Report Information - Industry: Eggs [1] - Date: July 18, 2025 [2] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] Key Points Report's Core View - The spot price of eggs is expected to rise quickly in the first wave, and then be adjusted according to market conditions. Although the fundamental direction is bearish, short - chasing is not recommended. Traders can consider long positions in the 09 contract for band trading and use put options to hedge risks. There is no sign of a significant trend - based rebound for now [8] Market Review and Operation Suggestions - **Market Review**: The national egg price rose today. The average price in the main production areas was 2.85 yuan/jin, up 0.11 yuan/jin from yesterday; the average price in the main sales areas was 3.09 yuan/jin, up 0.06 yuan/jin from yesterday. The 09 contract fell 0.28%. The 08 contract of eggs closed at 3462, up 5 or 0.14%; the 09 contract closed at 3595, down 10 or - 0.28%; the 10 contract closed at 3371, down 48 or - 1.40% [7] - **Operation Suggestions**: Pay attention to whether the spot price has a continuous upward trend next week. Long positions can be established in the 09 contract for band trading. Risk - averse traders can buy put options to hedge the risk of the spot price not rising. Adjust positions in real - time based on the spot price increase and basis [8] Industry News - **In - production Laying Hens Inventory**: As of the end of June, the monthly inventory of in - production laying hens in the country was about 1.34 billion, with a month - on - month increase of 0.4% and a year - on - year increase of 6.8% [9] - **Chick Hatchlings**: The monthly hatchling volume of laying hens in sample enterprises in June was about 40.75 million, slightly less than that in May and slightly higher than the same period in 2024 [9] - **Chicken Culling**: The culling volume gradually recovered after May, reached a phased peak in June, and then declined slightly due to the expectation of the summer peak season. As of July 10, the average culling age was 504 days, 2 days earlier than last week and 8 days earlier than last month [10]

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - The current profit per catty of eggs is in a state of loss or flat, and it is expected that the downward space of the futures price on the disk is relatively limited. The upward space of the September contract in the second half of the year will depend on the future volume of culled chickens. If the volume of culled chickens remains high, the upward space is relatively large; if the volume of culled chickens fails to maintain, the September contract may fluctuate slightly stronger. Recently, the egg price has stabilized at the current level, and the spot price is expected to strengthen seasonally. As the September contract is a peak - season contract, after the plum - rain season, the price is expected to bottom out and gradually rise with the pre - Mid - Autumn Festival food factory restocking [10] 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices**: JD01 closed at 3612, down 8 from the previous day; JD05 closed at 3401, down 12; JD09 closed at 3591, down 24. The 01 - 05 spread was 211, up 4; the 05 - 09 spread was - 190, up 12; the 09 - 01 spread was - 21, down 16 [3] - **Price Ratios**: The 01 egg/corn ratio was 1.62, unchanged; the 01 egg/bean meal ratio was 1.20, unchanged. The 05 egg/corn ratio was 1.50, down 0.01; the 05 egg/bean meal ratio was 1.26, unchanged. The 09 egg/corn ratio was 1.57, down 0.01; the 09 egg/bean meal ratio was 1.21, down 0.01 [3] 3.2 Spot Market - **Egg Prices**: The average price in the main production areas was 2.80 yuan per catty, up 0.02 yuan from the previous day, and the average price in the main sales areas was 2.96 yuan per catty, unchanged from the previous day. Most regional prices remained stable, with only slight increases in some areas such as Xiaogan and Jingmen [3][6] - **Culled Chicken Prices**: The average price of culled chickens was 4.77 yuan per catty, unchanged from the previous day. Most regional prices remained stable [3] 3.3 Profit Calculation - **Cost**: The average price of corn was 2409, down 5 from the previous day; the average price of bean meal was 2924, unchanged. The price of egg - laying hen vaccines was 3, unchanged; the price of egg - laying hen compound feed was 2.56, down 0.01 [3] - **Income**: The average price of culled chickens was 4.77, unchanged; the average price of chicks was 3.21, up 0.04 [3] - **Profit**: The profit per chicken was - 3.18 yuan, up 0.92 from the previous day [3] 3.4 Fundamental Information - **Egg Prices**: The average price in the main production areas was 2.80 yuan per catty, up 0.02 yuan from the previous day, and the average price in the main sales areas was 2.96 yuan per catty, unchanged from the previous day. The national mainstream price remained stable, and the egg price continued to fluctuate and consolidate with normal sales [6] - **In - production Laying Hens**: In June, the national in - production laying hen inventory was 1.34 billion, an increase of 0.06 billion from the previous month and a year - on - year increase of 6.7%. The estimated in - production laying hen inventories in July, August, September, and October 2025 are approximately 1.349 billion, 1.353 billion, 1.351 billion, and 1.343 billion respectively [7] - **Chick Hatchlings**: In June, the monthly chick hatchling volume of sample enterprises monitored by Zhuochuang Information (about 50% of the country) was 40.75 million, a month - on - month decrease of 9% and a year - on - year increase of 1.9% [7] - **Culled Chicken Volume**: From July 4th to July 11th, the national main - production - area culled chicken volume was 16.27 million, a decrease of 5% from the previous week. The average culling age of culled chickens was 504 days, a decrease of 2 days from the previous week [7] - **Egg Sales Volume**: As of the week of July 10th, the egg sales volume in the national representative sales areas was 7592 tons, with little change from the previous week [8] - **Inventory**: As of the week of July 10th, the average weekly inventory in the production link was 1.05 days, a decrease of 0.09 days from the previous week, and the average weekly inventory in the circulation link was 1.17 days, a decrease of 0.1 days from the previous week [8] - **Profit**: As of July 10th, the average weekly profit per catty of eggs was - 0.68 yuan per catty, a decrease of 0.1 yuan per catty from the previous week. On July 4th, the expected profit of egg - laying hen farming was 13.38 yuan per chicken, a decrease of 0.46 yuan per catty from the previous week [8] - **Culled Chicken Prices**: The average price of culled chickens in the main production areas was 4.77 yuan per catty, up 0.04 yuan from the previous day [9] 3.5 Trading Strategy - **Single - sided**: Consider building long positions in the September contract when the plum - rain season is about to end and the safety margin is high [11] - **Arbitrage**: Wait and see [11] - **Options**: Sell put options [11]

Group 1: Report Summary - The report is an agricultural product research report focusing on eggs, dated July 15, 2025 [2] - It includes information on the futures and spot markets, fundamental analysis, trading logic, and strategies [3][6][9] Group 2: Futures Market - Futures prices: JD01 closed at 3620, up 8; JD05 at 3413, up 1; JD09 at 3615, up 13 [3] - Cross - month spreads: 01 - 05 spread was 207, up 7; 05 - 09 was - 202, down 12; 09 - 01 was - 5, up 5 [3] - Ratios: 01 egg/corn was 1.62, up 0.01; 01 egg/bean meal was 1.20, up 0.01 [3] Group 3: Spot Market - Egg prices:产区均价 was 2.78 yuan/jin, up 0.16; 销区均价 was 2.96 yuan/jin, up 0.18 [3] -淘汰鸡 prices: The average price was 4.77 yuan/jin, up 0.04 [3] Group 4: Fundamental Information - Egg prices: Main production area prices were stable, with a national mainstream price hold. Beijing's major markets had stable prices [6] - In - production laying hens: In June, the inventory was 1.34 billion, up 0.06 billion from last month, 6.7% year - on - year [7] - Chicken chick output: In June, the sample enterprise output was 40.75 million, down 9% month - on - month, up 1.9% year - on - year [7] - Hen culling: In the week of July 11, the culling volume was 16.27 million, down 5% from the previous week [7] - Egg sales: As of July 10, the sales volume in representative sales areas was 7592 tons, with little change [8] - Inventory: As of July 10, production - link inventory was 1.05 days, down 0.09 days; circulation - link was 1.17 days, down 0.1 days [8] - Profit: As of July 10, the weekly average profit per jin was - 0.68 yuan/jin, down 0.1 yuan/jin [8] Group 5: Trading Logic - The downward space of futures prices is limited due to current profit conditions [9] - The upward space of the September contract depends on future hen culling volume [9] - Spot prices are expected to strengthen seasonally, and the September contract may rise after hitting the bottom [9] Group 6: Trading Strategies - Single - side: Consider building long positions in the September contract when the rainy season is about to end and the safety margin is high [10] - Arbitrage: Hold off [10] - Options: Sell put options [10]

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints of the Report - The egg market is in a seasonal off - season for demand, with high egg - laying hen存栏量, significant pressure from newly - opened laying hens, and sufficient egg supply. High - temperature and high - humidity weather increases storage costs, leading to cautious purchasing by downstream dealers. Egg prices are at a relatively low level compared to the same period, and the breeding end is in a loss state. However, as prices reach a relatively low level, the process of culling old hens has accelerated, reducing the存栏预期. Near - month futures prices are generally weak, while far - month contracts are more resistant to decline. The recommended strategy is to lightly test long positions in far - month contracts [7][8] 3. Summary According to the Directory 3.1 Weekly Highlights Summary - Strategy: Lightly test long positions in far - month contracts [7] - Market review: This week, eggs fluctuated and closed down. The closing price of the 08 contract was 3442 yuan/500 kilograms, a decrease of 140 yuan/500 kilograms from the previous week [8] - Market outlook: The egg market is in a seasonal off - season, with sufficient supply, high storage costs, and cautious purchasing by dealers. Egg prices are low, and the breeding end is in a loss. But the culling of old hens has accelerated, and far - month contracts are more resistant to decline [8] 3.2 Futures and Spot Market - Futures price and position: The 08 contract of egg futures fluctuated and closed down, with a position of 111,067 lots, a decrease of 69,589 lots from the previous week. The net position of the top 20 was - 28,851, compared with - 31,955 last week, and the net short position increased significantly [14] - Futures warehouse receipts: As of Friday, the number of registered egg warehouse receipts was 24 [18] - Spot price and basis: The egg spot price was reported at 2596 yuan/500 kilograms, a decrease of 78 yuan/500 kilograms from the previous week. The basis between the active 08 contract futures price and the spot average price was reported at - 846 yuan/ton [24] - Futures inter - month spread: The 9 - 1 spread of eggs was reported at - 32 yuan/500 kilograms, generally at a low level compared to the same period [28] - Related product spot prices: As of July 10, 2025, the average wholesale price of pork was 20.73 yuan/kg, and the average wholesale price of 28 key - monitored vegetables was 4.42 yuan/kg [34] 3.3 Industry Chain Situation - Supply side: As of May 31, 2025, the national laying hen存栏指数 was 110.89, a month - on - month decrease of 1.30%; the national new chick index was 106.78, a month - on - month decrease of 23.00% [41] - Culling situation: As of May 31, 2025, the national culled laying hen index was 108.68, a month - on - month increase of 12.32%; the national culling age of hens was 506 days [46] - Feed raw material prices: As of July 10, 2025, the average spot price of corn was reported at 2426.86 yuan/ton, and the spot price of soybean meal in Fangcheng was reported at 2840 yuan/ton [50] - Feed price and breeding profit: As of July 4, 2025, the breeding profit of laying hens was reported at - 0.58 yuan/hen, and the average price of laying hen compound feed was reported at 2.72 yuan/kg [57] - Laying hen chick and culled hen prices: As of July 4, 2025, the average price of laying hen chicks in the main production areas was reported at 3.9 yuan/bird, and the average price of culled hens in the main production areas was reported at 9.4 yuan/kg [59] - Egg monthly export volume: In May 2025, the total egg export volume was 12,711.37 tons, an increase of 927.30 tons compared with the same period last year, a year - on - year increase of 7.87%, and a month - on - month decrease of 81.14 tons compared with the previous month [65]

行业 鸡蛋 日期 2025 年 7 月 8 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 期货从业资格号：F3076808 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

瑞达期货研究院 「2025.07.04」 鸡蛋市场周报 现货维位偏弱运行 盘面有止跌回暖倾向 研究员：许方莉 期货从业资格号F3073708 期货投资咨询从业证书号 Z0017638 联系电话：0595-86778969 关 注 我 们 获 取 更 多 资 讯 业 务 咨 询 添 加 客 服 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 总结及策略建议 Ø 策略建议：轻仓试多远月合约。 Ø 鸡蛋： Ø 行情回顾：本周鸡蛋震荡收涨，08合约收盘价为3582元/500千克，较前一周+39元/500千克。 Ø 行情展望：鸡蛋步入季节性需求淡季，且目前蛋鸡存栏量处于高位，前期补栏的蛋鸡新开产压力 较大，鸡蛋供应比较充足。同时，受梅雨季节影响，高温高湿气候下鸡蛋存储成本增加，下游经 销商采购谨慎，蛋价持续处于同期偏低水平，养殖端也持续处于亏损状态。不过，价格来到相对 低位后，老鸡淘汰进程有所加快，降低存栏预期。盘面来看，期价跌至低估值区域后，近来有止 跌回暖倾向。 「 期现市场情况」 期价走势及前二十名持仓 图1、大商所鸡蛋主力合约期货价格走势 图2、大商所鸡蛋指数期货前二十名持仓变化 3 来 ...

021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 期货从业资格号：F3076808 研究员：刘悠然 行业 鸡蛋 日期 2025 年 7 月 3 日 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Report Industry Investment Rating No relevant content provided. Core View of the Report The current profit per catty of eggs is in a state of loss or flat. It is expected that the downward space of the futures price on the disk is relatively limited. The upward space of the contracts in August and September in the second half of the year will depend on the future volume of culled chickens. If the volume of culled chickens remains high, the upward space is relatively large; if the volume of culled chickens fails to maintain, the contracts in August and September may fluctuate slightly stronger [9]. Summary According to Relevant Catalogs 1. Futures and Spot Market Data - **Futures Market**: JD01 closed at 3630, down 3 from the previous day; JD05 closed at 3401, down 15; JD09 closed at 3678, down 6. The 01 - 05 spread was 229, up 12; the 05 - 09 spread was -277, down 9; the 09 - 01 spread was 48, down 3. The ratios of 01, 05, and 09 eggs to corn and soybeans all showed slight increases [3]. - **Spot Market**: The average price of eggs in the main producing areas was 2.66 yuan per catty, and in the main selling areas was 2.90 yuan per catty, both remaining unchanged from the previous day. The average price of culled chickens was 4.68 yuan per catty, also unchanged [3]. - **Profit Calculation**: The profit per chicken was 33.58 yuan, up 43.90 from the previous day. The average price of culled chickens was 4.68 yuan, unchanged; the average price of chicken seedlings was 3.21 yuan, up 0.04; the price of egg - chicken vaccines was 3 yuan, unchanged. The average price of corn was 2437 yuan, unchanged; the average price of soybean meal was 0, down 2930; the price of egg - chicken compound feed was 1.71 yuan, down 0.88 [3]. 2. Fundamental Information - **Egg Price**: The average price of eggs in the main producing areas and main selling areas remained stable. The mainstream prices across the country mostly remained stable, with egg prices continuing to fluctuate and consolidate, and the sales volume was average [6]. - **In - production Laying Hen Inventory**: In June, the national in - production laying hen inventory was 1.34 billion, an increase of 0.06 billion from the previous month and a year - on - year increase of 6.7%. It is estimated that the in - production laying hen inventory from July to October 2025 will be approximately 1.349 billion, 1.353 billion, 1.351 billion, and 1.343 billion respectively [7]. - **Chicken Seedling Output**: In June, the monthly output of laying - hen seedlings of sample enterprises monitored by Zhuochuang Information (accounting for about 50% of the country) was 40.75 million, a month - on - month decrease of 9% and a year - on - year increase of 1.9% [7]. - **Culled Chicken Data**: In the week of June 27, the number of culled chickens in the main producing areas was 18.41 million, a decrease of 6% from the previous week. The average culling age of culled chickens in the week of June 26 was 508 days, a decrease of 1 day from the previous week [7]. - **Egg Sales Volume**: As of the week of June 26, the egg sales volume in the representative selling areas was 7937 tons, an increase of 5% from the previous week [8]. - **Inventory Data**: As of the week of June 26, the average weekly inventory in the production link was 1.12 days, an increase of 0.1 days from the previous week; the average weekly inventory in the circulation link was 1.22 days, an increase of 0.18 days from the previous week [8]. - **Profit Data**: As of June 26, the average weekly profit per catty of eggs was -0.41 yuan per catty, an increase of 0.08 yuan per catty from the previous week. On June 20, the expected profit of laying - hen farming was 14.6 yuan per chicken, a decrease of 0.09 yuan per catty from the previous week [8]. 3. Trading Logic The current profit per catty of eggs is in a state of loss or flat. It is expected that the downward space of the futures price on the disk is relatively limited. The upward space of the contracts in August and September in the second half of the year will depend on the future volume of culled chickens [9]. 4. Trading Strategies - **Single - side**: Consider building long positions in the far - month August and September contracts when the rainy season is about to end and the safety margin is high. - **Arbitrage**: Wait and see. - **Options**: Sell put options [10].

行业 鸡蛋 日期 2025 年 7 月 1 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 期货从业资格号：F3076808 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

期。盘面来看，期价跌至低估值区域后，近来有止跌回暖倾向，可轻仓试多。 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 鸡蛋产业日报 2025-06-25 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 3561 | 10 期货前20名持仓:净买单量:鸡蛋(日,手) | -20393 | 2863 | | 克) | 鸡蛋期货月 ...