Report Industry Investment Rating - Not provided Core Viewpoints - Recently, egg prices have been running strongly driven by pre - festival stocking, and the increase in feed costs has provided bottom support for egg prices, leading to farmers' reluctance to sell and price support. However, after the stocking ends and the festival effect fades, demand will decline, and egg prices are expected to fall. The current increase in spot prices weakens the expectation of a decline in laying - hen inventory, with slow culling of old hens, sufficient overall supply, and future supply pressure remaining. On the disk, constrained by high inventory, eggs generally maintain a low - level shock, and short - term participation is recommended [2] Summary by Directory Futures Market - The futures closing price of the active egg contract is 3440 yuan/500 kilograms, down 13 yuan; the net long position of the top 20 futures holders is 16383 lots, down 4648 lots; the egg futures monthly spread (5 - 9) is - 338 yuan/500 kilograms, down 2 yuan; the futures trading volume of the active contract is 138616 lots, down 17311 lots; the registered warehouse receipt volume is 0 lots, down 20 lots [2] Spot Market - The spot price of eggs is 3.37 yuan/jin, down 0.11 yuan; the basis (spot - futures) is - 67 yuan/500 kilograms, down 100 yuan [2] Upstream Situation - The laying - hen inventory index nationwide is 109.28 (2015 = 100), down 2.75; the culled laying - hen index nationwide is 124.98 (2015 = 100), up 23.8; the average price of egg - laying chicken seedlings in the main production areas is 3.65 yuan/feather, up 0.05 yuan; the new - chick index nationwide is 71.99 (2015 = 100), down 21.63; the average price of egg - laying chicken compound feed is 2.9 yuan/kg, unchanged; the breeding profit of egg - laying chickens is - 0.26 yuan/head, up 0.06 yuan; the average price of culled chickens in the main production areas is 10.18 yuan/kg, down 0.34 yuan; the culled - chicken age nationwide is 500 days, unchanged [2] Industry Situation - The average wholesale price of pork is 15.31 yuan/kg, down 0.15 yuan; the average wholesale price of 28 key - monitored vegetables is 4.68 yuan/kg, down 0.03 yuan; the average wholesale price of white - striped chickens is 17.22 yuan/kg, down 0.27 yuan; the weekly inventory in the circulation link is 1.15 days, down 0.02 days; the weekly inventory in the production link is 1.02 days, down 0.03 days; the monthly export volume of fresh eggs is 10796.36 tons, down 3741.98 tons [2] Downstream Situation - The weekly consumption volume of eggs in the sales area is 6864 tons, down 440 tons [2] Industry News - Today, the average price of eggs in Shandong, the main production area, is 6.55 yuan/kg, down 0.38 yuan from yesterday; in Hebei, it is 6.54 yuan/kg, down 0.04 yuan; in Guangdong, it is 6.87 yuan/kg, down 0.20 yuan; in Beijing, it is 7.16 yuan/kg, unchanged from yesterday [2]

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints of the Report - The current school opening and factory resumption have advanced the Tomb - Sweeping Festival stocking, significantly boosting the off - season demand. With high feed costs, farmers are reluctant to sell and support prices, leading to a rebound in spot prices. However, the spot price increase weakens the expectation of a decline in laying - hen inventory. Coupled with the slow culling of old hens, the overall supply is sufficient, and there is still supply pressure in the later period, so it is expected to fluctuate within a range. The egg 2605 contract has risen significantly due to the Tomb - Sweeping Festival stocking demand, with the operating range's center of gravity rising [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The futures closing price of the active egg contract is 3512 yuan/500 kilograms, with a week - on - week increase of 102 [2]. - The net long position of the top 20 futures holders of eggs is 24,297 lots, with a week - on - week increase of 19,347 [2]. - The egg futures monthly spread (5 - 9) is - 305 yuan/500 kilograms, with a week - on - week increase of 78 [2]. - The futures trading volume of the active egg contract is 189,332 lots, with a week - on - week increase of 25,971 [2]. - The registered warehouse receipt volume of eggs is 0 lots, with a week - on - week decrease of 2 [2]. 3.2 Spot Market - The spot price of eggs is 3.34 yuan/jin, with a week - on - week increase of 0.02 [2]. - The basis (spot - futures) is - 169 yuan/500 kilograms, with a week - on - week decrease of 84 [2]. 3.3 Upstream Situation - The national laying - hen inventory index is 109.28 (with 2015 = 100), with a month - on - month decrease of 2.75 [2]. - The national culled laying - hen index is 124.98 (with 2015 = 100), with a month - on - month increase of 23.8 [2]. - The average price of laying - hen chicks in the main production areas is 3.6 yuan/feather, with a week - on - week increase of 0.1 [2]. - The national new - chick index is 71.99 (with 2015 = 100), with a month - on - month decrease of 21.63 [2]. - The average price of laying - hen compound feed is 2.9 yuan/kg, with a week - on - week increase of 0.06 [2]. - The breeding profit of laying hens is - 0.32 yuan/hen, with a week - on - week increase of 0.01 [2]. - The average price of culled hens in the main production areas is 10.52 yuan/kg, with a week - on - week increase of 0.12 [2]. - The culling age of hens nationwide is 500 days, with no change from the previous month [2]. 3.4 Industry Situation - The average wholesale price of pork is 15.65 yuan/kg, with a week - on - week decrease of 0.15 [2]. - The average wholesale price of 28 key - monitored vegetables is 4.78 yuan/kg, with a week - on - week decrease of 0.08 [2]. - The average wholesale price of dressed chickens is 17.41 yuan/kg, with a week - on - week decrease of 0.01 [2]. - The weekly inventory in the circulation link is 1.17 days, with a week - on - week decrease of 0.1 [2]. - The weekly inventory in the production link is 1.07 days, with a week - on - week decrease of 0.15 [2]. - The monthly export volume of fresh eggs is 10,796.36 tons, with a month - on - month decrease of 3,741.98 tons [2]. 3.5 Downstream Situation - The weekly consumption of eggs in the sales areas is 6,864 tons, with a week - on - week decrease of 440 tons [2]. 3.6 Industry News - According to the latest survey data of Mysteel's egg team on 31 production areas in 10 regions across the country, on March 26, 2026, the national production - link inventory was 0.81 days, unchanged from the previous day, and the circulation - link inventory was 1.11 days, also unchanged from the previous day [2].

1. Report's Industry Investment Rating - Not provided in the content 2. Report's Core View - The supply - side inventory remains high and the elimination of old chickens is slow, with overall sufficient supply However, with the full resumption of schools and factories, the pre - Qingming Festival stocking has started in advance, significantly boosting the demand in the off - season The feed cost has risen, and the breeding side is reluctant to sell and holds up prices, leading to a rebound in the spot price This further weakens the expectation of a decline in laying - hen inventory In terms of the futures market, eggs maintain a volatile trend, and short - term participation is recommended [2] 3. Summary by Relevant Categories 3.1 Futures Market - The futures closing price of the active egg contract is 3400 yuan/500 kilograms, with a month - on - month increase of 18 The net long position of the top 20 futures holders is 573 hands, a significant increase of 4995 hands The egg futures spread between May and September is - 406 yuan/500 kilograms, up 46 The futures trading volume of the active contract is 172,504 hands, an increase of 1209 hands The registered warehouse receipt volume is 0 hands, unchanged [2] 3.2现货市场 - The spot price of eggs is 3.22 yuan/jin, up 0.02 yuan The basis (spot - futures) is - 179 yuan/500 kilograms, a decrease of 2 yuan [2] 3.3 Upstream Situation - The national laying - hen inventory index is 109.28 (2015 = 100), down 2.75 The national elimination index of laying hens is 124.98 (2015 = 100), up 23.8 The average price of egg - chicken chicks in the main production areas is 3.5 yuan per chick, unchanged The national new - chick index is 71.99 (2015 = 100), down 21.63 The average price of egg - chicken compound feed is 2.84 yuan/kg, up 0.04 yuan The breeding profit of egg - chickens is - 0.33 yuan per chicken, up 0.02 yuan The average price of eliminated chickens in the main production areas is 10.4 yuan/kg, up 0.52 yuan The average elimination age of chickens nationwide is 500 days, unchanged [2] 3.4 Industry Situation - The average wholesale price of pork is 16.18 yuan/kg, down 0.02 yuan The average wholesale price of 28 key - monitored vegetables is 4.88 yuan/kg, unchanged The average wholesale price of white - striped chickens is 17.29 yuan/kg, up 0.09 yuan The weekly inventory in the circulation link is 1.17 days, down 0.1 days The weekly inventory in the production link is 1.07 days, down 0.15 days The monthly export volume of fresh eggs is 14,898.72 tons, an increase of 1,853.2 tons [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales areas is 6,864 tons, a decrease of 440 tons [2] 3.6 Industry News - The average price of eggs in Shandong's main production area is 6.34 yuan/kg, unchanged from yesterday; in Hebei, it is 6.13 yuan/kg, up 0.16 yuan from yesterday; in Guangdong, it is 7.07 yuan/kg, unchanged from yesterday; in Beijing, it is 6.60 yuan/kg, up 0.20 yuan from yesterday [2]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Supply - side inventory remains high, and the elimination of old chickens is slow, resulting in sufficient overall supply. However, with schools fully reopened, factories back in operation, and the early start of Tomb - Sweeping Festival stockpiling, off - season demand has been significantly boosted. Feed costs have risen, causing farmers to be reluctant to sell and support prices, leading to a rebound in spot prices. This further weakens the expectation of a decline in laying - hen inventory. The egg futures market maintains a volatile trend, and short - term trading is recommended [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the active egg futures contract is 3382 yuan/500 kilograms, a decrease of 57 yuan compared to the previous period. The net long position of the top 20 futures holders of eggs is - 4422 hands, a decrease of 5377 hands. The monthly spread between the 5 - month and 9 - month egg futures contracts is - 452 yuan/500 kilograms, a decrease of 31 yuan. The trading volume of the active egg futures contract is 171,295 hands, an increase of 584 hands. The registered warehouse receipt volume of eggs is 0 hands [2] 3.2 Spot Market - The spot price of eggs is 3.2 yuan/jin, a decrease of 0.01 yuan. The basis (spot - futures) is - 177 yuan/500 kilograms, an increase of 44 yuan [2] 3.3 Upstream Situation - The national laying - hen inventory index is 109.28 (with 2015 = 100), a decrease of 2.75. The national eliminated laying - hen index is 124.98 (with 2015 = 100), an increase of 23.8. The average price of egg - laying chicken seedlings in the main production areas is 3.5 yuan/feather, unchanged. The national new - chick index is 71.99 (with 2015 = 100), a decrease of 21.63. The average price of egg - laying chicken compound feed is 2.84 yuan/kg, an increase of 0.04 yuan. The breeding profit of egg - laying chickens is - 0.33 yuan/head, an increase of 0.02 yuan. The average price of eliminated chickens in the main production areas is 10.4 yuan/kg, an increase of 0.52 yuan. The average age of eliminated chickens in the country is 500 days, unchanged [2] 3.4 Industry Situation - The average wholesale price of pork is 16.2 yuan/kg, an increase of 0.02 yuan. The average wholesale price of 28 key - monitored vegetables is 4.88 yuan/kg, a decrease of 0.01 yuan. The average wholesale price of white - striped chickens is 17.2 yuan/kg, an increase of 0.03 yuan. The weekly inventory in the circulation link is 1.17 days, a decrease of 0.1 days. The weekly inventory in the production link is 1.07 days, a decrease of 0.15 days. The monthly export volume of fresh eggs is 14,898.72 tons, an increase of 1853.2 tons [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales areas is 6864 tons, a decrease of 440 tons [2] 3.6 Industry News - The average price of eggs in Shandong's main production area is 6.34 yuan/kg, unchanged from the previous day; in Hebei, it is 5.97 yuan/kg, unchanged; in Guangdong, it is 7.07 yuan/kg, unchanged; in Beijing, it is 6.40 yuan/kg, unchanged [2]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The supply side has a relatively high inventory, and the elimination of old laying hens is slow, resulting in sufficient overall supply. However, with schools fully reopened and factories resuming work, the pre - Qingming Festival stocking has been launched in advance, significantly boosting the off - season demand. The feed cost has increased, and the breeding side is reluctant to sell and tries to hold up prices, leading to a rebound in spot prices. This further weakens the expectation of a decline in laying hen inventory. From a market perspective, the egg market remains volatile, and short - term participation is recommended [2] Summary by Directory Futures Market - The futures closing price of the active contract for eggs is 3439 yuan per 500 kilograms, with a week - on - week increase of 6. The net long positions of the top 20 futures holders for eggs are 955 lots, with a week - on - week increase of 286. The month - to - month spread (5 - 9) of egg futures is - 421 yuan per 500 kilograms, with a week - on - week decrease of 5. The futures trading volume of the active contract for eggs is 170,711 lots, with a week - on - week increase of 2452. The registered warehouse receipt volume for eggs is 0 lots, with a week - on - week decrease of 7 [2] 现货市场 - The spot price of eggs is 3.22 yuan per catty, with a week - on - week increase of 0.09. The basis (spot - futures) is - 221 yuan per 500 kilograms, with a week - on - week increase of 85 [2] Upstream Situation - The laying hen inventory index nationwide is 109.28 (with 2015 = 100), with a month - on - month decrease of 2.75. The eliminated laying hen index nationwide is 124.98 (with 2015 = 100), with a month - on - month increase of 23.8. The average price of laying hen chicks in the main production areas is 3.5 yuan per chick, with no change. The new chick index nationwide is 71.99 (with 2015 = 100), with a month - on - month decrease of 21.63. The average price of laying hen compound feed is 2.84 yuan per kilogram, with a week - on - week increase of 0.04. The breeding profit of laying hens is - 0.33 yuan per hen, with a week - on - week increase of 0.02. The average price of eliminated hens in the main production areas is 10.4 yuan per kilogram, with a week - on - week increase of 0.52. The age of eliminated hens nationwide is 500 days, with no change [2] Industry Situation - The average wholesale price of pork is 16.18 yuan per kilogram, with a day - on - day increase of 0.01. The average wholesale price of 28 key - monitored vegetables is 4.89 yuan per kilogram, with a day - on - day decrease of 0.05. The average wholesale price of dressed chickens is 17.17 yuan per kilogram, with a day - on - day decrease of 0.17. The weekly inventory in the circulation link is 1.17 days, with a week - on - week decrease of 0.1. The weekly inventory in the production link is 1.07 days, with a week - on - week decrease of 0.15. The monthly export volume of fresh eggs is 14,898.72 tons, with a month - on - month increase of 1,853.2 tons [2] Downstream Situation - The weekly consumption of eggs in the sales areas is 6,864 tons, with a week - on - week decrease of 440 tons [2] Industry News - The average price of eggs in Shandong, the main production area, is 6.34 yuan per kilogram, with a day - on - day increase of 0.20. The average price of eggs in Hebei is 5.97 yuan per kilogram, with a day - on - day increase of 0.09. The average price of eggs in Guangdong is 7.07 yuan per kilogram, unchanged from the previous day. The average price of eggs in Beijing is 6.40 yuan per kilogram, unchanged from the previous day [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The supply - side inventory is high, the elimination of old chickens is slow, and the overall supply is sufficient. The demand side is still in the post - holiday off - season, so the spot price maintains a low - level shock. However, with schools fully reopened, factories resumed work, and the early start of Tomb - Sweeping Festival stocking, the off - season demand is significantly boosted. The feed cost is relatively stable, and the breeding is mostly in a break - even or slightly profitable state. The market sentiment has great differences. The egg futures maintain a shock, and short - term participation is recommended [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active egg futures contract is 3438 yuan/500 kilograms, with a decrease of 2304 compared to the previous value. The net long position of the top 20 futures holders is - 7552 hands. The egg futures spread between May and September is - 416 yuan/500 kilograms. The trading volume of the active egg futures contract is 164850 hands, an increase of 3626 hands. The registered warehouse receipt volume is 5 hands [2] 3.2现货市场 - The spot price of eggs is 3.12 yuan/jin, and the basis (spot - futures) is - 320 yuan/500 kilograms, a decrease of 26 compared to the previous value [2] 3.3 Upstream Situation - The laying hen inventory index in the whole country is 109.28 (with 2015 = 100), a decrease of 2.75. The elimination index of laying hens in the whole country is 124.98 (with 2015 = 100), an increase of 23.8. The average price of egg - laying chicken seedlings in the main production areas is 3.5 yuan/feather, an increase of 0.2. The new chick index in the whole country is 71.99 (with 2015 = 100), a decrease of 21.63. The average price of egg - laying chicken compound feed is 2.8 yuan/kg. The breeding profit of egg - laying chickens is - 0.35 yuan/head, an increase of 0.14. The average price of eliminated chickens in the main production areas is 9.88 yuan/kg, an increase of 1.02. The age of eliminated chickens in the whole country is 500 days, with no change [2] 3.4 Industry Situation - The average wholesale price of 28 key - monitored vegetables is 16.86 yuan/kg, a decrease of 0.04. The average wholesale price of pork is 5.05 yuan/kg, an increase of 0.04. The average wholesale price of white - striped chickens is 17.53 yuan/kg, a decrease of 0.16. The weekly inventory in the circulation link is 1.27 days, an increase of 0.09. The weekly inventory in the production link is 1.22 days, a decrease of 0.07. The monthly export volume of fresh eggs is 14898.72 tons, an increase of 1853.2 tons [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales area is 7304 tons, an increase of 3026 tons [2] 3.6 Industry News - The average price of eggs in Shandong, the main production area, is 6.14 yuan/kg, unchanged from yesterday; the average price of eggs in Hebei is 5.88 yuan/kg, unchanged from yesterday; the average price of eggs in Guangdong is 7.07 yuan/kg, an increase of 0.20 compared to yesterday; the average price of eggs in Beijing is 6.40 yuan/kg, unchanged from yesterday [2]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The inventory on the supply side is high, the elimination of old laying hens is slow, and the overall supply is sufficient. The demand side is in the off - season after the festival. After the Lantern Festival stocking, the terminal consumption is weak, the sales are average, and the spot price maintains a low - level shock. However, with the resumption of work and production of enterprises, the market sales have improved slightly, the feed cost is relatively stable, and the breeding is mostly in a state of breaking even or small profit. The market sentiment is highly divided. From the perspective of the futures market, boosted by the general rise of commodities, the egg futures hit a high and then fell back today, and generally continued to close higher, but the pressure of high inventory still exists, and short - term participation is recommended [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the active egg futures contract is 3427 yuan/500 kilograms, with a decrease of 7226 compared to the previous period. The net long position of the top 20 futures holders is - 9010 hands. The monthly spread between May and September contracts is - 425 yuan/500 kilograms. The trading volume of the active contract is 156507 hands, a decrease of 19256 hands. The registered warehouse receipt volume is 2 hands [2] 3.2 Spot Market - The spot price of eggs is 3.08 yuan/jin, and the basis (spot - futures) is - 349 yuan/500 kilograms, with a week - on - week increase of 69 [2] 3.3 Upstream Situation - The national laying hen inventory index is 109.28 (with 2015 = 100), a decrease of 2.75. The national elimination laying hen index is 124.98 (with 2015 = 100), an increase of 23.8. The average price of laying hen chicks in the main production areas is 3.5 yuan/feather, an increase of 0.2. The national new - born chick index is 71.99 (with 2015 = 100), a decrease of 21.63. The average price of laying hen compound feed is 2.8 yuan/kg, with no change. The breeding profit of laying hens is - 0.35 yuan/hen, an increase of 0.14. The average price of eliminated hens in the main production areas is 9.88 yuan/kg, an increase of 1.02. The average age of eliminated hens in the country is 500 days, with no change [2] 3.4 Industry Situation - The average wholesale price of 28 key - monitored vegetables is 17.06 yuan/kg, an increase of 0.04. The average wholesale price of pork is 5.02 yuan/kg, a decrease of 0.08. The average wholesale price of white - striped chickens is 17.46 yuan/kg, a decrease of 0.28. The weekly inventory in the circulation link is 1.18 days, a decrease of 0.08. The weekly inventory in the production link is 1.29 days, an increase of 0.05. The monthly export volume of fresh eggs is 14898.72 tons, an increase of 1853.2 tons [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales areas is 4278 tons, a decrease of 2112 tons [2] 3.6 Industry News - Today, the average price of eggs in Shandong, the main production area, is 6.14 yuan/kg, an increase of 0.20 compared to yesterday; the average price of eggs in Hebei is 5.79 yuan/kg, an increase of 0.14; the average price of eggs in Guangdong is 6.67 yuan/kg, an increase of 0.20; the average price of eggs in Beijing is 6.20 yuan/kg, an increase of 0.10 [2]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The supply side has high inventory, slow elimination of old chickens, and overall sufficient supply. The demand side is in the post - holiday off - season, with weak terminal consumption after the Lantern Festival stocking, and the spot price maintains a low - level shock. However, with the resumption of work and production of enterprises, the market sales have slightly improved, and the feed cost is relatively stable. Most of the breeding is in a state of breaking even or small profit, and the market sentiment has great differences. In terms of the futures market, the futures price has rebounded slightly at a low level in the past two days, but the high - inventory pressure still exists, and short - term participation is recommended [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The futures closing price of the active contract of eggs is 3396 yuan/500 kilograms, with a change of 187 compared to the previous period. The net long position of the top 20 futures holders of eggs is 2606 hands, with a change of 4882. The monthly spread between May and September of egg futures is - 402 yuan/500 kilograms, with a change of 13. The futures trading volume of the active contract of eggs is 172637 hands, with a change of 75030. The registered warehouse receipt volume of eggs is 0 hands, with a change of - 2 [2] 3.2 Spot Market - The spot price of eggs is 2.96 yuan/jin, with a change of - 0.02. The basis (spot - futures) is - 438 yuan/500 kilograms, with a change of - 204 [2] 3.3 Upstream Situation - The laying hen inventory index in the whole country is 109.28 (with 2015 = 100), with a change of - 2.75. The elimination index of laying hens in the whole country is 124.98 (with 2015 = 100), with a change of 23.8. The average price of laying hen chicks in the main production areas is 3.3 yuan/feather, with a change of 0.1. The new chick index in the whole country is 71.99 (with 2015 = 100), with a change of - 21.63. The average price of laying hen compound feed is 2.8 yuan/kg, with no change. The breeding profit of laying hens is - 0.49 yuan/hen, with a change of - 0.4. The average price of eliminated hens in the main production areas is 8.86 yuan/kg, with no change. The age of eliminated hens in the whole country is 500 days, with no change [2] 3.4 Industry Situation - The average wholesale price of pork is 17.2 yuan/kg. The average wholesale price of 28 key - monitored vegetables is 5.12 yuan/kg, with a change of - 0.01. The average wholesale price of white - striped chickens is 17.7 yuan/kg, with a change of 0.41. The weekly inventory in the circulation link is 1.18 days, with a change of - 0.08. The weekly inventory in the production link is 1.29 days, with a change of 0.05. The monthly export volume of fresh eggs is 14898.72 tons, with a change of 1853.2 [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales area is 4278 tons, with a change of - 2112 [2] 3.6 Industry News - The average price of eggs in Shandong, the main production area, is 5.94 yuan/kg, unchanged from yesterday; the average price of eggs in Hebei is 5.58 yuan/kg, a decrease of 0.12 compared to yesterday; the average price of eggs in Guangdong is 6.27 yuan/kg, unchanged from yesterday; the average price of eggs in Beijing is 6.10 yuan/kg, a decrease of 0.10 compared to yesterday [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The supply side has high inventory and slow old - hen culling, with overall sufficient supply. The demand side is in the post - holiday off - season. After the Lantern Festival stocking, terminal consumption is weak, and spot prices remain in low - level fluctuations. However, with the resumption of work and production of enterprises, market sales have slightly improved, and feed costs are relatively stable. Most farmers are at the break - even or slightly profitable state, leading to significant differences in market sentiment. On the futures side, the culling of old hens slowed down significantly in February. Under the high inventory, futures prices have been generally weak and fluctuating after the festival, and short - term participation is recommended [2] Summary by Relevant Catalogs Futures Market - The futures closing price of the active egg contract is 3209 yuan/500 kilograms, with a week - on - week increase of 12; the net long position of the top 20 futures holders is - 2276 hands, with a week - on - week increase of 3147; the egg futures spread between May and September is - 415 yuan/500 kilograms, with a week - on - week increase of 19; the futures trading volume of the active contract is 97607 hands, with a week - on - week decrease of 11990; the registered warehouse receipt volume is 2 hands, with a week - on - week decrease of 28 [2] 现货市场 - The spot price of eggs is 2.98 yuan/jin, with a week - on - week decrease of 0.08; the basis (spot - futures) is - 234 yuan/500 kilograms, with a week - on - week decrease of 95 [2] Upstream Situation - The national laying - hen inventory index is 109.28 (with 2015 = 100), with a month - on - month decrease of 2.75; the national culled laying - hen index is 124.98 (with 2015 = 100), with a month - on - month increase of 23.8; the average price of laying - hen chicks in the main production areas is 3.3 yuan/chick, with a week - on - week increase of 0.1; the national new - chick index is 71.99 (with 2015 = 100), with a month - on - month decrease of 21.63; the average price of laying - hen compound feed is 2.8 yuan/kg, with no week - on - week change; the breeding profit of laying hens is - 0.49 yuan/hen, with a week - on - week decrease of 0.4; the average price of culled hens in the main production areas is 8.86 yuan/kg, with no week - on - week change; the national average age of culled hens is 500 days, with no month - on - month change [2] Industry Situation - The average wholesale price of pork is 17.2 yuan/kg, with a week - on - week decrease of 0.02; the average wholesale price of 28 key - monitored vegetables is 5.13 yuan/kg, with a week - on - week decrease of 0.04; the average wholesale price of dressed chickens is 17.29 yuan/kg, with a week - on - week decrease of 0.2; the weekly inventory in the circulation link is 1.18 days, with a week - on - week decrease of 0.08; the weekly inventory in the production link is 1.29 days, with a week - on - week increase of 0.05; the monthly export volume of fresh eggs is 14898.72 tons, with a month - on - month increase of 1853.2 [2] Downstream Situation - The weekly consumption of eggs in the sales areas is 4278 tons, with a week - on - week decrease of 2112 [2] Industry News - Today, the average price of eggs in Shandong, the main production area, is 5.94 yuan/kg, a decrease of 0.17 from yesterday; the average price in Hebei is 5.70 yuan/kg, a decrease of 0.15 from yesterday; the average price in Guangdong is 6.27 yuan/kg, the same as yesterday; the average price in Beijing is 6.20 yuan/kg, a decrease of 0.12 from yesterday [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The holiday production capacity has been continuously released, resulting in a certain inventory in the production areas. The market is under significant pressure, and the post - holiday opening prices in various places have dropped by about 0.5 yuan per catty compared to before the holiday. With the resumption of work in enterprises, the market sales have slightly improved, but due to inventory pressure, traders are still mainly focused on clearing inventory. The laying - hen inventory is still at the highest level in the same period, and the supply - side pressure remains high, which still has a certain impact on the spot egg price in the short term. From a market perspective, the futures price generally remains volatile, and short - term participation is recommended [2] 3. Summary of Each Section 3.1 Futures Market - The futures closing price of eggs (active contract) is 3197 yuan per 500 kilograms, a decrease of 45 yuan. The net long position of the top 20 futures holders is - 5423 hands, a decrease of 5340 hands. The monthly spread of egg futures (5 - 9) is - 434 yuan per 500 kilograms, a decrease of 32 yuan. The futures trading volume of the active contract is 109,597 hands, a decrease of 12,816 hands. The registered warehouse receipt volume is 30 hands, an increase of 2 hands [2] 3.2 Spot Market - The spot price of eggs is 3.06 yuan per catty, a decrease of 0.01 yuan. The basis (spot - futures) is - 139 yuan per 500 kilograms, an increase of 31 yuan [2] 3.3 Upstream Situation - The national laying - hen inventory index is 109.28 (2015 = 100), a decrease of 2.75; the national culled laying - hen index is 124.98 (2015 = 100), an increase of 23.8. The average price of laying - hen chicks in the main production areas is 3.3 yuan per chick, an increase of 0.1 yuan. The national new - chick index is 71.99 (2015 = 100), a decrease of 21.63. The average price of laying - hen feed is 2.8 yuan per kilogram, unchanged. The breeding profit of laying hens is - 0.49 yuan per hen, a decrease of 0.4 yuan. The average price of culled chickens in the main production areas is 8.86 yuan per kilogram, unchanged. The average age of culled chickens nationwide is 500 days, unchanged [2] 3.4 Industry Situation - The average wholesale price of pork is 17.22 yuan per kilogram, an increase of 0.02 yuan; the average wholesale price of 28 key - monitored vegetables is 5.17 yuan per kilogram, an increase of 0.02 yuan; the average wholesale price of dressed chickens is 17.49 yuan per kilogram, a decrease of 0.06 yuan. The weekly inventory in the circulation link is 1.18 days, a decrease of 0.08 days; the weekly inventory in the production link is 1.29 days, an increase of 0.05 days. The monthly export volume of fresh eggs is 14,898.72 tons, an increase of 1,853.2 tons [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales areas is 4,278 tons, a decrease of 2,112 tons [2] 3.6 Industry News - Today, the average price of eggs in Shandong, the main production area, is 6.11 yuan per kilogram, unchanged from yesterday; the average price in Hebei is 5.87 yuan per kilogram, a decrease of 0.03 yuan from yesterday; the average price in Guangdong is 6.27 yuan per kilogram, a decrease of 0.20 yuan from yesterday; the average price in Beijing is 6.32 yuan per kilogram, unchanged from yesterday [2] 3.7 Key Focus - There is no news today [2]