Group 1: Investment Rating - No investment rating information provided in the report Group 2: Core View - Recent increase in the number of culled chickens has alleviated the previous supply pressure. It is expected that the short - term de - capacity speed will be relatively gentle. Near - month contracts are expected to fluctuate within a range, and for the far - month May contract, considering the alleviation of supply pressure, one can consider building long positions on dips [7] Group 3: Summary by Directory 1. Futures and Spot Market Data - **Futures Market**: JD01 closed at 3114 (down 8 from the previous close), JD05 at 3534 (down 26), JD09 at 3996 (down 56). The 01 - 05 spread was - 420 (up 18), 05 - 09 was - 462 (up 30), 09 - 01 was 882 (down 48). The ratios of 01, 05, 09 eggs to corn and soybeans also had corresponding changes [2] - **Spot Market**: The main producing area average price was 3.00 yuan/jin (unchanged), and the main sales area average price was 3.22 yuan/jin (unchanged). The average price of culled chickens was 3.87 yuan/jin (down 0.02 yuan/jin) [2] - **Profit Calculation**: The profit per chicken was 0.15 yuan (down 0.04 yuan from the previous day). The average price of culled chickens was 3.87 yuan/jin (down 0.02 yuan), the average price of chicken seedlings was 3.21 yuan (up 0.04 yuan), and the prices of feed such as corn, soybeans, and egg - laying chicken compound feed also had some changes [2] 2. Fundamental Information - **Price Trends**: The average price of the main producing areas remained unchanged, and the average price of the main sales areas increased by 0.02 yuan/jin. The national mainstream price remained stable, and the egg prices in various regions were mostly stable with some local fluctuations [4] - **Egg - laying Hen Inventory**: In November, the national inventory of laying hens was 1.352 billion, a decrease of 80 million from the previous month, and an increase of 5.5% year - on - year. Based on previous replenishment data, the estimated inventory in December 2025, January, February, and March 2026 is approximately 1.348 billion, 1.338 billion, 1.325 billion, and 1.315 billion respectively [5] - **Chicken Culling and Sales**: In the week of December 5, the number of culled chickens in the main producing areas was 20.82 million, a decrease of 5% from the previous week. The average culling age was 488 days, a decrease of 1 day from the previous week. The egg sales volume in the representative sales areas was 7115 tons, a decrease of 4% from the previous week [5][6] - **Profit and Inventory**: As of November 21, the average weekly profit per jin of eggs was - 0.26 yuan/jin, a decrease of 0.11 yuan/jin from the previous week. As of December 5, the average weekly inventory in the production and circulation links increased by 0.04 days and 0.07 days respectively compared to the previous week [6] 3. Trading Logic - The recent increase in the number of culled chickens has alleviated the supply pressure. The short - term de - capacity speed is expected to be gentle. Near - month contracts are expected to fluctuate within a range, and for the far - month May contract, considering the alleviation of supply pressure, one can consider building long positions on dips [7] 4. Trading Strategy - **Single - side**: It is expected to fluctuate within a range in the short term. One can consider building long positions on dips for far - month contracts [8] - **Arbitrage**: It is recommended to wait and see [8] - **Options**: It is recommended to wait and see [8]

Report Summary 1. Reported Industry - The report focuses on the egg industry [1] 2. Core Viewpoints - The spot market for eggs has stabilized after a period of slight weakness, with expectations of a small peak season in mid - to late December due to double - holiday stocking. Spot prices are expected to fluctuate slightly, with neither significant downward nor upward trends. Futures were relatively weak last week, especially after the egg price in Hubei adjusted downward on Friday. The decline of peak - season contracts is a correction of the previous influx of long positions. Although there are signs of a turning point in the laying - hen inventory, the impact on egg prices will be delayed. The near - month contracts are affected, and the market is currently dominated by short positions. New short positions can focus on the 02 contract, while long positions can consider far - month peak - season contracts after the correction [8] 3. Section Summaries 3.1 Market Review and Operation Suggestions - **Market Review**: Today, the national egg price remained stable. The average price in the main production areas was 3.05 yuan/jin, unchanged from yesterday, and in the main sales areas, it was 3.32 yuan/jin, also unchanged. The 01 contract fell 0.77%. The 2601 contract closed at 3092, down 24 or 0.77%; the 2602 contract closed at 2927, down 9 or 0.31%; the 2603 contract closed at 3008, down 12 or 0.40% [7] - **Operation Suggestions**: New short positions can focus on the 02 contract due to the post - holiday off - season and the lack of a clear upward trend in the spot market. Long positions can look for entry opportunities in far - month peak - season contracts after the correction, using rolling operations. The 01 contract should focus on the stabilization of egg prices after the decline, and its correlation with the spot market will increase in the future [8] 3.2 Industry News - **Inventory**: As of the end of October 2025, the national monthly inventory of laying hens was about 1.359 billion, a 0.66% month - on - month decrease, ending the previous continuous growth trend, but still higher than the same period in 2024 [9] - **Replenishment**: In October 2025, the monthly output of laying - hen chicks from sample enterprises was about 39.15 million, slightly less than in September 2025 and significantly less than the same period in 2024. The total replenishment from July to October 2025 was about 158.14 million, less than the same period last year [9][10] 3.3 Data Overview - **Culling Quantity**: From the three weeks up to November 20, 2025, the national culling quantities were 19.81 million, 19.47 million, and 20.21 million respectively, showing fluctuations but a slight increase overall [15] - **Culling Age**: As of November 20, 2025, the average culling age was 492 days, 1 day earlier than the previous week and 7 days earlier than the previous month, indicating an accelerated culling speed [15]

研究所 农产品研发报告 农产品日报 2025 年 12 月 16 日 研究员：刘倩楠 期货从业证号： Z0014425 联系方式： :liuqiannan_qh@chinastock. com.cn 鸡蛋日报 第一部分鸡蛋日报 | 期货市场 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 今收 | | 昨收 | 涨跌 | JD跨月价差 | 今收 | 昨收 | 涨跌 | | JD01 | 3114 | 3122 | -8 | 01-05 | -420 | -438 | 18 | | JD05 | 3534 | 3560 | -26 | 05-09 | -462 | -492 | 30 | | JD09 | 3996 | 4052 | -56 | 09-01 | 882 | 930 | -48 | | 今收 | | 昨收 | 涨跌 | | 今收 | 昨收 | 涨跌 | | 01鸡蛋/玉米 | 1.40 | 1.40 | 0.00 | 01鸡蛋/豆粕 | 1.01 | 1.01 | 0.00 | | 05鸡蛋/玉米 | 1.58 ...

Group 1: Report Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Viewpoints - With the recent increase in the number of culled chickens, the previous supply pressure has been alleviated. It is expected that the short - term de - capacity speed will be relatively gentle. The near - month contracts are expected to fluctuate within a range, and for the far - month contracts in April and May, long positions can be considered to be built at low prices as the supply pressure eases [7]. Group 3: Summary by Directory 1. Futures Market - **Futures Prices**: JD01 closed at 3144, down 9 from the previous day; JD05 closed at 3559, up 8; JD09 closed at 4060, up 6 [2]. - **Inter - month Spreads**: The 01 - 05 spread was - 415, down 17; the 05 - 09 spread was - 501, up 2; the 09 - 01 spread was 916, up 15 [2]. - **Ratio with Feed**: 01 egg/corn was 1.40, down 0.01; 01 egg/soybean meal was 1.02, down 0.01. Other ratios remained unchanged [2]. 2. Spot Market - **Egg Prices**: The average price in the producing areas was 3.03 yuan/jin, up 0.02 yuan/jin from the previous day, and the average price in the selling areas was 3.22 yuan/jin, unchanged [2]. - **Culled Chicken Prices**: The average price of culled chickens was 3.93 yuan/jin, up 0.03 yuan/jin [2]. 3. Profit Calculation - **Costs**: The average price of corn was 2356, down 1; the average price of soybean meal was 3092, unchanged; the average price of egg - laying chicken feed was 2.58, unchanged [2]. - **Profits**: The average price of culled chickens was 3.93, up 0.03; the average price of chicks was 3.21, up 0.04; the profit per chicken was 1.91 yuan, up 0.96 from the previous day [2]. 4. Fundamental Information - **Price Trends**: The average price in the main producing areas was 3.02 yuan/jin, up 0.04 yuan/jin, and the average price in the main selling areas was 3.22 yuan/jin, up 0.02 yuan/jin. Egg prices in Beijing increased, and prices in different regions showed a pattern of rising and stabilizing [4]. - **Inventory**: In November, the national inventory of laying hens was 1.352 billion, a decrease of 80 million from the previous month, and an increase of 5.5% year - on - year. The estimated inventory in December 2025, November, February, and March was 1.348 billion, 1.338 billion, 1.325 billion, and 1.315 billion respectively [5]. - **Sales and Inventory**: As of December 5, the sales volume of eggs in representative selling areas decreased by 4% week - on - week. The average weekly inventory in the production and circulation links increased [6]. 5. Trading Logic - The recent increase in the number of culled chickens has alleviated the supply pressure. The short - term de - capacity speed is expected to be gentle. Near - month contracts are expected to fluctuate within a range, and far - month contracts in April and May can be considered for long positions at low prices [7]. 6. Trading Strategies - **Single - side**: It is expected to fluctuate within a range in the short term. Long positions can be considered for far - month contracts at low prices [8]. - **Arbitrage**: It is recommended to wait and see [9]. - **Options**: It is recommended to wait and see [10].

研究所 农产品研发报告 农产品日报 2025 年 12 月 09 日 鸡蛋日报 第一部分鸡蛋日报 | 期货市场 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 今收 | | 昨收 | 涨跌 | JD跨月价差 | 今收 | 昨收 | 涨跌 | | JD01 | 3124 | 3153 | -29 | 01-05 | -457 | -484 | 27 | | JD05 | 3581 | 3637 | -56 | 05-09 | -489 | -493 | 4 | | JD09 | 4070 | 4130 | -60 | 09-01 | 946 | 977 | -31 | | 今收 | | 昨收 | 涨跌 | | 今收 | 昨收 | 涨跌 | | 01鸡蛋/玉米 | 1.40 | 1.39 | 0.00 | 01鸡蛋/豆粕 | 1.04 | 1.04 | 0.00 | | 05鸡蛋/玉米 | 1.58 | 1.61 | -0.03 | 05鸡蛋/豆粕 | 1.30 | 1.31 | -0.01 | | 09鸡蛋/玉米 | 1.7 ...

Group 1: Report Industry Investment Rating - No relevant information provided Group 2: Core View of the Report - The short - term de - capacity speed is expected to be gentle. Near - month contracts are expected to fluctuate within a range, and for the far - month contracts in April and May, long positions can be considered to be built at low prices as the supply pressure eases [7] Group 3: Summary by Relevant Catalogs 1. Futures and Spot Market Data - **Futures Market**: JD01 closed at 3153, up 36 from the previous day; JD05 closed at 3637, up 48; JD09 closed at 4130, up 41. The 01 - 05 spread was - 484, down 12; the 05 - 09 spread was - 493, up 7; the 09 - 01 spread was 977, up 5. The ratios of 01, 05, 09 eggs to corn and soybeans also had corresponding changes [2] - **Spot Market**: The main producing area average price was 2.95 yuan/jin, up 0.03 yuan/jin from the previous day, and the main selling area average price was 3.22 yuan/jin, unchanged. Most of the national mainstream prices remained stable, and the prices of Beijing and other regions were also stable. The average price of eliminated chickens was 3.88 yuan/jin, unchanged [2][4] 2. Fundamental Information - **Egg Production and Sales**: In November, the national in - laying hen inventory was 1.352 billion, a decrease of 80 million from the previous month, an increase of 5.5% year - on - year, and lower than expected. The egg sales volume in representative selling areas in the week of December 5 was 7115 tons, a decrease of 4% compared with the previous week [5][6] - **Chicken Culling**: In the week of December 5, the national main - producing area egg - laying hen culling volume was 20.82 million, a decrease of 5% from the previous week, and the average culling age was 488 days, a decrease of 1 day from the previous week [5] - **Inventory and Profit**: As of December 5, the production - link average inventory was 1.06 days, an increase of 0.04 days from the previous week, and the circulation - link average inventory was 1.14 days, an increase of 0.07 days. As of November 21, the weekly average egg profit was - 0.26 yuan/jin, a decrease of 0.11 yuan/jin from the previous week [6] 3. Trading Logic - The recent increase in the amount of eliminated chickens has alleviated the previous supply pressure. It is expected that the short - term de - capacity speed will be gentle. Near - month contracts are expected to fluctuate within a range, and far - month contracts in April and May can consider building long positions at low prices as the supply pressure eases [7] 4. Trading Strategies - **Single - side**: It is expected to fluctuate within a range in the short term. Long positions in far - month contracts can be considered to be built at low prices [8] - **Arbitrage**: It is recommended to wait and see [9] - **Options**: It is recommended to wait and see [10]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The recent increase in the number of culled chickens has alleviated the previous supply pressure, but the number of laying hens in production remains high. The short - term de - capacity speed is expected to be relatively gentle. Considering that the spot average price is still around 2.8 - 2.9 yuan/jin, the January main contract has given a certain premium. With the approaching of pre - holiday stockpiling, the downward space is relatively limited, and it is likely to fluctuate within a range in the future [7]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices and Spreads**: JD01 closed at 3282, up 57 from the previous day; JD05 closed at 3553, up 4; JD09 closed at 3944, up 22. The 01 - 05 spread was - 271, up 53; the 05 - 09 spread was - 391, down 18; the 09 - 01 spread was 662, down 35 [2]. - **Ratio of Egg to Feed**: The 01 egg/corn ratio was 1.46, up 0.02; the 01 egg/bean meal ratio was 1.07, unchanged. The 05 egg/corn ratio was 1.56, unchanged; the 05 egg/bean meal ratio was 1.25, down 0.00. The 09 egg/corn ratio was 1.72, unchanged; the 09 egg/bean meal ratio was 1.34, up 0.00 [2]. 3.2 Spot Market - **Egg Prices**: The main producing area average price was 2.94 yuan/jin, up 0.04 yuan/jin from the previous day, and the main selling area average price was 3.12 yuan/jin, unchanged from the previous day. Prices in different regions had a mix of increases and stability [2][4]. - **Culled Chicken Prices**: The average price of culled chickens was 3.81 yuan/jin, unchanged from the previous day [2][6]. 3.3 Profit Calculation - **Costs**: The average price of culled chickens was 3.81 yuan/jin, unchanged; the average price of chicken seedlings was 3.21 yuan/feather, up 0.04; the price of laying hen vaccines was 3 yuan, unchanged. The average price of corn was 2325 yuan/ton, up 8; the average price of bean meal was 3088 yuan/ton, unchanged; the laying hen compound feed was 2.55 yuan/jin, up 0.01 [2]. - **Profit**: The profit per feather was - 0.99 yuan, up 1.39 from the previous day [2]. 3.4 Fundamental Information - **Egg Price Trends**: The main producing area average price increased slightly, and the main selling area average price remained stable. The national mainstream prices had a mix of increases and stability, with egg prices continuing to fluctuate and consolidate, and normal sales [4]. - **Laying Hen Inventory**: In October, the national inventory of laying hens in production was 1.359 billion, a decrease of 0.01 billion from the previous month, and a year - on - year increase of 5.5%. The estimated inventory from November 2025 to February 2026 is 1.359 billion, 1.355 billion, 1.346 billion, and 1.333 billion respectively [5]. - **Chicken Seedling and Culled Chicken Data**: In October, the monthly output of chicken seedlings from sample enterprises (about 50% of the country) was 39.2 million, with little change month - on - month and a year - on - year decrease of 13%. In the week of November 21, the number of culled chickens in the main producing areas was 20.21 million, an increase of 3.8% from the previous week, and the average culling age was 492 days, a decrease of 1 day from the previous week [5]. - **Egg Sales and Inventory**: As of the week of November 21, the egg sales volume in representative selling areas was 7472 tons, an increase of 1.2% from the previous week. The average weekly inventory in the production link was 1.1 days, an increase of 0.09 days from the previous week, and the average weekly inventory in the circulation link was 1.2 days, an increase of 0.15 days from the previous week [6]. 3.5 Trading Strategy - **Unilateral Strategy**: It is expected to fluctuate within a short - term range. One can consider building long positions in the January contract at low prices [8]. - **Arbitrage and Option Strategies**: It is recommended to wait and see [9].

1. Industry Information - Industry: Eggs [1] - Date: November 25, 2025 [2] 2. Investment Rating - Not provided 3. Core View - The spot egg market is expected to stabilize at a low level this week. The demand is expected to enter the peak season in December with double - holiday stocking expectations. The downward price should not be overly underestimated, while the upward space depends on market digestion and sales. The futures market is likely to bottom out and wait for the spot rebound signal. The longer the low - price period in the fourth quarter, the higher the probability and elasticity of a reversal in the first quarter and second quarter of next year. For options, consider the wide - straddle double - selling strategy for near - month contracts, and for spreads, conduct rolling reverse arbitrage operations on near - and far - month spreads [8] 4. Summary of Each Section 4.1 Market Review and Operation Suggestions - **Market Review**: The national egg price was stable today. The average price in the main production areas was 2.90 yuan/jin, with a change of 0.06 yuan/jin compared to yesterday, and the average price in the main sales areas was 3.17 yuan/jin, up 0.02 yuan/jin from yesterday. The 01 contract rose 0.31%. The 2601 contract had a previous settlement price of 3200, an opening price of 3185, a high of 3232, a low of 3181, a closing price of 3210, a rise of 10, a rise rate of 0.31%, a trading volume of 255048, an open interest of 212297, and an open - interest change of 199106. The 2602 contract had a previous settlement price of 2981, an opening price of 2980, a high of 2998, a low of 2967, a closing price of 2990, a rise of 9, a rise rate of 0.30%, a trading volume of 47534, an open interest of 130493, and an open - interest change of 3811. The 2512 contract had a previous settlement price of 2954, an opening price of 2945, a high of 2969, a low of 2929, a closing price of 2950, a fall of 4, a fall rate of - 0.14%, a trading volume of 19014, an open interest of 27794, and an open - interest change of - 2299 [7] - **Operation Suggestions**: In the futures market, the main contract oscillated at a low level last week, and the direction was unclear. The 01 contract fell below 3200 points. Although it is close to the historical low, there are risks in going long. It is expected that the market will bottom out and wait for the spot rebound signal. For options, focus on the wide - straddle double - selling strategy for near - month contracts; for spreads, conduct rolling reverse arbitrage operations on near - and far - month spreads [8] 4.2 Industry News - **Inventory**: As of the end of October 2025, the national monthly inventory of laying hens was about 1.359 billion, a month - on - month decrease of 0.66% compared to 1.368 billion at the end of September 2025, ending the previous continuous growth trend, but a year - on - year increase of 5.59% compared to 1.287 billion at the end of October 2024 [9] - **Replenishment**: In October 2025, the monthly output of laying - hen chicks from sample enterprises was about 39.15 million, slightly less than 39.2 million in September 2025 and significantly less than 44.83 million in the same period of 2024. The total replenishment from July to October 2025 was about 158.14 million, compared with about 176.1 million in the same period of 2024 [9][10] 4.3 Data Overview - **Culling Volume**: As of November 20, 2025, in the previous three weeks, the national culling volume of chickens was 19.81 million, 19.47 million, and 20.21 million respectively. The culling volume fluctuated recently but increased slightly compared to the previous period [19] - **Culling Age**: As of November 20, 2025, the average culling age of chickens was 492 days, 1 day earlier than last week and 7 days earlier than last month, indicating an accelerated culling speed [19]

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - The recent increase in the amount of culled chickens has alleviated the previous supply pressure, but the number of laying hens in production is still at a high level. It is expected that the speed of capacity reduction will be relatively gentle in the short term. Considering that the spot average price is still around 2.8 - 2.9 yuan/jin, the January main contract has given a certain premium. With the approaching of pre - holiday stocking, the downward space is relatively limited, and it is likely to fluctuate within a range in the future [7]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract Price and Spread**: JD01 closed at 3210, up 26 from the previous day; JD05 closed at 3510, up 17; JD09 closed at 3878, up 3. The 01 - 05 spread was - 300, up 9; the 05 - 09 spread was - 368, up 14; the 09 - 01 spread was 668, down 23 [2]. - **Ratio with Feed**: The 01 egg/corn ratio was 1.45, unchanged; the 01 egg/bean粕 ratio was 1.07, up 0.01. The 05 egg/corn ratio was 1.55, unchanged; the 05 egg/bean粕 ratio was 1.25, unchanged. The 09 egg/corn ratio was 1.70, down 0.01; the 09 egg/bean粕 ratio was 1.33, unchanged [2]. 3.2 Spot Market - **Egg Price**: The average price in the main production areas was 2.86 yuan/jin, up 0.07 yuan/jin from the previous day; the average price in the main sales areas was 3.09 yuan/jin, up 0.03 yuan/jin. Egg prices in different regions showed a mixed trend of rising and remaining stable [2][4]. - **Culled Chicken Price**: The average price of culled chickens in the main production areas was 3.81 yuan/jin, up 0.02 yuan/jin from the previous day. Prices in different regions also had different changes [2][6]. 3.3 Fundamental Information - **Egg Price**: The average price in the main production areas was 2.8 yuan/jin, up 0.07 yuan/jin from the previous day; the average price in the main sales areas was 3.09 yuan/jin, up 0.03 yuan/jin. The national mainstream prices were mixed, with some rising and some stable [4]. - **Laying Hen Inventory**: In October, the national inventory of laying hens in production was 1.359 billion, a decrease of 0.01 billion from the previous month and a year - on - year increase of 5.5%. Based on previous replenishment data, the estimated inventory in November, December, January, and February 2025 will be 1.359 billion, 1.355 billion, 1.346 billion, and 1.333 billion respectively [5]. - **Chick Hatchling Volume**: In October, the monthly hatchling volume of egg - laying chicks in sample enterprises monitored by Zhuochuang Information (accounting for about 50% of the country) was 39.2 million, with little change from the previous month and a year - on - year decrease of 13% [5]. - **Culled Chicken Volume and Age**: From November 18 - 24, the national culled chicken volume in the main production areas was 20.21 million, an increase of 3.8% from the previous week. The average culling age was 492 days, a decrease of 1 day from the previous week [5]. - **Egg Sales Volume**: As of November 21, the egg sales volume in the representative sales areas was 7472 tons, an increase of 1.2% from the previous week [6]. - **Profit and Inventory**: As of November 13, the weekly average profit per jin of eggs was - 0.15 yuan/jin, an increase of 0.1 yuan/jin from the previous week. As of November 21, the average weekly inventory in the production link was 1.1 days, an increase of 0.09 days from the previous week; the average weekly inventory in the circulation link was 1.2 days, an increase of 0.15 days from the previous week [6]. 3.4 Trading Strategy - **Single - side**: It is expected to fluctuate within a range in the short term. One can consider building long positions in the January contract at low prices [8]. - **Arbitrage**: It is recommended to wait and see [9]. - **Options**: It is recommended to wait and see [10].

1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core View of the Report - The recent increase in the number of culled chickens has alleviated the previous supply pressure, but the number of laying hens in production remains high. It is expected that the pace of capacity reduction in the short term will be relatively gradual. Considering that the current spot average price is still around 2.8 - 2.9 yuan per catty, and the main contract in December has already given a certain premium, the expected upside space is relatively limited [8]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices and Spreads**: JD01 closed at 3385, up 48 from the previous close; JD05 closed at 3509, up 17; JD09 closed at 3867, up 8. The 01 - 05 spread was -124, up 31; the 05 - 09 spread was -358, up 9; the 09 - 01 spread was 482, down 40 [2]. - **Ratio of Egg to Feed**: The 01 egg/corn ratio was 1.59, up 0.02; the 01 egg/bean meal ratio was 1.10, down 0.01. The 05 egg/corn ratio was 1.57, up 0.01; the 05 egg/bean meal ratio was 1.24, unchanged. The 09 egg/corn ratio was 1.71, unchanged; the 09 egg/bean meal ratio was 1.32, up 0.00 [2]. 3.2 Spot Market - **Egg Prices**: The average price in the main production areas was 2.87 yuan per catty, up 0.01 yuan per catty from the previous trading day. The average price in the main sales areas was 3.06 yuan per catty, unchanged from the previous trading day. Most of the national mainstream prices remained stable, with prices in various regions such as Beijing, Northeast China, and Shandong remaining stable, and only some local prices showing minor fluctuations [2][4]. - **Culled Chicken Prices**: The average price of culled chickens in the main production areas was 3.99 yuan per catty, down 0.01 yuan per catty from the previous trading day. The prices of culled chickens in different regions showed some fluctuations, with prices in Handan and Shijiazhuang rising, and prices in Jinan and Dezhou falling [2]. 3.3 Fundamental Information - **Laying Hen Inventory**: In October, the national inventory of laying hens in production was 1.359 billion, a decrease of 0.01 billion from the previous month, and an increase of 5.5% year - on - year, lower than the previous expectation. Based on previous replenishment data, the estimated inventory of laying hens in production from November 2025 to February 2026 is approximately 1.359 billion, 1.355 billion, 1.346 billion, and 1.333 billion respectively [5]. - **Chick Hatchling Volume**: In October, the monthly hatchling volume of egg - laying chicks in sample enterprises monitored by Zhuochuang Information (accounting for about 50% of the country) was 39.2 million, with little change month - on - month and a 13% decrease year - on - year [5]. - **Culled Chicken Slaughter Volume and Age**: In the week of October 31, the national slaughter volume of culled laying hens in the main production areas was 20.53 million, an increase of 11% from the previous week. The average culling age of culled chickens was 494 days, a decrease of 5 days from the previous week [5]. - **Egg Sales Volume**: As of the week of October 31, the egg sales volume in the national representative sales areas was 7658 tons, an increase of 2.1% compared to the previous week [5]. - **Profit Situation**: As of October 31, the weekly average profit per catty of eggs was - 0.2 yuan per catty, an increase of 0.02 yuan per catty from the previous week. On October 31, the expected profit of egg - laying hen farming was - 4.82 yuan per bird, an increase of 1.42 yuan per catty from the previous week [6]. - **Inventory Situation**: As of the week of October 31, the weekly average inventory in the production link was 1.04 days, unchanged from the previous week, and the weekly average inventory in the circulation link was 1.1 days, also unchanged from the previous week [6]. 3.4 Trading Strategy - **Single - Side Trading**: It is recommended to wait and see in the short term [9]. - **Arbitrage Trading**: It is recommended to wait and see [10]. - **Options Trading**: It is recommended to wait and see [10].