建信期货鸡蛋日报-20251202

Report Overview - Reported industry: Eggs [1] - Date: December 2, 2025 [2] - Research team: Agricultural Products Research Team [4] Key Points 1. Market Review and Operational Suggestions - Market Review: The prices of egg contracts 2601, 2602, and 2603 all declined. The 2601 contract dropped by 2.47%, the 2602 by 1.21%, and the 2603 by 1.03%. The national egg prices were stable, with the average prices in the main production areas at 3.09 yuan/jin, up 0.10 yuan/jin from the previous day, and 3.28 yuan/jin in the main sales areas, up 0.05 yuan/jin from the previous day [7]. - Core View: The spot prices stabilized and then rose, and the futures market rose strongly a few days ago. However, due to the weekend price increase falling short of expectations, there was a weak correction today. Traders are willing to wait for the small peak season, reducing supply pressure. The 01 contract is in the peak - season contract, while the 02 is in the absolute off - season. If egg prices strengthen, one can focus on the potential opportunity of the 1 - 2 spread widening, and short - sellers are advised to lay out in post - festival contracts [8]. 2. Industry News - Inventory: As of the end of October 2025, the national monthly inventory of laying hens was about 1.359 billion, a month - on - month decrease of 0.66%, ending the previous continuous growth trend, but a year - on - year increase of 5.59% compared to the end of October 2024 [9]. - Replenishment: In October 2025, the monthly hatch volume of laying hen chicks in sample enterprises was about 39.15 million, slightly less than that in September 2025. The cumulative replenishment from July to October 2025 was about 158.14 million, less than the same period of the previous year [9]. - Culling Volume: From the three weeks up to November 20, 2025, the national culling volumes of chickens were 19.81 million, 19.47 million, and 20.21 million respectively, with an overall slight increase compared to the previous period [9][10]. - Culling Age: As of November 20, 2025, the average culling age of chickens was 492 days, 1 day earlier than the previous week and 7 days earlier than the previous month, indicating an accelerated culling speed [10]. 3. Data Overview - The report presents multiple data charts, including the monthly inventory of laying hens in China, egg - chicken farming profits, average prices in the main egg - producing areas, the seasonal trend of egg 12, the basis of the egg 12 contract, and the egg 12 - 02 spread [11][12][15]