数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 走高而远月下跌，市场表现相对分化，短线参与为主。 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 鸡蛋产业日报 2026-02-24 | 项目类别 | 数据指标 环比 | 最新 | 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 3253 | 2 期货前20名持仓:净买单量:鸡蛋(日,手) | -2757 | 10082 | | 期货市场 | 克) 鸡蛋期货月间价差(5-9):(日 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The pre - stocking for the Spring Festival is coming to an end, the egg sales are stable, the supply and demand are relatively balanced, and the breeding side has a good profit and a strong willingness to support prices. With the support of good profits, the enthusiasm for chick replenishment has increased while that for old chicken culling has slightly slowed down, weakening the expectation of a decline in inventory. From the perspective of the futures market, restricted by high inventory pressure and the expectation of egg price decline after the Spring Festival, the futures price has been generally weak recently, and short - term participation is recommended. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The futures closing price of the active egg contract is 2,923 yuan per 500 kilograms, with a week - on - week increase of 12 yuan. The net long position of the top 20 futures holders of eggs is - 11,506 lots, a decrease of 3,854 lots compared to last period. The egg futures spread between May and September contracts is - 422 yuan per 500 kilograms, with a week - on - week increase of 48 yuan. The futures trading volume of the active egg contract is 106,233 lots, a decrease of 17,042 lots compared to last period. The registered warehouse receipt volume of eggs is 0 lots. [2] 3.2 Spot Market - The spot price of eggs is 3.43 yuan per catty, with a week - on - week decrease of 0.01 yuan. The national laying hen inventory index is 109.28 (with 2015 as the base year of 100), and the national culled laying hen index is 124.98 (with 2015 as the base year of 100), with a week - on - week decrease of 23.8. The basis (spot - futures) is - 2.75 yuan per 500 kilograms. [2] 3.3 Upstream Situation - The average price of laying hen chicks in the main production areas is 3.2 yuan per chick, remaining unchanged. The national new - born chick index is 71.99 (with 2015 as the base year of 100), with a week - on - week decrease of 21.63. The average price of laying - hen compound feed is 2.84 yuan per kilogram, remaining unchanged. The breeding profit per laying hen is 0.03 yuan per week, a decrease of 0.27 yuan compared to last period. The average price of culled chickens in the main production areas is 8.86 yuan per kilogram, a decrease of 0.58 yuan compared to last period. The average age of culled chickens in the country is 500 days, remaining unchanged. [2] 3.4 Industry Situation - The average wholesale price of pork is 18.16 yuan per kilogram, a decrease of 0.1 yuan compared to last period. The average wholesale price of 28 key - monitored vegetables is 5.55 yuan per kilogram, an increase of 0.03 yuan compared to last period. The average wholesale price of dressed chickens is 17.39 yuan per kilogram, an increase of 0.25 yuan compared to last period. The weekly inventory in the circulation link is 1.07 days, an increase of 0.02 days compared to last period. The weekly inventory in the production link is 1.02 days, an increase of 0.05 days compared to last period. The monthly export volume of fresh eggs is 14,898.72 tons, an increase of 1,853.2 tons compared to last period. [2] 3.5 Downstream Situation - The weekly consumption volume of eggs in the sales areas is 7,210 tons, a decrease of 165 tons compared to last period. [2] 3.6 Industry News - Today, the average price of eggs in Shandong, a major production area, is 6.88 yuan per kilogram, remaining unchanged from yesterday; the average price of eggs in Hebei is 6.72 yuan per kilogram, remaining unchanged from yesterday; the average price of eggs in Guangdong is 6.87 yuan per kilogram, remaining unchanged from yesterday; the average price of eggs in Beijing is 7.56 yuan per kilogram, remaining unchanged from yesterday. [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The previous replenishment was relatively low, so the current pressure of new egg - laying hens coming into production is not significant, and the egg - laying hen存栏 will still be on a downward trend. However, the current in - production egg - laying hen存栏 is still at a high level. Previously, the market had a strong stocking sentiment, leading to a significant increase in egg prices and improved profits for the farming side. This has increased the enthusiasm for chick replenishment and slightly slowed down the enthusiasm for culling old hens, weakening the expectation of a decline in存栏. From the perspective of the futures market, recently affected by the decline in spot prices and the pressure of high存栏, futures prices have also weakened, adding market volatility. It is recommended to participate in the short - term [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the active egg futures contract was 2,891 yuan/500 kilograms, a decrease of 54 yuan compared to the previous period [2] - The net long position of the top 20 futures holders of eggs was - 12,067 hands, an increase of 4,231 hands [2] - The egg futures monthly price difference (5 - 9) was - 478 yuan/500 kilograms, a decrease of 11 yuan [2] - The trading volume of the active egg futures contract was 175,186 hands, a decrease of 4,404 hands [2] - The registered warehouse receipt volume of eggs was 0 hands, unchanged [2] 3.2 Spot Market - The spot price of eggs was 3.58 yuan/jin, a decrease of 0.07 yuan [2] - The basis (spot - futures) was 693 yuan/500 kilograms, a decrease of 18 yuan [2] 3.3 Upstream Situation - The national egg - laying hen存栏 index (monthly, with 2015 = 100) was 109.28, a decrease of 2.75 [2] - The national culled egg - laying hen index (monthly, with 2015 = 100) was 124.98, an increase of 23.8 [2] - The average price of egg - laying chicken chicks in the main production areas (weekly, yuan/chick) was 3.2 yuan, an increase of 0.1 yuan [2] - The national new - hatched chick index (monthly, with 2015 = 100) was 71.99, a decrease of 21.63 [2] - The average price of egg - laying chicken feed (weekly, yuan/kg) was 2.84 yuan, unchanged [2] - The breeding profit of egg - laying chickens (weekly, yuan/chicken) was 0.3 yuan, an increase of 0.19 yuan [2] - The average price of culled chickens in the main production areas (weekly, yuan/kg) was 9.44 yuan, an increase of 0.38 yuan [2] - The national average age of culled chickens (monthly, days) was 500 days, unchanged [2] 3.4 Industry Situation - The average wholesale price of pork (daily, yuan/kg) was 18.48 yuan, an increase of 0.1 yuan [2] - The average wholesale price of 28 key - monitored vegetables (daily, yuan/kg) was 5.5 yuan, a decrease of 0.02 yuan [2] - The average wholesale price of white - striped chickens (daily, yuan/kg) was 17.23 yuan, a decrease of 0.26 yuan [2] - The weekly inventory in the circulation link (weekly, days) was 1.07 days, an increase of 0.02 days [2] - The weekly inventory in the production link (weekly, days) was 1.02 days, an increase of 0.05 days [2] - The monthly export volume of fresh eggs (monthly, tons) was 14,898.72 tons, an increase of 1,853.2 tons [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales areas (weekly, tons) was 7,210 tons, a decrease of 165 tons [2] 3.6 Industry News - Today, the average price of eggs in Shandong, the main production area, was 7.31 yuan/kg, a decrease of 0.01 yuan from yesterday; the average price of eggs in Hebei was 6.84 yuan/kg, a decrease of 0.22 yuan from yesterday; the average price of eggs in Guangdong was 7.00 yuan/kg, a decrease of 0.27 yuan from yesterday; the average price of eggs in Beijing was 7.60 yuan/kg, a decrease of 0.20 yuan from yesterday [2] 3.7 Key Points to Watch - There was no news today [2]

1. Report's Industry Investment Rating - Not provided in the content 2. Core View of the Report - The continued losses at the breeding end have led to a decline in replenishment enthusiasm and an increase in the culling of old hens. The laying - hen inventory has continued to decline from a high level, and the market sentiment has slightly improved. However, the current in - production laying - hen inventory is still at a high level. Due to the previous high - spirited market stocking sentiment, the inventory at each link has decreased, and after some inventories were cleared, traders actively purchased goods, the turnover speed accelerated, egg prices rose significantly, and the profits at the breeding end improved. This has led to an increase in the enthusiasm for chick replenishment and a slight slowdown in the enthusiasm for old - hen culling, weakening the expectation of inventory decline. From a market perspective, affected by the recent decline in spot prices, futures prices have also weakened, adding market volatility, and short - term participation is recommended [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The futures closing price of the active egg contract is 2,953 yuan/500 kilograms, a decrease of 22 yuan; the net long position of the top 20 futures holders of eggs is - 9,293 hands, a decrease of 8,128 hands; the egg futures monthly spread (5 - 9) is - 446 yuan/500 kilograms, a decrease of 9 yuan; the futures holding volume of the active egg contract is 179,651 hands, a decrease of 772 hands; the registered warehouse receipt volume of eggs is 0 hands, unchanged [2] 3.2 Spot Market - The egg spot price is 3.75 yuan/jin, a decrease of 0.09 yuan; the basis (spot - futures) is 794 yuan/500 kilograms, a decrease of 66 yuan [2] 3.3 Upstream Situation - The national laying - hen inventory index is 109.28 (with 2015 = 100), a decrease of 2.75; the national culled laying - hen index is 124.98 (with 2015 = 100), an increase of 23.8; the average price of egg - laying chicken seedlings in the main production areas is 3.2 yuan/feather, an increase of 0.1 yuan; the national new - chick index is 71.99 (with 2015 = 100), a decrease of 21.63; the average price of egg - laying chicken feed is 2.84 yuan/kg, unchanged; the breeding profit of egg - laying chickens is 0.3 yuan/head, an increase of 0.19 yuan; the average price of culled chickens in the main production areas is 9.44 yuan/kg, an increase of 0.38 yuan; the national culled chicken age is 500 days, unchanged [2] 3.4 Industry Situation - The average wholesale price of pork is 18.56 yuan/kg, an increase of 0.12 yuan; the average wholesale price of 28 key - monitored vegetables is 5.51 yuan/kg, a decrease of 0.05 yuan; the average wholesale price of white - striped chickens is 17.17 yuan/kg, a decrease of 0.18 yuan; the weekly inventory in the circulation link is 1.07 days, an increase of 0.02 days; the weekly inventory in the production link is 1.02 days, an increase of 0.05 days; the monthly export volume of fresh eggs is 14,898.72 tons, an increase of 1,853.2 tons [2] 3.5 Downstream Situation - The weekly consumption volume of eggs in the sales area is 7,210 tons, a decrease of 165 tons [2] 3.6 Industry News - The average price of eggs in Shandong, the main production area, is 7.53 yuan/kg, a decrease of 0.16 yuan from yesterday; the average price of eggs in Hebei is 7.23 yuan/kg, a decrease of 0.17 yuan from yesterday; the average price of eggs in Guangdong is 7.47 yuan/kg, a decrease of 0.20 yuan from yesterday; the average price of eggs in Beijing is 7.94 yuan/kg, a decrease of 0.24 yuan from yesterday [2]

1. Report Industry Investment Rating - No information provided on the industry investment rating 2. Core View of the Report - The current high inventory of laying hens is still at a high level. The Spring Festival stocking sentiment has reached its peak, leading to a decline in inventory at all levels, some inventories have been cleared, and traders are more active in purchasing, accelerating the turnover speed. Egg prices have risen significantly, and the profits of the breeding end have improved, which has increased the enthusiasm for chick replenishment and slightly slowed down the enthusiasm for old chicken culling, weakening the expectation of inventory decline. The market is in a game between the boost of the continuous rise in spot prices and the pressure of high inventory, adding market volatility, and it is recommended to participate in the short - term [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active contract of egg futures is 2,975 yuan/500 kilograms, a decrease of 27 yuan; the net long position of the top 20 futures holders of eggs is - 1,165 hands, a decrease of 3,655 hands; the egg futures monthly spread (5 - 9) is - 437 yuan/500 kilograms, an increase of 14 yuan; the trading volume of the active contract of egg futures is 180,423 hands, a decrease of 20,064 hands; the registered warehouse receipt volume is 0 hands [2] 3.2 Spot Market - The spot price of eggs is 3.84 yuan/jin, a decrease of 0.28 yuan; the basis (spot - futures) is 860 yuan/500 kilograms, a decrease of 249 yuan [2] 3.3 Upstream Situation - The national laying hen inventory index is 109.28 (with 2015 = 100), a decrease of 2.75; the national culling laying hen index is 124.98 (with 2015 = 100), an increase of 23.8; the average price of laying hen chicks in the main producing areas is 3.1 yuan/feather, an increase of 0.1 yuan; the national new chick index is 71.99 (with 2015 = 100), a decrease of 21.63; the average price of laying hen feed is 2.84 yuan/kg, unchanged; the breeding profit of laying hens is 0.11 yuan/hen, an increase of 0.19 yuan; the average price of culled chickens in the main producing areas is 9.06 yuan/kg, an increase of 0.28 yuan; the culling chicken age is 500 days, unchanged [2] 3.4 Industry Conditions - The average wholesale price of pork is 18.44 yuan/kg, a decrease of 0.17 yuan; the average wholesale price of 28 key - monitored vegetables is 5.56 yuan/kg, a decrease of 0.06 yuan; the average wholesale price of white - striped chickens is 17.35 yuan/kg, an increase of 0.07 yuan; the weekly inventory in the circulation link is 1.07 days, an increase of 0.02 days; the weekly inventory in the production link is 1.02 days, an increase of 0.05 days; the monthly export volume of fresh eggs is 14,898.72 tons, an increase of 1,853.2 tons [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales area is 7,210 tons, a decrease of 165 tons [2] 3.6 Industry News - Today, the average price of eggs in Shandong, the main producing area, is 7.69 yuan/kg, a decrease of 0.66 yuan from yesterday; the average price of eggs in Hebei is 7.41 yuan/kg, a decrease of 0.36 yuan from yesterday; the average price of eggs in Guangdong is 7.67 yuan/kg, a decrease of 0.80 yuan from yesterday; the average price of eggs in Beijing is 8.18 yuan/kg, a decrease of 0.32 yuan from yesterday [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The continued losses of the breeding side have led to a decline in replenishment enthusiasm and an increase in the number of old chicken culls. The egg - laying hen inventory has continued to decline from a high level, and the market sentiment has slightly improved. The current replenishment enthusiasm of the breeding side is still lower than the same period last year, which is beneficial to the long - term price. However, the current inventory of laying hens in production is still at a high level. Recently, the Spring Festival stocking sentiment has reached its peak, the inventory at each link has decreased, and some inventories have been cleared. Traders are more active in taking goods, and the turnover speed has accelerated. Egg prices have risen significantly, and the profits of the breeding side have improved, which has slightly slowed down the enthusiasm for culling old chickens. High production capacity still restricts the performance of the near - month market price. From a market perspective, recently, boosted by the continuous rise in spot prices, the market has also oscillated strongly, but the high inventory pressure continues to affect the market trend. It is advisable to participate mainly in short - term long positions [2] 3. Summary of Relevant Catalogs 3.1 Futures Market - The futures closing price (active contract) of eggs is 3069 yuan/500 kilograms, with a month - on - month increase of 23; the net long position of the top 20 futures holders of eggs is 12,568 lots, with a month - on - month increase of 2282; the egg futures monthly spread (5 - 9) is - 387 yuan/500 kilograms, with a month - on - month increase of 32; the futures trading volume (active contract) of eggs is 268,815 lots, with a month - on - month decrease of 2182; the registered warehouse receipt volume of eggs is 0 lots, with no month - on - month change [2] 3.2 Spot Market - The spot price of eggs is 3.92 yuan/jin, with a month - on - month increase of 0.01; the basis (spot - futures) is 846 yuan/500 kilograms, with a month - on - month decrease of 15 [2] 3.3 Upstream Situation - The national laying hen inventory index is 109.28 (with 2015 = 100), with a month - on - month decrease of 2.75; the national culled laying hen index is 124.98 (with 2015 = 100), with a month - on - month increase of 23.8; the average price of laying hen chicks in the main production areas is 3.1 yuan/feather, with a week - on - week increase of 0.1; the national new - born chick index is 71.99 (with 2015 = 100), with a month - on - month decrease of 21.63; the average price of laying hen compound feed is 2.84 yuan/kg, with no week - on - week change; the breeding profit of laying hens is 0.11 yuan/head, with a week - on - week increase of 0.19; the average price of culled chickens in the main production areas is 9.06 yuan/kg, with a week - on - week increase of 0.28; the average age of culled chickens nationwide is 500 days, with no month - on - month change [2] 3.4 Industry Situation - The average wholesale price of pork is 18.65 yuan/kg, with a day - on - day increase of 0.16; the average wholesale price of 28 key - monitored vegetables is 5.61 yuan/kg, with a day - on - day decrease of 0.06; the average wholesale price of white - striped chickens is 16.93 yuan/kg, with a day - on - day decrease of 0.46; the weekly inventory in the circulation link is 1.07 days, with a week - on - week increase of 0.02; the weekly inventory in the production link is 1.02 days, with a week - on - week increase of 0.05; the export volume of fresh eggs in the current month is 14,898.72 tons, with a month - on - month increase of 1853.2 [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales area is 7210 tons, with a week - on - week decrease of 165 [2] 3.6 Industry News - Today, the average price of eggs in Shandong, the main production area, is 7.91 yuan/kg, unchanged from yesterday; the average price of eggs in Hebei is 7.27 yuan/kg, a decrease of 0.02 from yesterday; the average price of eggs in Guangdong is 8.27 yuan/kg, unchanged from yesterday; the average price of eggs in Beijing is 7.84 yuan/kg, unchanged from yesterday [2]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report The market is in a game between weak reality and strong expectations. In the short - term, the near - month contracts may be in a wide - range low - level oscillation state. The far - month contracts are expected to perform better than the near - month ones due to the expected decline in production capacity, and investors can try to go long on the far - month contracts with a light position [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The futures closing price (active contract) of eggs is 3066 yuan/500 kilograms, with a month - on - month increase of 59 [2]. - The net long position of the top 20 futures holders of eggs is 4977 lots, with a month - on - month increase of 16845 [2]. - The registered warehouse receipt volume of eggs is - 408 lots, with a month - on - month decrease of 8 [2]. - The futures position volume (active contract) of eggs is 260145 lots, with a month - on - month decrease of 4638 [2]. 3.2 Spot Market - The spot price of eggs is 3.54 yuan/jin, with a month - on - month increase of 0.04 [2]. - The basis (spot - futures) is 477 yuan/500 kilograms, with a month - on - month decrease of 16 [2]. 3.3 Upstream Situation - The laying hen inventory index nationwide is 112.03 (with 2015 = 100), with a month - on - month decrease of 2.21 [2]. - The culled laying hen index nationwide is 101.18 (with 2015 = 100), with a month - on - month decrease of 13.26 [2]. - The average price of laying hen chicks in the main producing areas is 2.9 yuan per chick, with a week - on - week increase of 0.1 [2]. - The new chick index nationwide is 93.62 (with 2015 = 100), with a month - on - month increase of 26.53 [2]. - The average price of laying hen compound feed is 2.8 yuan/kg, with no week - on - week change [2]. - The breeding profit of laying hens is - 0.29 yuan per hen, with a week - on - week increase of 0.1 [2]. - The average price of culled chickens in the main producing areas is 8.16 yuan/kg, with a week - on - week increase of 0.26 [2]. - The average age of culled chickens nationwide is 500 days, with a month - on - month decrease of 10 [2]. 3.4 Industry Situation - The average wholesale price of pork is 18 yuan/kg, with a day - on - day decrease of 0.06 [2]. - The average wholesale price of 28 key - monitored vegetables is 5.5 yuan/kg, with a day - on - day decrease of 0.01 [2]. - The average wholesale price of white - striped chickens is 17.58 yuan/kg, with a day - on - day decrease of 0.2 [2]. - The weekly inventory in the circulation link is 1.21 days, with a week - on - week increase of 0.09 [2]. - The weekly inventory in the production link is 1.09 days, with a week - on - week increase of 0.09 [2]. - The monthly export volume of fresh eggs is 13394.53 tons, with a month - on - month increase of 178.74 [2]. 3.5 Downstream Situation The weekly consumption volume of eggs in the sales areas is 7377 tons, with no week - on - week change [2]. 3.6 Industry News - The average price of eggs in Shandong, the main producing area, is 7.09 yuan/kg, unchanged from yesterday [2]. - The average price of eggs in Hebei is 6.60 yuan/kg, up 0.05 yuan from yesterday [2]. - The average price of eggs in Guangdong is 7.67 yuan/kg, up 0.20 yuan from yesterday [2]. - The average price of eggs in Beijing is 7.04 yuan/kg, unchanged from yesterday [2]. - Continuous losses in the breeding end have led to a decline in replenishment enthusiasm and an increase in the number of old hens culled, and the laying hen inventory has continued to decline from a high level, with the market atmosphere slightly improving [2].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoint - The continuous losses at the breeding end have led to a decline in the enthusiasm for replenishment and an increase in the number of old chicken culls. The laying hen inventory has continued to decline from a high level, and the market atmosphere has slightly improved. The current enthusiasm for replenishment at the breeding end is still lower than the same period last year, which is beneficial to the forward price. However, the current inventory of laying hens in production is still at a high level, and the recent continuous recovery of egg prices has slightly slowed down the enthusiasm for culling old chickens. The high production capacity still restricts the performance of the near - month market price. Overall, the market is in a game between weak reality and strong expectations. In the short term, the near - month contract may be in a wide - range low - level shock state. The far - month contract is expected to perform better than the near - month contract under the expectation of declining production capacity, and it is advisable to try to go long on the far - month contract with a light position [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the active egg futures contract is 3007 yuan/500 kilograms, with a month - on - month increase of 17; the net long position of the top 20 futures holders for eggs is - 11868 hands; the egg futures spread between May and September is - 400 yuan/500 kilograms, with a month - on - month increase of 1; the egg futures open interest of the active contract is 264783 hands, with a month - on - month decrease of 7366; the registered warehouse receipt volume for eggs is 0 hands, with a month - on - month decrease of 3 [2] 3.2 Spot Market - The spot price of eggs is 3.5 yuan/jin, with a month - on - month increase of 0.02; the basis (spot - futures) is 493 yuan/500 kilograms, with a month - on - month increase of 7 [2] 3.3 Upstream Situation - The national laying hen inventory index (monthly, 2015 = 100) is 112.03, with a month - on - month decrease of 2.21; the national culled laying hen index (monthly, 2015 = 100) is 101.18, with a month - on - month decrease of 13.26; the average price of laying hen chicks in the main production areas (weekly, yuan/feather) is 2.9, with a month - on - month increase of 0.1; the national new - hatched chick index (monthly, 2015 = 100) is 93.62, with a month - on - month increase of 26.53; the average price of laying hen compound feed (weekly, yuan/kg) is 2.8, with no change; the breeding profit of laying hens (weekly, yuan/head) is - 0.29, with a month - on - month increase of 0.1; the average price of culled chickens in the main production areas (weekly, yuan/kg) is 8.16, with a month - on - month increase of 0.26; the culled chicken age in the whole country (monthly, days) is 500, with a month - on - month decrease of 10 [2] 3.4 Industry Situation - The average wholesale price of pork (daily, yuan/kg) is 18.06, with a month - on - month increase of 0.02; the average wholesale price of 28 key - monitored vegetables (daily, yuan/kg) is 5.51, with no change; the average wholesale price of white - striped chickens (daily, yuan/kg) is 17.78, with a month - on - month increase of 0.07; the weekly inventory in the circulation link (weekly, days) is 1.21, with a month - on - month increase of 0.09; the weekly inventory in the production link (weekly, days) is 1.09, with a month - on - month increase of 0.09; the monthly export volume of fresh eggs (monthly, tons) is 13394.53, with a month - on - month increase of 178.74 [2] 3.5 Downstream Situation - The weekly consumption volume of eggs in the sales areas (weekly, tons) is 7377, with no change [2] 3.6 Industry News - Today, the average price of eggs in Shandong, the main production area, is 7.09 yuan/kg, up 0.03 from yesterday; the average price of eggs in Hebei is 6.55 yuan/kg, up 0.04 from yesterday; the average price of eggs in Guangdong is 7.47 yuan/kg, unchanged from yesterday; the average price of eggs in Beijing is 7.04 yuan/kg, unchanged from yesterday [2]

1. Industry Investment Rating - No information provided 2. Core View - The market is in a game between weak reality and strong expectations. The short - term near - month contracts may be in a state of wide - range low - level oscillation. The far - month contracts are expected to perform better than the near - month ones under the expectation of declining production capacity, and it is advisable to try to go long on the far - month contracts with a light position [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the active futures contract for eggs is 3020 yuan/500 kilograms, a decrease of 20 yuan compared to the previous period; the net long position of the top 20 futures holders for eggs is - 20024 hands, a decrease of 1369 hands; the monthly spread (5 - 9) of egg futures is - 384 yuan/500 kilograms, an increase of 9 yuan; the futures open interest of the active contract for eggs is 270221 hands, an increase of 19367 hands; the registered warehouse receipt volume for eggs is 5 hands, a decrease of 2 hands [2] 3.2 Spot Market - The spot price of eggs is 3.4 yuan/jin, an increase of 0.09 yuan; the basis (spot - futures) is 377 yuan/500 kilograms, an increase of 115 yuan [2] 3.3 Upstream Situation - The laying hen inventory index nationwide is 112.03 (with 2015 = 100), a decrease of 2.21; the culled laying hen index nationwide is 101.18 (with 2015 = 100), a decrease of 13.26; the average price of laying hen chicks in the main producing areas is 2.9 yuan/feather, an increase of 0.1 yuan; the new chick index nationwide is 93.62 (with 2015 = 100), an increase of 26.53; the average price of laying hen compound feed is 2.8 yuan/kilogram, unchanged; the breeding profit of laying hens is - 0.29 yuan/hen, an increase of 0.1 yuan; the average price of culled hens in the main producing areas is 8.16 yuan/kilogram, an increase of 0.26 yuan; the culled hen age nationwide is 500 days, a decrease of 10 days [2] 3.4 Industry Situation - The average wholesale price of pork is 17.83 yuan/kilogram, a decrease of 0.14 yuan; the average wholesale price of 28 key - monitored vegetables is 5.51 yuan/kilogram, a decrease of 0.02 yuan; the average wholesale price of white - striped chickens is 17.67 yuan/kilogram, an increase of 0.07 yuan; the weekly inventory in the circulation link is 1.21 days, an increase of 0.09 days; the weekly inventory in the production link is 1.09 days, an increase of 0.09 days; the export volume of fresh eggs in the current month is 13394.53 tons, an increase of 178.74 tons [2] 3.5 Downstream Situation - The weekly consumption volume of eggs in the sales area is 7377 tons, unchanged [2] 3.6 Industry News - Today, the average price of eggs in Shandong, the main producing area, is 6.77 yuan/kilogram, an increase of 0.23 yuan compared to yesterday; in Hebei, it is 6.37 yuan/kilogram, an increase of 0.22 yuan; in Guangdong, it is 7.47 yuan/kilogram, an increase of 0.40 yuan; in Beijing, it is 6.84 yuan/kilogram, an increase of 0.24 yuan. The continuous losses of the breeding end have led to a decline in the enthusiasm for replenishment and an increase in the culling volume of old hens, and the laying hen inventory has continued to decline from a high level, with a slight improvement in the market atmosphere [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The spot price remains low, and the breeding end is still in a loss state, with poor replenishment enthusiasm, which is favorable for the forward price. However, the New Year's Day stocking has started, and the demand has rebounded slightly due to the low temperature in the north. The slaughter and food processing have slightly replenished their inventories, boosting the spot price to rise from the low level. The current in - production inventory of laying hens is still at a high level, and the elimination of old hens has slowed down slightly. The high production capacity still restricts the performance of the near - month market price. Overall, the market is in a game between weak reality and strong expectations. The near - month contract may be in a wide - range shock state in the short term, and the far - month contract is expected to perform better than the near - month contract under the expectation of declining production capacity. One can try to go long on the far - month contract with a light position [2] Summary by Directory Futures Market - The closing price of the active egg futures contract is 2941 yuan/500 kilograms, a decrease of 16 yuan; the net long position of the top 20 futures holdings is - 40491 hands, an increase of 4500 hands; the egg futures monthly spread (5 - 9) is - 498 yuan/500 kilograms, an increase of 7 yuan; the futures holding volume of the active contract is 141967 hands, a decrease of 11686 hands; the registered warehouse receipt volume is 0 hands, unchanged [2] Spot Market - The spot price of eggs is 3.1 yuan/jin, an increase of 0.13 yuan; the basis (spot - futures) is 157 yuan/500 kilograms, an increase of 142 yuan [2] Upstream Situation - The national laying hen inventory index is 112.03 (with 2015 = 100), a decrease of 2.21; the national eliminated laying hen index is 101.18 (with 2015 = 100), a decrease of 13.26; the average price of laying hen chicks in the main production areas is 2.8 yuan/feather, unchanged; the national new chick index is 93.62 (with 2015 = 100), an increase of 26.53; the average price of laying hen compound feed is 2.8 yuan/kg, unchanged; the breeding profit of laying hens is - 0.47 yuan/head, a decrease of 0.11 yuan; the average price of eliminated chickens in the main production areas is 7.74 yuan/kg, a decrease of 0.16 yuan; the age of eliminated chickens is 500 days, a decrease of 10 days [2] Industry Situation - The average wholesale price of pork is 17.67 yuan/kg, an increase of 0.24 yuan; the average wholesale price of 28 key - monitored vegetables is 5.68 yuan/kg, a decrease of 0.12 yuan; the average wholesale price of white - striped chickens is 17.54 yuan/kg, a decrease of 0.54 yuan; the weekly inventory in the circulation link is 1.21 days, an increase of 0.09 days; the weekly inventory in the production link is 1.09 days, an increase of 0.09 days; the monthly export volume of fresh eggs is 13394.53 tons, an increase of 178.74 tons [2] Downstream Situation - The weekly consumption of eggs in the sales area is 7147 tons, an increase of 124 tons [2] Industry News - The average price of eggs in Shandong, the main production area, is 5.98 yuan/kg, an increase of 0.18 yuan compared with yesterday; the average price of eggs in Hebei is 5.60 yuan/kg, unchanged from yesterday; the average price of eggs in Guangdong is 6.73 yuan/kg, an increase of 0.20 yuan compared with yesterday; the average price of eggs in Beijing is 6.00 yuan/kg, unchanged from yesterday. The continuous losses at the breeding end have led to a decline in replenishment enthusiasm and an increase in the elimination of old hens. The laying hen inventory has slightly declined, and the market atmosphere has improved slightly [2]