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

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

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

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

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

1. Report Industry Investment Rating No information provided in the report. 2. Core View of the Report The supply of laying hens remains at a high level, and the demand is generally weak. In the short - term, without obvious improvement, egg prices are expected to be weak. However, the recent increase in the number of culled chickens and downstream replenishment have led to a slight rebound in spot prices. It is recommended to wait and see in the short term [7]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices**: JD01 closed at 3337, down 10 from the previous day; JD05 closed at 3492, down 5; JD09 closed at 3859, down 2 [2]. - **Cross - month Spreads**: The 01 - 05 spread was - 155, down 5; the 05 - 09 spread was - 367, down 3; the 09 - 01 spread was 522, up 8 [2]. - **Price Ratios**: The ratios of 01, 05, and 09 eggs to corn and soybean meal were mostly stable, with only minor changes in a few cases [2]. 3.2 Spot Market - **Egg Prices**: The average price in the main production areas was 2.86 yuan/jin, down 0.01 yuan/jin from the previous day, and the average price in the main sales areas was 3.06 yuan/jin, unchanged from the previous day. Most of the national mainstream prices remained stable [2][4]. - **Culled Chicken Prices**: The average price of culled chickens in the main production areas was 4 yuan/jin, unchanged from the previous day [6]. 3.3 Profit Calculation - **Costs**: The average price of corn was 2234, up 1; the average price of soybean meal was 3090, unchanged; the price of laying - hen compound feed was 2.49, unchanged [2]. - **Profits**: The profit per laying hen was - 0.61 yuan/feather, down 0.36 from the previous day [2]. 3.4 Fundamental Information - **Production and Sales Areas Prices**: The average price in the main production areas was 2.86 yuan/jin, down 0.01 yuan/jin, and the average price in the main sales areas was 3.06 yuan/jin, unchanged. Most of the national mainstream prices remained stable [4]. - **Laying - hen Inventory**: In October, the national inventory of laying hens was 1.359 billion, down 0.01 billion from the previous month, and up 5.5% year - on - year. It is estimated that the inventory from November 2025 to February 2026 will be 1.359 billion, 1.355 billion, 1.346 billion, and 1.333 billion respectively [5]. - **Chick - hatching Volume**: In October, the monthly chick - hatching volume of sample enterprises (about 50% of the country) was 39.2 million, with little change month - on - month and a year - on - year decrease of 13% [5]. - **Culled Chicken Volume and Age**: In the week of October 31, the national culled chicken volume was 20.53 million, up 11% from the previous week, and the average culling age was 494 days, down 5 days from the previous week [5]. - **Egg Sales Volume**: As of the week of October 31, the egg sales volume in the representative sales areas was 7658 tons, up 2.1% from the previous week [6]. - **Profit and Inventory**: As of October 31, the weekly average profit per jin of eggs was - 0.2 yuan/jin, up 0.02 yuan/jin from the previous week; the expected profit of laying - hen farming was - 4.82 yuan/feather, up 1.42 yuan/feather from the previous week. The average weekly inventory in the production and circulation links remained unchanged from the previous week [6]. 3.5 Trading Logic The supply of laying hens remains at a high level, and the demand is generally weak. In the short - term, without obvious improvement, egg prices are expected to be weak. However, the recent increase in the number of culled chickens and downstream replenishment have led to a slight rebound in spot prices [7]. 3.6 Trading Strategies - **Single - side Trading**: It is recommended to wait and see in the short term [8]. - **Arbitrage**: It is recommended to wait and see [8]. - **Options**: It is recommended to wait and see [8].

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

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

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

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