Report Information - Reported industry: Eggs [1] - Date: September 8, 2025 [2] - Researcher: Yulan Lan, Zhenlei Lin, Haifeng Wang, Chenliang Hong, Youran Liu [4] Core Viewpoints - In August, the spot price of eggs fluctuated at a low level. Due to high supply - side pressure, the peak - season expectation was repeatedly disappointed. Although the spot price rebounded this week, the upside space of the rebound is not optimistic because the supply pressure cannot be resolved in the short term. More and longer - term over - culling is needed to restore the supply - demand balance [8]. - In the futures market, contracts in the fourth quarter fell sharply earlier and stabilized this week, but the rebound was limited due to market pessimism. The 10 - contract, a post - festival contract, is relatively restrained, mainly with a rising basis. In the future, near - month contracts should focus on spot price changes. There may be some upward repair space for the 10 - contract, but long - position operations are difficult. The overall egg market is oversupplied. If the low egg price affects subsequent replenishment, a fundamental inflection point may appear in the later fourth quarter. In the short term, it is recommended to reduce positions and monitor spot changes [8]. Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: The prices of 10, 11, and 12 egg contracts decreased by 1.72%, 2.24%, and 1.82% respectively. Today, the national egg price rose. The average price in the main production areas was 3.30 yuan/jin, up 0.07 yuan/jin from yesterday; the average price in the main sales areas was 3.43 yuan/jin, also up 0.07 yuan/jin from yesterday [7]. - **Operation Suggestions**: Short - term operation suggests reducing positions and paying attention to spot price changes. Although the 10 - contract may have some upward repair space, long - position operations are difficult [8]. 2. Industry News - The inventory of laying hens in production is on an upward trend. As of the end of August, the monthly inventory of laying hens in production was about 1.365 billion, with a month - on - month increase of 0.7% and a year - on - year increase of 6.0% [9]. - The monthly output of laying - hen chicks by sample enterprises in August was about 39.81 million, slightly less than that in July and significantly less than that in the same period in 2024. The culling volume has gradually increased since August, and the culling age has advanced [9][10].

Group 1 - The company, Xiangfenghua, reported a revenue of 688 million yuan for the first half of 2025, representing a year-on-year decline of 2.8% [1] - The net profit attributable to the parent company was a loss of 2.9459 million yuan, compared to a profit of 38.2408 million yuan in the same period last year [1] - The decline in performance is attributed to the graphite anode material industry experiencing a temporary imbalance in supply and demand due to capacity release, leading to intensified market competition and further price declines [1]

Core Viewpoint - Platinum has experienced a significant price surge, with a monthly increase of over 28% in June and a year-to-date increase of approximately 60%, outperforming silver and gold [1][5]. Supply Factors - The price increase of platinum is attributed to multiple structural factors, particularly a reduction in supply due to mining cutbacks. South Africa, the largest platinum producer, has seen a substantial decrease in production due to adverse weather conditions [5]. - According to the World Platinum Investment Council (WPIC), the total global supply of platinum in the first quarter of 2025 is projected to be 45.3 tons, a 10% year-on-year decline, with mined supply down 13% to 33.7 tons [5]. Demand Factors - Industrial demand for platinum is on the rise, driven by the hydrogen energy sector and automotive production. Additionally, both consumer and investment demand for platinum have increased significantly [5]. - The WPIC reports a 9% year-on-year increase in demand for platinum in the jewelry sector in the first quarter of 2025, alongside a substantial rise in investment demand [5]. Market Dynamics - The significant price increase of platinum is influenced by supply-demand imbalances, a flight to safety by investors, and its potential as an alternative to gold. The current geopolitical tensions and inflation expectations have led investors to allocate funds to precious metals [7]. - Despite its financial attributes, platinum is unlikely to fully replace gold as a safe-haven asset due to differences in recognition, market size, and liquidity [7]. Future Outlook - If the global supply of platinum continues to be constrained and demand from sectors like hydrogen energy grows, there may be further price increases. However, uncertainties regarding the hydrogen sector and structural changes in the automotive industry could introduce demand volatility [7].