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].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The supply of laying hens remains at a high level, and the demand is generally weak. In the short - term without significant improvement, egg prices are expected to be weak. However, the recent increase in the amount of culled chickens and downstream restocking have led to a slight rebound in spot prices. It is recommended to wait and see in the short - term [7] Group 3: Summary by Relevant Catalogs 1. Futures Market - For futures contracts, JD01 closed at 3347, up 29 from the previous day; JD05 closed at 3497, up 31; JD09 closed at 3861, up 12. In terms of spreads, 01 - 05 was - 150, down 2; 05 - 09 was - 364, up 19; 09 - 01 was 514, down 17. Regarding the ratios, 01 egg/corn was 1.56, up 0.01; 01 egg/soybean meal was 1.11, up 0.01, etc. [2] 2. Spot Market - The average price of eggs in the main production areas was 2.86 yuan/jin, down 0.03 yuan/jin from the previous day, and in the main sales areas was 3.06 yuan/jin, down 0.08 yuan/jin. The prices in different regions showed various trends, with most of the national mainstream prices remaining stable, some falling, and some rising slightly. The average price of culled chickens was 4 yuan/jin, remaining unchanged [2][4] 3. Fundamental Information - The average price of eggs in the main production areas decreased, and in the main sales areas also decreased. The national mainstream prices were mostly stable, with some fluctuations in different regions. In October, the national laying hen inventory was 1.359 billion, a slight decrease from the previous month but a 5.5% year - on - year increase. The monthly output of laying hen chicks in the sample enterprises was 39.2 million, with little change month - on - month and a 13% year - on - year decrease. The number of culled chickens in the main production areas in the week of October 31 was 20.53 million, an 11% increase from the previous week, and the average culling age was 494 days, a 5 - day decrease. The egg sales volume in the representative sales areas increased by 2.1%. The weekly average profit per jin of eggs was - 0.2 yuan/jin, an increase of 0.02 yuan/jin. The production and circulation inventories remained unchanged [4][5][6] 4. Trading Logic - The supply of laying hens is high, and the demand is weak. Without significant improvement in the short - term, egg prices are expected to be weak. However, the increase in culled chickens and downstream restocking have led to a slight rebound in spot prices. It is recommended to wait and see [7] 5. Trading Strategy - For unilateral trading, it is recommended to wait and see in the short - term. For arbitrage and options, it is also recommended to wait and see [8]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, egg prices rebounded from a low level. The closing price of the 2512 contract was 3146 yuan per 500 kilograms, a increase of 60 yuan per 500 kilograms compared to the previous week [6]. - Egg prices are at a low level, and the breeding side has a certain sentiment of supporting prices. Coupled with the drop in temperature, which is conducive to the storage and transportation of eggs, the sales speed in low - price areas has accelerated, supporting the rebound of spot prices. Under the boost of rising spot prices, the near - month contracts have also strengthened significantly. However, the inventory of laying hens in production is still high, and old hens have not been over - culled. High production capacity is still the main concern of the market, which may limit the upside space [6]. - The egg futures price has shown a low - level rebound trend recently. However, the pressure of high production capacity still exists, which may limit the rebound space [6]. - The short - term strategy is to wait and see, and pay attention to the amount of old hen culling [6]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Market Performance**: The 2512 contract of eggs rebounded from a low level, with the closing price at 3146 yuan per 500 kilograms, up 60 yuan per 500 kilograms from the previous week [6]. - **Market Outlook**: Low egg prices, favorable storage conditions, and increased sales speed support the spot price rebound. But high laying - hen inventory and non - over - culled old hens may limit the upside [6]. - **Strategy**: Short - term wait - and - see, focus on old hen culling volume [6]. 3.2 Futures and Spot Market - **Futures Price and Position**: The 12 - contract of egg futures rebounded from a low level. The position was 176,581 lots, a decrease of 57,622 lots compared to last week. The net position of the top 20 was - 8860, and the net short position decreased slightly compared to last week's - 22,065 [12]. - **Futures Warehouse Receipts**: As of Friday, the number of registered egg warehouse receipts was 0 [16]. - **Spot Price and Basis**: The egg spot price was 2933 yuan per 500 kilograms, a decrease of 11 yuan per 500 kilograms compared to last week. The basis between the active 12 - contract futures price and the spot average price was - 213 yuan per ton [22]. - **Futures Inter - month Spread**: The 1 - 5 spread of eggs was - 148 yuan per 500 kilograms, generally at a low level in the same period [26]. - **Related Commodity Spot Prices**: As of October 30, 2025, the average wholesale price of pork was 17.96 yuan per kilogram, and the average wholesale price of 28 kinds of key - monitored vegetables was 5.3 yuan per kilogram [32]. 3.3 Industrial Chain Situation - **Supply Side - Inventory and Restocking**: As of September 30, 2025, the national laying - hen inventory index was 115.26, a month - on - month increase of 0.75%. The national new - chick index was 76.65, a month - on - month increase of 4.50% [38]. - **Culling Index and Age**: As of September 30, 2025, the national culling laying - hen index was 124.63, a month - on - month increase of 33.14%. The national culling - hen age was 507 days [43]. - **Feed Raw Material Prices**: As of October 30, 2025, the average spot price of corn was 2242.16 yuan per ton, and the spot price of soybean meal in Fangcheng was 2980 yuan per ton [47]. - **Feed Price and Breeding Profit**: As of October 24, 2025, the laying - hen breeding profit was - 0.45 yuan per chicken, and the average price of laying - hen compound feed was 2.76 yuan per kilogram [53]. - **Prices of Laying - Hen Chicks and Culled Hens**: As of October 24, 2025, the average price of laying - hen chicks in the main production areas was 2.65 yuan per chick, and the average price of culled hens in the main production areas was 8.58 yuan per kilogram [58]. - **Egg Monthly Exports**: In September 2025, China's egg export volume was 13,215.79 tons, an increase of 1631.15 tons compared to the same period last year (11,584.64 tons), a year - on - year increase of 14.08%, and a month - on - month increase of 94.76 tons compared to the previous month [63].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The egg market is in an off - season with supply exceeding demand. The overall supply pressure is large due to high - level operation of production capacity, slowdown in new replenishment, continuous start - up of previous replenishment, and ineffective removal of backward production capacity. Demand support is not obvious. Cost has slightly declined, but the breeding profit has returned to a loss. The market maintains a near - weak and far - strong structure, and it is recommended to hold short positions before the festival and pay attention to fund management [3]. 3. Summary by Relevant Catalogs 3.1 Futures Review - Egg futures fluctuated weakly last week, high in the front and low in the back. Affected by the spot, they maintained a near - weak and far - strong pattern. All contracts are at a premium to the spot and are constantly repairing the basis through price drops [6]. 3.2 Spot Review - Last week, the egg spot bottomed out and rebounded. After the post - holiday decline, the sales areas started to replenish stocks. With the temperature drop, the production areas were reluctant to sell. Currently, the benchmark spot price is fluctuating around 2.5 yuan per catty, at a historical low. The market is under pressure again and is constantly searching for the bottom [12]. 3.3 Supply - Newly - added production capacity: From August to November 2025, the newly - opened production corresponds to the replenishment volume from April to July 2025. The replenishment volume has a seasonal decline, and the newly - added production capacity from August to November has dropped significantly. The chick price has dropped significantly, and the enthusiasm for replenishment has decreased, affecting the newly - added supply in the fourth quarter. - Eliminated production capacity: From August to November 2025, the normal eliminated production capacity corresponds to the replenishment volume from March to June 2024. The data shows a high elimination volume, but there is an obvious delay in elimination currently. - Laying hen inventory: The inventory data continued to increase slightly but started to decrease in September. The newly - added is stable with a slight decline, and the elimination is relatively slow. The overall supply pressure still exists, but it is expected to ease in the fourth quarter [17]. 3.4 Elimination End - The price of eliminated chickens has stabilized, the elimination volume has continued to increase, and the average elimination age has shown a weakening trend. The price of eliminated chickens is 4.22 yuan per catty (- 0.08), the elimination price has stabilized with a slight rebound; the elimination volume has continued to increase, and it has entered an accelerated elimination stage; the elimination age is 498 days, a weekly decrease of 2 days, indicating a loosening in elimination [20]. 3.5 Seasonal and Consumption - Seasonally, it is an off - season, and the price has a seasonal decline and is hitting the bottom again. The production areas currently have little inventory pressure and a strong willingness to stockpile. After the festival, the stocking is over, the rigid demand support has weakened, and the price has declined [23]. 3.6 Substitute Products - Vegetables: There has been obvious low - temperature precipitation across the country, and vegetable prices are relatively strong. - Pork: The price is at a low level and searching for the bottom, which has an obvious suppressing effect on eggs. - Other meats: The prices of other meats have strengthened at this stage [25]. 3.7 Cost & Profit - Cost side: The price of corn has dropped significantly, and the spot price of soybean meal has fluctuated weakly. The overall cost has maintained a fluctuating decline. Currently, the feed cost is about 2.4 yuan per catty, and the comprehensive breeding cost is about 2.7 yuan per catty. - Breeding profit: Recently, the spot price of eggs has had a seasonal decline. Although the cost side has fluctuated downwards, the decline in the egg spot price is obvious, and the profit has turned into a loss again and returned to a weak state [27]. 3.8 Capital - After the capital reached a high level and then declined, it has entered the market again. Old long - position holders have stopped losses, and new long - position holders have entered the market, waiting for the arrival of the cycle conversion [33]. 3.9 Basis - The basis is negative, the futures price is at a premium to the spot price, and the market shows a near - weak and far - strong pattern [37]. 3.10 Spread Trend - The spot price has reached a peak and then maintained a shock. The futures market is generally in a positive market, with a near - weak and far - strong, reverse - spread structure [40].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The current supply - demand situation of eggs is characterized by an overall loose pattern. In the short - term, egg supply shows no significant decline, demand has no sign of recovery, and the market is in a seasonal consumption slump after the National Day holiday, so both futures and spot prices may continue weak and volatile. In the medium - term, prices will be restricted until the inventory is reduced and demand recovers [8][62]. 3. Summary by Directory I.走势回顾 - **Futures Price**: Last week, the egg futures market was weak. The main contract was shifting to JD2512. As of last Friday's close, the main JD2511 contract was at 2,805 yuan per 500 kilograms, down 1.02%, with a trading volume of 157,777 lots and an open interest of 171,242 lots. The JD2512 contract was at 2,959 yuan per 500 kilograms, down 1.04% [5][14]. - **Spot Price**: Last week, the average price of eggs in the main producing areas was 2.86 yuan per catty, and in the main selling areas was 2.91 yuan per catty. At the beginning of the week, due to continuous rain in many places, terminal demand was weak, and inventory increased, causing egg prices to fall below the feed cost line. In the middle of the week, as the weather improved, downstream replenishment increased, inventory decreased, and prices rebounded slightly, but the overall supply - demand situation remained loose [7][19]. - **Chick Price**: Last week, the average price of commercial chicks in key national regions was 2.76 yuan per chick, down 0.03 yuan per chick from the previous week, a month - on - month decline of 1.08% and a year - on - year decline of 23.12%. The chick market was oversupplied, and farmers' enthusiasm for replenishment was low [23]. - **Old Hen Price**: Last week, the average price of old hens in representative markets was 4.43 yuan per catty, down 0.14 yuan per catty, a decline of 3.06%. After the holiday, as egg prices weakened, farmers' enthusiasm for culling old hens increased. As prices fell to a low level, farmers became reluctant to sell, and the supply pressure eased [28]. II. Fundamental Analysis - **Supply Side** - **Laying Hen Inventory**: In September, the inventory of laying hens in the country was about 1.313 billion, a month - on - month decrease of 0.30% and a year - on - year increase of 8.87%. The number of newly - laid hens in October is expected to decline compared to September [31]. - **Producing Area Shipment Volume**: Last week, the shipment volume in the main producing areas was 6,015.19 tons, a month - on - month increase of 3.09% and a year - on - year decrease of 20.94%. As egg prices fell, farmers were reluctant to sell at low prices, and some traders and cold storage started to stock up, leading to an increase in shipment volume [37]. - **Old Hen Culling**: Last week, the total culling volume of old hens in sample points was 600,100, a month - on - month increase of 2.81%. The average culling age was 497 days, 1 day earlier than the previous week. Farmers were not confident about the future market and culled old hens in a timely manner [41]. - **Demand Side** - **Selling Area Sales Volume**: Last week, egg sales were 6,207.55 tons, a month - on - month increase of 1.25% and a year - on - year decrease of 4.18%. Sales were affected by the seasonal off - season. As prices fell to a low level, the market's bottom - fishing sentiment increased, and sales recovered moderately [45]. - **Selling Area Arrival Volume**: Last week, the arrival volume in the Beijing market was 92 trucks, a month - on - month increase of 6 trucks, an increase of 6.98%. The arrival volume in the Guangdong market was 453 trucks, a month - on - month decrease of 20 trucks, a decrease of 4.23%. The arrival volume in different markets showed differentiation [49]. - **Old Hen Slaughter Volume**: Last week, the total slaughter volume of old hens was 2.0717 million, a month - on - month decrease of 256,500, a decline of 11.02%. Slaughter enterprises operated cautiously. If terminal demand does not improve significantly, the slaughter volume may remain low in the short term [50][52]. - **Inventory Situation**: As of last Friday, the production - link inventory was 1.29 days, a decrease of 0.03 days from the previous day, a decrease of 2.27%. The circulation - link inventory was 1.29 days, a decrease of 0.11 days from the previous day, a decrease of 7.86% [56]. - **Laying Hen Farming Cost and Profit**: Last week, the cost of laying hen farming was 3.42 yuan per catty, a month - on - month decrease of 0.03 yuan per catty, a decline of 0.87%. The farming profit was - 0.56 yuan per catty, a month - on - month decrease of 0.26 yuan per catty, a decline of 86.67% [60]. III.后市展望 - In the short - term, egg supply shows no significant decline, demand has no sign of recovery, and the market is in a seasonal consumption slump after the National Day holiday, so both futures and spot prices may continue weak and volatile. In the medium - term, prices will be restricted until the inventory is reduced and demand recovers [8][62]. IV.操作策略 - **Single - side**: Hold short positions cautiously. - **Arbitrage**: Wait and see. - **Options**: Construct a bear spread strategy [9][63].

Group 1: General Information - Reported industry: Eggs [1] - Report date: September 23, 2025 [2] - Research team: Agricultural products research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - Today, the national egg price declined. The average price in the main producing areas was 3.65 yuan/jin, down 0.03 yuan/jin from yesterday; the average price in the main consuming areas was 3.84 yuan/jin, down 0.08 yuan/jin from yesterday. The 11 - contract dropped 1.51%. [7] - For egg contracts: the 2510 contract closed at 2982, down 56 (-1.84%); the 2511 contract closed at 3075, down 47 (-1.51%); the 2512 contract closed at 3201, down 58 (-1.78%). [7] Core View - After the weakest summer peak season in recent years, the spot market has gradually stabilized and rebounded. The supply pressure has eased due to accelerated culling from August to September, and there is still demand support from Mid - Autumn Festival and National Day stocking in September. However, the spot peak - season rise is expected to end soon. [8] - In the futures market, contracts in the fourth quarter fell sharply earlier and rose significantly last Monday. The previous weak market sentiment and short - dominated market led to a rise in the basis. The strong spot market caused the futures market to make up for the increase. [8] - The supply pressure is difficult to relieve in the short term. After the price increase, there may be fluctuations. If there are profits from long positions, it is advisable to take profits at high prices. The near - month 10 contract may enter the delivery month with a high discount. The rebound space should not be overestimated. [8] Operation Suggestions - Future contract operations need to continuously monitor culling and replenishment data. The fundamental inflection point may appear in the later part of the fourth quarter at the earliest. There may be adjustment space in the short - to - medium term after the spot market encounters resistance. [8] Group 3: Industry News - The inventory of laying hens is on an upward trend. As of the end of August, the national monthly inventory of laying hens was about 1.365 billion, with a month - on - month increase of 0.7% and a year - on - year increase of 6.0%. [9] - The monthly output of layer chicks in sample enterprises in August was about 39.81 million, slightly less than 39.98 million in July and significantly less than 43.95 million in the same period in 2024. The low breeding profits in the past two months have started to change farmers' expansion mindset. [9][10] - From the weekly data, as of September 18, the national culling volume in the previous three weeks was 17.61 million, 17.48 million, and 17.89 million respectively. The culling volume has been rising since August, and the current absolute value is slightly higher than the average of the previous three years. As of September 18, the average culling age was 497 days, 2 days later than last week and 9 days earlier than last month. [10] Group 4: Data Overview - The report includes data charts such as the monthly inventory of laying hens in China, layer breeding profits, the average price in the main egg - producing areas, the 10 - contract basis of eggs, the 12 - 02 spread of eggs, and the 10 - contract seasonal trend of eggs, with data sources from Wind, Zhuochuang Information, and Trading Famen. [13][17][20]

Group 1: General Information - Reported industry: Eggs [1] - Report date: September 17, 2025 [2] - Research team: Agricultural products research team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - Egg futures contracts 2510, 2511, and 2512 all declined, with the 2511 contract down 0.86%. The main producing areas' average egg price was 3.76 yuan/jin, up 0.10 yuan/jin from the previous day, and the main consuming areas' average price was 4.00 yuan/jin, up 0.07 yuan/jin [7]. Core View - After the weakest summer peak season in recent years, the spot market has stabilized and rebounded. The futures market rose today to catch up after the weekend's strong spot market. However, supply pressure is difficult to ease in the short - term, and there may be fluctuations after price increases. It is recommended to take profit on long positions at high prices. The near - month 10 contract may enter the delivery month with a high discount. The rebound space should not be overestimated, and the operation of subsequent contracts needs to focus on elimination and replenishment data [8]. Group 3: Industry News - The inventory of laying hens is on an upward trend. As of the end of August, the monthly inventory of laying hens was about 1.365 billion, a 0.7% month - on - month increase and a 6.0% year - on - year increase. The monthly hatch of layer chicks in August was about 39.81 million, a decrease from July and a significant decrease compared with the same period in 2024 [9]. - The weekly chicken culling volume has been increasing since August, and as of September 4, the average age of culled chickens was 495 days, 1 day earlier than the previous week and 11 days earlier than the previous month [10]. Group 4: Data Overview - The report provides data on the monthly inventory of laying hens in China, egg - chicken farming profits, egg 10 - contract basis, and egg 12 - 02 spread, etc. [16][11]

Group 1: General Information - Reported industry: Eggs [1] - Report date: August 29, 2025 [2] - Research team: Agricultural product research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operational Suggestions Market Review - **Futures Contracts**: For the 2509 contract, the previous settlement price was 2909, the closing price was 2843, down 66 or -2.27%, with a trading volume of 39,229 and an open interest of 21,965, a decrease of 15,222. For the 2510 contract, the previous settlement price was 2997, the closing price was 2930, down 67 or -2.24%, with a trading volume of 542,102 and an open interest of 528,944, an increase of 13,068. For the 2511 contract, the previous settlement price was 3047, the closing price was 2960, down 87 or -2.86%, with a trading volume of 190,173 and an open interest of 257,219, an increase of 40,608 [7] - **Spot Market**: The average price in the main production areas was 3.22 yuan/jin, down 0.03 yuan/jin from the previous day; the average price in the main sales areas was 3.33 yuan/jin, down 0.01 yuan/jin from the previous day. The 10 - contract fell 2.24%. The peak - season spot price started late this year, and the market pressure emerged in late July. The price correction in July was about 0.5 yuan/jin, indicating large supply pressure. In August, the expected spot price rebound did not occur, and the price continued to be under pressure [7] Operational Suggestions - Do not recommend investors to buy at the bottom as there is no technical support and no sign of spot price increase. Wait for the increase in culling volume and the boost from Mid - Autumn Festival and National Day stocking, which may bring a rebound, but it is difficult to time. In general, the egg market has oversupply. If the low egg price affects subsequent replenishment, a fundamental inflection point may appear in the late fourth quarter. Short - term fluctuations may be large, so it is recommended to avoid risks [7] Group 3: Industry News - **In - production Laying Hens**: As of the end of July, the national monthly inventory of in - production laying hens was about 1.356 billion, a 1.2% month - on - month increase and a 6.2% year - on - year increase, with continuous growth for 7 months [8] - **Chick Hatchlings**: In July, the monthly hatchling volume of sample enterprises was about 39.98 million, a decrease compared with June and the same period in 2024. The recent low breeding profits have started to change farmers' attitude towards capacity expansion, and the year - on - year decrease in July was the first this year [8][9] - **Culling**: The culling volume has been increasing recently, the price of culled chickens is under great pressure, and the culling age has been significantly advanced. However, more and longer - term over - culling is needed to restore the supply - demand balance [7]