1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The recent sharp rise in the price of the main May contract of eggs is due to the increase in feed costs and good market sales. However, considering the current loose supply in the fundamentals and the high price of the May contract, and the limited trading time approaching the position limit, it is not recommended to chase the rise of eggs. It is advisable to consider shorting the June contract on rallies, and it is recommended to wait and see for arbitrage and options [7][8]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract Prices**: JD01 closed at 3731, up 7 from the previous day; JD05 closed at 3453, down 49; JD09 closed at 3789, down 16 [2]. - **Cross - Month Spreads**: The 01 - 05 spread closed at 278, up 56; the 05 - 09 spread closed at - 336, down 33; the 09 - 01 spread closed at 58, down 23 [2]. - **Ratios**: The 01 egg/corn ratio was 1.58, up 0.01; the 01 egg/soybean meal ratio was 1.23, up 0.01. Other ratios also had corresponding changes [2]. 3.2 Spot Market - **Egg Prices**: The average price in the main production areas was 3.41 yuan/jin, up 0.02 yuan/jin from the previous day; the average price in the main sales areas was 3.54 yuan/jin, up 0.03 yuan/jin. Most national mainstream prices remained stable, with some local fluctuations [2][4]. - **Culled Chicken Prices**: The average price of culled chickens in the main production areas was 5.02 yuan/jin, up 0.01 yuan/jin from the previous day [2][6]. 3.3 Profit Calculation - **Costs**: The average price of culled chickens was 5.02 yuan/jin, up 0.01 yuan/jin; the average price of chicks was 3.21 yuan, up 0.04 yuan; the price of egg - chicken vaccines was 3 yuan, unchanged; the average price of corn was 2451 yuan, down 2 yuan; the average price of soybean meal was 3268 yuan, unchanged; the price of egg - chicken compound feed was 2.70 yuan, unchanged [2]. - **Profits**: The profit per chicken was 15.29 yuan, up 0.98 yuan from the previous day [2]. 3.4 Fundamental Information - **Egg Production and Sales**: In February, the national inventory of laying hens was 1.35 billion, an increase of 60 million from the previous month and a year - on - year increase of 3.4%. The monthly output of chicks in sample enterprises in February was about 43.3 million, with little change month - on - month and a year - on - year decrease of 5%. As of the week of March 19, the sales volume of eggs in representative sales areas was 6898 tons, an increase of 7.2% from the previous week, at a relatively low level in the same period over the years [4][5]. - **Culled Chicken Situation**: In the week of March 19, the number of culled chickens in the main production areas was 15.4 million, an increase of 5.8% from the previous week, and the average culling age was 505 days, the same as the previous week [5]. - **Inventory and Profit**: As of March 19, the average weekly inventory in the production link was 1.04 days, a decrease of 0.03 days from the previous week; the average weekly inventory in the circulation link was 1.17 days, the same as the previous week. The average weekly profit per jin of eggs was - 0.22 yuan/jin, an increase of 0.11 yuan/jin from the previous week; the expected profit of egg - chicken farming on March 19 was - 10.39 yuan per chicken, an increase of 0.2 yuan per chicken from the previous week [5]. 3.5 Trading Logic - The sharp rise in the price of the main May contract of eggs is due to the increase in feed costs and good market sales. However, considering the current loose supply in the fundamentals and the high price of the May contract, and the limited trading time approaching the position limit, it is not recommended to chase the rise of eggs [7]. 3.6 Trading Strategies - **Single - Side**: Consider shorting the June contract on rallies [8]. - **Arbitrage**: It is recommended to wait and see [8]. - **Options**: It is recommended to wait and see [8].

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core View of the Report - Due to the good profit performance in the early stage, the market's enthusiasm for culling has decreased, slowing down the overall capacity reduction. Considering that the egg consumption enters the off - season after the Spring Festival, although the inventory has been alleviated, the recent good egg price performance has weakened the overall capacity reduction. It is advisable to consider shorting the June contract on rallies [8] Group 3: Summary by Directory 1. Futures and Spot Market - **Futures Market**: JD01 closed at 3690, up 8 from the previous day; JD05 closed at 3410, up 9; JD09 closed at 3793, up 10. The 01 - 05 spread was 280, down 1; 05 - 09 spread was - 383, down 1; 09 - 01 spread was 103, up 2. The ratios of 01, 05, and 09 eggs to corn and soybean meal all increased by 0.01 [2] - **Spot Market**: The average price in the main production areas was 3.31 yuan/jin, up 0.03 yuan/jin from the previous day; the average price in the main sales areas was 3.47 yuan/jin, unchanged from the previous day. Most of the national mainstream prices remained stable. The average price of culled chickens was 5.05 yuan/jin, unchanged from the previous day [2][4] 2. Fundamental Information - **Production and Sales**: In February, the national inventory of laying hens was 1.35 billion, an increase of 0.06 billion from the previous month and a year - on - year increase of 3.4%. The monthly output of laying hen chicks in February was about 43.3 million, with little change month - on - month and a year - on - year decrease of 5% [4] - **Culling**: In the week of March 5, the number of culled laying hens in the main production areas was 10.94 million, a 24% increase from the previous week. The average culling age was 502 days, an increase of 1 day from the previous week [5] - **Sales Volume**: As of the week of March 5, the egg sales volume in the representative sales areas was 7304 tons, a 1.5% increase from the previous week, at a relatively high level in the same period over the years [5] - **Profit**: As of the week of March 5, the weekly average profit per jin of eggs was - 0.29 yuan/jin, a decrease of 0.06 yuan/jin from the previous week. On February 27, the expected profit of laying hen farming was - 11.85 yuan/feather, a decrease of 1.27 yuan/jin from the previous week [5] - **Inventory**: As of the week of March 5, the average weekly inventory in the production link was 1.22 days, a decrease of 0.04 days from the previous week; the average weekly inventory in the circulation link was 1.27 days, an increase of 0.02 days from the previous week [6][7] 3. Trading Logic - Due to the good profit performance in the early stage, the market's enthusiasm for culling has decreased, slowing down the overall capacity reduction. Considering the off - season of egg consumption after the Spring Festival and the recent good egg price performance, it is advisable to consider shorting the June contract on rallies [8] 4. Trading Strategy - **Single - side**: Consider shorting the June contract on rallies [9] - **Arbitrage**: It is recommended to wait and see [9] - **Options**: It is recommended to wait and see [9]

1. Report Industry Investment Rating - No information provided in the report regarding the industry investment rating 2. Core View of the Report - Due to the relatively good profit situation in the early stage, the market's enthusiasm for chicken culling has declined, slowing down the overall capacity reduction. Considering that the egg consumption enters the off - season after the Spring Festival, although the inventory has been alleviated, the recent good egg prices have weakened the overall capacity reduction. It is advisable to consider shorting the June contract on rallies [8] 3. Summary by Directory 3.1 Futures Market - The closing prices of JD01, JD05, and JD09 remained unchanged from the previous trading day at 3684, 3439, and 3860 respectively. The spreads of 01 - 05, 05 - 09, and 09 - 01 also remained unchanged at 245, - 421, and 176 respectively [2] - The ratios of 01 egg/corn, 05 egg/corn, and 09 egg/corn had slight changes, while the ratios of 01 egg/bean meal and 09 egg/bean meal increased by 0.01, and the ratio of 05 egg/bean meal remained unchanged [2] 3.2 Spot Market - The average price of eggs in the main production areas was 3.16 yuan/jin, a decrease of 0.02 yuan/jin from the previous trading day, and the average price in the main sales areas was 3.31 yuan/jin, remaining unchanged from the previous trading day. The prices of eggs in most regions remained stable, with only slight price adjustments in some areas [2][4] - The average price of culled chickens in the main production areas was 5.21 yuan/jin, an increase of 0.05 yuan/jin from the previous trading day [2][7] 3.3 Profit Calculation - The average price of culled chickens was 5.21 yuan/jin, an increase of 0.05 yuan/jin from the previous day; the average price of chicks was 3.21 yuan, an increase of 0.04 yuan from the previous day; the price of egg - chicken vaccines remained unchanged at 3 yuan [2] - The profit per chicken was 3.75 yuan, a decrease of 0.79 yuan from the previous day. The average price of corn was 2452 yuan, an increase of 4 yuan from the previous day; the average price of bean meal was 3418 yuan, remaining unchanged from the previous day; the price of egg - chicken compound feed remained unchanged at 2.74 yuan [2] 3.4 Fundamental Information - In February, the national inventory of laying hens was 1.35 billion, an increase of 60 million from the previous month and a year - on - year increase of 3.4%, higher than expected. The monthly output of chicks from sample enterprises monitored by Zhuochuang Information (accounting for about 50% of the country) was 43.3 million, with little change month - on - month and a year - on - year decrease of 5% [4] - In the week of March 5th, the number of culled laying hens in the main production areas was 10.94 million, a 24% increase from the previous week. The average culling age of culled chickens was 502 days, an increase of 1 day from the previous week [5] - As of the week of March 5th, the egg sales volume in the representative sales areas was 7304 tons, a 1.5% increase from the previous week, at a relatively high level in the same period over the years [5] - As of March 5th, the weekly average profit per jin of eggs was - 0.29 yuan/jin, a decrease of 0.06 yuan/jin from the previous week; on February 27th, the expected profit of egg - chicken farming was - 11.85 yuan per chicken, a decrease of 1.27 yuan/jin from the previous week [5] - As of the week of March 5th, the weekly average inventory in the production link was 1.22 days, a decrease of 0.04 days from the previous week; the weekly average inventory in the circulation link was 1.27 days, an increase of 0.02 days from the previous week [6][7] 3.5 Trading Logic - The relatively good profit situation in the early stage led to a decline in the market's enthusiasm for chicken culling, slowing down the overall capacity reduction. Considering the egg consumption off - season after the Spring Festival and the weakening of capacity reduction due to good egg prices, it is advisable to consider shorting the June contract on rallies [8] 3.6 Trading Strategy - Unilateral: Consider shorting the June contract on rallies [9] - Arbitrage: It is recommended to wait and see [9] - Options: It is recommended to wait and see [9]

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - Due to the good profit performance in the early stage, the market's enthusiasm for culling has decreased, slowing down the overall capacity reduction. Considering that the egg consumption enters the off - season after the Spring Festival, although the inventory has been alleviated, the recent good egg price performance has weakened the overall capacity reduction. It is advisable to consider shorting the June contract on rallies [9]. Group 3: Summary by Directory 1. Futures Market - **Futures Prices and Spreads**: JD01 closed at 3684, down 29 from the previous day; JD05 closed at 3439, up 6; JD09 closed at 3860, up 11. The 01 - 05 spread was 245, down 35; the 05 - 09 spread was - 421, down 5; the 09 - 01 spread was 176, up 40 [2]. - **Ratio of Egg to Feed**: The 01 egg/corn ratio was 1.56, down 0.01; the 01 egg/bean meal ratio was 1.20, down 0.02. The 05 egg/corn ratio was 1.45, up 0.01; the 05 egg/bean meal ratio was 1.12, up 0.02. The 09 egg/corn ratio was 1.61, up 0.01; the 09 egg/bean meal ratio was 1.27, unchanged [2]. 2. Spot Market - **Egg Prices**: The average price in the main production areas was 3.18 yuan/jin, up 0.1 yuan/jin from the previous day; the average price in the main sales areas was 3.31 yuan/jin, up 0.03 yuan/jin. The national mainstream prices were mixed, with some stable and some rising [2][4]. - **Culled Chicken Prices**: The average price of culled chickens in the main production areas was 5.16 yuan/jin, unchanged from the previous day [2][8]. 3. Profit Calculation - **Cost and Profit**: The average price of culled chickens was 5.16 yuan/jin, unchanged; the average price of chicks was 3.21 yuan, up 0.04 yuan. The profit per chicken was 3.66 yuan, up 3.90 yuan from the previous day. The average price of corn was 2449 yuan, up 2; the average price of bean meal was 3474 yuan, unchanged; the compound feed for laying hens was 2.76 yuan, unchanged [2]. 4. Fundamental Information - **Egg Production and Sales**: In February, the national inventory of laying hens was 1.35 billion, an increase of 60 million from the previous month and a year - on - year increase of 3.4%. The monthly output of laying hen chicks in February was about 43.3 million (accounting for about 50% of the country), with little change month - on - month and a 5% year - on - year decrease. As of March 5, the weekly sales volume of eggs in the representative sales areas was 7304 tons, a 1.5% increase from the previous week [4][5]. - **Culling Situation**: In the week of March 5, the number of culled laying hens in the main production areas was 10.94 million, a 24% increase from the previous week. The average culling age of culled chickens was 502 days, an increase of 1 day from the previous week [5]. - **Inventory Situation**: As of March 5, the average weekly inventory in the production link was 1.22 days, a decrease of 0.04 days from the previous week; the average weekly inventory in the circulation link was 1.27 days, an increase of 0.02 days from the previous week [6][7]. 5. Trading Logic - Due to the good profit performance in the early stage, the market's enthusiasm for culling has decreased, slowing down the overall capacity reduction. Considering the off - season of egg consumption after the Spring Festival and the recent good egg price performance, the overall capacity reduction has weakened. It is advisable to consider shorting the June contract on rallies [9]. 6. Trading Strategies - **Single - side Strategy**: Consider shorting the June contract on rallies [10]. - **Arbitrage Strategy**: It is recommended to wait and see [10]. - **Option Strategy**: It is recommended to wait and see [10].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - Due to the good profit performance in the early stage, the market's enthusiasm for culling has decreased, slowing down the overall capacity reduction. Considering that the egg consumption enters the off - season after the Spring Festival, although the inventory has been alleviated, the recent good egg price performance has weakened the overall reduction. It is advisable to consider shorting the June contract on rallies [8]. Summary by Directory 1. Fundamental Information - The average price in the main producing areas today is 3.06 yuan/jin, and that in the main selling areas is 3.27 yuan/jin, both remaining stable compared to the previous trading day. The national mainstream egg price remains stable, with prices in various regions mostly unchanged [4]. - In February, the national in - lay hen inventory was 1.35 billion, an increase of 60 million from the previous month and a year - on - year increase of 3.4%, higher than expected. The monthly chick output of sample enterprises monitored by Zhuochuang Information (accounting for about 50% of the country) was 43.3 million, with little change month - on - month and a year - on - year decrease of 5% [4]. - From March 5th, the weekly culling volume of laying hens in the main producing areas was 10.94 million, a 24% increase from the previous week. The average culling age of culled hens was 502 days, an increase of 1 day from the previous week [5]. - As of the week of March 5th, the egg sales volume in the representative selling areas was 7,304 tons, a 1.5% increase from the previous week, at a relatively high level in the same period over the years [5]. - As of March 5th, the weekly average profit per jin of eggs was - 0.29 yuan/jin, a decrease of 0.06 yuan/jin from the previous week. On February 27th, the expected profit of laying hen farming was - 11.85 yuan/feather, a decrease of 1.27 yuan/jin from the previous week [5]. - As of the week of March 5th, the average weekly inventory in the production link was 1.22 days, a decrease of 0.04 days from the previous week, while the average weekly inventory in the circulation link was 1.27 days, an increase of 0.02 days from the previous week [6][7]. - Today, the national culled hen price rose, with the average price in the main producing areas at 5.16 yuan/jin, a 0.02 - yuan increase from the previous trading day [7]. 2. Trading Logic - The good profit performance in the early stage has reduced the market's enthusiasm for culling, slowing down the overall capacity reduction. Considering the egg consumption off - season after the Spring Festival and the recent good egg price performance weakening the overall reduction, it is advisable to consider shorting the June contract on rallies [8]. 3. Trading Strategies - Unilateral: Consider shorting the June contract on rallies [9]. - Arbitrage: It is recommended to wait and see [9]. - Options: It is recommended to wait and see [9].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core View of the Report - Due to the good profit performance in the early stage, the market's enthusiasm for culling has decreased, slowing down the overall capacity reduction. Considering that the egg consumption enters the off - season after the Spring Festival, although the inventory has been alleviated, the recent good egg prices have weakened the overall capacity reduction. It is advisable to consider shorting the June contract on rallies [7]. Group 3: Summary According to Relevant Catalogs 1. Futures Market - **Contract Prices**: JD01 closed at 3618, down 27 from the previous day; JD05 closed at 3406, down 23; JD09 closed at 3808, down 9 [2]. - **Cross - month Spreads**: 01 - 05 spread closed at 212, down 4; 05 - 09 spread closed at - 402, down 14; 09 - 01 spread closed at 190, up 18 [2]. - **Ratio of Egg to Feed**: 01 egg/corn ratio was 1.54, down 0.03; 01 egg/bean meal ratio was 1.20, down 0.01. Similar changes were seen in other contracts [2]. 2. Spot Market - **Egg Prices**: The average price in the main producing areas was 3.02 yuan/jin, up 0.07 yuan/jin from the previous day; the average price in the main selling areas was 3.17 yuan/jin, up 0.07 yuan/jin. Most regions' egg prices remained stable, with normal sales [2][4]. - **Culled Chicken Prices**: The average price of culled chickens in the main producing areas was 4.89 yuan/jin, up 0.23 yuan/jin from the previous day [2][6]. 3. Profit Calculation - **Cost and Profit**: The average price of culled chickens was 4.89 yuan/jin, up 0.23; the average price of chicken seedlings was 3.21 yuan/feather, up 0.04. The profit per feather was 2.71 yuan, up 3.52 from the previous day [2]. 4. Fundamental Information - **Egg Production and Sales**: In February, the national in - production laying hen inventory was 1.35 billion, an increase of 60 million from the previous month and a year - on - year increase of 3.4%. The monthly output of chicken seedlings in February was about 43.3 million, with little change month - on - month and a 5% year - on - year decrease [4]. - **Culling Situation**: In the week of February 26, the culling volume of laying hens in the main producing areas was 8.78 million, a 42% increase from the previous week. The average culling age was 501 days, an increase of 1 day from the previous week [5]. - **Sales Volume**: As of the week of February 26, the egg sales volume in the representative selling areas was 4278 tons, at a relatively low level in the same period over the years [6]. - **Profit and Inventory**: As of February 26, the weekly average profit per jin of eggs was - 0.35 yuan/jin, a decrease of 0.2 yuan/jin from the previous week; the expected profit of laying hen farming was - 11.85 yuan/feather, a decrease of 1.27 yuan/feather. The average production - link inventory was 1.29 days, an increase of 0.05 days; the average circulation - link inventory was 1.18 days, a decrease of 0.08 days [6]. 5. Trading Logic - Due to the good early - stage profit, the market's culling enthusiasm has decreased, and the overall capacity reduction has slowed down. Considering the off - season of egg consumption after the Spring Festival, although the inventory has been alleviated, the recent good egg prices have weakened the overall capacity reduction [7]. 6. Trading Strategies - **Single - side**: Consider shorting the June contract on rallies [8]. - **Arbitrage**: It is recommended to wait and see [8]. - **Options**: It is recommended to wait and see [8].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View of the Report - Due to the relatively good profit situation in the early stage, the market's enthusiasm for culling has declined, slowing down the overall capacity reduction. Considering that the egg consumption season will enter the off - season after the Spring Festival, although the inventory situation has improved, the recent good egg price performance has weakened the overall capacity reduction. Therefore, it is advisable to consider shorting the June contract on rallies. [6] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices**: The closing prices of JD01, JD05, and JD09 are 3615, 3413, and 3800 respectively, down 87, 30, and 21 from the previous trading day. [2] - **Cross - Month Spreads**: The spreads of 01 - 05, 05 - 09, and 09 - 01 are 202, - 387, and 185 respectively, with changes of - 57, - 9, and 66 compared to the previous trading day. [2] - **Price Ratios**: The ratios of 01 egg/maize, 05 egg/maize, and 09 egg/maize are 1.56, 1.46, and 1.61 respectively, down 0.04, 0.01, and 0.01 from the previous trading day; the ratios of 01 egg/soybean meal, 05 egg/soybean meal, and 09 egg/soybean meal are 1.20, 1.20, and 1.29 respectively, down 0.04, 0.01, and 0.01 from the previous trading day. [2] 3.2 Spot Market - **Egg Prices**: The average price in the main producing areas is 2.91 yuan/jin, and the average price in the main selling areas is 3.02 yuan/jin, both remaining stable compared to the previous trading day. The prices in various regions such as Beijing, Northeast China, Shandong, and Henan are generally stable, with the egg price continuing to fluctuate and consolidate, and the sales volume being average. [2][4] - **Culled Chicken Prices**: The average price of culled chickens in the main producing areas is 4.43 yuan/jin, remaining stable compared to the previous trading day. The prices in various regions such as Handan, Shijiazhuang, and Jiaozuo are also stable. [2] 3.3 Profit Calculation - **Cost and Price Changes**: The average price of culled chickens is 4.43 yuan/jin, remaining unchanged; the average price of chicken seedlings is 3.21 yuan, up 0.04 from the previous day; the price of egg - laying hen vaccines is 3 yuan, remaining stable; the average price of maize is 2381 yuan, up 1 from the previous day; the average price of soybean meal is 3188 yuan, remaining unchanged; the price of egg - laying hen compound feed is 2.62 yuan, remaining unchanged. [2] - **Profit Changes**: The profit per chicken is - 3.18 yuan, down 0.08 from the previous day. [2] 3.4 Fundamental Information - **Egg Production and Sales**: In January, the national inventory of laying hens in production was 1.344 billion, a decrease of 80 million from the previous month, a year - on - year increase of 5%, and lower than expected. The monthly output of chicken seedlings in the sampled enterprises monitored by Zhuochuang Information in January was about 43.22 million, a month - on - month increase of 9%, with little year - on - year change. As of the week of February 12, the egg sales volume in the representative selling areas was 6390 tons, a decrease of 12% from the previous week, at a relatively low level in the same period over the years. [4][5] - **Culling Situation**: As of the week of February 12, the number of culled laying hens in the main producing areas was 13.17 million, a decrease of 20% from the previous week. The average culling age of culled chickens in the week of February 6 was 497 days, an increase of 2 days from the previous week. [5] - **Profit and Inventory**: As of February 12, the average weekly profit per jin of eggs was 0.12 yuan/jin, a decrease of 0.4 yuan/jin from the previous week; on February 12, the expected profit of egg - laying hen farming was - 13.12 yuan/chicken, remaining unchanged from the previous week. The average weekly inventory in the production link was 1.24 days, a decrease of 0.02 days from the previous week; the average weekly inventory in the circulation link was 1.26 days, remaining unchanged from the previous week. [5] 3.5 Trading Logic - The relatively good profit situation in the early stage has led to a decline in the market's enthusiasm for culling, slowing down the overall capacity reduction. After the Spring Festival, the egg consumption enters the off - season. Although the inventory has improved, the recent good egg price performance has weakened the overall capacity reduction. Therefore, it is advisable to consider shorting the June contract on rallies. [6] 3.6 Trading Strategy - **Single - Side Trading**: Consider shorting the June contract on rallies. [7] - **Arbitrage**: It is recommended to wait and see. [7] - **Options Trading**: It is recommended to wait and see. [7]

1. Report Industry Investment Rating - Not provided in the content. 2. Core View of the Report - Due to the good profit performance, the market enthusiasm for culling has decreased, slowing down the overall capacity reduction. Considering the post - Spring Festival egg consumption off - season and the recent good egg prices weakening the overall capacity reduction, it is advisable to short the June contract on rallies [6]. 3. Summary by Relevant Catalog 3.1 Futures Market - **Futures Prices**: JD01 closed at 3778, down 12 from the previous day; JD05 closed at 3429, down 41; JD09 closed at 3819, down 40 [2]. - **Cross - Month Spreads**: The 01 - 05 spread closed at 349, up 29; the 05 - 09 spread closed at - 390, down 1; the 09 - 01 spread closed at 41, down 28 [2]. - **Ratio of Egg to Feed**: The 01 egg/corn ratio was 1.64, down 0.01; the 01 egg/bean meal ratio was 1.28, unchanged; the 05 egg/corn ratio was 1.47, down 0.03; the 05 egg/bean meal ratio was 1.23, down 0.01; the 09 egg/corn ratio was 1.62, down 0.03; the 09 egg/bean meal ratio was 1.32, down 0.01 [2]. 3.2 Spot Market - **Egg Prices**: The average price in the main production areas was 2.86 yuan/jin, down 0.42 yuan/jin from the previous day; the average price in the main sales areas was 3.02 yuan/jin, down 0.52 yuan/jin. The national mainstream price remained stable, with prices in most regions showing little change [2][4]. - **Culled Chicken Prices**: The average price in the main production areas was 4.43 yuan/jin, up 0.05 yuan/jin from the previous day. Most regional prices were stable, with only a few areas showing price changes [2][4][5]. 3.3 Profit Calculation - **Cost and Price Changes**: The average price of culled chickens was 4.43 yuan/jin, up 0.05 yuan/jin; the average price of chicks was 3.21 yuan/feather, up 0.04 yuan; the price of egg - chicken vaccines remained stable at 3 yuan. The average price of corn was 2375 yuan/ton, up 3 yuan; the average price of bean meal was 3164 yuan/ton, unchanged; the price of egg - chicken compound feed was 2.61 yuan/jin, unchanged [2]. - **Profit Changes**: The profit per feather was - 4.51 yuan, down 16.73 yuan from the previous day [2]. 3.4 Fundamental Information - **Egg Price and Market Conditions**: The average price in the main production areas was 2.86 yuan/jin, down 0.42 yuan/jin, and in the main sales areas was 3.02 yuan/jin, down 0.52 yuan/jin. The national mainstream price was stable, and the egg price continued to fluctuate and consolidate with average sales [4]. - **Laying Hen Inventory**: In January, the national inventory of laying hens was 1.344 billion, a decrease of 80 million from the previous month, a year - on - year increase of 5%, and lower than expected [4]. - **Chick Hatch Volume**: In January, the monthly hatch volume of chicks in the sample enterprises monitored by Zhuo Chuang Information (accounting for about 50% of the country) was 43.22 million, a month - on - month increase of 9%, with little year - on - year change [4]. - **Culled Chicken Data**: In the week of February 12, the number of culled chickens in the main production areas was 13.17 million, a decrease of 20% from the previous week. The average culling age of culled chickens in the week of February 6 was 497 days, an increase of 2 days from the previous week [5]. - **Egg Sales Volume**: As of the week of February 12, the egg sales volume in the representative sales areas was 6390 tons, a decrease of 12% from the previous week, at a low level in the same period over the years [5]. - **Profit and Inventory**: As of February 12, the weekly average profit per jin of eggs was 0.12 yuan/jin, a decrease of 0.4 yuan/jin from the previous week; on February 12, the expected profit of egg - chicken farming was - 13.12 yuan/feather, the same as the previous week. The weekly average inventory in the production link was 1.24 days, a decrease of 0.02 days from the previous week; the weekly average inventory in the circulation link was 1.26 days, the same as the previous week [5]. 3.5 Trading Logic - Due to good previous profit performance, the market enthusiasm for culling has decreased, slowing down the overall capacity reduction. Considering the post - Spring Festival egg consumption off - season and the recent good egg prices weakening the overall capacity reduction, it is advisable to short the June contract on rallies [6]. 3.6 Trading Strategy - **Single - Side Strategy**: Consider shorting the June contract on rallies [7]. - **Arbitrage Strategy**: It is recommended to wait and see [7]. - **Option Strategy**: It is recommended to wait and see [7].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report As the Spring Festival approaches and the Spring Festival stocking is almost over, the previous good profit situation has reduced the market's enthusiasm for culling, slowing down the overall capacity reduction. Considering that the egg consumption will enter the off - season after the Spring Festival, although the inventory situation has improved, the recent good egg price has weakened the overall capacity reduction. Therefore, it is recommended to consider shorting the June contract on rallies [6][7]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices**: JD01 closed at 3790, up 20 from the previous close; JD05 closed at 3392, down 32; JD09 closed at 3875, down 4 [2]. - **JD Cross - month Spreads**: The 01 - 05 spread was 398, up 52; the 05 - 09 spread was - 483, down 28; the 09 - 01 spread was 85, down 24 [2]. - **Egg/Corn and Egg/Soybean Meal Ratios**: The 01 egg/corn ratio was 1.68, up 0.01; the 01 egg/soybean meal ratio was 1.30, up 0.01. The 05 egg/corn ratio was 1.49, down 0.01; the 05 egg/soybean meal ratio was 1.24, down 0.01. The 09 egg/corn ratio was 1.68, unchanged; the 09 egg/soybean meal ratio was 1.36, unchanged [2]. 3.2 Spot Market - **Egg Prices**: The average price in the main production areas was 3.30 yuan/jin, up 0.01 from the previous day; the average price in the main sales areas was 3.54 yuan/jin, unchanged [2][4]. - **Eliminated Chicken Prices**: The average price in the main production areas was 4.38 yuan/jin, unchanged [2][5]. 3.3 Profit Calculation - **Profit per Chicken**: The profit per chicken was 12.72 yuan, up 0.34 from the previous day [2]. - **Feed Prices**: The average price of corn was 2369 yuan, up 1; the average price of soybean meal was 3174 yuan, unchanged; the price of egg - laying chicken compound feed was 2.61 yuan, unchanged [2]. 3.4 Fundamental Information - **Egg Production and Sales**: The national mainstream egg price remained stable. The egg prices in most regions were stable, with only local fluctuations. The egg sales in the representative sales areas as of February 5th were 7210 tons, down 2.3% from the previous week, but still at a relatively high level in the same period of previous years [4][5]. - **Laying Hen Inventory**: In January, the national inventory of laying hens in production was 1.344 billion, a decrease of 80 million from the previous month, but an increase of 5% year - on - year, lower than expected [4]. - **Chicken Chick Output**: The monthly output of chicken chicks in January (about 50% of the national total) was 43.22 million, a month - on - month increase of 9%, with little year - on - year change [4]. - **Egg - laying Hen Culling**: From February 6th, the weekly culling volume of egg - laying hens in the main production areas was 16.55 million, a 2% increase from the previous week. The average culling age was 495 days, an increase of 2 days from the previous week [5]. - **Inventory Situation**: As of February 5th, the average weekly inventory in the production link was 1.02 days, an increase of 0.05 days from the previous week; the average weekly inventory in the circulation link was 1.07 days, an increase of 0.02 days from the previous week [5]. - **Profit Situation**: As of February 5th, the average weekly profit per jin of eggs was 0.52 yuan/jin, a decrease of 0.14 yuan/jin from the previous week. On February 6th, the expected profit of egg - laying chicken farming was - 12.65 yuan per chicken, a decrease of 0.37 yuan/jin from the previous week [5]. 3.5 Trading Logic As the Spring Festival approaches and the Spring Festival stocking is almost over, the previous good profit situation has reduced the market's enthusiasm for culling, slowing down the overall capacity reduction. Considering that the egg consumption will enter the off - season after the Spring Festival, although the inventory situation has improved, the recent good egg price has weakened the overall capacity reduction. So, it is recommended to consider shorting the June contract on rallies [6]. 3.6 Trading Strategy - **Single - side Trading**: Consider shorting the June contract on rallies [7]. - **Arbitrage**: It is recommended to wait and see [7]. - **Options**: It is recommended to wait and see [7].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The egg market is currently in a state of "strong supply and weak demand" as the Spring Festival stocking nears its end. Egg prices are expected to continue falling before the Spring Festival, and it is advisable to consider shorting the June contract [5][16][17] 3. Summary by Directory 3.1 First Part: Logical Analysis and Trading Strategies 3.1.1 Spot Analysis - This week, the average price of eggs in the main producing areas was 3.45 yuan per catty, a decrease of 0.53 yuan per catty from last Friday, and the average price in the main selling areas was 3.62 yuan per catty, a decrease of 0.72 yuan per catty from last Friday. Egg prices are expected to continue falling before the Spring Festival [5] - The price of old hens has been weakly adjusted after falling from a high. The market demand support is average, and the supply - demand of the old hen market is relatively stable [5] 3.1.2 Supply Analysis - According to Zhuochuang data, the weekly egg - chicken culling volume in the main producing areas of the country from February 6th was 16.55 million, a 2% increase from the previous week. The average culling age of culled chickens in the week of February 6th was 495 days, an increase of 2 days from the previous week [10] - In January, the national inventory of laying hens was 1.344 billion, a decrease of 80 million from the previous month, a 5% year - on - year increase, and lower than expected. The monthly output of egg - chicken chicks from sample enterprises monitored by Zhuochuang Information in January was 43.22 million, a 9% month - on - month increase and little change year - on - year [10] 3.1.3 Cost Analysis - As of February 5th, the corn price was around 2,368 yuan per ton, the soybean meal price dropped to 3,176 yuan per ton, and the comprehensive feed cost was about 2,610 yuan per ton, equivalent to about 2.87 yuan per catty of eggs [13] - The feed price fluctuated little this week, and the cost per catty of eggs was flat month - on - month. The average weekly profit per catty of eggs decreased. As of January 15th, the average weekly profit per catty of eggs was 0.52 yuan, a decrease of 0.14 yuan per catty from the previous week. On February 6th, the expected profit of egg - chicken farming was - 12.65 yuan per bird, a decrease of 0.37 yuan per catty from the previous week [13] 3.1.4 Demand Analysis - As the festival stocking nears the end, the market starts risk control in advance. The sales in markets such as Beijing, Shanghai, and Dongguan have slowed down significantly, and the price is under pressure. The sales in the selling areas have decreased month - on - month. As of February 6th, the weekly egg sales in the national representative selling areas were 7,304 tons, a 1.5% increase from the previous week, at a relatively high level in the same period over the years [16] - After the festival stocking ended, egg prices entered a rapid decline cycle, and egg inventories showed a "rapid inventory accumulation" trend. The inventory days in the production and circulation links increased month - on - month for many consecutive days. As of the week of January 23rd, the average weekly inventory in the production link was 1.26 days, with little change from the previous week, and the average weekly inventory in the circulation link was 1.45 days, an increase of 0.04 days from the previous week [16] - This week, the vegetable price index rebounded slightly. On February 4th, the total vegetable price index in Shouguang was 132. The pork price also rebounded slightly. As of January 31st, the national average wholesale price of pork was about 14.67 yuan per kilogram, with little change from the previous week [16] 3.1.5 Trading Strategies - Trading logic: As the Spring Festival approaches, the Spring Festival stocking is basically coming to an end. The market's enthusiasm for culling has decreased, and the overall capacity reduction has slowed down. Considering that the egg consumption will enter the off - season after the Spring Festival, it is advisable to consider shorting the June contract [17] - Single - side: Consider shorting the June contract [17] - Arbitrage: It is recommended to wait and see [17] - Options: It is recommended to wait and see [17] 3.2 Second Part: Weekly Data Tracking 3.2.1 Egg - Chicken Farming Situation - No specific data or analysis content provided in the text 3.2.2 Spread and Basis - The text provides the basis and spread data from 2018 - 2025 for different contract months (January, May, September), including 1 - 5 spread, 5 - 9 spread, 9 - 1 spread, etc., but no specific analysis is made [24][25]