Core Viewpoint - The recent increase in pig prices is driven by emotional factors and seasonal consumption recovery, with a focus on the sustainability of secondary fattening entry [2][3] Pig Farming Sector - The concentration of large pig sales has led to a decrease in large pig inventory, widening the price gap and increasing the enthusiasm for secondary fattening, with a sales proportion of 2.09% from October 11-20, up by 1.07 percentage points [1][2] - The national average pig price on October 24 was 11.81 yuan/kg, an increase of 0.63 yuan/kg week-on-week [2] - The average weight of pigs sold continues to decline, with an average weight of 127.90 kg for the week of October 24, down by 0.35 kg week-on-week [2] - Long-term expectations indicate a downward shift in pig prices, with increasing losses in farming and enhanced expectations for capacity reduction policies, which may lead to a long-term upward shift in the price center [1][3] Cattle Sector - Short-term prices for beef cattle have slightly declined, while long-term trends suggest a potential upward cycle for beef prices due to previous long-term losses leading to capacity clearance [4] Dairy Sector - Raw milk prices are currently at a cyclical low, with a price of 3.04 yuan/kg as of October 17, remaining stable week-on-week but down 31% from the cyclical high [4] - The ongoing losses in raw milk are expected to drive continued capacity reduction, potentially stabilizing prices in the future [4] Poultry Sector - The price of white chickens remains stable, with a price of 6.88 yuan/kg as of October 24, reflecting a slight increase week-on-week [5] - Egg prices have decreased, with an average price of 6.06 yuan/kg, while chick prices remain stable [5] Agricultural Products - Soybean meal prices have rebounded from a low, with a current price of 2984 yuan/ton as of October 24, down by 26 yuan/ton week-on-week [7] - The futures market for soybean meal showed a recovery, with the main contract closing at 2933 yuan/ton, up by 65 yuan/ton week-on-week [7]

Economic Development - Enshi Prefecture's GDP reached 769.91 billion yuan in the first half of the year, with a year-on-year growth of 6.3%, outperforming the provincial average in 13 key economic indicators [1] - The region aims to enhance its development capabilities, speed, quality, and sustainability, contributing to Hubei's strategic growth [1] Green Energy Initiatives - Tudianzi Village has become Hubei's first "green electricity village" with 100% clean energy supply, processing 3,850 tons of manure annually and generating 2 million kWh of electricity [2] - The village's clean energy initiative reduces carbon emissions by 12,000 tons per year and boosts local specialty industries by 8 million yuan [2] Green Finance and Industry - Enshi has launched GEP (Green Ecosystem Product) financial products, providing 15.2 million yuan in unsecured loans to seven local tea companies [3] - The region has established 11 national and provincial-level green factories, with energy consumption per unit of industrial output decreasing by 24.4% compared to the end of the 13th Five-Year Plan [3] Transportation Infrastructure - Enshi's international airport opened its first international route, with over 1.2 million passengers and 1,500 tons of cargo handled in the first half of the year [4][5] - The region is developing a comprehensive transportation hub, with multiple railway and highway projects underway to enhance connectivity [4][5] Trade and Export Growth - Enshi's foreign trade reached 4.31 billion yuan in the first half of the year, a 198.5% increase, with significant exports in tea and medicinal materials [6] - The region has established overseas warehouses and expanded its market reach, including the first entry of "Hedian Selenium Spring" into the U.S. market [6] Industrial Development - Enshi's wind farms generate over 800 million kWh annually, supporting the local AI computing center [7] - The region has introduced 296 projects related to its five leading industrial chains, with significant growth in the selenium and tea industries [8]

Core Insights - Enshi Tujia and Miao Autonomous Prefecture aims to establish a "Two Mountains" practice innovation demonstration zone, leveraging its cultural, resource, and ecological advantages to enhance overall development and contribute to Hubei's strategic growth [1] Economic Performance - In the first half of the year, Enshi's GDP reached 76.991 billion yuan, with a year-on-year growth of 6.3%, outperforming the provincial average in 13 key economic indicators, with 7 indicators ranking in the top five in the province [1] Ecological Initiatives - The village of Tudianzai has achieved 100% clean energy supply, processing 3,850 tons of manure annually and generating 2 million kWh of electricity, reducing carbon emissions by 12,000 tons per year [2] - Enshi has maintained a 95% rate for the transfer and disposal of ship water pollutants, restored 482,000 acres of degraded forest, and completed 111 air pollution control projects [2] Green Finance and Industry - The GEP (Green Ecosystem Product) green finance loan product has been introduced, providing 15.2 million yuan in unsecured loans to seven tea companies, marking a significant step in ecological product value realization [3] - Enshi has created 11 national and provincial-level green factories, with energy consumption per unit of added value in regulated enterprises decreasing by 24.4% compared to the end of the 13th Five-Year Plan [3] Transportation Infrastructure - Enshi's international airport has opened its first international route, with 4 international and 19 domestic routes, facilitating over 12,000 inbound and outbound passengers in the first half of the year [4] - Major transportation projects are underway, including the Yifeng Railway and several highway constructions, enhancing the region's connectivity and logistics capabilities [4] Trade and Export Growth - Enshi's foreign trade import and export total reached 4.31 billion yuan, a 198.5% increase, with actual foreign investment of 22.39 million dollars, up 196.6% [5] - The region has successfully exported tea worth 37.157 million dollars and medicinal materials worth 25.748 million dollars, leading the province in both categories [5] Industrial Development - Enshi's wind power capacity totals 500,000 kW, generating over 800 million kWh annually, supporting the local AI computing center [6] - The region has established a modern industrial system, with over 1,000 industrial enterprises utilizing cloud services and achieving a 100% 5G coverage rate in administrative villages [6] Agricultural Innovations - The chicken farming base in Jianxi County utilizes advanced automation, contributing to a comprehensive industrial chain valued at over 10 billion yuan [7] - Enshi has introduced 296 projects related to its five leading industrial chains, with significant achievements in the selenium and tea industries, and a total output value of 54.04 billion yuan for the selenium industry [7]

Core Viewpoint - The egg-laying chicken farming industry experienced a brief period of profitability in September 2025, but quickly returned to losses in October due to declining egg prices and fluctuating feed costs [1][2][9]. Supply and Demand Analysis - In September, the number of laying hens increased by 0.22% compared to the previous month, leading to an oversupply of eggs in the market [4]. - Demand weakened significantly in October due to the end of pre-holiday stockpiling by food processing companies and reduced demand from schools and corporate cafeterias during the National Day holiday [4]. - As of mid-October, the shipment volume of eggs from production areas decreased by 5.48%, indicating a slowdown in market consumption [4]. Price and Cost Dynamics - The average profit per kilogram of eggs was 0.26 yuan in September, but by mid-October, it shifted to a loss of 0.22 yuan, marking a total decline of 0.39 yuan [2][9]. - Despite a slight decrease in feed costs due to new corn supplies, the drop in egg prices was more significant, leading to a negative impact on farming profitability [6][9]. - The average feed cost in October decreased by 0.09 yuan per kilogram compared to September, but this was insufficient to offset the larger decline in egg prices [6]. Future Outlook - For November, the egg market is expected to see a slight increase in demand, but supply pressures will remain, leading to a forecasted price stabilization between 3.00 and 3.10 yuan per kilogram [8]. - The overall expectation is for continued losses in the egg-laying industry, with average losses projected between 0.20 and 0.30 yuan per kilogram [9].

Core Insights - The establishment of Guizhou Fenghexiang Agricultural Development Co., Ltd. as a designated warehouse for egg futures marks a significant advancement for the egg production industry in Guizhou, facilitating direct access to the national futures market [1][2] Group 1: Industry Transformation - Guizhou has become a leader in the large-scale transformation of egg production, with a scale rate of 91.6%, surpassing the national average by 7 percentage points [2] - Fenghexiang is the only national leading enterprise in egg production in Guizhou, with a capacity of 1 million hens and an annual output of over 20,000 tons of eggs [2][4] - The establishment of the delivery warehouse will accelerate the standardization and grading of eggs in Guizhou, enhancing quality consistency and enabling local producers to meet national market standards [5][6] Group 2: Risk Management and Price Stability - The approval of the delivery warehouse allows Fenghexiang to integrate its standardized egg products into the futures delivery system, utilizing futures for price discovery and risk management [3][7] - The local delivery warehouse reduces transportation costs and improves response times for hedging operations, significantly mitigating profit losses due to price fluctuations [4][8] - The warehouse will serve as a regional price risk buffer, allowing for strategic inventory management during price downturns and shortages [4][8] Group 3: Financial Integration and Market Access - The integration of futures and spot markets will create a multi-layered risk management system for the egg industry in Guizhou, enhancing resilience against market volatility [8] - The use of financial tools such as basis trading and warehouse financing will help enterprises lock in profits and connect with larger markets, facilitating a full-chain upgrade from production to sales [7][8] - The financial empowerment through futures trading is expected to drive agricultural modernization and support rural revitalization in Guizhou, establishing it as a poultry industry hub [8]

Core Viewpoint - The establishment of Guizhou Fenghexiang Agricultural Development Co., Ltd. as a designated warehouse for egg futures marks a significant advancement for the egg production industry in Guizhou, facilitating direct access to the national futures market and enhancing the overall industry structure [1][2]. Group 1: Company Overview - Guizhou Fenghexiang is a comprehensive modern agricultural enterprise engaged in egg production, feed processing, and organic fertilizer production, with a scale of 1 million laying hens and an annual egg production of over 20,000 tons [2][4]. - The company has achieved a production value of 240 million yuan, benefiting from its advantageous geographical and natural resources since its establishment in 2019 [2][4]. Group 2: Industry Impact - Guizhou province leads the nation in the scale of egg production, with a 91.6% scale rate, which is 7 percentage points higher than the national average [2]. - The establishment of the delivery warehouse is expected to enhance the standardization and grading of eggs in Guizhou, promoting a shift from rough handling to refined grading [5][6]. Group 3: Risk Management and Futures Integration - The approval of the delivery warehouse allows Fenghexiang to integrate its standardized egg products into the futures delivery system, enabling better price risk management and operational stability [3][7]. - The company plans to implement a "price guarantee and delivery" model to assist small and medium-sized producers in stabilizing their income during price downturns [3][6]. Group 4: Future Strategies - Fenghexiang aims to deepen its "futures and spot combination" strategy, utilizing the delivery warehouse to capture regional basis patterns and lock in future sales profits [6][7]. - The company will also explore the use of futures and options to create price insurance, enhancing its competitive edge in a low-margin environment [6][7]. Group 5: Broader Market Implications - The integration of the futures market provides Guizhou's egg industry with a "price anchor, risk management, and resource integration," enhancing the brand value of local products [7][8]. - The establishment of a multi-layered risk management system will help the Guizhou egg market withstand market fluctuations and connect to larger national markets [8].

1. Report Industry Investment Rating No information is provided in the report regarding the industry investment rating. 2. Core View of the Report The supply of laying hens remains at a high level, with the national inventory of laying hens in September reaching 1.368 billion, higher than expected. The demand is generally weak. In the short - term, without significant improvement, egg prices are expected to be weak. Near - month contracts are likely to oscillate weakly, and one can consider short - selling near - month contracts at high prices [9]. 3. Summary According to Related Catalogs 3.1 Fundamental Information - **Egg Price**: The average price of eggs in the main producing areas is 2.8 yuan/jin, down 0.07 yuan/jin from the previous trading day, and the average price in the main selling areas is 3.09 yuan/jin, down 0.03 yuan/jin. Most of the mainstream egg prices across the country have declined [6]. - **Laying Hen Inventory**: 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 output of laying hen chicks in sample enterprises in September was 39.2 million. It is estimated that the inventory of laying hens from October 2025 to January 2026 will be approximately 1.36 billion, 1.36 billion, 1.356 billion, and 1.347 billion respectively [7]. - **Hen Culling**: In the week of October 16, the number of culled hens in the main producing areas was 20.32 million, a 2.8% increase from the previous week. The average culling age was 499 days, the same as the previous week [7]. - **Egg Sales**: As of October 17, the egg sales volume in representative selling areas was 7,374 tons, a 2.7% increase from the previous week [8]. - **Profit**: As of October 17, the weekly average profit per jin of eggs was - 0.3 yuan/jin, a decrease of 0.29 yuan/jin from the previous week. On October 12, the expected profit of laying hen farming was - 0.51 yuan/hen, a decrease of 2.79 yuan/jin from the previous week [8]. - **Inventory**: As of October 17, the average weekly inventory in the production link was 1.05 days, a decrease of 0.45 days from the previous week, and the average weekly inventory in the circulation link was 1.1 days, a decrease of 0.23 days from the previous week [8]. - **Culled Hen Price**: The average price of culled hens in the main producing areas is 4.19 yuan/jin, down 0.06 yuan/jin from the previous trading day [8]. 3.2 Trading Logic The supply of laying hens is high, and the demand is generally weak. Without significant improvement in the short - term, egg prices are expected to be weak, and near - month contracts are likely to oscillate weakly [9]. 3.3 Trading Strategies - **Single - sided**: Consider closing out previous short positions to take profits [10]. - **Arbitrage**: It is recommended to wait and see [10]. - **Options**: It is recommended to wait and see [10].

Group 1: Company Overview and Strategy - The company aims to optimize the scale, flexibility, and product structure of the egg-laying chicken industry, focusing on sustainable and healthy development [3] - Key business areas include core business of chick production, and star businesses such as young chickens, premix feed, non-cage eggs, and new food products [3] - The company has successfully imported over 60,000 grandparent egg-laying chickens from the U.S. between March and May 2024, marking a significant update to its breeding stock [4] Group 2: Market Trends and Performance - The young chicken industry is experiencing steady growth, with an estimated output of approximately 560 million young chickens in 2024 [5] - The company sold 151.8 million commercial chicks in the first half of 2025, a 63.46% increase year-on-year, with an expected annual capacity of 300 million chicks [8] - The market share for chick products is approximately 25% as of the first half of 2025 [8] Group 3: Financial Insights - Sales revenue fluctuated in September 2025 due to overall supply-demand dynamics in the egg-laying chicken industry, with cautious expectations from breeding units [6] - The egg price experienced seasonal fluctuations, with a notable increase during the Mid-Autumn Festival and National Day, followed by a slight decline due to market adjustments [6] Group 4: Management and Governance - The company is transitioning from a founder-led management model to a professional manager model to enhance governance and operational efficiency [7] - The governance structure aims to separate ownership from management, ensuring clear responsibilities and checks and balances [7] Group 5: ESG and Sustainability Initiatives - The company implements a green development strategy, focusing on resource conservation and environmental protection, while adhering to national and local environmental regulations [7] - Animal welfare is prioritized through a "high-floor flat raising" model, enhancing both animal welfare and production performance [8]

Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Viewpoints - In the short - to - medium term, the pattern of strong supply and weak demand persists, pressuring egg prices to decline, with prices in some regions dropping to feed costs. Attention should be paid to the intensity and scale of hen culling driven by low prices [3]. - In the long term, the continuous increase in egg - laying hen farming scale may lengthen the price bottom cycle. Wait patiently for the over - culling in the farming sector to drive the capacity - reduction process [3]. 3) Summary by Related Catalogs Market News - During the holiday, egg prices fell unexpectedly, and the futures market opened with a significant gap down [1]. Spot Performance - During the holiday, the strong supply and weak demand in the egg market pressured egg prices to drop significantly. On October 8, the price of Hebei Guantao pink eggs was 2.49 yuan per jin, a decrease of 0.35 yuan per jin compared to September 30 [3]. Futures Performance - Today, the near - month contract of egg futures opened with a significant gap down. The 2511 contract opened at 2890 yuan per 500 kg, a decline of 4.24%. As of the time of writing, the market was at 2902 yuan per 500 kg, while the far - month contracts were relatively stable [3]. Analysis Logic - Short - to - medium term: The pattern of strong supply and weak demand continues, and egg prices are under pressure to decline, with some areas reaching feed costs. Focus on the intensity and scale of hen culling driven by low prices [3]. - Long term: The continuous increase in egg - laying hen farming scale may lengthen the price bottom cycle. Wait for the over - culling in the farming sector to drive capacity reduction [3]. Trading Strategy - Before the holiday, it was continuously suggested to maintain a short - selling strategy until large - scale concentrated hen culling occurs, and it was recommended to hold previous short positions. - Currently, the Hebei spot price has fallen below 2.5 yuan per jin. It was suggested in today's morning report that the market might open with a gap down, and previous short positions can continue to be held. It is recommended to consider gradually taking profits on dips [3].

Core Viewpoint - The chicken market in September experienced a divergence between the prices of old hens and eggs due to strong supply and weak demand, with expectations of a slight decline in average prices for old hens in October before a minor rebound [1][6]. Supply Side Analysis - The number of old hens awaiting elimination remained high in October, leading to price pressure, especially in early October due to concentrated slaughtering plans around the Mid-Autumn and National Day holidays [1][6]. - The average monthly slaughter volume of old hens increased by over 11% in September, contributing to significant market pressure [3]. - The total stock of laying hens reached 1.365 billion by the end of August, exceeding normal levels, which, combined with the gradual elimination of older hens, increased supply [3]. Demand Side Analysis - Demand for old hen products was weak, influenced by the economic environment, with many slaughterhouses operating at around 70% capacity and holding frozen inventory, leading to low purchasing intentions [4]. - The presence of alternative protein sources, such as pork and fish, further reduced consumer demand for old hens [4][7]. - A temporary boost in demand is expected in early October due to holiday effects, but overall demand is anticipated to decline post-holidays, limiting price recovery [7]. Price Outlook - The price of old hens is expected to experience a "decline followed by a slight increase" pattern in October, with average prices projected to be between 4.30 and 4.40 yuan per jin, reflecting a slight decrease from September [6][7].