capacity reduction rhythm [280]. - **Egg Options**: In 2026, the egg price is expected to be weak in the near - term and strong in the long - term. It is recommended to sell call options at the upper pressure level for near - month contracts, and for far - month contracts after the second quarter, pay attention to the capacity reduction rhythm of laying hens [282]. IX. Hedging Cases of Breeding Industry Futures or Options - **Corn**: There are cases of locking raw material costs and inventory hedging for corn processing enterprises [284][288]. - **Pork**: There are cases of locking sales prices for pig - breeding enterprises and locking procurement costs for pig - slaughtering enterprises [291][294]. - **Eggs**: There are cases of locking sales prices for egg - laying chicken farming enterprises and locking procurement costs for downstream food processing enterprises [297][302]. X. Technical Analysis and Outlook - **Price Seasonal Analysis**: - **Corn**: Corn prices usually show seasonal patterns, with different trends in different quarters [311]. - **Pork**: Pork prices show seasonal fluctuations around the supply - demand relationship, with different price trends in different months [316]. - **Eggs**: Egg prices have obvious seasonal fluctuations, with high prices in July - August and low prices in February - June [320]. - **Technical Analysis of Variety Trends and Market Outlook**: - **Corn**: The corn futures in 2025 are expected to run in a range, with the upper pressure at 2350 - 2400 and the lower support at 2250 - 2300 [322]. - **Pork**: The pork futures are expected to run in a low - level range, with short - term bottom - seeking and possible technical repair [325]. - **Eggs**: The near - month egg futures contracts trade the basis repair logic around the spot price, and the far - month contracts trade the expected difference of capacity reduction [328]. XI. Summary of the Full Text and 2026 Operation Recommendations - **Corn**: In 2026, the supply - demand pattern of corn is basically balanced. In the short - to - medium term, conduct band trading around the new - season corn sales rhythm. In the long term, follow the pricing logic of grain substitution and planting cost. The trading strategy is to maintain a range - bound trading idea, go long at a low level before the release of policy grain sources, and pay attention to short - selling opportunities after the release [330][331][334]. - **Pork**: In 2026, the pork market is trading the 'expected difference' of capacity reduction. The price in the first quarter may first rise and then fall, the supply may form an inflection point in the second quarter, and the price is expected to rise in the second half of the year but with limited space [336][341][342]. - **Eggs**: In 2026, the egg market is trading the 'expected difference' of capacity reduction. In the short - to - medium term, pay attention to the inventory level and the culling and molting rhythm of laying hens. In the long term, wait for the capacity reduction process driven by excessive culling. The trading strategy is to trade the expected difference of capacity reduction, and maintain a short - selling idea before the confirmation of excessive culling [343][349][350]. XII. Statistics of Related Stock Prices and Price Changes The report provides the latest prices and annual price change percentages of some breeding - related stocks, such as Kangnong Seed Industry, Qiule Seed Industry, etc. [351].