Report Summary 1. Industry Investment Rating - Not provided 2. Core Viewpoints - Short - term: There is continuous pressure from a loose supply situation, and the inventory level has stopped falling and stabilized. If the inventory rises again later, there will still be downward pressure on egg prices [5]. - Medium - term: The Mid - Autumn Festival consumption peak season may drive a phased rebound in spot prices at the end of August and early September. The rebound high depends on the rhythm of culling hens. Currently, culling hens is less than expected, and the cold - storage egg inventory pressure is large, so one should not be overly optimistic about the spot price increase [5]. - Long - term: If the egg - chicken farming profit turns positive in the third quarter and the culling of hens by the farming side is less than expected, the supply pressure may reappear in the fourth quarter [5]. 3. Summaries by Relevant Content Futures Performance - Today, all egg futures contracts declined. As of the time of writing, the main 2510 contract fell to 2950 yuan per 500 kilograms, a decrease of 1.6%. The far - month contracts led the decline significantly, with the 2608 contract dropping 3.69% to 3834 yuan per 500 kilograms [4]. Spot Performance - The egg price in the peak season was weak. Yesterday, the egg price in Guantao, Handan, Hebei was 2.71 yuan per catty, a decrease of 0.02 yuan per catty from the previous day [4]. Trading Strategy - The morning report this week continuously suggested maintaining a band - high - short strategy for the 2510 contract. Now that the contract has fallen below 3000, further downward space has been opened, and short positions can be held. Short positions in the 2512 and 2601 contracts, as continuously suggested in the morning report, can also be held. For the 2607/2608 contracts, the current strategy is still mainly high - short. Pay close attention to the rhythm and extent of culling hens this year [5].