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 Industry Investment Rating - The short - term investment rating for the egg industry is "oscillating" [2] Core Viewpoints - This week, the price of culled chickens from sample breeding enterprises decreased slightly, the culling age decreased slightly, the price difference between large and small eggs remained basically the same, and the price of chicks continued to decline from a high level. - Due to the limited time this year when egg prices fell below feed costs, most breeding farms chose to extend the breeding period or molt the hens. After the Tomb - Sweeping Festival, egg supply was tight, but after May Day, with molting hens starting to lay eggs and the arrival of the rainy season in the South, there may be a situation of strong supply and weak demand. - Recently, the inventory pressure in the sales areas has increased. Egg traders mainly purchase based on rigid demand, and the sales in the production areas are slow, but the festival effect still provides short - term support. - The breeding profit has dropped significantly and is lower than the average level of the past four years. Currently, it is near the break - even point. If continuous losses occur, farmers may accelerate the elimination of inefficient production capacity. - The egg basis has decreased slightly this week, and the near - month futures contracts are still slightly at a discount. The current price difference between the near - term and far - term egg futures is at a medium level. From the perspective of positions, the net short position of institutional investors in the main egg futures contract shows an oscillating state. - Based on the analysis of the egg fundamental cycle, the current situation is similar to that in the first half of 2020. Before the production capacity is cleared due to breeding losses, the pattern of weak near - term and strong far - term egg futures is expected to continue. It is recommended to wait and observe for reverse arbitrage opportunities [2] Summary by Directory Price and Volume Analysis - It includes sub - sections on spot prices, egg basis, egg price differences, and futures institutional net positions [3][6][9][12] Supply Analysis - Covers aspects such as laying hen inventory, culling situation, replenishment situation, and the situation of large and small eggs [14][16][19][21] Demand Analysis - Consists of sub - sections on shipping volume and sales volume, inventory, and substitutes [24][27][30] Profit Analysis - Includes breeding profit and egg - feed price ratio [33][36]