1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The egg price is stable with a slight decline, and there is a possibility of a fall next week. The price of old hens is mainly stable with limited upward space. The supply pressure is expected to ease, and the near - month contract is expected to fluctuate within a range, while the far - month contracts of April and May can be considered for long - position building at low prices [5][17] 3. Summary by Directory 3.1 First Part: Logical Analysis and Trading Strategies 3.1.1 Spot Analysis - The average price of eggs in the main producing areas this week is 2.8 yuan per catty, down 0.12 yuan from last Friday, and the average price in the main selling areas is 3.13 yuan per catty, down 0.08 yuan from last Friday. The price in the main producing areas first fell and then rose, stimulating bottom - fishing and replenishment demand. The "Double 12" e - commerce festival led to a slight improvement in terminal consumption, but the upward momentum of egg prices has weakened. The price of old hens is stable with a narrow increase, but the downstream demand is weak [5] 3.1.2 Supply Analysis - In the week of December 12, the national main - producing area egg - laying hen culling volume was 19.84 million, a 5% decrease from the previous week. The average culling age of culled chickens in the week of December 12 was 486 days, 2 days less than the previous week. In November, the national in - production egg - laying hen inventory was 1.352 billion, a decrease of 80 million from the previous month, a year - on - year increase of 5.5%, and lower than the previous expectation. The monthly egg - chick hatching volume of sample enterprises in November was 39.55 million, with little change month - on - month and a 13% year - on - year decrease [10] 3.1.3 Cost Analysis - As of December 12, the corn price was around 2356 yuan per ton, the soybean meal price dropped to 3108 yuan per ton, and the comprehensive feed cost was about 2581 yuan per ton, equivalent to about 2.83 yuan per catty of eggs. The egg - laying hen breeding cost increased slightly this week. The average weekly profit per catty of eggs as of December 12 was - 0.19 yuan per catty, a decrease of 0.03 yuan from the previous week. The expected profit of egg - laying hen breeding on December 12 was - 10.95 yuan per bird, a decrease of 0.67 yuan per catty from the previous week [13] 3.1.4 Demand Analysis - Affected by the "Double 12" e - commerce festival, the sales volume in the selling areas increased month - on - month. As of the week of December 5, the egg sales volume in the national representative selling areas was 7127 tons, with little change from the previous week. The production - link inventory decreased month - on - month, and the circulation - link inventory increased month - on - month. As of the week of December 12, the average weekly inventory in the production link was 1.01 days, an increase of 0.03 days from the previous week, and the average weekly inventory in the circulation link was 1.1 days, an increase of 0.05 days from the previous week. The vegetable price index and pork price slightly rebounded [16] 3.1.5 Trading Strategy - The trading logic is that the recent increase in culling volume has alleviated the previous supply pressure. It is expected that the short - term de - capacity speed will be relatively gentle. The near - month contract is expected to fluctuate within a range, and the far - month contracts of April and May can be considered for long - position building at low prices. For unilateral trading, the January contract is expected to fluctuate within a range in the short term, and long - position building can be considered for far - month contracts at low prices. For arbitrage and options, it is recommended to wait and see [17] 3.2 Second Part: Weekly Data Tracking 3.2.1 Inventory (Zhuochuang) - The data shows the in - production egg - laying hen inventory and brooding chick replenishment from 2018 to 2025 [21] 3.2.2 Culling Situation - The data shows the weekly culling volume of egg - laying hens from 2020 to 2025 [22] 3.2.3 Egg - Laying Hen Breeding Situation - It includes the culling age of culled chickens and the average price of egg - chicks in the main producing areas [26] 3.2.4 Spread and Basis - The data shows the basis of January, May, and September contracts, as well as the spreads of 1 - 5, 5 - 9, and 9 - 1 contracts from 2018 to 2025 [29][30][33]