截至2026年1月9日当周，鸡蛋期货主力合约收于3040元/500千克，周K线收阳，持仓量环比上周增持144986手。 1月9日，主产区山东鸡蛋均价6.54元/公斤，与昨日价格持平；河北鸡蛋均价6.15元/公斤，与昨日价格持平；广东鸡蛋均价7.07元/公斤，与昨日价 格持平；北京鸡蛋均价6.6元/公斤，与昨日价格持平。 机构观点汇总： 中泰期货：鸡蛋现货进入春节前季节性备货和价格上涨阶段，当前主力02和03合约与现货平水受现货带动短期偏强。不过鸡蛋供需宽松的格局尚 未有效改变，春节前预计现货上方空间有限，当前供应高压可能延续至春节后淡季，02-03合约为淡季合约，预计上方空间有限，压力仍或偏大。 对于二季度的远月合约，目前时间距离较远，节后存栏"断档"预期无法证伪/实，远月合约下方仍受强预期支撑。 招商期货：蛋鸡在产存栏下降，但去产能放缓。春节备货陆续启动，走货加快，低价带动需求，渠道囤货意愿增强，不过供应充足，短期期现货 价格预计震荡运行。交易策略：鸡蛋供需矛盾不大，期价预计区间震荡。 本周(1月5日-1月9日)市场上看，鸡蛋期货周内开盘报2973元/500千克，最高触及3055元/500千克，最低下探至2 ...

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

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

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

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

研究所 农产品研发报告 农产品日报 2025 年 12 月 16 日 研究员：刘倩楠 期货从业证号： Z0014425 联系方式： :liuqiannan_qh@chinastock. com.cn 鸡蛋日报 第一部分鸡蛋日报 | 期货市场 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 今收 | | 昨收 | 涨跌 | JD跨月价差 | 今收 | 昨收 | 涨跌 | | JD01 | 3114 | 3122 | -8 | 01-05 | -420 | -438 | 18 | | JD05 | 3534 | 3560 | -26 | 05-09 | -462 | -492 | 30 | | JD09 | 3996 | 4052 | -56 | 09-01 | 882 | 930 | -48 | | 今收 | | 昨收 | 涨跌 | | 今收 | 昨收 | 涨跌 | | 01鸡蛋/玉米 | 1.40 | 1.40 | 0.00 | 01鸡蛋/豆粕 | 1.01 | 1.01 | 0.00 | | 05鸡蛋/玉米 | 1.58 ...

Group 1: Report Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core Viewpoints - With the recent increase in the number of culled chickens, the previous supply pressure has been alleviated. It is expected that the short - term de - capacity speed will be relatively gentle. The near - month contracts are expected to fluctuate within a range, and for the far - month contracts in April and May, long positions can be considered to be built at low prices as the supply pressure eases [7]. Group 3: Summary by Directory 1. Futures Market - **Futures Prices**: JD01 closed at 3144, down 9 from the previous day; JD05 closed at 3559, up 8; JD09 closed at 4060, up 6 [2]. - **Inter - month Spreads**: The 01 - 05 spread was - 415, down 17; the 05 - 09 spread was - 501, up 2; the 09 - 01 spread was 916, up 15 [2]. - **Ratio with Feed**: 01 egg/corn was 1.40, down 0.01; 01 egg/soybean meal was 1.02, down 0.01. Other ratios remained unchanged [2]. 2. Spot Market - **Egg Prices**: The average price in the producing areas was 3.03 yuan/jin, up 0.02 yuan/jin from the previous day, and the average price in the selling areas was 3.22 yuan/jin, unchanged [2]. - **Culled Chicken Prices**: The average price of culled chickens was 3.93 yuan/jin, up 0.03 yuan/jin [2]. 3. Profit Calculation - **Costs**: The average price of corn was 2356, down 1; the average price of soybean meal was 3092, unchanged; the average price of egg - laying chicken feed was 2.58, unchanged [2]. - **Profits**: The average price of culled chickens was 3.93, up 0.03; the average price of chicks was 3.21, up 0.04; the profit per chicken was 1.91 yuan, up 0.96 from the previous day [2]. 4. Fundamental Information - **Price Trends**: The average price in the main producing areas was 3.02 yuan/jin, up 0.04 yuan/jin, and the average price in the main selling areas was 3.22 yuan/jin, up 0.02 yuan/jin. Egg prices in Beijing increased, and prices in different regions showed a pattern of rising and stabilizing [4]. - **Inventory**: In November, the national inventory of laying hens was 1.352 billion, a decrease of 80 million from the previous month, and an increase of 5.5% year - on - year. The estimated inventory in December 2025, November, February, and March was 1.348 billion, 1.338 billion, 1.325 billion, and 1.315 billion respectively [5]. - **Sales and Inventory**: As of December 5, the sales volume of eggs in representative selling areas decreased by 4% week - on - week. The average weekly inventory in the production and circulation links increased [6]. 5. Trading Logic - The recent increase in the number of culled chickens has alleviated the supply pressure. The short - term de - capacity speed is expected to be gentle. Near - month contracts are expected to fluctuate within a range, and far - month contracts in April and May can be considered for long positions at low prices [7]. 6. Trading Strategies - **Single - side**: It is expected to fluctuate within a range in the short term. Long positions can be considered for far - month contracts at low prices [8]. - **Arbitrage**: It is recommended to wait and see [9]. - **Options**: It is recommended to wait and see [10].

研究所 农产品研发报告 农产品日报 2025 年 12 月 09 日 鸡蛋日报 第一部分鸡蛋日报 | 期货市场 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 今收 | | 昨收 | 涨跌 | JD跨月价差 | 今收 | 昨收 | 涨跌 | | JD01 | 3124 | 3153 | -29 | 01-05 | -457 | -484 | 27 | | JD05 | 3581 | 3637 | -56 | 05-09 | -489 | -493 | 4 | | JD09 | 4070 | 4130 | -60 | 09-01 | 946 | 977 | -31 | | 今收 | | 昨收 | 涨跌 | | 今收 | 昨收 | 涨跌 | | 01鸡蛋/玉米 | 1.40 | 1.39 | 0.00 | 01鸡蛋/豆粕 | 1.04 | 1.04 | 0.00 | | 05鸡蛋/玉米 | 1.58 | 1.61 | -0.03 | 05鸡蛋/豆粕 | 1.30 | 1.31 | -0.01 | | 09鸡蛋/玉米 | 1.7 ...

研究所 农产品研发报告 农产品日报 2025 年 12 月 08 日 研究员：刘倩楠 期货从业证号： Z0014425 联系方式： :liuqiannan_qh@chinastock. com.cn 鸡蛋日报 第一部分鸡蛋日报 | 期货市场 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 今收 | | 昨收 | 涨跌 | JD跨月价差 | 今收 | 昨收 | 涨跌 | | JD01 | 3153 | 3117 | 36 | 01-05 | -484 | -472 | -12 | | JD05 | 3637 | 3589 | 48 | 05-09 | -493 | -500 | 7 | | JD09 | 4130 | 4089 | 41 | 09-01 | 977 | 972 | 5 | | 今收 | | 昨收 | 涨跌 | | 今收 | 昨收 | 涨跌 | | 01鸡蛋/玉米 | 1.39 | 1.36 | 0.04 | 01鸡蛋/豆粕 | 1.04 | 1.03 | 0.01 | | 05鸡蛋/玉米 | 1.61 | 1 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The recent increase in the number of culled chickens has alleviated the previous supply pressure, but the number of laying hens in production remains high. The short - term de - capacity speed is expected to be relatively gentle. Considering that the spot average price is still around 2.8 - 2.9 yuan/jin, the January main contract has given a certain premium. With the approaching of pre - holiday stockpiling, the downward space is relatively limited, and it is likely to fluctuate within a range in the future [7]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices and Spreads**: JD01 closed at 3282, up 57 from the previous day; JD05 closed at 3553, up 4; JD09 closed at 3944, up 22. The 01 - 05 spread was - 271, up 53; the 05 - 09 spread was - 391, down 18; the 09 - 01 spread was 662, down 35 [2]. - **Ratio of Egg to Feed**: The 01 egg/corn ratio was 1.46, up 0.02; the 01 egg/bean meal ratio was 1.07, unchanged. The 05 egg/corn ratio was 1.56, unchanged; the 05 egg/bean meal ratio was 1.25, down 0.00. The 09 egg/corn ratio was 1.72, unchanged; the 09 egg/bean meal ratio was 1.34, up 0.00 [2]. 3.2 Spot Market - **Egg Prices**: The main producing area average price was 2.94 yuan/jin, up 0.04 yuan/jin from the previous day, and the main selling area average price was 3.12 yuan/jin, unchanged from the previous day. Prices in different regions had a mix of increases and stability [2][4]. - **Culled Chicken Prices**: The average price of culled chickens was 3.81 yuan/jin, unchanged from the previous day [2][6]. 3.3 Profit Calculation - **Costs**: The average price of culled chickens was 3.81 yuan/jin, unchanged; the average price of chicken seedlings was 3.21 yuan/feather, up 0.04; the price of laying hen vaccines was 3 yuan, unchanged. The average price of corn was 2325 yuan/ton, up 8; the average price of bean meal was 3088 yuan/ton, unchanged; the laying hen compound feed was 2.55 yuan/jin, up 0.01 [2]. - **Profit**: The profit per feather was - 0.99 yuan, up 1.39 from the previous day [2]. 3.4 Fundamental Information - **Egg Price Trends**: The main producing area average price increased slightly, and the main selling area average price remained stable. The national mainstream prices had a mix of increases and stability, with egg prices continuing to fluctuate and consolidate, and normal sales [4]. - **Laying Hen Inventory**: In October, the national inventory of laying hens in production was 1.359 billion, a decrease of 0.01 billion from the previous month, and a year - on - year increase of 5.5%. The estimated inventory from November 2025 to February 2026 is 1.359 billion, 1.355 billion, 1.346 billion, and 1.333 billion respectively [5]. - **Chicken Seedling and Culled Chicken Data**: In October, the monthly output of chicken seedlings from sample enterprises (about 50% of the country) was 39.2 million, with little change month - on - month and a year - on - year decrease of 13%. In the week of November 21, the number of culled chickens in the main producing areas was 20.21 million, an increase of 3.8% from the previous week, and the average culling age was 492 days, a decrease of 1 day from the previous week [5]. - **Egg Sales and Inventory**: As of the week of November 21, the egg sales volume in representative selling areas was 7472 tons, an increase of 1.2% from the previous week. The average weekly inventory in the production link was 1.1 days, an increase of 0.09 days from the previous week, and the average weekly inventory in the circulation link was 1.2 days, an increase of 0.15 days from the previous week [6]. 3.5 Trading Strategy - **Unilateral Strategy**: It is expected to fluctuate within a short - term range. One can consider building long positions in the January contract at low prices [8]. - **Arbitrage and Option Strategies**: It is recommended to wait and see [9].