建信期货鸡蛋日报-20251110

Group 1: General Information - Reported industry: Eggs [1] - Report date: November 10, 2025 [2] - Research team: Agricultural Products Research Team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operational Suggestions Market Review | Contract | Previous Settlement Price | Opening Price | High Price | Low Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Egg 2601 | 3379 | 3369 | 3392 | 3338 | 3391 | 12 | 0.36% | 140053 | 180370 | 169963 | | Egg 2602 | 3077 | 3075 | 3082 | 3049 | 3081 | 4 | 0.13% | 32666 | 112915 | 1308 | | Egg 2512 | 3222 | 3220 | 3229 | 3191 | 3219 | -3 | -0.09% | 240840 | 148243 | -18354 | [7] Core View - The national egg price rose today. The average price in the main producing areas was 3.01 yuan/jin, up 0.09 yuan/jin from yesterday; the average price in the main consuming areas was 3.27 yuan/jin, up 0.10 yuan/jin from yesterday. The 12 - contract fell 0.09%. - The spot market has improved significantly this week. The low - price areas in Hebei and Hubei have gradually increased, and the red eggs in the north have remained relatively stable. The inventory pressure has decreased significantly, and the market is in a normal trading state. - Fundamentally, the laying - hen inventory at the end of October decreased for the first time after 9 consecutive months of growth, indicating an inflection point. However, since the accelerated culling is in the early stage and the replenishment has only weakened significantly after July, the laying - hen inventory is expected to remain high and decline slightly by the end of the year. Without emotional support, the spot market is unlikely to have a continuous rebound. - In the futures market, the strengthening of the low - price spot areas has given confidence to the bulls. The market is currently in a continuous and relatively strong rebound, but the sustainability is questionable. Attention should be paid to the willingness of other spot areas to follow the price increase on weekends and in the future. The futures market is expected to fluctuate at a low level, and a straddle double - selling strategy is recommended for options. [8] Group 3: Industry News Inventory - As of the end of October 2025, the national monthly inventory of laying hens was about 1.359 billion, down 0.66% from 1.368 billion at the end of September 2025 and 1.365 billion at the end of August 2025, ending the previous continuous growth trend. It was up 5.59% compared with 1.287 billion at the end of October 2024. [9] Replenishment - In October 2025, the monthly output of laying - hen chicks from sample enterprises was about 39.15 million, slightly less than 39.2 million in September 2025 and significantly less than 44.83 million in the same period in 2024. The total replenishment from July to October 2025 was about 158.14 million, compared with about 176.1 million in the same period in 2024. [9] Culling Volume - As of November 6, 2025, the national culling volumes in the previous three weeks were 20.02 million, 20.53 million, and 19.81 million respectively, showing a trend of first increasing and then decreasing. [9][14] Culling Age - As of November 6, 2025, the average culling age of hens was 493 days, 1 day earlier than last week and 6 days earlier than last month, indicating an accelerated culling process. [14]