Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The egg market is currently in a situation where supply is relatively abundant due to high laying - hen inventory and new - laying hens coming into production. The demand is in a seasonal off - peak, and the hot and humid weather increases storage costs, leading to cautious purchasing by downstream dealers. Egg prices are at a relatively low level, and the breeding side is in a loss state. However, the supply - loose expectation has been reflected in the futures price, and if the spot price remains low, it may increase the enthusiasm for old - hen culling and reduce the enthusiasm for replenishment, which is beneficial to the long - term price. The spot price drags down the near - term futures price, while the long - term contracts show a tendency to stop falling and recover. The strategy suggestion is to lightly test long positions in long - term contracts [9][10]. 3. Summary by Directory 3.1 Week - on - Week Summary - **Market Review**: This week, the egg futures 08 contract bottomed out and rebounded, with a closing price of 3556 yuan/500 kilograms, an increase of 3 yuan/500 kilograms compared to the previous week [10]. - **Market Outlook**: After the festival, the egg market enters the seasonal demand off - peak. With high laying - hen inventory and new - laying hens coming into production, the supply is sufficient. The hot and humid weather increases storage costs, and downstream dealers are cautious in purchasing. Egg prices are at a low level, and the breeding side is in a loss state. If the spot price remains low, it may affect the laying - hen inventory, which is beneficial to long - term prices. The spot price drags down the near - term futures price, while the long - term contracts show signs of recovery [10]. - **Strategy Suggestion**: Lightly test long positions in long - term contracts [9]. 3.2 Futures and Spot Market - **Futures Price and Position**: The egg futures 08 contract bottomed out and rebounded, with a position of 228,245 lots, an increase of 40,890 lots compared to the previous week. The net position of the top 20 was - 7397, and the net short position increased slightly compared to last week [17]. - **Futures Warehouse Receipts**: As of Friday, the number of registered egg warehouse receipts was 0 [21]. - **Spot Price and Basis**: The egg spot price was reported at 2608 yuan/500 kilograms, a decrease of 187 yuan/500 kilograms compared to the previous week. The basis between the active 08 contract futures price and the spot average price was reported at - 948 yuan/ton [27]. - **Futures Inter - month Spread**: The 9 - 1 spread of egg futures was reported at 37 yuan/500 kilograms, at the lowest level in the same period [31]. - **Related Commodity Spot Prices**: As of June 12, 2025, the average wholesale price of pork was 20.33 yuan/kg, and the average wholesale price of 28 key - monitored vegetables was 4.34 yuan/kg [37]. 3.3 Industry Chain Situation - **Supply Side - Inventory and Replenishment**: 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% [42]. - **Supply Side - Culling Index and Culling Age**: 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 [48]. - **Feed Raw Material Prices**: As of June 12, 2025, the average spot price of corn was 2406.27 yuan/ton, and the spot price of soybean meal in Fangcheng was 2880 yuan/ton [52]. - **Feed Price and Breeding Profit**: As of June 6, 2025, the egg - hen breeding profit was - 0.44 yuan/hen, and the average price of egg - hen compound feed was 2.74 yuan/kg [59]. - **Egg - Hen Chick and Culled - Hen Prices**: As of June 6, 2025, the average price of egg - hen chicks in the main production areas was 4.1 yuan/chick, and the average price of culled hens was 9.26 yuan/kg [61]. - **Egg Exports**: In April 2025, the total egg export volume was 12,792.51 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 [67]. 3.4 Representative Company - Information about Xiaoming Co., Ltd. includes a graph of its price - earnings ratio change, but no specific analysis is provided [69].

Overview - Eggs are a significant source of protein in daily diets, with increasing consumer awareness regarding quality and nutritional value, leading to a rising demand for high-quality eggs such as organic and antibiotic-free eggs [1][12] - The fast-paced lifestyle is driving the demand for processed egg products like liquid eggs and egg powder, contributing to the growth of the deep processing sector [1][12] - In 2024, China's egg demand is projected to reach 30.62 million tons, with production at 30.76 million tons, resulting in a market size of 387.9 billion yuan and an average product price of approximately 12.67 yuan per kilogram [1][12] Market Policies - The Chinese government has implemented various policies to support the development of the agricultural sector, including the egg industry, creating a favorable policy environment [5][7] - Key policies include enhancing food safety regulations, improving agricultural product circulation, and promoting rural e-commerce [5][7] Industry Chain - The upstream of the egg industry primarily includes egg-laying hen breeding, machinery, and packaging materials, with egg-laying hen breeding being the most critical segment [8] - In 2024, the stock of breeding hens is expected to reach approximately 634,000 sets, with a steady increase in the stock of laying hens, which is crucial for the industry's growth [8] Consumption Structure - Currently, fresh consumption dominates the egg market in China, accounting for over 80% of total consumption, while the deep processing sector is still in its infancy [10][12] - The demand for processed egg products is expected to grow significantly due to diverse consumer needs and the development of the baking industry [10][12] Competitive Landscape - The Chinese egg market is characterized by a large number of small-scale producers, leading to intense competition [16] - Major players in the industry include Beijing Deqingyuan Agricultural Technology Co., Ltd., Fujian Guangyang Egg Industry Co., Ltd., and Wens Foodstuff Group Co., Ltd., among others [16][18] Development Trends - Future trends indicate that household consumption will remain dominant, but there will be a gradual diversification in outdoor and industrial consumption [22] - The demand for convenient, nutritious, and diverse egg products is expected to rise, with a growing market for high-quality liquid eggs and egg powders [22] - As consumer awareness of egg quality and safety increases, branded eggs are likely to gain market share, prompting companies to enhance product traceability and quality assurance [22]

沙门氏菌是威胁食品安全的常见病原体，鸡蛋作为日常高频消费品，其微生物安全至关重要。不少消费 者不禁担忧：中国鸡蛋是否安全？ 日前美国疾病控制与预防中心(CDC)和美国食品药品监督管理局(FDA)调查显示，一起多州沙门氏菌疫 情已导致至少170万枚鸡蛋被召回，这些鸡蛋在2月3日至5月15日期间分销至美国九个州，涵盖沃尔玛和 Safeway等多家连锁超市。截至目前，已有79人感染沙门氏菌，21人入院治疗，且疫情可能不限于已确 认病例的州，实际感染人数或更多。 从养殖源头看，国内部分企业已建立严格的防控体系。以黄天鹅鸡蛋为例，从蛋鸡的祖代就开始切断沙 门氏菌的带入，确保种源干净。黄天鹅在饲料环节，自建饲料工厂并构建严格管控体系，选用优质原 料，避免饲料成为沙门氏菌的传播途径，从饮食端保障蛋鸡健康，减少鸡蛋受污染的可能。 养殖过程中的生物防控也不容忽视。黄天鹅完善的养殖场生物防控体系，从鸡舍环境、养殖人员卫生、 饮水安全、空气流通到鸡群健康监控等多个维度，全方位抵御沙门氏菌侵入。例如，对鸡舍定期消毒、 规范养殖人员操作流程、实时监测鸡群健康状况等，尽可能为蛋鸡创造无菌或少菌的生长环境。 在检测方面，黄天鹅采用全链路大 ...

Group 1: Economic Development and Agricultural Innovation - The average household savings in Hai'an is 200,000 yuan, ranking among the top three in the province, highlighting the region's economic strength [1] - Hai'an is recognized for its modern agricultural practices, focusing on "industrial thinking" to promote common prosperity through a dual-driven approach of "industry + employment" [1][2] - The local government aims to increase the value of agricultural products, with a specific goal of raising the price of eggs by 0.2 yuan per kilogram, which could generate an additional 1 billion yuan for farmers [2][3] Group 2: Agricultural Value Chain and Employment - Hai'an has developed a comprehensive agricultural value chain, producing over 240,000 tons of eggs annually, with a total output value exceeding 10 billion yuan from the egg industry alone [3] - The region's agricultural industry cluster generated nearly 50 billion yuan in total output last year, significantly contributing to local employment [3] - Hai'an has established 19 standardized employment service stations, helping 2,640 unemployed individuals find jobs, emphasizing the importance of employment in rural revitalization [6] Group 3: Technological Integration and Cultural Development - The introduction of digital agriculture has led to an average increase of 30 kg per mu in crop yield and a cost saving of 100 yuan per mu, enhancing farmers' income [5] - Hai'an is promoting cultural enrichment through a public cultural service network, with numerous performances and cultural events reaching rural areas [7] - The local government is committed to building a national rural revitalization demonstration county, focusing on increasing agricultural efficiency and farmers' income [7]

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]