行业 鸡蛋 日期 2026 年 1 月 7 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 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

行业 鸡蛋 日期 2026 年 1 月 6 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 一、行情回顾与操作建议 | 表1：行情回顾 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 合约 | 前结算价 | 开 ...

瑞达期货研究院 「2025.12.26」 鸡蛋市场周报 存栏下滑预期支撑 期价低位略有反弹 研究员：许方莉 期货从业资格号F3073708 期货投资咨询从业证书号 Z0017638 联系电话：0595-86778969 关 注 我 们 获 取 更 多 资 讯 业 务 咨 询 添 加 客 服 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 总结及策略建议 3 来源：瑞达期货研究院 Ø 鸡蛋： Ø 行情回顾：本周鸡蛋震荡收涨，2603合约收盘价为2988元/500千克，较前一周+42元/500千克。 Ø 行情展望：养殖端持续亏损使得补栏积极性下滑且老鸡淘汰量有所增加，蛋鸡存栏小幅回落，市 场氛围略有好转。且现货价格持续偏低，养殖端仍处于亏损状态，市场补栏积极性欠佳，利好远 期价格。不过，当前蛋鸡在产存栏仍然处于高位，老鸡淘汰略有放缓，高产能仍然牵制近月市场 价格表现。总体而言，市场博弈于弱现实与强预期之间。短期近月合约或处于宽幅震荡状态,远月 在产能下滑预期下，表现有望好于近月，可轻仓试多远月。 「 期现市场情况」 期价走势及前二十名持仓 图1、大商所鸡蛋主力合约期货价格走势 图2、大商所 ...

研究所 农产品研发报告 鸡蛋日报 第一部分鸡蛋日报 | 期货市场 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 今收 | | 昨收 | 涨跌 | JD跨月价差 | 今收 | 昨收 | 涨跌 | | JD01 | 3072 | 3027 | 45 | 01-05 | -486 | -514 | 28 | | JD05 | 3558 | 3541 | 17 | 05-09 | -528 | -505 | -23 | | JD09 | 4086 | 4046 | 40 | 09-01 | 1014 | 1019 | -5 | | 今收 | | 昨收 | 涨跌 | | 今收 | 昨收 | 涨跌 | | 01鸡蛋/玉米 | 1.38 | 1.37 | 0.01 | 01鸡蛋/豆粕 | 1.01 | 0.99 | 0.02 | | 05鸡蛋/玉米 | 1.59 | 1.59 | 0.00 | 05鸡蛋/豆粕 | 1.30 | 1.29 | 0.01 | | 09鸡蛋/玉米 | 1.81 | 1.79 | 0.01 | 09鸡蛋/豆粕 ...

Group 1: General Information - Reported industry: Eggs [1] - Report date: December 24, 2025 [2] - Research team: Agricultural products research team including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - Today, the national egg price remained stable. The average price in the main producing areas was 2.97 yuan/jin, down 0.01 yuan/jin from yesterday; the average price in the main selling areas was 3.29 yuan/jin, also down 0.01 yuan/jin from yesterday. The 01 contract fell 1.01% [7] - The 2601 contract had a previous settlement price of 3058, opened at 3045, reached a high of 3045, a low of 3019, and closed at 3027, down 31 or -1.01%, with a trading volume of 18147 and an open interest of 42239, an increase of 4654. The 2602 contract had a previous settlement price of 2897, opened at 2885, reached a high of 2894, a low of 2873, and closed at 2876, down 21 or -0.72%, with a trading volume of 113934 and an open interest of 190357, an increase of 4038. The 2603 contract had a previous settlement price of 2951, opened at 2945, reached a high of 2954, a low of 2925, and closed at 2936, down 15 or -0.51%, with a trading volume of 66149 and an open interest of 178126, an increase of 1359 [7] Core View - In the first half of last week, the spot price of eggs stabilized at a low level and then rose slightly. The price increase areas were mainly concentrated in the two - lake powder egg area, while the red egg price remained stable. From the demand perspective, mid - to late December will gradually enter a small peak season with the expectation of double - holiday stocking. It is expected that the spot price will mainly fluctuate slightly, and neither a callback nor an increase will show a trend [8] - In the futures market, last week, the near - month contracts fluctuated at a low level, and the far - month contracts declined to some extent. Taking the 02 - 08 spread as an example, the current spot - peak season spread on the futures market reached more than 1300, the largest spread for the same period in the past 8 years, indicating that the market has been actively pricing in the expectation that the decline in next year's inventory will drive up the egg price. During the process of the expectation becoming a reality, there will be repeated twists and turns. Considering that the far - month contracts are currently fully priced, it is recommended that long - position investors wait for the far - month contracts to fully adjust before entering the market and adopt a rolling operation strategy. The near - month contracts lack topics. The 02 and 03 contracts are in the absolute off - season, and the positive impact of the inventory inflection point is relatively not obvious. However, for the price to go down, the spot price increase in the peak season of January needs to be lower than expected, and the time has not come. In the short term, there is insufficient driving force, and the contracts may fluctuate at a low level, waiting for the guidance of the spot price increase in January on the near - month contracts [8] Group 3: Industry News Inventory - As of the end of November 2025, the national monthly inventory of laying hens was about 1.352 billion, down 0.52% from the end of October (1.359 billion) and 1.368 billion at the end of September, ending the previous continuous growth. However, compared with 1.284 billion in the same period last year, the year - on - year increase still reached 5.3%, indicating significant pressure on the supply side [9] Replenishment - In November 2025, the monthly output of laying hen chicks of sample enterprises was about 39.55 million, slightly increasing from 39.15 million in October but significantly decreasing by 13.5% compared with 45.69 million in the same period in 2024. The total replenishment in the past 4 months (August to November 2025) was about 157.71 million, compared with about 180.11 million in the same period last year [9] Group 4: Data Overview Elimination Quantity - Recently, the trend of elimination quantity has decreased. According to Zhuochuang Information, in the three weeks up to December 18, the national culling volume of laying hens was 20.82 million, 19.84 million, and 19.67 million respectively, showing a continuous downward trend [17] Elimination Age - As of December 18, the average culling age of laying hens was 486 days, the same as last week and 6 days earlier than last month [17]

免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | 期货市场 | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 2876 | -12 期货前20名持仓:净买单量:鸡蛋(日,手) | -44712 | 4875 | | | 克) 鸡蛋期货月间价差(5-9):(日,元/500千克) | -505 | 7 期货持仓量(活跃合约):鸡蛋(日,手) | 190357 | 4038 | | | 注册仓单量:鸡蛋(日,手) | 0 | 0 | | | | 现货市场 | 鸡蛋现货价格(日,元/斤) | ...

Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Core View of the Report - Affected by the low replenishment in August, the inventory of laying hens has gradually shrunk but remains relatively high. The double 12 e - commerce promotion and New Year's Day holiday effect provide short - term support for demand, but the overall weak consumption pattern remains unchanged. The demand boost is limited. In the short term, the inventory in production and circulation links needs to be digested, and the weak supply - demand balance pattern is difficult to change. It is expected to continue the low - level shock [8][71]. 3. Summary by Relevant Catalogs 3.1走势回顾 - **Futures Price**: Last week, the egg futures market was weak, and the main contract was switched to 2602. As of last Friday's close, the main egg JD2602 contract was reported at 2,886 yuan per 500 kilograms, down 1.03%; the egg JD2601 contract was reported at 3,077 yuan per 500 kilograms, up 0.26% [5][14]. - **Spot Price**: Last week, the egg prices in the national production and sales areas increased month - on - month. The average price in the main production areas was 3.06 yuan per catty, up 0.03 yuan per catty from the previous week, with a growth rate of 0.99%; the average price in the main sales areas was 3.11 yuan per catty, up 0.03 yuan per catty from the previous week, with a growth rate of 0.97% [7][18]. - **Chick Price**: Last week, the average price of commercial chicks in the country was 2.71 yuan per chick, up 0.01 yuan per chick from the previous week, a month - on - month increase of 0.37% and a year - on - year decrease of 39.10% [22]. - **Old Hen Price**: Last week, the old hen price increased month - on - month. The average price of old hens was 4.1 yuan per catty, up 0.02 yuan per catty, with a growth rate of 0.49% [26]. 3.2基本面分析 - **Supply Side** - **Laying Hen Inventory**: In November, the inventory of laying hens decreased month - on - month. As of the end of November, the national inventory of laying hens was about 1.307 billion, a month - on - month decrease of 0.31% and a year - on - year increase of 8.46%. It is expected that the inventory of laying hens in December will still decline slightly [30]. - **Production Area Shipment**: Last week, the shipment volume in the main egg production areas increased month - on - month. The shipment volume in the sample market was 6,357.58 tons, a month - on - month increase of 0.04% and a year - on - year decrease of 17.08% [36]. - **Old Hen Slaughter**: Last week, the slaughter volume of old hens decreased slightly. The total slaughter volume of old hens was 661,100, a month - on - month decrease of 0.08%; the average slaughter age was 488 days, with a maximum of 500 days and a minimum of 475 days [40]. - **Demand Side** - **Sales in Sales Areas**: Last week, the egg sales in the sales areas decreased month - on - month. The egg sales in the representative markets in the sales areas were 6,432.88 tons, a month - on - month decrease of 7.05% and a year - on - year decrease of 3.1% [44]. - **Arrival in Sales Areas**: Last week, the arrival in the Beijing market was 81 trucks, a month - on - month decrease of 11 trucks; the arrival in the Guangdong market was 513 trucks, a month - on - month decrease of 7 trucks [47]. - **Old Hen Slaughter Volume**: Last week, the old hen slaughter volume decreased month - on - month. The old hen slaughter volume of sample slaughter enterprises was 1.9585 million, a decrease of 124,000 from the previous week, a month - on - month decrease of 0.63% [53]. - **Inventory Situation**: As of last Friday, the national production - link inventory was 0.95 days, the same as the previous Friday; the circulation - link inventory was 1.35 days, an increase of 0.09 days from the previous Friday [57]. - **Laying Hen Breeding Cost and Profit**: Last week, the average breeding cost of laying hens was 3.52 yuan per catty, a month - on - month increase of 0.01 yuan per catty, with a growth rate of 0.28%. The breeding profit was - 0.45 yuan per catty, a month - on - month increase of 0.03 yuan per catty, with a growth rate of 6.25%. The national average price of the corn market was 2,310 yuan per ton, a month - on - month decrease of 13 yuan per ton; the national average price of the soybean meal market was 3,122 yuan per ton, a month - on - month increase of 39 yuan per ton [61]. - **Related Products Situation** - **White - Feathered Broiler**: Last week, the average price of white - feathered chicks was 3.39 yuan per chick, up 0.06 yuan per chick from the previous week; the average price of white - feathered broilers was 3.63 yuan per catty, a month - on - month increase of 1.68% [65]. - **817 Small White Chicken**: The national weekly average price of 817 small white chickens was 3.89 yuan per catty, up 0.07 yuan per catty from the previous week, a month - on - month increase of 1.83% [70]. 3.3后市展望 - Affected by the low replenishment in August, the inventory of laying hens has gradually shrunk but remains relatively high. The double 12 e - commerce promotion and New Year's Day holiday effect provide short - term support for demand, but the overall weak consumption pattern remains unchanged. The demand boost is limited. In the short term, the inventory in production and circulation links needs to be digested, and the weak supply - demand balance pattern is difficult to change. It is expected to continue the low - level shock [8][71]. 3.4操作策略 - **Single - Side**: Temporarily wait and see, and continuously pay attention to the old hen elimination rhythm. - **Arbitrage**: None. - **Options**: None [9][72].

瑞达期货研究院 「2025.12.19」 鸡蛋市场周报 老鸡淘汰略有放缓 鸡蛋近月继续走低 研究员：许方莉 期货从业资格号F3073708 期货投资咨询从业证书号 Z0017638 联系电话：0595-86778969 关 注 我 们 获 取 更 多 资 讯 业 务 咨 询 添 加 客 服 目录 1、周度要点小结 2、期现市场 3、产业情况 「 周度要点小结」 总结及策略建议 3 来源：瑞达期货研究院 期价走势及前二十名持仓 图1、大商所鸡蛋主力合约期货价格走势 图2、大商所鸡蛋指数期货前二十名持仓变化 来源：大商所 wind 来源：大商所 瑞达期货研究院 Ø 鸡蛋： Ø 行情回顾：本周鸡蛋震荡收跌，2603合约收盘价为2946元/500千克，较前一周-78元/500千克。 Ø 行情展望：养殖端持续亏损使得补栏积极性下滑且老鸡淘汰量有所增加，蛋鸡存栏小幅回落，市 场氛围略有好转。且现货价格持续偏低，养殖端仍处于亏损状态，市场补栏积极性欠佳，利好远 期价格。不过，当前蛋鸡在产存栏仍然处于高位，老鸡淘汰略有放缓，市场氛围仍然偏悲观，高 产能仍然牵制近月市场价格表现。本周期价继续走低。远月合约博弈于弱现实与强预期之 ...

研究所 农产品研发报告 :liuqiannan_qh@chinastock. com.cn 鸡蛋日报 第一部分鸡蛋日报 | 期货市场 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 今收 | | 昨收 | 涨跌 | JD跨月价差 | 今收 | 昨收 | 涨跌 | | JD01 | 3114 | 3122 | -8 | 01-05 | -420 | -438 | 18 | | JD05 | 3534 | 3560 | -26 | 05-09 | -462 | -492 | 30 | | JD09 | 3996 | 4052 | -56 | 09-01 | 882 | 930 | -48 | | 今收 | | 昨收 | 涨跌 | | 今收 | 昨收 | 涨跌 | | 01鸡蛋/玉米 | 1.40 | 1.40 | 0.00 | 01鸡蛋/豆粕 | 1.01 | 1.01 | 0.00 | | 05鸡蛋/玉米 | 1.58 | 1.59 | -0.01 | 05鸡蛋/豆粕 | 1.27 | 1.29 | -0.02 | | 09 ...

Report Summary 1. Reported Industry - The report focuses on the egg industry [1] 2. Core Viewpoints - The spot market for eggs has stabilized after a period of slight weakness, with expectations of a small peak season in mid - to late December due to double - holiday stocking. Spot prices are expected to fluctuate slightly, with neither significant downward nor upward trends. Futures were relatively weak last week, especially after the egg price in Hubei adjusted downward on Friday. The decline of peak - season contracts is a correction of the previous influx of long positions. Although there are signs of a turning point in the laying - hen inventory, the impact on egg prices will be delayed. The near - month contracts are affected, and the market is currently dominated by short positions. New short positions can focus on the 02 contract, while long positions can consider far - month peak - season contracts after the correction [8] 3. Section Summaries 3.1 Market Review and Operation Suggestions - **Market Review**: Today, the national egg price remained stable. The average price in the main production areas was 3.05 yuan/jin, unchanged from yesterday, and in the main sales areas, it was 3.32 yuan/jin, also unchanged. The 01 contract fell 0.77%. The 2601 contract closed at 3092, down 24 or 0.77%; the 2602 contract closed at 2927, down 9 or 0.31%; the 2603 contract closed at 3008, down 12 or 0.40% [7] - **Operation Suggestions**: New short positions can focus on the 02 contract due to the post - holiday off - season and the lack of a clear upward trend in the spot market. Long positions can look for entry opportunities in far - month peak - season contracts after the correction, using rolling operations. The 01 contract should focus on the stabilization of egg prices after the decline, and its correlation with the spot market will increase in the future [8] 3.2 Industry News - **Inventory**: As of the end of October 2025, the national monthly inventory of laying hens was about 1.359 billion, a 0.66% month - on - month decrease, ending the previous continuous growth trend, but still higher than the same period in 2024 [9] - **Replenishment**: In October 2025, the monthly output of laying - hen chicks from sample enterprises was about 39.15 million, slightly less than in September 2025 and significantly less than the same period in 2024. The total replenishment from July to October 2025 was about 158.14 million, less than the same period last year [9][10] 3.3 Data Overview - **Culling Quantity**: From the three weeks up to November 20, 2025, the national culling quantities were 19.81 million, 19.47 million, and 20.21 million respectively, showing fluctuations but a slight increase overall [15] - **Culling Age**: As of November 20, 2025, the average culling age was 492 days, 1 day earlier than the previous week and 7 days earlier than the previous month, indicating an accelerated culling speed [15]