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。 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 累期价总体偏弱，短期暂且观望。 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 鸡蛋产业日报 2025-05-20 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 2964 | 111 期货前20名持仓:净买单量:鸡蛋(日,手) | -1565 | 2604 | | 期货市场 | | | | | | | | 克) 鸡蛋期货月间价差(9 ...

Report Industry Investment Ratings - No industry investment ratings are provided in the reports. Core Views Oils and Fats - Palm oil futures may fall due to potential increases in production and inventory, with short - term fluctuations in domestic prices. There's a chance of reaching 8300 yuan. US policy proposals may boost soybean oil demand, but domestic inventory increases could drag down prices [1]. Sugar - Short - term, raw sugar will fluctuate between 17 - 20 cents/pound. Domestic sugar prices are supported currently but may face limited upside due to expected import increases, with a forecast range of 5800 - 5950 yuan [3]. Cotton - Domestic cotton prices may oscillate in the short term. New cotton supply looks good, while downstream demand is slightly weak. Attention should be paid to the 13500 - 13700 yuan/ton pressure level [4]. Eggs - Abundant supply and general demand lead to a slightly tense supply - demand situation. Egg prices may decline slightly and then stabilize this week [6]. Meal - US soybean prices are pressured by biodiesel policy uncertainty and smooth sowing. Domestic supply is increasing, and the basis is under pressure. Attention should be paid to soybean meal performance around 2900 yuan [9]. Corn - In the short term, the corn market is stable with a sideways trend. In the long term, supply tightening and increased demand will support prices. Suggest buying on dips during corrections [11]. Pigs - Pig prices are expected to remain volatile. The 09 contract is driven by funds, with limited upside and downside potential. Attention should be paid to the second - fattening slaughter [15][16]. Summary by Related Catalogs Oils and Fats - **Price Changes**: Soybean oil spot price in Jiangsu dropped 0.84%, palm oil in Guangdong fell 2.27%, and rapeseed oil in Jiangsu decreased 0.31%. Futures prices also declined, while some basis values changed [1]. - **Policy Impact**: US policy proposals may increase soybean oil demand in biofuel production [1]. Sugar - **Market Data**: Futures prices declined slightly, while some spot prices increased. Production and sales increased year - on - year, and inventory decreased [3]. - **Industry Outlook**: Brazil's sugar production was affected by rain, but the 25/26 season is expected to be a bumper harvest [3]. Cotton - **Price and Inventory**: Futures prices dropped slightly, and some spot prices rose. Commercial inventory decreased, and import volume declined [4]. - **Market Situation**: Downstream demand is weakening, and new cotton supply is promising [4]. Eggs - **Price and Profit**: Futures prices declined, and the basis increased. Egg - layer chick prices were stable, and breeding profits improved [6]. - **Supply - Demand**: Supply is abundant, and demand is general [6]. Meal - **Price and Spread**: Soybean meal and rapeseed meal prices changed, and various spreads also adjusted. US soybean prices are under pressure, and domestic supply is increasing [9]. - **Market Factors**: Uncertain US biodiesel policy and smooth sowing affect the market [9]. Corn - **Price and Inventory**: Corn and corn starch prices changed. Corn inventory increased slightly, and starch inventory was stable [11]. - **Market Trends**: Short - term stability and long - term upward trend due to supply - demand changes [11]. Pigs - **Price and Spread**: Futures prices declined, and the spread between 7 - 9 contracts decreased. Spot prices were stable, and some indicators changed [15]. - **Market Conditions**: Stable supply - demand and potential second - fattening slaughter [15][16].

，或将迫使老鸡淘汰积极性提升和降低补栏积极性，对远期价格有所利好，关注现货价格对蛋鸡存栏的影 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 响。盘面来看，期价跌至前期低位后，总体跌势放缓，短期暂且观望。 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 鸡蛋产业日报 2025-05-15 | 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 | 2885 | -36 期货前20名持仓:净买单量:鸡蛋(日,手) | -7695 | -3726 | | | 克) 鸡蛋期货月间价差(9-1):(日,元/500千克) | 99 | -5 期货持仓量(活跃合约):鸡蛋(日,手) | 90257 | -5488 | | | 注册仓单量:鸡蛋(日,手) | 0 | 0 | | | | 现货市场 | 鸡蛋现货价格(日,元/斤) | 3.23 | 0 基差(现货-期货)(日,元/500千克) | 346 | ...

| 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 | | | | 1208 | | | | 2927 | 32 期货前20名持仓:净买单量:鸡蛋(日,手) | -1919 | | | | 克) 鸡蛋期货月间价差(9-1):(日,元/500千克) | 98 | 20 期货持仓量(活跃合约):鸡蛋(日,手) | 102969 | -7980 | | | 注册仓单量:鸡蛋(日,手) | 0 | 0 | | | | 现货市场 | 鸡蛋现货价格(日,元/斤) | 3.12 | 0.15 基差(现货-期货)(日,元/500千克) | 196 | 114 | | 上游情况 | 产蛋鸡存栏指数:全国(月,2015=100) | 112.35 | -4.09 淘汰产蛋鸡指数:全国(月,2015=100) | 96.76 | -21.67 | | | 主产区平均价:蛋鸡苗(周,元/羽) | 4.2 | 0 新增雏鸡指数:全国(月,2015=100) | 13 ...

Report Industry Investment Rating - No information provided Core View of the Report - Corn price increase supports egg cost, but current high laying - hen inventory, new - laying hens from previous replenishment increasing production lead to sufficient egg supply. After the festival, downstream demand weakens, causing egg prices to decline. Soft spot prices drag down the futures market. If spot prices remain low, it may boost old - hen culling and reduce replenishment, which is beneficial for long - term prices. Currently, the futures market is weak due to falling spot prices, and short - term observation is recommended [2] Summary by Relevant Catalogs Futures Market - The closing price of the active egg futures contract is 2890 yuan/500 kilograms, up 6 yuan; the net long position of the top 20 futures holders is - 2189 lots, up 1736 lots; the monthly spread (9 - 1) of egg futures is 114 yuan/500 kilograms, up 2 yuan; the trading volume of the active egg futures contract is 123581 lots, up 3750 lots; the registered warehouse receipt volume is 0 lots, unchanged [2] Spot Market - The spot price of eggs is 3.09 yuan/jin, down 0.08 yuan; the basis (spot - futures) is 202 yuan/500 kilograms, down 87 yuan [2] Upstream Situation - The national laying - hen inventory index is 112.35 (2015 = 100), down 4.09; the national culled laying - hen index is 96.76 (2015 = 100), down 21.67; the average price of egg - laying chicken chicks in the main production areas is 4.2 yuan/chick, down 0.05 yuan; the national new - chick index is 138.68 (2015 = 100), up 23.55; the average price of egg - laying chicken compound feed is 2.76 yuan/kg, up 0.02 yuan; the breeding profit of egg - laying chickens is - 0.15 yuan/chicken, down 0.2 yuan; the average price of culled chickens in the main production areas is 10.48 yuan/kg, up 0.1 yuan; the national average age of culled chickens is 510 days, down 6 days [2] Industry Situation - The average wholesale price of pork is 21.02 yuan/kg, up 0.06 yuan; the average wholesale price of 28 key - monitored vegetables is 4.39 yuan/kg, up 0.04 yuan; the average wholesale price of dressed chickens is 17.2 yuan/kg, up 0.11 yuan; the weekly inventory in the circulation link is 1.28 days, up 0.29 days; the weekly inventory in the production link is 1.16 days, up 0.27 days; the monthly export volume of fresh eggs is 10714.73 tons, down 506.3 tons [2] Downstream Situation - The weekly consumption of eggs in the sales areas is 8996 tons, up 4 tons [2] Industry News - The average price of eggs in Shandong, Hebei, Guangdong, and Beijing in the main production areas has declined. Corn price increase supports egg cost, but high laying - hen inventory and new - laying hens increasing production lead to sufficient egg supply. After the festival, downstream demand weakens, and egg prices continue to fall [2] Key Points of Attention - Pay attention to the impact of spot prices on laying - hen inventory. Currently, the futures market is weak due to falling spot prices, and short - term observation is recommended [2]

Report Industry Investment Rating - Not provided Core Viewpoint - The price of feed raw materials has increased due to the Sino-US tariff policy, which supports the cost of eggs. However, after the previous strengthening of egg prices, the culling of old hens has slowed down again. Currently, the inventory of laying hens is at a high level, and the newly opened production of laying hens supplemented earlier is gradually increasing, resulting in sufficient egg supply. Meanwhile, as the festival stocking is coming to an end, the purchasing power of downstream terminals has weakened, and egg prices tend to stop rising and decline. From a market perspective, dragged down by the decline in spot prices, the near-term market has also weakened synchronously, and market volatility has increased. It is advisable to wait and see in the short term [2] Summary by Relevant Catalogs Futures Market - The futures closing price of the active egg contract is 2989 yuan per 500 kilograms, up 8 yuan; the net long position of the top 20 futures holders is -5033 lots, down 2340 lots; the monthly spread between September and January contracts is 128 yuan per 500 kilograms, unchanged; the futures open interest of the active contract is 141311 lots, down 16805 lots; the registered warehouse receipt volume is 101 lots, unchanged [2] 现货市场 - The spot price of eggs is 3.22 yuan per catty, down 0.03 yuan; the basis (spot - futures) is 229 yuan per 500 kilograms, down 41 yuan [2] Upstream Situation - The national laying hen inventory index is 112.35 (with 2015 as the base of 100), down 4.09; the national culled laying hen index is 96.76 (with 2015 as the base of 100), down 21.67; the average price of laying hen chicks in the main production areas is 4.25 yuan per chick, unchanged; the national new chick index is 138.68 (with 2015 as the base of 100), up 23.55; the average price of laying hen compound feed is 2.74 yuan per kilogram, unchanged; the breeding profit of laying hens is 0.05 yuan per hen, up 0.01 yuan; the average price of culled hens in the main production areas is 10.38 yuan per kilogram, up 0.28 yuan; the average age of culled hens nationwide is 510 days, down 6 days [2] Industry Situation - The average wholesale price of pork is 20.78 yuan per kilogram, down 0.09 yuan; the average wholesale price of 28 key monitored vegetables is 4.5 yuan per kilogram, down 0.02 yuan; the average wholesale price of dressed chickens is 17.34 yuan per kilogram, up 0.22 yuan; the weekly inventory in the circulation link is 1.28 days, up 0.29 days; the weekly inventory in the production link is 1.16 days, up 0.27 days; the monthly export volume of fresh eggs is 10714.73 tons, down 506.3 tons [2] Downstream Situation - The weekly consumption of eggs in the sales areas is 8996 tons, up 4 tons [2] Industry News - Today, the average price of eggs in Shandong, the main production area, is 6.36 yuan per kilogram, unchanged from yesterday; the average price of eggs in Hebei is 6.25 yuan per kilogram, down 0.20 yuan from yesterday; the average price of eggs in Guangdong is 6.83 yuan per kilogram, unchanged from yesterday; the average price of eggs in Beijing is 6.88 yuan per kilogram, down 0.30 yuan from yesterday [2]

| 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 3047 | -31 期货前20名持仓:净买单量:鸡蛋(日,手) | 25 | 196 | | 期货市场 | | | | | | | | 克) 鸡蛋期货月间价差(9-1):(日,元/500千克) | 123 | -32 期货持仓量(活跃合约):鸡蛋(日,手) | 177689 | 5070 | | | 注册仓单量:鸡蛋(日,手) | 0 | 0 | | | | 现货市场 | 鸡蛋现货价格(日,元/斤) | 3.57 | 0.01 基差(现货-期货)(日,元/500千克) | 523 | 45 | | 上游情况 | 产蛋鸡存栏指数:全国(月,2015=100) | 112.35 | -4.09 淘汰产蛋鸡指数:全国(月,2015=100) | 96.76 | -21.67 | | | 主产区平均价:蛋鸡苗(周,元/羽) | 4.25 | 0 新增雏鸡指数:全国(月,2015=100) | 138. ...

鸡蛋产业日报 2025-04-16 | 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 | 3078 | -64 期货前20名持仓:净买单量:鸡蛋(日,手) | -4401 | 4117 | | 克) | 鸡蛋期货月间价差(5-9):(日,元/500千克) | -631 | 79 期货持仓量(活跃合约):鸡蛋(日,手) | 168307 | 115159 | | | 注册仓单量:鸡蛋(日,手) | 0 | 0 | | | | 现货市场 | 鸡蛋现货价格(日,元/斤) | 3.45 | 0 基差(现货-期货)(日,元/500千克) | 371 | 64 | | 上游情况 | 产蛋鸡存栏指数:全国(月,2015=100) | 116.44 | 2.09 淘汰产蛋鸡指数:全国(月,2015=100) | 118.43 | 1.58 | | | 主产区平均价:蛋鸡苗(周,元/羽) | 4.25 | -0.05 新增雏鸡指数:全国(月,2015=10 ...

鸡蛋产业日报 2025-04-09 | 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 | 3130 | 7 期货前20名持仓:净买单量:鸡蛋(日,手) | 4061 | 583 | | | 克) 鸡蛋期货月间价差(5-9):(日,元/500千克) | -766 | -15 期货持仓量(活跃合约):鸡蛋(日,手) | 90598 | -9236 | | | 注册仓单量:鸡蛋(日,手) | 0 | 0 | | | | 现货市场 | 鸡蛋现货价格(日,元/斤) | 3.23 | 0.08 基差(现货-期货)(日,元/500千克) | 102 | 72 | | 上游情况 | 产蛋鸡存栏指数:全国(月,2015=100) | 116.44 | 2.09 淘汰产蛋鸡指数:全国(月,2015=100) | 118.43 | 1.58 | | | 主产区平均价:蛋鸡苗(周,元/羽) | 4.3 | 0 新增雏鸡指数:全国(月,2015=100) | 11 ...

Report Industry Investment Rating - No information provided Core Viewpoints - After the price decline during the Tomb-Sweeping Festival stocking period, the downstream replenishment willingness has slightly increased, stimulating a recovery in demand However, during the seasonal consumption off - season, the demand boost may be limited [2] - Due to the continued good replenishment situation from January to February this year, the pressure of new layer production in the later period remains high, and the increasing inventory pressure continues to affect the market With a loose supply, egg prices are continuously under pressure [2] - From the perspective of the futures market, under the pressure of weak spot prices and increasing inventory, the futures price generally maintains a weak trend The May contract is approaching delivery, and market volatility may increase It is advisable to wait and see in the short term [2] Summary by Relevant Catalogs Futures Market - The futures closing price of the active egg contract is 2,962 yuan per 500 kilograms, with no change from the previous day The net long position of the top 20 futures holders is 2,585 lots, a decrease of 93 lots [2] - The egg futures spread between May and September contracts is - 855 yuan per 500 kilograms, a decrease of 5 yuan The futures trading volume of the active contract is 165,219 lots, a decrease of 8,705 lots The registered warehouse receipt volume is 0 lots [2] 现货市场 - The spot price of eggs is 3.12 yuan per catty, a decrease of 0.03 yuan The basis (spot - futures) is 157 yuan per 500 kilograms, a decrease of 26 yuan [2] Upstream Situation - The national laying - hen inventory index is 116.44 (with 2015 = 100), an increase of 2.09 The national culled laying - hen index is 118.43 (with 2015 = 100), an increase of 1.58 [2] - The average price of layer chicks in the main production areas is 4.3 yuan per chick, with no change The national new - chick index is 115.13 (with 2015 = 100), an increase of 14.71 [2] - The average price of layer compound feed is 2.76 yuan per kilogram, with no change The egg - layer farming profit is - 0.21 yuan per chicken, a decrease of 0.04 yuan [2] - The average price of culled chickens in the main production areas is 10.1 yuan per kilogram, a decrease of 0.46 yuan The average age of culled chickens in the country is 516 days, an increase of 9 days [2] Industry Situation - The average wholesale price of pork is 20.76 yuan per kilogram, a decrease of 0.09 yuan The average wholesale price of 28 key - monitored vegetables is 4.89 yuan per kilogram, an increase of 0.06 yuan [2] - The average wholesale price of dressed chickens is 17.58 yuan per kilogram, an increase of 0.25 yuan The weekly inventory in the circulation link is 1.34 days, an increase of 0.1 days The weekly inventory in the production link is 1.26 days, an increase of 0.08 days [2] - The monthly export volume of fresh eggs is 12,131.4 tons, an increase of 177.74 tons [2] Downstream Situation - The weekly consumption of eggs in the sales areas is 8,605 tons, a decrease of 676 tons [2] Industry News - The average price of eggs in Shandong's main production area is 6.26 yuan per kilogram, unchanged from the previous day The average price in Hebei is 5.77 yuan per kilogram, a decrease of 0.10 yuan from the previous day The average price in Guangdong is 6.79 yuan per kilogram, a decrease of 0.20 yuan from the previous day The average price in Beijing is 6.36 yuan per kilogram, a decrease of 0.12 yuan from the previous day [2]