1. Report Industry Investment Rating - No information provided in the given content 2. Core Viewpoints - The national egg price is slightly stronger today. The average price in the main production areas is 3.12 yuan/jin, up 0.08 yuan/jin from yesterday; the average price in the main sales areas is 3.31 yuan/jin, up 0.07 yuan/jin from yesterday. The 02 contract rose 0.57%. During the holidays, the egg spot price was generally stable with minor fluctuations. The market sentiment remains average, and there is no sign of a significant increase in stockpiling. The high inventory level continues to put pressure on the spot price. The futures market opened higher today and then declined slightly. In recent days, the futures market has been stronger than the spot market. There is some willingness among off - market funds to buy at the bottom, and the technical indicators show signs of stabilization. This is mainly because the inflection point of the inventory level has occurred. Although the current situation is weak, the future outlook is positive. However, from the perspective of the spot market, the 02 contract represents an absolute off - season, and there is currently no sign of a trend - like increase in the spot price. It may weaken again in the future. The post - holiday contracts, especially the peak - season 05 contract, are more suitable for long - position strategies. Long - position investors can focus on the peak - season contracts in the second and third quarters [8] 3. Summary by Directory 3.1行情回顾与操作建议 (Market Review and Operation Suggestions) - **Market Review**: - For the 2602 egg contract, the previous settlement price was 2965, the opening price was 2966, the highest price was 2992, the lowest price was 2958, the closing price was 2982, with a gain of 17 and a gain rate of 0.57%. The trading volume was 63319, the open interest was 83287, and the open interest decreased by 3865. - For the 2603 egg contract, the previous settlement price was 2999, the opening price was 2988, the highest price was 3015, the lowest price was 2981, the closing price was 3000, with a gain of 1 and a gain rate of 0.03%. The trading volume was 156390, the open interest was 231586, and the open interest increased by 12061. - For the 2605 egg contract, the previous settlement price was 3547, the opening price was 3549, the highest price was 3559, the lowest price was 3523, the closing price was 3536, with a loss of 11 and a loss rate of - 0.31%. The trading volume was 37879, the open interest was 95654, and the open interest decreased by 1276 [7] - **Operation Suggestions**: The 02 contract represents the off - season, and there is no sign of a trend - like increase in the spot price. It may weaken again. The post - holiday contracts, especially the peak - season 05 contract, are more suitable for long - position strategies. Long - position investors can focus on the peak - season contracts in the second and third quarters [8] 3.2行业要闻 (Industry News) - **Inventory**: As of the end of November 2025, the national monthly inventory of laying hens was about 1.352 billion, down 0.52% from the previous month, ending the previous continuous growth. However, compared with the same period last year, it increased by 5.3%, indicating significant supply - side pressure [9] - **Replenishment**: In November 2025, the monthly output of laying - hen chicks from sample enterprises was about 39.55 million, slightly higher than the 39.15 million in October but significantly lower by 13.5% compared with the same period in 2024. The total replenishment from August to November 2025 was about 157.71 million, compared with about 180.11 million in the same period last year [9] - **Culling Volume**: In the three weeks up to December 18, the national culling volume of laying hens was 20.82 million, 19.84 million, and 19.67 million respectively, showing a continuous decline [9] - **Culling Age**: As of December 18, the average culling age of laying hens was 486 days, the same as the previous week and 6 days earlier than the previous month [10] 3.3数据概览 (Data Overview) - The report provides multiple data charts, including the average price of eggs in the main production areas, the seasonal trend of the egg 12 contract, the basis of the egg 12 contract, the spread between the egg 12 and 02 contracts, the monthly inventory of laying hens in China, and the profit of laying - hen farming. The data sources include Wind, Jianxin Futures Research and Investment Center, Zhuochuang Information, and Trading Famen [10][12][17]

Report Overview - Report Date: January 6, 2026 [2] - Reported Industry: Egg [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Report Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - During the holiday, the national egg price fluctuated slightly higher. The futures opened higher and then declined, showing that the futures market is stronger than the spot market recently, with some off - market funds willing to bottom - fish. The存栏 has reached an inflection point, with weak current situation but good future expectations. The 02 contract is in an absolute off - season, and there is no sign of a trend increase in the spot price. It may weaken again in the future. The post - holiday contracts, especially the peak - season 05 contract, are more suitable for bulls. The near - and far - month contracts should be treated as reverse spreads [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Review**: - For the 2602 egg contract, the previous settlement price was 2931, the opening price was 2977, the highest price was 2987, the lowest price was 2951, the closing price was 2957, the increase was 26, the increase rate was 0.89%, the trading volume was 97,293, the open interest was 87,152, and the open interest change was - 18,716. - For the 2603 egg contract, the previous settlement price was 2950, the opening price was 2973, the highest price was 3021, the lowest price was 2970, the closing price was 2992, the increase was 42, the increase rate was 1.42%, the trading volume was 224,323, the open interest was 219,525, and the open interest change was 8285. - For the 2605 egg contract, the previous settlement price was 3511, the opening price was 3535, the highest price was 3563, the lowest price was 3531, the closing price was 3550, the increase was 39, the increase rate was 1.11%, the trading volume was 55,015, the open interest was 96,930, and the open interest change was - 3596 [7]. - **Operation Suggestions**: The 02 contract is in an absolute off - season, with no sign of a trend increase in the spot price, and may weaken again. Bulls can focus on the peak - season contracts in the second or third quarter, and treat the near - and far - month contracts as reverse spreads [8]. 3.2 Industry News - **Inventory**: As of the end of November 2025, the national monthly inventory of laying hens was about 1.352 billion, a month - on - month decrease of 0.52%, ending the previous continuous increase. Compared with the same period last year, it increased by 5.3%, indicating significant supply - side pressure [9]. - **Replenishment**: In November 2025, the monthly number of egg - laying chicks hatched by sample enterprises was about 39.55 million, slightly higher than that in October. Compared with the same period in 2024, it decreased by 13.5%. The total replenishment from August to November 2025 was about 157.71 million, compared with about 180.11 million in the same period last year [9]. - **Elimination Volume**: From the three weeks up to December 18, the national number of eliminated chickens was 20.82 million, 19.84 million, and 19.67 million respectively, showing a continuous decline [10]. - **Elimination Age**: As of December 18, the average elimination age of chickens was 486 days, the same as the previous week and 6 days earlier than the previous month [10]. 3.3 Data Overview - The report provides multiple data charts, including the monthly inventory of laying hens in China, egg - laying chicken breeding profits, the average price of the main egg - producing areas, the seasonal trend of egg contracts, the basis of egg contracts, and the price difference between egg contracts. The data sources include Wind, Zhuochuang Information, and Trading Famen [11][14][17]

Group 1: Investment Rating - No relevant information provided. Group 2: Core View - This week, the egg market showed an oscillating upward trend. The market is currently in a state of game between weak reality and strong expectations. In the short - term, the near - month contracts may fluctuate widely, while the far - month contracts are expected to perform better under the expectation of declining production capacity. It is advisable to try to go long on far - month contracts with a light position [6]. Group 3: Summary by Directory 1. Weekly Key Points Summary - The 2603 contract of eggs closed at 2988 yuan/500 kilograms, up 42 yuan/500 kilograms from the previous week. Due to continuous losses in the breeding end, the enthusiasm for replenishment has declined, the number of old hens culled has increased, and the egg - laying hen inventory has slightly decreased. The current spot price remains low, and the breeding end is still in a loss state, which is beneficial for long - term prices. However, the current in - production egg - laying hen inventory is still at a high level, and the culling of old hens has slightly slowed down, which restricts the performance of the near - month market price. [6] 2. Futures and Spot Market - **Futures Price and Top Twenty Positions**: The March contract of egg futures oscillated upward, with a position volume of 190,633 lots, an increase of 16,051 lots from last week. The net position of the top twenty was - 44,991, compared with - 52,210 last week, and the net short position decreased [12]. - **Futures Warehouse Receipts**: As of Friday, the registered egg warehouse receipts were 0 [16]. - **Spot Price and Basis**: The egg spot price was reported at 2972 yuan/500 kilograms, down 148 yuan/500 kilograms from last week. The basis between the active March contract futures price and the spot average price was reported at - 16 yuan/ton [22]. - **Futures Inter - month Spread**: The 3 - 5 spread of eggs was reported at - 598 yuan/500 kilograms, which was at a relatively low level in the same period [26]. - **Related Commodity Spot Prices**: As of December 25, 2025, the average wholesale price of pork was reported at 17.44 yuan/kg, and the average wholesale price of 28 kinds of key - monitored vegetables was reported at 5.75 yuan/kg [32]. 3. Industrial Chain Situation - **Supply - side: Inventory Index and Replenishment Enthusiasm**: As of November 30, 2025, the national egg - laying hen inventory index was reported at 112.03, a month - on - month decrease of 1.93%. The national new - born chick index was reported at 93.62, a month - on - month increase of 39.54% [38]. - **Egg - laying Hen Culling Index and Culling Age**: As of November 30, 2025, the national egg - laying hen culling index was reported at 101.18, a month - on - month decrease of 11.59%. The national culling age of hens was reported at 500 days [43]. - **Feed Raw Material Price Trends**: As of December 25, 2025, the average spot price of corn was reported at 2338.04 yuan/ton, and the spot price of soybean meal in Fangcheng was reported at 3080 yuan/ton [47]. - **Feed Price and Breeding Profit**: As of December 19, 2025, the breeding profit per egg - laying hen was reported at - 0.36 yuan, and the average price of egg - laying hen compound feed was reported at 2.8 yuan/kg [53]. - **Egg - laying Hen Chick and Culled Hen Prices**: As of December 19, 2025, the average price of egg - laying hen chicks in the main production areas was reported at 2.80 yuan per chick, and the average price of culled hens in the main production areas was reported at 7.90 yuan/kg [57]. - **Monthly Egg Export Volume**: In November 2025, the total egg export volume was 13,045.52 tons, an increase of 1091.86 tons compared with 11,953.66 tons in the same period of the previous year, a year - on - year increase of 9.13%. It decreased by 349.02 tons compared with 13,394.53 tons in the previous month [62]. 4. Representative Enterprise - No in - depth analysis of the representative enterprise (Xiaoming Co., Ltd.) is provided except for showing the change of its price - earnings ratio.

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The recent increase in the number of culled chickens has alleviated the previous supply pressure. It is expected that the pace of short - term capacity reduction will be relatively gentle, the spot price is expected to decline, the near - month contracts are expected to be mainly volatile and weak, and long positions can be considered to be established at low prices for the far - month May contract as the supply pressure eases [8]. 3. Summary by Directory 3.1 Futures Market - **Contract Prices**: JD01 closed at 3072, up 45 from the previous day; JD05 closed at 3558, up 17; JD09 closed at 4086, up 40 [2]. - **Cross - month Spreads**: The 01 - 05 spread was - 486, up 28; the 05 - 09 spread was - 528, down 23; the 09 - 01 spread was 1014, down 5 [2]. - **Ratio with Feed**: The ratios of 01, 05, and 09 eggs to corn and soybeans all showed slight increases [2]. 3.2 Spot Market - **Egg Prices**: The average price in the main producing areas was 2.92 yuan/jin, down 0.05 yuan/jin from the previous day; the average price in the main selling areas was 3.14 yuan/jin, down 0.09 yuan/jin. Most of the national mainstream prices declined [2][4]. - **Culled Chicken Prices**: The average price of culled chickens in the main producing areas was 3.84 yuan/jin, down 0.07 yuan/jin from the previous day [7]. 3.3 Profit Calculation - **Costs**: The average price of corn was 2340 yuan/ton, down 3 yuan; the average price of soybean meal was 3110 yuan/ton, unchanged; the price of egg - laying hen compound feed was 2.57 yuan, unchanged [2]. - **Profits**: The profit per chicken was - 2.61 yuan, down 1.99 yuan from the previous day [2]. 3.4 Fundamental Information - **Egg Production and Sales**: In November, the national inventory of laying hens was 1.352 billion, a decrease of 80 million from the previous month, and a year - on - year increase of 5.5%. The sales volume of eggs in representative selling areas was at a low level in previous years [5]. - **Culling Situation**: In the week of December 18, the number of culled chickens in the main producing areas was 19.67 million, with little change from the previous week, and the average culling age was 486 days, unchanged [5]. - **Inventory Situation**: As of December 18, the average weekly inventory in the production link was 1 day, slightly decreasing; the average weekly inventory in the circulation link was 1.12 days, slightly increasing [6]. 3.5 Trading Logic The recent increase in the number of culled chickens has alleviated the supply pressure. It is expected that the short - term capacity reduction will be gentle, the spot price will decline, the near - month contracts will be volatile and weak, and long positions can be considered for the far - month May contract [8]. 3.6 Trading Strategies - **Single - side**: It is expected that the near - month contracts will be mainly volatile and weak in the short term, and long positions can be considered for the far - month contracts at low prices [9]. - **Arbitrage**: It is recommended to wait and see [10]. - **Options**: It is recommended to wait and see [11].

Group 1: General Information - Reported industry: Eggs [1] - Report date: December 24, 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 - Today, the national egg price remained stable. The average price in the main producing areas was 2.97 yuan/jin, down 0.01 yuan/jin from yesterday; the average price in the main selling areas was 3.29 yuan/jin, also down 0.01 yuan/jin from yesterday. The 01 contract fell 1.01% [7] - The 2601 contract had a previous settlement price of 3058, opened at 3045, reached a high of 3045, a low of 3019, and closed at 3027, down 31 or -1.01%, with a trading volume of 18147 and an open interest of 42239, an increase of 4654. The 2602 contract had a previous settlement price of 2897, opened at 2885, reached a high of 2894, a low of 2873, and closed at 2876, down 21 or -0.72%, with a trading volume of 113934 and an open interest of 190357, an increase of 4038. The 2603 contract had a previous settlement price of 2951, opened at 2945, reached a high of 2954, a low of 2925, and closed at 2936, down 15 or -0.51%, with a trading volume of 66149 and an open interest of 178126, an increase of 1359 [7] Core View - In the first half of last week, the spot price of eggs stabilized at a low level and then rose slightly. The price increase areas were mainly concentrated in the two - lake powder egg area, while the red egg price remained stable. From the demand perspective, mid - to late December will gradually enter a small peak season with the expectation of double - holiday stocking. It is expected that the spot price will mainly fluctuate slightly, and neither a callback nor an increase will show a trend [8] - In the futures market, last week, the near - month contracts fluctuated at a low level, and the far - month contracts declined to some extent. Taking the 02 - 08 spread as an example, the current spot - peak season spread on the futures market reached more than 1300, the largest spread for the same period in the past 8 years, indicating that the market has been actively pricing in the expectation that the decline in next year's inventory will drive up the egg price. During the process of the expectation becoming a reality, there will be repeated twists and turns. Considering that the far - month contracts are currently fully priced, it is recommended that long - position investors wait for the far - month contracts to fully adjust before entering the market and adopt a rolling operation strategy. The near - month contracts lack topics. The 02 and 03 contracts are in the absolute off - season, and the positive impact of the inventory inflection point is relatively not obvious. However, for the price to go down, the spot price increase in the peak season of January needs to be lower than expected, and the time has not come. In the short term, there is insufficient driving force, and the contracts may fluctuate at a low level, waiting for the guidance of the spot price increase in January on the near - month contracts [8] Group 3: Industry News Inventory - As of the end of November 2025, the national monthly inventory of laying hens was about 1.352 billion, down 0.52% from the end of October (1.359 billion) and 1.368 billion at the end of September, ending the previous continuous growth. However, compared with 1.284 billion in the same period last year, the year - on - year increase still reached 5.3%, indicating significant pressure on the supply side [9] Replenishment - In November 2025, the monthly output of laying hen chicks of sample enterprises was about 39.55 million, slightly increasing from 39.15 million in October but significantly decreasing by 13.5% compared with 45.69 million in the same period in 2024. The total replenishment in the past 4 months (August to November 2025) was about 157.71 million, compared with about 180.11 million in the same period last year [9] Group 4: Data Overview Elimination Quantity - Recently, the trend of elimination quantity has decreased. According to Zhuochuang Information, in the three weeks up to December 18, the national culling volume of laying hens was 20.82 million, 19.84 million, and 19.67 million respectively, showing a continuous downward trend [17] Elimination Age - As of December 18, the average culling age of laying hens was 486 days, the same as last week and 6 days earlier than last month [17]

Report Industry Investment Rating - Not provided Core Viewpoints - The market is in a game between weak reality and strong expectations. The short - term near - month contracts may be in a wide - range shock state, and investors can try to go long on the far - month contracts with a light position [2] Summary by Relevant Catalogs Futures Market - The futures closing price of the active contract for eggs is 2,876 yuan/500 kilograms, down 12 yuan; the net long position of the top 20 futures holders for eggs is - 44,712 lots, up 4,875 lots [2] - The monthly spread (5 - 9) of egg futures is - 505 yuan/500 kilograms, up 7 yuan; the futures open interest of the active contract for eggs is 190,357 lots, up 4,038 lots [2] - The registered warehouse receipt volume of eggs is 0 lots, unchanged [2] Spot Market - The spot price of eggs is 3.04 yuan/jin, down 0.01 yuan; the basis (spot - futures) is 169 yuan/500 kilograms, up 2 yuan [2] Upstream Situation - The laying hen inventory index nationwide is 114.24 (2015 = 100), down 1.02; the culled laying hen index nationwide is 114.44 (2015 = 100), down 10.19 [2] - The average price of layer chicks in the main producing areas is 2.8 yuan/chick, unchanged; the new chick index nationwide is 67.09 (2015 = 100), down 9.56 [2] - The average price of layer compound feed is 2.8 yuan/kg, unchanged; the layer farming profit is - 0.36 yuan/hen, unchanged [2] - The average price of culled chickens in the main producing areas is 7.9 yuan/kg, down 0.04 yuan; the average age of culled chickens nationwide is 510 days, up 3 days [2] Industry Situation - The average wholesale price of pork is 17.53 yuan/kg, down 0.03 yuan; the average wholesale price of 28 key - monitored vegetables is 5.83 yuan/kg, unchanged [2] - The average wholesale price of white - striped chickens is 17.96 yuan/kg, up 0.04 yuan; the weekly inventory in the circulation link is 1.12 days, up 0.02 days [2] - The weekly inventory in the production link is 1 day, down 0.01 days; the monthly export volume of fresh eggs is 13,394.53 tons, up 178.74 tons [2] Downstream Situation - The weekly consumption of eggs in the sales areas is 7,023 tons, down 104 tons [2] Industry News - The average price of eggs in Shandong, Hebei, Guangdong, and Beijing in the main producing areas remained unchanged from the previous day [2] - The continuous losses of the farming end have led to a decline in the enthusiasm for replenishment and an increase in the number of old hens culled. The laying hen inventory has slightly declined, and the market atmosphere has improved slightly [2] Viewpoint Summary - The spot price remains low, the farming end is still in a loss state, and the market's enthusiasm for replenishment is poor, which is beneficial to the long - term price. However, the current inventory of laying hens in production is still at a high level, the culling of old hens has slowed down slightly, and the high production capacity still restricts the performance of the near - month market price [2]

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View of the Report - Affected by the low replenishment in August, the inventory of laying hens has gradually shrunk but remains relatively high. The double 12 e - commerce promotion and New Year's Day holiday effect provide short - term support for demand, but the overall weak consumption pattern remains unchanged. The demand boost is limited. In the short term, the inventory in production and circulation links needs to be digested, and the weak supply - demand balance pattern is difficult to change. It is expected to continue the low - level shock [8][71]. 3. Summary by Relevant Catalogs 3.1走势回顾 - **Futures Price**: Last week, the egg futures market was weak, and the main contract was switched to 2602. As of last Friday's close, the main egg JD2602 contract was reported at 2,886 yuan per 500 kilograms, down 1.03%; the egg JD2601 contract was reported at 3,077 yuan per 500 kilograms, up 0.26% [5][14]. - **Spot Price**: Last week, the egg prices in the national production and sales areas increased month - on - month. The average price in the main production areas was 3.06 yuan per catty, up 0.03 yuan per catty from the previous week, with a growth rate of 0.99%; the average price in the main sales areas was 3.11 yuan per catty, up 0.03 yuan per catty from the previous week, with a growth rate of 0.97% [7][18]. - **Chick Price**: Last week, the average price of commercial chicks in the country was 2.71 yuan per chick, up 0.01 yuan per chick from the previous week, a month - on - month increase of 0.37% and a year - on - year decrease of 39.10% [22]. - **Old Hen Price**: Last week, the old hen price increased month - on - month. The average price of old hens was 4.1 yuan per catty, up 0.02 yuan per catty, with a growth rate of 0.49% [26]. 3.2基本面分析 - **Supply Side** - **Laying Hen Inventory**: In November, the inventory of laying hens decreased month - on - month. As of the end of November, the national inventory of laying hens was about 1.307 billion, a month - on - month decrease of 0.31% and a year - on - year increase of 8.46%. It is expected that the inventory of laying hens in December will still decline slightly [30]. - **Production Area Shipment**: Last week, the shipment volume in the main egg production areas increased month - on - month. The shipment volume in the sample market was 6,357.58 tons, a month - on - month increase of 0.04% and a year - on - year decrease of 17.08% [36]. - **Old Hen Slaughter**: Last week, the slaughter volume of old hens decreased slightly. The total slaughter volume of old hens was 661,100, a month - on - month decrease of 0.08%; the average slaughter age was 488 days, with a maximum of 500 days and a minimum of 475 days [40]. - **Demand Side** - **Sales in Sales Areas**: Last week, the egg sales in the sales areas decreased month - on - month. The egg sales in the representative markets in the sales areas were 6,432.88 tons, a month - on - month decrease of 7.05% and a year - on - year decrease of 3.1% [44]. - **Arrival in Sales Areas**: Last week, the arrival in the Beijing market was 81 trucks, a month - on - month decrease of 11 trucks; the arrival in the Guangdong market was 513 trucks, a month - on - month decrease of 7 trucks [47]. - **Old Hen Slaughter Volume**: Last week, the old hen slaughter volume decreased month - on - month. The old hen slaughter volume of sample slaughter enterprises was 1.9585 million, a decrease of 124,000 from the previous week, a month - on - month decrease of 0.63% [53]. - **Inventory Situation**: As of last Friday, the national production - link inventory was 0.95 days, the same as the previous Friday; the circulation - link inventory was 1.35 days, an increase of 0.09 days from the previous Friday [57]. - **Laying Hen Breeding Cost and Profit**: Last week, the average breeding cost of laying hens was 3.52 yuan per catty, a month - on - month increase of 0.01 yuan per catty, with a growth rate of 0.28%. The breeding profit was - 0.45 yuan per catty, a month - on - month increase of 0.03 yuan per catty, with a growth rate of 6.25%. The national average price of the corn market was 2,310 yuan per ton, a month - on - month decrease of 13 yuan per ton; the national average price of the soybean meal market was 3,122 yuan per ton, a month - on - month increase of 39 yuan per ton [61]. - **Related Products Situation** - **White - Feathered Broiler**: Last week, the average price of white - feathered chicks was 3.39 yuan per chick, up 0.06 yuan per chick from the previous week; the average price of white - feathered broilers was 3.63 yuan per catty, a month - on - month increase of 1.68% [65]. - **817 Small White Chicken**: The national weekly average price of 817 small white chickens was 3.89 yuan per catty, up 0.07 yuan per catty from the previous week, a month - on - month increase of 1.83% [70]. 3.3后市展望 - Affected by the low replenishment in August, the inventory of laying hens has gradually shrunk but remains relatively high. The double 12 e - commerce promotion and New Year's Day holiday effect provide short - term support for demand, but the overall weak consumption pattern remains unchanged. The demand boost is limited. In the short term, the inventory in production and circulation links needs to be digested, and the weak supply - demand balance pattern is difficult to change. It is expected to continue the low - level shock [8][71]. 3.4操作策略 - **Single - Side**: Temporarily wait and see, and continuously pay attention to the old hen elimination rhythm. - **Arbitrage**: None. - **Options**: None [9][72].

Report Summary 1. Industry Investment Rating - Not provided in the report. 2. Core Viewpoints - The egg market showed a downward trend this week. The continuous losses of the breeding industry have led to a decline in replenishment enthusiasm and an increase in the elimination of old hens, resulting in a slight decrease in the egg - laying hen inventory and a slight improvement in the market atmosphere. The low spot prices and continued losses in the breeding industry are favorable for long - term prices. However, the current high inventory of laying hens, the slight slowdown in the elimination of old hens, and the pessimistic market atmosphere still restrict the performance of near - term prices. The futures price continued to decline this week. The far - month contracts are caught between weak current realities and strong expectations, and it is advisable to lightly test long positions in far - month contracts [6]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Market Review**: This week, eggs fluctuated and closed down. The closing price of the 2603 contract was 2946 yuan per 500 kilograms, a decrease of 78 yuan per 500 kilograms compared to the previous week [6]. - **Market Outlook**: The continuous losses of the breeding industry have led to a decline in replenishment enthusiasm and an increase in the elimination of old hens, resulting in a slight decrease in the egg - laying hen inventory. The low spot prices and continued losses in the breeding industry are favorable for long - term prices. However, the current high inventory of laying hens, the slight slowdown in the elimination of old hens, and the pessimistic market atmosphere still restrict the performance of near - term prices. The far - month contracts are caught between weak current realities and strong expectations, and it is advisable to lightly test long positions in far - month contracts [6]. 3.2 Futures and Spot Market - **Futures Price and Top 20 Positions**: The egg futures March contract fluctuated and closed down, with a position of 174,582 lots, an increase of 17,921 lots compared to last week. The net position of the top 20 was - 52,210, compared to - 38,490 last week, indicating an increase in net short positions [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 reported at 3120 yuan per 500 kilograms, a decrease of 8 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 174 yuan per ton [22]. - **Futures Inter - month Spread**: The 3 - 5 spread of eggs was reported at - 550 yuan per 500 kilograms, which is generally at a low level for the same period [26]. - **Related Commodities Spot Prices**: As of December 18, 2025, the average wholesale price of pork was reported at 17.51 yuan per kilogram, and the average wholesale price of 28 key monitored vegetables was reported at 5.9 yuan per kilogram [32]. 3.3 Industry Chain - **Supply - side: Inventory Index and Replenishment Enthusiasm**: As of October 31, 2025, the national laying - hen inventory index was reported at 114.24, a month - on - month decrease of 0.88%. The national new - chick index was reported at 67.09, a month - on - month decrease of 12.47% [38]. - **Elimination Index and Culling Age**: As of October 31, 2025, the national elimination index of laying hens was reported at 114.44, a month - on - month decrease of 8.18%. The national average culling age of hens was reported at 510 days [44]. - **Feed Raw Material Prices**: As of December 18, 2025, the average spot price of corn was reported at 2349.61 yuan per ton, and the spot price of soybean meal in Fangcheng was reported at 3080 yuan per ton [48]. - **Feed Prices and Breeding Profits**: As of December 12, 2025, the breeding profit per laying hen was reported at - 0.36 yuan, and the average price of laying - hen compound feed was reported at 2.8 yuan per kilogram [54]. - **Prices of Laying - hen Chicks and Culled Hens**: As of December 12, 2025, the average price of laying - hen chicks in the main production areas was reported at 2.80 yuan per chick, and the average price of culled hens in the main production areas was reported at 7.94 yuan per kilogram [61]. - **Monthly Egg Exports**: According to data released by the Chinese Customs, in October 2025, the total egg export volume was 13,394.53 tons, an increase of 923.78 tons compared to the same period last year (12,470.75 tons), a year - on - year increase of 7.41%, and a month - on - month increase of 178.74 tons compared to the previous month (13,215.79 tons) [65]. 3.4 Representative Company - Information about Xiaoming Co., Ltd. is mainly presented in the form of a P/E ratio chart, but no specific analysis of the company is provided in the text [67].

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]