Core Viewpoint - The main focus of the news is the recent surge in egg futures, with the main contract reaching a peak of 3085.00 yuan and closing at 3067.00 yuan, reflecting a 2.27% increase [1]. Group 1: Market Analysis - Hualian Futures suggests that the main egg contract may continue to experience wide fluctuations within a range, supported by production costs and a reluctance to sell among producers, while market trading conditions improve [2]. - Jianxin Futures indicates that the near-month contract is showing slight strength due to the influence of spot prices, while the far-month contracts are experiencing some decline due to earlier expectations regarding inventory turning points [3]. - Green D&H Futures maintains a short-term bullish outlook on egg prices, noting that prices are currently operating within the range of feed costs to breeding costs, but warns of potential downward pressure in February due to a supply-demand imbalance [3]. Group 2: Supply and Demand Dynamics - Hualian Futures highlights that the ongoing losses in the industry and accelerated culling of older hens, combined with insufficient replenishment, may lead to a continued decline in the number of laying hens and new production [2]. - Jianxin Futures emphasizes that the near-month contracts are expected to remain in a bottom range unless there is an unexpected increase in the strength and duration of price rises in production and sales areas [3]. - Green D&H Futures points out that while the supply pressure has not been fully alleviated, the ongoing increase in chick replenishment may limit the potential for significant price increases in the short term [3].

Group 1: Report Overview - Report Date: January 13, 2026 [2] - Reported Industry: Eggs [1] - Research Team: Agricultural Products Research Team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - **Spot Market**: Today, the national egg price is strong. The average price in the main producing areas is 3.37 yuan/jin, up 0.12 yuan/jin from yesterday; the average price in the main selling areas is 3.57 yuan/jin, also up 0.12 yuan/jin from yesterday. Last week, the spot price of eggs rose, with both the producing and selling areas generally increasing. After the New Year's Day, the egg price was stable, and then became strong under the combined effect of the subsidence of rain and snow and the post - holiday replenishment demand [8]. - **Futures Market**: This week, the near - month contracts fluctuated slightly strongly at a low level, while the far - month contracts declined. The strength of the near - month contracts is mainly due to the pull of the spot market, while the far - month contracts are回调 because the previous expectation of the inventory inflection point has been shaken by the current rising egg price [8]. | Contract | Pre - settlement Price | Opening Price | Highest Price | Lowest Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Open Interest Change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Egg 2602 | 2989 | 3030 | 3032 | 2992 | 2996 | 7 | 0.23% | 32559 | 65643 | - 2887 | | Egg 2603 | 3030 | 3054 | 3060 | 3013 | 3020 | - 10 | - 0.33% | 183867 | 270221 | 19367 | | Egg 2605 | 3563 | 3579 | 3593 | 3566 | 3578 | 15 | 0.42% | 32264 | 94918 | 2653 | [7] Operation Suggestions - The 02 and 03 contracts are absolute off - season contracts. In the future, they will mainly increase the basis. Unless the intensity and duration of the current general increase in the producing and selling areas exceed expectations, the 02 and 03 contracts may always oscillate in the bottom range. - The far - month contracts have the positive factor of the inventory inflection point. Pay attention to the replenishment situation. If the continuous rise of the egg price weakens the far - month valuation, you can consider arranging long positions in the peak - season contracts such as the 05 contract, mainly through rolling operations [8]. Group 3: Industry News - **Inventory**: As of the end of December 2025, the national monthly inventory of laying hens was about 1.344 billion, a month - on - month decrease of 0.59%, and a year - on - year increase of 5.00%. The current inventory is at a high level in the same period of history [9]. - **Replenishment**: In December 2025, the monthly output of laying hen chicks in sample enterprises was about 39.59 million, basically the same as that in November, but significantly less than that in the same period in 2024. The total replenishment volume from September to December 2025 was about 157.49 million, less than that in the same period last year, indicating that the medium - term production capacity pressure may continue to ease [9]. Group 4: Data Overview - **Elimination Volume**: As of January 8, the national elimination volume of laying hens in the previous three weeks was 19.39 million, 19.82 million, and 18.96 million respectively, maintaining a relatively high level but slightly decreasing [18]. - **Elimination Age**: As of January 8, the average elimination age of laying hens was 484 days, the same as last week and 2 days earlier than last month, remaining stable [18].

Report Overview - Report date: November 7, 2025 [2] - Report industry: Eggs [1] - Research team: Agricultural Products Research Team [4] 1. Investment Rating - No investment rating provided in the report. 2. Core Views - The recent trend of the egg market has improved, with prices in low - price areas such as Hebei and Hubei gradually rising, and the northern red eggs remaining relatively stable. The egg inventory is at a turning point, but it is expected to remain high and decline slightly by the end of the year. The spot market is unlikely to have a continuous rebound without emotional support. The futures market is expected to fluctuate at a low level, and a straddle double - selling strategy is recommended for options. The risk lies in the unexpected duration and intensity of the continuous price increase in low - price areas [8] 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Review**: - For the 2601 egg contract, the previous settlement price was 3374, the opening price was 3390, the highest price was 3396, the lowest price was 3361, the closing price was 3386, with a rise of 12 and a gain of 0.36%. The trading volume was 119,686, the open interest was 177,065, and the open interest change was 166,565 [7] - For the 2602 egg contract, the previous settlement price was 3077, the opening price was 3085, the highest price was 3092, the lowest price was 3062, the closing price was 3080, with a rise of 3 and a gain of 0.10%. The trading volume was 29,085, the open interest was 111,607, and the open interest change was 369 [7] - For the 2512 egg contract, the previous settlement price was 3198, the opening price was 3215, the highest price was 3240, the lowest price was 3200, the closing price was 3227, with a rise of 29 and a gain of 0.91%. The trading volume was 329,917, the open interest was 166,597, and the open interest change was - 8266 [7] - **Operation Suggestions**: The spot price of eggs has risen, with the average price in the main production areas at 2.92 yuan/jin, up 0.05 yuan/jin from yesterday, and the average price in the main sales areas at 3.17 yuan/jin, unchanged from yesterday. The 12 - contract rose 1.93%. The futures market is expected to fluctuate at a low level, and a straddle double - selling strategy is recommended for options [8] 3.2 Industry News - As of the end of September, the national monthly inventory of laying hens was about 1.368 billion, a month - on - month increase of 0.2%, and a year - on - year increase of 6.0%. The monthly output of laying hen chicks in sample enterprises in September was about 39.2 million, down from 39.81 million in August and significantly lower than 45.64 million in the same period in 2024. The culling volume in the first three weeks as of October 23 was 20.02 million, 20.32 million, and 19.76 million respectively. The average culling age as of October 23 was 499 days, unchanged from last week and 1 day later than last month [9][18] 3.3 Data Overview - The report provides multiple data charts, including the monthly inventory of laying hens in China, egg production area average prices, egg contract basis, and contract spreads, with data sources from Wind, Zhuochuang Information, and Trading Famen [11][12][17]