建信期货鸡蛋日报-20251016

Report Overview - Industry: Eggs [1] - Date: October 16, 2025 [2] - Research Team: Agricultural Products Research Team [4] Industry Investment Rating - No investment rating provided in the report Core Viewpoints - The current egg market is weak, with high supply pressure and low prices. The weak and sluggish spot market is expected to continue for some time. Futures prices have also declined significantly after the National Day holiday. The de - stocking of the current inventory is expected to be a long - term process, and the impact of cold - storage eggs cannot be underestimated. It is recommended to adopt a phased short - selling strategy and sell out - of - the - money call options [8]. Summary by Directory 1. Market Review and Operation Suggestions - Market Review: The prices of egg futures contracts showed different trends. The 2601 contract closed at 3204, down 28 (-0.87%); the 2511 contract closed at 2855, up 8 (0.28%); the 2512 contract closed at 3019, down 9 (-0.30%). The national egg spot price was volatile, with the average price in the main production areas at 2.80 yuan/jin, up 0.01 yuan/jin from the previous day, and the average price in the main sales areas at 3.03 yuan/jin, unchanged from the previous day [7][8]. - Operation Suggestions: Adopt a phased short - selling strategy and sell out - of - the - money call options [8]. 2. Industry News - In - production Laying Hens Inventory: As of the end of September, the national monthly inventory of in - production laying hens was about 1.368 billion, with a month - on - month increase of 0.2% and a year - on - year increase of 6.0% [9]. - Chick Hatchlings: In September, the monthly hatchling volume of sample enterprises was about 39.2 million, less than that in August and significantly less than the same period in 2024 [9]. - Hen Culling: From the third week of September to October 9, the national hen culling volume showed a trend of increasing after August and remaining stable in September. As of October 9, the average culling age was 499 days [10]. 3. Data Overview - Data Charts: The report includes charts such as the monthly inventory of in - production laying hens in China, egg production area average prices, egg 11 - contract basis, and egg 12 - 02 spread [12][13][15]