Core Viewpoint - The controversy surrounding the egg brand Huang Tian E (Feng Ji Food's brand) has sparked a nationwide discussion about the use of color additives in the egg industry, highlighting the need for clearer standards and regulations in China [1][4][24] Group 1: Incident Overview - The issue began with a video by Wang Hai's team, which tested eggs from various brands and found all samples contained canthaxanthin, with Huang Tian E's eggs showing a level of 0.399 mg/kg, raising concerns about compliance with safety standards [6][12] - Huang Tian E has positioned itself as a premium brand, claiming its eggs are "natural" and "free from artificial additives," but the test results contradicted these claims, leading to a significant reputational impact [7][20] - The brand's parent company, Feng Ji Food, has denied the allegations of artificial color additive use, stating that the detected levels do not indicate intentional addition and emphasizing their investment in natural color sources [7][13] Group 2: Expert Opinions and Industry Standards - Experts argue that the detection of canthaxanthin does not necessarily imply artificial addition, as it can occur naturally in feed ingredients [12][18] - Current testing methods cannot distinguish between naturally occurring and artificially added canthaxanthin, leading to confusion and misinterpretation of results [12][18] - The lack of clear standards for canthaxanthin levels in egg products, as opposed to feed, has been identified as a significant gap in regulatory oversight [18][23] Group 3: Consumer Perception and Market Implications - The incident has revealed a common misconception among consumers that the color of egg yolks is directly related to nutritional value, while experts clarify that yolk color is primarily influenced by carotenoid content [22][23] - The controversy has prompted calls for improved transparency in the egg industry, with suggestions for establishing clearer standards and better consumer education regarding egg quality and safety [23][24] - Huang Tian E's situation reflects broader industry practices, where color optimization through feed additives is common, raising questions about consumer trust and product labeling [20][21]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The current egg market is in a process of digesting inventory at a low level, and there is a possibility of a seasonal slight increase in late March. The futures market shows differentiation. The near - term contracts are suppressed by spot prices, while the far - term contracts may be more favored by bulls due to factors such as rising feed costs and inflation expectations. It is recommended to pay attention to the opportunity of long - position layout in the peak season in the second half of the year and conduct rolling operations [8] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Review**: The 2604 egg contract rose 0.49% to 3275, with a trading volume of 35,073 and an open interest of 36,908 (a decrease of 5,235). The 2605 contract fell 0.55% to 3433, with a trading volume of 139,655 and an open interest of 168,259 (an increase of 4,635). The 2606 contract fell 1.76% to 3242, with a trading volume of 68,977 and an open interest of 121,983 (an increase of 18,230). The average price of eggs in the main producing areas was 3.08 yuan/jin, down 0.01 yuan/jin from the previous day, and the average price in the main selling areas was 3.36 yuan/jin, unchanged from the previous day [7] - **Operation Suggestions**: Pay attention to the opportunity of long - position layout in the peak season in the second half of the year and conduct rolling operations [8] 3.2 Industry News - **Inventory**: As of the end of February, the monthly inventory of laying hens in the country was about 1.35 billion, with a month - on - month increase of 0.6%, ending the continuous decline for four months, and a year - on - year increase of 3.4% [9] - **Replenishment**: In February, the monthly output of egg - laying chicken seedlings of sample enterprises was about 43.3 million, similar to that in January and slightly less than the same period in 2025 [9] 3.3 Data Overview - **Elimination Volume**: As of March 12, the national chicken elimination volume in the previous three weeks was 8.78 million, 10.94 million, and 12.6 million respectively, showing a continuous upward trend [17] - **Elimination Age**: As of March 12, the average age of eliminated chickens was 505 days, 3 days later than the previous week and 9 days earlier than the previous month, indicating a slight slowdown in the elimination rhythm [17]

Group 1: Report Summary - The report is an egg research report for February 2026, analyzing the egg market's current situation, future trends, and providing investment strategies [3][18][24] Group 2: Market Review - In February, the spot price of eggs was weak. After the Spring Festival, the average price in the main production areas dropped to around 2.86 yuan per catty, and the highest price in the main sales areas reached around 3.02 yuan per catty. The near - month egg futures contract first fell and then rose, and the March contract was around 2978 [4] - The egg futures contract performed averagely. The egg price was low after the Spring Festival, but the spot price stabilized. The April contract rebounded after an early decline. The current profit was good, and the market's enthusiasm for culling decreased. The current in - production inventory decreased but remained at a high level, and the increase in the futures price was limited [11] Group 3: Market Outlook - After the Spring Festival, the market entered the off - season. The spot price of eggs was stable with little change. The profit was okay, and the enthusiasm for culling decreased. Although the inventory was alleviated, the overall reduction was weakened, and the egg price may be under pressure in the future [5] - In terms of futures, the speed of production capacity reduction may slow down, and the far - month contracts may be under pressure [5] Group 4: Strategy Recommendation - Unilateral: Consider shorting the June contract on rallies [6][9][35] - Arbitrage: It is recommended to wait and see [9] - Options: It is recommended to wait and see [9] Group 5: Fundamental Situation - Supply - In January, the national in - production laying hen inventory was 1.344 billion, a decrease of 80 million from the previous month, a year - on - year increase of 5%, lower than expected [12] - In February, the proportion of large - sized eggs was 43.33% (low - middle level in the same period over the years), medium - sized eggs was 43.05% (middle level in the same period over the years), and small - sized eggs was 13.62% (high - middle level in the same period over the years) [12] - In February, the egg - laying rate changed little, at a high - middle level in the same period over the years, about 92.71%. With the warming weather, it is expected to maintain the current level [12] - In January, the monthly output of laying hen chicks in the sample enterprises monitored by Zhuochuang Information (accounting for about 50% of the country) was 43.22 million, a month - on - month increase of 9%, with little year - on - year change. In February, the price of chicks was at a high - middle level in the same period over the years, and the current weekly market price of laying hen chicks in the Chinese market was 3.32 yuan per chick, a month - on - month increase of 0.1 yuan per chick [12][15] - Before the Spring Festival, the egg price rebounded, the breeding profit was good, the enthusiasm for culling decreased, and the culling volume decreased. On February 12, the weekly culling volume of laying hens in the main production areas was 13.17 million, a 20% decrease from the previous week. On February 6, the average culling age of culled chickens was 497 days, an increase of 2 days from the previous week [15] Group 6: Fundamental Situation - Demand - Near the Spring Festival, egg consumption was average. As of the week of February 12, the egg sales volume in the national representative sales areas was 6390 tons, a 12% decrease from the previous week, at a low - middle level in the same period over the years [22] - In 2025, from January to December, the total retail sales of social consumer goods were 4.5136 trillion yuan, a year - on - year increase of 3.7%. In December, the absolute value of catering revenue was 573.8 billion yuan, a year - on - year increase of 2.2% [22] Group 7: Fundamental Situation - Inventory - As of the week of February 12, the average weekly inventory in the production link was 1.24 days, a decrease of 0.02 days from the previous week. The average weekly inventory in the circulation link was 1.26 days, the same as the previous week [22] Group 8: Fundamental Situation - Cost and Profit - The current feed cost changed little and is expected to remain at the current level in the short term. In January, the corn price was 2377 yuan per ton, and the soybean meal price dropped to 3184 yuan per ton. The current comprehensive feed cost was about 2619 yuan per ton, corresponding to a feed cost of about 2.88 yuan per catty of eggs [25] - As of February 12, the weekly average profit per catty of eggs was 0.12 yuan per catty, a decrease of 0.4 yuan per catty from the previous week. On February 12, the expected profit of laying hen breeding was - 13.12 yuan per chicken, the same as the previous week [25] Group 9: Fundamental Situation - Substitutes - The vegetable price index declined. On February 23, the total vegetable price index in Shouguang was 123.58. The vegetable price decreased recently but was at a relatively low - middle level in the same period over the years. The pork price fluctuated with little overall change. As of January 20, the national average wholesale price of pork was about 14.67 yuan per kilogram. The low vegetable price had a weak substitution demand for eggs, and the current low - level fluctuating pork price had a relatively limited substitution demand for eggs [29]

Core Viewpoint - The article highlights the efforts of Quzhou County in promoting e-commerce through specialized training for local live-streaming hosts, aiming to enhance the quality of county-level economic development and support rural revitalization [1][2] Group 1: Training Initiatives - Quzhou County organized a specialized training session for over 150 live-streaming hosts from various towns and enterprises, focusing on the theme "Reshaping the Future of Live Streaming, Empowering Millions of Hosts" [1] - The training is part of the "One Product, One Broadcast" talent cultivation project, addressing the high-quality development needs of county-level e-commerce [1] - The curriculum includes seven modules covering business positioning, core value creation, and host growth paths, utilizing case studies, data comparisons, and live demonstrations [1] Group 2: Development Model - Quzhou County has established a development model that integrates government guidance, enterprise participation, and institutional support to drive economic growth [1] - The county has built over 3,000 square meters of comprehensive live-streaming bases, equipped with product selection centers, shared live-streaming rooms, and e-commerce academies [1] - A full-chain cultivation system has been formed through optimizing logistics networks and conducting regular training sessions [1] Group 3: Future Plans - The county plans to customize exclusive courses for key industries such as children's toys, poultry products, and specialty agricultural products [2] - A four-in-one sales matrix combining cross-border e-commerce, commercial cities, bases, and village points will be established to provide practical platforms for hosts [2] - The goal is to help local hosts transition from "novices" to "experts" in live-streaming [2]

Group 1: General Information - Reported industry: Eggs [1] - Report date: January 27, 2026 [2] - Research team: Agricultural products research team, including researchers Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Investment Rating - No investment rating information provided. Group 3: Core View - The market's bottom - fishing sentiment increased after New Year's Day this year, and the egg price was slightly stronger. With the late Spring Festival this year, the spot price continued to rise steadily in the middle and late January due to stocking demand, with a larger - than - expected increase. The near - month contracts were relatively strong, while the far - month contracts starting from 05 were weak. The seesaw market between near - and far - month contracts will continue, and the key factor is the spot performance. It is expected that the market will fluctuate narrowly before the Spring Festival, with no obvious trend in futures unilateral operation. After the festival, pay attention to the support level around 3 yuan [8]. Group 4: Market Review and Operation Suggestions Market Review | Contract | Pre - settlement price | Opening price | High price | Low price | Closing price | Change | Change rate | Volume | Open interest | Open interest change | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Egg 2602 | 3059 | 3058 | 3089 | 3050 | 3069 | 10 | 0.33% | 11769 | 17465 | - 3695 | | Egg 2603 | 3064 | 3080 | 3101 | 3055 | 3069 | 5 | 0.16% | 272356 | 268815 | - 2167 | | Egg 2605 | 3530 | 3530 | 3549 | 3516 | 3527 | - 3 | - 0.08% | 33086 | 91330 | 201 | [7] Operation Suggestions - It is expected that the market will fluctuate narrowly before the Spring Festival, with no obvious trend in futures unilateral operation. After the festival, pay attention to the support level around 3 yuan [8] Group 5: Industry News Inventory - As of the end of December 2025, the monthly inventory of laying hens in the country was about 1.344 billion, a month - on - month decrease of 0.59% and a year - on - year increase of 5.00% [9] Replenishment - In December 2025, the monthly output of laying hen chicks in sample enterprises was about 39.59 million, basically the same as that in November. Compared with the same period in 2024, it decreased significantly. The total replenishment volume from September to December 2025 was about 157.49 million, less than that in the same period last year, indicating that the medium - term production capacity pressure may continue to ease [9] Group 6: Data Overview Elimination Volume - As of the three weeks before January 8, the national elimination volume of laying hens was 19.39 million, 19.82 million, and 18.96 million respectively, maintaining a relatively high level but slightly decreasing [17] Elimination Age - As of January 8, the average elimination age of laying hens was 484 days, the same as last week and 2 days earlier than last month [17]

Group 1: Investment Rating - There is no information about the industry investment rating in the report. Group 2: Core View - The recent price increase is mainly due to the significant rise in spot prices. Considering that the March contract is for after the Spring Festival, when egg demand is weak and prices are low, the upward space for the 03 contract is expected to be relatively limited. The egg market is starting to reduce production capacity, and it is expected that the production capacity will likely continue to decline in the next few months [8]. Group 3: Summary by Directory I. Fundamental Information - **Price**: The average price in the main production areas is 3.64 yuan/jin, and in the main sales areas is 3.91 yuan/jin, both remaining stable compared to the previous trading day. The national mainstream egg prices are mostly stable, with some areas showing price increases or minor fluctuations [2][4]. - **Inventory**: In December, the national in - laying hen inventory was 1.344 billion, a decrease of 80 million from the previous month, and a 5% year - on - year increase, lower than expected. The monthly hatchling volume of egg - laying chicken seedlings in December was 39.59 million, with little change month - on - month and a 13.9% year - on - year decrease [5]. - **Slaughter**: From January 16th, the weekly slaughter volume of egg - laying hens in the main production areas was 17.33 million, with little change from the previous week. The average slaughter age of laying hens was 485 days, an increase of 1 day from the previous week [5]. - **Sales**: As of January 8th, the weekly egg sales volume in representative sales areas was 7,391 tons, a 2.6% decrease from the previous week, at a historical low [5]. - **Profit**: As of January 15th, the weekly average profit per jin of eggs was 0.13 yuan/jin, a 0.26 increase from the previous week. On January 9th, the expected profit of egg - laying chicken farming was - 14.14 yuan/feather, a 0.41 yuan/jin decrease from the previous week [6]. - **Inventory Days**: As of January 15th, the weekly average inventory in the production link was 0.97 days, and in the circulation link was 1.05 days, both slightly decreasing from the previous week [6]. - **Price of Culled Hens**: The price of culled hens in the main production areas is 4.45 yuan/jin, remaining stable compared to the previous trading day [7]. II. Trading Logic - Near the Spring Festival, the overall market sales are fast, and the spot price has risen significantly, providing some support for the futures market. The egg market is starting to reduce production capacity, and it is expected that the production capacity will likely continue to decline in the next few months. The upward space for the 03 contract is expected to be relatively limited [8]. III. Trading Strategy - **Single - side**: Consider building long positions in the far - month 5 contracts on dips [9]. - **Arbitrage**: It is recommended to wait and see [10]. - **Options**: It is recommended to wait and see [11].

Core Viewpoint - In the fourth quarter of 2025, the supply of grain, oil, and food products in Qingdao is sufficient, but prices for some grains, oils, and vegetables have increased month-on-month, while prices for live pigs, pork, and eggs have decreased month-on-month [1]. Price Trends - The average price of first-grade long-grain rice is 3.28 yuan per 500 grams, showing a month-on-month increase of 0.60% but a year-on-year decrease of 0.24% [2]. - The average price of special flour is 2.35 yuan, with a month-on-month decrease of 0.80% and a year-on-year decrease of 2.57% [2]. - The average price of 5-liter bottled peanut oil is 133.12 yuan per barrel, with a month-on-month increase of 0.01% and a year-on-year decrease of 1.58% [2]. - The average price of soybean oil is 59.95 yuan, with a month-on-month increase of 0.88% and a year-on-year increase of 0.01% [2]. Pork and Egg Prices - The average price of live pigs is 7.09 yuan, reflecting a month-on-month decrease of 3.70% and a year-on-year decrease of 28.01% [3]. - The average price of five-spice pork is 15.42 yuan, with a month-on-month decrease of 1.06% and a year-on-year decrease of 15.20% [3]. - The average price of lean pork is 15.68 yuan, showing a month-on-month decrease of 1% and a year-on-year decrease of 15.52% [3]. - The average price of eggs is 3.58 yuan, with a month-on-month decrease of 4.70% and a year-on-year decrease of 28.46% [5]. Vegetable Price Trends - The overall price of vegetables in Qingdao is experiencing an increase, primarily driven by seasonal factors, consistent with trends from previous years [7]. - The total volume of vegetables in three major wholesale markets (Chengyang, Huazhong, and Fushun Road) is 17,958 million kilograms, reflecting a month-on-month decrease of 7.55% and a year-on-year decrease of 2.86% [8]. - The average wholesale price of vegetables in these markets is 2.54 yuan per 500 grams, with a month-on-month increase of 2.83% and a year-on-year increase of 0.79% [9]. - The average retail price of 19 vegetable varieties is 4.64 yuan, showing a month-on-month increase of 18.37% and a year-on-year increase of 4.27% [9].

Report Overview - Report Date: January 6, 2026 [2] - Reported Industry: Egg [1] - Research Team: Agricultural Products Research Team [4] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Report Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - During the holiday, the national egg price fluctuated slightly higher. The futures opened higher and then declined, showing that the futures market is stronger than the spot market recently, with some off - market funds willing to bottom - fish. The存栏 has reached an inflection point, with weak current situation but good future expectations. The 02 contract is in an absolute off - season, and there is no sign of a trend increase in the spot price. It may weaken again in the future. The post - holiday contracts, especially the peak - season 05 contract, are more suitable for bulls. The near - and far - month contracts should be treated as reverse spreads [8]. 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Review**: - For the 2602 egg contract, the previous settlement price was 2931, the opening price was 2977, the highest price was 2987, the lowest price was 2951, the closing price was 2957, the increase was 26, the increase rate was 0.89%, the trading volume was 97,293, the open interest was 87,152, and the open interest change was - 18,716. - For the 2603 egg contract, the previous settlement price was 2950, the opening price was 2973, the highest price was 3021, the lowest price was 2970, the closing price was 2992, the increase was 42, the increase rate was 1.42%, the trading volume was 224,323, the open interest was 219,525, and the open interest change was 8285. - For the 2605 egg contract, the previous settlement price was 3511, the opening price was 3535, the highest price was 3563, the lowest price was 3531, the closing price was 3550, the increase was 39, the increase rate was 1.11%, the trading volume was 55,015, the open interest was 96,930, and the open interest change was - 3596 [7]. - **Operation Suggestions**: The 02 contract is in an absolute off - season, with no sign of a trend increase in the spot price, and may weaken again. Bulls can focus on the peak - season contracts in the second or third quarter, and treat the near - and far - month contracts as reverse spreads [8]. 3.2 Industry News - **Inventory**: As of the end of November 2025, the national monthly inventory of laying hens was about 1.352 billion, a month - on - month decrease of 0.52%, ending the previous continuous increase. Compared with the same period last year, it increased by 5.3%, indicating significant supply - side pressure [9]. - **Replenishment**: In November 2025, the monthly number of egg - laying chicks hatched by sample enterprises was about 39.55 million, slightly higher than that in October. Compared with the same period in 2024, it decreased by 13.5%. The total replenishment from August to November 2025 was about 157.71 million, compared with about 180.11 million in the same period last year [9]. - **Elimination Volume**: From the three weeks up to December 18, the national number of eliminated chickens was 20.82 million, 19.84 million, and 19.67 million respectively, showing a continuous decline [10]. - **Elimination Age**: As of December 18, the average elimination age of chickens was 486 days, the same as the previous week and 6 days earlier than the previous month [10]. 3.3 Data Overview - The report provides multiple data charts, including the monthly inventory of laying hens in China, egg - laying chicken breeding profits, the average price of the main egg - producing areas, the seasonal trend of egg contracts, the basis of egg contracts, and the price difference between egg contracts. The data sources include Wind, Zhuochuang Information, and Trading Famen [11][14][17]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core View of the Report - The recent increase in the number of culled chickens has alleviated the previous supply pressure. It is expected that the pace of capacity reduction in the short term will be relatively gentle. The near - month contracts are expected to fluctuate within a range, and for the far - month contracts in April and May, long positions can be considered to be established at low prices as the supply pressure eases [8] Group 3: Summary by Directory 1. Futures Market - **Futures Prices**: JD01 closed at 3124, down 29 from the previous day; JD05 closed at 3581, down 56; JD09 closed at 4070, down 60 [2] - **Cross - month Spreads**: The 01 - 05 spread was - 457, up 27; the 05 - 09 spread was - 489, up 4; the 09 - 01 spread was 946, down 31 [2] - **Ratio of Egg to Feed**: The 01 egg/corn ratio was 1.40, up 0.00; the 05 egg/corn ratio was 1.58, down 0.03; the 09 egg/corn ratio was 1.79, down 0.03. The 01 egg/bean meal ratio was 1.04, up 0.00; the 05 egg/bean meal ratio was 1.30, down 0.01; the 09 egg/bean meal ratio was 1.41, down 0.01 [2] 2. Spot Market - **Egg Prices**: The average price in the main producing areas was 2.97 yuan/jin, up 0.02 yuan/jin from the previous day; the average price in the main selling areas was 3.20 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 producing areas was 3.90 yuan/jin, up 0.02 yuan/jin from the previous day [2][7] 3. Fundamental Information - **Egg Production and Sales**: In November, the national inventory of laying hens was 1.352 billion, a decrease of 80 million from the previous month and a year - on - year increase of 5.5%. The monthly output of laying hen chicks in November was 39.55 million, with little change from the previous month and a year - on - year decrease of 13%. From December 2025 to March 2026, the estimated inventory of laying hens is 1.348 billion, 1.338 billion, 1.325 billion, and 1.315 billion respectively [5] - **Culled Chicken Data**: From December 5th, the weekly culling volume of laying hens in the main producing areas was 20.82 million, a decrease of 5% from the previous week. The average culling age of culled chickens was 488 days, a decrease of 1 day from the previous week [5] - **Egg Sales**: As of December 5th, the weekly egg sales volume in the representative selling areas was 7115 tons, a decrease of 4% from the previous week [6] - **Profit and Inventory**: As of November 21st, the weekly average profit per jin of eggs was - 0.26 yuan/jin, a decrease of 0.11 yuan/jin from the previous week. As of December 5th, the weekly average inventory in the production link was 1.06 days, an increase of 0.04 days from the previous week; the weekly average inventory in the circulation link was 1.14 days, an increase of 0.07 days from the previous week [6] 4. Trading Logic - The recent increase in the number of culled chickens has alleviated the previous supply pressure. It is expected that the pace of capacity reduction in the short term will be relatively gentle. The near - month contracts are expected to fluctuate within a range, and for the far - month contracts in April and May, long positions can be considered to be established at low prices as the supply pressure eases [8] 5. Trading Strategies - **Single - side Trading**: It is expected to fluctuate within a range in the short term. Long positions can be considered to be established at low prices for far - month contracts [9] - **Arbitrage**: It is recommended to wait and see [9] - **Options**: It is recommended to wait and see [9]

Industry Information - Reported industry: Eggs [1] - Report date: November 18, 2025 [2] Investment Rating - No investment rating provided in the report Core Viewpoints - The spot egg market has weakened again, with prices in the Hubei and Hunan powder egg regions declining, while prices in the northern red egg region remain stable. Egg sales have returned to a slow pace, and prices are expected to adjust narrowly at a low level this week. Futures prices have declined due to the temporary weakness of the spot market, with near - term contracts falling more significantly and far - term contracts being relatively firm due to the expectation of reduced inventory. The egg - laying hen inventory decreased month - on - month for the first time in October, and there is an expectation of a continuous slight decline in the medium - term. If the low - price period in the fourth quarter is longer, the probability and elasticity of a reversal in the first quarter and second quarter of next year will be greater. Short - term prices are expected to fluctuate at a low level, and opportunities for long positions in far - term contracts can be considered on dips, while a reverse spread between near - and far - term contracts is advisable [8] Summary by Section 1. Market Review and Operation Suggestions - **Market Review**: For the egg 2601 contract, the previous settlement price was 3251, the opening price was 3210, the highest price was 3231, the lowest price was 3190, the closing price was 3229, down 22 or - 0.68% from the previous day, with a trading volume of 201,850 and an open interest of 219,756 (an increase of 207,641). For the 2602 contract, the previous settlement price was 3048, the opening price was 3036, the highest price was 3042, the lowest price was 3018, the closing price was 3038, down 10 or - 0.33%, with a trading volume of 27,929 and an open interest of 117,265 (an increase of 2589). For the 2512 contract, the previous settlement price was 3043, the opening price was 3000, the highest price was 3023, the lowest price was 2970, the closing price was 2987, down 56 or - 1.84%, with a trading volume of 99,000 and an open interest of 57,337 (a decrease of 14,044) [7] - **Spot Market**: The average price of eggs in the main producing areas was 2.96 yuan/jin, down 0.01 yuan/jin from the previous day, and the average price in the main consuming areas was 3.28 yuan/jin, unchanged from the previous day. The 01 contract fell 0.68% [8] - **Operation Suggestions**: Short - term prices are expected to fluctuate at a low level. Opportunities for long positions in far - term contracts can be considered on dips, but there may be fluctuations in the near term. A reverse spread between near - and far - term contracts is advisable [8] 2. Industry News - **Inventory**: As of the end of October 2025, the monthly inventory of laying hens in China was about 1.359 billion, down 0.66% month - on - month from 1.368 billion at the end of September 2025, ending the previous continuous growth trend, but up 5.59% year - on - year compared with 1.287 billion at the end of October 2024 [9] - **Chick Rearing**: In October 2025, the monthly output of egg - laying chicks by 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 chick rearing volume in the past four months (July - October 2025) was about 158.14 million, compared with about 176.1 million in the same period of 2024 [9] 3. Data Overview - **Culling Volume**: As of November 13, 2025, the weekly culling volumes of laying hens in the previous three weeks were 20.53 million, 19.81 million, and 19.47 million respectively, showing a downward trend [17] - **Culling Age**: As of November 13, 2025, the average culling age of laying hens was 493 days, unchanged from the previous week and 6 days earlier than the previous month [17]