1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The supply of laying hens remains at a high level, and the demand is generally weak. In the short - term, without obvious improvement, egg prices are expected to be weak. However, the recent increase in the number of culled chickens and downstream replenishment have led to a slight rebound in spot prices. It is recommended to wait and see in the short term [7]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices**: JD01 closed at 3337, down 10 from the previous day; JD05 closed at 3492, down 5; JD09 closed at 3859, down 2 [2]. - **Cross - month Spreads**: The 01 - 05 spread was - 155, down 5; the 05 - 09 spread was - 367, down 3; the 09 - 01 spread was 522, up 8 [2]. - **Price Ratios**: The ratios of 01, 05, and 09 eggs to corn and soybean meal were mostly stable, with only minor changes in a few cases [2]. 3.2 Spot Market - **Egg Prices**: The average price in the main production areas was 2.86 yuan/jin, down 0.01 yuan/jin from the previous day, and the average price in the main sales areas was 3.06 yuan/jin, unchanged from the previous day. Most of the national mainstream prices remained stable [2][4]. - **Culled Chicken Prices**: The average price of culled chickens in the main production areas was 4 yuan/jin, unchanged from the previous day [6]. 3.3 Profit Calculation - **Costs**: The average price of corn was 2234, up 1; the average price of soybean meal was 3090, unchanged; the price of laying - hen compound feed was 2.49, unchanged [2]. - **Profits**: The profit per laying hen was - 0.61 yuan/feather, down 0.36 from the previous day [2]. 3.4 Fundamental Information - **Production and Sales Areas Prices**: The average price in the main production areas was 2.86 yuan/jin, down 0.01 yuan/jin, and the average price in the main sales areas was 3.06 yuan/jin, unchanged. Most of the national mainstream prices remained stable [4]. - **Laying - hen Inventory**: In October, the national inventory of laying hens was 1.359 billion, down 0.01 billion from the previous month, and up 5.5% year - on - year. It is estimated that the inventory from November 2025 to February 2026 will be 1.359 billion, 1.355 billion, 1.346 billion, and 1.333 billion respectively [5]. - **Chick - hatching Volume**: In October, the monthly chick - hatching volume of 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% [5]. - **Culled Chicken Volume and Age**: In the week of October 31, the national culled chicken volume was 20.53 million, up 11% from the previous week, and the average culling age was 494 days, down 5 days from the previous week [5]. - **Egg Sales Volume**: As of the week of October 31, the egg sales volume in the representative sales areas was 7658 tons, up 2.1% from the previous week [6]. - **Profit and Inventory**: As of October 31, the weekly average profit per jin of eggs was - 0.2 yuan/jin, up 0.02 yuan/jin from the previous week; the expected profit of laying - hen farming was - 4.82 yuan/feather, up 1.42 yuan/feather from the previous week. The average weekly inventory in the production and circulation links remained unchanged from the previous week [6]. 3.5 Trading Logic The supply of laying hens remains at a high level, and the demand is generally weak. In the short - term, without obvious improvement, egg prices are expected to be weak. However, the recent increase in the number of culled chickens and downstream replenishment have led to a slight rebound in spot prices [7]. 3.6 Trading Strategies - **Single - side Trading**: It is recommended to wait and see in the short term [8]. - **Arbitrage**: It is recommended to wait and see [8]. - **Options**: It is recommended to wait and see [8].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, egg prices rebounded from a low level. The closing price of the 2512 contract was 3146 yuan per 500 kilograms, a increase of 60 yuan per 500 kilograms compared to the previous week [6]. - Egg prices are at a low level, and the breeding side has a certain sentiment of supporting prices. Coupled with the drop in temperature, which is conducive to the storage and transportation of eggs, the sales speed in low - price areas has accelerated, supporting the rebound of spot prices. Under the boost of rising spot prices, the near - month contracts have also strengthened significantly. However, the inventory of laying hens in production is still high, and old hens have not been over - culled. High production capacity is still the main concern of the market, which may limit the upside space [6]. - The egg futures price has shown a low - level rebound trend recently. However, the pressure of high production capacity still exists, which may limit the rebound space [6]. - The short - term strategy is to wait and see, and pay attention to the amount of old hen culling [6]. 3. Summary by Directory 3.1 Week - to - Week Summary - **Market Performance**: The 2512 contract of eggs rebounded from a low level, with the closing price at 3146 yuan per 500 kilograms, up 60 yuan per 500 kilograms from the previous week [6]. - **Market Outlook**: Low egg prices, favorable storage conditions, and increased sales speed support the spot price rebound. But high laying - hen inventory and non - over - culled old hens may limit the upside [6]. - **Strategy**: Short - term wait - and - see, focus on old hen culling volume [6]. 3.2 Futures and Spot Market - **Futures Price and Position**: The 12 - contract of egg futures rebounded from a low level. The position was 176,581 lots, a decrease of 57,622 lots compared to last week. The net position of the top 20 was - 8860, and the net short position decreased slightly compared to last week's - 22,065 [12]. - **Futures Warehouse Receipts**: As of Friday, the number of registered egg warehouse receipts was 0 [16]. - **Spot Price and Basis**: The egg spot price was 2933 yuan per 500 kilograms, a decrease of 11 yuan per 500 kilograms compared to last week. The basis between the active 12 - contract futures price and the spot average price was - 213 yuan per ton [22]. - **Futures Inter - month Spread**: The 1 - 5 spread of eggs was - 148 yuan per 500 kilograms, generally at a low level in the same period [26]. - **Related Commodity Spot Prices**: As of October 30, 2025, the average wholesale price of pork was 17.96 yuan per kilogram, and the average wholesale price of 28 kinds of key - monitored vegetables was 5.3 yuan per kilogram [32]. 3.3 Industrial Chain Situation - **Supply Side - Inventory and Restocking**: As of September 30, 2025, the national laying - hen inventory index was 115.26, a month - on - month increase of 0.75%. The national new - chick index was 76.65, a month - on - month increase of 4.50% [38]. - **Culling Index and Age**: As of September 30, 2025, the national culling laying - hen index was 124.63, a month - on - month increase of 33.14%. The national culling - hen age was 507 days [43]. - **Feed Raw Material Prices**: As of October 30, 2025, the average spot price of corn was 2242.16 yuan per ton, and the spot price of soybean meal in Fangcheng was 2980 yuan per ton [47]. - **Feed Price and Breeding Profit**: As of October 24, 2025, the laying - hen breeding profit was - 0.45 yuan per chicken, and the average price of laying - hen compound feed was 2.76 yuan per kilogram [53]. - **Prices of Laying - Hen Chicks and Culled Hens**: As of October 24, 2025, the average price of laying - hen chicks in the main production areas was 2.65 yuan per chick, and the average price of culled hens in the main production areas was 8.58 yuan per kilogram [58]. - **Egg Monthly Exports**: In September 2025, China's egg export volume was 13,215.79 tons, an increase of 1631.15 tons compared to the same period last year (11,584.64 tons), a year - on - year increase of 14.08%, and a month - on - month increase of 94.76 tons compared to the previous month [63].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The supply side of laying hens is still at a high level, with the national laying hen inventory in September being 1.368 billion, higher than expected. The demand side is generally weak. In the short - term, without significant improvement, egg prices are expected to be weak. However, the recent increase in the number of culled chickens and downstream restocking have led to a slight rebound in spot prices. Short - term, it is recommended to wait and see [7]. Group 3: Summary by Directory 1. Futures Market - Futures prices: JD01 closed at 3353, down 15 from the previous day; JD05 closed at 3457, down 20; JD09 closed at 3847, down 16 [2]. - Spread: 01 - 05 spread was - 104, up 5; 05 - 09 spread was - 390, down 4; 09 - 01 spread was 494, down 1 [2]. - Ratio: 01 egg/corn ratio was 1.59, unchanged; 01 egg/soybean meal ratio was 1.12, down 0.01. Similar trends were seen in other contracts [2]. 2. Spot Market - Egg prices: The average price in the main producing areas was 2.86 yuan/jin, and in the main selling areas was 3.14 yuan/jin, both unchanged from the previous day. Most mainstream prices across the country remained stable [2][4]. - Culled chicken prices: The average price in the main producing areas was 4 yuan/jin, down 0.02 yuan/jin from the previous day [6]. - Profit calculation: The profit per chicken was 0.28 yuan, down 0.03 yuan from the previous day. The chicken苗 price was 3.21 yuan, up 0.04 yuan. Feed prices were mostly stable [2]. 3. Fundamental Information - Production area prices: The average price in the main producing areas was 2.86 yuan/jin, and in the main selling areas was 3.14 yuan/jin, both unchanged. Most mainstream prices across the country remained stable, and egg prices continued to fluctuate and consolidate with average sales [4]. - Laying hen inventory: In September, the national laying hen inventory was 1.368 billion, an increase of 30 million from the previous month and a 6% year - on - year increase. The estimated inventory from October 2025 to January 2026 is 1.36 billion, 1.36 billion, 1.356 billion, and 1.347 billion respectively [5]. - Chicken苗 output: In September, the monthly output of chicken苗 from sample enterprises (about 50% of the country) was 39.2 million, a 1.5% month - on - month decrease and a 14% year - on - year decrease [5]. - Culled chicken volume: From October 24th to the previous week, the number of culled chickens in the main producing areas was 20.02 million, a 1.4% decrease. The average culling age was 499 days, unchanged [5]. - Egg sales volume: As of October 25th, the egg sales volume in the representative selling areas was 7498 tons, a 1.6% increase from the previous week [5]. - Profit: As of October 23rd, the weekly average profit per jin of eggs was - 0.22 yuan/jin, a decrease of 0.09 yuan/jin from the previous week. On October 24th, the expected profit of laying hen farming was - 0.51 yuan/feather, a decrease of 2.79 yuan/jin from the previous week [6]. - Inventory: As of October 17th, the average weekly inventory in the production link was 1.04 days, a decrease of 0.01 days from the previous week. The average weekly inventory in the circulation link was 1.1 days, unchanged [6]. 4. Trading Logic - Supply is high and demand is weak. In the short - term, egg prices are expected to be weak. However, the recent increase in culled chickens and downstream restocking have led to a slight rebound in spot prices. It is recommended to wait and see in the short - term [7]. 5. Trading Strategies - Unilateral: It is recommended to wait and see in the short - term [8]. - Arbitrage: It is recommended to wait and see [8]. - Options: It is recommended to wait and see [8].

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints - The egg market is expected to maintain a situation of stable supply and weak demand. Egg prices are likely to remain weak, with red eggs showing general sales and powder eggs at risk of further decline. The price of old hens may be stable to slightly weak, with limited decline, and the weekly average price may be around 4.25 yuan per catty [5]. - The supply of laying hens remains high. In September, the national inventory of laying hens was 1.368 billion, an increase of 30 million from the previous month and a 6% year - on - year increase. The monthly hatching volume of egg - chick seedlings in sample enterprises in September was 39.2 million, a 1.5% month - on - month decrease and a 14% year - on - year decrease [10]. - Feed prices declined this week, reducing the cost of egg - chicken farming. Although the average egg price increased slightly this week, the overall supply exceeded demand, and the profit of egg - chicken farming increased. As of October 23, the weekly average profit per catty of eggs was - 0.22 yuan per catty, a decrease of 0.09 yuan per catty from the previous week; on October 24, the expected profit of egg - chicken farming was - 0.51 yuan per chicken, a decrease of 2.79 yuan per catty from the previous week [13]. - This week's egg demand was relatively stable, with a decrease in sales in the sales areas. The inventory in the production and circulation links decreased. Vegetable and pork prices showed a slight increase [16]. - In the short term, it is recommended to wait and see. For unilateral trading, close the previous short - position orders at a profit; for arbitrage and options, it is recommended to wait and see [17]. 3. Summary by Directory First Part: Logical Analysis and Trading Strategies - **Spot Analysis** - This week, the average price of eggs in the main production areas was 2.82 yuan per catty, a decrease of 0.05 yuan per catty from last Friday, and the average price in the main sales areas was 3.07 yuan per catty, an increase of 0.02 yuan per catty from last Friday. The egg price was weak, and the red - powder price difference narrowed. The price of old hens was expected to be stable to slightly weak next week, with a weekly average price of around 4.25 yuan per catty [5]. - **Supply Analysis** - From October 18 - 24, the national main - production - area egg - chicken culling volume was 20.02 million, a 1.4% decrease from the previous week. The average culling age of culled chickens was 499 days, the same as the previous week. In September, the national inventory of laying hens was 1.368 billion, an increase of 30 million from the previous month and a 6% year - on - year increase. The monthly hatching volume of egg - chick seedlings in sample enterprises in September was 39.2 million, a 1.5% month - on - month decrease and a 14% year - on - year decrease [10]. - **Cost Analysis** - As of October 24, the comprehensive feed cost was about 2469 yuan per ton, equivalent to about 2.71 yuan per catty of eggs. This week, feed prices declined, reducing the cost of egg - chicken farming. The average egg price increased slightly, and the profit of egg - chicken farming increased. As of October 23, the weekly average profit per catty of eggs was - 0.22 yuan per catty, a decrease of 0.09 yuan per catty from the previous week; on October 24, the expected profit of egg - chicken farming was - 0.51 yuan per chicken, a decrease of 2.79 yuan per catty from the previous week [13]. - **Demand Analysis** - This week, egg demand was relatively stable, with a decrease in sales in the sales areas. As of October 25, the sales volume of eggs in the national representative sales areas was 7498 tons, a 1.6% increase from the previous week. The inventory in the production and circulation links decreased. As of October 17, the average weekly inventory in the production link was 1.04 days, a decrease of 0.01 days from the previous week, and the average weekly inventory in the circulation link was 1.1 days, the same as the previous week. Vegetable and pork prices showed a slight increase [16]. - **Trading Strategy** - The supply of laying hens remains high, and the demand is generally weak. In the short term, egg prices are likely to be weak. It is recommended to wait and see. For unilateral trading, close the previous short - position orders at a profit; for arbitrage and options, it is recommended to wait and see [17]. Second Part: Weekly Data Tracking - **Inventory (Zhuochuang)** - Relevant data on the inventory of laying hens, brooding chicken replenishment, culling of chickens, etc. are presented in graphical form, but no specific numerical summaries are provided in the text [21][22][23]. - **Cold - Storage Eggs** - No specific content provided. - **Egg - Chicken Farming Situation** - Data on the culling age of chickens and the average price of egg - chick seedlings in the main production areas are presented in graphical form, but no specific numerical summaries are provided in the text [26]. - **Price Difference and Basis** - Data on the basis of January, May, and September contracts and the price differences between 1 - 5, 5 - 9, and 9 - 1 contracts are presented in graphical form, but no specific numerical summaries are provided in the text [29][30][33].

Core Insights - Japanese egg prices have surged recently, nearing historical highs due to rising feed costs and reduced production from summer heat [1] - The wholesale price of medium-sized eggs in Tokyo reached 325 yen per kilogram, close to the peak of 350 yen per kilogram seen during the "egg shortage" in spring 2023 [1] - Many restaurants and cake shops are struggling with increased costs, leading to concerns about potential customer loss due to price hikes [1] - The first case of highly pathogenic avian influenza in Hokkaido has heightened fears regarding further increases in egg prices [1] Industry Impact - The rise in egg prices has transformed eggs into a "premium ingredient" in Japan [1] - Restaurant owners, particularly those specializing in egg dishes, report that this year has been the most challenging in over a decade due to escalating prices of eggs and other ingredients [1] - The overall increase in food costs is prompting businesses to raise menu prices, which may deter customers [1]

Group 1 - Recent reports indicate that egg prices in Japan are surging due to rising feed costs and reduced production caused by high summer temperatures, nearing historical highs [1][2] - The wholesale price of medium-sized eggs in Tokyo reached 325 yen per kilogram, close to the record high of 350 yen per kilogram observed during the "egg shortage" in spring 2023 [1] - Many restaurants and cake shops are struggling with increased costs due to rising egg prices, leading to concerns about potential customer loss if they raise menu prices [1] Group 2 - The first case of highly pathogenic avian influenza this season was confirmed in Hokkaido, raising further concerns about egg price increases [2] - Compared to the previous avian influenza season, the current season's first outbreak occurred about a week earlier, which could lead to higher egg prices if the outbreak spreads [2] - During the 2022-2023 avian influenza season, over 17 million birds were culled in Japan, marking the highest number for a single season, which significantly impacted egg supply and prices [2]

Group 1 - Recent surge in egg prices in Japan due to rising feed costs and reduced production from summer heat, nearing historical highs [1][2] - As of July 27, the wholesale price of medium-sized eggs in Tokyo reached 325 yen per kilogram, close to the peak of 350 yen per kilogram during the "egg shortage" in spring 2023 [1] - Many restaurants and cake shops are struggling with increased costs, leading to concerns about potential loss of customers due to price hikes [1] Group 2 - The first case of highly pathogenic avian influenza was confirmed in Hokkaido on May 22, raising concerns about further increases in egg prices [2] - The current avian influenza season has started approximately one week earlier than the previous season, which could lead to a new record in egg prices if the outbreak spreads [2] - From October 2022 to April 2023, over 17 million birds were culled in Japan due to avian influenza, marking the highest number of culls in a single season [2]

1. Report Industry Investment Rating - No investment rating information provided 2. Core View of the Report - The spot price of eggs still has a rebound expectation, but the space may be limited due to high supply; the focus of the futures market game is whether the spot price increase can cover the premium of the futures. Currently, it is the traditional egg stocking season, and the downward space of the spot price is limited. There is a small increase expectation but no large increase space in terms of driving force. The futures market position is high, and it is judged to be in the bottom - building stage, but the space is not optimistic, and the rhythm may be repeated. It is recommended to wait and see [11]. 3. Summary by Relevant Catalogs 3.1. Weekly Assessment and Strategy Recommendation - **Spot Market**: Last week, domestic egg prices first declined and then stabilized, with a slight increase in the second half of the week. After the temperature dropped, the downstream replenishment enthusiasm increased, but the sufficient supply in the producing areas limited the increase space. The price of large - sized eggs in Heishan remained at 2.9 yuan/jin, in Guantao at 2.53 yuan/jin, in Huilongguan in the sales area dropped to 3.12 yuan/jin, and in Dongguan dropped to 2.77 yuan/jin [11]. - **Restocking and Culling**: In September, the national restocking volume decreased to 78.4 million, a month - on - month decrease of 1.5% and a year - on - year decrease of 14.1%. Since September, the egg price has been weaker than normal, and the culling of old chickens has increased significantly, with the culling chicken price falling to a multi - year low, and the chicken age dropping to 499 days [11]. - **Inventory and Trend**: As of the end of September, the inventory of laying hens was 1.368 billion, slightly lower than expected, a month - on - month increase of 30 million compared with August and a year - on - year increase of 6%. In the future, the inventory is expected to increase, with a peak of 1.373 billion in November this year, and the supply side still points to an oversupply [11]. - **Demand Side**: The pre - festival stocking for the Double Festivals is coming to an end, and the post - festival consumption is dull. With the temperature drop, the egg storage conditions improve, and the consumption side may experience a process of first accumulating inventory and then reducing inventory before the Spring Festival [11]. - **Strategy**: Wait and see [11]. 3.2. Futures and Spot Market - **Spot Price Trend**: Last week, domestic egg prices first declined and then stabilized, with a slight increase in the second half of the week. After the temperature drop, the downstream replenishment enthusiasm increased, but the sufficient supply in the producing areas limited the increase space [20]. - **Basis and Spread**: After the spot price dropped after the festival, the futures basis returned to a low level, driving the monthly spread to decline [23]. - **Culling Chicken Price**: The egg price is not strong during the peak season, the culling of old chickens has increased, and the culling chicken price has dropped significantly, but the chicken age remains at a high level of 499 days [26]. 3.3. Supply Side - **Egg Chicken Restocking**: In September, the national restocking volume decreased to 78.4 million, a month - on - month decrease of 1.5% and a year - on - year decrease of 14.1% [33]. - **Culling Chicken Slaughter**: Since September, the egg price has been weaker than normal, and the culling of old chickens has increased significantly, with the culling chicken price falling to a multi - year low, and the chicken age dropping to 499 days, but still far from excessive culling [36]. - **Inventory Trend**: As of the end of September, the inventory of laying hens was 1.368 billion, slightly lower than expected, a month - on - month increase of 30 million compared with August and a year - on - year increase of 6%. In the future, the inventory is expected to increase, with a peak of 1.373 billion in November this year, and the supply side still points to an oversupply [38][41]. 3.4. Demand Side - The pre - festival stocking for the Double Festivals is coming to an end, and the post - festival consumption is dull. With the temperature drop, the egg storage conditions improve, and the consumption side may experience a process of first accumulating inventory and then reducing inventory before the Spring Festival [46] 3.5. Cost and Profit - The cost is lower year - on - year and month - on - month, and the profit is at a seasonal low level [51] 3.6. Inventory Side - The inventory is basically at a normal or slightly higher seasonal level [56]

Report Industry Investment Rating - Not provided Core Viewpoints - High egg production capacity remains the main concern in the market, with high in - production laying hen inventory and no over - culling of old hens. Post - holiday consumption seasonally weakens, leading to poor terminal digestion, cautious purchasing by traders, which drags down the egg market and suppresses near - month contracts. However, continuous losses reduce market replenishment enthusiasm, which is beneficial to forward prices. There is a tendency for previous short positions to take profits and exit the market, causing the futures price to rebound at a low level. But high production capacity pressure may limit the rebound space. The far - month contract may perform stronger than the near - month contract due to the logic of production capacity reduction [2] Summary by Relevant Catalogs Futures Market - The futures closing price of the active egg contract is 3027 yuan/500 kilograms, with a week - on - week increase of 102; the net long position of the top 20 futures holders is - 24073 lots, with a week - on - week increase of 9306; the egg futures spread between January and May contracts is - 126 yuan/500 kilograms, with a week - on - week increase of 55; the futures open interest of the active contract is 247685 lots, with a week - on - week decrease of 11145; the registered warehouse receipt volume is 0 lots, with no week - on - week change [2] 现货市场 - The spot price of eggs is 2.87 yuan/jin, with a week - on - week increase of 0.03; the basis (spot - futures) is - 161 yuan/500 kilograms, with a week - on - week decrease of 71 [2] Upstream Situation - The national laying hen inventory index is 115.26 (with 2015 = 100), with a month - on - month increase of 0.86; the national culled laying hen index is 124.63 (with 2015 = 100), with a month - on - month increase of 31.02; the average price of laying hen chicks in the main production areas is 2.6 yuan/chick, with no week - on - week change; the national new chick index is 76.65 (with 2015 = 100), with a month - on - month increase of 3.3; the average price of laying hen compound feed is 2.75 yuan/kg, with a week - on - week decrease of 0.01; the laying hen breeding profit is - 0.46 yuan/hen, with a week - on - week decrease of 0.06; the average price of culled hens in the main production areas is 8.64 yuan/kg, with a week - on - week decrease of 0.28; the national average age of culled hens is 507 days, with a month - on - month decrease of 3 [2] Industry Situation - The average wholesale price of pork is 17.62 yuan/kg, with a day - on - day decrease of 0.1; the average wholesale price of 28 key - monitored vegetables is 5.3 yuan/kg, with a day - on - day increase of 0.13; the average wholesale price of dressed chickens is 17.72 yuan/kg, with a day - on - day decrease of 0.05; the weekly inventory in the circulation link is 1.1 days, with a week - on - week decrease of 0.24; the weekly inventory in the production link is 1.05 days, with a week - on - week decrease of 0.45; the monthly export volume of fresh eggs is 13121.03 tons, with a month - on - month increase of 264.92 [2] Downstream Situation - The weekly consumption volume of eggs in the sales areas is 7179 tons, with a week - on - week decrease of 442 [2] Industry News - The average price of eggs in Shandong's main production area is 5.64 yuan/kg, up 0.06 from yesterday; in Hebei, it is 5.51 yuan/kg, up 0.20 from yesterday; in Guangdong, it is 6.20 yuan/kg, unchanged from yesterday; in Beijing, it is 6.14 yuan/kg, up 0.20 from yesterday. The in - production laying hen inventory remains high, old hens have not been over - culled, high production capacity is the main market concern, post - holiday consumption seasonally weakens, terminal digestion is poor, and traders are cautious in purchasing [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The supply of laying hens remains high, leading to short - term supply pressure. The demand is generally weak, and without significant improvement, egg prices are expected to be weak. Near - month contracts are likely to show a weak and volatile trend, and it is advisable to consider short - selling near - month contracts at high prices [9]. 3. Summary by Relevant Catalogs 3.1 Futures Market - JD01 closed at 3147, down 22 from the previous day; JD05 closed at 3328, down 11; JD09 closed at 3777, down 51 [3]. - 01 - 05 spread closed at - 181, down 11; 05 - 09 spread closed at - 449, up 40; 09 - 01 spread closed at 630, down 29 [3]. - 01 egg/corn ratio was 1.48, unchanged; 01 egg/soybean meal ratio was 1.09, down 0.01 [3]. 3.2 Spot Market - The average price in the production area was 2.72 yuan/jin, unchanged; the average price in the sales area was 2.98 yuan/jin, down 0.04 yuan/jin [3]. - The average price of culled chickens was 4.14 yuan/jin, unchanged [3]. 3.3 Profit Calculation - The average price of culled chickens was 4.14 yuan/jin, unchanged; the average price of chicks was 3.21 yuan, up 0.04 [3]. - The profit per chicken was - 4.68 yuan, down 0.01 from the previous day [3]. 3.4 Fundamental Information - The average price in the main production area was 2.72 yuan/jin, unchanged; the average price in the main sales area was 2.98 yuan/jin, down 0.04 yuan/jin. Most mainstream prices across the country remained stable [6]. - In September, the number of laying hens in production was 1.368 billion, an increase of 30 million from the previous month and a 6% year - on - year increase. The monthly chick output of sample enterprises in September was 39.2 million, a 1.5% month - on - month decrease and a 14% year - on - year decrease [7]. - From October 16th to the week, the number of culled hens in the main production area was 20.32 million, a 2.8% increase from the previous week. The average culling age was 499 days, unchanged from the previous week [7]. - As of October 17th, the egg sales volume in representative sales areas was 7374 tons, a 2.7% increase from the previous week [8]. - As of October 17th, the weekly average profit per jin of eggs was - 0.3 yuan/jin, down 0.29 yuan/jin from the previous week [8]. - As of October 17th, the average inventory in the production link was 1.05 days, a decrease of 0.45 days; the average inventory in the circulation link was 1.1 days, a decrease of 0.23 days [8]. 3.5 Trading Logic The supply of laying hens remains high, resulting in short - term supply pressure. The demand is generally weak. Without significant improvement, egg prices are expected to be weak, and near - month contracts are likely to show a weak and volatile trend [9]. 3.6 Trading Strategy - For unilateral trading, consider closing out previous short positions to take profits [10]. - For arbitrage, it is recommended to wait and see [10]. - For options, it is recommended to wait and see [10].