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].

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - The recent price increase is mainly due to the significant rise in spot prices. Considering that the March contract is for after the Spring Festival, when egg demand is weak and prices are low, the upward space for the 03 contract is expected to be relatively limited. The egg market is starting to reduce production capacity, and it is expected that the production capacity will likely continue to decline in the next few months [8]. Group 3: Summary by Directory I. Fundamental Information - **Price**: The average price in the main production areas is 3.64 yuan/jin, and in the main sales areas is 3.91 yuan/jin, both remaining stable compared to the previous trading day. The national mainstream egg prices are mostly stable, with some areas showing price increases or minor fluctuations [2][4]. - **Inventory**: In December, the national in - laying hen inventory was 1.344 billion, a decrease of 80 million from the previous month, and a 5% year - on - year increase, lower than expected. The monthly hatchling volume of egg - laying chicken seedlings in December was 39.59 million, with little change month - on - month and a 13.9% year - on - year decrease [5]. - **Slaughter**: From January 16th, the weekly slaughter volume of egg - laying hens in the main production areas was 17.33 million, with little change from the previous week. The average slaughter age of laying hens was 485 days, an increase of 1 day from the previous week [5]. - **Sales**: As of January 8th, the weekly egg sales volume in representative sales areas was 7,391 tons, a 2.6% decrease from the previous week, at a historical low [5]. - **Profit**: As of January 15th, the weekly average profit per jin of eggs was 0.13 yuan/jin, a 0.26 increase from the previous week. On January 9th, the expected profit of egg - laying chicken farming was - 14.14 yuan/feather, a 0.41 yuan/jin decrease from the previous week [6]. - **Inventory Days**: As of January 15th, the weekly average inventory in the production link was 0.97 days, and in the circulation link was 1.05 days, both slightly decreasing from the previous week [6]. - **Price of Culled Hens**: The price of culled hens in the main production areas is 4.45 yuan/jin, remaining stable compared to the previous trading day [7]. II. Trading Logic - Near the Spring Festival, the overall market sales are fast, and the spot price has risen significantly, providing some support for the futures market. The egg market is starting to reduce production capacity, and it is expected that the production capacity will likely continue to decline in the next few months. The upward space for the 03 contract is expected to be relatively limited [8]. III. Trading Strategy - **Single - side**: Consider building long positions in the far - month 5 contracts on dips [9]. - **Arbitrage**: It is recommended to wait and see [10]. - **Options**: It is recommended to wait and see [11].

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The recent price increase is mainly due to the significant rise in spot prices. Considering that the March contract is a post - Spring Festival contract and egg demand is weak after the Spring Festival, the upward space of the 03 contract is expected to be relatively limited. [8] Group 3: Summary According to Relevant Catalogs 1. Fundamental Information - Today, the average price in the main production areas is 3.64 yuan/jin, down 0.03 yuan/jin from the previous trading day, and the average price in the main sales areas is 3.91 yuan/jin, up 0.13 yuan/jin from the previous trading day. The national mainstream egg prices are mostly stable, with some regions showing price fluctuations. [4] - In December, the national laying - hen inventory was 1.344 billion, a decrease of 80 million from the previous month, an increase of 5% year - on - year, and lower than expected. The monthly output of laying - hen chicks in sample enterprises (about 50% of the country) was 39.59 million, with little change month - on - month and a 13.9% year - on - year decrease. [5] - From January 16th, the weekly slaughter volume of laying hens in the main production areas was 17.33 million, with little change from the previous week. The average slaughter age of laying hens was 485 days, an increase of 1 day from the previous week. [5] - As of January 8th, the weekly egg sales volume in representative sales areas was 7,391 tons, a 2.6% decrease from the previous week, at a historical low. [5] - As of January 15th, the weekly average profit per jin of eggs was 0.13 yuan/jin, an increase of 0.26 from the previous week. On January 9th, the expected profit of laying - hen farming was - 14.14 yuan/feather, a decrease of 0.41 yuan/jin from the previous week. [6] - As of January 15th, the weekly average inventory in the production link was 0.97 days, slightly decreasing from the previous week, and the weekly average inventory in the circulation link was 1.05 days, also slightly decreasing. [6] - Today, the national price of slaughtered hens increased, with the average price in the main production areas at 4.45 yuan/jin, an increase of 0.08 yuan/jin from the previous trading day. [7] 2. Trading Logic - Due to the approaching Spring Festival, the overall market sales are fast, and the spot price has risen significantly, which provides some support for the futures market. The egg industry is currently in the process of capacity reduction, and it is expected that the capacity will continue to decline in the next few months. [8] 3. Trading Strategy - Unilateral: Consider building long positions in the far - month 5 contracts at low prices. [9] - Arbitrage: It is recommended to wait and see. [9] - Options: It is recommended to wait and see. [10]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The recent increase in egg prices is mainly due to the significant rise in spot prices, with the approaching Spring Festival leading to a faster overall market sales situation. The current egg production is starting to reduce capacity, and it is expected that the production capacity will likely continue to decline in the next few months. However, the upward space of the 03 contract is relatively limited as it is a post - Spring Festival contract with weak demand and low egg prices after the Spring Festival [8]. Group 3: Summary by Directory I. Fundamental Information - **Price Changes**: The average price of eggs in the main producing areas today is 3.67 yuan/jin, up 0.1 yuan/jin from the previous trading day, and the average price in the main selling areas is 3.91 yuan/jin, up 0.13 yuan/jin. The national mainstream egg prices are mostly stable today, with some regions showing price increases or remaining unchanged [2][4]. - **Inventory Status**: In December, the national inventory of laying hens in production was 1.344 billion, a decrease of 80 million from the previous month, an increase of 5% year - on - year, and lower than expected. The monthly output of laying hen chicks in the sample enterprises monitored by Zhuochuang Information in December was about 39.59 million, with little change month - on - month and a year - on - year decrease of 13.9% [5]. - **Slaughter and Sales Volume**: From January 16th to the end of the week, the number of laying hens slaughtered in the main producing areas was 17.33 million, with little change from the previous week. The average slaughter age of laying hens in the week of January 16th was 485 days, an increase of 1 day from the previous week. As of the week of January 8th, the sales volume of eggs in the representative selling areas was 7391 tons, a decrease of 2.6% from the previous week, at a low level over the years [5]. - **Profit Situation**: As of January 15th, the weekly average profit per jin of eggs was 0.13 yuan/jin, an increase of 0.26 yuan/jin from the previous week. On January 9th, the expected profit of laying hen farming was - 14.14 yuan/feather, a decrease of 0.41 yuan/jin from the previous week [6]. - **Inventory Days**: As of the week of January 15th, the average weekly inventory in the production link was 0.97 days, slightly decreasing from the previous week, and the average weekly inventory in the circulation link was 1.05 days, also slightly decreasing from the previous week [6]. - **Slaughter Chicken Price**: Today, the price of slaughter chickens nationwide increased, with the average price in the main producing areas at 4.45 yuan/jin, an increase of 0.08 yuan/jin from the previous trading day [7]. II. Trading Logic - The strong performance of spot prices provides some support for the futures market. The current reduction in egg production capacity and the approaching Spring Festival are factors contributing to the price increase. However, due to the weak demand for eggs after the Spring Festival, the upward space of the 03 contract is relatively limited [8]. III. Trading Strategy - **Single - side**: Consider building long positions in the 5 - month far - month contract at low prices [9]. - **Arbitrage**: It is recommended to wait and see [9]. - **Options**: It is recommended to wait and see [9].

Report Overview - Report Title: Egg Market Weekly Report [2] - Report Date: January 16, 2026 [2] - Researcher: Xu Fangli [2] 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The egg market is in a state of game between weak reality and strong expectations. The near - term contracts may be in a wide - range low - level oscillation in the short term, while the far - term contracts are expected to perform better due to the expected decline in production capacity. It is recommended to lightly test long positions in far - term contracts [6] 3. Summary by Directory 3.1 Week - to - Week Summary - **Market Performance**: This week, the egg price fluctuated and closed higher. The closing price of the 2603 contract was 3072 yuan per 500 kilograms, an increase of 32 yuan per 500 kilograms compared to the previous week [6] - **Market Outlook**: The continuous losses of the breeding end have led to a decline in the enthusiasm for replenishment and an increase in the elimination of old chickens. The egg - laying hen inventory has continued to decline from a high level, and the market sentiment has slightly improved. However, the current inventory of laying hens in production is still at a high level, and the recent continuous rise in egg prices has slightly slowed down the enthusiasm for eliminating old chickens. High production capacity still restricts the performance of near - month market prices [6] 3.2 Futures and Spot Market - **Futures Price and Position**: The egg futures March contract oscillated and rebounded. The holding volume was 263,198 lots, an increase of 12,344 lots compared to last week. The net position of the top 20 changed from net short to net long, with a net position of + 1787 (last week was - 18,655) [13] - **Futures Warehouse Receipt**: As of Friday, the number of registered egg warehouse receipts was 0 [16] - **Spot Price and Basis**: The egg spot price was reported at 3644 yuan per 500 kilograms, an increase of 342 yuan per 500 kilograms compared to last week. The basis between the active March contract futures price and the spot average price was reported at + 572 yuan per ton [22] - **Futures Inter - month Spread**: The 3 - 5 spread of eggs was reported at - 511 yuan per 500 kilograms, which was generally at a low level in the same period [26] - **Related Product Spot Price**: As of January 15, 2026, the average wholesale price of pork was reported at 18 yuan per kilogram, and the average wholesale price of 28 key monitored vegetables was reported at 5.5 yuan per kilogram [32] 3.3 Industry Chain - **Supply - side Inventory and Replenishment**: As of November 30, 2025, the national laying - hen inventory index was reported at 112.03, a month - on - month decrease of 1.93%. The national new - chick index was reported at 93.62, a month - on - month increase of 39.54% [38] - **Laying - hen Elimination**: As of November 30, 2025, the national elimination - laying - hen index was reported at 101.18, a month - on - month decrease of 11.59%. The national elimination - chicken age was reported at 500 days [43] - **Feed Raw Material Price**: As of January 15, 2026, the average spot price of corn was reported at 2363.82 yuan per ton, and the spot price of soybean meal in Fangcheng was reported at 3160 yuan per ton [47] - **Feed Price and Breeding Profit**: As of January 9, 2026, the breeding profit of laying hens was reported at - 0.29 yuan per chicken, and the average price of laying - hen compound feed was reported at 2.8 yuan per kilogram [54] - **Egg - laying Hen Chick and Elimination - chicken Price**: As of January 9, 2026, the average price of egg - laying hen chicks in the main production areas was reported at 2.9 yuan per chick, and the average price of elimination chickens in the main production areas was reported at 8.16 yuan per kilogram [58] - **Egg Monthly Export Volume**: In November 2025, the total egg export volume was 13,045.52 tons, a year - on - year increase of 9.13% (compared to 11,953.66 tons in the same period last year) and a month - on - month decrease of 349.02 tons (compared to 13,394.53 tons in the previous month) [62] 3.4 Representative Company - **Xiaoming Co., Ltd.**: The report shows the price - earnings ratio change of Xiaoming Co., Ltd., but no specific analysis content is provided [64]

Group 1: Industry and Date - The report focuses on the egg industry [1] - The report date is January 15, 2026 [2] Group 2: Research Team - The agricultural product research team includes researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 3: Market Review and Operation Suggestions Market Review - The prices of egg futures contracts 2602, 2603, and 2605 all declined. The 2602 contract fell -0.94% to 2958, the 2603 contract dropped -0.56% to 3007, and the 2605 contract decreased -0.61% to 3560 [7] - The average price of eggs in the main producing areas was 3.47 yuan/jin, up 0.10 yuan/jin from yesterday, and the average price in the main selling areas was 3.67 yuan/jin, also up 0.10 yuan/jin from yesterday. The 02 contract fell 1.32% [7] Operation Suggestions - The 02 and 03 contracts are in the absolute off - season. They will mainly increase the basis in the future. Unless the current price increase in production and sales areas exceeds expectations in intensity and duration, they may oscillate at the bottom [8] - The far - month contracts have potential positive factors due to the possible inflection point in inventory. Pay attention to the restocking situation. If the continuous rise in egg prices weakens the far - month valuation, consider laying out long positions in peak - season contracts such as 05 and operate in a rolling manner [8] Group 4: Industry News Inventory - As of the end of December 2025, the national monthly inventory of laying hens was about 1.344 billion, a 0.59% month - on - month decrease and a 5.00% year - on - year increase [9] Restocking - In December 2025, the monthly output of laying hen chicks from sample enterprises was about 39.59 million, basically the same as in November 2025 but significantly less than the 45.98 million in the same period of 2024. The total restocking volume from September to December 2025 was about 157.49 million, less than the 182.14 million in the same period last year, indicating that the medium - term production capacity pressure may continue to ease [9] Group 5: Data Overview Elimination Volume - As of the three weeks before January 8, the national elimination volume of laying hens was 19.39 million, 19.82 million, and 18.96 million respectively [18] Elimination Age - As of January 8, the average elimination age of laying hens was 484 days, the same as last week and 2 days earlier than last month [18]

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The recent increase in the quantity of culled chickens has alleviated the previous supply pressure. The short - term de - capacity speed is expected to be gentle. The near - month contracts are expected to be weak and volatile, while the far - month May contract can be considered for building long positions at low prices as the supply pressure eases [8]. Group 3: Summary by Related Catalogs Fundamental Information - The average price of eggs in the main production areas today is 3.39 yuan/jin, up 0.07 yuan/jin from the previous trading day, and the average price in the main sales areas is 3.62 yuan/jin, up 0.09 yuan/jin. The mainstream egg prices across the country mostly continued to rise today [4]. - In December, the national inventory of laying hens was 1.344 billion, a decrease of 80 million from the previous month, an increase of 5% year - on - year, lower than expected. The monthly output of laying hen chicks in sample enterprises in December was about 39.59 million, with little change month - on - month and a 13.9% year - on - year decrease [5]. - In the week of December 18, the number of culled chickens in the main production areas was about 19.67 million, with little change from the previous week. The average culling age was 486 days, the same as the previous week [5]. - As of the week of December 18, the egg sales volume in representative sales areas was 7,023 tons, with little change from the previous week and at a low level over the years [5]. - As of December 18, the weekly average profit per jin of eggs was - 0.17 yuan/jin, a slight recovery from the previous week. On December 12, the expected profit of laying hen farming was - 11.65 yuan/feather, a decrease of 0.7 yuan/jin from the previous week [6]. - As of the week of December 18, the average weekly inventory in the production link was 1 day, slightly less than the previous week, and the average weekly inventory in the circulation link was 1.12 days, slightly more than the previous week [6]. - Today, the price of culled chickens across the country increased, with the average price in the main production areas at 4.33 yuan/jin, up 0.06 yuan/jin from the previous trading day [7]. Trading Logic - The recent increase in the quantity of culled chickens has alleviated the previous supply pressure. The short - term de - capacity speed is expected to be gentle. The near - month contracts are expected to be weak and volatile, while the far - month May contract can be considered for building long positions at low prices as the supply pressure eases [8]. Trading Strategy - Unilateral: The short - term February contract is expected to fluctuate within a range. Consider building long positions in the far - month May contract at low prices [9]. - Arbitrage: It is recommended to wait and see [9]. - Options: It is recommended to wait and see [9].

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core View of the Report The continuous losses at the breeding end have led to a decline in the enthusiasm for replenishment and an increase in the number of old hens being culled. The laying - hen inventory has continued to decline from a high level, and the market atmosphere has slightly improved. The current enthusiasm for replenishment at the breeding end is still lower than the same period last year, which is beneficial for the long - term price. However, the current inventory of laying hens in production is still at a high level, and the recent slight rebound in egg prices has slightly slowed down the enthusiasm for culling old hens. High production capacity still restricts the performance of the near - month market price. Overall, the market is in a game between weak reality and strong expectations. In the short term, the near - month contracts may be in a wide - range low - level oscillation state. The far - month contracts are expected to perform better than the near - month ones under the expectation of declining production capacity, and investors can try to go long on the far - month contracts with a light position [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The futures closing price (active contract) of eggs is 2990 yuan/500 kilograms, down 30 yuan; the net long position of the top 20 futures holders of eggs is - 17657 hands, up 2367 hands; the egg futures monthly spread (5 - 9) is - 401 yuan/500 kilograms, down 17 yuan; the futures open interest (active contract) of eggs is 272149 hands, up 1928 hands; the registered warehouse receipt volume of eggs is 3 hands, down 2 hands [2]. 3.2 Spot Market - The spot price of eggs is 3.48 yuan/jin, up 0.08 yuan; the basis (spot - futures) is 486 yuan/500 kilograms, up 109 yuan [2]. 3.3 Upstream Situation - The laying - hen inventory index nationwide is 112.03 (with 2015 = 100), down 2.21; the culled laying - hen index nationwide is 101.18 (with 2015 = 100), down 13.26; the average price of laying - hen chicks in the main producing areas is 2.9 yuan/feather, up 0.1 yuan; the new - chick index nationwide is 93.62 (with 2015 = 100), up 26.53; the average price of laying - hen compound feed is 2.8 yuan/kg, unchanged; the breeding profit of laying hens is - 0.29 yuan/hen, up 0.1 yuan; the average price of culled hens in the main producing areas is 8.16 yuan/kg, up 0.26 yuan; the culling age of hens nationwide is 500 days, down 10 days [2]. 3.4 Industry Situation - The average wholesale price of pork is 18.04 yuan/kg, up 0.21 yuan; the average wholesale price of 28 key - monitored vegetables is 5.51 yuan/kg, unchanged; the average wholesale price of dressed chickens is 17.71 yuan/kg, up 0.04 yuan; the weekly inventory in the circulation link is 1.21 days, up 0.09 days; the weekly inventory in the production link is 1.09 days, up 0.09 days; the monthly export volume of fresh eggs is 13394.53 tons, up 178.74 tons [2]. 3.5 Downstream Situation - The weekly consumption of eggs in the sales areas is 7377 tons, unchanged [2]. 3.6 Industry News - The average price of eggs in Shandong, the main producing area, is 7.06 yuan/kg, up 0.29 yuan from yesterday; the average price of eggs in Hebei is 6.51 yuan/kg, up 0.14 yuan from yesterday; the average price of eggs in Guangdong is 7.47 yuan/kg, unchanged from yesterday; the average price of eggs in Beijing is 7.04 yuan/kg, up 0.20 yuan from yesterday [2].

Group 1: Report Overview - The report is an agricultural product research report focusing on eggs, dated January 12, 2026, by researcher Liu Qiannan [1] Group 2: Market Data Futures Market - JD01 closed at 3300, up 122 from the previous day; JD05 closed at 3578, down 8; JD09 closed at 3962, down 17 [2] - The 01 - 05 spread was -278, up 130; 05 - 09 spread was -384, up 9; 09 - 01 spread was 662, down 139 [2] - The 01 egg/corn ratio was 1.43, up 0.03; 01 egg/bean meal ratio was 1.06, up 0.02; 05 egg/corn ratio was 1.57, down 0.01; 05 egg/bean meal ratio was 1.28, unchanged; 09 egg/corn ratio was 1.72, down 0.01; 09 egg/bean meal ratio was 1.37, down 0.01 [2] Spot Market - The average price in the main production areas was 3.32 yuan/jin, up 0.1 yuan/jin; the average price in the main sales areas was 3.53 yuan/jin, up 0.13 yuan/jin [2][4] - The average price of culled chickens was 4.27 yuan/jin, up 0.21 yuan/jin [2][7] Profit Calculation - The profit per chicken was 13.35 yuan, up 4.73 yuan from the previous day [2] - The average price of culled chickens was 4.27 yuan/jin, up 0.21 yuan/jin; the average price of chicken chicks was 3.21 yuan/feather, up 0.04 yuan; the price of egg - laying chicken vaccines was 3 yuan, unchanged [2] - The average price of corn was 2354 yuan/ton, up 3 yuan; the average price of bean meal was 3190 yuan/ton, unchanged; the price of egg - laying chicken compound feed was 2.61 yuan/kg, up 0.01 yuan [2] Group 3: Fundamental Information - In December, the national laying hen inventory was 1.344 billion, a decrease of 80 million from the previous month, a year - on - year increase of 5%, lower than expected. The monthly output of chicken chicks in sample enterprises was 39.59 million, with little change month - on - month and a year - on - year decrease of 13.9% [5] - From December 18th, the weekly slaughter volume of culled hens in the main production areas was 19.67 million, with little change from the previous week. The average slaughter age of culled hens was 486 days, unchanged from the previous week [5] - As of December 18th, the weekly sales volume of eggs in representative sales areas was 7023 tons, with little change from the previous week, at a low level over the years [5] - As of December 18th, the weekly average profit per jin of eggs was - 0.17 yuan/jin, a slight recovery from the previous week. On December 12th, the expected profit of egg - laying chicken farming was - 11.65 yuan/feather, a decrease of 0.7 yuan/jin from the previous week [6] - As of December 18th, the weekly average inventory in the production link was 1 day, a slight decrease from the previous week; the weekly average inventory in the circulation link was 1.12 days, a slight increase from the previous week [6] Group 4: Trading Logic - Recently, the number of culled chickens has increased, and the previous supply pressure has been relieved. The short - term de - capacity speed is expected to be relatively gentle. However, the demand side has been average recently. The near - month contracts are expected to be mainly volatile and weak, and the far - month May contract can be considered for long - building on dips as the supply pressure eases [8] Group 5: Trading Strategies - Unilateral: The short - term February contract is expected to be range - bound, and the far - month May contract can be considered for long - building on dips [9] - Arbitrage: It is recommended to wait and see [9] - Options: It is recommended to wait and see [9]

Core Viewpoint - The egg futures market is experiencing a seasonal increase in prices and demand ahead of the Spring Festival, with current trading showing a strong short-term bias, although the overall supply-demand balance remains loose [1][4]. Market Data Summary - As of January 9, 2026, the main egg futures contract closed at 3040 yuan per 500 kg, with a weekly increase of 3.72% [1]. - The average price of eggs in major production areas as of January 9 is as follows: Shandong 6.54 yuan/kg, Hebei 6.15 yuan/kg, Guangdong 7.07 yuan/kg, and Beijing 6.6 yuan/kg, all remaining stable compared to the previous day [2]. Supply and Demand Analysis - The national laying hen inventory as of December 2025 is reported at 1.344 billion birds, a decrease of 0.08 million from the previous month but an increase of 5% year-on-year, which is below prior expectations [2]. - Brazil's egg exports reached a record 40,894 tons in 2025, a significant increase of 121.4% from 18,469 tons in 2024, driven by strong demand from the U.S. market [2]. Institutional Perspectives - Zhongtai Futures indicates that the current egg market is entering a seasonal stocking and price increase phase ahead of the Spring Festival, with short-term strength driven by spot prices, but the overall supply pressure is expected to continue into the post-festival off-season [4]. -招商期货 notes a decrease in the laying hen inventory but a slowdown in production capacity reduction. The upcoming Spring Festival is expected to accelerate sales, with low prices boosting demand, although the supply remains ample, leading to anticipated price fluctuations in the short term [4].