Report Overview - Report Date: November 14, 2025 [2] - Industry: Eggs [1] - Research Team: Agricultural Products Research Team [4] 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The egg market is currently in a phase of adjustment. The recent decline in egg prices is mainly due to the end of the previous price increase, with short - sellers re - entering the market, especially in the near - month contracts. In the future, the decline is expected to be limited due to improved storage conditions and slightly better存栏量. In the long run, the decline may accelerate the elimination of laying hens and keep the replenishment rate low, presenting potential long - position opportunities in the more distant months. In the short - term, the market will likely experience bottom - level fluctuations with near - month contracts being relatively weak [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Review**: The egg futures market showed a downward trend. The 2601 contract closed at 3265, down 62 points or 1.86%; the 2602 contract closed at 3045, down 27 points or 0.88%; the 2512 contract closed at 3040, down 52 points or 1.68%. The average price of eggs in the main production areas was 2.98 yuan/jin, down 0.01 yuan/jin from the previous day, and in the main sales areas was 3.31 yuan/jin, also down 0.01 yuan/jin [7] - **Operation Suggestions**: In the short - term, the market is expected to experience bottom - level fluctuations with near - month contracts being relatively weak. In the long - term, as the decline may accelerate the elimination of laying hens and keep the replenishment rate low, long - position opportunities in the more distant months can be gradually considered [8] 3.2 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 from 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] - **Elimination Volume**: From the latest data, in the three weeks up to November 6, 2025, the national elimination volume of laying hens was 20.02 million, 20.53 million, and 19.81 million respectively, showing a fluctuating trend. The average elimination age was 493 days as of November 6, 2025, 1 day earlier than the previous week and 6 days earlier than the previous month, indicating an accelerated elimination process [9][14] 3.3 Data Overview - The report provides multiple data charts, including the monthly inventory of laying hens in China, egg production area average prices, egg 12 - contract basis, and egg 12 - 02 spread, etc., but no specific data analysis is provided in the text [13][10][11]

Report Summary 1. Reported Industry - The report focuses on the egg industry [1] 2. Core Viewpoints - The current egg market may enter a phase of correction, with red eggs showing stable supply and demand The decline in futures prices is mainly due to the re - entry of short - sellers after the end of the price increase phase The decline is expected to be limited, with support above the previous low In the long - term, the decline may accelerate culling and keep the replenishment rate low, presenting long - position opportunities in the more distant months, but in the short - term, the market will likely oscillate at the bottom with near - month contracts being weaker [8] 3. Summary by Section 3.1. Market Review and Operation Suggestions - **Market Review**: The egg 2601 contract closed at 3322, down 65 or 1.92%; the 2602 contract closed at 3069, down 31 or 1.00%; the 2512 contract closed at 3063, down 103 or 3.25% The average price in the main production areas was 2.99 yuan/jin, down 0.01 yuan/jin from the previous day, and in the main sales areas, it was 3.31 yuan/jin, also down 0.01 yuan/jin [7] - **Operation Suggestions**: In the short - term, treat the market as bottom - oscillating with near - month contracts being weaker In the long - term, gradually pay attention to long - position opportunities in more distant months [8] 3.2. Industry News - **Inventory**: As of the end of October 2025, the national monthly inventory of laying hens was about 1.359 billion, down 0.66% month - on - month, ending the previous continuous growth trend, but up 5.59% year - on - year compared to October 2024 [9] - **Replenishment**: In October 2025, the monthly hatchling volume of laying hen chicks in sample enterprises was about 39.15 million, slightly down from 39.2 million in September 2025 and significantly down from 44.83 million in the same period in 2024 The cumulative replenishment from July to October 2025 was about 158.14 million, compared to about 176.1 million in the same period in 2024 [9] - **Culling Volume**: As of November 6, 2025, the national culling volume in the previous three weeks was 20.02 million, 20.53 million, and 19.81 million respectively, showing a fluctuating trend [9] - **Culling Age**: As of November 6, 2025, the average culling age was 493 days, 1 day earlier than the previous week and 6 days earlier than the previous month, indicating an accelerated culling process [14] 3.3. Data Overview - The report presents multiple data charts, including the monthly inventory of laying hens in China, egg chicken farming profit, egg prices in the main production areas, seasonal trends of egg 12 contracts, basis of egg 12 contracts, and the spread between egg 12 - 02 contracts [13][10][11]

Group 1: General Information - Reported industry: Eggs [1] - Report date: November 10, 2025 [2] - Research team: Agricultural Products Research Team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operational Suggestions Market Review | Contract | Previous Settlement Price | Opening Price | High Price | Low Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Egg 2601 | 3379 | 3369 | 3392 | 3338 | 3391 | 12 | 0.36% | 140053 | 180370 | 169963 | | Egg 2602 | 3077 | 3075 | 3082 | 3049 | 3081 | 4 | 0.13% | 32666 | 112915 | 1308 | | Egg 2512 | 3222 | 3220 | 3229 | 3191 | 3219 | -3 | -0.09% | 240840 | 148243 | -18354 | [7] Core View - The national egg price rose today. The average price in the main producing areas was 3.01 yuan/jin, up 0.09 yuan/jin from yesterday; the average price in the main consuming areas was 3.27 yuan/jin, up 0.10 yuan/jin from yesterday. The 12 - contract fell 0.09%. - The spot market has improved significantly this week. The low - price areas in Hebei and Hubei have gradually increased, and the red eggs in the north have remained relatively stable. The inventory pressure has decreased significantly, and the market is in a normal trading state. - Fundamentally, the laying - hen inventory at the end of October decreased for the first time after 9 consecutive months of growth, indicating an inflection point. However, since the accelerated culling is in the early stage and the replenishment has only weakened significantly after July, the laying - hen inventory is expected to remain high and decline slightly by the end of the year. Without emotional support, the spot market is unlikely to have a continuous rebound. - In the futures market, the strengthening of the low - price spot areas has given confidence to the bulls. The market is currently in a continuous and relatively strong rebound, but the sustainability is questionable. Attention should be paid to the willingness of other spot areas to follow the price increase on weekends and in the future. The futures market is expected to fluctuate at a low level, and a straddle double - selling strategy is recommended for options. [8] Group 3: Industry News Inventory - As of the end of October 2025, the national monthly inventory of laying hens was about 1.359 billion, down 0.66% from 1.368 billion at the end of September 2025 and 1.365 billion at the end of August 2025, ending the previous continuous growth trend. It was up 5.59% compared with 1.287 billion at the end of October 2024. [9] Replenishment - In October 2025, the monthly output of laying - hen chicks from 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 in 2024. The total replenishment from July to October 2025 was about 158.14 million, compared with about 176.1 million in the same period in 2024. [9] Culling Volume - As of November 6, 2025, the national culling volumes in the previous three weeks were 20.02 million, 20.53 million, and 19.81 million respectively, showing a trend of first increasing and then decreasing. [9][14] Culling Age - As of November 6, 2025, the average culling age of hens was 493 days, 1 day earlier than last week and 6 days earlier than last month, indicating an accelerated culling process. [14]

Report Overview - Report date: November 7, 2025 [2] - Report industry: Eggs [1] - Research team: Agricultural Products Research Team [4] 1. Investment Rating - No investment rating provided in the report. 2. Core Views - The recent trend of the egg market has improved, with prices in low - price areas such as Hebei and Hubei gradually rising, and the northern red eggs remaining relatively stable. The egg inventory is at a turning point, but it is expected to remain high and decline slightly by the end of the year. The spot market is unlikely to have a continuous rebound without emotional support. The futures market is expected to fluctuate at a low level, and a straddle double - selling strategy is recommended for options. The risk lies in the unexpected duration and intensity of the continuous price increase in low - price areas [8] 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Review**: - For the 2601 egg contract, the previous settlement price was 3374, the opening price was 3390, the highest price was 3396, the lowest price was 3361, the closing price was 3386, with a rise of 12 and a gain of 0.36%. The trading volume was 119,686, the open interest was 177,065, and the open interest change was 166,565 [7] - For the 2602 egg contract, the previous settlement price was 3077, the opening price was 3085, the highest price was 3092, the lowest price was 3062, the closing price was 3080, with a rise of 3 and a gain of 0.10%. The trading volume was 29,085, the open interest was 111,607, and the open interest change was 369 [7] - For the 2512 egg contract, the previous settlement price was 3198, the opening price was 3215, the highest price was 3240, the lowest price was 3200, the closing price was 3227, with a rise of 29 and a gain of 0.91%. The trading volume was 329,917, the open interest was 166,597, and the open interest change was - 8266 [7] - **Operation Suggestions**: The spot price of eggs has risen, with the average price in the main production areas at 2.92 yuan/jin, up 0.05 yuan/jin from yesterday, and the average price in the main sales areas at 3.17 yuan/jin, unchanged from yesterday. The 12 - contract rose 1.93%. The futures market is expected to fluctuate at a low level, and a straddle double - selling strategy is recommended for options [8] 3.2 Industry News - As of the end of September, the national monthly inventory of laying hens was about 1.368 billion, a month - on - month increase of 0.2%, and a year - on - year increase of 6.0%. The monthly output of laying hen chicks in sample enterprises in September was about 39.2 million, down from 39.81 million in August and significantly lower than 45.64 million in the same period in 2024. The culling volume in the first three weeks as of October 23 was 20.02 million, 20.32 million, and 19.76 million respectively. The average culling age as of October 23 was 499 days, unchanged from last week and 1 day later than last month [9][18] 3.3 Data Overview - The report provides multiple data charts, including the monthly inventory of laying hens in China, egg production area average prices, egg contract basis, and contract spreads, with data sources from Wind, Zhuochuang Information, and Trading Famen [11][12][17]

1. Report Industry Investment Ratings - Not provided in the given reports 2. Core Views Oils and Fats Industry - Palm oil futures may weaken to 4000 ringgit due to potential negative impacts from MPOA production growth and a significant decline in exports in the first five days of November. After the release of the MPOB supply report, it may gradually stop falling and start to recover. In China, it may test the 8500 yuan support level. - CBOT soybean oil has limited upside and will maintain a narrow - range oscillation. In China, the supply of soybean oil is sufficient, demand is weak, and the basis quote has limited fluctuation space [1]. Sugar Industry - The expected increase in the supply surplus, combined with weakening energy prices and favorable weather in major producing areas, has led to a weak trend in raw sugar prices. Chinese sugar prices are also under pressure but are relatively resistant to decline. The spot market remains tepid, and prices will generally fluctuate at a low level [4]. Corn Industry - In the short - term, corn prices will remain in a low - level oscillation. The supply in the Northeast is sufficient, and farmers are reluctant to sell. In the long - term, imports remain low, demand is resilient, and policy regulation will support prices [5]. Cotton Industry - The cost of new cotton provides strong support for cotton prices, but there is also hedging pressure. Downstream demand is weak, but finished - product inventory pressure is not large. Short - term cotton prices may fluctuate within a range [8]. Egg Industry - In the short - term, the egg market has a supply - demand imbalance, and prices may be in a state of being difficult to rise or fall. With the slow recovery of demand, prices may gradually start to rise, and are expected to fluctuate widely at the bottom, with a reference range of 2900 - 3300 [10]. Meal Industry - The inventory of soybeans and soybean meal in China is at a high level, but the cost - side support is strengthening. The downside space is limited, and the support for soybean meal is expected to increase [12]. Pig Industry - The pig market supply is relatively loose, and pig prices have weakened. However, the slowdown in the planned November slaughter volume may boost prices. The market is in a range - bound pattern, and it is recommended to hold the 3 - 7 inverse spread and operate with caution [15]. 3. Summary by Related Catalogs Oils and Fats Industry - **Soybean Oil**: On November 5, the price of Jiangsu Grade - 1 soybean oil was 8420 yuan, down 0.48% from the previous day. The futures price of Y2601 was 8108 yuan, up 0.37%. The basis was 312 yuan, down 22.44% [1]. - **Palm Oil**: The price of Guangdong 24 - degree palm oil was 8616 yuan on November 5, down 0.30%. The futures price of P2601 was 8590 yuan, down 0.23%. The basis was - 46 yuan, up 13.04% [1]. - **Rapeseed Oil**: The price of Jiangsu Grade - 3 rapeseed oil was 9750 yuan on November 5, down 0.20%. The futures price of OI601 was 9407 yuan, down 0.38%. The basis was 343 yuan, up 4.89% [1]. - **Spreads**: The 01 - 05 spread of soybean oil was 188 yuan, up 10.59%; that of palm oil was - 106 yuan, down 32.50%; and that of rapeseed oil was 345 yuan, down 4.96% [1]. Sugar Industry - **Futures Market**: On November 5, the price of sugar 2601 was 5441 yuan/ton, down 0.73%; sugar 2605 was 5393 yuan/ton, down 0.70%; ICE raw sugar was 14.12 cents/pound, down 0.63% [4]. - **Spot Market**: The price in Nanning was 5700 yuan, down 0.18%; in Kunming was 5660 yuan, down 0.35%. The Nanning basis was 307 yuan, up 10.04%; the Kunming basis was 267 yuan, up 7.23% [4]. - **Industry Situation**: The cumulative national sugar production was 1116.21 million tons, up 12.03%; sales were 1048.00 million tons, up 9.17%. The national industrial inventory was 68.21 million tons, down 41.20% [4]. Corn Industry - **Corn**: On November 5, the price of corn 2601 was 2134 yuan, down 0.05%. The basis was 16 yuan, up 6.67%. The 1 - 5 spread was - 101 yuan, down 4.12% [5]. - **Corn Starch**: The price of corn starch 2601 was 2451 yuan, up 0.29%. The basis was 59 yuan, down 10.61%. The 1 - 5 spread was - 104 yuan, unchanged [5]. Cotton Industry - **Futures Market**: On November 5, the price of cotton 2605 was 13620 yuan/ton, up 0.48%; cotton 2601 was 13612 yuan/ton, up 0.59%. The ICE US cotton was 65.07 cents/pound, down 0.12% [8]. - **Spot Market**: The Xinjiang arrival price of 3128B was 14627 yuan, down 0.09%; the CC Index of 3128B was 14825 yuan, down 0.11% [8]. - **Industry Situation**: The commercial inventory was 172.02 million tons, up 68.4%; the industrial inventory was 80.93 million tons, down 4.3%. The import volume was 10.00 million tons, up 42.9% [8]. Egg Industry - **Futures Market**: On November 5, the price of the egg 12 - contract was 3217 yuan/500KG, up 2.32%; the 01 - contract was 3385 yuan/500KG, up 1.44% [10]. - **Spot Market**: The egg - producing area price was 2.88 yuan/jin, up 0.22%. The basis was - 333 yuan/500KG, down 25.10% [10]. - **Related Indicators**: The price of egg - laying chicken chicks was 2.80 yuan/feather, up 5.66%; the price of culled chickens was 4.11 yuan/jin, down 4.20% [10]. Meal Industry - **Soybean Meal**: On November 5, the price of Jiangsu soybean meal was 3030 yuan, down 0.66%. The futures price of M2601 was 3073 yuan, up 1.92%. The basis was - 43 yuan, down 222.86% [12]. - **Rapeseed Meal**: The price of Jiangsu rapeseed meal was 2550 yuan, up 0.79%. The futures price of RM2601 was 2537 yuan, up 1.60%. The basis was 13 yuan, down 60.61% [12]. - **Soybeans**: The price of Harbin soybeans was 3920 yuan, unchanged. The futures price of the soybean - 1 main contract was 4123 yuan, up 1.68%. The basis was - 203 yuan, down 50.37% [12]. Pig Industry - **Futures Market**: On November 5, the price of the pig 2605 contract was 12040 yuan/ton, up 1.52%; the 2601 contract was 11945 yuan/ton, up 2.23%. The 1 - 5 spread was - 95 yuan, up 45.71% [15]. - **Spot Market**: The price in Henan was 11800 yuan/ton, down 150 yuan; in Shandong was 12100 yuan/ton, down 50 yuan; in Sichuan was 11400 yuan/ton, down 200 yuan [15]. - **Related Indicators**: The daily slaughter volume of sample slaughterhouses was 159258, up 0.79%. The weekly white - strip price was 18.70 yuan/kg, up 1.25% [15].

1. Report Industry Investment Ratings - **Macro - Finance**: Index futures are bullish in the medium - long term with a strategy of buying on dips; Treasury bonds are expected to move sideways [1][6] - **Black Building Materials**: Coking coal and rebar are for range trading; Glass is recommended for selling call options [1][8][9] - **Non - ferrous Metals**: Copper is advised to close long positions at high levels or engage in range short - term trading; Aluminum is recommended to buy on dips; Nickel suggests waiting and seeing or shorting on rallies; Tin, gold, and silver are for range trading [1][12][13] - **Energy and Chemicals**: PVC, caustic soda, styrene, rubber, urea, methanol, and polyolefins are expected to move sideways. Soda ash 01 contract follows a short - selling mindset [1][23][24][34] - **Cotton and Textile Industry Chain**: Cotton and cotton yarn are expected to move sideways; PTA is in low - level oscillation; Apples and jujubes are in weak oscillation [1][37][38] - **Agriculture and Animal Husbandry**: Pigs and eggs face pressure in rebounds; Corn is in a bottom - building oscillation; Soybean meal rebounds from a low level; Oils are in weak oscillation [1][41][48][49] 2. Core Views - The market is in a vacuum period of performance, events, and policies after the Sino - US trade negotiation, third - quarter reports, and the Fourth Plenary Session, so it will oscillate to wait for new changes at the end of the year [6] - The main trading line of Treasury bonds is not over, but the market is observing the scale and scope of the central bank's Treasury bond trading, so it is expected to move sideways [6] - The coal market has tight supply and demand, and prices are rising steadily. The supply of coking coal may be affected by the resumption of production in coal mines, and the price of rebar is expected to have limited downside space due to low valuation [8] - The supply of glass is high, demand is weak, and the overall supply - demand pattern is poor, so it is recommended to sell call options [10] - The short - term supply - demand situation of copper has limited support for prices, and it is expected to oscillate at a high level. The supply of aluminum may face adjustments, and it is recommended to take profit on long positions at high levels [12][14] - The supply of nickel may be more abundant in the medium - long term, and it is recommended to wait and see or short on rallies. The supply of tin is expected to improve, and it is recommended for range trading [18][20] - Precious metals are supported by interest - rate cut expectations and safe - haven needs, but are in a short - term adjustment state, and are recommended for range trading [20][22] - The supply - demand of PVC is still weak, and it is expected to oscillate. The supply of caustic soda is affected by alumina, and it is expected to oscillate weakly [23][25] - The cost of benzene ethylene is under pressure, and the overall chemical fundamentals are weak, so it is expected to oscillate. The cost support of rubber is insufficient, and it is expected to oscillate [26][28] - The supply of urea decreases, demand increases, and the price is expected to rise slightly. The supply of methanol is tight in some areas, and the port inventory pressure is high, so it is expected to oscillate [29][31] - The supply of polyolefins has new production capacity, and demand is mainly for rigid needs, so PE is expected to oscillate, and PP is expected to oscillate weakly [33] - The supply of soda ash is excessive, and it is recommended to maintain a short - selling mindset for the 01 contract [36] - The supply - demand of cotton and cotton yarn is expected to be stable, and it is expected to oscillate. The supply of PTA is in a state of inventory accumulation, and it is in low - level oscillation [37][38] - The quality of apples has declined, and consumption is weak, so the price is expected to decline. The price of jujubes is expected to decline [38][40] - The supply of pigs is large in the first half of next year, and prices face pressure. The supply of eggs is still large in the medium - long term, and prices face pressure [41][44] - The supply of corn is sufficient in the short term, and demand is weak, so it is in a bottom - building oscillation. The price of soybean meal is supported by cost and is expected to rebound [47][48] - Oils are under pressure in the short term but have support factors, and are expected to oscillate widely [54] 3. Summary by Directory 3.1 Macro - Finance - **Index Futures**: A - shares and Hong Kong stocks are generally down. The market lacks catalysts and is expected to oscillate. It is bullish in the medium - long term and recommended to buy on dips [6] - **Treasury Bonds**: Treasury bond futures have mixed performance. The market is observing the central bank's operations, and it is recommended to maintain a balanced allocation and expect sideways movement [6] 3.2 Black Building Materials - **Double - Coking Coal**: The coal market has tight supply and demand, and prices are rising. It is necessary to pay attention to the resumption of production in coal mines [8] - **Rebar**: The price has fallen, but the low valuation limits the downside space. It is recommended to buy on dips for the RB2601 contract and focus on the range of 3000 - 3200 [8] - **Glass**: The supply is high, demand is weak, and the overall supply - demand pattern is poor. It is recommended to sell the 01 contract out - of - the - money call options and hold them until expiration [10] 3.3 Non - ferrous Metals - **Copper**: The price has reached a new high and then declined. The short - term supply - demand has limited support, and it is expected to oscillate at a high level. The recommended operating range of the main Shanghai copper contract is 85000 - 89000 [12][13] - **Aluminum**: The price of bauxite is under pressure, and the supply of electrolytic aluminum may face adjustments. It is recommended to take profit on long positions at high levels [14] - **Nickel**: The supply may be more abundant in the medium - long term, and it is recommended to wait and see or short on rallies [18] - **Tin**: The supply is expected to improve, and it is recommended for range trading, with the reference range of the Shanghai tin 12 contract being 275,000 - 295,000 yuan/ton [20] - **Silver and Gold**: They are supported by interest - rate cut expectations and safe - haven needs, are in a short - term adjustment state, and are recommended for range trading. The reference range of the Shanghai silver 12 contract is 10700 - 11600, and that of the Shanghai gold 12 contract is 890 - 940 [20][22] 3.4 Energy and Chemicals - **PVC**: The supply is high, demand is weak, and it is expected to oscillate. The 01 contract is temporarily concerned about the range of 4600 - 4800 [23] - **Caustic Soda**: The supply is affected by alumina, and it is expected to oscillate weakly. The 01 contract is temporarily concerned about the pressure at 2400 [24] - **Benzene Ethylene**: The cost is under pressure, and the overall chemical fundamentals are weak. It is expected to oscillate, and the range of 6300 - 6700 is concerned [26] - **Rubber**: The cost support is insufficient, and it is expected to oscillate. The support at 15000 is concerned [28] - **Urea**: The supply decreases, demand increases, and the price is expected to rise slightly. The 01 contract range is 1600 - 1700 [29][30] - **Methanol**: The supply is tight in some areas, and the port inventory pressure is high. It is expected to oscillate, and the 01 contract range is 2230 - 2330 [31][32] - **Polyolefins**: The supply has new production capacity, and demand is mainly for rigid needs. PE is expected to oscillate, paying attention to the support at 6900, and PP is expected to oscillate weakly, paying attention to the support at 6600 [33] - **Soda Ash**: The supply is excessive, and it is recommended to maintain a short - selling mindset for the 01 contract [36] 3.5 Cotton and Textile Industry Chain - **Cotton and Cotton Yarn**: The supply - demand is expected to be stable, and it is expected to oscillate [37] - **PTA**: The price is in low - level oscillation, and the supply is in a state of inventory accumulation. The concerned range is 4400 - 4700 [38] - **Apples and Jujubes**: The quality of apples has declined, consumption is weak, and the price is expected to decline. The price of jujubes is also expected to decline [38][40] 3.6 Agriculture and Animal Husbandry - **Pigs**: The 01 contract is under pressure due to postponed supply, and it is recommended to take profit on short positions gradually. The 03 and 05 contracts have large supply and weak demand in the first half of next year, and it is recommended to hold short positions. The 07 and 09 contracts should be carefully bottom - fishing [41] - **Eggs**: The 12 contract has a large premium over the spot, and it is recommended to short on rallies lightly. The 01 contract oscillates in the range of 3250 - 3400 [43][44] - **Corn**: The short - term supply is sufficient, and demand is weak. It is in a bottom - building oscillation, and the 01 contract oscillates in the range of 2050 - 2170. It is recommended to pay attention to the 3 - 5 positive spread [45][46][47] - **Soybean Meal**: It rebounds from a low level. The M2601 contract can take profit on a small scale at high levels and hold after a pullback. Spot enterprises can fix the basis from November to January at low points [48][49] - **Oils**: They are in a high - level adjustment, with palm oil being weak and soybean oil being strong. The 01 contracts of soybean, palm, and rapeseed oil should pay attention to the support levels of 7900 - 8000, 8450 - 8500, and 9250 - 9350 respectively, and not chase short. It is recommended to pay attention to the strategy of the narrowing spread of rapeseed - soybean 01 and the widening spread of soybean - palm 01 [49][54]

Report Summary 1. Reported Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The current spot price of eggs is stable, with the average price in the main production areas at 2.86 yuan/jin and in the main sales areas at 3.17 yuan/jin. The 12 - contract fell 0.16%. In the spot market, large - sized eggs are in short supply while small - sized eggs are abundant at the end of the month, indicating high levels of both egg - laying start and culling. It is expected that the spot price will fluctuate at a low level in November. [8] - In the futures market, although the absolute price is at a historical low, due to the early stage of accelerated culling, the high - supply situation will continue for some time. The weak demand also suppresses the spot price. The upside is limited, and the accelerated culling restricts the downside. It is recommended to use interval rolling operations with a bearish mindset and a wide - straddle double - selling strategy for options. The fundamental inflection point may appear as early as the beginning of next year, and weekly culling data should be monitored. [8] 3. Summary by Related Catalogs 3.1 Market Review and Operation Suggestions - **Market Review**: - For the 2601 egg contract, the pre - settlement price was 3341, the opening price was 3347, the highest price was 3369, the lowest price was 3326, the closing price was 3337, down 4 or 0.12%. The trading volume was 98,689, and the open interest was 165,925 with an open - interest change of 155,516. [7] - For the 2511 egg contract, the pre - settlement price was 2892, the opening price was 2904, the highest price was 2946, the lowest price was 2892, the closing price was 2928, up 36 or 1.24%. The trading volume was 35,540, and the open interest change was - 45. [7] - For the 2512 egg contract, the pre - settlement price was 3149, the opening price was 3157, the highest price was 3189, the lowest price was 3132, the closing price was 3144, down 5 or 0.16%. The trading volume was 248,353, the open interest was 166,976, and the open - interest change was - 10,026. [7] - **Operation Suggestions**: Use interval rolling operations with a bearish mindset and a wide - straddle double - selling strategy for options. Monitor weekly culling data for long - term trends. [8] 3.2 Industry News - The inventory of laying hens is on the rise. As of the end of September, the monthly inventory of laying hens in the country was about 1.368 billion, a 0.2% month - on - month increase, with growth for 9 consecutive months and a 6.0% year - on - year increase compared to the same period last year. [9] - The monthly output of laying - hen chicks by sample enterprises in September was about 39.2 million, down from 39.81 million in August and significantly lower than 45.64 million in the same period in 2024. The low breeding profits in the past three months have started to change farmers' expansion mindset. [9] - From the first to the third week as of October 23, the national culling volumes were 20.02 million, 20.32 million, and 19.76 million respectively. As of October 23, the average culling age was 499 days, unchanged from last week and 1 day later than last month. [9][10] 3.3 Data Overview The report provides multiple data charts, including the monthly inventory of laying hens in China, egg - farming profits, the average price in the main egg - producing areas, the seasonal trend of the 12 - contract, the basis of the 11 - contract, and the price difference between the 12 - 02 contracts, with data sources from Wind, Zhuochuang Information, and Trading Famen. [11][15][16]

Report Overview - Report Date: November 4, 2025 [2] - Reported Industry: Egg [1] 1. Investment Rating - No investment rating provided in the report. 2. Core Views - The current national egg price is stable, with the average price in the main production areas at 2.86 yuan/jin, down 0.07 yuan/jin from the previous day, and the average price in the main sales areas at 3.17 yuan/jin, down 0.06 yuan/jin from the previous day. The 12 - contract rose 0.45%. [8] - In the spot market, large - sized eggs are in short supply while small - sized eggs are abundant at the end of the month, indicating high levels of both egg production start and culling. The spot price in November is expected to fluctuate at a low level. [8] - In the futures market, although the absolute price is at a historical low, the supply will remain high for some time as the accelerated culling is only in its early stage. The weak demand restricts the upward movement of the spot price, and the upside space is limited. The accelerated culling recently restricts the downside space. It is recommended to use interval rolling operations with a bearish mindset, and a wide - straddle double - selling strategy for options. [8] - In the long - term, the inflection point of the fundamentals may appear as early as the beginning of next year. It is recommended to track the weekly culling data. [8] 3. Section Summaries 3.1 Market Review and Operation Suggestions - **Market Review**: - For the 2601 egg contract, the previous settlement price was 3325, the opening price was 3307, the highest price was 3370, the lowest price was 3297, the closing price was 3347, with a rise of 22 and a rise rate of 0.66%. The trading volume was 127,817, the open interest was 160,757, and the change in open interest was 150,408. - For the 2511 egg contract, the previous settlement price was 2907, the opening price was 2907, the highest price was 2925, the lowest price was 2878, the closing price was 2905, with a fall of 2 and a fall rate of - 0.07%. The trading volume was 238,585, and the change in open interest was - 181. - For the 2512 egg contract, the previous settlement price was 3144, the opening price was 3120, the highest price was 3179, the lowest price was 3103, the closing price was 3158, with a rise of 14 and a rise rate of 0.45%. The trading volume was 296,727, the open interest was 177,002, and the change in open interest was 421. [7] - **Operation Suggestions**: Use interval rolling operations with a bearish mindset and a wide - straddle double - selling strategy for options. Track weekly culling data for long - term trends. [8] 3.2 Industry News - The inventory of laying hens in production is on an upward trend. As of the end of September, the monthly inventory of laying hens in production nationwide was about 1.368 billion, with a month - on - month increase of 0.2% and a year - on - year increase of 6.0%. [9] - The monthly output of layer chicks from sample enterprises in September was about 39.2 million, down from 39.81 million in August and significantly lower than the 45.64 million in the same period in 2024. The monthly replenishment volume was moderately low in the past eight years. [9] - From the first to the third week as of October 23, the national culling volume of chickens was 20.02 million, 20.32 million, and 19.76 million respectively. [9] - As of October 23, the average culling age of chickens was 499 days, unchanged from the previous week and one day later than the previous month. [9][10] 3.3 Data Overview - The report presents multiple data charts, including the monthly inventory of laying hens in China, layer farming profit, average price in the main egg - producing areas, 12 - contract seasonal trend, 11 - contract basis, and 12 - 02 spread. The data sources are Wind, Zhuochuang Information, and Trading Famen, as well as the research and investment center of Jianxin Futures. [11][15][16]

Report Summary 1. Investment Ratings The report does not explicitly provide an overall industry investment rating. However, it offers specific trading suggestions for different sectors and varieties: - **Financial Sector** - **Equity Index Futures**: Try to lightly sell put options at the support level or construct a bull call spread for follow - up upside potential [3]. - **Treasury Bond Futures**: Go long on pullbacks for the unilateral strategy and pay attention to the positive arbitrage strategy for the cash - futures strategy [3]. - **Precious Metals**: For gold, there is pressure for a further decline; for silver, it is in a volatile consolidation. Trading suggestions are based on price trends [3]. - **Black Metals Sector** - **Steel**: Reduce long positions appropriately and hold the long - coking coal and short - hot - rolled coil arbitrage [3]. - **Iron Ore**: Close long positions and observe, and consider the 1 - 5 positive arbitrage [3]. - **Coking Coal and Coke**: Go long on pullbacks and hold the long - coking coal and short - coke arbitrage [3]. - **Non - ferrous Metals Sector** - **Copper**: Pay attention to the support around 87,000 [3]. - **Tin**: Adopt a low - buying strategy on pullbacks [3]. - **Energy and Chemical Sector** - **Crude Oil**: Go short in the short term [3]. - **Urea, PX, PTA, etc.**: Adopt different strategies such as reducing long positions, short - selling on rallies, and spread trading according to different varieties [3]. - **Agricultural Products Sector** - **Soybeans**: Hold long positions in the 2601 contract [3]. - **Palm Oil**: The main contract may test the support at 8,800 yuan [3]. - **Sugar**: It is in a bottom - oscillating state around 5,400 [3]. - **Cotton**: It is in a range - bound and upward - trending state, paying attention to the pressure around 13,800 [3]. - **Special and New Energy Sectors** - **Glass**: Look for short - term long opportunities based on the spot market [3]. - **Carbonate Lithium**: It is in a relatively strong state, with the main contract reference range of 83,000 - 87,000 [3]. 2. Core Views - **Market Environment**: Key factors such as the meeting between Chinese and US leaders, the release of the 15th Five - Year Plan draft, and the clarification of bond - fund redemption fees have an impact on the market. Risk - preference - enhancing factors are gradually materializing, and uncertainties in the market are decreasing [3]. - **Sector - specific Views** - **Financial Sector**: Stock index futures are affected by market sentiment and policy expectations; treasury bond futures are on an upward trend as negative factors are gradually digested; precious metals are affected by geopolitical and trade factors [3]. - **Black Metals Sector**: Supply and demand factors such as production, transportation, and inventory levels affect the price trends of steel, iron ore, coking coal, and coke [3]. - **Non - ferrous Metals Sector**: Prices are affected by factors such as macro - environment, supply - demand relationship, and technical levels [3]. - **Energy and Chemical Sector**: Supply - demand expectations, cost support, and inventory levels are the main factors affecting prices [3]. - **Agricultural Products Sector**: Factors such as procurement, supply pressure, and seasonal characteristics affect the price trends of various agricultural products [3]. - **Special and New Energy Sectors**: Macro - events and fundamental factors affect the price trends of glass, rubber, and new - energy products [3]. 3. Summary by Related Catalogs - **Financial Sector** - **Equity Index Futures**: After the meeting between Chinese and US leaders and the release of the 15th Five - Year Plan draft, the market has a short - term pullback after reaching a high. It is recommended to try light - selling put options or constructing a bull call spread [3]. - **Treasury Bond Futures**: As negative factors such as bond - fund redemption fees and central - bank bond - buying uncertainties are gradually digested, the bond market sentiment is improving. It is recommended to go long on pullbacks and consider the positive arbitrage strategy [3]. - **Precious Metals**: Gold is under pressure to decline due to factors such as the meeting between Chinese and US leaders and geopolitical concerns; silver is in a volatile consolidation [3]. - **Black Metals Sector** - **Steel**: The increase in apparent demand and the alleviation of inventory pressure lead to suggestions of reducing long positions and holding arbitrage positions [3]. - **Iron Ore**: The decline in shipping and arrivals, the increase in port inventory, and the sharp drop in molten - iron production lead to suggestions of closing long positions and considering arbitrage [3]. - **Coking Coal and Coke**: The strength of coking - coal prices and the cost support provided by coking coal lead to suggestions of going long on pullbacks and holding arbitrage positions [3]. - **Non - ferrous Metals Sector** - **Copper**: After the realization of positive expectations, the price is in a high - level oscillation. Pay attention to the support level [3]. - **Tin**: Affected by the Fed's interest - rate outlook, it is recommended to buy on pullbacks [3]. - **Energy and Chemical Sector** - **Crude Oil**: Although the macro - sentiment has eased and inventory has decreased, the increase in OPEC production limits the rebound height. It is recommended to go short in the short term [3]. - **Urea, PX, PTA, etc.**: Due to weak supply - demand expectations and limited cost support, different trading strategies are recommended for different varieties [3]. - **Agricultural Products Sector** - **Soybeans**: Supported by China's increased confidence in purchasing US soybeans, hold long positions [3]. - **Palm Oil**: The main contract may test the support level [3]. - **Sugar**: It is in a bottom - oscillating state due to abundant overseas supply [3]. - **Cotton**: With the solidification of new - cotton costs, it is in a range - bound and upward - trending state [3]. - **Special and New Energy Sectors** - **Glass**: Affected by macro - events, pay attention to short - term long opportunities based on the spot market [3]. - **Carbonate Lithium**: With the upward shift of the price center and the realization of demand benefits, it is in a relatively strong state [3].

Report Industry Investment Ratings - **Macro Finance**: Bullish on the medium to long term for stock indices, hold a wait - and - see attitude for treasury bonds [1][5] - **Black Building Materials**: Range trading for coking coal and rebar, sell call options for glass [1][7][8] - **Non - ferrous Metals**: Cautiously hold long positions on dips for copper, buy on dips after a pullback for aluminum, wait and see or short on rallies for nickel, range trading for tin, gold, and silver [1][10][11][12][16][17][18][19] - **Energy and Chemicals**: PVC, caustic soda, styrene, rubber, urea, methanol to oscillate; wide - range oscillation for polyolefins; bearish on the 01 contract of soda ash [1][20][22][23][24][25][26][27][28][29][30][31][32][33][34] - **Cotton Textile Industry Chain**: Oscillate with a slight upward bias for cotton and cotton yarn, apples; oscillate for PTA, red dates [1][35][36][37][38] - **Agriculture and Animal Husbandry**: Short on rallies for pigs and eggs; wide - range oscillation for corn; range oscillation for soybean meal; oscillate with a slight upward bias for oils [1][39][40][41][42][43][44][45][46][47][48][49][50][51][52] Core Views - The market is influenced by multiple factors such as macro - policies, supply - demand fundamentals, and international trade situations. Different sectors show diverse trends and investment opportunities. For example, in the non - ferrous metals sector, copper has supply - side disturbances and long - term demand prospects, while in the energy and chemicals sector, PVC has weak supply - demand fundamentals but is affected by cost and policy factors [10][11][20][21] Summary by Directory Macro Finance - **Stock Indices**: Oscillate with a medium - to - long - term bullish outlook. The market has more declining stocks, and the trading volume has shrunk. Positive factors such as the 15th Five - Year Plan and Fed rate - cut expectations may support the upward movement [5] - **Treasury Bonds**: Oscillate. Treasury futures have rebounded, and factors like the 15th Five - Year Plan and central bank policies may support the upward movement [5] Black Building Materials - **Double Coking**: Oscillate. The market has a strong bullish sentiment, and the price increase is driven by the rise in coking coal prices [7] - **Rebar**: Oscillate. The price is at a low static valuation, and with the improvement of market sentiment and the positive factors from the 15th Five - Year Plan, it is advisable to go long on dips for the RB2601 contract [7] - **Glass**: Sell call options. The fundamental situation has deteriorated, and the price is expected to be more likely to fall than rise. Consider selling call options or using the covered call option strategy [8][9] Non - ferrous Metals - **Copper**: High - level oscillation. Concerns about supply shortages and optimistic trade prospects drive the price up. Supply - side disturbances and positive macro - factors support the price, but high prices suppress downstream demand [10][11] - **Aluminum**: Neutral, high - level oscillation. The price is affected by factors such as production capacity changes, demand, and international trade. It is advisable to take profit on long positions on rallies after positive factors are realized [12] - **Nickel**: Neutral, oscillate. The change in Indonesia's RKAB policy may affect the supply of nickel ore. In the medium - to - long - term, there is an oversupply, so it is recommended to wait and see or short on rallies [16] - **Tin**: Neutral, oscillate. The supply of tin ore is expected to improve, and the downstream consumption is weak. It is recommended for range trading [17][18] - **Silver and Gold**: Neutral, oscillate. Affected by US economic data, Fed rate - cut expectations, and geopolitical factors, they are in a short - term adjustment state, and it is recommended for range trading [18][19] Energy and Chemicals - **PVC**: Neutral, oscillate. The supply is high, the demand is weak, and the export sustainability is in doubt. It is expected to oscillate, and attention should be paid to policy and cost factors [20][21] - **Caustic Soda**: Neutral, oscillate weakly. The supply will increase in the future, and the demand is mixed. It is recommended to pay attention to the 2450 level pressure [22][23] - **Styrene**: Neutral, oscillate. The cost - profit situation is complex, and the supply - demand is expected to be weak. It is expected to oscillate [24][25] - **Rubber**: Neutral, oscillate. The cost is supported, and the inventory has decreased. It is expected to oscillate, and attention should be paid to the 15000 level support [25][26] - **Urea**: Neutral, oscillate. The supply decreases, the demand increases, and the inventory situation is complex. The price is expected to move up in the short - term [26][27] - **Methanol**: Neutral, oscillate. The supply is tight in some areas, the demand is weak, and the inventory pressure is high. It is expected to oscillate [28][29] - **Polyolefins**: Neutral, weakly oscillate. The cost is supported, the supply pressure is high, and the demand improvement is slow. It is recommended to short on rallies [29][30] - **Soda Ash**: Bearish on the 01 contract. The supply is excessive, and the demand is lackluster. It is recommended to maintain a bearish position [31][32][33][34] Cotton Textile Industry Chain - **Cotton and Cotton Yarn**: Neutral, oscillate with a slight upward bias. The global cotton supply - demand situation is favorable, and the price of seed cotton is high. It is expected to oscillate with a slight upward bias [35] - **PTA**: Low - level oscillation. The oil price is weak, the supply - demand is in a state of inventory accumulation, and the price is at a low level [35][36] - **Apples**: Neutral, oscillate with a slight upward bias. The storage situation in the late - Fuji apple producing areas is stable, and the quality decline may lead to an increase in the delivery cost [36] - **Red Dates**: Neutral, oscillate. The price in the producing areas is stable, and attention should be paid to the price change after the new - season centralized listing [37][38] Agriculture and Animal Husbandry - **Pigs**: Bearish on the medium - term. The supply is loose, and the price is under pressure. It is recommended to hold short positions and pay attention to the arbitrage strategy [39][40] - **Eggs**: Bearish on the medium - term. The demand is weak, and the supply pressure is large. It is recommended to short on rallies for the 12 - contract and wait and see for the 01 - contract [41][42] - **Corn**: Weakly oscillate. The new - crop supply is sufficient, and the demand is weak. It is advisable to short on rallies for the 01 - contract and pay attention to the 3 - 5 positive spread arbitrage [43][44][45] - **Soybean Meal**: Low - level rebound. The cost is supported by the purchase of US soybeans. It is recommended to take profit on rallies and hold long positions on dips [46][47] - **Oils**: Palm oil is weak, soybean oil is strong, and high - level adjustment. The palm oil is under pressure from inventory accumulation, while the soybean oil and rapeseed oil have their own positive factors. It is recommended to go long on dips and pay attention to the spread arbitrage strategy [47][48][49][50][51][52]