Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-04-01 09:30Report Industry Investment Rating - No information provided Core Viewpoints - After the price decline during the Tomb-Sweeping Festival stocking period, the downstream replenishment willingness has slightly increased, stimulating a recovery in demand However, during the seasonal consumption off - season, the demand boost may be limited [2] - Due to the continued good replenishment situation from January to February this year, the pressure of new layer production in the later period remains high, and the increasing inventory pressure continues to affect the market With a loose supply, egg prices are continuously under pressure [2] - From the perspective of the futures market, under the pressure of weak spot prices and increasing inventory, the futures price generally maintains a weak trend The May contract is approaching delivery, and market volatility may increase It is advisable to wait and see in the short term [2] Summary by Relevant Catalogs Futures Market - The futures closing price of the active egg contract is 2,962 yuan per 500 kilograms, with no change from the previous day The net long position of the top 20 futures holders is 2,585 lots, a decrease of 93 lots [2] - The egg futures spread between May and September contracts is - 855 yuan per 500 kilograms, a decrease of 5 yuan The futures trading volume of the active contract is 165,219 lots, a decrease of 8,705 lots The registered warehouse receipt volume is 0 lots [2] 现货市场 - The spot price of eggs is 3.12 yuan per catty, a decrease of 0.03 yuan The basis (spot - futures) is 157 yuan per 500 kilograms, a decrease of 26 yuan [2] Upstream Situation - The national laying - hen inventory index is 116.44 (with 2015 = 100), an increase of 2.09 The national culled laying - hen index is 118.43 (with 2015 = 100), an increase of 1.58 [2] - The average price of layer chicks in the main production areas is 4.3 yuan per chick, with no change The national new - chick index is 115.13 (with 2015 = 100), an increase of 14.71 [2] - The average price of layer compound feed is 2.76 yuan per kilogram, with no change The egg - layer farming profit is - 0.21 yuan per chicken, a decrease of 0.04 yuan [2] - The average price of culled chickens in the main production areas is 10.1 yuan per kilogram, a decrease of 0.46 yuan The average age of culled chickens in the country is 516 days, an increase of 9 days [2] Industry Situation - The average wholesale price of pork is 20.76 yuan per kilogram, a decrease of 0.09 yuan The average wholesale price of 28 key - monitored vegetables is 4.89 yuan per kilogram, an increase of 0.06 yuan [2] - The average wholesale price of dressed chickens is 17.58 yuan per kilogram, an increase of 0.25 yuan The weekly inventory in the circulation link is 1.34 days, an increase of 0.1 days The weekly inventory in the production link is 1.26 days, an increase of 0.08 days [2] - The monthly export volume of fresh eggs is 12,131.4 tons, an increase of 177.74 tons [2] Downstream Situation - The weekly consumption of eggs in the sales areas is 8,605 tons, a decrease of 676 tons [2] Industry News - The average price of eggs in Shandong's main production area is 6.26 yuan per kilogram, unchanged from the previous day The average price in Hebei is 5.77 yuan per kilogram, a decrease of 0.10 yuan from the previous day The average price in Guangdong is 6.79 yuan per kilogram, a decrease of 0.20 yuan from the previous day The average price in Beijing is 6.36 yuan per kilogram, a decrease of 0.12 yuan from the previous day [2]