1. Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report. 2. Core Viewpoints - In the short - to - medium - term, the start of school and Mid - Autumn Festival stocking support the short - term strength of egg prices, but the current chicken culling is less than expected and the cold - storage egg inventory pressure is high. In the second half of the month, the stocking intensity is expected to weaken, and one should not be overly optimistic about further price increases. In the long - term, if the chicken culling by farmers is less than expected, the supply pressure in the fourth quarter will re - emerge [6]. - It is not recommended to chase long positions. Before large - scale concentrated chicken culling occurs, the idea of shorting on highs remains unchanged. Farmers can also consider selling - hedge opportunities to lock in breeding profits after the 2607 and 2608 contracts rise [6]. 3. Summary by Relevant Catalog Futures Performance - Today, egg futures contracts show a pattern of near - term strength and long - term weakness. The 2511 contract reached a maximum of 3197 yuan/500kg during the session and closed at 3169 yuan/500kg, with a gain of 3.97%. The 2605 contract fell 1.52% to 3377 yuan/500kg [6]. Spot Performance - The stocking peak season supports the continued increase in egg prices over the weekend. On the 14th, the egg price in Guantao, Handan, Hebei was 3.44 yuan/jin, up 0.11 yuan/jin from last Friday. Today, the price of pink eggs in Guantao, Handan, Hebei was 3.6 yuan/jin, up 0.16 yuan/jin from the previous day [6]. Analysis Logic - Short - to - medium - term: School openings and Mid - Autumn Festival stocking support the short - term strength of the spot market, but current chicken culling is less than expected and cold - storage egg inventory pressure is high. In the second half of the month, stocking intensity is expected to weaken, and the upside potential of spot prices should not be overly optimistic [6]. - Long - term: Current breeding profits have turned positive again, and the average age of culled chickens is still relatively high. If the scale of chicken culling by farmers is less than expected, the supply pressure in the fourth quarter will re - emerge [6]. Trading Strategy - Do not chase long positions. Before large - scale concentrated chicken culling occurs, maintain the idea of shorting on highs. The pressure levels for the 2511 contract have shifted up to 3200 - 3270, the 2512 contract to 3300 - 3360, the 2601 contract to 3400 - 3450, and the 2602 contract to 3150 - 3160. Farmers can also pay attention to the selling - hedge opportunities to lock in breeding profits after the 2607 and 2608 contracts rise [6].