建信期货鸡蛋日报-20251223

Report Overview - Report Date: December 23, 2025 [2] - Reported Industry: Egg [1] 1. Investment Rating - No investment rating provided in the report. 2. Core Viewpoints - The spot price of eggs is expected to fluctuate slightly, with neither significant downward nor upward trends. The futures market has already priced in the expected increase in egg prices due to a decline in next year's inventory. It is recommended that long - position investors wait for the far - month contracts to adjust sufficiently before entering the market and adopt a rolling operation strategy. Near - month contracts may experience low - level fluctuations in the short term, waiting for the guidance of the spot price increase in January [8]. 3. Summary by Section 3.1 Market Review and Operation Suggestions Market Review | Contract | Pre - settlement Price | Open Price | High Price | Low Price | Close Price | Change | Change Percentage | Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2601 | 3068 | 3056 | 3077 | 3041 | 3049 | - 19 | - 0.62% | 25852 | 47063 | 10016 | | 2602 | 2902 | 2888 | 2918 | 2884 | 2888 | - 14 | - 0.48% | 141072 | 186319 | - 1370 | | 2603 | 2952 | 2950 | 2969 | 2936 | 2948 | - 4 | - 0.14% | 81349 | 176767 | 2185 | [7] - The average price of eggs in the main producing areas is 2.98 yuan/jin, a decrease of 0.09 yuan/jin from the previous day; the average price in the main selling areas is 3.30 yuan/jin, a decrease of 0.02 yuan/jin from the previous day. The 01 contract fell 0.62% [8]. Operation Suggestions - For far - month contracts, since the current pricing is relatively full, it is recommended that long - position investors wait for full adjustment and adopt a rolling operation strategy. For near - month contracts (02, 03), due to insufficient topics and the fact that the positive impact of the inventory inflection point is not obvious, they may experience low - level fluctuations in the short term, waiting for the guidance of the spot price increase in January [8]. 3.2 Industry News Inventory - As of the end of November 2025, the monthly inventory of laying hens in the country was about 1.352 billion, a month - on - month decrease of 0.52%, ending the previous continuous growth. However, compared with the same period last year (1.284 billion), the year - on - year increase was still 5.3%, indicating significant pressure on the supply side [9]. Replenishment - In November 2025, the monthly hatchling volume of laying hen chicks in sample enterprises was about 39.55 million, slightly increasing from 39.15 million in October but a significant decrease of 13.5% compared with 45.69 million in the same period in 2024. The total replenishment in the past 4 months (August - November 2025) was about 157.71 million, compared with about 180.11 million in the same period last year [9]. 3.3 Data Overview Elimination Volume - As of December 18, the national elimination volume of laying hens 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 elimination age of laying hens was 486 days, the same as the previous week and 6 days earlier than the previous month [17].