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 ...

Report Title - "Zhengxin Futures Egg Weekly Report 2025-6-23" [2] Report Industry Investment Rating - Overall rating for eggs: Neutral in supply, bearish in demand, bullish in profit, neutral in price and volume, and the recommended strategy is to wait and see [3] Report's Core View - Short-term sentiment dominates, and the market will fluctuate. It is recommended to wait and see for now [3] Summary by Related Catalogs Price and Volume Analysis - **Spot Price**: The report mentions the comparison between main production area prices and main sales area prices, but no specific data is provided [4][6] - **Egg Basis**: This week, the egg basis increased slightly, and the near - month futures contracts are in a slight discount state, limiting the downward space. The near - far spread of egg futures increased slightly and is at a medium level. The net short position of institutional investors in the main egg futures contract decreased, but the fluctuations were intense [3] - **Egg Spread**: The report focuses on the spreads of various egg futures contracts, but no specific data is provided [10][11] - **Futures Institutional Net Position**: The net short position of institutional investors in the main egg futures contract decreased, but the fluctuations were intense [3][13] Supply Analysis - **Laying Hen Inventory**: The report mentions laying hen inventory and its structure, but no specific data is provided [16][17] - **Culled Hen Situation**: This week, the price of culled hens in sample breeding enterprises increased slightly, and the average culling age continued to decline. The culled hen price relative to the egg price is at a high level in the same period of history, and the egg - laying rate will not decline rapidly before July 20th [3][18][19] - **Replenishment Situation**: The price of commercial layer chicks continued to decline, and the report also mentions the utilization rate of hatching eggs, but no specific data is provided [3][21][22] - **Large and Small - Sized Eggs Situation**: The price difference between large and small - sized eggs decreased slightly, and the report also shows the price of large and small - sized eggs and the seasonal chart of the price difference, but no specific data is provided [3][24][25] Demand Analysis - **Shipping Volume and Sales Volume**: This week, the sales volume in the main sales areas decreased slightly, and the shipping volume in the main production areas increased slightly [3][27][29] - **Inventory**: The inventory in the production and circulation links decreased slightly [3][30][31] - **Substitutes**: The report shows the seasonal charts of the price ratio between eggs and pork and between eggs and vegetables, but no specific data is provided [33][35] Profit Analysis - **Breeding Profit**: The breeding profit increased slightly, significantly lower than the comprehensive cost, and at the lowest level in the same period in the past 4 years. The recent rebound in egg prices is the result of cost increase, e - commerce promotions, and seasonal bullish sentiment, rather than a reversal of the supply - demand fundamentals [3][36] - **Egg - Feed Price Ratio**: The report shows the egg - feed price ratio, its equilibrium point, and the seasonal chart, but no specific data is provided [37][38]

农产品日报 | 2025-06-18 出栏略有减少，猪价维持震荡 生猪观点 市场要闻与重要数据 期货方面，昨日收盘生猪 2509合约13815元/吨，较前交易日变动+35.00元/吨，幅度+0.25%。现货方面，河南地区 外三元生猪价格14.28元/公斤，较前交易日变动+0.00元/公斤，现货基差 LH09+465，较前交易日变动-35；江苏地 区外三元生猪价格 14.63元/公斤，较前交易日变动+0.05元/公斤，现货基差LH09+815，较前交易日变动+15；四川 地区外三元生猪价格13.98元/公斤，较前交易日变动+0.00元/公斤，现货基差LH09+165，较前交易日变动-35。 据农业农村部监测，6月17日"农产品批发价格200指数"为112.83，与昨天持平，"菜篮子"产品批发价格指数为112.86， 与昨天持平。截至今日14:00时，全国农产品批发市场猪肉平均价格为20.23元/公斤，比昨天下降0.7%；牛肉63.54 元/公斤，比昨天上升0.1%；羊肉59.46元/公斤，比昨天下降0.3%；鸡蛋7.25元/公斤，比昨天下降0.4%；白条鸡16.89 元/公斤，比昨天下降1.8%。 市场分析 综 ...

行业 鸡蛋 日期 2025 年 6 月 13 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＃ 上周现货价格继续弱稳的状态，端午后其实走货情况相对前期有一定好转， 但一方面小码蛋上量仍然较多，另一方面梅雨季即将来临，各方拿货仍显谨慎， 从现货市场来看，未来一段时间预期仍是弱稳。根据 2025 年气象预测和传统历法 推算，今年预 ...

Report Overview - Industry: Eggs [1] - Date: June 10, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Investment Rating - No investment rating is provided in the report. 2. Core View - The spot price of eggs is expected to remain weak in the short - to - medium term. Futures should be treated bearishly or sell out - of - the - money call options. Monitor the situation of culled hens. If the spot price stabilizes in mid - to - late June, short positions should exit; if the spot price continues to decline during the rainy season in June, short positions can be held cautiously [8]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Review**: For egg contracts 2507, 2508, and 2509, prices decreased, with declines of 1.18%, 1.35%, and 1.08% respectively. The trading volume of 2507 was 139,636, 2508 was 129,143, and 2509 was 58,582. The change in open interest of 2507 was - 5,506, 2508 was 7,737, and 2509 was 6,453 [7]. - **Spot Price**: The average price in the main producing areas was 2.77 yuan/jin, down 0.02 yuan/jin from the previous day; in the main selling areas, it was 2.99 yuan/jin, down 0.04 yuan/jin [8]. - **Operation Suggestions**: Given the expected long and rainy plum - rain season, futures are bearish in the short - to - medium term. Watch the culling of hens. If the spot price stabilizes in mid - to - late June, short positions should exit; if it continues to fall during the plum - rain season, short positions can be held [8]. 3.2 Industry News - **In - production Laying Hens**: As of the end of May, the monthly存栏量 was about 1.334 billion, a 0.4% month - on - month increase and a 7.2% year - on - year increase [9]. - **Chick Hatchlings**: In April, the monthly hatchling volume of sample enterprises was about 46.99 million, an increase from March and the same period in 2024 [9]. - **Culled Hens**: The culling volume increased in May, with an average culling age of 521 days as of May 29, 11 days earlier than the previous week and 15 days earlier than the previous month [9]. 3.3 Data Overview - The report presents data on the monthly存栏量 of laying hens, egg - farming profits, the average price in the main producing areas, the seasonal trend of the 06 contract, the basis of the 06 contract, and the 08 - 09 spread [10][16][20]