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]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - Currently, the layer hen inventory is at a high level, with significant pressure from the newly - opened production of hens supplemented earlier, resulting in sufficient egg supply. High - temperature and high - humidity weather increases egg storage costs, making downstream dealers cautious in purchasing. Egg prices remain low compared to the same period, and the farming sector is in a continuous loss state. However, as prices reach relatively low levels, the process of culling old hens has accelerated, reducing inventory expectations. Nationwide high - temperature conditions have led to a decline in the egg - laying rate in some areas, alleviating short - term market supply pressure. With the gradual recovery of terminal demand, the farming sector's expectation of price increases is released, promoting an egg price rebound. The decline of the futures market has also slowed down, and it is advisable to lightly test long positions in far - month contracts [2] 3. Summary by Relevant Catalogs Futures Market - The closing price of the active egg futures contract is 3615 yuan/500 kilograms, up 154 yuan; the net long position of the top 20 futures holders is - 26222 lots, up 1290 lots; the egg futures monthly spread (9 - 1) is - 5 yuan/500 kilograms, up 5 yuan; the futures open interest of the active contract is 238587 lots, up 139084 lots; the registered warehouse receipt volume is 0 lots, down 24 lots [2] 现货市场 - The egg spot price is 2.78 yuan/jin, unchanged; the basis (spot - futures) is - 830 yuan/500 kilograms, down 154 yuan [2] Upstream Situation - The national layer hen inventory index is 110.89 (2015 = 100), down 1.46; the national culled layer hen index is 108.68 (2015 = 100), up 11.92; the average price of layer chicks in the main production areas is 3.9 yuan/chick, unchanged; the national new - chick index is 106.78 (2015 = 100), down 31.9; the average price of layer feed is 2.72 yuan/kg, unchanged; the layer farming profit is - 0.69 yuan/hen, down 0.11 yuan; the average price of culled hens in the main production areas is 9.2 yuan/kg, down 0.2 yuan; the national average age of culled hens is 506 days, down 4 days [2] Industry Situation - The average wholesale price of pork is 20.74 yuan/kg, up 0.14 yuan; the average wholesale price of 28 key - monitored vegetables is 4.38 yuan/kg, down 0.03 yuan; the average wholesale price of dressed chickens is 17.08 yuan/kg, down 0.13 yuan; the weekly inventory in the circulation link is 1.17 days, down 0.1 days; the weekly inventory in the production link is 1.05 days, down 0.09 days; the monthly export volume of fresh eggs is 12792.51 tons, down 110.81 tons [2] Downstream Situation - The weekly egg consumption in the sales areas is 7606 tons, down 331 tons [2] Industry News - Today, the average egg price in Shandong's main production area is 5.52 yuan/kg, unchanged from yesterday; in Hebei, it is 5.19 yuan/kg, unchanged; in Guangdong, it is 6.40 yuan/kg, unchanged; in Beijing, it is 5.60 yuan/kg, unchanged [2]

Report Industry Investment Rating No relevant content provided. Core View - Eggs have entered the seasonal demand off - season, with high egg - laying hen inventory and large pressure from newly - opened egg - laying hens. Egg supply is abundant. Affected by the plum rain season, storage costs increase, downstream dealers are cautious in purchasing, egg prices are at a relatively low level compared to the same period, and the breeding end is in a continuous loss state. However, after the price reaches a relatively low level, the process of old hen culling has accelerated, reducing the inventory expectation. The near - month futures price is generally weak due to the weak spot, while the far - month contracts are obviously resistant to decline, and it is advisable to lightly test long positions in the far - month [2]. Summary by Directory Futures Market - The futures closing price (active contract) of eggs is 3484 yuan/500 kilograms, with a month - on - month increase of 39; the net long position of the top 20 futures holders is - 27941 hands, with a month - on - month increase of 5118; the egg futures monthly spread (9 - 1) is - 20 yuan/500 kilograms, with a month - on - month increase of 18; the registered warehouse receipt volume is 0 hands; the futures open interest (active contract) is 150786 hands, with a month - on - month decrease of 22760 [2]. 现货市场 - The egg spot price is 2.55 yuan/jin, with a month - on - month decrease of 0.28; the basis (spot - futures) is - 931 yuan/500 kilograms, with a month - on - month decrease of 35 [2]. Upstream Situation - The national laying hen inventory index is 110.89 (2015 = 100), with a month - on - month decrease of 1.46; the national culled laying hen index is 108.68 (2015 = 100), with a month - on - month increase of 11.92; the average price of laying hen chicks in the main production areas is 3.9 yuan/feather, with a month - on - month decrease of 0.1; the national new - born chick index is 106.78 (2015 = 100), with a month - on - month decrease of 31.9; the average price of laying hen compound feed is 2.72 yuan/kilogram, with a month - on - month decrease of 0.02; the breeding profit of laying hens is - 0.58 yuan/head, with a month - on - month decrease of 0.17; the average price of culled chickens in the main production areas is 9.4 yuan/kilogram, with a month - on - month increase of 0.16; the national culled chicken age is 506 days, with a month - on - month decrease of 4 [2]. Industry Situation - The average wholesale price of pork is 20.53 yuan/kilogram, with a month - on - month increase of 0.02; the average wholesale price of 28 key - monitored vegetables is 4.35 yuan/kilogram, with a month - on - month decrease of 0.02; the average wholesale price of white - striped chickens is 17.02 yuan/kilogram, with a month - on - month increase of 0.01; the weekly inventory in the circulation link is 1.22 days, with a month - on - month increase of 0.18; the weekly inventory in the production link is 1.12 days, with a month - on - month increase of 0.2; the monthly export volume of fresh eggs is 12792.51 tons, with a month - on - month decrease of 110.81 [2]. Downstream Situation - The weekly consumption of eggs in the sales area is 7606 tons, with a month - on - month decrease of 331 [2]. Industry News - The average price of eggs in Shandong, Hebei, Guangdong, and Beijing in the main production areas remained unchanged from yesterday; eggs have entered the seasonal demand off - season, with sufficient supply, high storage costs, and cautious downstream purchases [2]. Key Points of Attention - There is no news today [2].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The report suggests a light - position trial for long positions in eggs [7]. - Currently, eggs are in a seasonal demand off - season. With a high egg - laying hen inventory and new - laying hens from previous replenishments, egg supply is sufficient. The hot and humid weather increases storage costs, making downstream dealers cautious in purchasing. Egg prices are at a relatively low level compared to the same period, and the breeding end is in a loss state. However, as prices reach a low level, the process of culling old hens has accelerated, reducing inventory expectations. The futures price has shown a tendency to stop falling and recover after reaching a low - valuation area [8]. 3. Summary According to the Directory 3.1 Week - on - Week Summary - Strategy suggestion: Light - position trial for long positions [7]. - Egg market: This week, egg futures fluctuated and closed higher. The closing price of the 08 contract was 3618 yuan per 500 kilograms, an increase of 62 yuan per 500 kilograms compared to the previous week. In the future, due to the seasonal off - season and high inventory, egg prices are under pressure, but the acceleration of old - hen culling may change the supply situation [8]. 3.2 Futures and Spot Market - Futures price and position: The 08 contract of egg futures fluctuated and closed higher. The trading volume was 233,645 lots, an increase of 5,400 lots compared to the previous week. The net position of the top 20 was - 18,810, and the net short position increased compared to last week [15]. - Futures warehouse receipts: As of Friday, the number of registered egg warehouse receipts was 0 [19]. - Spot price and basis: The egg spot price was 2932 yuan per 500 kilograms, an increase of 324 yuan per 500 kilograms compared to the previous week. The basis between the active 08 contract futures price and the spot average price was - 686 yuan per ton [25]. - Futures inter - month spread: The 9 - 1 spread of eggs was 73 yuan per 500 kilograms, at a relatively low level compared to the same period [29]. - Related product spot prices: As of June 19, 2025, the average wholesale price of pork was 20.29 yuan per kilogram, and the average wholesale price of 28 kinds of key - monitored vegetables was 4.37 yuan per kilogram [35]. 3.3 Industry Chain Situation - Supply side: As of May 31, 2025, the national egg - laying hen inventory index was 110.89, a month - on - month decrease of 1.30%. The national new - chick index was 106.78, a month - on - month decrease of 23.00% [41]. - Culling of egg - laying hens: As of May 31, 2025, the national culled egg - laying hen index was 108.68, a month - on - month increase of 12.32%. The national culling age of hens was 506 days [45]. - Feed raw material prices: As of June 19, 2025, the average spot price of corn was 2415.69 yuan per ton, and the spot price of soybean meal in Fangcheng was 2940 yuan per ton [49]. - Feed price and breeding profit: As of June 13, 2025, the breeding profit of egg - laying hens was - 0.55 yuan per hen, and the average price of egg - laying hen compound feed was 2.74 yuan per kilogram [55]. - Egg - laying hen chicks and culled hens prices: As of June 13, 2025, the average price of egg - laying hen chicks in the main production areas was 4.1 yuan per chick, and the average price of culled hens was 9.12 yuan per kilogram [57]. - Egg monthly export volume: In April 2025, the total egg export volume was 12,792.51 tons, a year - on - year increase of 15.12% (an increase of 1680.12 tons compared to the same period last year) and a month - on - month decrease of 110.81 tons compared to the previous month [63].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The egg market is currently in a situation where supply is relatively abundant due to high laying - hen inventory and new - laying hens coming into production. The demand is in a seasonal off - peak, and the hot and humid weather increases storage costs, leading to cautious purchasing by downstream dealers. Egg prices are at a relatively low level, and the breeding side is in a loss state. However, the supply - loose expectation has been reflected in the futures price, and if the spot price remains low, it may increase the enthusiasm for old - hen culling and reduce the enthusiasm for replenishment, which is beneficial to the long - term price. The spot price drags down the near - term futures price, while the long - term contracts show a tendency to stop falling and recover. The strategy suggestion is to lightly test long positions in long - term contracts [9][10]. 3. Summary by Directory 3.1 Week - on - Week Summary - **Market Review**: This week, the egg futures 08 contract bottomed out and rebounded, with a closing price of 3556 yuan/500 kilograms, an increase of 3 yuan/500 kilograms compared to the previous week [10]. - **Market Outlook**: After the festival, the egg market enters the seasonal demand off - peak. With high laying - hen inventory and new - laying hens coming into production, the supply is sufficient. The hot and humid weather increases storage costs, and downstream dealers are cautious in purchasing. Egg prices are at a low level, and the breeding side is in a loss state. If the spot price remains low, it may affect the laying - hen inventory, which is beneficial to long - term prices. The spot price drags down the near - term futures price, while the long - term contracts show signs of recovery [10]. - **Strategy Suggestion**: Lightly test long positions in long - term contracts [9]. 3.2 Futures and Spot Market - **Futures Price and Position**: The egg futures 08 contract bottomed out and rebounded, with a position of 228,245 lots, an increase of 40,890 lots compared to the previous week. The net position of the top 20 was - 7397, and the net short position increased slightly compared to last week [17]. - **Futures Warehouse Receipts**: As of Friday, the number of registered egg warehouse receipts was 0 [21]. - **Spot Price and Basis**: The egg spot price was reported at 2608 yuan/500 kilograms, a decrease of 187 yuan/500 kilograms compared to the previous week. The basis between the active 08 contract futures price and the spot average price was reported at - 948 yuan/ton [27]. - **Futures Inter - month Spread**: The 9 - 1 spread of egg futures was reported at 37 yuan/500 kilograms, at the lowest level in the same period [31]. - **Related Commodity Spot Prices**: As of June 12, 2025, the average wholesale price of pork was 20.33 yuan/kg, and the average wholesale price of 28 key - monitored vegetables was 4.34 yuan/kg [37]. 3.3 Industry Chain Situation - **Supply Side - Inventory and Replenishment**: As of March 31, 2025, the national laying - hen inventory index was 112.35, a month - on - month decrease of 3.51%. The national new - chick index was 138.68, a month - on - month increase of 20.46% [42]. - **Supply Side - Culling Index and Culling Age**: As of March 31, 2025, the national culled laying - hen index was 96.76, a month - on - month decrease of 18.30%. The national culling age was 510 days [48]. - **Feed Raw Material Prices**: As of June 12, 2025, the average spot price of corn was 2406.27 yuan/ton, and the spot price of soybean meal in Fangcheng was 2880 yuan/ton [52]. - **Feed Price and Breeding Profit**: As of June 6, 2025, the egg - hen breeding profit was - 0.44 yuan/hen, and the average price of egg - hen compound feed was 2.74 yuan/kg [59]. - **Egg - Hen Chick and Culled - Hen Prices**: As of June 6, 2025, the average price of egg - hen chicks in the main production areas was 4.1 yuan/chick, and the average price of culled hens was 9.26 yuan/kg [61]. - **Egg Exports**: In April 2025, the total egg export volume was 12,792.51 tons, an increase of 1680.12 tons compared to the same period last year, a year - on - year increase of 15.12%, and a month - on - month decrease of 110.81 tons compared to the previous month [67]. 3.4 Representative Company - Information about Xiaoming Co., Ltd. includes a graph of its price - earnings ratio change, but no specific analysis is provided [69].

Report Industry Investment Rating - The report gives an "oscillation" rating for the egg industry [5] Core Viewpoints - In the first half of 2025, the egg market featured gradually released supply, limited demand recovery, and a tortuous decline in prices. The trading focus will shift towards demand. After short - term operations based on supply surplus, there will be opportunities in peak - season contracts [1][2][3] Summary by Related Catalogs Recent Situation: Tortuous Decline - In H1 2025, the egg market showed a trend of gradually released supply, limited demand recovery, and a tortuous decline in prices. From January to May, the monthly average price in the main production areas dropped from 4.22 yuan/jin to around 3.30 yuan/jin. The price decline was driven by a high inventory base, and holiday - related demand fluctuations affected the spot and futures markets. Recently, the egg futures market has been weak [8] Shift of Trading Focus - The bearish view on the June and July egg contracts is due to the surplus supply, with a high inventory base and a slow - paced culling process in the breeding sector. As of April 2025, the in - production laying hen inventory increased both month - on - month and year - on - year. The trading focus will gradually shift to demand. Egg prices have typical seasonal characteristics, usually entering a decline in June and starting to rebound in July, reaching a high in September and slightly falling after the National Day holiday [11][17] Investment Advice - The egg breeding cycle is short. In the short - to - medium term, the market is constrained by high in - production inventory and lackluster demand, so the spot price will remain weak. The view that the second quarter has the greatest supply surplus pressure this year has been verified. In the third quarter, there are more trading factors to consider. After short - selling based on supply surplus, there will be opportunities in peak - season contracts. It is recommended to shift from near - far month reverse spreads and short positions in near - month contracts to long positions in peak - season contracts and wait patiently for low - price entry opportunities [25][26]