Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The overall supply of eggs is expected to remain sufficient, with a high inventory of laying hens. The egg price has shown signs of stabilization recently after falling to the current level. It is recommended to close out previous short positions for profit and wait and see [16]. - In the short - term, the market sentiment has pushed up the egg price, but the downstream is cautious about high - priced goods and mainly purchases based on sales. 3. Summary According to the Table of Contents 3.1 Spot Analysis - This week, the average price of eggs in the main producing areas was 2.94 yuan/jin, a decrease of 0.57 yuan/jin compared to last Friday, and the average price in the main selling areas was 3.16 yuan/jin, a decrease of 0.51 yuan/jin compared to last Friday. The price in the main producing areas rose strongly this week. As the egg price continued to rise, the terminal was a bit resistant to high - priced goods, and downstream traders were more cautious in purchasing [5]. - The prices of old hens varied. The prices of large - sized old hens like Hy - Line Brown trended upwards, while those of small - sized old hens like Hy - Line Grey continued to decline. The current old - hen slaughter is more significantly affected by the egg price, and the old - hen price is in an adjustment stage [5]. 3.2 Supply Analysis - After the festival, the demand declined, but as the egg price rose, the enthusiasm for purchasing increased, and the shipment volume in the producing areas increased. From May 8th to 15th, the average age of culled hens was 534 days, 1 day less than the previous week. From May 9th to 16th, the slaughter volume of culled hens in the main producing areas was 18.56 million, a 7.5% increase from the previous week [9]. - In April, the inventory of laying hens was 1.329 billion, an increase of 0.11 billion from the previous month and a 7.2% year - on - year increase, higher than expected. The monthly output of chicks from sample enterprises in April was 46.985 million, a 1.4% month - on - month increase and a 2.5% year - on - year increase. Without considering delayed or concentrated slaughter, the estimated inventory of laying hens from May to August 2025 will be 1.332 billion, 1.337 billion, 1.345 billion, and 1.349 billion respectively [9]. 3.3 Cost Analysis - As of May 15th, the corn price rose to around 2374 yuan/ton, the soybean meal price fell to 3074 yuan/ton, and the comprehensive feed cost was about 2584 yuan/ton, equivalent to about 2.84 yuan/jin for eggs [12]. - This week, the egg price trended upwards, and the egg - farming cost decreased. As of May 16th, the weekly average profit per jin of eggs was - 0.12 yuan/jin, an increase of 0.06 yuan/jin from the previous week. On May 9th, the expected profit per laying hen was 20.15 yuan/hen, an increase of 0.8 yuan/hen from the previous week [12]. 3.4 Demand Analysis - In the first half of the week, as the egg price rebounded and the Dragon Boat Festival approached, the demand in the selling areas improved, and the sales volume increased. After the stocking ended, the downstream mainly replenished low - priced goods. As of May 1st, the sales volume of eggs in the representative selling areas was 8716 tons, a 1.4% increase from the previous week [15]. - This week, the egg inventory decreased significantly. As of May 15th, the average weekly inventory in the production link was 0.92 days, a decrease of 0.27 days from the previous week, and the average weekly inventory in the circulation link was 1 day, a decrease of 0.33 days from the previous week [15]. - This week, the vegetable price index remained low, and the pork price index also declined. On May 15th, the total vegetable price index in Shouguang was 86.95, and the average national wholesale price of pork was about 15.96 yuan/kg, slightly lower than the previous week [15]. 3.5 Trading Strategy - Trading logic: The overall egg supply is expected to be sufficient, and the egg price has shown signs of stability recently. It is recommended to close out previous short positions for profit and wait and see [16]. - Unilateral trading: Wait and see. - Arbitrage: Consider going long on the August contract and short on the September contract. - Options: Wait and see. 3.6 Weekly Data Tracking - Inventory: In April, the inventory of laying hens was 1.329 billion, an increase of 0.11 billion from the previous month and a 7.2% year - on - year increase. The monthly output of chicks from sample enterprises in April was 46.985 million, a 1.4% month - on - month increase and a 2.5% year - on - year increase [9]. - Culling situation: From May 9th to 16th, the slaughter volume of culled hens in the main producing areas was 18.56 million, a 7.5% increase from the previous week. From May 8th to 15th, the average age of culled hens was 534 days, 1 day less than the previous week [9]. - Egg - farming situation: Relevant data on the average price of chicks in the main producing areas and the age of culled hens are presented, but specific values are not detailed in the summary part [23]. - Price difference and basis: Graphs of basis and price differences for different months (1 - 5, 5 - 9, 9 - 1, etc.) are provided, showing the historical trends of price differences and basis [25][26][28].