建信期货鸡蛋日报-20260205

Group 1: General Information - The report is about the egg industry and was released on February 5, 2026 [1][2] - The research team consists of Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operational Suggestions Market Review - The prices of egg futures contracts 2603, 2604, and 2605 all declined, with decreases of 0.57%, 0.56%, and 0.76% respectively. The trading volumes were 119,762, 67,565, and 34,241, and the open interests were 179,590, 170,143, and 105,733, with changes of -61, +5,535, and +3,990 respectively [7] - The average price of eggs in the main production areas was 3.59 yuan per catty, a decrease of 0.09 yuan compared to the previous day, and the average price in the main sales areas was 3.86 yuan per catty, also a decrease of 0.09 yuan [8] Core View - The spot price of eggs rose in January but experienced a large - scale correction over the weekend. The peak of the spot egg price is expected to have passed [8] - The futures market reflects that the market generally expects the post - New Year spot price to be around 3 yuan, which is the main pricing logic for the 03 contract. Future price fluctuations mainly affect the basis [8] - The seesaw effect between near - and far - month contracts will continue, but the market rhythm is difficult to control and may be volatile [8] Operational Suggestions - Before the Spring Festival, adopt interval rolling operations without a one - sided trend recommendation [8] Group 3: Industry News Inventory - As of the end of December 2025, the monthly inventory of laying hens in the country was about 1.344 billion, a 0.59% month - on - month decrease and a 5.00% year - on - year increase [9] Replenishment - In December 2025, the monthly output of egg chicks from sample enterprises was about 39.59 million, basically the same as in November. The total replenishment volume from September to December 2025 was about 157.49 million, significantly less than the 182.14 million in the same period last year, indicating a potential easing of medium - term production capacity pressure [9] Culling - The culling volume has remained relatively high but has slightly declined recently. The culling volumes in the three weeks up to January 29 were 16.03 million, 16.27 million, and 17.33 million respectively [9][10] - The average culling age as of January 29 was 493 days, 3 days later than the previous week and 9 days later than the previous month [10] Group 4: Data Overview - The report includes data charts such as the monthly inventory of laying hens in China, egg - laying chicken farming profit, average price in the main egg - producing areas, seasonal trend of the 03 egg contract, basis of the 03 egg contract, and culling age [11][15][16]