Group 1: Report Information - Report date: August 19, 2025 [2] - Research team: Energy and Chemical Research Team [3] - Researchers: Li Jie, Ren Junchi, Peng Haozhou, Peng Jinglin, Liu Youran, Feng Zeren [1][3] Group 2: Market Performance and Outlook Market Performance - Industrial silicon futures prices fluctuated. Si2511 closed at 8,605 yuan/ton, down 0.28%, with a trading volume of 511,250 lots and an open interest of 297,619 lots, a net increase of 21,347 lots [4] - Industrial silicon spot prices were stable. Inner Mongolia 553 was priced at 8,800 yuan/ton, Sichuan 553 at 8,850 yuan/ton; Inner Mongolia 421 at 9,700 yuan/ton, Xinjiang 421 at 9,500 yuan/ton, and Sichuan 421 at 9,950 yuan/ton [4] Market Outlook - Weekly supply and demand both increased. Weekly output reached 84,700 tons, equivalent to a monthly output of over 370,000 tons. On the demand side, polysilicon production in August is expected to increase to 125,000 tons, and demand from organic silicon, aluminum alloy, and exports is expected to remain stable, with monthly demand estimated at 360,000 tons. Supply and demand are in a loose balance (excluding 97 silicon and recycled silicon), and there is no inventory reduction drive in the industry [4] - Anti - involution policies set a bottom tone, but there are no implemented policy drivers in the industrial silicon industry. Futures prices are weaker than those of polysilicon and lithium carbonate. In the short term, prices will oscillate within the range of 8,000 - 9,000 yuan/ton with decreasing trading volume [4] Group 3: Market News - On August 18, the futures warehouse receipt volume on the Guangzhou Futures Exchange was 50,710 lots, a net increase of 111 lots from the previous trading day [5] - According to customs data on August 7, China imported 3.5609 million tons of coal and lignite in July, an increase of 257,200 tons from the previous month, a month - on - month increase of 7.8%. The cumulative import from January to July was 25.7305 million tons [5]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core Viewpoints - The uncertainty around the Russia - Ukraine conflict and the expectation of a Fed rate cut in September support the upward trend of gold prices. Gold's volatility has increased, but the medium - term upward trend remains good. London gold may fluctuate widely between $3120 - $3500 per ounce and then rise again. [4] - The restructuring of the international trade monetary system and the Fed's rate - cut expectation continue to support the long - and medium - term bull market of gold. However, high price - to - earnings ratios also lead to increased volatility. In the short term, London gold is expected to continue to consolidate within the $3120 - $3500 per ounce range. [6] - Although the global economic situation is not favorable for silver with strong industrial attributes, the central bank's easing expectation may support silver prices in the medium and short term. Investors are advised to maintain a long - position mindset and participate in gold and silver trading with medium - to - low positions. [6] 3. Summary by Directory 3.1 Precious Metals Market Conditions and Outlook - **Intraday Market**: On August 18th, during the Asian session, London gold rebounded to around $3350 per ounce after falling to $3323 per ounce. The strong rise of the Chinese stock market boosted silver. Gold's safe - haven demand was enhanced due to Trump 2.0's new policies. [4] - **Medium - term Market**: Since late April, London gold has been fluctuating between $3100 - $3500 per ounce. The decline in international trade uncertainty weakens gold's safe - haven demand, but the restructuring of the international trade monetary system and the Fed's rate - cut expectation support gold prices. The London gold - to - silver ratio has stabilized after回调 to 86. [6] - **Domestic Precious Metals Market**: Shanghai Gold Index closed at 779.47, up 0.24%; Shanghai Silver Index closed at 9275, up 0.58%; Gold T + D closed at 774.80, up 0.22%; Silver T + D closed at 9227, up 0.42%. [5] 3.2 Precious Metals Market - Related Charts The report presents multiple charts including Shanghai gold and silver futures indices, London gold and silver spot prices, Shanghai futures index basis against Shanghai Gold T + D, gold and silver ETF holdings, gold - to - silver ratio, and the correlation between London gold and other assets, with data sourced from Wind and the Research and Development Department of CCB Futures. [8][10][12] 3.3 Main Macroeconomic Events/Data - US President Trump and Russian President Putin held a face - to - face meeting in Alaska. They made progress on some issues but did not reach an agreement on suspending the war in Ukraine. A peace proposal involves land exchanges between Russia and Ukraine, but its nature is unclear. [18] - US retail sales in July grew strongly, but labor market softness and rising commodity prices may suppress consumer spending growth in Q3. After the data release, the probability of a 25 - basis - point Fed rate cut in September dropped from 94% to about 89%. [18] - Chicago Fed President Goolsbee said the rise in service inflation was concerning, indicating a stagflation impact of tariffs on the economy. He believes more data is needed to judge the economic situation. [19]

Report Information - Report Name: Copper Futures Daily Report [1] - Date: August 19, 2025 [2] - Researcher: Zhang Ping, Yu Feifei, Peng Jinglin [3] Investment Rating - No investment rating information provided. Core View - The Shanghai copper fluctuated slightly downwards, with the main contract closing at 78,950. The US dollar index fluctuated weakly. The market is waiting for Powell's speech at the Global Central Bank Annual Meeting on Friday evening. The spot copper price rose 100 to 79,280, and the spot premium rose 45 to 225. The domestic supply is still tight, making the spot premium of Shanghai copper firm. The import profit of spot copper expanded to 330. It is expected that the import supply will increase in the future. On Monday, the social inventory increased by 0.81 million tons compared with last Thursday. The demand is also rising as the off - peak and peak seasons change, and it is expected that the inventory accumulation space this week is limited. The LME inventory decreased by 200 tons on Monday. The low - inventory pattern in the domestic and foreign markets continues to support the copper price. Reiterate the support level of 78,000 for Shanghai copper, and the upper pressure level is 80,000 due to the lack of obvious bullish factors in the short term [10]. Summary by Section 1. Market Review and Operation Suggestions - The Shanghai copper fluctuated slightly downwards, and the main contract closed at 78,950. The impact of the Trump - Putin talks on market sentiment was limited. The spot copper price rose 100 to 79,280, and the spot premium rose 45 to 225. The domestic supply shortage made the spot premium firm, and the import profit of spot copper expanded to 330. The LME0 - 3C structure expanded to 92. It is expected that the import supply will increase. The social inventory increased by 0.81 million tons on Monday compared with last Thursday, with both imported and domestic supplies increasing. The demand is rising as the off - peak and peak seasons change, and it is expected that the inventory accumulation space this week is limited. The LME inventory decreased by 200 tons on Monday. The low - inventory pattern in both domestic and foreign markets supports the copper price. The support level for Shanghai copper is 78,000, and the upper pressure level is 80,000 [10]. 2. Industry News - On August 17, Tongling Nonferrous Metals announced that its operating income in the first half of 2025 was 76.079 billion yuan, a year - on - year increase of 6.39%, and the net profit attributable to shareholders of listed companies was 1.441 billion yuan, a year - on - year decrease of 33.94% [11]. - Due to the approaching Tianjin SCO Summit, the transportation vehicles in the surrounding areas of North China will be strictly controlled, which affects the supply and boosts the spot premium of electrolytic copper in the local area [11]. - In July 2025, China's export volume of unwrought copper and copper products was 190,796 tons, a year - on - year increase of 35.4%. The cumulative export volume from January to July was 934,046 tons, a year - on - year increase of 10.0%. In July, China's import volume of unwrought copper and copper products was 480,000 tons, a year - on - year increase of 10.0%. The cumulative import volume from January to July was 3.11 million tons, a year - on - year decrease of 2.6% [11].

Report Overview - Report Type: Iron Ore Daily Report [1] - Date: August 19, 2025 [2] - Research Team: Black Metal Research Team [3] 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - On August 18, the main iron ore futures contract 2601 showed a weak and volatile trend, closing at 772.0 yuan/ton, down 0.64%. Although the US steel and aluminum tariff expansion has a negative impact on market sentiment, considering that steel mills maintain high production to support the ore price and there is no obvious restorative growth in overseas shipments in the short term, the ore price still has some support in the short term. However, it is necessary to observe whether the actual impact of production cuts in the Tangshan area will have a negative impact on the fundamentals [7][11] 3. Summary by Directory 3.1 Market Review and Outlook - **Market Review**: On August 18, the main iron ore futures contract 2601 fluctuated weakly. The opening price was 777 yuan/ton, the highest price was 784 yuan/ton, the lowest price was 766.5 yuan/ton, and the closing price was 772 yuan/ton, down 0.64%. The main iron ore outer - disk quotes were down 0.5 US dollars/ton compared with the previous trading day, and the prices of main - grade iron ore at Qingdao Port were down 5 yuan/ton compared with the previous trading day. The KDJ indicator of the daily line of the iron ore 2601 contract continued to decline, and the green column of the MACD indicator of the daily line of the iron ore 2601 contract had been enlarged for two consecutive trading days [7][9] - **Supply and Demand Situation**: Last week, the weekly shipment volume of 19 ports in Australia and Brazil decreased slightly, and the total shipment volume in the past four weeks decreased by 6.2% compared with the previous four weeks. Considering the shipping time, the subsequent arrival volume may fluctuate at a moderately low level. On the demand side, the downstream steel demand is still in a seasonal decline, and the inventory is accumulating rapidly. However, the production enthusiasm of enterprises is still relatively strong, and the molten iron output rebounded after three consecutive weeks of decline, remaining at a relatively high level of over 2.4 million tons, which strongly supports the ore price [11] - **News Impact**: On August 15, 2025, the US Department of Commerce announced that 407 imported steel and aluminum derivative products would be included in the scope of the 232 - clause tariff of 50%. The effective time starts at 12:01 am on August 18, 2025, Eastern Time in the US. On August 9, Tangshan issued a notice requiring independent steel rolling enterprises to stop production at any time according to the meteorological conditions from August 16 to 25 and to stop production from August 25 to September 3. It is estimated that the production restrictions in Tangshan will affect the daily output of about 90,000 tons of 35 billet - rolled section steel enterprises. If the production cuts are strictly implemented, it may have a negative impact on the fundamentals [10][11] 3.2 Industry News - On August 14, 2025, the Ministry of Industry and Trade of Vietnam issued Announcement No. 2310/QD - BCT, making a positive anti - dumping final ruling on carbon and alloy steel coated sheets and coils originating from China and South Korea, and decided to impose anti - dumping duties on the涉案 products. The tax rate for China is 0 - 37.13%, and for South Korea is 0 - 15.67%. The measures are effective from the date of the announcement and are valid for five years [12] 3.3 Data Overview - The report provides multiple sets of data charts, including the prices of main iron ore varieties at Qingdao Port, the price differences between high - grade ore, low - grade ore and PB powder at Qingdao Port, the basis between iron ore spot and January contract at Qingdao Port, the shipping volume of iron ore from Brazil and Australia, the arrival volume of iron ore at 45 ports, the capacity utilization rate of domestic mines, the trading volume of iron ore at main ports, the inventory available days of iron ore in steel mills, the inventory of imported sintered ore powder, the inventory and port clearance volume of iron ore at ports, the tax - free molten iron cost of sample steel mills, the blast furnace operating rate and iron - making capacity utilization rate, the electric furnace operating rate and capacity utilization rate, the national daily average molten iron output, the apparent consumption of five major steel products, the weekly output of five major steel products, and the inventory of five major steel products in steel mills [14][19][22]

Report Information - Report Title: Treasury Bond Daily Report [1] - Date: August 19, 2025 [2] - Researcher: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Investment Rating - Not provided in the content Core View - Long - term, the bull - market foundation of the bond market remains unchanged as the Politburo meeting in July maintained a "moderately loose" stance on monetary policy and there is high tariff uncertainty. But short - term, the stock - bond seesaw effect since late June has put pressure on the bond market, and the short - term rebound of the bond market is unlikely to form a trend. It is recommended to maintain the strategy of going long on short - term and short on long - term bonds [11][12] Summary by Directory 1. Market Review and Operation Suggestions - **Market Condition**: A - shares hitting new highs suppressed the bond market, with treasury bond futures falling across the board and long - end bonds experiencing larger declines. The yields of 30 - year and 10 - year treasury bonds approached the 2.0% and 1.8% thresholds respectively [8] - **Interest Rate Bonds**: The yields of major inter - bank interest rate bonds across all maturities rose, with long - end yields rising significantly by 4 - 6bp. As of 16:30, the yield of the 10 - year treasury bond active bond 250011 was reported at 1.785%, up 4bp [9] - **Funding Market**: The central bank increased its investment to offset tax - period disturbances, and the inter - bank funding market tightened marginally. There were 112 billion yuan of reverse repurchases due, and the central bank conducted 266.5 billion yuan of reverse repurchase operations, achieving a net investment of 154.5 billion yuan. Short - term funding rates rose, while medium - and long - term funding remained stable [10] - **Conclusion**: The long - term bull - market foundation of the bond market remains unchanged, but short - term pressure exists. It is recommended to maintain the strategy of going long on short - term and short on long - term bonds and pay attention to the central bank's investment during the tax - period this week [11][12] 2. Industry News - The Deputy Governor of the People's Bank of China, Zou Lan, stated that policy support will be strengthened to stimulate the vitality of the movable property financing market, which is important for small and medium - sized enterprises and the diversification of the financial market [13] - On the evening of August 17, Eastern Time, Ukrainian President Volodymyr Zelensky arrived in Washington, and on the afternoon of August 18, Eastern Time, he was scheduled to meet with US President Donald Trump [13] - The central bank's second - quarter monetary policy implementation report proposed to implement a moderately loose monetary policy, promote a reasonable recovery of prices, and use structural monetary policy tools [14] 3. Data Overview - **Treasury Bond Futures Market**: Data on trading of various treasury bond futures contracts on August 18, including settlement prices, trading volumes, and open interest, were provided [6] - **Money Market**: Information on SHIBOR term structure changes, inter - bank pledged repurchase weighted interest rate changes, and other money - market data were presented [28][29] - **Derivatives Market**: Information on Shibor3M and FR007 interest rate swap fixing curves was provided [32]

Group 1: Report Information - Report Name: Carbonate Lithium Futures Daily Report [1] - Date: August 19, 2025 [2] - Researchers: Zhang Ping, Yu Feifei, Peng Jinglin [3][4] Group 2: Market Review and Operation Suggestions - **Market Performance**: Carbonate lithium futures rose significantly, with the main contract breaking through 90,000 yuan during the session. The spot price of electric carbon increased by 1,900 yuan to 84,600 yuan, Australian ore rose by 45 to 1,035, lithium mica ore rose by 85 to 2,185, 5-series power-type ternary materials rose by 500, and lithium iron phosphate rose by 515. The production profit of salt plants purchasing lithium spodumene narrowed to 1,069, and the production loss of salt plants purchasing lithium mica expanded to 4,968. The current futures price has a premium of over 4,000 yuan over the spot price [12]. - **Main Drivers**: The rise was mainly due to the news that the mining license of Qinghai Xitai Jinaier Salt Lake of CITIC Guoan expired, and short - term disturbances in the resource side were the main cause of lithium price fluctuations [12]. - **Outlook**: The high supply is expected to remain unchanged in the short term, but the market's short - term trading sentiment is still concentrated on the production cuts and suspensions in the lithium resource sector. It is expected that the price of carbonate lithium is likely to rise and difficult to fall [12]. Group 3: Industry News - **Ganfeng Lithium**: On August 18, Ganfeng Lithium stated on the interactive platform that the future reversal of lithium prices depends on the intensity of supply - side clearance and the pace of demand growth. The company is optimistic about long - term lithium demand, will adjust production capacity flexibly and optimize hedging strategies, and the current volume of carbonate lithium futures hedging is low [13]. - **India's Policy Proposal**: India proposed to reduce the goods and services tax for entry - level two - wheelers, small cars, and hybrid passenger cars, and the proposal is expected to be implemented before October [13]

Report Information - Date: August 19, 2025 [2] Market Performance and Outlook - The main contract price of polysilicon continued to show high-level volatility. The closing price of PS2509 was 52,280 yuan/ton, with a gain of 1.71%. The trading volume was 425,548 lots, and the open interest was 135,517 lots, a net decrease of 3,206 lots [4] - The photovoltaic enterprise symposium has reignited strong policy implementation expectations, but the futures market has already priced in some of these expectations. Further upward movement depends on subsequent policy support. In the second week of August, the average spot price (recycled feedstock) remained stable at 47,500 yuan/ton, providing strong support for the futures price. However, both supply and demand in the fundamentals are increasing, and there is no inventory reduction drive. The Silicon Industry Branch expects the production schedule in September to reach as high as 145,000 tons, and the rebalancing of industry supply and demand still has a long way to go [4] - On the supply side, the polysilicon production schedule in August increased significantly to 125,000 tons, which can roughly meet the downstream cell demand of about 56GW. The monthly production of silicon wafers and cells decreased to around 52GW, and the overall supply-demand pattern remains loose. Overall, the futures and spot prices are supported by policies at the lower end and restricted by supply-demand pressures at the upper end, and are expected to maintain wide-range volatility. Caution should be exercised regarding capital speculation on excessive policy expectations [4] Market News - On August 18, the number of polysilicon warehouse receipts was 5,820 lots, a net increase of 220 lots from the previous trading day [5] - From January to June, the cumulative photovoltaic installed capacity was 212.21GW, a year-on-year increase of 107.07%. In June, the domestic installed capacity was only 14GW [5] - Customs data shows that in June 2025, China exported approximately 21.7GW of photovoltaic modules, a 3% month-on-month decrease and a 2% decrease compared to 22.1GW in June 2024. From January to June, the cumulative export of photovoltaic modules was approximately 127.3GW, a 3% decrease compared to the same period last year [5]

Group 1: General Information - Report title: "集运指数日报" [1] - Date: August 19, 2025 [2] - Research team: Macro Financial Team [4] - Researchers: He Zhuoqiao, Huang Wenxin, Nie Jiayi [3] Group 2: Investment Rating - No investment rating is provided in the report. Group 3: Core View - The spot freight rates have entered a downward channel, and the SCFIS has continued to decline this week. Considering the significant impact on foreign trade and the high supply of shipping capacity, the freight rates may be weaker in the off - season. The current main 10 - contract has a deep discount, and the market may engage in a game regarding the decline range and rate. It is recommended to short the 10 - contract on rallies [8]. Group 4: Summary by Directory 1. Market Review and Operation Suggestions - Spot freight rates are in a downward trend. This week, the SCFIS dropped to 2180.17 points. The e - commerce platform quotes show that the August freight rates have been further reduced. The demand is unlikely to improve significantly, and the shipping capacity supply is at a relatively high level in the off - season. The main 10 - contract has a deep discount, and it is advisable to short the 10 - contract on rallies [8]. 2. Industry News - From August 11 to 15, the China export container shipping market continued to adjust, with most routes' freight rates falling. China's industrial added - value in July increased by 5.7% year - on - year. On August 15, the Shanghai Export Containerized Freight Index dropped by 2.0%. In the European route, Germany's ZEW economic sentiment index in August dropped to 34.7, and the eurozone economy also faces challenges. The freight rate from Shanghai Port to European basic ports dropped by 7.2%. In the Mediterranean route, the freight rate dropped by 1.7%. In the North American route, the US PPI in July increased by 3.3% year - on - year, and the customs tariff revenue reached $28 billion, a 273% increase year - on - year. The freight rates from Shanghai Port to the US West and East basic ports dropped by 3.5% and 2.6% respectively. The threat of the Houthi armed forces to global shipping has escalated, and the international shipping safety situation has deteriorated. Israel's attacks on Yemen's ports have further intensified the conflict [9][10]. 3. Data Overview 1. Spot Freight Rates for Container Shipping - The SCFIS for the European route (basic ports) on August 18 was 2180.17 points, a 2.5% drop from August 11. The SCFIS for the US West route (basic ports) was 1106.29 points, a 2.2% increase from August 11 [12]. 2. Futures Quotes of the Container Shipping Index (European Line) - The trading data of container shipping European line futures on August 18 are as follows: for EC2508, the closing price was 2088.2, with a 0.30% increase; for EC2510, the closing price was 1373.1, with a 0.01% increase; for EC2512, the closing price was 1789.7, with a 2.30% increase; for EC2602, the closing price was 1537.9, with a 0.54% increase; for EC2604, the closing price was 1331.0, with a 0.27% decrease; for EC2606, the closing price was 1494.9, with a 0.55% increase [6]. 3. Shipping - Related Data Charts - The report provides charts of the Shanghai Export Containerized Freight Index, container shipping European line futures, European container ship capacity, global container ship orders, and Shanghai - Europe freight rates [13][17][18][21]

Report Information - Report Title: MEG Daily Report [1] - Date: August 19, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Market Review and Operation Suggestions - On the 18th, the main contract 2509 of ethylene glycol futures opened at 4383, with a high of 4383, a low of 4340, a settlement price of 4353, and a closing price of 4346, down 28 from the previous trading day's settlement price. The total volume was 91,926 lots, and the open interest was 128,989 lots [7]. - The current supply - demand structure is weak, and there is insufficient incremental support from the macro - level. It is expected that ethylene glycol may maintain a weak trend in the short term [7]. Industry News - Traders were cautious ahead of the meeting between Trump and Putin to end the Russia - Ukraine conflict, and crude oil futures gave up most of the previous day's gains. On Friday (August 15), the settlement price of West Texas Intermediate crude oil futures for September 2025 on the New York Mercantile Exchange was $62.80 per barrel, down $1.16 or 1.81% from the previous trading day, with a trading range of $62.68 - $64.15. The settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $65.85 per barrel, down $0.99 or 1.48% from the previous trading day, with a trading range of $65.73 - $67.06 [8]. - The spot negotiation price of the Zhangjiagang ethylene glycol market this week was 4436 - 4437 yuan/ton, down 21 yuan/ton from the previous working day. The negotiation price for late August was 4436 - 4437 yuan/ton, and for late September was 4433 - 4435 yuan/ton. This week, the spot basis was at a premium of 90 - 91 yuan/ton over EG2509, the basis for late August cargo was at a premium of 90 - 91 yuan/ton over EG2509, and the basis for late September was at a premium of 87 - 89 yuan/ton over EG2509 [8]. - The prices of short - fiber factories were relatively stable, while the prices of traders increased slightly. Due to cost push, downstream demand was weak, and the on - site trading volume was scarce. The mainstream sales - to - production ratio of factories was 40.41% [8]. Data Overview - The report presents various data charts including MEG futures prices, futures - spot price differences, international crude oil futures main contract closing prices, raw material price indices (ethylene), PTA - MEG price differences, MEG prices, MEG downstream product prices, and MEG downstream product inventories, with data sources from Wind and the Research and Development Department of CCB Futures [13][14][15]

Report Overview - Report Date: August 19, 2025 [2] - Reported Industry: Egg [1] - Research Team: Agricultural Products Research Team [4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The supply pressure in the egg market this year is significant, with the peak - season price callback reaching nearly 0.5 yuan/jin, compared to the usual 0.2 - 0.3 yuan/jin. The logic of price increase during the peak season is weakening, causing continuous declines in near - month contracts. The near - month 09 contract has squeezed out the premium and fallen below 3200 points. The futures market sentiment is extremely low. The near - month contracts may still be bearish in the long - term, and there are risks in taking long positions. A fundamental inflection point may appear in the late fourth quarter if the low egg prices are reflected in subsequent replenishment data [8]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Review**: The prices of egg futures contracts 2509, 2510, and 2511 all declined. The 2509 contract fell 2.91% to 3098, the 2510 contract fell 2.51% to 3113, and the 2511 contract fell 2.64% to 3208. The national egg price rose, with the average price in the main production areas at 3.28 yuan/jin and in the main sales areas at 3.47 yuan/jin, both up 0.17 yuan/jin from the previous day [7]. - **Analysis and Outlook**: The peak - season price increase logic has weakened due to supply pressure and cold - storage egg outflows. The near - month 09 contract has squeezed out the premium. The futures market sentiment is low. The near - month contracts may be bearish in the long - term, and long - position opportunities are risky. A fundamental inflection point may appear in the late fourth quarter [8]. 3.2 Industry News - **In - production Laying Hens**: The inventory of in - production laying hens is on the rise. As of the end of July, the monthly inventory was about 1.356 billion, a 1.2% month - on - month increase and a 6.2% year - on - year increase [9]. - **Chick Hatchlings**: In July, the monthly hatchling volume of sample enterprises was about 39.98 million, down from 40.75 million in June and 41.68 million in the same period in 2024. The decline in July was the first year - on - year decrease this year [9]. - **Hen Culling**: From the first to the third week of August 14, the national hen culling volume showed a downward trend, and the current absolute value is close to the level of the previous three years. As of August 14, the average culling age was 506 days, unchanged from the previous week and one day later than last month [10]. 3.3 Data Overview - The report provides multiple data charts, including the basis of the egg 09 contract, the price difference between the egg 09 and 10 contracts, the average price in the main production areas, the seasonal trend of the egg 09 contract, the monthly inventory of in - production laying hens in China, and the egg - chicken breeding profit [12][13][16].