1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The supply side has a relatively high inventory, and the elimination of old laying hens is slow, resulting in sufficient overall supply. However, with schools fully reopened and factories resuming work, the pre - Qingming Festival stocking has started in advance, significantly boosting the off - season demand. Feed costs have risen, leading farmers to hold back on selling and support prices, causing the spot price to rebound. The rise in spot prices further weakens the expectation of a decline in the laying hen inventory. From a futures perspective, the egg market remains volatile, and short - term trading is recommended [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the active egg futures contract is 3367 yuan/500 kilograms, a decrease of 33; the net long position of the top 20 futures holders is - 5217 hands, a decrease of 5790; the egg futures spread between May and September is - 407 yuan/500 kilograms, a decrease of 1; the trading volume of the active egg futures contract is 170042 hands, a decrease of 2462; the registered warehouse receipt volume is 7 hands [2] 3.2 Spot Market - The egg spot price is 3.22 yuan/jin, with no change; the basis (spot - futures) is - 146 yuan/500 kilograms, an increase of 33 [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 laying hen chicks in the main production areas is 3.5 yuan/feather, with no change; the national new - hatched chick index is 71.99 (with 2015 = 100), a decrease of 21.63; the average price of laying hen compound feed is 2.84 yuan/kg, an increase of 0.04; the egg - laying chicken farming profit is - 0.33 yuan/head, an increase of 0.02; the average price of culled chickens in the main production areas is 10.4 yuan/kg, an increase of 0.52; the national culled chicken age is 500 days, with no change [2] 3.4 Industry Situation - The average wholesale price of 28 key - monitored vegetables is 16.11 yuan/kg, a decrease of 0.07; the average wholesale price of pork is 4.85 yuan/kg, a decrease of 0.03; the average wholesale price of white - striped chickens is 17.46 yuan/kg, an increase of 0.17; the weekly inventory in the circulation link is 1.17 days, a decrease of 0.1; the weekly inventory in the production link is 1.07 days, a decrease of 0.15; the monthly export volume of fresh eggs is 14898.72 tons, an increase of 1853.2 [2] 3.5 Downstream Situation - The weekly egg consumption in the sales areas is 6864 tons, a decrease of 440 [2] 3.6 Industry News - The average egg price in Shandong's main production area is 6.34 yuan/kg, unchanged from yesterday; the average egg price in Hebei is 6.13 yuan/kg, unchanged from yesterday; the average egg price in Guangdong is 7.27 yuan/kg, an increase of 0.20 from yesterday; the average egg price in Beijing is 6.60 yuan/kg, unchanged from yesterday [2]