Report Overview - Reported industry: Eggs [1] - Date: December 17, 2025 [2] - Research team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] Report Key Points Investment Rating - No investment rating provided in the report Core View - The spot market for eggs stabilized last week after a continuous slight decline. The powder egg area represented by Hubei rebounded first, and other regions saw a slight increase. Overall, the spot market is slightly stronger, with normal sales and inventory levels. In December, the market is expected to enter a small peak season with the anticipation of double holiday stocking, and the spot price is expected to fluctuate slightly, with neither significant downward nor upward trends. [8] - The futures market was relatively weak last week. After the egg price in Hubei declined on Friday, the near - term 01 contract dropped significantly. The decline of the peak - season contracts is mainly a correction of the previous influx of long positions. Although the inventory of laying hens has shown a turning point, due to the large base, the impact on egg prices will be delayed and there may be fluctuations. The near - term contracts were affected, showing that the market is currently dominated by short positions. New short positions can focus on the 02 contract, which faces greater pressure due to the post - holiday off - season and the lack of a clear upward trend in the spot market. Long positions can still consider entering the far - term peak - season contracts after this correction, mainly through rolling operations. The near - term 01 contract should focus on the stabilization of egg prices after a decline, with its future performance being more correlated with the spot market. [8] Summary by Directory 1. Market Review and Operation Suggestions - **Market Review**: The prices of egg futures contracts showed different trends. The 2601 contract rose 0.19% to 3114, the 2602 contract fell 0.24% to 2928, and the 2603 contract fell 0.73% to 3007. The average price of eggs in the main production areas was 3.05 yuan/jin, down 0.02 yuan/jin from the previous day, and the average price in the main sales areas was 3.32 yuan/jin, unchanged from the previous day. [7] - **Operation Suggestions**: New short positions can focus on the 02 contract, and long positions can consider rolling operations in the far - term peak - season contracts after the correction. The near - term 01 contract should focus on the stabilization of egg prices after a decline. [8] 2. Industry News - **Inventory**: As of the end of October 2025, the monthly inventory of laying hens in China was about 1.359 billion, a month - on - month decrease of 0.66%, ending the previous continuous growth trend, but a year - on - year increase of 5.59% compared to the end of October 2024. [9] - **Replenishment**: In October 2025, the monthly output of laying hen chicks from sample enterprises was about 39.15 million, a slight decrease from September 2025 and a significant decrease compared to the same period in 2024. The cumulative replenishment from July to October 2025 was about 158.14 million, compared with about 176.1 million in the same period in 2024. [9][10] 3. Data Overview - **Culling Volume**: As of November 20, 2025, the weekly culling volumes of laying hens in the previous three weeks were 19.81 million, 19.47 million, and 20.21 million respectively. The culling volume has fluctuated recently but has increased slightly compared to the previous period. [15] - **Culling Age**: As of November 20, 2025, the average culling age of laying hens was 492 days, one day earlier than the previous week and seven days earlier than the previous month, indicating an accelerated culling speed. [15]