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 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

农产品研究团队 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 行业 鸡蛋 日期 2026 年 2 月 26 日 021-60635572 .com 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 hongchenliang@ccb.ccbfutures 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 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 数据来源：Wind，建信期货研究中心 今日全国鸡蛋价格企稳，主产区平均价格 2.86 元/斤，较昨日上涨 0.02 元/ 斤；主销区平均价格 3.14 元/斤，较昨日上涨 0 元/斤。04 合约上涨 ...

Group 1: Report Summary - The report is an agricultural product research report focusing on the egg market, dated February 11, 2026, written by researcher Liu Qiannan [1]. Group 2: Market Data Futures Market - JD01 closed at 3787, up 6 from the previous close; JD05 closed at 3375, up 11; JD09 closed at 3797, down 37 [2]. - The 01 - 05 spread was 412, down 5; 05 - 09 spread was -422, up 48; 09 - 01 spread was 10, down 43 [2]. - The 01 egg/corn ratio was 1.66, down 0.01; 01 egg/soybean meal ratio was 1.28, down 0.01. Similar declines were seen in other contracts [2]. Spot Market - The average price in the main producing areas was 3.30 yuan/jin, unchanged, and in the main selling areas was 3.54 yuan/jin, also unchanged [2][4]. - The average price of culled chickens was 4.38 yuan/jin, unchanged [2][5]. Profit Calculation - The average price of culled chickens was 4.38 yuan/jin, unchanged; the average price of chicks was 3.21 yuan, up 0.04 [2]. - The profit per chicken was 12.82 yuan, down 0.05 from the previous day [2]. Group 3: Fundamental Information - The national mainstream egg price remained stable. Beijing's egg prices were reported as stable, and prices in other regions were mostly stable with some fluctuations [4]. - In January, the national laying - hen inventory was 1.344 billion, down 0.08 billion from the previous month but up 5% year - on - year, lower than expected. The monthly chick output of sample enterprises (about 50% of the national total) was 43.22 million, up 9% month - on - month and little changed year - on - year [4]. - From February 6, the weekly culled - hen slaughter in the main producing areas was 16.55 million, up 2% from the previous week, and the average culling age was 495 days, up 2 days [5]. - As of February 5, the weekly egg sales volume in representative selling areas was 7210 tons, down 2.3% from the previous week, at a relatively high level in the same period of previous years [5]. - As of February 5, the weekly average profit per jin of eggs was 0.52 yuan, down 0.14 yuan/jin from the previous week. On February 6, the expected profit of laying - hen farming was - 12.65 yuan/hen, down 0.37 yuan/jin from the previous week [5]. - As of February 5, the weekly average inventory in the production link was 1.02 days, up 0.05 days, and in the circulation link was 1.07 days, up 0.02 days [5]. Group 4: Trading Logic - As the Spring Festival approaches, the Spring Festival stocking is almost over. Due to the previous good profit situation, the market's enthusiasm for culling has decreased, slowing down the overall capacity reduction. Considering the upcoming off - peak consumption season after the Spring Festival, although the inventory has eased, the overall reduction has weakened recently due to the good egg price. It is recommended to consider shorting the June contract on rallies [6]. Group 5: Trading Strategy - Unilateral trading: Consider shorting the June contract on rallies [7]. - Arbitrage: It is recommended to wait and see [7]. - Options: It is recommended to wait and see [7].

1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints of the Report - This week, the egg price fluctuated and declined. The closing price of the 2603 contract was 2904 yuan per 500 kilograms, a decrease of 98 yuan per 500 kilograms compared to the previous week [6]. - The previous low level of replenishment means that the current pressure of newly - opened production is not high, and the laying - hen inventory is still in a declining trend. However, the current inventory of laying hens in production is still at a high level. The previous high enthusiasm for market stocking led to a significant increase in egg prices and improved breeding profits, which increased the enthusiasm for chick replenishment and slightly slowed down the enthusiasm for old - hen culling, weakening the expectation of inventory decline [6]. - Affected by the recent decline in spot prices and high inventory pressure, the futures price continued to weaken this week, adding market volatility. It is recommended to participate in the short - term [6]. 3. Summary by Relevant Catalogs 3.1 Weekly Key Points Summary - The 2603 contract of eggs closed lower with a price of 2904 yuan per 500 kilograms, down 98 yuan per 500 kilograms from the previous week. The laying - hen inventory is expected to decline, but high current inventory, improved breeding profits, increased chick - replenishment enthusiasm and slowed - down old - hen culling weaken this decline expectation. It is recommended to participate in the short - term due to price volatility [6]. 3.2 Futures and Spot Market 3.2.1 Futures Price Trend and Top 20 Positions - The 3 - month contract of egg futures closed lower with a trading volume of 149,120 lots, a decrease of 51,367 lots from last week. The net position of the top 20 changed from a net long of +2,490 to a net short of - 11,114 [13]. 3.2.2 Weekly Egg Futures Warehouse Receipts - As of Friday, the registered warehouse receipt volume of eggs was 0 [17]. 3.2.3 Egg Spot Price and Basis Trend - The egg spot price was reported at 3450 yuan per 500 kilograms, a decrease of 661 yuan per 500 kilograms from last week. The basis between the active 3 - month contract futures price and the spot average price was +546 yuan per ton [23]. 3.2.4 Egg Futures Inter - monthly Spread Change - The 3 - 5 spread of eggs was reported at - 520 yuan per 500 kilograms, generally at a low level in the same period [27]. 3.2.5 Related Commodity Spot Price Trends - As of February 5, 2026, the average wholesale price of pork was reported at 18.48 yuan per kilogram, and the average wholesale price of 28 key monitored vegetables was reported at 5.5 yuan per kilogram [33]. 3.3 Industry Chain Situation 3.3.1 Supply Side: Inventory Index and Replenishment Enthusiasm - As of December 31, 2025, the laying - hen inventory index nationwide was reported at 109.28, a month - on - month decrease of 2.45%. The new - chick index nationwide was reported at 71.99, a month - on - month decrease of 23.10% [39]. 3.3.2 Culled Laying - Hen Index and Culling Age - As of December 31, 2025, the culled laying - hen index nationwide was reported at 124.98, a month - on - month increase of 23.52%. The culling age of hens nationwide was reported at 500 days [44]. 3.3.3 Feed Raw Material Price Trends - As of February 5, 2026, the average spot price of corn was reported at 2368.82 yuan per ton, and the spot price of soybean meal in Fangcheng was reported at 3100 yuan per ton [48]. 3.3.4 Feed Price and Breeding Profit - As of January 30, 2026, the breeding profit of laying hens was reported at 0.3 yuan per hen, and the average price of laying - hen compound feed was reported at 2.84 yuan per kilogram [54]. 3.3.5 Laying - Hen Chick and Culled - Hen Prices - As of January 30, 2026, the average price of laying - hen chicks in the main producing areas was reported at 3.2 yuan per chick, and the average price of culled hens in the main producing areas was reported at 9.44 yuan per kilogram [58]. 3.3.6 Monthly Egg Export Volume - In December 2025, China's total egg export volume was 14,898.72 tons, an increase of 2767.32 tons compared to 12,131.40 tons in the same period of the previous year, a year - on - year increase of 22.81%. It was a month - on - month increase of 1853.21 tons compared to 13,045.52 tons in the previous month [63]. 3.4 Representative Enterprises - Information about the price - earnings ratio change of Xiaoming Co., Ltd. is provided, but no specific analysis is given [65].

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report - As the Spring Festival approaches, the Spring Festival stockpiling is almost over. The good profit situation has reduced the market's enthusiasm for culling, slowing down the overall capacity reduction. Considering that the egg consumption will enter the off - season after the Spring Festival, although the inventory has eased, the overall reduction has weakened recently due to the good egg price performance. It is advisable to consider short - selling the June contract on rallies [8]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices**: JD01 closed at 3756, up 69 from the previous close; JD05 closed at 3385, down 20; JD09 closed at 3863, down 9 [2]. - **Inter - month Spreads**: The 01 - 05 spread was 371, up 89; the 05 - 09 spread was - 478, down 11; the 09 - 01 spread was 107, down 78 [2]. - **Ratio of Egg to Feed**: The 01 egg/corn ratio was 1.66, up 0.03; the 05 egg/corn ratio was 1.49, down 0.01; the 09 egg/corn ratio was 1.68, unchanged. The 01 egg/bean meal ratio was 1.28, up 0.01; the 05 egg/bean meal ratio was 1.24, down 0.01; the 09 egg/bean meal ratio was 1.35, down 0.01 [2]. 3.2 Spot Market - **Egg Prices**: The average price in the main producing areas was 3.46 yuan/jin, down 0.09 yuan/jin from the previous trading day. The average price in the main selling areas was 3.62 yuan/jin, down 0.12 yuan/jin. Egg prices in different regions showed a mixed trend of decline and stability [2][4]. - **Culled Chicken Prices**: The average price of culled chickens in the main producing areas was 4.38 yuan/jin, down 0.05 yuan/jin from the previous trading day [2][7]. 3.3 Profit Calculation - The average price of culled chickens was 4.38 yuan/jin, down 0.05 yuan/jin; the average price of chicks was 3.21 yuan/feather, up 0.04 yuan; the price of laying hen vaccines was 3 yuan, unchanged. The profit per feather was 18.89 yuan, down 3.62 yuan. The average price of corn was 2372 yuan, down 1 yuan; the average price of bean meal was 3178 yuan, unchanged; the price of laying hen compound feed was 2.61 yuan, unchanged [2]. 3.4 Fundamental Information - **Egg Prices**: The average price in the main producing areas was 3.46 yuan/jin, down 0.09 yuan/jin, and in the main selling areas was 3.62 yuan/jin, down 0.12 yuan/jin. The national mainstream prices showed a mixed trend of decline and stability [4]. - **Laying Hen Inventory**: In December, the national inventory of laying hens 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 laying hen chicks in sample enterprises (about 50% of the country) was 39.59 million, with little change month - on - month and a year - on - year decrease of 13.9% [5]. - **Culled Chicken Data**: In the week of January 16, the number of culled chickens in the main producing areas was 17.33 million, with little change from the previous week. The average culling age was 485 days, an increase of 1 day from the previous week [5]. - **Egg Sales**: As of the week of January 16, the egg sales in representative selling areas were 7391 tons, a decrease of 2.6% from the previous week, at a historical low [5]. - **Profit and Inventory**: As of January 15, the weekly average profit per jin of eggs was 0.13 yuan/jin, an increase of 0.26 yuan. On January 9, the expected profit of laying hen farming was - 14.14 yuan/feather, a decrease of 0.41 yuan/jin from the previous week. The average weekly inventory in the production link was 0.97 days, slightly reduced from the previous week, and the average weekly inventory in the circulation link was 1.05 days, also slightly reduced [6]. 3.5 Trading Logic - As the Spring Festival approaches, the Spring Festival stockpiling is almost over. The good profit situation has reduced the market's enthusiasm for culling, slowing down the overall capacity reduction. The number of culled chickens in the main producing areas in the week of January 23 was 16.27 million, a decrease of 5% from the previous week. The average culling age was 490 days, an increase of 5 days from the previous week. Considering the off - season of egg consumption after the Spring Festival, it is advisable to consider short - selling the June contract on rallies [8]. 3.6 Trading Strategies - **Single - side Trading**: Consider short - selling the June contract on rallies [9]. - **Arbitrage**: It is recommended to wait and see [9]. - **Options**: It is recommended to wait and see [10].

1. Report's Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Near the Spring Festival, the overall demand for egg spot has been good recently, with spot prices rising. The profit situation is favorable, leading to a decrease in market culling enthusiasm. Considering that the egg consumption season will enter a slack period after the Spring Festival, although the inventory situation has improved, the overall reduction has weakened due to the recent good egg prices. It is advisable to short the June contract on rallies [8]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Futures prices of JD01, JD05, and JD09 remained unchanged from the previous trading day, with closing prices of 3683, 3445, and 3882 respectively. The spreads between different months also remained stable, such as 01 - 05 at 238, 05 - 09 at -437, and 09 - 01 at 199. The ratios of egg to corn and egg to soybean meal for different contracts also showed no change [2]. 3.2 Spot Market - The average price of eggs in the main production areas was 3.63 yuan/jin, a decrease of 0.08 yuan/jin from the previous trading day, and the average price in the main sales areas was 3.86 yuan/jin, a decrease of 0.13 yuan/jin. The national mainstream egg prices continued to decline, with prices in various regions such as Beijing, Northeast China, and Shandong mostly falling. The average price of culled chickens in the main production areas was 4.38 yuan/jin, a decrease of 0.05 yuan/jin from the previous trading day [2][4]. 3.3 Fundamental Information - In December, the national laying - hen inventory was 1.344 billion, a decrease of 0.08 billion from the previous month, a year - on - year increase of 5%, and lower than expected. The monthly output of laying - hen chicks in sample enterprises monitored by Zhuochuang Information in December was about 39.59 million, with little change month - on - month and a year - on - year decrease of 13.9%. From January 16th, the weekly culling volume of laying hens in the main production areas was about 17.33 million, with little change from the previous week, and the average culling age was 485 days, an increase of 1 day from the previous week. As of January 16th, the weekly egg sales volume in representative sales areas was 7391 tons, a decrease of 2.6% from the previous week, at a historical low. As of January 15th, the weekly average profit per jin of eggs was 0.13 yuan/jin, an increase of 0.26 yuan from the previous week, and the expected profit of egg - laying chicken farming on January 9th was - 14.14 yuan/feather, a decrease of 0.41 yuan/jin from the previous week. As of January 15th, the weekly average inventory in the production link was 0.97 days, and in the circulation link was 1.05 days, both slightly decreased from the previous week [5][6]. 3.4 Trading Logic - Near the Spring Festival, the overall demand for egg spot is good, with prices rising. The profit situation is favorable, and the culling enthusiasm has decreased. The culling volume of laying hens in the main production areas from January 23rd was 16.27 million, a decrease of 5% from the previous week, and the average culling age was 490 days, an increase of 5 days from the previous week. Considering the post - Spring Festival egg consumption slack period, it is advisable to short the June contract on rallies [8]. 3.5 Trading Strategies - Unilateral: Consider shorting the June contract on rallies. - Arbitrage: It is recommended to wait and see. - Options: It is recommended to wait and see [9].

1. Report Information - Report Industry: Eggs [1] - Report Date: February 3, 2026 [2] - Research Team: Agricultural Products Research Team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] 2. Investment Rating - No investment rating information provided in the report. 3. Core Viewpoints - The peak of the current round of spot egg prices has likely emerged, and the futures price is mainly based on the expectation that the post - New Year's Day spot price will average around 3 yuan. Future price fluctuations will mainly affect the basis, and it is difficult to drive significant price movements in the futures market unless the expectation changes. - The seesaw effect between the near - and far - month contracts will continue, but the market rhythm is difficult to control and may be volatile. - Before the Spring Festival, the overall strategy should be range - bound trading, and there is no suggestion for unilateral trends [8]. 4. Section Summaries 4.1. Market Review and Operation Suggestions - **Market Review**: The 03, 04, and 05 egg contracts closed at 2975, 3206, and 3445 respectively, with changes of - 1.13%, - 1.26%, and + 0.17% compared to the previous settlement. The trading volumes were 172,097, 82,748, and 56,761, and the open interests were 180,423, 165,667, and 100,859, with changes of - 20,064, + 558, and + 3,807 respectively. The average spot price in the main production areas was 3.77 yuan/jin, down 0.27 yuan/jin from the previous day, and in the main sales areas was 4.07 yuan/jin, down 0.24 yuan/jin from the previous day [7][8]. - **Operation Suggestions**: Adopt range - bound trading strategies before the Spring Festival, with no suggestion for unilateral trends [8]. 4.2. Industry News - **Inventory**: As of the end of December 2025, the national monthly inventory of laying hens was about 1.344 billion, a month - on - month decrease of 0.59% and a year - on - year increase of 5.00%. - **Replenishment**: In December 2025, the monthly output of layer chicks from sample enterprises was about 39.59 million, basically the same as in November 2025 but significantly lower than the 45.98 million in the same period of 2024. The total replenishment volume from September to December 2025 was about 157.49 million, lower than the 182.14 million in the same period of the previous year, indicating a potential easing of medium - term production capacity pressure. - **Culling Volume**: The culling volume has been relatively high recently but has slightly declined. The culling volumes in the three weeks up to January 29 were 16.03 million, 16.27 million, and 17.33 million respectively. - **Culling Age**: As of January 29, the average culling age was 493 days, 3 days later than the previous week and 9 days later than the previous month [9][10]. 4.3. Data Overview - The report provides multiple data graphs, including the monthly inventory of laying hens in China, layer farming profits, the average price in the main egg production areas, the seasonal trend of the egg 03 contract, the basis of the egg 03 contract, and the culling age [11][15][16].

1. Report Industry Investment Rating - Not provided in the report 2. Core View of the Report - In January, the egg market was boosted by the Spring Festival stocking effect, with egg prices rising significantly and a strong divergence between the spot and futures markets. In the short - term, the market was in a state of short - term supply - demand tightness, and the low inventory at each stage supported the spot price. The futures market showed a large discount due to the pessimistic expectation of a sharp decline in post - festival demand. In the medium - term, the supply - demand pattern of the egg market in the second quarter is expected to improve marginally, and egg prices are likely to rise in an oscillating manner. The far - month contracts have the potential for valuation repair [7][8][72] - The recommended operation strategies are to remain on the sidelines for single - sided trading, arbitrage, and options trading [8][73] 3. Summary by Relevant Catalogs 3.1 Market Review 3.1.1 Futures Price - In January, the main contract of egg futures switched to JD2603, showing an oscillating trend. The highest price in the month was 3,101 yuan/500 kg, and the lowest was 2,970 yuan/500 kg. As of last Friday, the contract was reported at 3,002 yuan/500 kg, down 1.51% [5][13] 3.1.2 Spot Price - In January, egg prices rose significantly under the boost of the Spring Festival holiday. The average price of eggs in the main producing areas was 3.51 yuan/jin, a month - on - month increase of 0.49 yuan/jin (16.23%); the average price in the main selling areas was 3.52 yuan/jin, a month - on - month increase of 0.45 yuan/jin (14.66%) [7][18] 3.1.3 Basis - As of January 30, the egg basis was 998 yuan/500 kg, at a recent high. The strong performance of the spot market diverged from the futures market [22] 3.1.4 Chicken Chick Price - Driven by the increase in egg prices, the enthusiasm for replenishment in the breeding sector increased significantly in January. The average price of commercial - generation egg - laying chicken chicks was 2.83 yuan per chick, a month - on - month increase of 3.66% and a year - on - year decrease of 36.12% [7][26] 3.1.5 Old Hen Price - In January, the price of old hens oscillated upward, and the breeding sector was reluctant to sell and hold back inventory. The average price of old hens was 4.41 yuan/jin, a month - on - month increase of 0.33 yuan/jin (8.09%) [7][31] 3.1.6 Laying Hen Inventory - In January, the inventory of laying hens was about 1.288 billion, a month - on - month decrease of 0.54% and a year - on - year increase of 5.31%. The inventory of laying hens was still at a high level in the past five - year average, and the supply pressure was not significantly alleviated [35] 3.2 Fundamental Analysis 3.2.1 Supply Side - **Laying Hen Inventory**: The inventory of laying hens in January was about 1.288 billion, a month - on - month decrease of 0.54% and a year - on - year increase of 5.31%. The new production capacity in January corresponded to the chicks replenished in September last year, and the farmers were cautious in replenishing [35] - **Chicken Chick Sales**: In January, the total sales of chicken chicks were 39.18 million, a month - on - month increase of 5.18% [42] - **Old Hen Slaughter**: Affected by the pressure to hold back inventory, the slaughter volume of old hens in January decreased month - on - month. The total slaughter volume of old hens in the sample points was 2.9007 million, a month - on - month decrease of 1.33%. The average slaughter age was 487 days, one day earlier than in December [48] - **Old Hen Slaughter by Enterprises**: Driven by the pre - Spring Festival consumption peak, the overall slaughter volume of the industry increased significantly in January. The total slaughter volume of old hens in sample slaughter enterprises was 10.0792 million, a month - on - month increase of 12.54% [52] 3.2.2 Demand Side - **Vehicle Arrivals in Sales Areas**: Affected by Spring Festival stocking, the downstream market stocked up actively. In January, the number of vehicle arrivals in the Beijing market was 360, a decrease of 40 vehicles (10%) compared with December; the number of vehicle arrivals in the Guangdong market was 2,670, an increase of 23 vehicles (0.87%) compared with the previous month [56] - **Egg Sales in Sales Areas**: In January, the total egg sales in the sales areas were 32.19 thousand tons, a month - on - month increase of 2.76 thousand tons (9.38%) and a year - on - year increase of 60.55% [62] 3.2.3 Egg - Laying Hen Breeding Cost and Profit - In January, the breeding cost of egg - laying hens increased slightly, and the loss margin narrowed significantly. The average breeding cost of egg - laying hens was 133.59 yuan per hen, a month - on - month increase of 0.03 yuan/jin (0.85%), and the breeding profit was - 0.03 yuan/jin, a month - on - month increase of 0.46 yuan/jin [66] 3.2.4 Inventory Situation - In January, the inventory in the production and circulation links decreased month - on - month. As of January 30, the production - link inventory was 0.58 days, a decrease of 0.44 days compared with December; the circulation - link inventory was 0.79 days, a decrease of 0.58 days compared with December [71] 3.3 Market Outlook and Operation Strategies 3.3.1 Market Outlook - Since January, the concentrated release of Spring Festival stocking demand, combined with the concentrated release of cold - storage eggs in December and the month - on - month decline in egg - laying hen production capacity, has led to a short - term supply - demand tightness in the market, and the inventory pressure at each stage has been alleviated. Near the end of the month, the improvement in breeding profits has led to a slowdown in the culling of old hens, and the terminal stocking is coming to an end. However, the low inventory at each stage still supports the spot egg price. In the medium - term, the supply - demand pattern of the egg market in the second quarter is expected to improve marginally, and egg prices are likely to rise in an oscillating manner [8][72] 3.3.2 Operation Strategies - **Single - sided Trading**: Remain on the sidelines - **Arbitrage**: Remain on the sidelines - **Options Trading**: Remain on the sidelines [8][73]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The egg market this week saw the futures price of the 2603 contract close lower at 3002 yuan per 500 kilograms, a decrease of 44 yuan per 500 kilograms from the previous week. The market sentiment has slightly improved as the continuous losses of farmers have led to a decline in the enthusiasm for replenishing chicks and an increase in the number of old hens being culled, resulting in a continued decline in the inventory of laying hens. However, the current inventory of laying hens is still at a high level. Recently, the Spring Festival stocking sentiment has reached its peak, leading to a decrease in inventory at all levels, with some inventories being cleared. Traders are more actively purchasing, and the turnover speed has accelerated, causing a significant increase in egg prices and an improvement in farmers' profits. This has led to an increase in the enthusiasm for replenishing chicks and a slight slowdown in the enthusiasm for culling old hens, weakening the expectation of a decline in inventory. From the perspective of the futures market, the market is caught between the boost from the continuous increase in spot prices and the pressure of high inventory, adding to market volatility. It is recommended to participate in the short - term [6]. 3. Summary by Directory 3.1 Week - ly Key Points Summary - **Market Review**: The egg futures price of the 2603 contract closed lower at 3002 yuan per 500 kilograms, down 44 yuan per 500 kilograms from the previous week [6]. - **Market Outlook**: The inventory of laying hens has declined, but the current high inventory, combined with the Spring Festival stocking peak, has led to increased egg prices and improved farmers' profits. This has affected the enthusiasm for replenishing chicks and culling old hens, weakening the expectation of a decline in inventory. The market is volatile, and short - term participation is recommended [6]. 3.2 Futures and Spot Market - **Futures Price and Position**: The egg futures March contract closed lower with a trading volume of 200,487 lots, a decrease of 70,495 lots from the previous week. The net long position of the top 20 decreased from +10,286 to +2,490 [13]. - **Registered Warehouse Receipts**: As of Friday, the number of registered egg warehouse receipts was 0 [17]. - **Spot Price and Basis**: The spot price of eggs was reported at 4,111 yuan per 500 kilograms, an increase of 204 yuan per 500 kilograms from the previous week. The basis between the active March contract futures price and the spot average price was reported at +1,109 yuan per ton [23]. - **Futures Monthly Spread**: The spread between the March and May contracts of eggs was reported at - 416 yuan per 500 kilograms, which is at a relatively low level in the same period [27]. - **Related Commodity Spot Prices**: As of January 29, 2026, the average wholesale price of pork was reported at 18.6 yuan per kilogram, and the average wholesale price of 28 kinds of key - monitored vegetables was reported at 5.58 yuan per kilogram [33]. 3.3 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]. - **Laying Hen Culling Index and Culling Age**: As of December 31, 2025, the national laying hen culling index was reported at 124.98, a month - on - month increase of 23.52%. The national average culling age of hens was reported at 500 days [44]. - **Feed Raw Material Prices**: As of January 29, 2026, the average spot price of corn was reported at 2,376.67 yuan per ton, and the spot price of soybean meal in Fangcheng was reported at 3,140 yuan per ton [48]. - **Feed Prices and Breeding Profits**: As of January 23, 2026, the breeding profit per laying hen was reported at 0.11 yuan, and the average price of laying hen compound feed was reported at 2.84 yuan per kilogram [55]. - **Prices of Laying Hen Chicks and Culled Hens**: As of January 23, 2026, the average price of laying hen chicks in the main production areas was reported at 3.1 yuan per chick, and the average price of culled hens in the main production areas was reported at 9.06 yuan per kilogram [59]. - **Monthly Egg Export Volume**: In December 2025, China's egg export volume was 14,898.72 tons, an increase of 2,767.32 tons compared to the same period last year (12,131.40 tons), a year - on - year increase of 22.81%, and an increase of 1,853.21 tons compared to the previous month (13,045.52 tons) [63]. 3.4 Representative Enterprises - Information on Xiaoming Co., Ltd. includes a chart of its price - to - earnings ratio change, but no specific analysis is provided [65].

1. Report's Industry Investment Rating - Not provided in the report 2. Core View of the Report - Near the Spring Festival, the overall spot demand for eggs has been strong, leading to price increases. However, after the Spring Festival, as it enters the off - season for egg consumption and the pace of capacity reduction may slow down, egg prices are likely to face pressure. Futures far - month contracts may also face pressure [5][36] 3. Summary by Relevant Catalogs 3.1 First Part: Preface Summary 3.1.1 Market Review - In January, the spot price of eggs trended strongly. The average price in major production areas reached a maximum of around 3.94 yuan per catty, and in major sales areas, it reached around 4.22 yuan per catty. The main egg futures contracts also showed strength, with the March contract reaching a maximum of around 3098 [4] 3.1.2 Market Outlook - Near the Spring Festival, the overall demand for egg spots is good, and prices are rising. The profit situation is favorable, and the market's enthusiasm for culling has decreased. After the Spring Festival, as it enters the off - season for egg consumption, although the inventory situation has improved, the overall reduction has weakened due to the good egg prices recently. It is expected that egg prices may be under pressure after the festival. In the futures market, the pace of capacity reduction may slow down, and far - month contracts may face pressure [5] 3.1.3 Strategy Recommendations - Unilateral: Consider short - selling the June contract on rallies. - Arbitrage: It is recommended to wait and see. - Options: It is recommended to wait and see [6] 3.2 Second Part: Fundamental Situation 3.2.1 Market Review - In January, the spot price of eggs was strong. The average price in major production areas reached a maximum of 3.94 yuan per catty, and in major sales areas it reached around 4.22 yuan per catty. The March egg futures contract was strong, mainly affected by pre - festival stocking and rising spot prices. However, considering that the March contract is a post - festival contract, egg prices are usually low at the beginning of the year. Also, the enthusiasm for culling has started to decrease. Although the current in - production inventory has decreased, it is still at a high level, and the market's concerns about future egg prices limited the increase in the futures price [11] 3.2.2 Fundamental Situation - Supply side: In December, the national in - production laying hen inventory was 1.344 billion, a decrease of 80 million from the previous month, a year - on - year increase of 5%, and lower than expected. The monthly hatch volume of laying hen chicks in sample enterprises monitored by Zhuochuang Information in December was 39.59 million (accounting for about 50% of the country), with little change month - on - month and a year - on - year decrease of 13.9%. In January, the proportion of large - sized eggs was 42.81% (at a relatively low level in the same period over the years), medium - sized eggs was 43.38% (at a medium level in the same period over the years), and small - sized eggs was 13.81% (at a relatively high level in the same period over the years). The egg - laying rate in January changed little and was at a low level in the same period over the years, currently about 92.67%. It is expected to gradually recover as the weather gets colder in the future. The hatch volume of laying hen chicks in December changed little month - on - month and decreased by 13.9% year - on - year. The price of chicklings in January was at a medium level in the same period over the years, and the current weekly market price of laying hen chicks in the Chinese market was 3.22 yuan per chick, a month - on - month increase of 0.59 yuan per chick. Previously, due to weak egg prices and average peak - season demand, breeding profits were in the red, and the market's enthusiasm for culling increased, leading to an increase in the culling volume. According to Zhuochuang data, the culling volume of laying hens in major production areas nationwide in the week of January 23 was 16.27 million, a 5% decrease from the previous week. The average culling age of culled chickens in the week of January 23 was 490 days, an increase of 5 days from the previous week [12][13][15] - Demand side: Near the Spring Festival, egg consumption was good. As of the week of January 23, the egg sales volume in representative sales areas nationwide was 7210 tons, a 2.3% decrease from the previous week, and at a relatively high level in the same period over the years. From the perspective of catering revenue, in 2025 from January to December, the total retail sales of consumer goods were 4.5136 trillion yuan, a year - on - year increase of 3.7%. Among them, the absolute value of catering revenue in December was 573.8 billion yuan, a year - on - year increase of 2.2% [22] - Inventory: As of the week of January 23, the average weekly inventory in the production link was 1.02 days, an increase of 0.05 days from the previous week. The average weekly inventory in the circulation link was 1.07 days, an increase of 0.02 days from the previous week [22] - Cost and breeding profit: The current feed cost has changed little and is expected to remain at the current level in the short term. In January, the corn price was 2377 yuan per ton, and the soybean meal price dropped to 3184 yuan per ton. The current comprehensive feed cost is about 2619 yuan per ton, corresponding to a feed cost of about 2.88 yuan per catty of eggs. As of January 23, the average weekly profit per catty of eggs was 0.44 yuan per catty, an increase of 0.31 yuan per catty from the previous week. On January 16, the expected breeding profit of laying hens was - 13.63 yuan per hen, a decrease of 0.51 yuan per catty from the previous week [25] - Substitutes: The vegetable price index continued to rise. On January 28, the total vegetable price index in Shouguang was 133.98. Vegetable prices have risen significantly recently but are at a relatively medium level in the same period over the years. This month, the pork price fluctuated with little overall change. As of January 20, the national average wholesale price of pork was about 14.69 yuan per kilogram. Overall, the low vegetable prices have a weak substitution demand for eggs, and the current low - level pork price also has relatively limited substitution demand for eggs [28] 3.3 Third Part: Future Outlook and Strategy Recommendations - Near the Spring Festival, the overall spot demand for eggs is good, and prices have risen. The profit situation is favorable, and the market's enthusiasm for culling has decreased. However, after the Spring Festival, as it enters the off - season for egg consumption, although the previous inventory situation has improved, the farmers' enthusiasm for culling has weakened due to the good egg prices recently. The pace of capacity reduction may slow down compared to before, and egg prices may be under pressure after the festival. In the futures market, it is expected that the pace of capacity reduction may slow down, and far - month contracts may face pressure. It is advisable to consider short - selling the June contract on rallies [36]