Report Summary 1. Industry Investment Rating No specific industry investment rating is provided in the report. 2. Core Views - The anti - involution initiative has affected the industrial silicon and polysilicon markets. The industrial silicon market has a relatively good short - term supply - demand pattern, but there are still many复产 expectations in the southwest and northwest regions. The polysilicon market is greatly disturbed by the anti - involution news, and the official has no clear information yet [1][2][4][7]. - Participants in both markets need to do a good job in risk management. For industrial silicon, if the market rebounds significantly, sell - hedging can be considered; for polysilicon, short - term range operation is recommended [2][7]. 3. Summary by Related Catalogs Industrial Silicon - **Market Analysis** - On July 29, 2025, the industrial silicon futures price rose. The main contract 2509 opened at 8915 yuan/ton and closed at 9350 yuan/ton, up 2.35% from the previous settlement price. The position of the main contract 2509 was 276,734 lots, and the number of warehouse receipts was 50,082 lots, a decrease of 31 lots from the previous day [1]. - The spot price of industrial silicon declined. The price of East China oxygen - passing 553 silicon was 9700 - 9900 yuan/ton (down 150 yuan/ton), and 421 silicon was 9900 - 10400 yuan/ton (down 50 yuan/ton). The prices in some regions such as Xinjiang, Kunming, and Huangpu Port also continued to decline, while the price of 97 silicon remained stable [1]. - The organic silicon DMC quotation was 12100 - 12800 yuan/ton. The supply of the organic silicon market shrank, and manufacturers' willingness to hold prices increased significantly [1]. - **Strategy** - Short - term cautious bullish. If the market rebounds significantly, sell - hedging can be considered. There are no strategies for inter - period, cross - variety, spot - futures, and options operations [2]. Polysilicon - **Market Analysis** - On July 29, 2025, the main contract 2509 of polysilicon futures rose, opening at 49500 yuan/ton and closing at 50805 yuan/ton, up 3.76% from the previous trading day. The position of the main contract was 140,638 lots (136,295 lots the previous day), and the trading volume was 546,037 lots [4]. - The spot price of polysilicon remained stable. The price of N - type material was 44.00 - 49.00 yuan/kg, and n - type granular silicon was 43.00 - 46.00 yuan/kg [4]. - The inventory of polysilicon manufacturers and silicon wafers decreased. The latest polysilicon inventory was 24.30 (a month - on - month decrease of 2.41%), and the silicon wafer inventory was 17.87GW (a month - on - month increase of 11.55%). The weekly polysilicon output was 25,500.00 tons (a month - on - month increase of 10.87%), and the silicon wafer output was 11.20GW (a month - on - month increase of 0.90%) [4]. - The prices of silicon wafers, battery cells, and components remained relatively stable, with only slight changes in the prices of some battery cells [4][6]. - There were many news about anti - involution, storage, mergers, and acquisitions, but the official had no clear announcements, and the PV Industry Association refuted the rumors [6]. - **Strategy** - Short - term range operation. There are no strategies for inter - period, cross - variety, spot - futures, and options operations [7].

FICC日报 | 2025-07-30 中美经贸谈判落地，股指有望重启上行 市场分析 中美贸易谈判达成共识。国内方面，中美经贸中方牵头人、国务院副总理何立峰与美方牵头人、美国财政部长贝 森特及贸易代表格里尔在瑞典斯德哥尔摩举行中美经贸会谈。根据会谈共识，双方将继续推动已暂停的美方对等 关税24%部分以及中方反制措施如期展期90天。何立峰表示，下一步，双方应继续按照两国元首通话重要共识，充 分发挥好中美经贸磋商机制作用，不断增进共识、减少误解、加强合作，进一步深化对话磋商，不断争取更多双 赢结果。海外方面，美国6月JOLTS职位空缺743.7万人，不及预期的750万人，前值从776.9万人下修至771万人。 股指上涨。现货市场，A股三大指数震荡收红，上证指数再度站上3600点，涨0.33%收于3609.71点，创业板指涨1.86%。 行业方面，板块指数涨跌互现，通信、钢铁、医药生物行业领涨，农林牧渔、银行、美容护理行业跌幅居前。当 日沪深两市成交金额回升至1.8万亿元。海外市场，投资者等待联储利率决议和美股大型企业财报，美国三大股指 全线收跌，道琼斯指数跌0.46%报44,632.99点。 IF活跃度提升。期货 ...

Group 1: Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View - The high commercial inventory of soybean oil is putting pressure on the overall oil market, causing it to fluctuate [1][3] Group 3: Market Analysis Futures Prices - The closing price of the palm oil 2509 contract was 8,970 yuan/ton, a change of +24 yuan or +0.27% [1] - The closing price of the soybean oil 2509 contract was 8,226 yuan/ton, a change of +106 yuan or +1.31% [1] - The closing price of the rapeseed oil 2509 contract was 9,492 yuan/ton, a change of +86 yuan or +0.91% [1] Spot Prices - The spot price of palm oil in Guangdong was 8,940 yuan/ton, a change of +20 yuan or +0.22%, with a spot basis of P09 + -30 yuan, a change of -4 yuan [1] - The spot price of first-grade soybean oil in Tianjin was 8,350 yuan/ton, a change of +120 yuan or +1.46%, with a spot basis of Y09 + 124 yuan, a change of +14 yuan [1] - The spot price of fourth-grade rapeseed oil in Jiangsu was 9,580 yuan/ton, a change of +80 yuan or +0.84%, with a spot basis of OI09 + 88 yuan, a change of -6 yuan [1] Market News - India has become the largest importer of Malaysian oil palm germinated seeds and the largest export market for Malaysian palm oil in 2024, importing 3.03 million tons, accounting for 17.9% of Malaysia's total palm oil exports. India aims to expand its oil palm planting area to 1 million hectares by 2025 - 26 and achieve a palm oil production target of 2.8 million tons by 2029 - 30 [2] - The C&F prices of US Gulf, US West, and Brazilian soybeans (September shipment) decreased by 2, 2, and 3 dollars/ton respectively. The import soybean premium quotes from the Mexican Gulf and US West Coast (September shipment) remained flat, while that from Brazilian ports increased by 1 cent/bushel [2] - The C&F prices of Argentine soybean oil (August and October shipments) remained flat. The C&F prices of Canadian rapeseed oil (August and October shipments) remained flat, while the C&F prices of Canadian rapeseed (October and December shipments) increased by 2 dollars/ton [2] Inventory - As of July 25, the commercial inventory of soybean oil in key regions across the country was 1.0881 million tons, a week-on-week decrease of 0.34%, but the inventory pressure is still large. There is a B50 expectation in the palm oil market, but the implementation time is uncertain, and the pattern of loose palm oil supply cannot be changed in the short term [3] Group 4: Figures - The report includes 30 figures related to the prices, production, inventory, and trading volume of palm oil, soybean oil, and rapeseed oil [5]

Group 1: Report Core Information Report Industry Investment Rating - Not available Report's Core View - The report presents the market liquidity situation of various sectors on July 29, 2025, including trading volume, holding amount, trading - holding ratio, and their changes compared to the previous trading day [1][2] Summary According to the Directory 1. Plate Liquidity - The report provides figures on the trading - holding ratio, trading volume change rate, holding amount, and trading volume of each sector, with data sourced from Flush and Huatai Futures Research Institute [1][2][8] 2. Stock Index Plate - On July 29, 2025, the trading volume of the stock index plate was 516.437 billion yuan, a +1.60% change from the previous trading day; the holding amount was 1114.401 billion yuan, a -1.66% change; the trading - holding ratio was 46.26% [1] 3. Treasury Bond Plate - The trading volume of the treasury bond plate was 447.828 billion yuan, a +1.57% change from the previous trading day; the holding amount was 884.54 billion yuan, a -0.13% change; the trading - holding ratio was 51.07% [1] 4. Basic Metal and Precious Metal (Metal Plate) - The basic metal plate had a trading volume of 509.297 billion yuan, a -25.69% change from the previous trading day; the holding amount was 498.898 billion yuan, a -1.77% change; the trading - holding ratio was 132.69%. The precious metal plate had a trading volume of 313.997 billion yuan, a -33.49% change; the holding amount was 441.909 billion yuan, a -0.48% change; the trading - holding ratio was 80.00% [1] 5. Energy and Chemical Plate - The trading volume of the energy and chemical plate was 530.505 billion yuan, a -32.14% change from the previous trading day; the holding amount was 422.522 billion yuan, a -1.02% change; the trading - holding ratio was 109.79% [1] 6. Agricultural Product Plate - The trading volume of the agricultural product plate was 357.736 billion yuan, a -14.15% change from the previous trading day; the holding amount was 575.184 billion yuan, a -0.88% change; the trading - holding ratio was 55.48% [1] 7. Black Building Materials Plate - The trading volume of the black building materials plate was 585.449 billion yuan, a -33.29% change from the previous trading day; the holding amount was 394.971 billion yuan, a +2.84% change; the trading - holding ratio was 151.20% [2]

Report Summary 1. Report Industry Investment Rating - Short - term: Oil prices are expected to trade in a range; Medium - term: Bearish allocation [3] 2. Core Viewpoints - After Trump announced the shortening of the cease - fire observation period between Russia and Ukraine, oil prices rose, presenting a dilemma for Trump. Sanctioning Russia for a cease - fire would lead to rising oil prices and soaring inflation. The current oil fundamentals are strong but will turn into the off - season from August, not supporting higher oil prices [2] 3. Summary by Related Catalogs Market News and Important Data - The price of light crude oil futures for September delivery on the New York Mercantile Exchange rose $2.50 to $69.21 per barrel, a 3.75% increase; the price of Brent crude oil futures for September delivery rose $2.47 to $72.51 per barrel, a 3.53% increase. The SC crude oil main contract closed up 2.49% at 528 yuan per barrel [1] - Trump believes that North Sea oil is a treasure for the UK, and the high taxes are hard to understand. He thinks drilling companies should be quickly incentivized to exploit this wealth, which can bring huge wealth to the UK and significantly reduce people's energy costs [1] - Russian Presidential Press Secretary Peskov said that Russia noted Trump's statement on shortening the deadline for a Russia - Ukraine agreement. Russia is still committed to the peaceful resolution of the conflict and safeguarding its interests. Regarding Russia - US relations, Russia hopes to accelerate the normalization process, but the current situation does not allow for a strategic stability dialogue, and a Putin - Trump meeting is not on the agenda. Russia and the US have not contacted each other on extending the New START Treaty [1] - The Kuwaiti oil minister is optimistic about the fundamentals of the oil market. OPEC+ aims to ensure energy security and market balance, and its decisions are based on market developments. Kuwait supports efforts to stabilize the international oil market [1] Investment Logic - After Trump's announcement on the cease - fire observation period, rising oil prices pose a dilemma for him. Sanctioning Russia may lead to inflation, and the current fundamentals do not support high oil prices as the demand off - season is coming [2] Strategy - Short - term: Oil prices will trade in a range; Medium - term: Bearish allocation [3] Risks - Downside risks: The US relaxes sanctions on Iranian oil, and there are macro black - swan events [3] - Upside risks: The US tightens sanctions on Russian oil, and large - scale supply disruptions occur due to Middle East conflicts [3]

Report Industry Investment Rating - No relevant information provided Core Views - On the futures and spot market, the closing price of the main EG contract was 4,467 yuan/ton (up 31 yuan/ton or 0.70% from the previous trading day), the spot price of EG in the East China market was 4,518 yuan/ton (up 19 yuan/ton or 0.42% from the previous trading day), and the basis of EG East China spot (based on the 2509 contract) was 62 yuan/ton (up 4 yuan/ton month-on-month). On Tuesday, the price of ethylene glycol fluctuated and rose at a low level, with average on-site discussions and a slight increase in the basis [1]. - In terms of production profit, the production profit of ethylene-based EG was -$43/ton (down $9/ton month-on-month), and the production profit of coal-based syngas EG was 84 yuan/ton (down 83 yuan/ton month-on-month) [1]. - Regarding inventory, according to data released by CCF every Monday, the inventory of MEG at the main ports in East China was 521,000 tons (down 12,000 tons month-on-month); according to data released by Longzhong every Thursday, the inventory of MEG at the main ports in East China was 475,000 tons (down 19,000 tons month-on-month). The actual arrival volume at the main ports last week was 108,000 tons, lower than the planned value, and the weekly port inventory decreased slightly. The planned arrival volume at the main ports in East China this week is 156,000 tons, with concentrated arrivals. Attention should be paid to the actual arrivals [1]. - In terms of the overall fundamental supply-demand logic, on the supply side, domestically, the load of ethylene glycol syngas production has returned to a high level and can be further increased under favorable conditions. Some EO-EG co-production plants in non-coal areas have plans to switch from EO to EG, and the overall load is moderately high. Overseas, the Sharq series of plants in Saudi Arabia have restarted, and in an ideal state, the supply of ocean freight will gradually return to normal, with an expected increase in imports. On the demand side, due to the price increase effect, the terminal has replenished inventory intensively, and the inventory pressure of filament has been greatly relieved. It is expected that the polyester load will remain strong in the short term. Attention should be paid to the order connection in August. Overall, there will be concentrated arrivals of foreign vessels in late July, and there is pressure on the fundamentals to weaken in August under high supply [2]. - For the strategy, the unilateral strategy is neutral. Attention should be paid to changes in macro sentiment, especially the changes in the Sino-US tariff policy negotiation from July 27th to July 30th and the Federal Reserve's interest rate meeting. There are no cross-period or cross-variety strategies [3]. Summary by Directory Price and Basis - The closing price of the main EG contract was 4,467 yuan/ton (up 31 yuan/ton or 0.70% from the previous trading day), the spot price of EG in the East China market was 4,518 yuan/ton (up 19 yuan/ton or 0.42% from the previous trading day), and the basis of EG East China spot (based on the 2509 contract) was 62 yuan/ton (up 4 yuan/ton month-on-month) [1]. Production Profit and Operating Rate - The production profit of ethylene-based EG was -$43/ton (down $9/ton month-on-month), and the production profit of coal-based syngas EG was 84 yuan/ton (down 83 yuan/ton month-on-month) [1]. International Spread - No specific data or analysis provided in the given text. Downstream Production and Sales and Operating Rate - Due to the price increase effect, the terminal has replenished inventory intensively, and the inventory pressure of filament has been greatly relieved. It is expected that the polyester load will remain strong in the short term. Attention should be paid to the order connection in August [2]. Inventory Data - According to data released by CCF every Monday, the inventory of MEG at the main ports in East China was 521,000 tons (down 12,000 tons month-on-month); according to data released by Longzhong every Thursday, the inventory of MEG at the main ports in East China was 475,000 tons (down 19,000 tons month-on-month). The actual arrival volume at the main ports last week was 108,000 tons, lower than the planned value, and the weekly port inventory decreased slightly. The planned arrival volume at the main ports in East China this week is 156,000 tons, with concentrated arrivals. Attention should be paid to the actual arrivals [1].

油料日报 | 2025-07-30 市场分析 期货方面，昨日收盘豆一2509合约4144.00元/吨，较前日变化-9.00元/吨，幅度-0.22%。现货方面，食用豆现货基差 A09+156，较前日变化+9，幅度32.14%。 市场资讯汇总：东北市场今日大豆价格未出现调动，贸易商心态较稳。黑龙江哈尔滨市场国标一等蛋白39%蛋白中 粒塔粮装车报价2.15元/斤，较昨日平；黑龙江双鸭山宝清市场国标一等蛋白39%蛋白中粒塔粮装车报价2.16元/斤， 较昨日平；黑龙江佳木斯富锦市场国标一等蛋白39%蛋白中粒塔粮装车报价2.16元/斤，较昨日平；黑龙江齐齐哈 尔讷河市场国标一等蛋白41%蛋白中粒塔粮装车报价2.22元/斤，较昨日平；黑龙江黑河嫩江市场国标一等蛋白41% 蛋白中粒塔粮装车报价2.18元/斤，较昨日平；黑龙江绥化海伦市场国标一等蛋白41%蛋白中粒塔粮装车报价2.20 元/斤，较昨日平。 昨日豆一期货日内区间震荡下跌。主要受美豆丰收预期强化、国内供需关系调整及市场情绪变化三方面影响。具 体而言，美国农业部作物生长报告显示美豆优良率提升至70%，高于市场预期，市场对美豆产量稳定的预期增强， 资金对天气因素的关注度 ...

Report Industry Investment Rating - Unspecified Core Viewpoints - Propylene supply pressure is significantly increasing, with short - term fundamentals showing no obvious improvement. New capacity is being released, and downstream demand is weak. However, PP powder production profit has recovered [3]. - For polyolefins, the third round of Sino - US economic and trade talks may bring positive news. Supply pressure is increasing due to the restart of maintenance devices and new device production. Cost - side support is weak, and downstream demand is mainly for rigid replenishment [3]. Summary by Directory 1. Propylene Basis Structure - Includes charts of propylene main contract closing price, East China basis, North China basis, and 01 - 05 contract [10][13] 2. Propylene Production Profit and Operating Rate - Charts show propylene CFR in China - naphtha CFR in Japan, propylene capacity utilization rate, PDH production margin, PDH capacity utilization rate, MTO production margin, and methanol - to - olefins capacity utilization rate [19][27][29] 3. Propylene Import and Export Profit - Charts cover the price differences between South Korea FOB - China CFR, Japan CFR - China CFR, Southeast Asia CFR - China CFR, and propylene import profit [35][37] 4. Propylene Downstream Profit and Operating Rate - Charts display the production profit and operating rate of PP powder, propylene oxide, n - butanol, octanol, acrylic acid, acrylonitrile, and phenol - acetone [43][45][48] 5. Propylene Inventory - Charts show propylene in - plant inventory and PP powder in - plant inventory [69] 6. Polyolefin Basis Structure - Includes charts of plastic futures main contract trend, LL East China - main contract basis, polypropylene futures main contract trend, and PP East China - main contract basis [70][74] 7. Polyolefin Production Profit and Operating Rate - Charts cover LL production profit (crude - oil - based), PE operating rate, PE weekly output, PE maintenance loss, PP production profit (crude - oil - based), PP production profit (PDH - based), PP operating rate, PP weekly output, and PDH - based PP capacity utilization rate [79][81][84] 8. Polyolefin Non - Standard Price Difference - Charts show the price differences between HD injection - LL East China, HD blow - molding - LL East China, HD film - LL East China, LD East China - LL, PP low - melt copolymer - drawn wire East China, and PP homopolymer injection - drawn wire East China [94][101][102] 9. Polyolefin Import and Export Profit - Charts include LL import profit, LL US Gulf FOB - China CFR, LL Southeast Asia CFR - China CFR, LL Europe FD - China CFR, PP import profit, PP export profit (to Southeast Asia), PP homopolymer injection US Gulf FOB - China CFR, PP homopolymer injection Southeast Asia CFR - China CFR, PP homopolymer injection Northwest Europe FOB - China CFR, and LL export profit [107][111][117] 10. Polyolefin Downstream Operating Rate and Profit - Charts show PE downstream agricultural film operating rate, PE downstream packaging film operating rate, PE downstream stretch film - LL - 2300, PP downstream woven bag operating rate, PP downstream BOPP operating rate, PP downstream injection molding operating rate, PP downstream woven bag production margin, and PP downstream BOPP production margin [127][128][134] 11. Polyolefin Inventory - Charts cover PE oil - based enterprise inventory, PE coal - chemical enterprise inventory, PE trader inventory, PE port inventory, PP oil - based enterprise inventory, PP coal - chemical enterprise inventory, PP trader inventory, and PP port inventory [136][140][144] Strategies - Unilateral: Neutral - Inter - period: PL01 - 05 reverse spread - Inter - variety: Long PL2601 and short PP2509 [4]

Group 1: Report Industry Investment Ratings - Investment rating for apples: Neutral [3] - Investment rating for red dates: Neutral - bullish [8] Group 2: Core Views of the Report - Apple market: The overall apple spot market remains sluggish, but the remaining inventory is at a historical low, which provides some support for prices. In the short - term, prices are expected to remain stable, and attention should be paid to the game between merchants' price - pressing and fruit farmers' acceptance, as well as the price performance of early - maturing apples in the western region after centralized listing [2][3] - Red date market: The second - crop flower setting of new - season red dates is better than expected, and the extent of the yield reduction needs to be re - evaluated. The overall inventory in the sales area is at a high level in recent years, and the current is the traditional off - season. The futures and spot prices may fluctuate strongly in the follow - up, and attention should be paid to the growth of new - season red dates [7][8] Group 3: Summary by Related Catalogs Apple - Market News and Important Data - Futures: The closing price of the apple 2510 contract yesterday was 7,908 yuan/ton, a change of - 144 yuan/ton from the previous day, a decrease of 1.79% [1] - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.80 yuan/jin, unchanged from the previous day; the price of more than 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.80 yuan/jin, unchanged from the previous day [1] Apple - Market Analysis - Inventory: The remaining inventory in the warehouse is small, and some production areas are basically cleared. The off - season for sales area shipments continues [2] - New - season early - maturing apples: Paper - bag Qinyang is gradually on the market, with limited supply of red fruits and firm prices [2] - Sales area: The shipment of apples in the wholesale market in the sales area is still slow, and seasonal fruits continue to divert apple sales [2] Apple - Strategy - Given that the remaining inventory in the production area is at a low level and the expected yield in the new production season changes little compared with last year, the apple fundamentals have no prominent contradictions, and the short - term price is expected to remain stable [3] Red Date - Market News and Important Data - Futures: The closing price of the red date 2601 contract yesterday was 10,790 yuan/ton, a change of + 95 yuan/ton from the previous day, an increase of 0.89% [4] - Spot: The spot price of first - grade gray dates in Hebei was 8.90 yuan/kg, unchanged from the previous day [4] Red Date - Market Analysis - New - season red dates: The jujube trees in the main production areas are in the physiological fruit - dropping stage. The first - crop flower setting in some jujube orchards is average, but the second - and third - crop flower setting is good. The estimated new - season yield is 56 - 620,000 tons, a decrease of 5 - 10% compared with 2022 and 20 - 25% compared with 2024 [7] - Sales area: The total inventory is at a high level in recent years, and it is the traditional off - season. The downstream purchasing enthusiasm in the Hebei Cuierzhuang market has increased recently, and the spot market transactions are good [7] Red Date - Strategy - Recently, funds are highly sensitive to the growth of new - season red dates, and the news from the production area has a great impact on the futures market. The futures and spot prices may fluctuate strongly in the follow - up [8]

Group 1: Report Industry Investment Ratings - The investment rating for both the pig and egg sectors is neutral [3][5] Group 2: Core Views of the Report - For the pig market, the future average weight of pig slaughter may further decline, and the slaughter volume is expected to increase. The short - term supply - demand pattern remains supply - strong and demand - weak, and policy factors should be closely monitored [2] - For the egg market, as it enters the seasonal consumption peak, the willingness of breeding enterprises to cull hens has weakened, and the future number of culled chickens may decline. With cost support and increased demand after the plum - rain season in the South, the loss situation of laying hens is expected to improve [4] Group 3: Summary by Related Catalogs Pig Market Market News and Important Data - Futures: The closing price of the live pig 2509 contract was 14,150 yuan/ton, up 25 yuan/ton (+0.18%) from the previous trading day [1] - Spot: In Henan, the price of external ternary live pigs was 13.80 yuan/kg, down 0.09 yuan/kg; in Jiangsu, it was 13.96 yuan/kg, down 0.21 yuan/kg; in Sichuan, it was 13.32 yuan/kg, down 0.09 yuan/kg [1] - Wholesale prices: On July 29, the "200 - Index of Agricultural Product Wholesale Prices" rose 0.11 points, the "Vegetable Basket" product wholesale price index rose 0.07 points. The average wholesale price of pork remained unchanged at 20.50 yuan/kg, beef dropped 0.2% to 64.07 yuan/kg, mutton rose 1.0% to 60.01 yuan/kg, eggs rose 0.4% to 7.68 yuan/kg, and white - striped chickens dropped 0.6% to 17.33 yuan/kg [1] Market Analysis - The future average weight of pig slaughter may further decline, and the slaughter volume is expected to increase. The short - term supply - demand pattern remains supply - strong and demand - weak due to the lack of a significant gap between fat and lean pig prices, difficulty in weight gain in high - temperature conditions, and the lack of obvious positive factors on the demand side [2] Egg Market Market News and Important Data - Futures: The closing price of the egg 2509 contract was 3,576 yuan/500 kilograms, unchanged from the previous trading day [3] - Spot: In Liaoning, the egg spot price was 2.98 yuan/jin; in Shandong, it was 3.25 yuan/jin; in Hebei, it was 2.93 yuan/jin, all unchanged from the previous trading day [3] - Inventory: On July 29, 2025, the national production - link inventory was 0.6 days, unchanged from the previous day, and the circulation - link inventory was 0.94 days, up 0.02 days (2.17% increase) [3] Market Analysis - Supply: As the egg price has been rising this week and the seasonal consumption peak approaches, the willingness of breeding enterprises to cull hens has weakened, the number of culled chickens has decreased, and the culling age has increased. The number of culled chickens may further decline in the future [4] - Demand: Traders are actively purchasing, and the inventory at the breeding end has significantly decreased. Although the current breeding profit is still in a loss state, with cost support and increased demand after the plum - rain season in the South, the loss situation of laying hens is expected to improve [4]