行业 鸡蛋 日期 2026 年 2 月 27 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 021-60635572 hongchenliang@ccb.ccbfutures .com 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 期货从业资格号：F3076808 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The spot price of eggs is about to realize seasonal price increases, which will drive the futures market downward. The near - term contracts may have weak fluctuations due to valuation support, while the far - end contracts have long - term positive expectations, but the path to achieve profits is uncertain. The report maintains a short - selling strategy [11][12]. 3. Summary by Directory 3.1 Week - on - Week Assessment and Strategy Recommendation - **Spot Market**: Last week, domestic egg prices rose first and then stabilized or slightly declined. Pre - holiday stocking demand was released, but as the festival approached, market sales slowed down. Egg prices in different regions showed varying degrees of increase. Next week, egg prices may stabilize first and then decline [11][20]. - **Restocking and Culling**: In December, the number of restocked chickens increased by 0.1% month - on - month to 79.18 million, but decreased by 13.9% year - on - year. The restocking sentiment has improved slightly. The culling of chickens has slowed down, and the average age of chickens has stopped falling and rebounded to 493 days [11][33]. - **Inventory and Trend**: As of the end of December, the inventory of laying hens was 1.344 billion, slightly lower than expected. It is expected that the inventory will peak and decline in the future, dropping to 1.286 billion by May next year, a decrease of 4.3% [11][38]. - **Demand**: Egg prices have reached a phased high, and traders' participation has become more cautious. As the Spring Festival approaches, the sales of eggs will shift from external to internal sales, and attention should be paid to the digestion of internal sales in production areas [11][46]. - **Trading Strategy**: For near - term contracts, adopt a wait - and - see or range - trading approach; for the 05 - 07 contracts, sell on rebounds. The recommended profit - to - loss ratio is 2:1, and the recommended cycle is 1.5 months [13]. 3.2 Futures and Spot Market - **Spot Price Trend**: Domestic egg prices rose first and then stabilized or declined slightly last week. The market supply was normal, with a slight shortage of small eggs and low inventory. Next week, egg prices may stabilize first and then decline [20]. - **Basis and Spread**: Affected by the increase in spot prices, the basis has been significantly repaired. After the spot price rebounded, the near - term contracts were relatively strong, and the spread was suitable for positive arbitrage [23]. - **Culled Chicken Price**: As egg prices rebounded from a low level and farming became profitable, farmers were reluctant to sell, leading to an increase in culled chicken prices and the average age of chickens [26]. - **Chick and Pullet Prices**: With the improvement of market expectations, the current chick prices have started to rise, indicating a slight improvement in restocking sentiment [33]. 3.3 Supply Side - **Egg - Laying Hen Restocking**: In December, the restocking volume increased by 0.1% month - on - month to 79.18 million, but decreased by 13.9% year - on - year. The restocking sentiment has improved slightly [33]. - **Culled Chicken Sales**: Due to the previous low egg prices and farming losses, the culling of chickens increased, but during the pre - Spring Festival stocking season, egg prices rose more than expected, and the culling of chickens slowed down. The average age of chickens has rebounded to 493 days [36]. - **Inventory and Trend**: As of the end of December, the inventory of laying hens was 1.344 billion, slightly lower than expected. It is expected that the inventory will peak and decline in the future, dropping to 1.286 billion by May next year, a decrease of 4.3% [38][41]. 3.4 Demand Side - Egg prices have reached a phased high, and traders' participation has become more cautious. As the Spring Festival approaches, the sales of eggs will shift from external to internal sales, and attention should be paid to the digestion of internal sales in production areas [46]. 3.5 Cost and Profit - The cost is lower year - on - year but rising month - on - month. After the increase in spot prices, the farming profit has significantly recovered to the normal seasonal level [51]. 3.6 Inventory Side - The inventory is basically at a normal or slightly higher seasonal level [56].