Group 1: Report Overview - Report Title: Agricultural Products Daily Report - Egg Report [2] - Date: June 10, 2025 [2] - Researcher: Liu Qiannan [2] Group 2: Market Data Futures Market - JD01 closed at 3591, up 26 from the previous close; JD05 closed at 3354, up 34; JD09 closed at 3655, down 19 [3] - 01-05 spread was 237, down 8; 05-09 spread was -301, up 53; 09-01 spread was 64, down 45 [3] - 01 egg/corn ratio was 1.57, unchanged; 01 egg/bean粕 ratio was 1.17, up 0.01 [3] Spot Market - Main production area average price was 2.75 yuan/jin, unchanged; main sales area average price was 2.95 yuan/jin, unchanged [3] - Average price of culled chickens was 4.54 yuan/jin, down 0.02 from the previous day [3] Profit Calculation - Today's profit per bird was -6.06 yuan, down 0.37 from yesterday [3] - Corn average price was 2390 yuan/ton, up 2; bean粕 average price was 2944 yuan/ton, up 4 [3] Group 3: Fundamental Information - Today's main production area average price was 2.75 yuan/jin, down 0.03 from the previous day; main sales area average price was 2.95 yuan/jin, down 0.06 [6] - In May, the national laying hen inventory was 1.334 billion, an increase of 0.11 billion from the previous month and a 7.2% year-on-year increase [7] - In May, the monthly output of laying hen chicks in sample enterprises was 46.985 million, a 4% month-on-month decrease and a 1% year-on-year increase [7] - From June to September 2025, the estimated laying hen inventory is 1.339 billion, 1.347 billion, 1.351 billion, and 1.350 billion respectively [7] - From June 1 - 6, the national culled chicken slaughter volume was 19.97 million, a 0.5% decrease from the previous week [7] - As of June 5, the average culling age of culled chickens was 515 days, a decrease of 6 days from the previous week [7] - As of June 6, the egg sales volume in representative sales areas was 8856 tons, a 1.2% increase from the previous week [8] - As of June 6, the average weekly inventory in the production link was 0.94 days, a decrease of 0.02 days; the average weekly inventory in the circulation link was 1.03 days, a decrease of 0.02 days [8] - As of June 5, the average weekly profit per jin of eggs was -0.34 yuan/jin, a decrease of 0.07 yuan/jin from the previous week [8] Group 4: Trading Logic - The near - month 07 contract is expected to maintain a weak performance due to the off - season demand after the rainy season in May, but the downward space is limited [10] - For the far - month contracts, if the culling volume increases and improves the egg supply, the August and September contracts (peak season contracts) may rise; otherwise, the upward space is limited [10] Group 5: Trading Strategies - Unilateral: Consider building long positions in the August and September far - month contracts in mid - to late June when the rainy season is about to end and the safety margin is high [11] - Arbitrage: Short near - month and long far - month [11] - Options: Wait and see [11]

25年3-4月补栏量依旧较高，对应25年7-8月新开产蛋鸡较多，养殖企业经过前期利润积累，抗风险能力 增强，产能出清或需要时间，整体高补苗量下，远期供应增势或难逆转，关注近端淘汰情况。 6月5日全国鸡蛋生产环节平均库存0.94天，较前一天增0.02天；流通环节库存1.03天，较前一天持平。 消息面回顾： 周四，主产区鸡蛋均价为2.84元/斤，较前日持平，主销区鸡蛋均价为3.06元/斤，较前日持平。鸡蛋单 斤成本约3.5元，同比下降3.85%，窄幅震荡。 截至2025年6月6日当周，鸡蛋期货主力合约收于2859元/500千克，周K线收阴，持仓量环比上周减持 5300手。 本周（6月3日-6月6日）市场上看，鸡蛋期货周内开盘报2930元/500千克，最高触及2933元/500千克，最 低下探至2856元/500千克，周度涨跌幅达-2.46%。 机构观点汇总： 方正中期期货：基本面上，当前整体消费即将进入淡季，鸡蛋将会再次进入年度供强需弱，蛋价迎来季 节性次低点。2025年上半年蛋鸡产业周期可能继续下行，蛋价中期跌破养殖成本的概率仍然较高。操作 上，农产品整体氛围出现反复，拖累蛋价重心下移，鸡蛋期价绝对价格偏低，0 ...

鸡蛋产业日报 2025-06-04 将迫使老鸡淘汰积极性提升和降低补栏积极性，对远期价格有所利好，关注现货价格对蛋鸡存栏的影响。 数据来源于第三方，观点仅供参考。市场有风险，投资需谨慎！ 盘面来看，现货价格持续处于低位，拖累期价总体偏弱，不过，远月跌势明显放缓，短期暂且观望。 研究员: 许方莉 期货从业资格号F3073708 期货投资咨询从业证书号Z0017638 免责声明 本报告中的信息均来源于公开可获得资料，瑞达期货股份有限公司力求准确可靠，但对这些信息的准确性及完整性不做任 何保证，据此投资，责任自负。本报告不构成个人投资建议，客户应考虑本报告中的任何意见或建议是否符合其特定状况。本 报告版权仅为我公司所有，未经书面许可，任何机构和个人不得以任何形式翻版、复制和发布。如引用、刊发，需注明出处为 瑞达期货股份有限公司研究院，且不得对本报告进行有悖原意的引用、删节和修改。 | 项目类别 | 数据指标 | 最新 | 环比 数据指标 | 最新 | 环比 | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):鸡蛋(日,元/500千 | 2877 | -20 ...

Core Insights - The egg prices are experiencing a weak trend due to seasonal demand decline and supply pressure, with average prices in major production areas showing a downward trend [1][4] - As of June 3, the national average egg prices in various regions are reported, with notable prices in Shandong at 6.90 yuan/kg and Fujian at 7.00 yuan/kg [2] - The futures market shows a decline in egg futures, with the main contract closing at 2897.00 yuan/500 kg, down 1.16% [2] Supply and Demand Analysis - As of the end of May, the monthly sales volume of eggs in major consumption areas is 37,200 tons, a decrease of 5.68% compared to April [3] - The inventory levels in the production and circulation stages are at historically low levels, with production inventory at 0.98 days and circulation inventory at 1.07 days [3] - The number of laying hens as of May 2025 is 1.334 billion, showing a slight increase compared to previous months, indicating a high supply level [3] Market Dynamics - The firm corn prices are providing cost support for egg production, while the current egg prices are at a low level for the year, leading to replenishment demand in the market [4] - High levels of laying hen inventory and increased production pressure from newly added hens are contributing to a sufficient supply of eggs [4] - The impact of hot and humid weather is raising storage costs for eggs, leading to cautious purchasing behavior from downstream distributors [4]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The short - term strategy is to wait and see [7] - This week, the egg price fluctuated at a low level. The closing price of the 09 contract was 3,757 yuan per 500 kilograms, a decrease of 5 yuan per 500 kilograms from the previous week. The firm corn spot price supports the egg cost, and there is restocking demand at low prices. The pre - Dragon Boat Festival stocking also provides some support. However, the current egg - laying hen inventory is high, the pressure of newly - opened production of previously replenished hens is large, and the egg supply is sufficient. Affected by hot and humid weather, the egg storage cost increases, and downstream dealers are cautious in purchasing. If the spot price remains low, it may increase the enthusiasm for culling old hens and reduce the enthusiasm for replenishment, which is beneficial to the long - term price. The low spot price drags down the futures price [8] 3. Summary According to the Directory 3.1 Week - on - Week Summary - Strategy: Short - term wait - and - see [7] - Egg market: This week, the 09 contract of eggs fluctuated at a low level. The corn price supports the cost, and there is restocking demand and pre - festival stocking support. But the hen inventory is high, the supply is sufficient, the storage cost is high, and the downstream is cautious. Low spot prices may affect the hen inventory, and the low spot price drags down the futures price [8] 3.2 Futures and Spot Market - Futures price and position: The 09 contract of egg futures fluctuated at a low level, with a position of 100,108 lots, an increase of 12,014 lots from the previous week. The net position of the top 20 was - 3,548, a slight decrease in net short position [14] - Futures warehouse receipts: As of Friday, the registered egg warehouse receipts were 0 [18] - Spot price and basis: The egg spot price was 2,916 yuan per 500 kilograms, a decrease of 32 yuan per 500 kilograms from the previous week. The basis between the active 07 contract futures price and the spot average price was - 22 yuan per ton [24] - Futures monthly spread: The 9 - 1 spread of eggs was 222 yuan per 500 kilograms, at a medium level in the same period [28] - Related product prices: As of May 29, 2025, the average wholesale price of pork was 20.69 yuan per kilogram, and the average wholesale price of 28 kinds of monitored vegetables was 4.3 yuan per kilogram [34] 3.3 Industry Chain Situation - Supply side: 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% [39] - Hen culling: 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 [45] - Feed raw materials: As of May 29, 2025, the average spot price of corn was 2,379.8 yuan per ton, and the spot price of soybean meal in Fangcheng was 2,920 yuan per ton [49] - Feed price and profit: As of May 23, 2025, the egg - laying hen breeding profit was - 0.27 yuan per hen, and the average price of egg - laying hen compound feed was 2.78 yuan per kilogram [56] - Egg - laying hen chicks and culled hens: As of May 23, 2025, the average price of egg - laying hen chicks in the main producing areas was 4.15 yuan per chick, and the average price of culled hens was 10.24 yuan per kilogram [60] - Egg exports: In April 2025, the total egg export volume was 12,792.51 tons, a year - on - year increase of 15.12% and a month - on - month decrease of 110.81 tons [65] 3.4 Representative Company - Xiaoming Co., Ltd.: Only the PE change chart is provided, no specific data [67]

Group 1: Report Summary and Strategy Suggestion - Strategy suggestion: Adopt a short - term wait - and - see approach [7] - Market review: This week, the egg price fluctuated slightly downward. The closing price of the 09 contract was 3762 yuan per 500 kilograms, a decrease of 26 yuan per 500 kilograms compared to the previous week [8] - Market outlook: The firm spot price of corn supports the egg cost. The egg price is at a low level this year, and there is restocking demand at low prices. Pre - holiday stocking before the Dragon Boat Festival may provide some support. However, the current egg - laying hen inventory is high, and the pressure of newly - laid eggs from previously replenished hens is large. The supply of eggs is relatively sufficient, and the pattern of strong supply and weak demand is difficult to change. If the spot price remains low, it may boost the enthusiasm for culling old hens and reduce the enthusiasm for replenishment, which is beneficial to the forward price. Pay attention to the impact of the spot price on the egg - laying hen inventory. The spot price has been low, dragging the futures price to oscillate weakly at a low level [8] Group 2: Futures and Spot Market Futures Price and Position - The 09 contract of egg futures fluctuated slightly downward, with a position of 88094 lots, an increase of 7908 lots compared to the previous week. The net position of the top 20 was - 4069, and the net short position decreased slightly compared to last week's - 6681 [14] Futures Warehouse Receipt - As of Friday, the registered warehouse receipt volume of eggs was 3 [18] Spot Price and Basis - The spot price of eggs was reported at 2948 yuan per 500 kilograms, a decrease of 283 yuan per 500 kilograms compared to the previous week. The basis between the active 07 contract futures price and the spot average price was reported at - 18 yuan per ton [24] Futures Inter - monthly Spread - The 9 - 1 spread of eggs was reported at 191 yuan per 500 kilograms, generally at a medium level in the same period [28] Related Commodity Spot Prices - As of May 22, 2025, the average wholesale price of pork was reported at 20.67 yuan per kilogram, and the average wholesale price of 28 kinds of key - monitored vegetables was reported at 4.2 yuan per kilogram [34] Group 3: Industrial Chain Supply Side: Inventory and Replenishment - As of March 31, 2025, the national laying hen inventory index was reported at 112.35, a month - on - month decrease of 3.51%. The national new chick index was reported at 138.68, a month - on - month increase of 20.46% [39] Culling Index and Age - As of March 31, 2025, the national culled laying hen index was reported at 96.76, a month - on - month decrease of 18.30%. The national culling age of hens was reported at 510 days [45] Feed Raw Material Prices - As of May 22, 2025, the average spot price of corn was reported at 2374.51 yuan per ton, and the spot price of soybean meal in Fangcheng was reported at 2940 yuan per ton [49] Feed Price and Breeding Profit - As of May 16, 2025, the breeding profit of laying hens was reported at - 0.16 yuan per hen, and the average price of laying hen compound feed was reported at 2.8 yuan per kilogram [55] Egg Chicken and Culled Chicken Prices - As of May 16, 2025, the average price of laying hen chicks in the main production areas was reported at 4.15 yuan per chick, and the average price of culled chickens was reported at 10.44 yuan per kilogram [60] Egg Export Volume - In April 2025, the total egg export volume was 12792.51 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 [65] Group 4: Representative Company Xiaoming Co., Ltd. - The report shows the price - earnings ratio change of Xiaoming Co., Ltd. [67]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The overall supply of eggs is expected to remain sufficient, with a high inventory of laying hens. After the egg price has fallen to the current level, there are signs of stability in the near term. It is recommended to close out previous short positions and wait and see [10]. 3. Summary by Relevant Catalogs 3.1 Fundamental Information - Today, the average price in the main production areas is 2.98 yuan per catty, a decrease of 0.03 yuan per catty from the previous trading day. The average price in the main sales areas is 3.17 yuan per catty, a decrease of 0.03 yuan per catty from the previous trading day. Most of the mainstream egg prices across the country remained stable today [3][6]. - In April, the national inventory of laying hens was 1.329 billion, an increase of 0.11 billion from the previous month and a year - on - year increase of 7.2%. The monthly output of laying hen chicks in the sample enterprises monitored by Zhuochuang Information in April was 46.985 million, a month - on - month increase of 1.4% and a year - on - year increase of 2.5%. Without considering delayed culling and concentrated culling, the estimated inventory of laying hens from May to August 2025 is 1.332 billion, 1.337 billion, 1.345 billion, and 1.349 billion respectively [7]. - In the week of May 16, the number of culled laying hens in the main production areas was 18.56 million, an increase of 7.5% from the previous week. As of the week of May 15, the average culling age of culled hens was 534 days, a decrease of 1 day from the previous week [7]. - As of the week of May 15, the egg sales volume in the representative sales areas was 8,716 tons, an increase of 1.4% from the previous week. The average weekly inventory in the production link was 0.92 days, a decrease of 0.27 days from the previous week, and the average weekly inventory in the circulation link was 1 day, a decrease of 0.33 days from the previous week [8]. - As of May 16, the average weekly profit per catty of eggs was - 0.12 yuan per catty, an increase of 0.06 yuan per catty from the previous week. On May 9, the expected profit of laying hen farming was 20.15 yuan per bird, an increase of 0.8 yuan per catty from the previous week [8]. - Today, the price of culled hens across the country decreased, and the average price in the main production areas was 4.99 yuan per catty, a decrease of 0.04 yuan per catty from the previous trading day [9]. 3.2 Trading Logic The overall supply of eggs is expected to remain sufficient, and the inventory of laying hens is high. After the egg price has fallen to the current level, there are signs of stability in the near term. It is recommended to close out previous short positions and wait and see [10]. 3.3 Trading Strategies - Unilateral: Wait and see [11]. - Arbitrage: Consider going long on the August contract and short on the September contract [12]. - Options: Wait and see [13].

瑞达期货研究院 「2025.05.16」 鸡蛋市场周报 存栏压力牵制下 期价维持低位震荡 研究员：许方莉 期货从业资格号F3073708 期货投资咨询从业证书号 Z0017638 联系电话：0595-86778969 关 注 我 们 获 取 更 多 资 讯 业 务 咨 询 添 加 客 服 目录 总结及策略建议 3 来源：瑞达期货研究院 Ø 鸡蛋： Ø 行情回顾：本周鸡蛋震荡微涨，09合约收盘价为3788元/500千克，较前一周+21元/500千克。 Ø 行情展望：玉米现货价格坚挺对鸡蛋成本有支撑，且连续走低后，蛋价处于年内地位，市场逢低 有补货需求，且端午节前备货或带来一定的支撑，现货价格有止跌回弹倾向。不过，目前蛋鸡存 栏量处于高位，前期补栏的蛋鸡新开产压力较大，鸡蛋供应比较充足，供强需弱格局难改，或限 制其上涨空间。如果后期现货价格持续偏低，或将迫使老鸡淘汰积极性提升和降低补栏积极性， 对远期价格有所利好，关注现货价格对蛋鸡存栏的影响。盘面来看，期价跌至前期低位后，总体 跌势放缓。 Ø 策略建议：短期观望为主。 「 期现市场情况」 期价走势及前二十名持仓 图1、大商所鸡蛋主力合约期货价格走势 1、周度要点 ...

Core Viewpoint - The recent detection of antibiotic residues in "antibiotic-free" eggs sold by Hema has sparked significant consumer anxiety regarding food safety, raising questions about the reliability of such labels in the market [1][3][14]. Group 1: Incident Overview - On May 8, the Shandong Provincial Market Supervision Administration announced that a batch of "antibiotic-free" eggs from Hema was found to contain excessive levels of veterinary drug residues, including banned substances [1][3]. - The specific antibiotics detected were dimetridazole and trimethoprim, with the latter exceeding the maximum residue limit set by national standards [5][14]. - The affected eggs were sold by Qingdao Hema Network Technology Co., Ltd. and sourced from Xiaochi Egg Industry (Shandong) Co., Ltd. [3][5]. Group 2: Consumer Reaction - Consumers expressed disbelief and anger upon discovering that the "antibiotic-free" eggs they had been purchasing for years were not safe, leading to a surge in refund requests [9][10]. - Social media platforms saw a rapid increase in discussions and tutorials on how to obtain refunds for the affected eggs, highlighting the urgency of the situation [9][10]. Group 3: Market Implications - The incident has led to a broader trust crisis in the market for "antibiotic-free" eggs, with consumers questioning the safety of all egg products [14][19]. - The concept of "antibiotic-free" eggs emerged in response to public concerns over antibiotic residues in food, but the lack of a unified national standard for such products has created confusion [19][22]. - The price of "antibiotic-free" eggs is significantly higher than regular eggs, with some consumers now questioning whether the premium is justified given the recent findings [23][25]. Group 4: Industry Standards and Practices - The absence of clear and consistent standards for "antibiotic-free" labeling allows for varying interpretations among producers, leading to potential consumer deception [19][22]. - The incident has prompted discussions about the need for stricter regulations and clearer definitions regarding what constitutes "antibiotic-free" products in the market [19][22]. - The reliance on self-regulation by companies, such as the claims made by producers about their products, raises concerns about accountability and consumer safety [19][22].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The overall supply of eggs is expected to remain abundant with a high in - production存栏量. The spot price has started to decline in recent days, and the 06 contract is trading based on the near - month delivery logic. It is recommended to go short on rallies [10]. 3. Summary by Section 3.1. Fundamental Information - **Price**: The average price in the main production areas is 3.15 yuan/jin, unchanged from the previous trading day, and the average price in the main sales areas is 3.34 yuan/jin, up 0.03 yuan/jin from the previous day. The national mainstream prices mostly remained stable, with some regional variations [6]. - **In - production Laying Hens**: In April, the national in - production laying hen存栏量 was 1.329 billion, an increase of 0.11 billion from the previous month and 7.2% year - on - year. The estimated存栏量 for May - August 2025 is 1.332 billion, 1.337 billion, 1.345 billion, and 1.349 billion respectively [7]. - **Chick Hatchlings**: In April, the monthly chick hatchling output of sample enterprises was 46.985 million, a 1.4% increase from the previous month and 2.5% year - on - year [7]. - **Hen Culling**: In the week of May 9, the national main production area hen culling volume was 17.25 million, a 4% increase from the previous week. The average culling age in the week of May 8 was 536 days, unchanged from the previous week [7]. - **Egg Sales**: As of the week of May 1, the egg sales volume in the representative sales areas was 8,816 tons, a 2% decrease from the previous week [8]. - **Inventory**: As of the week of May 1, the average production - link weekly inventory was 1.19 days, an increase of 0.03 days from the previous week, and the average circulation - link weekly inventory was 1.33 days, an increase of 0.05 days from the previous week [8]. - **Profit**: As of May 1, the weekly average profit per jin of eggs was - 0.11 yuan/jin, a decrease of 0.29 yuan/jin from the previous week. On May 2, the expected profit per laying hen was 20.08 yuan/feather, an increase of 0.2 yuan/jin from the previous week [8]. - **Culled Hen Price**: The national culled hen price increased, with the main production area average price at 5.14 yuan/jin, up 0.04 yuan/jin from the previous trading day [9]. 3.2. Trading Logic With sufficient overall egg supply and high in - production存栏量, and the recent decline in spot prices, the 06 contract is trading based on the near - month delivery logic. It is advisable to go short on rallies [10]. 3.3. Trading Strategy - **Single - sided**: Hold the previous short positions and consider partial profit - taking [11]. - **Arbitrage**: Consider going long on the August contract and short on the September contract [11]. - **Options**: Stay on the sidelines [11].