商 品 研 究 2025 年 9 月 30 日 鸡蛋：轻仓过节 吴昊 投资咨询从业资格号：Z0018592 wuhao8@gtht.com 【基本面跟踪】 鸡蛋基本面数据 | | 合 约 | 收盘价 | 日涨跌 （%） | 成交变动 | | 持仓变动 | | --- | --- | --- | --- | --- | --- | --- | | 期 货 | 鸡蛋2510 | 2,918 | -1.15 | -1,203 | | -18,679 | | | 鸡蛋2601 | 3,352 | -0.24 | 1,842 | | -3,186 | | | | | 最新日 | | 前一日 | | | 价 差 | 鸡蛋10-12价差 | | -262 | | -233 | | | | 鸡蛋10-1价差 | | -434 | | -414 | | | | | | 最新日 | | 前一日 | | | | 辽宁现货价格 | | 3.40 | | 3.40 | | | | 河北现货价格 | | 3.07 | | 3.11 | | | 产业链数据 | 山西现货价格 | | 3.15 | | 3.15 | | | | 湖北现货价格 ...

Report Summary 1) Report Industry Investment Rating - No information provided on the industry investment rating. 2) Core View of the Report - The report is titled "Eggs: Peak Season Nearing End, Lighten Positions for the Holiday", suggesting a cautious stance on egg investment as the peak season is approaching its end [2]. 3) Summary by Relevant Catalog [Fundamental Tracking] - **Futures Data**: The closing price of Egg 2510 is 2,940 yuan/500 kilograms, with a daily decline of 1.24%, and trading volume decreased by 3,697 and open interest decreased by 11,346. The closing price of Egg 2601 is 3,354 yuan/500 kilograms, with a daily decline of 0.33%, and trading volume increased by 660 and open interest increased by 1,614 [2]. - **Spread Data**: The Egg 10 - 12 spread is -233 (previous day: -224), and the Egg 10 - 1 spread is -414 (previous day: -391) [2]. - **Spot Price Data**: The spot prices in Liaoning, Hebei, Shanxi, and Hubei are 3.40 yuan/jin, 3.20 yuan/jin, 3.35 yuan/jin, and 3.78 yuan/jin respectively, all showing a decline compared to the previous day. The corn spot price is 2,300 yuan/ton (previous day: 2,317 yuan/ton), the soybean meal spot price remains at 2,940 yuan/ton, and the Henan live - pig price remains at 12.58 yuan/kg [2]. [Trend Intensity] - The trend intensity is 0, indicating a neutral stance. The range of trend intensity is from -2 (most bearish) to 2 (most bullish) [2].

Group 1: Report's Core View - The report focuses on the egg market, stating that in the near - term, attention should be paid to the rhythm of culling laying hens, and in the long - term, market sentiment remains weak [2] Group 2: Investment Rating - No investment rating for the industry is provided in the report Group 3: Summary According to Related Catalogs Fundamental Tracking - **Futures Data**: The closing price of egg 2509 is 2,920 yuan/500 kilograms, with a daily decline of 0.21%, a trading volume change of - 22,993, and an open interest change of - 10,271. The closing price of egg 2601 is 3,434 yuan/500 kilograms, with a daily decline of 0.67%, a trading volume change of 2,423, and an open interest change of 7,456 [2] - **Spread Data**: The egg 9 - 10 spread is - 113 (previous day: - 131), and the egg 9 - 1 spread is - 514 (previous day: - 558) [2] - **Spot Price Data**: The latest spot prices in Liaoning, Hebei, Shanxi, and Hubei are 3.20 yuan/jin, 2.64 yuan/jin, 3.00 yuan/jin, and 3.04 yuan/jin respectively, with some prices decreasing compared to the previous day [2] - **Feed and Related Product Prices**: The latest corn spot price is 2,328 yuan/ton, the soybean meal spot price is 3,050 yuan/ton, and the Henan live - pig price is 13.78 yuan/kg [2] Trend Intensity - The trend intensity is 0, with a range of [-2, 2]. A value of - 2 indicates the most bearish view, and 2 indicates the most bullish view [2]

Report Summary Core View - The report suggests laying out short positions for far - month contracts of eggs [1] Key Points from Different Sections Fundamental Tracking - **Futures Data**: The closing price of egg2507 is 2,821 with a daily increase of 0.39%, trading volume up by 23,556 and open interest down by 24,067; the closing price of egg2509 is 3,689 with a daily increase of 0.68%, trading volume up by 24,726 and open interest up by 13,625 [1] - **Spread Data**: The egg 7 - 8 spread is - 745 (previous day: - 740), and the egg 7 - 9 spread is - 868 (previous day: - 870) [1] - **Spot Price Data**: In different regions, the latest spot prices are as follows: 2.60 yuan/jin in Liaoning (previous day: 2.90), 2.53 yuan/jin in Hebei (previous day: 2.56), 2.70 yuan/jin in Shanxi (previous day: 2.90), 2.93 yuan/jin in Hubei (previous day: 3.00) [1] - **Industrial Chain Data**: The latest corn spot price is 2,339 yuan/ton (previous day: 2,313), the latest soybean meal spot price is 2,820 yuan/ton (previous day: 2,860), and the latest pig price in Henan is 14.98 yuan/kg (previous day: 14.93) [1] Trend Intensity - The trend intensity is 0, indicating a neutral view, with the range of trend intensity being integers within [- 2,2] where - 2 means most bearish and 2 means most bullish [1]

Report Summary 1) Industry Investment Rating - No information provided in the given content. 2) Core View - The report focuses on the egg market, stating that the negative impact of the plum - rain season has been released, and it is waiting for the confirmation from the culling of laying hens. The trend intensity is rated as 0, indicating a neutral view [1]. 3) Summary by Related Catalogs a. Fundamental Tracking - **Futures Data**: The closing price of egg 2507 is 2,833 yuan/500 kilograms with a daily increase of 0.25%, and the trading volume decreased by 62,198 and the open interest decreased by 10,284. The closing price of egg 2509 is 3,655 yuan/500 kilograms with a daily decrease of 0.49%, and the trading volume decreased by 22,386 while the open interest increased by 5,704 [1]. - **Spread Data**: The egg 7 - 8 spread is - 680 (previous day: - 678), and the egg 7 - 9 spread is - 822 (previous day: - 837) [1]. - **Spot Price Data**: The spot prices of eggs in Liaoning, Hebei, Shanxi, and Hubei are 2.70 yuan/jin, 2.56 yuan/jin, 2.80 yuan/jin, and 2.96 yuan/jin respectively. The spot prices of corn and soybean meal are 2,303 yuan/ton and 2,880 yuan/ton respectively. The price of live pigs in Henan is 14.08 yuan/kg [1]. b. Trend Intensity - The trend intensity is 0, with the range of values from - 2 (most bearish) to 2 (most bullish), indicating a neutral view on the market [1].