1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - This week, the egg price fluctuated and closed lower. The market is caught between weak reality and strong expectations. The egg futures price maintained a low - level weak oscillation this week and may continue to be in a wide - range oscillation in the short term [6] 3. Summary by Directory 3.1 Week - on - Week Summary - **Market Review**: This week, the egg price fluctuated and closed lower. The closing price of the 2601 contract was 3184 yuan per 500 kilograms, a decrease of 51 yuan per 500 kilograms compared with the previous week [6] - **Market Outlook**: The continuous losses of the breeding side have led to a decline in the enthusiasm for replenishment and an increase in the number of old hens being culled. The egg - laying hen inventory has slightly decreased, and the market sentiment has improved slightly. The low spot price has led to poor replenishment enthusiasm, which is beneficial to the forward price. However, the inventory of laying hens in production is still at a high level, and there has been no excessive culling of old hens. High production capacity still suppresses the market [6] 3.2 Futures and Spot Market - **Futures Price and Position**: The January contract of egg futures oscillated downward. The position was 217,887 lots, an increase of 8,924 lots compared with last week. The net position of the top 20 was - 42,470, compared with - 17,934 last week, and the net short position increased [12] - **Futures Warehouse Receipt**: As of Friday, the number of registered egg warehouse receipts was 0 [16] - **Spot Price and Basis**: The egg spot price was reported at 2896 yuan per 500 kilograms, a decrease of 143 yuan per 500 kilograms compared with last week. The basis between the active January contract futures price and the spot average price was reported at - 288 yuan per ton [22] - **Futures Inter - month Spread**: The 1 - 5 spread of eggs was reported at - 309 yuan per 500 kilograms, which was generally at a low level in the same period [26] - **Related Product Spot Prices**: As of November 20, 2025, the average wholesale price of pork was reported at 17.94 yuan per kilogram, and the average wholesale price of 28 key monitored vegetables was reported at 5.71 yuan per kilogram [32] 3.3 Industrial Chain - **Supply - side Indicators**: As of September 30, 2025, the national laying - hen inventory index was reported at 115.26, a month - on - month increase of 0.75%. The national new - chick index was reported at 76.65, a month - on - month increase of 4.50% [38] - **Culling Indicators**: As of September 30, 2025, the national culled laying - hen index was reported at 124.63, a month - on - month increase of 33.14%. The national culling age of hens was reported at 507 days [43] - **Feed Raw Material Prices**: As of November 20, 2025, the average spot price of corn was reported at 2278.82 yuan per ton, and the spot price of soybean meal in Fangcheng was reported at 3000 yuan per ton [47] - **Feed Price and Breeding Profit**: As of November 14, 2025, the breeding profit of laying hens was reported at - 0.38 yuan per hen. The average price of laying - hen compound feed was reported at 2.76 yuan per kilogram [53] - **Prices of Laying - Hen Chicks and Culled Hens**: As of November 14, 2025, the average price of laying - hen chicks in the main producing areas was reported at 2.8 yuan per chick, and the average price of culled hens in the main producing areas was reported at 8.08 yuan per kilogram [55] - **Egg Monthly Export Volume**: In September 2025, the total egg export volume was 13,215.79 tons, an increase of 1631.15 tons compared with the same period last year, a year - on - year increase of 14.08%, and a month - on - month increase of 94.76 tons compared with the same period last month [61]

目录 第一部分逻辑分析及交易策略 第二部分周度数据追踪 GALAXYFUTURES 鸡蛋周报：蛋价稳中有落 淘汰有所增加 银河大宗农产品 研究员：刘倩楠 期货从业证号：F3013727 咨询从业证号：Z0014425 1 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 第一部分逻辑分析及交易策略 内容摘要 2 GALAXYFUTURES 227/82/4 228/210/172 181/181/181 87/87/87 文 字 色 基 础 色 辅 助 色 137/137/137 246/206/207 68/84/105 210/10/16 221/221/221 208/218/234 ◼ 现货分析 ◼ 供给分析 ◼ 成本分析 ◼ 需求分析 ◼ 交易策略 鸡蛋现货分析 本周鸡蛋主产区均价2.8元/斤，较上周五下跌0.12元/斤，主销区均价3.13元/斤，较上周五下跌0.08元/斤。本周主产区价格持续下 ...

Core Insights - The price disparity between regular eggs and high-end "raw-eating" or "sterile" eggs is attributed to stringent production processes ensuring safety from Salmonella, rather than mere marketing hype [1][2] - "Sterile eggs" can mislead consumers into thinking they are completely free of bacteria, while in reality, they may still contain other microorganisms [1][2] - The market for "raw-eating" eggs is dominated by brands like Huang Tian E, which has maintained the highest quality sales for four consecutive years through comprehensive management systems [2][3] Industry Overview - The core standard for "raw-eating" eggs is that both the interior and exterior must be free of Salmonella, a major health risk associated with eggs [2] - The production process involves multiple rounds of testing and purification, with strict controls on temperature, air quality, and feed to prevent contamination [2] - The lack of national standards for low-priced egg products has led to a regulatory vacuum, resulting in counterfeit products flooding the market [2] Consumer Guidance - Consumers are advised to check labels and choose well-known brands to avoid low-price traps, as many online products do not meet safety standards [2] - Experts recommend cooking methods that preserve nutrients while ensuring safety, such as the "golden 8 minutes" boiling technique [3] - The nutritional value of eggs is highlighted, with egg yolks being a rich source of protein and essential nutrients, countering the misconception that they are merely high in cholesterol [2][3]

Core Insights - The sales of raw-eating eggs are rising on major e-commerce platforms, driven by younger consumers' insights into their parents' nutritional needs and a trend towards quality consumption [1][2] Group 1: Safety Concerns - Food safety is the primary concern for nutritional supplementation among the elderly, as traditional eggs pose a risk of Salmonella contamination, leading families to avoid undercooked egg dishes [1] - The introduction of raw-eating eggs addresses this concern, as they undergo stringent quality control to eliminate pathogens, allowing for better nutrient retention without the risks associated with traditional cooking methods [1] - Huang Tian E, a leading brand, has established a comprehensive quality control system, maintaining a high Salmonella detection pass rate, which reassures younger consumers about their parents' health [1] Group 2: Nutritional Adaptation - Eggs are an ideal food source for the elderly, rich in high-quality protein, lecithin, and essential vitamins and minerals, which are crucial for maintaining cardiovascular health and cognitive function [2] - Huang Tian E's raw-eating eggs offer superior nutritional retention and a better eating experience, with a focus on reducing fishy taste and enhancing texture, making them suitable for the elderly's sensitive digestive systems [2] - Sales data indicates that Huang Tian E's gift boxes, labeled as suitable for elders and low in fishy taste, saw a 47% year-on-year increase in 2024, highlighting their popularity among younger consumers gifting to parents [2] Group 3: Consumption Upgrade - Younger consumers are shifting from basic nutritional needs to a focus on precision, safety, and high quality in their purchases for parents, reflecting a broader change in consumption philosophy [3] - The consumer base for raw-eating eggs has expanded beyond young mothers to include urban seniors and younger individuals purchasing for their parents, emphasizing the importance of food safety and quality experience [3] - Huang Tian E has introduced exclusive gift cards for various occasions, facilitating the expression of filial piety through convenient gifting options, while the product's diverse presentation is enhancing its presence in elderly households [3]

Report Overview - Industry: Eggs [1] - Date: November 17, 2025 [2] Report Core View - The spot market has weakened again this week. The prices of pink eggs in Hubei and Hunan have gradually declined, while the prices of red eggs in the north have remained stable. The market sales have returned to a slow pace. Considering the cooler temperature and better egg storage conditions, there will be no significant price drops as in the rainy season and summer. Egg prices are expected to adjust narrowly at a low level next week. [8] - In the futures market, due to the temporary weakness of the spot market, prices have declined this week. The near - term contracts have dropped significantly as they are approaching delivery, while the far - term contracts are relatively firm due to the expectation of a decline in inventory. [8] - Fundamentally, the laying - hen inventory decreased month - on - month for the first time in October, indicating that the poor breeding profits have gradually affected the supply side. The monthly replenishment data in the past four months shows that the laying - hen inventory is expected to decline slightly in the medium term. The longer the low - price period in the fourth quarter, the greater the probability and elasticity of a market reversal in the first quarter and second quarter of next year. [8] - In terms of operation, the market is expected to fluctuate at a low level in the short term. The low spot price may continue for some time. Opportunities for long positions in far - term contracts can be considered on dips, but there may still be fluctuations in the near term. A reverse spread between near - term and far - term contracts is advisable. [8] Section Summaries 1. Market Review and Operation Suggestions - **Market Review**: The prices of egg futures contracts 2601, 2602, and 2512 have declined, with decreases of 1.73%, 0.13%, and 0.26% respectively. The average price in the main production areas is 2.97 yuan/jin, down 0.01 yuan/jin from the previous day, and the average price in the main sales areas is 3.28 yuan/jin, down 0.03 yuan/jin from the previous day. [7] - **Operation Suggestions**: Treat the market as a low - level fluctuation in the short term. Pay attention to long - position opportunities in far - term contracts on dips, and consider a reverse spread between near - term and far - term contracts. [8] 2. Industry News - **Inventory**: As of the end of October 2025, the national monthly inventory of laying hens was about 1.359 billion, a month - on - month decrease of 0.66%, ending the previous continuous growth trend, but a year - on - year increase of 5.59% compared to October 2024. [9] - **Replenishment**: In October 2025, the monthly output of laying - hen chicks in sample enterprises was about 39.15 million, slightly less than 39.2 million in September 2025 and significantly less than 44.83 million in the same period of 2024. The total replenishment from July to October 2025 was about 158.14 million, compared with about 176.1 million in the same period of 2024. [9][10] 3. Data Overview - **Elimination Volume**: As of November 13, 2025, the national elimination volumes of laying hens in the previous three weeks were 20.53 million, 19.81 million, and 19.47 million respectively, showing a downward trend. [18] - **Elimination Age**: As of November 13, 2025, the average elimination age of laying hens was 493 days, unchanged from the previous week and 6 days earlier than the previous month. [18]

Report Industry Investment Rating - Not provided Core Viewpoints of the Report - This week, the egg market fluctuated and closed lower. The 2601 contract closed at 3,235 yuan per 500 kilograms, a decrease of 56 yuan per 500 kilograms from the previous week. The market is in a game between weak reality and strong expectations. Under the pressure of high production capacity, the futures price weakened again recently and may be in a wide - range shock state in the short term [6]. Summary by Relevant Catalogs 1. Week - on - Week Summary - **Market Review**: The egg market fluctuated and closed lower this week. The 2601 contract closed at 3,235 yuan per 500 kilograms, down 56 yuan per 500 kilograms from the previous week [6]. - **Market Outlook**: The continuous losses of the breeding end have led to a decline in the enthusiasm for replenishment and an increase in the number of old hens being culled. The laying - hen inventory has slightly declined, and the market sentiment has improved slightly. However, the inventory of laying hens in production is still at a high level, and there has been no excessive culling of old hens. High production capacity remains the main concern of the market. The market is in a game between weak reality and strong expectations. Recently, under the restraint of high - production - capacity pressure, the futures price has weakened again and may be in a wide - range shock state in the short term [6]. 2. Futures and Spot Market - **Futures Price and Position**: The egg futures contract 1 fluctuated and declined. The position volume was 208,963 lots, an increase of 28,593 lots from last week. The net position of the top 20 was - 17,934, compared with - 7,153 last week, indicating an increase in net short positions [13]. - **Futures Warehouse Receipts**: As of Friday, the number of registered egg warehouse receipts was 0 [17]. - **Spot Price and Basis**: The egg spot price was reported at 3,039 yuan per 500 kilograms, a decrease of 38 yuan per 500 kilograms from last week. The basis between the active egg contract 1 futures price and the spot average price was reported at - 196 yuan per ton [23]. - **Futures Inter - monthly Spread**: The egg 1 - 5 spread was reported at - 242 yuan per 500 kilograms, generally at a relatively low level in the same period [27]. - **Related Product Spot Prices**: As of November 13, 2025, the average wholesale price of pork was reported at 17.89 yuan per kilogram, and the average wholesale price of 28 key - monitored vegetables was reported at 5.77 yuan per kilogram [33]. 3. Industry Chain Situation - **Supply - Side Indicators**: As of September 30, 2025, the laying - hen inventory index nationwide was reported at 115.26, a month - on - month increase of 0.75%. The new - chick index nationwide was reported at 76.65, a month - on - month increase of 4.50% [39]. - **Culling Indicators**: As of September 30, 2025, the culled laying - hen index nationwide was reported at 124.63, a month - on - month increase of 33.14%. The average age of culled chickens nationwide was reported at 507 days [44]. - **Feed Raw Material Prices**: As of November 13, 2025, the average spot price of corn was reported at 2,259.8 yuan per ton, and the spot price of soybean meal in Fangcheng was reported at 3,020 yuan per ton [48]. - **Feed Prices and Breeding Profits**: As of November 7, 2025, the breeding profit of laying hens was reported at - 0.47 yuan per chicken, and the average price of laying - hen compound feed was reported at 2.76 yuan per kilogram [54]. - **Prices of Laying - Hen Chicks and Culled Chickens**: As of November 7, 2025, the average price of laying - hen chicks in the main production areas was reported at 2.8 yuan per chick, and the average price of culled chickens in the main production areas was reported at 8.06 yuan per kilogram [56]. - **Egg Monthly Exports**: In September 2025, China's total egg exports were 13,215.79 tons, an increase of 1,631.15 tons compared with 11,584.64 tons in the same period last year, a year - on - year increase of 14.08%, and a month - on - month increase of 94.76 tons compared with 13,121.03 tons in the previous month [62]. 4. Representative Company - **Xiaoming Co., Ltd.**: A figure on the change in price - earnings ratio is provided, but no specific analysis content is available [64].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - Although the recent increase in the number of culled chickens has alleviated the previous supply pressure, the current laying - hen inventory remains at a high level. The short - term de - capacity speed is expected to be relatively gentle. - Considering that the spot average price is still around 2.8 - 2.9 yuan per jin, and the December main contract has given a certain premium, the upward space is expected to be relatively limited. - The recent decline in spot prices indicates that the short - term egg prices are likely to be weak, but the downward space is relatively limited [7]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Contract Prices**: JD01 closed at 3265, down 57 from the previous day; JD05 closed at 3530, down 13; JD09 closed at 3878, up 8. - **Spread**: 01 - 05 spread was - 265, down 44; 05 - 09 spread was - 348, down 21; 09 - 01 spread was 613, up 65. - **Ratio**: 01 egg/corn ratio was 1.49, down 0.03; 01 egg/soybean meal ratio was 1.06, down 0.02. Other ratios also had corresponding changes [2]. 3.2 Spot Market - **Egg Prices**: The average price in the main production areas was 2.95 yuan per jin, down 0.02 yuan from the previous day; the average price in the main sales areas was 3.21 yuan per jin, unchanged. Most regions' egg prices remained stable, with only minor fluctuations in some areas. - **Culled Chicken Prices**: The average price of culled chickens in the main production areas was 3.97 yuan per jin, down 0.03 yuan from the previous day [2][4][6]. 3.3 Profit Calculation - **Cost and Price**: The average price of culled chickens was 3.97 yuan per jin, down 0.03; the average price of chicken chicks was 3.21 yuan per chick, up 0.04. The average price of corn was 2260 yuan per ton, up 5; the average price of soybean meal was 3072 yuan per ton, unchanged. - **Profit**: The profit per chicken was 2.51 yuan, down 1.00 yuan from the previous day [2]. 3.4 Fundamental Information - **Inventory**: In October, the national laying - hen inventory was 1.359 billion, 10 million less than the previous month, 5.5% higher year - on - year, and lower than expected. The estimated laying - hen inventories from November 2025 to February 2026 are 1.359 billion, 1.355 billion, 1.346 billion, and 1.333 billion respectively. - **Sales and Production**: From November 06, the weekly egg sales in representative sales areas were 7300 tons, down 4% from the previous week. The weekly average profit per jin of eggs was - 0.25 yuan per jin, down 0.05 yuan from the previous week. The average weekly inventory in the production link was 1.02 days, 0.02 days less than the previous week; the average weekly inventory in the circulation link was 1.06 days, 0.04 days less than the previous week [5][6]. 3.5 Trading Logic The increase in the number of culled chickens has alleviated supply pressure, but the high laying - hen inventory will lead to a gentle de - capacity speed. The limited upward space of the contract price and the recent decline in spot prices suggest that short - term egg prices are likely to be weak with limited downward space [7]. 3.6 Trading Strategies - **Unilateral**: It is recommended to wait and see in the short term. - **Arbitrage**: It is recommended to wait and see. - **Options**: It is recommended to wait and see [8].

Core Insights - The rise of raw-eating eggs signifies a shift in consumer preferences towards safety and quality in food consumption [1][2][3] Group 1: Safety Upgrade - Traditional eggs pose a risk of Salmonella contamination, necessitating thorough cooking to mitigate safety concerns [1] - Raw-eating eggs utilize a comprehensive quality control system to address these safety issues, focusing on strict pathogen control rather than achieving absolute sterility [1] - The "Raw-Eating Egg" group standard mandates rigorous requirements across all production stages, with a consumption window of 15 days post-production [1] Group 2: Demand Upgrade - The market for raw-eating eggs in China is projected to reach 8.6 billion yuan in 2024, reflecting a 19.4% year-on-year growth, significantly outpacing the 3.2% growth of traditional eggs [2] - In major cities like Beijing and Shanghai, per capita annual consumption of raw-eating eggs is 5.8 kg, 1.8 times the national average [2] - E-commerce data indicates a 31.7% increase in sales of raw-eating eggs priced above 15 yuan for a pack of 10, highlighting consumer willingness to pay a premium for safety and quality [2] Group 3: Rational Upgrade - There is no significant nutritional difference between raw-eating eggs and traditional eggs, as both provide similar levels of essential nutrients [3] - The primary distinction lies in safety standards and eating experience, with raw-eating eggs offering cleaner shells and better texture for raw consumption [3] - Vulnerable populations, such as infants and the elderly, are advised to consume cooked eggs to minimize health risks, while raw-eating eggs are recommended for those seeking high-quality culinary experiences [3]

Report Industry Investment Rating No relevant content provided. Core View of the Report - The recent increase in the number of culled chickens has alleviated the previous supply pressure, but the number of laying hens in production is still at a high level. The short - term de - capacity speed is expected to be relatively gentle. Considering that the spot average price is still around 2.8 - 2.9 yuan/jin, and the December main contract has given a certain premium, the upside space is expected to be relatively limited. The recent decline in spot prices indicates that egg prices are likely to be weak in the short term, but the downside space is also relatively limited [8]. Summary by Directory 1. Futures Market - Futures prices: JD01 closed at 3322, down 51 from the previous day; JD05 closed at 3543, down 34; JD09 closed at 3870, down 11 [2]. - Cross - month spreads: The 01 - 05 spread was - 221, down 17; the 05 - 09 spread was - 327, down 23; the 09 - 01 spread was 548, up 40 [2]. - Price ratios: The 01 egg/corn ratio was 1.53, down 0.02; the 01 egg/bean meal ratio was 1.09, down 0.02. Similar changes were seen in other ratios [2]. 2. Spot Market - Egg prices: The average price in the producing areas was 2.97 yuan/jin, down 0.02 yuan/jin from the previous day, and the average price in the selling areas was 3.21 yuan/jin, unchanged [2]. - Culled chicken prices: The average price of culled chickens was 4.00 yuan/jin, down 0.02 yuan/jin [2]. 3. Profit Calculation - Today's profit per chicken was 3.35 yuan, down 1.01 yuan from yesterday. The average price of culled chickens was 4.00 yuan/jin, down 0.02 yuan; the average price of chicken chicks was 3.21 yuan, up 0.04 yuan; the price of egg - laying chicken vaccines was 3 yuan, unchanged [2]. - Feed prices: The average price of corn was 2255 yuan, up 3 yuan; the average price of bean meal was 3080 yuan, unchanged; the price of egg - laying chicken compound feed was 2.50 yuan, unchanged [2]. 4. Fundamental Information - Price trends: The average price in the main producing areas was 2.97 yuan/jin, down 0.02 yuan/jin, and the average price in the main selling areas was 3.21 yuan/jin, unchanged. The national mainstream prices were stable or falling [4]. - Laying hen inventory: In October, the national inventory of laying hens in production was 1.359 billion, a decrease of 0.01 billion from the previous month, and an increase of 5.5% year - on - year. It is estimated that the inventory in November, December, January, and February 2025 will be approximately 1.359 billion, 1.355 billion, 1.346 billion, and 1.333 billion respectively [5]. - Culled chicken situation: From November 6th, the weekly culling volume of laying hens in the main producing areas was 19.81 million, a decrease of 3% from the previous week. The average culling age was 493 days, a decrease of 1 day from the previous week [5]. - Egg sales volume: As of November 6th, the egg sales volume in the representative selling areas was 7300 tons, a decrease of 4% from the previous week [6]. - Profit situation: As of November 6th, the weekly average profit per jin of eggs was - 0.25 yuan/jin, a decrease of 0.05 yuan/jin from the previous week. On October 31st, the expected profit of egg - laying chicken farming was - 4.82 yuan/chicken, a decrease of 1.42 yuan/jin from the previous week [6]. - Inventory situation: As of November 6th, the average weekly inventory in the production link was 1.02 days, a decrease of 0.02 days from the previous week, and the average weekly inventory in the circulation link was 1.06 days, a decrease of 0.04 days from the previous week [6]. 5. Trading Logic - The recent increase in culled chickens has alleviated supply pressure, but the high number of laying hens in production means slow short - term de - capacity. The upside space for egg prices is limited due to the premium in the December main contract, and prices are likely to be weak in the short term with limited downside [8]. 6. Trading Strategies - Unilateral: It is recommended to wait and see in the short term, and consider building long positions at low levels for the far - month contracts [9]. - Arbitrage: It is recommended to wait and see [10]. - Options: It is recommended to wait and see [10].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - This week, the egg market oscillated and closed higher. The closing price of the 2512 contract was 3,219 yuan per 500 kilograms, a rise of 73 yuan per 500 kilograms from the previous week. High production capacity pressure remains, which may limit the rebound space, so it is necessary to be cautious about chasing up [6]. - The continuous losses of the breeding end have led to a decline in the enthusiasm for replenishment and an increase in the number of old hens being culled. The inventory of laying hens has slightly decreased, and the market atmosphere has slightly improved. However, the slight rebound in the spot price of eggs may reduce the sentiment for culling old hens again. The inventory of laying hens in production is still at a high level, and high - capacity pressure is still the main concern of the market [6]. - Short - term participation is recommended, and attention should be paid to the number of old hens being culled [6]. Summary by Directory 1. Weekly Key Points Summary - **Market Review**: This week, eggs oscillated and closed higher. The closing price of the 2512 contract was 3,219 yuan per 500 kilograms, up 73 yuan per 500 kilograms from the previous week [6]. - **Market Outlook**: Due to continuous losses in the breeding end, the enthusiasm for replenishment has declined, the number of old hens being culled has increased, and the inventory of laying hens has slightly decreased. But the slight rise in egg spot prices may reduce the culling sentiment. The high inventory of laying hens in production is still a major concern, and high - capacity pressure may limit the rebound space of the futures price [6]. - **Strategy Suggestion**: Participate in the short - term and focus on the number of old hens being culled [6]. 2. Futures and Spot Market - **Futures Price and Position**: The 12 - contract of egg futures oscillated and closed higher. The position was 148,243 lots, a decrease of 28,338 lots from last week. The net position of the top 20 was - 7,153, compared with - 8,860 last week, and the net short position slightly decreased [12]. - **Futures Warehouse Receipt**: As of Friday, the number of registered egg warehouse receipts was 6 [16]. - **Spot Price and Basis**: The egg spot price was reported at 3,077 yuan per 500 kilograms, an increase of 144 yuan per 500 kilograms from last week. The basis between the active 12 - contract futures price and the spot average price was reported at - 142 yuan per ton [22]. - **Futures Inter - month Spread**: The 1 - 5 spread of eggs was reported at - 97 yuan per 500 kilograms, which was generally at a low level in the same period [26]. - **Related Product Spot Prices**: As of November 6, 2025, the average wholesale price of pork was reported at 18.06 yuan per kilogram, and the average wholesale price of 28 kinds of key - monitored vegetables was reported at 5.74 yuan per kilogram [32]. 3. Industry Situation - **Supply - side: Inventory and Replenishment**: As of September 30, 2025, the national laying - hen inventory index was reported at 115.26, a month - on - month increase of 0.75%. The national new - chick index was reported at 76.65, a month - on - month increase of 4.50% [38]. - **Culling Index and Age**: As of September 30, 2025, the national culled laying - hen index was reported at 124.63, a month - on - month increase of 33.14%. The national culling age of hens was reported at 507 days [43]. - **Feed Raw Material Prices**: As of November 6, 2025, the average spot price of corn was reported at 2,236.47 yuan per ton, and the spot price of soybean meal in Fangcheng was reported at 3,040 yuan per ton [47]. - **Feed Price and Breeding Profit**: As of October 31, 2025, the breeding profit of laying hens was reported at - 0.42 yuan per hen, and the average price of laying - hen compound feed was reported at 2.76 yuan per kilogram [53]. - **Prices of Laying - hen Chicks and Culled Hens**: As of October 31, 2025, the average price of laying - hen chicks in the main production areas was reported at 2.8 yuan per chick, and the average price of culled hens in the main production areas was reported at 8.22 yuan per kilogram [55]. - **Egg Monthly Export Volume**: In September 2025, the total egg export volume was 13,215.79 tons, an increase of 1,631.15 tons compared with 11,584.64 tons in the same period of the previous year, a year - on - year increase of 14.08%, and a month - on - month increase of 94.76 tons compared with 13,121.03 tons in the previous month [61].