鸡蛋市场周报：现货价格继续上涨，盘面维持震荡-20260123

Group 1: Report Summary and Strategy Recommendations - The egg market showed a slight decline in this week's trading. The closing price of the 2603 contract was 3046 yuan per 500 kilograms, a decrease of 26 yuan per 500 kilograms compared to the previous week [6]. - The ongoing losses in the breeding sector have led to a decline in the enthusiasm for replenishment and an increase in the culling of old hens. The inventory of laying hens continues to decline from its high level, and the market sentiment has slightly improved. The current enthusiasm for replenishment is still lower than the same period last year, which is favorable for future prices [6]. - However, the current inventory of laying hens is still at a high level. Recently, the Spring Festival stocking sentiment has reached its peak, and the inventory at all levels has decreased. Some inventories have been cleared, and traders are more active in purchasing, with a faster turnover rate. Egg prices have risen significantly, and the profits of the breeding sector have improved, which has slightly slowed down the enthusiasm for culling old hens. The high production capacity still restricts the performance of the near - term market price [6]. - After the New Year's Day, the futures market has also shown a relatively strong and volatile trend, boosted by the continuous rise in spot prices. However, the high inventory pressure continues to affect the futures market trend. It is recommended to participate in the short - term trading [6]. Group 2: Futures and Spot Market Conditions Futures Price and Top Twenty Positions - The March contract of egg futures showed a slight decline, with a trading volume of 270,982 lots, an increase of 7,784 lots compared to last week. The net position of the top twenty was +10,286, compared with +1,787 last week, indicating a slight increase in net long positions [13]. Futures Warehouse Receipts - As of Friday, the number of registered egg warehouse receipts was 0 [16]. Spot Price and Basis - The spot price of eggs was reported at 3907 yuan per 500 kilograms, an increase of 263 yuan per 500 kilograms compared to last week. The basis between the active March contract of egg futures and the average spot price was reported at +861 yuan per ton [22]. Futures Inter - month Spread - The spread between the March and May contracts of egg futures was reported at - 466 yuan per 500 kilograms, which is generally at a relatively low level in the same period [26]. Related Commodity Spot Prices - As of January 22, 2026, the average wholesale price of pork was reported at 18.5 yuan per kilogram, and the average wholesale price of 28 kinds of key monitored vegetables was reported at 5.66 yuan per kilogram [32]. Group 3: Industrial Chain Conditions Supply - side: Inventory Index and Replenishment Enthusiasm - As of December 31, 2025, the national laying hen inventory index was reported at 109.28, a month - on - month decrease of 2.45%. The national new chick index was reported at 71.99, a month - on - month decrease of 23.10% [38]. Culling Index and Culling Age of Laying Hens - As of December 31, 2025, the national culling index of laying hens was reported at 124.98, a month - on - month increase of 23.52%. The national culling age of laying hens was reported at 500 days [43]. Feed Raw Material Prices - As of January 22, 2026, the average spot price of corn was reported at 2370 yuan per ton, and the spot price of soybean meal in Fangcheng was reported at 3140 yuan per ton [47]. Feed Price and Breeding Profit - As of January 16, 2026, the breeding profit of laying hens was reported at - 0.08 yuan per hen, and the average price of laying hen compound feed was reported at 2.84 yuan per kilogram [54]. Prices of Laying Hen Chicks and Culled Hens - As of January 16, 2026, the average price of laying hen chicks in the main producing areas was reported at 3.0 yuan per chick, and the average price of culled hens in the main producing areas was reported at 8.78 yuan per kilogram [58]. Monthly Egg Export Volume - According to data released by the Chinese Customs, in December 2025, the total egg export volume was 14,898.72 tons, an increase of 2,767.32 tons compared with 12,131.40 tons in the same period last year, a year - on - year increase of 22.81%. It was also an increase of 1,853.21 tons compared with 13,045.52 tons in the previous month [63]. Group 4: Representative Company - The report also mentioned the price - earnings ratio change of Xiaoming Co., Ltd [65].