Industry - The industry under research is the egg industry [1] Report Date - The report was published on December 22, 2025 [2] Research Team - The research team consists of Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Investment Rating - No investment rating was provided in the report Core Viewpoints - In the short - term, the spot price of eggs is expected to fluctuate slightly, with neither significant upward nor downward trends. The futures market has already priced in the expected increase in egg prices due to the decline in next year's egg - laying hen inventory. It is recommended that long - position investors wait for the far - month contracts to fully adjust before entering the market and adopt a rolling operation strategy. The near - month contracts may experience low - level fluctuations, awaiting guidance from the spot price increase in January [8] Summary by Section 1. Market Review and Operation Suggestions - Market Review: On the reporting day, the national egg price remained stable. The average price in the main production areas was 3.05 yuan per catty, unchanged from the previous day, and the average price in the main sales areas was 3.32 yuan per catty, also unchanged. The 01 contract rose 0.26%. The 2601 contract closed at 3077, up 8 or 0.26%; the 2602 contract closed at 2886, down 30 or - 1.03%; the 2603 contract closed at 2946, down 35 or - 1.17% [7] - Operation Suggestions: Wait for the far - month contracts to fully adjust before entering the market with long positions and use a rolling operation strategy. The near - month contracts may experience low - level fluctuations, waiting for the spot price increase in January to guide them [8] 2. Industry News - Inventory: As of the end of November 2025, the national monthly inventory of laying hens was about 1.352 billion, a month - on - month decrease of 0.52%, ending the previous continuous growth. However, it was still 5.3% higher than the same period last year, indicating significant supply - side pressure [9] - Replenishment: In November 2025, the monthly output of laying hen chicks from sample enterprises was about 39.55 million, slightly higher than 39.15 million in October but 13.5% lower than the same period in 2024. The total replenishment from August to November 2025 was about 157.71 million, compared with about 180.11 million in the same period last year [9] 3. Data Overview - Elimination Volume: As of December 18, the national chicken culling volume in the previous three weeks was 20.82 million, 19.84 million, and 19.67 million respectively, showing a continuous downward trend [17] - Elimination Age: As of December 18, the average age of culled chickens was 486 days, unchanged from the previous week but 6 days earlier than the previous month [17]
建信期货鸡蛋日报-20251222
Jian Xin Qi Huo·2025-12-22 07:53