鸡蛋市场周报：现货价格继续回升，远月走势强于近月-20250725

Group 1: Report Investment Rating - There is no information regarding the industry investment rating in the report. Group 2: Core Viewpoints - The current laying hen inventory is at a high level, with significant pressure from newly - opened laying hens from previous replenishments, resulting in sufficient egg supply. However, as prices reach relatively low levels, the process of culling old hens has accelerated, reducing inventory expectations. Also, due to high temperatures in many parts of the country, the egg - laying rate of laying hens in some areas has declined, alleviating short - term market supply pressure. Additionally, terminal demand is gradually picking up, releasing the breeding industry's expectation for price increases, which has promoted a rebound in egg prices from the low level. The futures price has slightly increased, with the far - month contracts performing better than the near - month ones [8]. - The recommended strategy is to lightly test long positions in far - month contracts [7]. Group 3: Summary by Directory 1. Week - to - Week Key Points Summary - The egg market showed an oscillatory upward trend this week. The closing price of the 09 contract was 3628 yuan per 500 kilograms, an increase of 33 yuan per 500 kilograms compared to the previous week [8]. - The recommended strategy is to lightly test long positions in far - month contracts [7]. 2. Futures and Spot Market - Futures Price and Top 20 Positions: The egg futures 09 contract oscillated slightly upward. The trading volume was 239,719 lots, a decrease of 18,193 lots compared to the previous week. The net position of the top 20 was - 32,363, and last week it was - 28,627, with a slight increase in net short positions [14]. - Futures Warehouse Receipts: As of Friday, the number of registered egg warehouse receipts was 0 [18]. - Spot Price and Basis: The egg spot price was reported at 3387 yuan per 500 kilograms, an increase of 351 yuan per 500 kilograms compared to the previous week. The basis between the active 09 contract futures price and the spot average price was reported at - 241 yuan per ton [24]. - Futures Inter - month Spread: The 9 - 1 spread of eggs was reported at - 46 yuan per 500 kilograms, generally at a relatively low level in the same period [28]. - Related Spot Prices: As of July 24, 2025, the average wholesale price of pork was 20.62 yuan per kilogram, and the average wholesale price of 28 key - monitored vegetables was 4.36 yuan per kilogram [34]. 3. Industry Chain Situation - Supply - Side: Inventory Index and Replenishment Enthusiasm: As of June 30, 2025, the national laying hen inventory index was reported at 111.91, a month - on - month increase of 0.92%. The national new chick index was reported at 76.07, a month - on - month decrease of 28.76% [40]. - Culling Index and Culling Age: As of June 30, 2025, the national culled laying hen index was reported at 104.09, a month - on - month decrease of 4.22%. The national culling age was reported at 501 days [45]. - Feed Raw Material Prices: As of July 24, 2025, the average spot price of corn was reported at 2408.82 yuan per ton, and the spot price of soybean meal in Fangcheng was reported at 2900 yuan per ton [49]. - Feed Price and Breeding Profit: As of July 18, 2025, the egg - laying hen breeding profit was reported at - 0.47 yuan per hen, and the average price of egg - laying hen compound feed was reported at 2.72 yuan per kilogram [56]. - Prices of Laying Hen Chicks and Culled Hens: As of July 18, 2025, the average price of laying hen chicks in the main production areas was reported at 3.88 yuan per chick, and the average price of culled hens was reported at 9.6 yuan per kilogram [58]. - Egg Monthly Export Volume: In May 2025, China's total egg export volume was 12,711.37 tons, an increase of 927.30 tons compared to the same period last year (11,784.06 tons), a year - on - year increase of 7.87%, and a month - on - month decrease of 81.14 tons compared to the previous month (12,792.51 tons) [64]. 4. Representative Company - The report mentions Xiaoming Co., Ltd. and shows its price - to - earnings ratio change, but no specific analysis is provided [66].