联系电话：0595-86778969 关 注 我 们 获 取 更 多 资 讯 瑞达期货研究院 「2026.01.09」 鸡蛋市场周报 现货价格低位上涨 提振期价同步收涨 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 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3040元/500千克，较前一周+89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，蛋鸡存栏继续高位回落， 市场氛围略有好转。且现阶段养殖端补栏积极性仍低于上年同期，利好远期价格。不过，当前蛋 鸡在产存栏仍然处于高位，且近来蛋价小幅回升，使得老鸡淘汰积极性略有放缓，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低位宽 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 ...

下滑预期下，表现有望好于近月，可轻仓试多远月。 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 免责声明 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 3011 | 11 期货前20名持仓:净买单量:鸡蛋(日,手) | -30455 | -739 | | 期货市场 | | | | | | | | 克) 鸡蛋期货月间价差(5-9):(日,元/500千克) | -408 | 17 期货持仓量(活跃合约):鸡蛋(日,手) | 244170 | 12584 | | | 注册仓单量:鸡蛋(日,手) | 2 | -21 | | | | 现货市场 | 鸡蛋现货价格(日,元/斤) | 3.27 | 0.09 基差(现货-期货)(日,元/500千克) | 255 | 76 | | 上游情况 | 产蛋鸡存栏指数:全国(月,2015=100) | 112.03 | -2.21 淘汰产蛋鸡指数:全国(月,2015=100) ...

瑞达期货研究院 「2025.12.31」 鸡蛋市场周报 高存栏持续牵制 期价反弹动能有限 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 期价走势及前二十名持仓 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：本周鸡蛋震荡收跌，2603合约收盘价为2951元/500千克，较前一周-37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，元旦备货启动，贸易商补货增加，北方低温带动需求小幅回升，屠宰与食品加工 小幅补库，提振现货价格低位回升。且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 处于低位宽幅震荡状态,远月在产能下滑预期下 ...

Report Overview - Report Date: December 23, 2025 [2] - Reported Industry: Egg [1] 1. Investment Rating - No investment rating provided in the report. 2. Core Viewpoints - The spot price of eggs is expected to fluctuate slightly, with neither significant downward nor upward trends. The futures market has already priced in the expected increase in egg prices due to a decline in next year's inventory. It is recommended that long - position investors wait for the far - month contracts to adjust sufficiently before entering the market and adopt a rolling operation strategy. Near - month contracts may experience low - level fluctuations in the short term, waiting for the guidance of the spot price increase in January [8]. 3. Summary by Section 3.1 Market Review and Operation Suggestions Market Review | Contract | Pre - settlement Price | Open Price | High Price | Low Price | Close Price | Change | Change Percentage | Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2601 | 3068 | 3056 | 3077 | 3041 | 3049 | - 19 | - 0.62% | 25852 | 47063 | 10016 | | 2602 | 2902 | 2888 | 2918 | 2884 | 2888 | - 14 | - 0.48% | 141072 | 186319 | - 1370 | | 2603 | 2952 | 2950 | 2969 | 2936 | 2948 | - 4 | - 0.14% | 81349 | 176767 | 2185 | [7] - The average price of eggs in the main producing areas is 2.98 yuan/jin, a decrease of 0.09 yuan/jin from the previous day; the average price in the main selling areas is 3.30 yuan/jin, a decrease of 0.02 yuan/jin from the previous day. The 01 contract fell 0.62% [8]. Operation Suggestions - For far - month contracts, since the current pricing is relatively full, it is recommended that long - position investors wait for full adjustment and adopt a rolling operation strategy. For near - month contracts (02, 03), due to insufficient topics and the fact that the positive impact of the inventory inflection point is not obvious, they may experience low - level fluctuations in the short term, waiting for the guidance of the spot price increase in January [8]. 3.2 Industry News Inventory - As of the end of November 2025, the monthly inventory of laying hens in the country was about 1.352 billion, a month - on - month decrease of 0.52%, ending the previous continuous growth. However, compared with the same period last year (1.284 billion), the year - on - year increase was still 5.3%, indicating significant pressure on the supply side [9]. Replenishment - In November 2025, the monthly hatchling volume of laying hen chicks in sample enterprises was about 39.55 million, slightly increasing from 39.15 million in October but a significant decrease of 13.5% compared with 45.69 million in the same period in 2024. The total replenishment in the past 4 months (August - November 2025) was about 157.71 million, compared with about 180.11 million in the same period last year [9]. 3.3 Data Overview Elimination Volume - As of December 18, the national elimination volume of laying hens in the previous three weeks 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 elimination age of laying hens was 486 days, the same as the previous week and 6 days earlier than the previous month [17].

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The supply side of eggs is still under pressure and is not expected to improve significantly in the short term. The demand side will enter the peak season in December, and egg prices may rebound seasonally, but the rebound amplitude will be limited due to supply - side disturbances. The January futures contract is expected to be range - bound with a slightly upward trend, while the February and March contracts can be considered for short - selling at high prices [5][32] Group 3: Summary by Directory 1. First Part: Preface Summary 1.1 Market Review - In November, the spot price of eggs fluctuated weakly. The average price in the main production areas was around 2.7 - 2.8 yuan/jin, and in the main sales areas, it was around 2.9 - 3.09 yuan/jin. The January egg futures contract also showed a weak and fluctuating trend. The laying hens in the supply side were still at a high level but had eased compared to before. November was the off - season for egg consumption, so the overall egg price performance was average [4] 1.2 Market Outlook - The supply side is still under pressure and is not expected to improve significantly in the short term. In December, the demand for eggs will enter the peak season. Affected by seasonality, egg prices may rebound, but the rebound amplitude will be limited due to supply - side disturbances. The January futures contract has the expectation of Spring Festival stocking, but it has already given a certain premium, so it is expected to fluctuate slightly stronger. The February contract can be considered for short - selling at high prices [5] 1.3 Strategy Recommendation - Unilateral: The January contract will be range - bound, and the February contract can be considered for short - selling at high prices. Arbitrage: It is recommended to wait and see. Options: It is recommended to wait and see [6] 2. Second Part: Fundamental Situation 2.1 Market Review - In November, the spot price of eggs fluctuated. The average price in the main production areas was around 2.8 - 2.9 yuan/jin, and in the main sales areas, it was around 3 - 3.2 yuan/jin. The January egg futures contract fluctuated within a range. The demand in November was average, and the spot price changed little. On the one hand, the demand was less than in previous years; on the other hand, the current laying hen inventory was still at a high level, and the market was worried about future egg prices, so the futures price fluctuated weakly [10] 2.2 Fundamental Situation - **Supply Side**: In October, the national laying hen inventory was 1.359 billion, a decrease of 0.01 billion from the previous month and a year - on - year increase of 5.5%, lower than expected. Without considering delayed culling and concentrated culling, the estimated laying hen inventories from November 2025 to February 2026 are 1.359 billion, 1.355 billion, 1.346 billion, and 1.333 billion respectively. In November, the proportion of large - sized eggs was 39.33% (a low level in the same period over the years), medium - sized eggs was 44.29% (a medium level in the same period over the years), and small - sized eggs was 15.95% (a medium - high level in the same period over the years). The egg - laying rate in November was about 91.94%, remaining stable and is expected to maintain the current level as the weather gets colder. In October, the monthly output of laying hen chicks from sample enterprises was 39.2 million, with little change month - on - month and a year - on - year decrease of 13%. The current weekly market price of laying hen chicks in the Chinese market is 2.73 yuan/feather, the same as last month. Recently, due to the weak egg price and average peak - season demand, the breeding profit was in the red, and the market's enthusiasm for culling increased. From November 21st, the weekly culling volume of laying hens in the main production areas was 20.21 million, a 3.8% increase from the previous week. The average culling age of culled hens was 492 days, one day less than the previous week [11][13] - **Demand Side**: The demand in November was average, and the seasonal peak season was less prosperous than in previous years. Although the recent demand has recovered, it is still at a medium - low level in the same period over the years. As of the week of November 21st, the egg sales volume in the national representative sales areas was 7472 tons, a 1.2% increase from the previous week. From January to October 2025, the total retail sales of social consumer goods were 44121.69 billion yuan, a year - on - year increase of 4.3%. In October, the absolute value of catering revenue was 51.99 billion yuan, a year - on - year increase of 3.8% [20] - **Inventory**: As of the week of November 21st, the average weekly inventory in the production link was 1.1 days, an increase of 0.09 days from the previous week. The average weekly inventory in the circulation link was 1.2 days, an increase of 0.15 days from the previous week [20] - **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 November, the corn price was 2309 yuan/ton, and the soybean meal price dropped to 3076 yuan/ton. The current comprehensive feed cost is about 2539 yuan/ton, corresponding to a feed cost of about 2.79 yuan/jin for one jin of eggs. As of November 21st, the average weekly profit per jin of eggs was - 0.26 yuan/jin, a decrease of 0.11 yuan/jin from the previous week. On November 14th, the expected profit of laying hen breeding was - 7.19 yuan/feather, a decrease of 1.01 yuan/jin from the previous week [22] - **Substitutes**: The vegetable price index continued to rise. On November 24th, the total vegetable price index in Shouguang was 126.65. The vegetable price has risen significantly recently but is at a relatively medium level in the same period over the years. The pork price fluctuated this month with little overall change. As of November 24th, the average national wholesale price of pork was about 15.04 yuan/kg. The low vegetable price has a weak substitution demand for eggs, and the current low - level fluctuating pork price has a relatively limited substitution demand for eggs [27] 3. Third Part: Future Outlook and Strategy Recommendation - The supply side is still under pressure and is not expected to improve significantly in the short term. The demand side will enter the peak season in December, and egg prices may rebound seasonally, but the rebound amplitude will be limited due to supply - side disturbances. The January futures contract is expected to strengthen, but since it has already given a certain premium, it is expected to fluctuate within a range. The February and March contracts are post - Spring Festival contracts. If the supply side pressure does not improve significantly and the demand is average, short - selling at high prices can be considered [32]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The supply - demand mismatch in the egg market remains unchanged, and egg prices are oscillating at the bottom. The near - term futures contracts are suppressed by high short - term production capacity and may not perform well, while the support for the far - term contracts depends on the actual progress of production capacity reduction [9][69]. 3. Summary by Directory 3.1. Market Review - **Futures Prices**: Last week, the egg futures market showed a differentiated performance. Near - term contracts declined weakly, and far - term contracts reached a new stage high during the week and then fell back. As of last Friday's close, the main egg contract JD2512 was reported at 3033 yuan per 500 kilograms, down 0.26%, and the JD2605 contract was reported at 3477 yuan per 500 kilograms, down 1.17% [6][15]. - **Spot Prices**: Last week, egg prices in the production and sales areas of the country increased month - on - month. The average price of eggs in the main production areas was 3.01 yuan per catty, up 0.1 yuan per catty or 3.43% month - on - month; the average price in the main sales areas was 3.06 yuan per catty, up 0.09 yuan per catty or 3.03% month - on - month [20]. - **Chick Prices**: The average price of commercial chicks in the country last week was 2.76 yuan per chick, up 0.01 yuan per chick or 0.36% from the previous week, with a year - on - year decline of 25.2%. The current utilization rate of hatching eggs is about 50%, and some are as high as 60% - 70%. Medium and large - scale enterprises maintain rigid replenishment, and the overall egg market is still in a situation of strong supply and weak demand [24]. - **Old Hen Prices**: Driven by the slight increase in egg prices in the production and sales areas, the price of old hens rebounded slightly last week. The average price of old hens in the sample market was 4.14 yuan per catty, up 0.02 yuan per catty or 0.49% month - on - month [28]. 3.2. Fundamental Analysis - **Supply Side** - **Laying Hen Inventory**: In October, the national inventory of laying hens was 1.311 billion, showing a month - on - month decline. There is an expectation of a decline in the inventory in the fourth quarter, but the effect of production capacity reduction is slow. It is expected that the inventory of laying hens will hardly fall below 1.3 billion before the end of the year [33]. - **Production Area Shipment Volume**: The shipment volume of the main egg production areas decreased month - on - month last week. The shipment volume in the sample market was 6186.06 tons, down 1.81% month - on - month and 18.96% year - on - year [37]. - **Old Hen Slaughter Volume**: The total slaughter volume of old hens in the sample points last week was 631,200, up 0.64% month - on - month, with an average slaughter age of 494 days, with the highest average age being 510 days and the lowest being 480 days [41]. - **Demand Side** - **Sales Volume in Sales Areas**: The sales volume of eggs in the sales areas increased month - on - month last week. The sales volume of eggs in the representative sales areas was 6501.44 tons, up 0.21% month - on - month and down 4.91% year - on - year [44]. - **Arrival Volume in Sales Areas**: In Beijing, the arrival volume was 95 trucks, up 5 trucks or 5.56% month - on - month; in Guangdong, the arrival volume was 580 trucks, down 35 trucks or 6.42% month - on - month [47]. - **Old Hen Slaughter Analysis**: The total weekly slaughter volume of old hens in the sample slaughter enterprises last week was 2.4775 million, an increase of 99,900 or 4.2% from the previous week [48][50]. - **Inventory Situation**: As of last Friday, the national production - link inventory was 1.1 days, and the circulation - link inventory was 1.37 days [54]. - **Laying Hen Breeding Cost and Profit**: The average breeding cost of laying hens last week was 3.44 yuan per catty, up 0.01 yuan per catty or 0.29% month - on - month. The breeding profit was - 0.43 yuan per catty, up 0.09 yuan per catty or 17.31% month - on - month. Although the breeding profit rebounded slightly, it was still in the loss range [58]. - **Related Products** - **White - Feathered Broilers**: The average price of white - feathered broilers in the country last week was 3.45 yuan per catty, with a month - on - month decline of 1.15% and a year - on - year decline of 8.24%; the average price of white - feathered chicks was 3.35 yuan per chick, down 0.10 yuan per chick or 2.90% month - on - month, with a year - on - year decline of 22.09% [63]. - **817 Small White Chickens**: The weekly average price of 817 small white chickens in the national market was 3.81 yuan per catty, down 0.03 yuan per catty or 0.78% from the previous week [68]. 3.3. Market Outlook The main egg contract encountered obvious resistance near 3240 yuan last week. The futures market lacks supply - demand fundamental support and then started to oscillate and decline. The spot egg price remained between 2.9 - 3.1 yuan per catty, hovering around the feed cost line, and has not significantly stimulated the farmers' willingness to slaughter, resulting in slow production capacity reduction. Therefore, the near - term contracts are suppressed by short - term high production capacity and may not perform well, while the support for the far - term contracts still depends on the actual progress of production capacity reduction [9][69]. 3.4. Operation Strategy - **Single - Side Trading**: Hold short positions cautiously and continuously monitor the culling progress of the breeding end. - **Arbitrage**: Pay attention to the 01 - 05 reverse arbitrage opportunity. - **Options**: Wait and see [10][70].

Group 1: General Information - Reported industry: Eggs [1] - Report date: October 17, 2025 [2] - Research team: Agricultural products research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - **Futures Contracts**: The 2601 contract closed at 3175, down 34 (-1.06%); the 2511 contract closed at 2818, down 30 (-1.05%); the 2512 contract closed at 2977, down 44 (-1.46%) [7] - **Spot Prices**: The average price in the main production areas was 2.93 yuan/jin, up 0.13 yuan/jin from the previous day; the average price in the main sales areas was 3.09 yuan/jin, up 0.06 yuan/jin from the previous day [7] Core View - Spot prices are expected to remain weak and sluggish for some time due to high supply pressure and weak post - National Day replenishment demand. Futures prices are also affected by weak spot performance. The reduction of inventory is expected to be a long - term process, and the impact of cold - storage eggs cannot be underestimated. [8] Operation Suggestions - Adopt a phased short - selling strategy for futures. For options, it is recommended to sell out - of - the - money call options. [8] Group 3: Industry News - **In - production Laying Hens Inventory**: As of the end of September, the national monthly inventory of in - production laying hens was about 1.368 billion, with a month - on - month increase of 0.2% and a year - on - year increase of 6.0% [9] - **Chick Hatchlings**: In September, the monthly hatchling volume of sample enterprises was about 39.2 million, a decrease from August and a significant decrease compared with the same period in 2024 [9] - **Chicken Culling**: From the third week of September to October 9, the culling volume showed an upward trend in August and remained stable in September. As of October 9, the average culling age was 499 days [10] Group 4: Data Overview - The report presents multiple data charts, including the monthly inventory of in - production laying hens in China, egg - chicken farming profits, the average price in the main egg - producing areas, the seasonal trend of the 12 - contract, the basis of the 11 - contract, and the 12 - 02 spread [13][15][12]

Group 1: Report Basic Information - Report industry: Eggs [1] - Report date: September 25, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] Group 2: Market Review and Operation Suggestions Market Review - Egg 2510 contract: The previous settlement price was 2962, the opening price was 2949, the highest price was 2979, the lowest price was 2934, the closing price was 2957, down 5 or -0.17%. The trading volume was 35,165, the open interest was 68,611, with a decrease of 6401 [7] - Egg 2511 contract: The previous settlement price was 3070, the opening price was 3065, the highest price was 3080, the lowest price was 3037, the closing price was 3056, down 14 or -0.46%. The trading volume was 337,413, the open interest was 362,521, with a decrease of 8563 [7] - Egg 2512 contract: The previous settlement price was 3192, the opening price was 3190, the highest price was 3201, the lowest price was 3168, the closing price was 3179, down 13 or -0.41%. The trading volume was 74,730, the open interest was 153,648, with an increase of 9726 [7] - National egg prices were stable. The average price in major producing areas was 3.65 yuan/jin, unchanged from the previous day; the average price in major consuming areas was 3.87 yuan/jin, up 0.03 yuan/jin from the previous day [7] Core Viewpoint - After the weakest summer peak season in recent years, the spot market has gradually stabilized and rebounded. The supply pressure has been alleviated due to accelerated elimination from August to September, and there is still demand support from the Mid - Autumn Festival and National Day stocking expectations in September. However, the spot peak - season rise is expected to be near the end. Futures prices of contracts in the fourth quarter dropped significantly earlier and then rose sharply last Monday, mainly due to weak market sentiment before. The supply pressure is difficult to ease in the short term, and the market may fluctuate after price increases. If there are profits from long positions, it is advisable to take profits at high prices. The near - month 10 contract is likely to enter the delivery month with a high discount, and the upside space of this rebound should not be overestimated. Future operations need to continuously monitor elimination and replenishment data, and the fundamental inflection point may appear in the later stage of the fourth quarter at the earliest. There may be adjustment space in the medium - and short - term after the spot market encounters resistance [8] Group 3: Industry News - The inventory of laying hens in production is on an upward trend. As of the end of August, the monthly inventory of laying hens in production nationwide was about 1.365 billion, with a month - on - month increase of 0.7%, and a year - on - year increase of 6.0% compared with 1.288 billion in the same period last year [9] - In August, the monthly output of layer chicks from sample enterprises was about 39.81 million, which was less than 39.98 million in July and significantly less than 43.95 million in the same period in 2024. It is a medium - level single - month replenishment volume in the past 8 years [9] - From the weekly data, as of September 18, the national elimination volume of laying hens in the previous three weeks was 17.61 million, 17.48 million, and 17.89 million respectively. The elimination volume has gradually increased since August, with an increase rate higher than the seasonal average, and the current absolute value is slightly higher than the average of the previous three years. As of September 18, the average age of eliminated hens was 497 days, 2 days later than last week and 9 days earlier than last month [10] Group 4: Data Overview - The data sources include Wind, Zhuochuang Information, and Trading Famen, and the data includes charts such as the monthly inventory of laying hens in production in China, layer farming profit, the average price of eggs in major producing areas, the basis of the egg 10 contract, and the price difference between the egg 12 - 02 contracts [13][17]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The egg market has seen the futures price decline again this week. The current high egg - laying hen inventory and the pressure from newly - opened egg - laying hens lead to sufficient egg supply. The spot market price is continuously below expectations. However, high temperatures in many regions have reduced the egg - laying rate of hens, alleviating short - term supply pressure. Terminal demand is gradually picking up, and there is still an expectation of price increase among farmers. Affected by the bearish sentiment in the commodity market and high inventory, the near - month contracts are weakly adjusted, while the far - month contracts are significantly more resistant to decline. The report suggests a light - position trial of going long on far - month contracts [8]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Market Trend**: This week, the egg 09 contract closed at 3484 yuan/500 kilograms, a decrease of 144 yuan/500 kilograms from the previous week [8]. - **Outlook**: High inventory and low - expected spot prices coexist with reduced egg - laying rates due to high temperatures and improving demand. Near - month contracts are weak, and far - month contracts are more resistant [8]. - **Strategy**: Light - position trial of going long on far - month contracts [7]. 3.2 Futures and Spot Market - **Futures Price and Position**: The egg futures 09 contract declined again. The position volume was 226,040 lots, a decrease of 13,679 lots from the previous week. The net position of the top 20 was - 37,010, with a slight increase in net short position compared to last week [14]. - **Futures Warehouse Receipts**: As of Friday, the registered egg warehouse receipts were 22 [18]. - **Spot Price and Basis**: The egg spot price was 3173 yuan/500 kilograms, a decrease of 214 yuan/500 kilograms from the previous week. The basis between the active 09 contract futures price and the spot average price was - 311 yuan/ton [24]. - **Futures Inter - month Spread**: The 9 - 1 spread of eggs was - 135 yuan/500 kilograms, at a relatively low level in the same period [28]. - **Related Commodity Spot Prices**: As of July 31, 2025, the average wholesale price of pork was 20.45 yuan/kg, and the average wholesale price of 28 kinds of monitored vegetables was 4.41 yuan/kg [34]. 3.3 Industry Chain - **Supply Side**: As of June 30, 2025, the national egg - laying hen inventory index was 111.91, a month - on - month increase of 0.92%. The national new - chick index was 76.07, a month - on - month decrease of 28.76% [40]. - **Egg - laying Hen Elimination**: As of June 30, 2025, the national eliminated egg - laying hen index was 104.09, a month - on - month decrease of 4.22%. The national elimination age of hens was 501 days [45]. - **Feed Raw Material Prices**: As of July 31, 2025, the average spot price of corn was 2404.02 yuan/ton, and the spot price of soybean meal in Fangcheng was 2920 yuan/ton [49]. - **Feed Price and Breeding Profit**: As of July 25, 2025, the egg - laying hen breeding profit was - 0.06 yuan/hen, and the average price of egg - laying hen compound feed was 2.72 yuan/kg [56]. - **Egg - laying Hen Chick and Eliminated Hen Prices**: As of July 25, 2025, the average price of egg - laying hen chicks in the main production areas was 3.88 yuan/chick, and the average price of eliminated hens was 11.28 yuan/kg [62]. - **Egg Exports**: In May 2025, China's egg export volume was 12,711.37 tons, a year - on - year increase of 7.87% and a month - on - month decrease of 81.14 tons [66]. 3.4 Representative Company The report mentions the price - earnings ratio change of Xiaoming Co., Ltd., but no specific analysis is provided [68].

Report Overview - Industry: Eggs [1] - Date: August 1, 2025 [2] - Research Team: Agricultural Products Research Team [3] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Market Review and Operational Suggestions Market Review | Contract | Previous Settlement Price | Opening Price | Highest Price | Lowest Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Egg 2508 | 3304 | 3258 | 3294 | 3216 | 3259 | -45 | -1.36% | 18797 | 610 - 11879 | - | | Egg 2509 | 3574 | 3564 | 3565 | 3511 | 3522 | -52 | -1.45% | 219432 | 236158 | -13536 | | Egg 2510 | 3364 | 3353 | 3353 | 3293 | 3298 | -66 | -1.96% | 111835 | 171737 | 21483 | [7] Core View The national egg price is weak today. The average price in the main production areas is 3.16 yuan/jin, down 0.05 yuan/jin from yesterday; the average price in the main sales areas is 3.45 yuan/jin, unchanged from yesterday. The 09 contract fell 1.45%. The fundamentals this year are similar to those in 2017 and 2020, with relatively large supply. During the plum - rain season, the spot price is at a historical low. However, in the peak summer season, there is an expectation of a significant price increase. If the egg price fails to start rising again in the next week, the 09 contract may see a reduction in premium. This year's egg price may face obvious resistance around 4 - 4.2 yuan. It is advisable to conduct phased rolling operations [8]. 2. Industry News - As of the end of June, the national monthly inventory of laying hens was about 1.34 billion, with a month - on - month increase of 0.4% and a year - on - year increase of 6.8% [9]. - In June, the monthly output of layer chicks from sample enterprises was about 40.75 million, slightly higher than the same period in 2024. Although the replenishment volume has declined for two consecutive months, it is mainly due to seasonal factors [9]. - From the three weeks up to July 18, the national chicken culling volume showed an upward trend. After reaching a phased peak in June, it declined slightly due to the expectation of the peak summer season, but was still slightly higher than the previous three years. As of July 24, the average age of culled chickens was 506 days, one day later than last week and two days earlier than last month [9][10]. 3. Data Overview - The report provides multiple data charts, including the monthly inventory of laying hens in China, layer farming profit, the average price in the main egg - producing areas, the seasonal trend of Egg 08, the basis of Egg 08 contract, and the spread between Egg 08 - 09. The data sources include Wind, Zhuochuang Information, and Trading Famen [12][19][21]