Group 1: Report Summary and Investment Suggestions - The egg market showed an upward trend this week, with the closing price of the 2605 contract at 3,502 yuan per 500 kilograms, a rise of 93 yuan per 500 kilograms from last week [6]. - The current school openings and factory resumptions, along with early Qingming Festival stockpiling, have significantly boosted off - season demand. High feed costs support the market, and farmers are reluctant to sell, leading to a rebound in spot prices. However, the rising spot prices weaken the expectation of a decline in laying - hen inventory, and the slow culling of old hens results in sufficient supply and future supply pressure. The egg futures market is expected to remain volatile, and short - term trading is recommended [6]. Group 2: Futures and Spot Market Futures Price and Position - The egg futures May contract fluctuated upwards, with a trading volume of 187,480 lots, an increase of 22,347 lots from last week. The net position of the top 20 traders was +25,899, compared to +576 last week, indicating an increase in net long positions [13]. Futures Warehouse Receipts - As of Friday, the number of registered egg warehouse receipts was 20 [17]. Spot Price and Basis - The egg spot price was reported at 3,418 yuan per 500 kilograms, a rise of 124 yuan per 500 kilograms from last week. The basis between the May active contract futures price and the spot average price was - 84 yuan per ton [23]. Futures Inter - month Spread - The spread between the May and July egg futures contracts was 60 yuan per 500 kilograms, at a relatively high level compared to the same period [27]. Related Commodity Spot Prices - As of March 26, 2026, the average wholesale price of pork was 15.65 yuan per kilogram, a month - on - month decrease of 0.95%. The average wholesale price of 28 key monitored vegetables was 4.78 yuan per kilogram, a month - on - month decrease of 1.65% [33]. Group 3: Industrial Chain Supply - side: Inventory and Replenishment - As of December 31, 2025, the national laying - hen inventory index was 109.28, a month - on - month decrease of 2.45%. The national new - chick index was 71.99, a month - on - month decrease of 23.10% [39]. Culling of Laying Hens - As of December 31, 2025, the national culled laying - hen index was 124.98, a month - on - month increase of 23.52%. The average age of culled hens was 500 days [44]. Feed Raw Material Prices - As of March 26, 2026, the average spot price of corn was 2,452.55 yuan per ton, and the spot price of soybean meal in Fangcheng was 3,260 yuan per ton [48]. Feed Price and Breeding Profit - As of March 27, 2026, the breeding profit of laying hens was - 0.26 yuan per hen. As of March 20, 2026, the average price of laying - hen compound feed was 2.9 yuan per kilogram [54]. Egg - laying Hen Chick and Culled Hen Prices - As of March 20, 2026, the average price of egg - laying hen chicks in the main production areas was 3.6 yuan per chick, and the average price of culled hens was 10.52 yuan per kilogram [58]. Egg Monthly Exports - In February 2026, China's total egg exports were 10,796.37 tons, an increase of 81.63 tons or 0.76% year - on - year compared to 10,714.73 tons in the same period last year, and a decrease of 3,741.98 tons month - on - month compared to 14,538.34 tons in the previous month [63]. Group 4: Representative Company - The report also mentioned the price - earnings ratio change of Xiaoming Co., Ltd [65].

Report Industry Investment Rating - Not provided Core Viewpoints - This week, the egg market showed a narrow - range oscillation with a slight decline. The 2605 contract closed at 3409 yuan per 500 kilograms, a decrease of 24 yuan per 500 kilograms compared to last week. The supply side has a high inventory, and the elimination of old 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. The feed cost has increased, and farmers are reluctant to sell and are holding up prices, leading to a rebound in the spot price. The rise in the spot price further weakens the expectation of a decline in laying hen inventory. The egg market will maintain an oscillating trend, and short - term trading is recommended [6]. Summary by Directory 1. Week - to - Week Summary - **Market Performance**: The egg price showed a narrow - range oscillation with a slight decline. The 2605 contract closed at 3409 yuan per 500 kilograms, down 24 yuan per 500 kilograms from last week [6]. - **Market Outlook**: The supply side has high inventory and slow old - hen elimination, but demand is boosted by school reopenings, factory resumptions, and pre - Qingming stocking. Feed costs have increased, and farmers are holding up prices. The spot price has rebounded, weakening the expectation of a decline in laying hen inventory. The market will maintain an oscillating trend, and short - term trading is recommended [6]. 2. Futures and Spot Market - **Futures Price and Position**: The May contract of egg futures oscillated slightly downwards. The trading volume was 165,133 lots, a decrease of 3,126 lots compared to last week. The net position of the top 20 was +576, and the change in net long positions was not significant [13]. - **Futures Warehouse Receipts**: As of Friday, the number of registered egg warehouse receipts was 5 [17]. - **Spot Price and Basis**: The egg spot price was reported at 3,294 yuan per 500 kilograms, an increase of 167 yuan per 500 kilograms compared to last week. The basis between the May active contract futures price and the spot average price was reported at - 115 yuan per ton [23]. - **Futures Inter - month Spread**: The spread between the May and July contracts of egg futures was reported at - 34 yuan per 500 kilograms, which was at a medium level in the same period [27]. - **Related Product Spot Prices**: As of March 19, 2026, the average wholesale price of pork was reported at 16.11 yuan per kilogram, and the average wholesale price of 28 key - monitored vegetables was reported at 4.85 yuan per kilogram [33]. 3. Industry Chain Situation - **Supply Side - Inventory and Replenishment**: As of December 31, 2025, the national laying hen inventory index was reported at 109.28, a month - on - month decrease of 2.45%. The national new - chick index was reported at 71.99, a month - on - month decrease of 23.10% [39]. - **Elimination Index and Age**: As of December 31, 2025, the national elimination laying hen index was reported at 124.98, a month - on - month increase of 23.52%. The national elimination hen age was reported at 500 days [44]. - **Feed Raw Material Prices**: As of March 19, 2026, the average spot price of corn was reported at 2,455.29 yuan per ton, and the spot price of soybean meal in Fangcheng was reported at 3,370 yuan per ton [48]. - **Feed Price and Breeding Profit**: As of March 13, 2026, the breeding profit of laying hens was reported at - 0.33 yuan per chicken. The average price of laying hen compound feed was reported at 2.84 yuan per kilogram [54]. - **Egg Chicken and Elimination Chicken Prices**: As of March 13, 2026, the average price of laying hen chicks in the main production areas was reported at 3.5 yuan per chick, and the average price of elimination chickens in the main production areas was reported at 10.4 yuan per kilogram [58]. - **Egg Monthly Export Volume**: In January 2026, the total egg export volume was 14,538.34 tons, an increase of 3,317.31 tons compared to the same period last year, a year - on - year increase of 29.56%. It decreased by 360.38 tons compared to the same period last month [64]. 4. Representative Company - **Xiaoming Co., Ltd.**: The report shows the price - to - earnings ratio change of Xiaoming Co., Ltd., but no specific data is provided [66].

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The market is under significant pressure due to the accumulation of inventory in production areas during the Spring Festival holiday, with limited support from the demand side and continuous release of production capacity. The current core strategy is active inventory reduction, and the post - holiday opening prices in various regions have dropped by about 0.5 yuan per catty compared to pre - holiday levels. With the resumption of work and production of enterprises, the market sales have slightly improved, but due to inventory pressure, traders still focus on clearing goods. The egg inventory is at the highest level in the same period, and the supply - side pressure is still high. The short - term spot egg price may continue the pattern of being stable but weak. The egg price on the futures market has slightly declined today and may maintain a volatile trend in the short term, with short - term participation being the main approach [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active egg futures contract is 3239 yuan per 500 kilograms, a decrease of 29 yuan; the net long position of the top 20 futures holders is 3448 hands, an increase of 3062 hands; the egg futures monthly spread (5 - 9) is - 387 yuan per 500 kilograms, a decrease of 9 yuan; the trading volume of the active egg futures contract is 166035 hands, a decrease of 10671 hands; the registered warehouse receipt volume is 14 hands, unchanged [2] 3.2 Spot Market - The spot price of eggs is 2.92 yuan per catty, an increase of 0.02 yuan; the basis (spot - futures) is - 315 yuan per 500 kilograms, an increase of 50 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 per chick, unchanged; the national new - born chick index is 71.99 (with 2015 = 100), a decrease of 21.63; the average price of egg - laying chicken compound feed is 2.8 yuan per kilogram, a decrease of 0.04 yuan; the egg - laying chicken breeding profit is - 0.09 yuan per chicken, a decrease of 0.12 yuan; the average price of culled chickens in the main production areas is 8.86 yuan per kilogram, unchanged; the culling age of chickens is 500 days, unchanged [2] 3.4 Industry Situation - The average wholesale price of pork is 17.93 yuan per kilogram, a decrease of 0.09 yuan; the average wholesale price of 28 key - monitored vegetables is 5.38 yuan per kilogram, unchanged; the average wholesale price of dressed chickens is 17.34 yuan per kilogram, a decrease of 0.12 yuan; the weekly inventory in the circulation link is 1.26 days, unchanged; the weekly inventory in the production link is 1.24 days, a decrease of 0.02 days; the monthly export volume of fresh eggs is 14898.72 tons, an increase of 1853.2 tons [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales area is 6390 tons, a decrease of 871 tons [2] 3.6 Industry News - The average egg price in Shandong, the main production area, is 5.71 yuan per kilogram, unchanged from yesterday; the average egg price in Hebei is 5.56 yuan per kilogram, unchanged; the average egg price in Guangdong is 6.47 yuan per kilogram, unchanged; the average egg price in Beijing is 5.92 yuan per kilogram, unchanged [2]

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - The market is in a game between weak reality and strong expectations. The short - term near - month contracts may be in a wide - range oscillation state, and one 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 2888 yuan/500 kilograms, with a环比 increase of 2 yuan [2] - The net long position of the top 20 futures holders of eggs is - 49587 lots, with a环比 increase of 2623 lots [2] - The monthly spread (5 - 9) of the egg futures is - 512 yuan/500 kilograms, with a环比 decrease of 34 yuan [2] - The futures trading volume (active contract) of eggs is 186319 lots, with a环比 decrease of 1370 lots [2] - The registered warehouse receipt volume of eggs is 0 lots [2] 3.2 Spot Market - The spot price of eggs is 3.06 yuan/jin, with a环比 decrease of 0.06 yuan [2] - The basis (spot - futures) is 167 yuan/500 kilograms, with a环比 decrease of 67 yuan [2] 3.3 Upstream Situation - The laying hen inventory index nationwide is 114.24 (2015 = 100), with a环比 decrease of 1.02 [2] - The culled laying hen index nationwide is 114.44 (2015 = 100), with a环比 decrease of 10.19 [2] - The average price of laying hen chicks in the main production areas is 2.8 yuan per chick, with no change [2] - The new - hatched chick index nationwide is 67.09 (2015 = 100), with a环比 decrease of 9.56 [2] - The average price of laying hen compound feed is 2.8 yuan/kg, with no change [2] - The breeding profit of laying hens is - 0.36 yuan per chicken, with no change [2] - The average price of culled chickens in the main production areas is 7.9 yuan/kg, with a环比 decrease of 0.04 yuan [2] - The age of culled chickens nationwide is 510 days, with a环比 increase of 3 days [2] 3.4 Industry Situation - The average wholesale price of pork is 17.56 yuan/kg, with a环比 increase of 0.03 yuan [2] - The average wholesale price of 28 key - monitored vegetables is 5.83 yuan/kg, with a环比 decrease of 0.04 yuan [2] - The average wholesale price of dressed chickens is 17.92 yuan/kg, with a环比 increase of 0.08 yuan [2] - The weekly inventory in the circulation link is 1.12 days, with a环比 increase of 0.02 days [2] - The weekly inventory in the production link is 1 day, with a环比 decrease of 0.01 days [2] - The export volume of fresh eggs in the current month is 13394.53 tons, with a环比 increase of 178.74 tons [2] 3.5 Downstream Situation - The weekly consumption volume of eggs in the sales areas is 7023 tons, with a环比 decrease of 104 tons [2] 3.6 Industry News - The average price of eggs in Shandong's main production area is 5.99 yuan/kg, down 0.16 yuan from yesterday; in Hebei, it is 5.78 yuan/kg, down 0.08 yuan; in Guangdong, it is 6.53 yuan/kg, unchanged; in Beijing, it is 6.30 yuan/kg, down 0.10 yuan [2] - The continuous losses of 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 slightly decreased, and the market atmosphere has slightly improved [2] 3.7 Key Points to Focus On - There is no news today [2]

Core Insights - The egg price is continuously declining, leading the egg-laying industry into a loss situation, despite an increase in the enthusiasm for replenishing stock among producers [1][2] Group 1: Market Dynamics - In the first half of 2025, the egg market is experiencing a downturn, with producers facing losses, yet the sales of commercial layer chicks increased by 20% year-on-year from January to April [1] - The cash flow cost for egg-laying operations in Hebei is between 2.6 to 2.7 yuan per jin, with prices dropping below this cost since early June, indicating a critical cash flow loss situation [2] - The market sentiment is pessimistic regarding short-term price increases due to high production capacity, with many producers and traders planning to stockpile eggs at low prices in anticipation of a price recovery before the Mid-Autumn Festival [3] Group 2: Production Challenges - The industry is facing a cash flow loss threshold, with daily losses of approximately 500 yuan for every 10,000 hens, highlighting the financial strain on producers [2] - There is a notable increase in the rate of old hen culling, but the overall resilience of producers is evident, as many are opting for molting strategies instead of panic culling [2] - The market is experiencing a supply-demand imbalance, with small-sized eggs being oversupplied and facing sales pressure, while larger eggs are in short supply [3] Group 3: Health Issues - The prevalence of chicken diseases has increased, with infection rates in some areas reaching 30%, leading to a significant drop in egg production rates among affected flocks [4] - The market price for non-productive chickens has decreased from approximately 5 yuan per jin last year to 3.6 yuan per jin, exacerbating the financial pressures on producers [4]