Group 1: General Information - Reported industry: Eggs [1] - Report date: July 28, 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 Operational Suggestions Market Review - Egg 2508 contract: Previous settlement price was 3,578, opening price 3,544, highest price 3,554, lowest price 3,504, closing price 3,522, down 56 or -1.57%, with a trading volume of 18,974 and an open interest of 30,889 (down 4,416) [7] - Egg 2509 contract: Previous settlement price was 3,634, opening price 3,639, highest price 3,643, lowest price 3,622, closing price 3,628, down 6 or -0.17%, with a trading volume of 120,682 and an open interest of 239,719 (up 703) [7] - Egg 2510 contract: Previous settlement price was 3,397, opening price 3,400, highest price 3,414, lowest price 3,396, closing price 3,411, up 14 or 0.41%, with a trading volume of 41,51 and an open interest of 114,725 (up 204) [7] - National egg prices were stable. The average price in the main production areas was 3.34 yuan/jin, unchanged from the previous day; the average price in the main sales areas was 3.52 yuan/jin, also unchanged [7] Core View - Egg prices have continued to rise this week, officially entering the summer peak season since last week. The fundamentals this year are similar to those in 2017 and 2020, with high supply, low spot prices during the plum - rain season, and a high expected increase during the summer peak season. The increase slope is relatively high in high - supply years. The upward momentum weakened on Thursday and Friday, and there may be a phased adjustment. Based on historical data, the expected average maximum price in the production areas during the third - quarter peak season this year is 4.30 yuan/jin, and the minimum is 3.77 yuan/jin. For futures, the valuation of the 09 contract is slightly lower than the average expected increase during the peak season, so a short - term bullish mindset is recommended, but long - term positions should be avoided as cold - stored eggs may impact the market after a sharp price increase [8] Group 3: Industry News - The inventory of laying hens in production is on an upward trend. As of the end of June, the monthly inventory of laying hens in production nationwide was about 1.34 billion, a month - on - month increase of 0.4% and a year - on - year increase of 6.8% [9] - In June, the monthly output of layer chicks from sample enterprises was about 40.75 million, a decrease from 44.98 million in May and a slight increase compared with 39.98 million in the same period in 2024. It is a moderately high monthly replenishment volume in June in the past 8 years. The replenishment volume has declined for two consecutive months, mainly due to seasonal factors [9][10] - In the three weeks up to July 18, the national chicken culling volumes were 15.05 million, 16.27 million, and 17.14 million respectively. The culling volume has gradually recovered since May, reached a phased peak in June, and then declined slightly due to the expectation of the summer peak season, but the absolute value is still slightly higher than the levels of the previous three years. As of July 24, the average age of culled chickens was 506 days, one day later than last week and two days earlier than last month [10]

Group 1: Report Investment Rating - There is no information regarding the industry investment rating in the report. Group 2: Core Viewpoints - The current laying hen inventory is at a high level, with significant pressure from newly - opened laying hens from previous replenishments, resulting in sufficient egg supply. However, as prices reach relatively low levels, the process of culling old hens has accelerated, reducing inventory expectations. Also, due to high temperatures in many parts of the country, the egg - laying rate of laying hens in some areas has declined, alleviating short - term market supply pressure. Additionally, terminal demand is gradually picking up, releasing the breeding industry's expectation for price increases, which has promoted a rebound in egg prices from the low level. The futures price has slightly increased, with the far - month contracts performing better than the near - month ones [8]. - The recommended strategy is to lightly test long positions in far - month contracts [7]. Group 3: Summary by Directory 1. Week - to - Week Key Points Summary - The egg market showed an oscillatory upward trend this week. The closing price of the 09 contract was 3628 yuan per 500 kilograms, an increase of 33 yuan per 500 kilograms compared to the previous week [8]. - The recommended strategy is to lightly test long positions in far - month contracts [7]. 2. Futures and Spot Market - **Futures Price and Top 20 Positions**: The egg futures 09 contract oscillated slightly upward. The trading volume was 239,719 lots, a decrease of 18,193 lots compared to the previous week. The net position of the top 20 was - 32,363, and last week it was - 28,627, with a slight increase in net short positions [14]. - **Futures Warehouse Receipts**: As of Friday, the number of registered egg warehouse receipts was 0 [18]. - **Spot Price and Basis**: The egg spot price was reported at 3387 yuan per 500 kilograms, an increase of 351 yuan per 500 kilograms compared to the previous week. The basis between the active 09 contract futures price and the spot average price was reported at - 241 yuan per ton [24]. - **Futures Inter - month Spread**: The 9 - 1 spread of eggs was reported at - 46 yuan per 500 kilograms, generally at a relatively low level in the same period [28]. - **Related Spot Prices**: As of July 24, 2025, the average wholesale price of pork was 20.62 yuan per kilogram, and the average wholesale price of 28 key - monitored vegetables was 4.36 yuan per kilogram [34]. 3. Industry Chain Situation - **Supply - Side: Inventory Index and Replenishment Enthusiasm**: As of June 30, 2025, the national laying hen inventory index was reported at 111.91, a month - on - month increase of 0.92%. The national new chick index was reported at 76.07, a month - on - month decrease of 28.76% [40]. - **Culling Index and Culling Age**: As of June 30, 2025, the national culled laying hen index was reported at 104.09, a month - on - month decrease of 4.22%. The national culling age was reported at 501 days [45]. - **Feed Raw Material Prices**: As of July 24, 2025, the average spot price of corn was reported at 2408.82 yuan per ton, and the spot price of soybean meal in Fangcheng was reported at 2900 yuan per ton [49]. - **Feed Price and Breeding Profit**: As of July 18, 2025, the egg - laying hen breeding profit was reported at - 0.47 yuan per hen, and the average price of egg - laying hen compound feed was reported at 2.72 yuan per kilogram [56]. - **Prices of Laying Hen Chicks and Culled Hens**: As of July 18, 2025, the average price of laying hen chicks in the main production areas was reported at 3.88 yuan per chick, and the average price of culled hens was reported at 9.6 yuan per kilogram [58]. - **Egg Monthly Export Volume**: In May 2025, China's total egg export volume was 12,711.37 tons, an increase of 927.30 tons compared to the same period last year (11,784.06 tons), a year - on - year increase of 7.87%, and a month - on - month decrease of 81.14 tons compared to the previous month (12,792.51 tons) [64]. 4. Representative Company - The report mentions Xiaoming Co., Ltd. and shows its price - to - earnings ratio change, but no specific analysis is provided [66].

Group 1: Report Overview - The report is an egg daily report dated July 22, 2025, from the Commodity Research Institute's Agricultural Products R & D [2] Group 2: Market Data Futures Market - JD01 closed at 3617, unchanged from the previous day; JD05 closed at 3410, up 2; JD09 closed at 3621, down 15 [3] - The 01 - 05 spread was 207, down 2; 05 - 09 spread was - 211, up 17; 09 - 01 spread was 4, down 15 [3] - Ratios like 01 egg/corn and 01 egg/soybean meal remained mostly unchanged [3] Spot Market - Main production area average price was 3.26 yuan/jin, up 0.03 yuan/jin; main sales area average price was 3.41 yuan/jin, up 0.04 yuan/jin [3][6] - Most spot prices in various regions were stable, with some increases in Beijing, Northeast China, etc [3][6] - Average price of culled chickens was 5.54 yuan/jin, up 0.09 yuan/jin [3][8] Profit and Feed - Current profit per chicken was 17.55 yuan, up 1.37 yuan from the previous day [3] - Corn average price was 2410 yuan, up 1; soybean meal average price was 2974 yuan, unchanged [3] Group 3: Fundamental Information - In June, the national laying - hen inventory was 1.34 billion, up 0.06 billion from last month and 6.7% year - on - year [7] - In June, the monthly chick output of sample enterprises was 40.75 million, down 9% month - on - month and up 1.9% year - on - year [7] - From July to October 2025, the estimated laying - hen inventories are 1.349 billion, 1.353 billion, 1.351 billion, and 1.343 billion respectively [7] - From July 11 - 17, culled chicken output was 16.27 million, down 5% from the previous week [7] - As of July 17, the average culled chicken age was 505 days, up 1 day from the previous week [7] - As of July 19, egg sales in representative sales areas were 7886 tons, up 3.8% from the previous week [8] - As of July 17, production - link average inventory was 0.95 days, down 0.1 day; circulation - link average inventory was 1.04 days, down 0.13 days [8] - As of July 17, the average weekly profit per jin of eggs was - 0.48 yuan/jin, up 0.2 yuan/jin from the previous week; on July 17, the expected profit per laying hen was 12.14 yuan, down 1.24 yuan/jin from the previous week [8] Group 4: Trading Logic - Current single - jin egg profit is in loss or at break - even, limiting the downward space of futures prices [9] - The upward space of the September contract depends on future culled chicken volume. High culled chicken volume means more upward space; otherwise, it may be slightly bullish [9] - Spot prices are expected to strengthen seasonally. The September contract, being a peak - season contract, may rise after hitting the bottom as the rainy season ends and food factories stock up before the Mid - Autumn Festival [9] Group 5: Trading Strategies - Unilateral: Consider building long positions in the September contract when the safety margin is high [10] - Arbitrage: Wait and see [10] - Options: Sell put options [10]

Report Overview - Report Date: July 22, 2025 [2] - Reported Industry: Egg [1] Industry Investment Rating - No industry investment rating is provided in the report. Core Viewpoints - The egg price bottomed out last week and then rose significantly, officially entering the summer peak season. The current market is in the first wave of rapid price increases. Based on historical data, the average spot price of eggs in the producing areas during the peak season of the third quarter this year is expected to reach 4.30 yuan/jin, with a minimum average of 3.77 yuan/jin. The valuation of the 09 contract is slightly lower than the average expected increase during the peak season. A short - term bullish approach is recommended, but long positions should be traded in a phased manner to avoid over - exposure [8]. Summary by Section 1. Market Review and Operation Suggestions - **Market Review**: The price of eggs in the national market rose today. The average price in the main producing areas was 3.18 yuan/jin, up 0.19 yuan/jin from yesterday, and the average price in the main consuming areas was 3.41 yuan/jin, up 0.22 yuan/jin from yesterday. The 09 contract rose 0.64%. For specific contract data, the 2508 contract closed at 3593, up 80 or 2.28%; the 2509 contract closed at 3636, up 23 or 0.64%; the 2510 contract closed at 3410, up 37 or 1.10% [7]. - **Operation Suggestions**: A short - term bullish approach is recommended, but long positions should be traded in a phased manner to avoid over - exposure due to the potential impact of cold - stored eggs on the market after a sharp price increase [8]. 2. Industry News - **Laying Hen Inventory**: As of the end of June, the monthly inventory of laying hens in the country was about 1.34 billion, a month - on - month increase of 0.4% and a year - on - year increase of 6.8%, showing an upward trend for six consecutive months [9]. - **Chick Hatchling Volume**: In June, the monthly hatchling volume of chicks in sample enterprises was about 40.75 million, slightly less than 44.98 million in May and slightly higher than 39.98 million in the same period in 2024. The replenishment volume has declined for two consecutive months, mainly due to seasonal factors [9][10]. - **Hen Culling Volume**: In the three weeks up to July 11, the national hen culling volumes were 16.27 million, 17.14 million, and 18.41 million respectively. The culling volume gradually recovered after May, reached a phased peak in June, and then declined slightly due to expectations of the summer peak season, but the absolute value was still slightly higher than the levels of the previous three years. As of July 17, the average age of culled hens was 505 days, one day later than last week and four days earlier than last month [10]. 3. Data Overview - The report provides multiple data charts, including the monthly inventory of laying hens in China, egg production area average price, 08 contract basis, 08 - 09 spread, 08 seasonal trend, and egg - laying hen farming profit, etc. [14][17][13]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the short term, the rising spot price boosts market sentiment, but the significant pressure on the breeding side may limit the price increase of eggs [8][60]. - It is recommended to go long with a light position on dips and continuously monitor the recovery of demand and the reduction of production capacity [9][61]. 3. Summary According to the Table of Contents 3.1. Trend Review 3.1.1. Futures Price - Last week, the main contract of egg futures changed from 2508 to 2509, with the market oscillating. As of last Friday's close, the JD2509 contract was reported at 3,595 yuan per 500 kilograms, up 0.03%, with a trading volume of 340,339 lots and an open interest of 257,912 lots [5][13]. 3.1.2. Spot Price - Last Friday, the average price of eggs in the main producing areas was 3.05 yuan per jin, up 0.13 yuan per jin from the previous day; the average price in the main selling areas was 3.09 yuan per jin, up 0.15 yuan per jin from the previous day [17]. - Last week, the egg price in the main producing areas showed a strong trend. At the beginning of the week, the market's bullish sentiment increased, the inventory decreased, and the egg price rose accordingly. In the middle of the week, the terminal procurement slowed down, and the price stabilized. Near the weekend, the market's bullish sentiment emerged, and the egg price rose again. The egg price in the selling areas continued to be strong, driven by the rising price in the producing areas, with active downstream procurement. The high - temperature weather led to a decline in the laying rate and a shortage of supply in the producing areas, resulting in a decrease in the arrival volume in the selling areas, and the egg price rose steadily under the dual support of supply and demand [7][18]. 3.1.3. Chicken Chick Price - Last week, the chicken chick price continued to be weak. The average price of commercial chicken chicks in key national regions was 3.74 yuan per chick, with a month - on - month decline of 0.53% and a year - on - year increase of 15.79%. The utilization rate of hatching eggs was about 60% - 70%. The high inventory of laying hens and the continuous loss of breeding enterprises, combined with the cautious expectation of the future market and the difficulty of breeding management in summer, led to low replenishment enthusiasm and a significant slowdown in the chick - arranging progress of breeding enterprises [22]. 3.1.4. Old Hen Price - Last week, the old hen price continued to rise. The average price of old hens in key producing areas was 4.85 yuan per jin, up 0.19 yuan per jin from the previous week, with a growth rate of 4.08%. The rising egg price boosted the confidence of the breeding side in the future egg market, and the rising old hen price further strengthened the bullish expectation of the breeding side. The overall culling willingness was low, the slaughter volume decreased significantly, and the circulation efficiency of the live - poultry market improved [27]. 3.2. Fundamental Analysis 3.2.1. Supply Side - **In - production Laying Hen Inventory**: The number of newly - opened laying hens in July is expected to increase month - on - month. The actual slaughter volume of old hens this month is expected to be less than the theoretical value, and the inventory of in - production laying hens may increase month - on - month, with an estimated value of about 1.285 billion [31]. - **Shipping Volume in Producing Areas**: The shipping volume in the main producing areas increased month - on - month. Last week, the shipping volume of representative markets in the main producing areas was 6,229.57 tons, up 1.30% month - on - month and down 16.29% year - on - year. The rising egg price drove the downstream procurement enthusiasm, but the decline in the laying rate due to weather factors restricted the shipping rhythm [36]. - **Old Hen Slaughter**: Last week, the total slaughter volume of old hens was 489,600, down 7.45% month - on - month, and the average slaughter age was 503 days, unchanged from the previous week. The rising egg price led to a strong reluctance to sell among breeders, and the slaughter enthusiasm decreased significantly [41]. 3.2.2. Demand Side - **Arrival Volume in Selling Areas**: The arrival volume in the selling areas decreased. At the beginning of last week, the price increase in the producing and selling areas led to an increase in the arrival volume, but as the egg price stabilized and the temperature was high, the arrival volume decreased [46]. - **Sales Volume in Selling Areas**: As of last Thursday, the egg sales volume was 5,757.91 tons, down 2.94% month - on - month. The egg price rebounded, and the selling areas accelerated inventory clearance. Affected by the high - temperature weather, the inventory in each circulation link was low, and the terminal and food enterprises only purchased as needed [50]. 3.2.3. Inventory Situation - As of last Friday, the national production - link inventory was 0.5 days, down 0.03 days from the previous day, with a decrease of 5.66%. The circulation - link inventory was 0.73 days, down 0.01 days from the previous day, with a decrease of 1.35%. The egg inventory decreased month - on - month. The low - price sales were fast, and the decline in the laying rate due to high - temperature weather led to a tight supply and a faster inventory clearance [54]. 3.2.4. Laying Hen Breeding Cost and Profit - Last week, the laying hen breeding cost was 3.53 yuan per jin, down 0.01 yuan per jin month - on - month, with a decline of 0.28%. The breeding profit was - 0.77 yuan per jin, up 0.18 yuan per jin month - on - month, with a growth rate of 18.95%. The prices of corn and soybean meal fluctuated, the breeding cost decreased slightly, and the breeding profit rebounded [59].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The report recommends a light - position trial long on far - month contracts [7]. - Currently, the egg market has high egg - laying hen inventory, large new - laying hen pressure from previous replenishment, sufficient egg supply, high storage costs due to hot and humid weather, cautious downstream purchases, low egg prices, and continuous losses for farmers. However, as prices reach a low level, the old - hen culling process has accelerated, reducing inventory expectations. High temperatures in many areas have led to a decline in the laying rate, alleviating short - term supply pressure. Terminal demand is gradually recovering, and the farmers' expectation of price increases has promoted a low - level rebound in egg prices. The futures market has also seen a slowdown in the decline due to the stabilization of the spot market [8]. 3. Summary by Directory 3.1 Week - on - Week Summary - Strategy: Light - position trial long on far - month contracts [7]. - Market review: This week, the egg futures 09 contract closed up in a volatile manner, with a closing price of 3595 yuan/500 kg, an increase of 15 yuan/500 kg from the previous week. The current situation is a high inventory of egg - laying hens, large new - laying hen pressure, sufficient supply, high storage costs, cautious downstream purchases, low egg prices, and continuous losses for farmers. But as prices are low, the culling of old hens has accelerated, high temperatures have reduced the laying rate, short - term supply pressure has eased, terminal demand is recovering, and this has promoted a rebound in egg prices. The futures decline has also slowed [8]. 3.2 Futures and Spot Market - Futures price and positions: The egg futures 09 contract rose slightly in a volatile manner, with a position of 257,912 lots, an increase of 27,276 lots from the previous week. The net position of the top 20 was - 28,627, with little change from the previous week's - 28,851 [14]. - Futures warehouse receipts: As of Friday, the number of registered egg warehouse receipts was 0 [18]. - Spot price and basis: The egg spot price was 3036 yuan/500 kg, an increase of 440 yuan/500 kg from the previous week. The basis between the active 09 contract futures price and the spot average price was - 559 yuan/ton [24]. - Futures inter - month spread: The egg 9 - 1 spread was - 7 yuan/500 kg, at a relatively low level in the same period [28]. - Related product prices: As of July 17, 2025, the average wholesale price of pork was 20.63 yuan/kg, and the average wholesale price of 28 key - monitored vegetables was 4.38 yuan/kg [34]. 3.3 Industry Chain - Supply side: As of May 31, 2025, the national egg - laying hen inventory index 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% [40]. - Culling: As of May 31, 2025, the national culled egg - laying hen index was 108.68, a month - on - month increase of 12.32%; the average culling age of hens was 506 days [44]. - Feed raw materials: As of July 17, 2025, the average spot price of corn was 2409.12 yuan/ton, and the spot price of soybean meal in Fangcheng was 2870 yuan/ton [48]. - Feed price and breeding profit: As of July 11, 2025, the egg - laying hen breeding profit was - 0.69 yuan/hen, and the average price of egg - laying hen compound feed was 2.72 yuan/kg [55]. - Egg - laying hen chicks and culled hens: As of July 11, 2025, the average price of egg - laying hen chicks in the main production areas was 3.9 yuan/chick, and the average price of culled hens was 9.2 yuan/kg [57]. - Egg exports: In May 2025, China's egg export volume was 12,711.37 tons, an increase of 927.30 tons (7.87%) year - on - year compared with 11,784.06 tons in the same period last year, and a decrease of 81.14 tons month - on - month compared with 12,792.51 tons in the previous month [63].

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]