建信期货鸡蛋日报-20251225

Group 1: General Information - Report date: December 25, 2025 [2] - Reported industry: Eggs [1] - Research team: Agricultural Products Research Team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review | Contract | Previous Settlement Price | Opening Price | Highest Price | Lowest Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Egg 2601 | 3029 | 3016 | 3075 | 3016 | 3072 | 43 | 1.42% | 26237 | 39087 | -1106 | | Egg 2602 | 2881 | 2878 | 2950 | 2878 | 2947 | 66 | 2.29% | 180956 | 169411 | -20946 | | Egg 2603 | 2938 | 2935 | 2991 | 2935 | 2986 | 48 | 1.63% | 110457 | 173845 | -4281 | [7] Operation Suggestions - The spot egg price in China is weak today. The average price in the main producing areas is 2.90 yuan/jin, down 0.07 yuan/jin from yesterday; the average price in the main selling areas is 3.22 yuan/jin, down 0.07 yuan/jin from yesterday. The 02 contract rose 2.29%. The prices in the main selling areas of Beijing, Shanghai, and Guangzhou all declined, and the red eggs in the northern producing areas also declined under pressure. The spot market is weak today. However, the futures market rose against the trend. The near - month main contracts rose with a reduction in positions, mainly due to the profit - taking of previous short positions rather than the impetus from the spot market. - Contracts 02 and 03 are off - season contracts and usually have a significant price drop from the pre - holiday high. Currently, there is no sign of a price increase before the holiday. If the spot price continues to fluctuate, short positions may make a comeback. For near - month contracts, consider shorting after a price increase or selling call options. For far - month contracts, due to the logic of production capacity reduction, they are generally bullish. However, since they have already started rising, the strategy is to build positions after a price drop and conduct rolling operations [8] Group 3: Industry News Inventory - As of the end of November 2025, the monthly inventory of laying hens in China was about 1.352 billion, down 0.52% month - on - month from 1.359 billion at the end of October and 1.368 billion at the end of September, ending the previous continuous growth. However, compared with 1.284 billion in the same period last year, the year - on - year increase was still 5.3%, indicating significant pressure on the supply side [9] Replenishment - In November 2025, the monthly output of laying hen chicks from sample enterprises was about 39.55 million, slightly up from 39.15 million in October but significantly down 13.5% from 45.69 million in 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] Culling Volume - As of December 18, the culling 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 [9] Culling Age - As of December 18, the average culling age of laying hens was 486 days, the same as last week and 6 days earlier than last month [9][10] Group 4: Data Overview - The report provides multiple data charts, including the monthly inventory of laying hens in China, egg - laying chicken farming profit, the average price of eggs in the main producing areas, the seasonal trend of eggs in December, the basis of the egg 12 contract, and the spread between the egg 12 - 02 contracts, with data sources from Wind, Zhuochuang Information, and Trading Famen [12][14][15]