Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-29 10:10Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The report suggests a bearish approach for egg investment. Currently, the egg market is facing abundant supply due to high egg - laying hen inventory, new - laid eggs from previously replenished hens, and continuous cold - storage egg outflows. At the same time, terminal demand is weak, the high - temperature weather makes the market cautious, and breeding enterprises are more willing to sell at low prices to reduce inventory. The industrial capacity reduction is slow, which may continue to restrict egg prices during the school - opening and Mid - Autumn Festival stocking seasons. The futures price generally maintains a weak trend under the pressure of weak spot prices and high production capacity [6][7]. 3. Summary by Directory 3.1 Week - on - Week Key Points Summary - Strategy Recommendation: Adopt a bearish approach [6]. - Market Review: This week, the egg price continued to decline. The closing price of the 2510 contract was 2939 yuan per 500 kilograms, a decrease of 96 yuan per 500 kilograms compared to the previous week [7]. - Market Outlook: High egg - laying hen inventory, new - laid eggs from previously replenished hens, and cold - storage egg outflows lead to sufficient supply. Weak terminal demand, high - temperature caution, and low - price sales by breeding enterprises result in lower - than - expected spot prices and continuous losses for the breeding side. Slow industrial capacity reduction may restrict egg prices during peak seasons. The futures price remains weak [7]. 3.2 Futures and Spot Market - Futures Price and Top 20 Positions: The egg futures 10 - contract continued to decline, with a position of 493,762 lots, an increase of 59,481 lots from the previous week. The net position of the top 20 was - 42,469, with little change in net short positions [13]. - Futures Warehouse Receipts: As of Friday, the registered egg warehouse receipts were 0 [17]. - Spot Price and Basis: The egg spot price was 3116 yuan per 500 kilograms, an increase of 59 yuan per 500 kilograms from the previous week. The basis between the active 10 - contract futures price and the spot average price was 177 yuan per ton [23]. - Futures Inter - month Spread: The 10 - 1 spread of eggs was - 383 yuan per 500 kilograms, at a relatively low level in the same period [27]. - Related Spot Prices: As of August 28, 2025, the average wholesale price of pork was 19.94 yuan per kilogram, and the average wholesale price of 28 key - monitored vegetables was 4.94 yuan per kilogram [33]. 3.3 Industry Chain - Supply - Side Indicators: As of July 31, 2025, the national laying - hen inventory index was 113.18, a month - on - month increase of 1.13%. The national new - chick index was 78.4, a month - on - month increase of 3.06% [39]. - Laying - Hen Culling Indicators: As of July 31, 2025, the national laying - hen culling index was 99.2, a month - on - month decrease of 4.70%. The national culling age was 512 days [44]. - Feed Raw Material Prices: As of August 29, 2025, the average spot price of corn was 2364.71 yuan per ton [48]. - Feed Prices and Breeding Profits: As of August 22, 2025, the egg - laying hen breeding profit was - 0.15 yuan per hen, and the average price of egg - laying hen compound feed was 2.76 yuan per kilogram [54]. - Egg - Laying Hen Chick and Culled - Hen Prices: As of August 22, 2025, the average price of egg - laying hen chicks in the main production areas was 3.2 yuan per chick, and the average price of culled hens was 10.1 yuan per kilogram [60]. - Egg Monthly Exports: In May 2025, China's egg export volume was 12,711.37 tons, a year - on - year increase of 7.87% and a month - on - month decrease of 81.14 tons [64]. 3.4 Representative Enterprises - Xiaoming Co., Ltd.: The report shows the company's price - to - earnings ratio changes, but no specific analysis is provided [66].