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]

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]

Report Overview - Report Date: April 28, 2025 [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. Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The spot price of eggs has been weak this week. After two weeks of strength after the Tomb - Sweeping Festival, the market needs adjustment, and the decline in the production area exceeded expectations. Although there should be some support before May Day, the market is still weak. Attention should be paid to the demand digestion after May Day [8]. - In the futures market, affected by the weak spot, it fluctuated and declined this week. The main contract 06 fell from 3080 to around 3000. Due to the hard - to - falsify expectation of the rainy season, it may enter the delivery month with a high premium. If the spot cannot continue to rise, the futures may correct. Attention should be paid to the change of the basis. Currently, the basis of 06 is not much different from previous years, and the futures pricing is relatively reasonable [8]. - For the far - month contracts 08 and 09, their pricing is at a moderately low level in history, corresponding to the expectation of increasing egg production in the future. Attention should be paid to whether the spot can stabilize after May Day. If it continues to be weak, combined with the expectation of price decline during the rainy season, the near - month contracts are not optimistic [8]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Review**: The prices of eggs in futures contracts 2505, 2506, and 2507 all rose, with increases of 1.54%, 0.37%, and 0.55% respectively. The trading volume of contract 2506 was 144,043, and the trading volume of contract 2507 was 26,337. The spot price of eggs nationwide declined, with the average price in the main production area at 3.33 yuan/jin, a decrease of 0.09 yuan/jin from the previous day, and the average price in the main sales area at 3.53 yuan/jin, a decrease of 0.11 yuan/jin from the previous day [7]. - **Analysis and Suggestions**: The spot price of eggs has been weak this week. The production area's decline exceeded expectations, and the market sentiment is low. Although there should be support before May Day, the market is still weak. In the futures market, affected by the weak spot, it fluctuated and declined this week. The main contract 06 fell. If the spot cannot rise, the futures may correct. Attention should be paid to the basis change. The far - month contracts 08 and 09 are priced at a moderately low level, and attention should be paid to the spot trend after May Day [8]. 3.2 Industry News - The inventory of laying hens in production is on the rise. As of the end of March, the monthly inventory of laying hens in production nationwide was about 1.318 billion, with a month - on - month increase of 0.9% and a year - on - year increase of 6.9% [9]. - The monthly output of day - old chicks in sample enterprises in March was about 46.33 million, showing an increase compared with February and continuing to grow compared with the same period in 2024, ranking at a medium level in the past seven years [9]. - The number of culled chickens has gradually recovered after the Spring Festival, with the absolute value slightly higher than in the previous two years. However, the culling volume has decreased in the past two weeks. As of April 24, the average age of culled chickens was 536 days, the same as last week and 2 days earlier than last month [9][10]. 3.3 Data Overview - The report provides multiple data charts, including the monthly inventory of laying hens in China, egg - chicken farming profit, the average price of eggs in the main production area, the seasonal trend of egg contract 05, the basis of egg contract 05, and the price difference between egg contracts 05 and 06 [12][15][18].