Group 1: Report Overview - The report is an agricultural product research report focusing on eggs, dated January 12, 2026, by researcher Liu Qiannan [1] Group 2: Market Data Futures Market - JD01 closed at 3300, up 122 from the previous day; JD05 closed at 3578, down 8; JD09 closed at 3962, down 17 [2] - The 01 - 05 spread was -278, up 130; 05 - 09 spread was -384, up 9; 09 - 01 spread was 662, down 139 [2] - The 01 egg/corn ratio was 1.43, up 0.03; 01 egg/bean meal ratio was 1.06, up 0.02; 05 egg/corn ratio was 1.57, down 0.01; 05 egg/bean meal ratio was 1.28, unchanged; 09 egg/corn ratio was 1.72, down 0.01; 09 egg/bean meal ratio was 1.37, down 0.01 [2] Spot Market - The average price in the main production areas was 3.32 yuan/jin, up 0.1 yuan/jin; the average price in the main sales areas was 3.53 yuan/jin, up 0.13 yuan/jin [2][4] - The average price of culled chickens was 4.27 yuan/jin, up 0.21 yuan/jin [2][7] Profit Calculation - The profit per chicken was 13.35 yuan, up 4.73 yuan from the previous day [2] - The average price of culled chickens was 4.27 yuan/jin, up 0.21 yuan/jin; the average price of chicken chicks was 3.21 yuan/feather, up 0.04 yuan; the price of egg - laying chicken vaccines was 3 yuan, unchanged [2] - The average price of corn was 2354 yuan/ton, up 3 yuan; the average price of bean meal was 3190 yuan/ton, unchanged; the price of egg - laying chicken compound feed was 2.61 yuan/kg, up 0.01 yuan [2] Group 3: Fundamental Information - In December, the national laying hen inventory was 1.344 billion, a decrease of 80 million from the previous month, a year - on - year increase of 5%, lower than expected. The monthly output of chicken chicks in sample enterprises was 39.59 million, with little change month - on - month and a year - on - year decrease of 13.9% [5] - From December 18th, the weekly slaughter volume of culled hens in the main production areas was 19.67 million, with little change from the previous week. The average slaughter age of culled hens was 486 days, unchanged from the previous week [5] - As of December 18th, the weekly sales volume of eggs in representative sales areas was 7023 tons, with little change from the previous week, at a low level over the years [5] - As of December 18th, the weekly average profit per jin of eggs was - 0.17 yuan/jin, a slight recovery from the previous week. On December 12th, the expected profit of egg - laying chicken farming was - 11.65 yuan/feather, a decrease of 0.7 yuan/jin from the previous week [6] - As of December 18th, the weekly average inventory in the production link was 1 day, a slight decrease from the previous week; the weekly average inventory in the circulation link was 1.12 days, a slight increase from the previous week [6] Group 4: Trading Logic - Recently, the number of culled chickens has increased, and the previous supply pressure has been relieved. The short - term de - capacity speed is expected to be relatively gentle. However, the demand side has been average recently. The near - month contracts are expected to be mainly volatile and weak, and the far - month May contract can be considered for long - building on dips as the supply pressure eases [8] Group 5: Trading Strategies - Unilateral: The short - term February contract is expected to be range - bound, and the far - month May contract can be considered for long - building on dips [9] - Arbitrage: It is recommended to wait and see [9] - Options: It is recommended to wait and see [9]

Group 1: Precious Metals Market - Gold prices decreased by 0.11% to $4157.61 per ounce, while silver prices increased by 0.07% to $53.3991 per ounce [1] - COMEX gold futures fell by 0.28% to $4153.60 per ounce, and COMEX silver futures rose by 0.47% to $53.165 per ounce [1] - Platinum and palladium saw increases of 1.58% and 1.36%, respectively, with prices at $1614.24 and $1436.28 per ounce [1] Group 2: U.S.-EU Relations - The EU criticized the U.S. for allegedly using coercive tactics to weaken technology regulations in Europe, emphasizing that digital rules are a matter of sovereignty [1] - U.S. Commerce Secretary linked the adjustment of EU tech regulations to the reduction of tariffs on steel and aluminum products [1][2] Group 3: U.S. Federal Reserve Leadership - Kevin Hassett is reported as the leading candidate for the next Federal Reserve Chair, indicating a potential alignment with President Trump's interest in lowering interest rates [3] - Current Fed Chair Jerome Powell's term ends in May 2026, and Trump has expressed dissatisfaction with the Fed's current rate policies [3] Group 4: Federal Reserve Rate Cut Expectations - The probability of a 25 basis point rate cut by the Federal Reserve in December is at 86.9%, with a 13.1% chance of maintaining current rates [4] - By January, the cumulative probability of a 25 basis point cut is 67.3%, while the chance of no change is 9.6% [4] Group 5: Russia-Venezuela Cooperation - Russia and Venezuela signed multiple cooperation agreements across ten sectors, including energy, agriculture, healthcare, and finance [6] - Both countries emphasized their commitment to peace, stability, and fair trade on the international stage [6] Group 6: Egg Market Analysis - Recent trends show a rebound in egg futures prices due to improved expectations and stabilization in spot prices, with the average price rising to 2.91 yuan per jin [8] - Egg inventory levels have shifted from increasing to decreasing, indicating a potential tightening in supply [9] - The current egg supply remains relatively high, but the market anticipates a decline in production as the year-end consumption peak approaches [10]

1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core View of the Report - The recent increase in the number of culled chickens has alleviated the previous supply pressure, but the number of laying hens in production remains high. It is expected that the pace of capacity reduction in the short term will be relatively gradual. Considering that the current spot average price is still around 2.8 - 2.9 yuan per catty, and the main contract in December has already given a certain premium, the expected upside space is relatively limited [8]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices and Spreads**: JD01 closed at 3385, up 48 from the previous close; JD05 closed at 3509, up 17; JD09 closed at 3867, up 8. The 01 - 05 spread was -124, up 31; the 05 - 09 spread was -358, up 9; the 09 - 01 spread was 482, down 40 [2]. - **Ratio of Egg to Feed**: The 01 egg/corn ratio was 1.59, up 0.02; the 01 egg/bean meal ratio was 1.10, down 0.01. The 05 egg/corn ratio was 1.57, up 0.01; the 05 egg/bean meal ratio was 1.24, unchanged. The 09 egg/corn ratio was 1.71, unchanged; the 09 egg/bean meal ratio was 1.32, up 0.00 [2]. 3.2 Spot Market - **Egg Prices**: The average price in the main production areas was 2.87 yuan per catty, up 0.01 yuan per catty from the previous trading day. The average price in the main sales areas was 3.06 yuan per catty, unchanged from the previous trading day. Most of the national mainstream prices remained stable, with prices in various regions such as Beijing, Northeast China, and Shandong remaining stable, and only some local prices showing minor fluctuations [2][4]. - **Culled Chicken Prices**: The average price of culled chickens in the main production areas was 3.99 yuan per catty, down 0.01 yuan per catty from the previous trading day. The prices of culled chickens in different regions showed some fluctuations, with prices in Handan and Shijiazhuang rising, and prices in Jinan and Dezhou falling [2]. 3.3 Fundamental Information - **Laying Hen Inventory**: In October, the national inventory of laying hens in production was 1.359 billion, a decrease of 0.01 billion from the previous month, and an increase of 5.5% year - on - year, lower than the previous expectation. Based on previous replenishment data, the estimated inventory of laying hens in production from November 2025 to February 2026 is approximately 1.359 billion, 1.355 billion, 1.346 billion, and 1.333 billion respectively [5]. - **Chick Hatchling Volume**: In October, the monthly hatchling volume of egg - laying chicks in sample enterprises monitored by Zhuochuang Information (accounting for about 50% of the country) was 39.2 million, with little change month - on - month and a 13% decrease year - on - year [5]. - **Culled Chicken Slaughter Volume and Age**: In the week of October 31, the national slaughter volume of culled laying hens in the main production areas was 20.53 million, an increase of 11% from the previous week. The average culling age of culled chickens was 494 days, a decrease of 5 days from the previous week [5]. - **Egg Sales Volume**: As of the week of October 31, the egg sales volume in the national representative sales areas was 7658 tons, an increase of 2.1% compared to the previous week [5]. - **Profit Situation**: As of October 31, the weekly average profit per catty of eggs was - 0.2 yuan per catty, an increase of 0.02 yuan per catty from the previous week. On October 31, the expected profit of egg - laying hen farming was - 4.82 yuan per bird, an increase of 1.42 yuan per catty from the previous week [6]. - **Inventory Situation**: As of the week of October 31, the weekly average inventory in the production link was 1.04 days, unchanged from the previous week, and the weekly average inventory in the circulation link was 1.1 days, also unchanged from the previous week [6]. 3.4 Trading Strategy - **Single - Side Trading**: It is recommended to wait and see in the short term [9]. - **Arbitrage Trading**: It is recommended to wait and see [10]. - **Options Trading**: It is recommended to wait and see [10].