鸡蛋市场周报：现货小幅走强，提振盘面低位反弹-20250905

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The current egg production is sufficient due to high laying - hen inventory and the pressure of newly - opened laying hens from previous replenishment, along with the continuous release of cold - storage eggs. Although the demand has slightly increased during the Mid - Autumn Festival stocking and school openings, it is still weak year - on - year. The short - term demand has limited support for prices, and the spot price is at the lowest level of the same period this year. However, the continuous losses of the breeding end may accelerate the culling of old hens and reduce the enthusiasm for replenishment. The futures price has rebounded from a low level, but the momentum for continuous upward movement is insufficient under high - production pressure. The recommended strategy is to sell on rebounds and pay attention to the culling volume of old hens [6]. 3. Summary by Directory 3.1 Weekly Highlights - Market Performance: This week, the egg futures price first rose and then fell. The closing price of the 2510 contract was 2964 yuan/500 kilograms, an increase of 25 yuan/500 kilograms compared with the previous week [6]. - Market Outlook: High laying - hen inventory, new production pressure, and cold - storage egg release lead to sufficient supply. Although demand has slightly recovered, it is still weak year - on - year. The short - term demand support for prices is weak, and the spot price is at a low level. Pay attention to the culling of old hens [6]. - Strategy Recommendation: Adopt a strategy of selling on rebounds and focus on the culling volume of old hens [6]. 3.2 Futures and Spot Market - Futures Price and Position: The 10 - contract of egg futures first rose and then fell. The position was 349,551 lots, a decrease of 144,211 lots compared with the previous week. The net position of the top 20 decreased slightly [13]. - Futures Warehouse Receipts: As of Friday, the number of registered egg warehouse receipts was 0 [17]. - Spot Price and Basis: The egg spot price was 3330 yuan/500 kilograms, an increase of 214 yuan/500 kilograms compared with the previous week. The basis between the active 10 - contract futures price and the spot average price was 366 yuan/ton [23]. - Futures Inter - monthly Spread: The 10 - 1 spread of egg futures was - 389 yuan/500 kilograms, at a relatively low level in the same period [27]. - Related Product Spot Prices: As of September 4, 2025, the average wholesale price of pork was 19.85 yuan/kg, and the average wholesale price of 28 kinds of monitored vegetables was 5.12 yuan/kg [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 new - chick index was 78.4, a month - on - month increase of 3.06% [39]. - Culling Indicators: As of July 31, 2025, the national culled laying - hen index was 99.2, a month - on - month decrease of 4.70%; the average age of culled hens was 512 days [44]. - Feed Raw Material Prices: As of September 4, 2025, the average spot price of corn was 2360.59 yuan/ton, and the spot price of soybean meal in Fangcheng was 3000 yuan/ton [48]. - Feed Price and Breeding Profit: As of August 29, 2025, the breeding profit of laying hens was - 0.21 yuan/hen, and the average price of laying - hen compound feed was 2.76 yuan/kg [55]. - Prices of Laying - Hen Chicks and Culled Hens: As of August 29, 2025, the average price of laying - hen chicks in the main production areas was 3.0 yuan/chick, and the average price of culled hens was 9.66 yuan/kg [60]. - Egg Exports: In May 2025, the total egg export volume was 12,711.37 tons, an increase of 927.30 tons (7.87%) compared with the same period last year, and a decrease of 81.14 tons compared with the previous month [65]. 3.4 Representative Company - Xiaoming Co., Ltd.: Information about its price - earnings ratio change is provided, but no specific analysis is given [67].