建信期货鸡蛋日报-20260107

1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints - The national egg price is slightly stronger today. The average price in the main production areas is 3.12 yuan/jin, up 0.08 yuan/jin from yesterday; the average price in the main sales areas is 3.31 yuan/jin, up 0.07 yuan/jin from yesterday. The 02 contract rose 0.57%. During the holidays, the egg spot price was generally stable with minor fluctuations. The market sentiment remains average, and there is no sign of a significant increase in stockpiling. The high inventory level continues to put pressure on the spot price. The futures market opened higher today and then declined slightly. In recent days, the futures market has been stronger than the spot market. There is some willingness among off - market funds to buy at the bottom, and the technical indicators show signs of stabilization. This is mainly because the inflection point of the inventory level has occurred. Although the current situation is weak, the future outlook is positive. However, from the perspective of the spot market, the 02 contract represents an absolute off - season, and there is currently no sign of a trend - like increase in the spot price. It may weaken again in the future. The post - holiday contracts, especially the peak - season 05 contract, are more suitable for long - position strategies. Long - position investors can focus on the peak - season contracts in the second and third quarters [8] 3. Summary by Directory 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - Market Review: - For the 2602 egg contract, the previous settlement price was 2965, the opening price was 2966, the highest price was 2992, the lowest price was 2958, the closing price was 2982, with a gain of 17 and a gain rate of 0.57%. The trading volume was 63319, the open interest was 83287, and the open interest decreased by 3865. - For the 2603 egg contract, the previous settlement price was 2999, the opening price was 2988, the highest price was 3015, the lowest price was 2981, the closing price was 3000, with a gain of 1 and a gain rate of 0.03%. The trading volume was 156390, the open interest was 231586, and the open interest increased by 12061. - For the 2605 egg contract, the previous settlement price was 3547, the opening price was 3549, the highest price was 3559, the lowest price was 3523, the closing price was 3536, with a loss of 11 and a loss rate of - 0.31%. The trading volume was 37879, the open interest was 95654, and the open interest decreased by 1276 [7] - Operation Suggestions: The 02 contract represents the off - season, and there is no sign of a trend - like increase in the spot price. It may weaken again. The post - holiday contracts, especially the peak - season 05 contract, are more suitable for long - position strategies. Long - position investors can focus on the peak - season contracts in the second and third quarters [8] 3.2行业要闻 (Industry News) - Inventory: As of the end of November 2025, the national monthly inventory of laying hens was about 1.352 billion, down 0.52% from the previous month, ending the previous continuous growth. However, compared with the same period last year, it increased by 5.3%, 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 the 39.15 million in October but significantly lower by 13.5% compared with 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: In the three weeks up to December 18, the national culling volume of laying hens was 20.82 million, 19.84 million, and 19.67 million respectively, showing a continuous decline [9] - Culling Age: As of December 18, the average culling age of laying hens was 486 days, the same as the previous week and 6 days earlier than the previous month [10] 3.3数据概览 (Data Overview) - The report provides multiple data charts, including the average price of eggs in the main production areas, the seasonal trend of the egg 12 contract, the basis of the egg 12 contract, the spread between the egg 12 and 02 contracts, the monthly inventory of laying hens in China, and the profit of laying - hen farming. The data sources include Wind, Jianxin Futures Research and Investment Center, Zhuochuang Information, and Trading Famen [10][12][17]