Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - After continuous gains, high - flying sectors like AI have shown divergence recently, while sectors such as nuclear fusion, chips, and non - ferrous metals have emerged. Although short - term index fluctuations have increased, the long - term strategy is to go long on dips due to policy support for the capital market [4]. - In the fourth quarter, the supply - demand pattern of the bond market may improve. The market is likely to remain volatile under the intertwined bull - bear background of weak domestic demand recovery and improved inflation expectations. Pay attention to the stock - bond seesaw effect [7]. - With the weakening of the US dollar credit and the expectation of the Fed's interest rate cut, maintain a medium - term bullish view on precious metals. However, there is a significant risk of price correction in the short term [9]. - For most metals, factors such as supply - demand changes, cost fluctuations, and market sentiment affect their prices. For example, copper is supported by supply tightening and Fed rate - cut expectations; aluminum is expected to be volatile and strong; zinc is expected to be strong in the short term; and nickel may have a short - term downward exploration but is supported in the long term [12][14][16][18]. - For black building materials, although the current real - world demand for steel is weak, the market's expectation of demand recovery is rising. The price of iron ore may adjust if the downstream situation weakens. Glass is recommended to be treated bullishly in the short term, and soda ash is expected to be range - bound [31][33][35]. - For energy and chemical products, rubber is recommended to go long on dips; for crude oil, wait and see in the short term; methanol and urea can be considered for short - term long positions after a decline; and for some chemical products like PVC and ethylene glycol, the supply - demand situation is weak, and short - term waiting and seeing is recommended [53][55][56][58]. - For agricultural products, the prices of live pigs and eggs are expected to be weak in the short term; soybean meal is expected to be weak and volatile; oils are expected to be strong; sugar is recommended to be shorted on rallies; and cotton is likely to be weak in the short term [77][79][82][84][87][89]. Summary by Relevant Catalogs Macro - financial Category Stock Index - **Market News**: The Ministry of Commerce and the General Administration of Customs have imposed export controls on certain items; some foreign entities have been included in the unreliable entity list; some securities firms have adjusted the margin conversion ratios of certain stocks; and the price of spot gold remains high, with some banks adjusting their related businesses [2]. - **Basis Ratio of Stock Index Futures**: The basis ratios of IF, IC, IM, and IH in different contract periods are provided [3]. - **Strategy Viewpoint**: After the previous continuous rise, the high - flying sectors have shown divergence, and the short - term index fluctuations have increased. However, the long - term strategy is to go long on dips [4]. Treasury Bonds - **Market News**: The prices of TL, T, TF, and TS main contracts have changed; the daily average sales revenue of the national consumption - related industries during the National Day and Mid - Autumn Festival holidays has increased year - on - year; and export controls have been imposed on some medium - heavy rare earth - related items [5]. - **Liquidity**: The central bank conducted 6120 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 14513 billion yuan on the day [6]. - **Strategy Viewpoint**: The manufacturing PMI has rebounded, but the follow - up social financing and money growth may be under pressure. The bond market is expected to be volatile, and pay attention to the stock - bond seesaw effect [7]. Precious Metals - **Market News**: The prices of Shanghai gold and silver have declined, while the prices of COMEX gold and silver have increased. The US government shutdown has affected the release of economic data, and the Fed's meeting minutes show differences in the outlook for interest rates [8][9]. - **Strategy Viewpoint**: Maintain a medium - term bullish view on precious metals, but pay attention to short - term price corrections [9]. Non - ferrous Metals Category Copper - **Market News**: After the National Day, the copper price continued to be strong. The LME copper inventory increased, and the domestic electrolytic copper social inventory also increased. The spot import loss expanded, and the scrap copper substitution advantage increased [11]. - **Strategy Viewpoint**: Supply tightening and Fed rate - cut expectations support the copper price, but the short - term upward pace may slow down [12]. Aluminum - **Market News**: On the first day after the National Day, non - ferrous metals generally strengthened. The LME aluminum price rose, and the domestic aluminum inventory increased. The market atmosphere was warm, but the trade situation was still volatile [13]. - **Strategy Viewpoint**: The aluminum price is expected to be volatile and strong [14]. Zinc - **Market News**: The Shanghai zinc index rose, and the LME zinc price fell. The domestic social inventory increased slightly, and the zinc export window opened [15]. - **Strategy Viewpoint**: The Shanghai zinc is expected to be strong in the short term [16]. Lead - **Market News**: The Shanghai lead index rose, and the LME lead price also rose. The domestic social inventory decreased slightly [17]. - **Strategy Viewpoint**: The Shanghai lead is expected to be in a wide - range low - level shock in the short term [17]. Nickel - **Market News**: The nickel price rose significantly. The nickel ore price was stable, the nickel iron price was stable, and the MHP coefficient price increased slightly [18]. - **Strategy Viewpoint**: The short - term nickel price may decline, but it is supported in the long term. It is recommended to wait and see in the short term and go long on dips [18]. Tin - **Market News**: The tin price was strong. The supply was expected to increase slightly, and the demand in the traditional consumer electronics and home appliance sectors was still weak [21]. - **Strategy Viewpoint**: The tin price is expected to be high - level volatile in the short term. It is recommended to wait and see [21]. Carbonate Lithium - **Market News**: The carbonate lithium price was stable. The social inventory decreased, and a company obtained mining rights [22]. - **Strategy Viewpoint**: The supply - demand mismatch has led to a decrease in inventory. Pay attention to the supply and demand situation and the market atmosphere [22]. Alumina - **Market News**: The alumina index rose. The domestic and overseas prices changed, and the import window opened [23]. - **Strategy Viewpoint**: The alumina market is expected to be volatile. Wait and see for the macro - mood resonance [24]. Stainless Steel - **Market News**: The stainless steel price rose. The raw material prices were stable, and the social inventory decreased slightly [25]. - **Strategy Viewpoint**: The stainless steel price is expected to be range - bound. Pay attention to the RKAB approval progress [26]. Cast Aluminum Alloy - **Market News**: The cast aluminum alloy price rose. The trading volume increased, and the inventory increased slightly [27]. - **Strategy Viewpoint**: The downstream consumption is in the peak season, but the delivery pressure of the near - term contract is large, and the upside space is limited [28]. Black Building Materials Category Steel - **Market News**: The prices of rebar and hot - rolled coil rose. The inventory of rebar decreased, and the inventory of hot - rolled coil remained unchanged [30]. - **Strategy Viewpoint**: The current real - world demand for steel is weak, but the market's expectation of demand recovery is rising. Pay attention to policy signals [31]. Iron Ore - **Market News**: The iron ore price rose. The overseas shipment decreased, and the domestic arrival increased. The steel mill's profit rate continued to decline [32]. - **Strategy Viewpoint**: The iron ore price may adjust if the downstream situation weakens. Pay attention to the "Silver October" performance after restocking [33]. Glass and Soda Ash - **Market News**: The glass price rose, and the inventory increased. The soda ash price fell, and the inventory decreased [34][36]. - **Strategy Viewpoint**: Glass is recommended to be treated bullishly in the short term, and soda ash is expected to be range - bound [35][37]. Manganese Silicon and Ferrosilicon - **Market News**: The manganese silicon price rose slightly, and the ferrosilicon price fell slightly. The prices are in a shock range [38]. - **Strategy Viewpoint**: The black sector may first decline and then rise. Manganese silicon and ferrosilicon are likely to follow the black sector's trend [39][40][41]. Industrial Silicon and Polysilicon - **Market News**: The industrial silicon price was stable, and the polysilicon price fell. The supply and demand of industrial silicon changed little, and the polysilicon inventory was limited [42][44]. - **Strategy Viewpoint**: Industrial silicon is expected to be range - bound in the short term, and polysilicon may improve if the leading enterprises conduct maintenance [43][46]. Energy and Chemical Category Rubber - **Market News**: The rubber price stabilized. The tire production rate decreased, and the inventory decreased slightly. The spot price changed [48][50][52]. - **Strategy Viewpoint**: Go long on dips and partially build a hedging position [53]. Crude Oil - **Market News**: The crude oil price fell, and the inventories of related products changed. The US EIA data showed inventory changes [54]. - **Strategy Viewpoint**: Wait and see in the short term and verify the OPEC's export - price - support intention [55]. Methanol - **Market News**: The methanol price fell, and the inventory increased. The supply was high, and the demand was weak [56]. - **Strategy Viewpoint**: Consider short - term long positions after a decline [56]. Urea - **Market News**: The urea price fell, and the inventory increased. The supply was high, and the demand was weak [57]. - **Strategy Viewpoint**: Consider long positions at a low price [58]. Pure Benzene and Styrene - **Market News**: The pure benzene price was stable, and the styrene price fell. The supply and demand changed, and the inventory increased [59]. - **Strategy Viewpoint**: The styrene price may stop falling due to the seasonal peak season [60]. PVC - **Market News**: The PVC price fell, and the inventory increased. The supply was strong, and the demand was weak [61]. - **Strategy Viewpoint**: The PVC market is bearish in the medium term. Consider short positions [63]. Ethylene Glycol - **Market News**: The ethylene glycol price fell, and the inventory increased. The supply was high, and the demand was weak [64]. - **Strategy Viewpoint**: Wait and see in the short term [65]. PTA - **Market News**: The PTA price fell, and the inventory increased. The supply was affected by maintenance, and the demand was stable [66]. - **Strategy Viewpoint**: Wait and see in the short term [67]. Para - Xylene - **Market News**: The para - xylene price rose, and the inventory increased. The supply was high, and the demand was affected by PTA maintenance [68]. - **Strategy Viewpoint**: Wait and see in the short term and pay attention to the terminal and PTA valuation [69]. Polyethylene (PE) - **Market News**: The PE price fell, and the inventory decreased. The supply was limited, and the demand was expected to increase [70]. - **Strategy Viewpoint**: The PE price may rise in the long term [71]. Polypropylene (PP) - **Market News**: The PP price fell, and the inventory was high. The supply was large, and the demand was weak [72]. - **Strategy Viewpoint**: The PP market is in a weak supply - demand situation, and the inventory pressure is high [74]. Agricultural Products Category Live Pigs - **Market News**: The live pig price continued to fall. The slaughtering and sales situation was not good [76]. - **Strategy Viewpoint**: The live pig price is expected to be weak in the short term. Short the near - term contract and conduct reverse hedging [77]. Eggs - **Market News**: The egg price generally fell. The supply was greater than the demand, and the market confidence was low [78]. - **Strategy Viewpoint**: The egg price is expected to be weak in the short term. Wait for the bottom - building [79]. Soybean and Rapeseed Meal - **Market News**: The CBOT soybean price fell slightly. The domestic soybean meal price was stable, and the import cost was affected by multiple factors [80][81]. - **Strategy Viewpoint**: The domestic soybean meal supply pressure is large. It is expected to be weak and volatile in the short term [82]. Oils - **Market News**: Indonesia is promoting the B50 biodiesel plan. The domestic oil price rose, and the inventory may decrease [83]. - **Strategy Viewpoint**: The oil price is expected to be strong. Go long on dips [84]. Sugar - **Market News**: The sugar price rebounded slightly. The Brazilian sugar production data was released, and the port waiting quantity increased [85][86]. - **Strategy Viewpoint**: The sugar price is expected to be bearish in the long term. Short on rallies in the fourth quarter [87]. Cotton - **Market News**: The cotton price rebounded slightly. The spot price fell, and the acquisition price was lower than last year [88]. - **Strategy Viewpoint**: The cotton price is likely to be weak in the short term. There is cost support at the bottom [89].

| 油脂产业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 2025年9月29日 | | | | 壬泽辉 | Z0019938 | | 臣治 | | | | | | | | 9月26日 | | 0月25日 | 涨跌 | 张跌幅 | | 现价 | 江苏一级 8470 | | 8440 | 30 | 0.36% | | 期价 | Y2601 8162 | | 8192 | -30 | -0.37% | | 墓差 | Y2601 308 | | 248 | 60 | 24.19% | | 现货墓差报价 | 01+220 江苏1月 | | 01+230 | -10 | r | | 仓单 | 25534 | | 25534 | 0 | 0.00% | | 棕櫚油 | | | | | | | | 9月26日 | | 9月25日 | 涨跌 | 涨跌幅 | | 现价 | 广东24度 9230 | | 9170 | 60 | 0.65% | | 期分 | P2601 9236 | | 9222 | 14 | ...

行业 鸡蛋 日期 2025 年 9 月 29 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 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Report Industry Investment Ratings - **Macro - finance**: Long - term bullish on stock indices, recommended to buy on dips; neutral on treasury bonds, recommended to hold a wait - and - see stance [1][5] - **Black building materials**: Neutral on coking coal and rebar, recommended for range trading; bullish on glass, recommended to buy on dips [1][7][8] - **Non - ferrous metals**: Neutral on copper, recommended to trade cautiously before the holiday; bullish on aluminum, recommended to buy on dips; neutral on nickel, recommended to wait and see or short on rallies; neutral on tin, recommended for range trading; neutral on gold and silver, recommended for range trading [1][10][11][18][19] - **Energy and chemicals**: Neutral on PVC, caustic soda, styrene, rubber, urea, methanol, and polyolefin, recommended for range trading; recommended for shorting 01 contract and longing 05 contract in soda ash [1][20][21][23][25][26][27][29][31][32] - **Cotton textile industry chain**: Neutral on cotton and cotton yarn, recommended for range trading; neutral on PTA, recommended for narrow - range trading; bullish on apples, recommended for range - bound and upward trading; bearish on jujubes, recommended for range - bound and downward trading [1][33][34][35] - **Agriculture and livestock**: Bearish on pigs and eggs, recommended to short on rallies; neutral on corn, recommended for range trading; neutral on soybean meal, recommended for weak - range trading; bullish on oils, recommended for bottom - building and slight rebound trading [1][37][39][40][42][43] Core Views - Affected by the weakening of the external market and the pre - holiday effect, the A - share market is cautious, with significant structural differentiation. Stock indices are expected to oscillate in the short term and are bullish in the long term. Treasury bonds are recommended to be observed due to potential long - term downward pressure [5] - The black building materials market is mixed. The coal market is active, while rebar is affected by weak industry and strong macro factors. Glass is expected to be supported by demand in October and is recommended to be bought on dips [7][8] - Non - ferrous metals are affected by various factors such as supply disruptions and macro policies. Copper is expected to be high - range volatile, aluminum is recommended to be bought on dips, nickel is recommended to be shorted on rallies, and tin, gold, and silver are recommended for range trading [10][11][17][18][19] - In the energy and chemical sector, most products are expected to oscillate due to factors such as supply - demand imbalance, cost fluctuations, and policy uncertainties. Soda ash is recommended for a specific arbitrage strategy [20][21][23][25][26][27][29][31][32] - The cotton textile industry chain shows different trends. Cotton and cotton yarn are affected by supply - demand changes, PTA is affected by cost and supply - demand games, apples are expected to be strong, and jujubes are expected to be weak [33][34][35] - In the agriculture and livestock sector, pigs and eggs are under pressure due to supply - demand imbalances. Corn is expected to oscillate, soybean meal is expected to be weak, and oils are expected to rebound slightly [37][39][40][42][43] Summaries by Categories Macro Finance - **Stock Indices**: In the short term, the A - share market is affected by external and pre - holiday factors, with active large - tech sectors and weak small - cap stocks. In the long term, it is bullish, and buying on dips is recommended [5] - **Treasury Bonds**: Although the bond market rebounded on Friday, the long - term downward pressure remains. It is recommended to observe and pay attention to the end - of - month data [5] Black Building Materials - **Coking Coal**: The coal market is active due to factors such as production reduction and price increases. It is recommended for range trading [7] - **Rebar**: The futures price dropped last Friday. It is currently undervalued, but the demand is weak. It is recommended to observe or conduct short - term trading before the holiday [7] - **Glass**: The spot price increased, and the inventory decreased. It is expected to be supported by demand in October. Buying on dips is recommended [8] Non - Ferrous Metals - **Copper**: Affected by the mine accident in Grasberg, the copper price is expected to be high - range volatile. It is recommended to trade cautiously before the holiday [10][11] - **Aluminum**: The alumina price is under pressure, while the electrolytic aluminum demand is in the peak season. Buying on dips is recommended [12][13] - **Nickel**: The nickel supply is in an oversupply situation in the long term. Shorting on rallies is recommended [17] - **Tin**: The tin supply is tight, and the downstream consumption is recovering. Range trading is recommended [18] - **Gold and Silver**: Affected by the US economic data and Fed policy expectations, range trading is recommended [18][19] Energy and Chemicals - **PVC**: The supply is high, and the demand is weak. It is expected to oscillate in the short term, and the 01 contract is recommended to focus on the 4850 - 5050 range [20][21][22] - **Caustic Soda**: The supply and demand are in a balanced state. It is expected to oscillate, and the 01 contract is recommended to focus on the 2450 - 2650 range [22][23] - **Styrene**: The supply is sufficient, and the demand is limited. It is expected to be weak - range volatile, and the 6700 - 7100 range is recommended [25] - **Rubber**: The downstream tire factory's pre - holiday replenishment is completed. It is expected to oscillate weakly, and the 15500 level is recommended as the support [25] - **Urea**: The supply increases, and the demand is scattered. It is recommended to focus on the 01 contract's 1600 - 1630 support [26][27] - **Methanol**: The supply recovers, and the demand increases. It is expected to be strong - range volatile, and the 2330 - 2450 range is recommended [27] - **Polyolefin**: The demand recovers, and the supply increases slightly. It is expected to oscillate in the range, and the LL and PP contracts are recommended to focus on the 7200 - 7500 and 6900 - 7200 ranges respectively [28][29] - **Soda Ash**: It is recommended to short the 01 contract and long the 05 contract due to the expected supply increase [31][32] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: The global supply and demand are adjusted, and the future price may face pressure. Range trading is recommended [33] - **PTA**: Affected by oil prices and supply - demand, it is expected to be narrow - range volatile [33][34] - **Apples**: The price of early - maturing apples is firm, and it is expected to be strong - range volatile [34] - **Jujubes**: The market is light, and it is expected to rebound in a range [35] Agriculture and Livestock - **Pigs**: The supply is large, and the price is under pressure. Shorting on rallies is recommended, and attention should be paid to the 05 - 03 arbitrage [37][38] - **Eggs**: The short - term price is under pressure, and shorting on rallies is recommended. The 12 and 01 contracts are recommended to be observed [39] - **Corn**: The new crop supply eases the tight supply situation. A short - selling strategy is recommended, and attention should be paid to the 1 - 5 reverse arbitrage [40][41] - **Soybean Meal**: The supply is sufficient, and the price is expected to be weak - range volatile. Holding long positions on dips is recommended [42] - **Oils**: The palm oil and soybean oil fundamentals have some support, and the rapeseed oil supply has a gap. It is expected to rebound slightly, and attention should be paid to the arbitrage opportunities [43][44][45][46][47][48]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report comprehensively analyzes various sectors in the financial and commodity markets, including financial derivatives, precious metals, shipping, and multiple commodity futures. It points out that market trends are influenced by a combination of factors, such as macro - economic policies, supply - demand balances, and geopolitical situations. Different sectors present different trends, with some in a state of shock, others showing signs of weakness or strength, and the overall market is complex and changeable. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: The A - share market showed an overall correction on Tuesday, with the main stock indexes fluctuating downwards during the session and rebounding slightly at the end. The main contracts of the four major stock index futures had mixed performances. The banking and precious metals sectors among the cyclical sectors were strong, while technology stocks corrected. It is recommended to lightly sell put options on MO2511 near the strike price of 6600 when the index corrects to collect premiums [2][3][4]. - **Treasury Bond Futures**: Treasury bond futures closed down across the board, and the yields of major inter - bank interest - rate bonds generally rose. The central bank's open - market operations led to a net withdrawal of funds, and the bond market sentiment was weak. It is recommended to operate within a range, lightly test long positions when the market sentiment stabilizes at low levels, and appropriately participate in the basis narrowing strategy for the TL contract [5][8]. Precious Metals - The US dollar index remained weak, and safe - haven sentiment drove funds to flow into gold, pushing up its price. The price of international gold reached a high and then narrowed its gains, while silver showed a slight decline. It is recommended to buy gold on dips or buy out - of - the - money call options, and sell out - of - the - money put options on silver when the price is above $41 [9][12][13]. Container Shipping Index (European Route) - The EC futures market oscillated. The spot freight rates showed a certain range of fluctuations, and the market had digested the impact of the previous spot decline. It is recommended to wait and see in a volatile market [14][15]. Commodity Futures Non - Ferrous Metals - **Copper**: The copper market oscillated. The spot price declined, and the downstream was less willing to buy at high prices. The supply side was affected by factors such as smelter maintenance, and the demand side improved after the price decline. It is expected to oscillate in the short term, with the main contract referring to the range of 79,000 - 81,000 yuan [15][17][20]. - **Alumina**: The alumina market was in a pattern of high supply, high inventory, and weak demand. The futures price was in a bottom - wide oscillation. It is expected to oscillate in the range of 2850 - 3150 yuan/ton, and it is necessary to pay attention to policy changes in Guinea and cost - profit changes [20][22][23]. - **Aluminum**: The aluminum price declined, and the market trading activity increased slightly. The supply was at a high level, the demand entered the peak season, and the inventory was still in a state of accumulation. It is expected to oscillate in the range of 20,600 - 21,000 yuan/ton, and it is necessary to pay attention to the double - festival stocking and inventory inflection points [23][25]. - **Aluminum Alloy**: The pre - holiday stocking demand provided phased support for the spot price. The supply was tight, the demand was gradually recovering, and the inventory was accumulating. It is expected to oscillate in the range of 20,200 - 20,600 yuan/ton, and attention should be paid to the supply of scrap aluminum and import policies [25][27][28]. - **Zinc**: The zinc market was in a state of supply - demand differentiation at home and abroad. The domestic supply was loose, and the demand was in the peak season. The short - term price was expected to oscillate, with the main contract referring to the range of 21,500 - 22,500 yuan [28][30][31]. - **Tin**: The import of tin ore in August remained at a low level, and the supply was tight. The demand was in a state of "weak supply and demand". It is expected to oscillate at a high level, with the price range of 265,000 - 285,000 yuan, and attention should be paid to the import situation of tin ore from Myanmar [31][33][34]. - **Nickel**: The nickel market oscillated weakly. The supply was at a high level, the demand was relatively stable in some areas and general in others. It is expected to oscillate in the range of 119,000 - 124,000 yuan, and attention should be paid to macro - expectations and ore - related news [34][35][36]. - **Stainless Steel**: The stainless - steel market oscillated narrowly. The raw material prices were firm, the supply was under pressure, and the demand had not significantly increased. It is expected to oscillate in the range of 12,800 - 13,200 yuan, and attention should be paid to steel - mill dynamics and pre - holiday stocking [37][40]. - **Lithium Carbonate**: The lithium - carbonate market oscillated. The supply and demand were in a tight balance during the peak season. It is expected to oscillate in the range of 70,000 - 75,000 yuan, and attention should be paid to the marginal changes in orders [41][44]. Black Metals - **Steel**: The steel market was affected by factors such as export support and seasonal demand changes. The price was expected to oscillate at a high level, with the thread referring to the range of 3100 - 3350 yuan and the hot - rolled coil referring to the range of 3300 - 3500 yuan. It is recommended to lightly try long positions and pay attention to the seasonal recovery of apparent demand [44][46]. - **Iron Ore**: The iron - ore market was supported by factors such as reduced shipments and increased iron - water production. The price was expected to oscillate upwards, with the range of 780 - 850 yuan. It is recommended to buy on dips and consider the arbitrage strategy of long iron ore and short hot - rolled coil [47][48]. - **Coking Coal**: The coking - coal market was in a state of supply - demand balance and tightening. The price was expected to oscillate upwards, with the range of 1150 - 1300 yuan. It is recommended to buy on dips and consider the arbitrage strategy of long coking coal and short coke [49][51]. - **Coke**: The coke market was in a process of price adjustment. The price was expected to rebound gradually, with the range of 1650 - 1800 yuan. It is recommended to buy on dips and consider the arbitrage strategy of long coking coal and short coke [52][55]. Agricultural Products - **Meal**: Argentina's cancellation of the export tax on soybeans and their derivatives put pressure on the two - meal market. The domestic meal supply was abundant, and the market was expected to oscillate weakly [56][59]. - **Pigs**: The pig market had a large slaughter pressure, and the spot price was difficult to improve before the National Day. The market was expected to adjust weakly, and the previous reverse - spread strategy was recommended to be withdrawn and observed [60][61].

行业 鸡蛋 日期 2025 年 9 月 24 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 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Industry Investment Ratings No investment ratings are provided in the report. Core Viewpoints - After the Fed cut interest rates by 25bp as expected, the market quickly digested the expectation and shifted to a volatile state. The technology sector still dominates the market. With the holiday approaching, capital activity has declined [2]. - Without incremental negative factors, 1.8% may be the high point for the 10 - year Treasury yield, but in the absence of strong positive factors, the short - term downward movement of the yield is also limited, with resistance around 1.75% [2]. - Gold remains in a high - level volatile state, and its volatility may rise again. Silver has high upward elasticity driven by突发事件 but the sentiment fades quickly [2]. - The EC futures contract continues to decline, and the main contract is weakly volatile [2]. - Steel exports support the valuation of the black commodity sector, and the spread between hot - rolled and rebar contracts is narrowing [2]. - The decline in iron ore shipments, the rebound in molten iron production, and the restocking demand support the strong price of iron ore [2]. - Coal prices at production areas are stable with a slight upward trend, and downstream restocking demand supports the upward trend of coal futures [2]. - The copper market is in a volatile consolidation phase, and the spot trading volume is good below 80,000 [2]. - There are more supply - side disturbances in Guinea for aluminum, and it is expected to fluctuate widely around the bottom of 2900 in the short term [2]. - The supply of tin ore imports remained low in August, providing fundamental support [2]. - Concerns about marginal increases in oil supply have led to a downward shift in short - term oil prices, but geopolitical factors still provide some support [2]. - The high supply pressure of urea persists, and the progress of urea factory orders before the National Day needs attention [2]. - The supply - demand outlook for PX has further weakened, and the cost side is also weak, putting short - term pressure on prices [2]. - The supply - demand situation of PTA has improved slightly but remains weak in the medium term, with limited driving forces [2]. - The short - fiber market has no obvious short - term drivers and follows the raw material price fluctuations [2]. - The demand for bottle - grade polyester chips has improved temporarily, but the supply - demand pattern remains loose, with limited upside for processing fees [2]. - The new ethylene glycol plant commissioning expectation and the weak terminal market put pressure on the upside of MEG [2]. - With the holiday approaching, the mid - stream of caustic soda is in a wait - and - see mode, and the spot price is under pressure [2]. - The spot procurement enthusiasm for PVC is average, and the market is in a volatile state [2]. - The supply - demand outlook for pure benzene has weakened, and the price driving force is limited [2]. - The weak oil price expectation puts pressure on the absolute price of styrene [2]. - The cost and supply - demand drivers for synthetic rubber are limited, and it may follow the trends of natural rubber and other commodities [2]. - The sentiment in the LLDPE spot market has weakened, and the basis remains stable [2]. - The number of PP plant overhauls has increased, and the trading volume is average [2]. - The port inventory of methanol has been accumulating, and the price is weak [2]. - After Argentina取消 the export tax, the two -粕 market is under pressure again [2]. - The pig slaughter pressure is high, and the spot price is unlikely to improve before the National Day [2]. - Under the bearish expectation, the corn futures price continues to decline [2]. - The Sino - US talks did not release incremental positive factors, and the oilseed market is in a volatile adjustment phase [2]. - The overseas sugar supply outlook is broad [2]. - With new cotton gradually coming onto the market, the supply pressure is increasing [2]. - The local domestic sales in the egg market still provide some support for demand, but the long - term trend is bearish [2]. - The early Fuji apples are traded at negotiated prices, and the sales volume is acceptable [2]. - The spot price of red dates fluctuates slightly, and the futures market is in a volatile state [2]. - The overall sentiment in the soda ash market has declined, and the price is trending weakly [2]. - The production and sales of glass have weakened, and the futures price has declined [2]. - Affected by typhoon weather, the rubber price is strongly volatile in the short term [2]. - The market sentiment for industrial silicon has weakened, and the price has declined [2]. - Affected by fundamental sentiment, the polysilicon price has dropped significantly [2]. - With no new news, the market sentiment for lithium carbonate is temporarily stable, and the fundamentals are in a tight balance during the peak season [2]. Summaries by Categories Equity Index Futures - Recommend selling short - term put options on the IF2509, IH2509, IC2509, and MO2511 contracts near the strike price of 6600 when the index pulls back to collect option premiums [2]. Treasury Futures - The T2512 contract is expected to fluctuate between 107.5 and 108.35. For single - side strategies, investors are advised to trade within the range, and consider going long lightly when the price pulls back to the low level if the market sentiment stabilizes, but should pay attention to taking profits in time. For the spot - futures strategy, the basis of the TL contract is oscillating at a high level, and investors can appropriately participate in the basis narrowing strategy [2]. Precious Metals - For gold, consider buying at low levels or buying out - of - the - money call options instead of going long. For silver, sell out - of - the - money put options when the price is high [2]. Freight Index Futures (EC) - Consider the spread arbitrage between the December and October contracts [2]. Black Commodities - For steel, try to go long on pullbacks and narrow the spread between the January hot - rolled and rebar contracts. For iron ore, go long on the 2601 contract at low levels, with the reference range of 780 - 850, and consider a long - iron - ore short - hot - rolled strategy. For coking coal, go long on the 2601 contract at low levels, with the reference range of 1150 - 1300, and consider a long - coking - coal short - coke strategy. For coke, go long on the 2601 contract at low levels, with the reference range of 1650 - 1800, and consider a long - coking - coal short - coke strategy [2]. Non - ferrous Metals - For copper, the main contract reference range is 79,000 - 81,000. For aluminum, the main contract reference range is 20,600 - 21,000. For aluminum alloy, the main contract reference range is 20,200 - 20,600. For zinc, the main contract reference range is 21,500 - 22,500 [2][3]. Energy and Chemicals - For crude oil, temporarily observe on the single - side, with the support range of WTI at [60, 61], Brent at [63, 64], and SC at [467, 474]. For urea, wait for the implied volatility to rise and then narrow it. For PX, short on rebounds following the crude oil trend and pay attention to the support around 6500. For PTA, short on rebounds following the crude oil trend, pay attention to the support around 4500, and consider a rolling reverse spread strategy between the January and May contracts. For short - fiber, the single - side strategy is the same as PTA, and the processing fee oscillates between 800 - 1100. For bottle - grade polyester chips, the single - side strategy is the same as PTA, and the processing fee is expected to fluctuate between 350 - 500. For ethylene glycol, sell call options on rallies and consider a reverse spread strategy between the January and May contracts. For caustic soda, adopt a short - selling strategy. For PVC, observe. For pure benzene, it will follow the benzene - ethylene and oil price fluctuations in the short term. For benzene - ethylene, short on absolute price rebounds and widen the spread between the November benzene - ethylene and November pure - benzene contracts. For synthetic rubber, pay attention to the support around 11,400. For LLDPE, observe near the previous low. For PP, observe in the short term. For methanol, observe as the downward space is currently limited [2]. Agricultural Products - For soybeans and rapeseed meal, adjust weakly in the short term. For live pigs, pay attention to the reverse spread opportunities between the January - May and March - July contracts. For corn, it is in a weak trend. For oils, the main palm oil contract adjusts weakly in the short term. For sugar, hold short positions. For cotton, adopt a short - selling strategy in the short term. For eggs, control the short - position size. For apples, the main contract runs around 8300. For red dates, it is bearish in the medium - to - long term. For soda ash, observe. For glass, observe. For rubber, observe. For industrial silicon, the main price fluctuation range is expected to be between 8000 - 9500 yuan/ton. For polysilicon, observe temporarily. For lithium carbonate, the main contract is expected to run between 70,000 - 75,000 [2].

Group 1: General Information - Reported industry: Eggs [1] - Report date: September 23, 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 - Today, the national egg price declined. The average price in the main producing areas was 3.65 yuan/jin, down 0.03 yuan/jin from yesterday; the average price in the main consuming areas was 3.84 yuan/jin, down 0.08 yuan/jin from yesterday. The 11 - contract dropped 1.51%. [7] - For egg contracts: the 2510 contract closed at 2982, down 56 (-1.84%); the 2511 contract closed at 3075, down 47 (-1.51%); the 2512 contract closed at 3201, down 58 (-1.78%). [7] Core View - After the weakest summer peak season in recent years, the spot market has gradually stabilized and rebounded. The supply pressure has eased due to accelerated culling from August to September, and there is still demand support from Mid - Autumn Festival and National Day stocking in September. However, the spot peak - season rise is expected to end soon. [8] - In the futures market, contracts in the fourth quarter fell sharply earlier and rose significantly last Monday. The previous weak market sentiment and short - dominated market led to a rise in the basis. The strong spot market caused the futures market to make up for the increase. [8] - The supply pressure is difficult to relieve in the short term. After the price increase, there may be fluctuations. If there are profits from long positions, it is advisable to take profits at high prices. The near - month 10 contract may enter the delivery month with a high discount. The rebound space should not be overestimated. [8] Operation Suggestions - Future contract operations need to continuously monitor culling and replenishment data. The fundamental inflection point may appear in the later part of the fourth quarter at the earliest. There may be adjustment space in the short - to - medium term after the spot market encounters resistance. [8] Group 3: Industry News - The inventory of laying hens is on an upward trend. As of the end of August, the national monthly inventory of laying hens was about 1.365 billion, with a month - on - month increase of 0.7% and a year - on - year increase of 6.0%. [9] - The monthly output of layer chicks in sample enterprises in August was about 39.81 million, slightly less than 39.98 million in July and significantly less than 43.95 million in the same period in 2024. The low breeding profits in the past two months have started to change farmers' expansion mindset. [9][10] - From the weekly data, as of September 18, the national culling volume in the previous three weeks was 17.61 million, 17.48 million, and 17.89 million respectively. The culling volume has been rising since August, and the current absolute value is slightly higher than the average of the previous three years. As of September 18, the average culling age was 497 days, 2 days later than last week and 9 days earlier than last month. [10] Group 4: Data Overview - The report includes data charts such as the monthly inventory of laying hens in China, layer breeding profits, the average price in the main egg - producing areas, the 10 - contract basis of eggs, the 12 - 02 spread of eggs, and the 10 - contract seasonal trend of eggs, with data sources from Wind, Zhuochuang Information, and Trading Famen. [13][17][20]

1. Report Industry Investment Ratings - No specific industry investment ratings are provided in the report. 2. Core Views of the Report - The macro - economic growth is slowing down, with drags from the real estate sector, weakening consumption support, and declining investment growth. However, policy - side counter - cyclical adjustments have been implemented, and the stock market remains strong while the commodity market is volatile. Overseas, the Fed has started a "preventive降息周期" [2]. - For the RMB exchange rate, the upward risk of the US dollar may be higher than the downward risk. The exchange rate may oscillate around 7.10 in the short - term, and policy signals from the RMB central parity rate should be focused on [4]. - The stock index is expected to be volatile in the short - term due to the multi - empty game and the approaching holidays [6]. - Treasury bonds should focus on central bank dynamics. There may be opportunities for long - side intervention on dips [7]. - Precious metals are expected to run strongly as the Fed's monetary policy is in a loose cycle, and gold price will continue to rise [10]. - Copper prices may oscillate strongly around 80,000 yuan per ton due to tight supply in the short - term and stable demand [15]. - Aluminum is expected to oscillate strongly, alumina may run weakly, and cast aluminum alloy is expected to oscillate strongly [17]. - Zinc is expected to maintain a short - term oscillatory pattern and is recommended to be under - weighted [20]. - Nickel and stainless steel are mainly affected by the macro - level, and the fundamentals provide no clear guidance [21]. - Tin prices may oscillate around 274,000 yuan per ton, with short - term supply remaining tight [23]. - Carbonate lithium prices are expected to oscillate between 72,000 - 76,000 yuan per ton before the National Day holiday [25]. - Industrial silicon prices may rise slightly during the dry season but are restricted by inventory. Polysilicon trading is complex, and high volatility requires cautious participation [28]. - Lead prices are expected to be cautiously bullish as the supply - demand contradiction lies in raw materials [29]. - Steel prices are expected to oscillate before the holiday, with limited upward and downward space [30]. - Iron ore prices are expected to oscillate, with support from replenishment and high molten iron production but limited upward space due to demand and high shipments [34]. - Coking coal and coke prices are supported by pre - holiday replenishment, but the rebound height is restricted by high steel inventory [35]. - Ferrosilicon and ferromanganese are supported by cost and term structure improvement, and trial long - positions are recommended [38]. - Crude oil is under fundamental pressure, and the medium - term trend is bearish, although geopolitical risks may cause short - term rebounds [40]. - LPG is expected to oscillate weakly as the overall driving force weakens [44]. - PTA - PX needs macro - level drivers to break through, and the polyester peak season is not highly expected [48]. - MEG is expected to oscillate between 4200 - 4400 yuan, and short - term downward space is limited [51]. - Methanol is recommended to reduce long - positions and hold short - put options [54]. - PP's downward space is limited, and attention should be paid to device changes and opportunities for long - positions on dips [57]. - PE is expected to maintain an oscillatory pattern as the real - world situation is weak but the valuation is low [60]. - PVC is recommended to be observed temporarily due to the coexistence of weak fundamentals and macro - level expectations [62]. - Pure benzene is facing increasing surplus pressure, and its price is expected to be weakly volatile. Styrene is expected to oscillate, and the spread between pure benzene and styrene can be considered to be widened [64][66]. - Fuel oil's cracking is stabilizing, and short - term short - selling is not recommended. Low - sulfur fuel oil's cracking is weakening, and the short - term situation remains weak [67][69]. - Asphalt is expected to oscillate weakly, with the possibility of a last - chance rise in the futures market during the demand peak season [71]. - Urea is expected to oscillate between 1650 - 1850 yuan in the 01 contract, with support and suppression coexisting [73]. 3. Summaries by Relevant Catalogs 3.1 Macro - **Market Information**: There were various events such as the China - US presidential phone call, policy announcements in China (e.g., Shanghai's property tax adjustment), and overseas events like the Fed's interest - rate decision, Japan's central bank actions, and geopolitical events [1]. - **Core Logic**: The macro - economy shows a complex situation with slowing growth and policy counter - cyclical adjustments. The stock and commodity markets are affected differently, and overseas, the Fed's policy path depends on employment and inflation [2]. 3.2 RMB Exchange Rate - **Market Performance**: The on - shore RMB against the US dollar declined on Friday, with the central parity rate also being adjusted downwards [3]. - **Core Logic**: The Fed faces challenges in formulating monetary policy. The US dollar index may mainly trade based on the current situation, and the RMB exchange rate may oscillate around 7.10, with policy signals from the central parity rate being crucial [4]. 3.3 Stock Index - **Market Review**: The stock index was volatile with reduced trading volume last Friday, and the trading enthusiasm declined but sentiment improved [6]. - **Core Logic**: The market is in a multi - empty game. With the approaching holidays, the market is expected to be volatile in the short - term [6]. 3.4 Treasury Bonds - **Market Review**: Treasury bonds rebounded last week but dropped significantly on Friday, and the money market was tight due to tax payments [7]. - **Core Logic**: The economic data in August showed downward pressure, but the market paid little attention. The bond market was less affected by the stock market. The market lacks a clear right - side signal, and attention should be paid to central bank dynamics [7]. 3.5 Precious Metals (Gold & Silver) - **Market Performance**: London spot gold and silver continued to rise last week, with short - term adjustments after the Fed's interest - rate cut but strong rebounds on Friday [10]. - **Core Logic**: The Fed is in a monetary policy easing cycle, and gold prices will continue to rise. Attention should be paid to the Fed's policy expectations and relevant economic data [10]. 3.6 Copper - **Market Performance**: The main futures contract of Shanghai copper declined during the week, and inventories changed differently in different markets [13]. - **Core Logic**: The decline in copper prices was due to the Fed's interest - rate cut and Powell's speech. In the future, copper prices may oscillate strongly around 80,000 yuan per ton due to tight supply and stable demand [15]. 3.7 Aluminum Industry Chain - **Market Performance**: The prices of aluminum, alumina, and cast aluminum alloy showed different trends, and relevant trading volumes and positions also changed [16]. - **Core Logic**: For aluminum, after the interest - rate cut, the focus may shift to fundamentals, and prices may oscillate strongly. Alumina is in a state of supply surplus and may have a weak price trend. Cast aluminum alloy is supported by cost and may oscillate strongly [17]. 3.8 Zinc - **Market Performance**: The main contract of Shanghai zinc oscillated slightly, and trading volume and positions changed [19]. - **Core Logic**: The zinc market is affected by the Fed's interest - rate cut and supply - demand fundamentals. Supply is in surplus, and demand is average. It is recommended to maintain an under - weighted position [20]. 3.9 Nickel and Stainless Steel - **Market Performance**: The prices of nickel and stainless steel declined, and relevant spot prices and inventories also changed [20]. - **Core Logic**: They are mainly affected by the macro - level, with limited fundamental adjustments. The future trend needs further observation [21]. 3.10 Tin - **Market Performance**: The main futures contract of Shanghai tin declined slightly during the week, and inventories increased [22]. - **Core Logic**: The decline was due to the Fed's interest - rate cut and Powell's speech. In the short - term, supply is tight, and prices may oscillate around 274,000 yuan per ton [23]. 3.11 Carbonate Lithium - **Market Performance**: The weighted index contract of carbonate lithium rose last week, with changes in trading volume, positions, and warehouse receipts [24]. - **Core Logic**: The lithium - battery industry chain performed well last week. With the expected increase in downstream demand, carbonate lithium prices may oscillate before the National Day [24][25]. 3.12 Industrial Silicon and Polysilicon - **Market Performance**: The weighted futures contracts of industrial silicon and polysilicon showed different trends, with changes in trading volume, positions, and warehouse receipts [26]. - **Core Logic**: Industrial silicon prices may rise slightly during the dry season but are restricted by inventory. Polysilicon trading is complex, and high volatility requires cautious participation [28]. 3.13 Lead - **Market Performance**: The main contract of Shanghai lead oscillated at a high level, and trading volume and positions changed [29]. - **Core Logic**: The Fed's interest - rate cut has little impact on lead prices. The supply - demand fundamentals are stable, and prices may rise cautiously [29]. 3.14 Black Metals 3.14.1 Steel (Rebar and Hot - Rolled Coil) - **Market Performance**: Steel prices were strong, and there were price adjustments in billets [30]. - **Core Logic**: The supply of steel decreased, and demand improved slightly, but inventory was still at a high level. Before the holiday, steel prices are expected to oscillate with limited space [30]. 3.14.2 Iron Ore - **Core Logic**: After the Fed's interest - rate cut, the market may return to fundamental trading. Supply is abundant, demand is strong, and inventory is transferring from ports to steel mills. Prices are expected to oscillate [32][33]. 3.14.3 Coking Coal and Coke - **Market Information**: There were relevant geopolitical and policy - related events. - **Core Logic**: Downstream pre - holiday replenishment has started, and the market's sentiment is improving. However, high steel inventory restricts the rebound height of coking coal and coke prices [35]. 3.14.4 Ferrosilicon and Ferromanganese - **Market Performance**: The prices of ferrosilicon and ferromanganese rose, and positions decreased [37]. - **Core Logic**: They are supported by cost and term - structure improvement. The long - term logic is related to the anti - involution expectation, and trial long - positions are recommended [38]. 3.15 Energy and Chemicals 3.15.1 Crude Oil - **Market Performance**: International oil prices weakened, with declines in both WTI and Brent crude [40]. - **Core Logic**: The core contradiction is between fundamental pressure and geopolitical support. Fundamentals are bearish in the medium - term, while geopolitical events may cause short - term rebounds [40]. 3.15.2 LPG - **Market Performance**: LPG prices declined, and relevant spot prices also changed [42]. - **Core Logic**: The overall driving force is weakening, with supply increasing slightly and demand changing little [44]. 3.15.3 PTA - PX - **Market Performance**: The prices of PX and PTA were affected by supply, demand, and inventory factors [45]. - **Core Logic**: The polyester peak season is not highly expected, and macro - level drivers are needed for a breakthrough [48]. 3.15.4 MEG - Bottle Chip - **Market Performance**: The inventory of MEG increased, and the prices were affected by supply, demand, and cost factors [49]. - **Core Logic**: MEG is under pressure from inventory expectations but has limited downward space. It is expected to oscillate between 4200 - 4400 yuan [51]. 3.15.5 Methanol - **Market Performance**: The price of methanol changed, and the inventory situation was different in different regions [53]. - **Core Logic**: The main contradiction lies in the port, and it is recommended to reduce long - positions and hold short - put options [54]. 3.15.6 PP - **Market Performance**: The price of PP declined, and its supply, demand, and inventory changed [55]. - **Core Logic**: The downstream demand recovery is less than expected, but the profit compression may trigger device shutdowns and a potential rebound [57]. 3.15.7 PE - **Market Performance**: The price of PE declined, and its supply, demand, and inventory changed [58]. - **Core Logic**: The real - world situation is weak, but the low valuation limits the downward space, and an oscillatory pattern is expected [60]. 3.15.8 PVC - **Market Performance**: PVC prices were at a low level, and its supply, demand, and inventory changed [61]. - **Core Logic**: The industry has weak fundamentals, but macro - level expectations make short - selling less attractive. It is recommended to observe temporarily [62]. 3.15.9 Pure Benzene and Styrene - **Market Performance**: The prices of pure benzene and styrene declined, and their inventory situations changed [63][65]. - **Core Logic**: Pure benzene faces increasing surplus pressure, and styrene may oscillate. The spread between them can be considered to be widened [64][66]. 3.15.10 Fuel Oil - **Market Performance**: The prices of fuel oil and low - sulfur fuel oil changed, and their supply, demand, and inventory situations were different [67][68]. - **Core Logic**: Fuel oil's cracking is stabilizing, and short - term short - selling is not recommended. Low - sulfur fuel oil's cracking is weakening, and the short - term situation remains weak [67][69]. 3.15.11 Asphalt - **Market Performance**: The price of asphalt declined, and its supply, demand, and inventory changed [70]. - **Core Logic**: Asphalt is expected to oscillate weakly, with the possibility of a last - chance rise in the futures market during the demand peak season [71]. 3.15.12 Urea - **Market Performance**: The price of urea declined, and its inventory situation changed [72]. - **Core Logic**: Urea is expected to oscillate between 1650 - 1850 yuan in the 01 contract, with support and suppression coexisting [73].

行业 鸡蛋 日期 2025 年 9 月 22 日 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 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 请阅读正文后的声明 ＃summary＃ 每日报告 目前在产蛋鸡存栏处于上行的趋势之中，根据卓创资讯，截至 8 月末，全国 在产蛋鸡月度存栏量约 13.65 亿只，7 月末为 13.56 亿只，6 月末为 13.40 亿 只，环比增幅 0.7%，连续 8 个月有一定程度的增 ...