研究所 农产品研发报告 农产品日报 2026 年 03 月 04 日 研究员：刘倩楠 期货从业证号： Z0014425 联系方式： :liuqiannan_qh@chinastock. com.cn 鸡蛋日报 第一部分鸡蛋日报 | 期货市场 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 今收 | | 昨收 | 涨跌 | JD跨月价差 | 今收 | 昨收 | 涨跌 | | JD01 | 3615 | 3606 | 9 | 01-05 | 250 | 263 | -13 | | JD05 | 3365 | 3343 | 22 | 05-09 | -415 | -434 | 19 | | JD09 | 3780 | 3777 | 3 | 09-01 | 165 | 171 | -6 | | 今收 | | 昨收 | 涨跌 | | 今收 | 昨收 | 涨跌 | | 01鸡蛋/玉米 | 1.54 | 1.54 | 0.00 | 01鸡蛋/豆粕 | 1.20 | 1.20 | 0.01 | | 05鸡蛋/玉米 | 1.41 | 1.4 ...

研究所 农产品研发报告 农产品日报 2026 年 03 月 03 日 研究员：刘倩楠 期货从业证号： Z0014425 联系方式： :liuqiannan_qh@chinastock. com.cn 鸡蛋日报 第一部分鸡蛋日报 | 期货市场 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 今收 | | 昨收 | 涨跌 | JD跨月价差 | 今收 | 昨收 | 涨跌 | | JD01 | 3606 | 3618 | -12 | 01-05 | 263 | 212 | 51 | | JD05 | 3343 | 3406 | -63 | 05-09 | -434 | -402 | -32 | | JD09 | 3777 | 3808 | -31 | 09-01 | 171 | 190 | -19 | | 今收 | | 昨收 | 涨跌 | | 今收 | 昨收 | 涨跌 | | 01鸡蛋/玉米 | 1.54 | 1.54 | 0.00 | 01鸡蛋/豆粕 | 1.20 | 1.20 | -0.01 | | 05鸡蛋/玉米 | 1.4 ...

研究所 农产品研发报告 农产品日报 2026 年 03 月 02 日 研究员：刘倩楠 期货从业证号： Z0014425 联系方式： :liuqiannan_qh@chinastock. com.cn 鸡蛋日报 第一部分鸡蛋日报 | 期货市场 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 今收 | | 昨收 | 涨跌 | JD跨月价差 | 今收 | 昨收 | 涨跌 | | JD01 | 3618 | 3645 | -27 | 01-05 | 212 | 216 | -4 | | JD05 | 3406 | 3429 | -23 | 05-09 | -402 | -388 | -14 | | JD09 | 3808 | 3817 | -9 | 09-01 | 190 | 172 | 18 | | 今收 | | 昨收 | 涨跌 | | 今收 | 昨收 | 涨跌 | | 01鸡蛋/玉米 | 1.54 | 1.57 | -0.03 | 01鸡蛋/豆粕 | 1.20 | 1.21 | -0.01 | | 05鸡蛋/玉米 | 1.43 ...

研究所 农产品研发报告 农产品日报 2026 年 02 月 26 日 研究员：刘倩楠 Z0014425 联系方式： :liuqiannan_qh@chinastock. com.cn 鸡蛋日报 第一部分鸡蛋日报 | 期货市场 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 今收 | | 昨收 | 涨跌 | JD跨月价差 | 今收 | 昨收 | 涨跌 | | JD01 | 3615 | 3702 | -87 | 01-05 | 202 | 259 | -57 | | JD05 | 3413 | 3443 | -30 | 05-09 | -387 | -378 | -9 | | JD09 | 3800 | 3821 | -21 | 09-01 | 185 | 119 | 66 | | 今收 | | 昨收 | 涨跌 | | 今收 | 昨收 | 涨跌 | | 01鸡蛋/玉米 | 1.56 | 1.60 | -0.04 | 01鸡蛋/豆粕 | 1.20 | 1.24 | -0.04 | | 05鸡蛋/玉米 | 1.46 | 1.47 ...

研究所 农产品研发报告 农产品日报 2026 年 02 月 25 日 研究员：刘倩楠 期货从业证号： Z0014425 联系方式： :liuqiannan_qh@chinastock. com.cn 鸡蛋日报 第一部分鸡蛋日报 | 期货市场 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 今收 | | 昨收 | 涨跌 | JD跨月价差 | 今收 | 昨收 | 涨跌 | | JD01 | 3778 | 3778 | 0 | 01-05 | 349 | 349 | 0 | | JD05 | 3429 | 3429 | 0 | 05-09 | -390 | -390 | 0 | | JD09 | 3819 | 3819 | 0 | 09-01 | 41 | 41 | 0 | | 今收 | | 昨收 | 涨跌 | | 今收 | 昨收 | 涨跌 | | 01鸡蛋/玉米 | 1.64 | 1.64 | -0.01 | 01鸡蛋/豆粕 | 1.26 | 1.28 | -0.02 | | 05鸡蛋/玉米 | 1.46 | 1.47 | - ...

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report As the Spring Festival approaches and the Spring Festival stocking is almost over, the previous good profit situation has reduced the market's enthusiasm for culling, slowing down the overall capacity reduction. Considering that the egg consumption will enter the off - season after the Spring Festival, although the inventory situation has improved, the recent good egg price has weakened the overall capacity reduction. Therefore, it is recommended to consider shorting the June contract on rallies [6][7]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Futures Prices**: JD01 closed at 3790, up 20 from the previous close; JD05 closed at 3392, down 32; JD09 closed at 3875, down 4 [2]. - **JD Cross - month Spreads**: The 01 - 05 spread was 398, up 52; the 05 - 09 spread was - 483, down 28; the 09 - 01 spread was 85, down 24 [2]. - **Egg/Corn and Egg/Soybean Meal Ratios**: The 01 egg/corn ratio was 1.68, up 0.01; the 01 egg/soybean meal ratio was 1.30, up 0.01. The 05 egg/corn ratio was 1.49, down 0.01; the 05 egg/soybean meal ratio was 1.24, down 0.01. The 09 egg/corn ratio was 1.68, unchanged; the 09 egg/soybean meal ratio was 1.36, unchanged [2]. 3.2 Spot Market - **Egg Prices**: The average price in the main production areas was 3.30 yuan/jin, up 0.01 from the previous day; the average price in the main sales areas was 3.54 yuan/jin, unchanged [2][4]. - **Eliminated Chicken Prices**: The average price in the main production areas was 4.38 yuan/jin, unchanged [2][5]. 3.3 Profit Calculation - **Profit per Chicken**: The profit per chicken was 12.72 yuan, up 0.34 from the previous day [2]. - **Feed Prices**: The average price of corn was 2369 yuan, up 1; the average price of soybean meal was 3174 yuan, unchanged; the price of egg - laying chicken compound feed was 2.61 yuan, unchanged [2]. 3.4 Fundamental Information - **Egg Production and Sales**: The national mainstream egg price remained stable. The egg prices in most regions were stable, with only local fluctuations. The egg sales in the representative sales areas as of February 5th were 7210 tons, down 2.3% from the previous week, but still at a relatively high level in the same period of previous years [4][5]. - **Laying Hen Inventory**: In January, the national inventory of laying hens in production was 1.344 billion, a decrease of 80 million from the previous month, but an increase of 5% year - on - year, lower than expected [4]. - **Chicken Chick Output**: The monthly output of chicken chicks in January (about 50% of the national total) was 43.22 million, a month - on - month increase of 9%, with little year - on - year change [4]. - **Egg - laying Hen Culling**: From February 6th, the weekly culling volume of egg - laying hens in the main production areas was 16.55 million, a 2% increase from the previous week. The average culling age was 495 days, an increase of 2 days from the previous week [5]. - **Inventory Situation**: As of February 5th, the average weekly inventory in the production link was 1.02 days, an increase of 0.05 days from the previous week; the average weekly inventory in the circulation link was 1.07 days, an increase of 0.02 days from the previous week [5]. - **Profit Situation**: As of February 5th, the average weekly profit per jin of eggs was 0.52 yuan/jin, a decrease of 0.14 yuan/jin from the previous week. On February 6th, the expected profit of egg - laying chicken farming was - 12.65 yuan per chicken, a decrease of 0.37 yuan/jin from the previous week [5]. 3.5 Trading Logic As the Spring Festival approaches and the Spring Festival stocking is almost over, the previous good profit situation has reduced the market's enthusiasm for culling, slowing down the overall capacity reduction. Considering that the egg consumption will enter the off - season after the Spring Festival, although the inventory situation has improved, the recent good egg price has weakened the overall capacity reduction. So, it is recommended to consider shorting the June contract on rallies [6]. 3.6 Trading Strategy - **Single - side Trading**: Consider shorting the June contract on rallies [7]. - **Arbitrage**: It is recommended to wait and see [7]. - **Options**: It is recommended to wait and see [7].

Investment Ratings - The report maintains an investment rating of "Buy-A" for Haida Group (002311.SZ) and "Buy-B" for Shengnong Development (002299.SZ) and Wen's Shares (300498.SZ) [2] Core Insights - The pig prices are expected to face downward pressure after the peak season, with self-breeding pig farming profits currently in the negative [4] - The feed industry is undergoing accelerated consolidation, with market share shifting towards leading companies with R&D advantages and scale [4] - The report highlights opportunities for Haida Group due to its efficient internal management and strong service advantages in the industry chain [4] - The report suggests that the pig farming industry may experience a significant capacity reduction in 2026, which could improve the fundamentals and valuations of the sector [5] - The pet food sector is expected to continue growing, with a shift in competition from marketing to R&D and supply chain management [6] Summary by Sections 1. Industry Performance - The agricultural sector saw a decline of 1.92% in the week of February 2-8, 2026, with the food and feed additives, meat chicken farming, and pig farming sectors performing relatively well [3][13] 2. Pig Farming - As of February 6, 2026, the average prices for external three-way cross pigs in Sichuan, Guangdong, and Henan were 11.65, 11.96, and 12.38 CNY/kg, respectively, showing a week-on-week decline of 4.12%, 1.64%, and 1.98% [4][22] - The average pork price was 18.34 CNY/kg, down 1.45% from the previous week [4][22] - Self-breeding pig farming profits were reported at -38.09 CNY/head, a decrease of 63.19 CNY/head from the previous week [4][22] 3. Poultry Farming - The price of white feather chickens was reported at 7.53 CNY/kg, down 2.71% week-on-week, with a loss of 0.26 CNY per chicken [37] 4. Feed Processing - The average price of feed for fattening pigs remained stable at 3.37 CNY/kg as of January 29, 2026 [41] 5. Aquaculture - As of February 6, 2026, the price of sea cucumbers was 120 CNY/kg, and the price of shrimp was 320 CNY/kg, both remaining stable [47] 6. Crop and Oilseed Processing - As of February 6, 2026, corn was priced at 2368.43 CNY/ton, with a slight decrease of 0.33% week-on-week, while soybean prices remained stable at 4072.11 CNY/ton [56][57]

Group 1: Investment Rating - No investment rating for the industry is provided in the report. Group 2: Core Views - The Spring Festival stocking is almost over. Due to the good profit situation, the market's enthusiasm for culling has decreased, slowing down the overall capacity reduction. Considering that the egg consumption will enter the off - season after the Spring Festival, although the inventory situation has improved, the overall reduction has weakened recently due to the good egg price performance. It is advisable to consider shorting the June contract on rallies [7]. Group 3: Summary by Directory 1. Futures and Spot Market - **Futures Market**: JD01 closed at 3790, up 20 from the previous day; JD05 closed at 3392, down 32; JD09 closed at 3875, down 4. The 01 - 05 spread was 398, up 52; the 05 - 09 spread was - 483, down 28; the 09 - 01 spread was 85, down 24. The ratios of 01, 05, and 09 eggs to corn and soybeans also had corresponding changes [2]. - **Spot Market**: The average price in the main producing areas was 3.3 yuan/jin, down 0.01 yuan/jin from the previous day, and the average price in the main selling areas was 3.54 yuan/jin, unchanged from the previous day. The prices of eggs and culled chickens in most regions remained stable, with only a few regions showing price fluctuations [2][4]. - **Profit Calculation**: The average price of culled chickens was 4.38 yuan/jin, unchanged; the average price of chicks was 3.21 yuan, up 0.04 yuan; the profit per chicken was 12.72 yuan, up 0.34 yuan. The average price of corn was 2369, up 1; the average price of soybean meal was 3174, unchanged; the compound feed for laying hens was 2.61, unchanged [2]. 2. Fundamental Information - **Egg Price and Sales**: The national mainstream egg price remained stable, and the sales volume in the representative selling areas as of February 5 was 7210 tons, down 2.3% from the previous week, but still at a relatively high level in the same period of previous years [4][5]. - **Laying Hen Inventory**: The national inventory of laying hens in January was 1.344 billion, a decrease of 80 million from the previous month, a year - on - year increase of 5%, and lower than expected. The monthly output of chicks in January was 43.22 million, a month - on - month increase of 9% and little change year - on - year [4]. - **Culled Chicken Situation**: The number of culled chickens in the main producing areas in the week of February 6 was 16.55 million, a 2% increase from the previous week, and the average culling age was 495 days, a 2 - day increase from the previous week [5]. - **Profit and Inventory**: As of February 5, the weekly average profit per jin of eggs was 0.52 yuan/jin, a decrease of 0.14 yuan/jin from the previous week; on February 6, the expected profit of laying hen farming was - 12.65 yuan/chicken, a decrease of 0.37 yuan/jin from the previous week. The production and circulation inventories also increased slightly [5]. 3. Trading Logic - Near the Spring Festival, the Spring Festival stocking is coming to an end. Due to the good profit, the culling enthusiasm has decreased, and the overall capacity reduction has slowed down. Considering the off - season of egg consumption after the Spring Festival, although the inventory has improved, the overall reduction has weakened due to the good egg price. So, it is advisable to consider shorting the June contract on rallies [7]. 4. Trading Strategies - **Single - side**: Consider shorting the June contract on rallies [8]. - **Arbitrage**: It is recommended to wait and see [8]. - **Options**: It is recommended to wait and see [8].

Group 1: Investment Rating - No relevant information provided Group 2: Core Views - Near the Spring Festival, the overall demand for egg spot has been good recently, with spot prices rising. The profit situation is favorable, leading to a decrease in market culling enthusiasm. Considering that the egg consumption off - season starts after the Spring Festival, although the inventory situation has improved, the overall reduction has weakened recently due to the good egg price performance. Therefore, it is advisable to consider shorting the June contract on rallies [8] Group 3: Summary by Directory 1. Futures and Spot Market - **Futures Market**: JD01 closed at 3600, unchanged from the previous day; JD05 closed at 3475, down 52 from the previous day; JD09 closed at 3850, down 64 from the previous day. The 01 - 05 spread was 125, up 52; the 05 - 09 spread was - 375, up 12; the 09 - 01 spread was 250, down 64. The ratios of 01, 05, and 09 eggs to corn and soybeans also had corresponding changes [2] - **Spot Market**: The average price of eggs in the main production areas was 3.88 yuan/jin, up 0.07 yuan/jin from the previous day, and the average price in the main sales areas was 4.15 yuan/jin, up 0.04 yuan/jin from the previous day. The average price of culled chickens was 4.65 yuan/jin, up 0.02 yuan/jin from the previous day [2] 2. Fundamental Information - **Price Trends**: The national mainstream egg prices mostly continued to rise. Prices in Beijing, Northeast China, Shandong, Henan and other regions increased. Egg prices continued to fluctuate and consolidate, with normal sales [4] - **Inventory and Production Data**: In December, the national laying - hen inventory was 1.344 billion, a decrease of 80 million from the previous month, a year - on - year increase of 5%, and lower than expected. The monthly output of laying - hen chicks in the sample enterprises monitored by Zhuochuang Information in December was about 39.59 million, with little change month - on - month and a year - on - year decrease of 13.9% [5] - **Culling Data**: From January 16th, the weekly culling volume of laying hens in the main production areas was 17.33 million, with little change from the previous week. The average culling age of culled chickens was 485 days, an increase of 1 day from the previous week [5] - **Sales Data**: As of January 16th, the weekly egg sales volume in the representative sales areas was 7391 tons, a decrease of 2.6% from the previous week, at a historical low [5] - **Profit and Inventory Data**: As of January 15th, the weekly average profit per jin of eggs was 0.13 yuan/jin, an increase of 0.26 from the previous week. On January 9th, the expected profit of laying - hen farming was - 14.14 yuan/feather, a decrease of 0.41 yuan/jin from the previous week. The average weekly inventory in the production link was 0.97 days, slightly decreasing from the previous week, and the average weekly inventory in the circulation link was 1.05 days, also slightly decreasing from the previous week [6] 3. Trading Logic - Near the Spring Festival, the overall demand for egg spot is good, with rising prices and favorable profits. The culling enthusiasm has decreased. The weekly culling volume of laying hens in the main production areas from January 23rd was 16.27 million, a decrease of 5% from the previous week, and the average culling age was 490 days, an increase of 5 days from the previous week. Considering the post - Spring Festival consumption off - season, it is advisable to short the June contract on rallies [8] 4. Trading Strategies - **Single - side**: Consider shorting the June contract on rallies [9] - **Arbitrage**: It is recommended to wait and see [9] - **Options**: It is recommended to wait and see [10]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core View - The recent increase in egg prices is mainly due to the significant rise in spot prices, with the approaching Spring Festival leading to a faster overall market sales situation. The current egg production is starting to reduce capacity, and it is expected that the production capacity will likely continue to decline in the next few months. However, the upward space of the 03 contract is relatively limited as it is a post - Spring Festival contract with weak demand and low egg prices after the Spring Festival [8]. Group 3: Summary by Directory I. Fundamental Information - **Price Changes**: The average price of eggs in the main producing areas today is 3.67 yuan/jin, up 0.1 yuan/jin from the previous trading day, and the average price in the main selling areas is 3.91 yuan/jin, up 0.13 yuan/jin. The national mainstream egg prices are mostly stable today, with some regions showing price increases or remaining unchanged [2][4]. - **Inventory Status**: In December, the national inventory of laying hens in production was 1.344 billion, a decrease of 80 million from the previous month, an increase of 5% year - on - year, and lower than expected. The monthly output of laying hen chicks in the sample enterprises monitored by Zhuochuang Information in December was about 39.59 million, with little change month - on - month and a year - on - year decrease of 13.9% [5]. - **Slaughter and Sales Volume**: From January 16th to the end of the week, the number of laying hens slaughtered in the main producing areas was 17.33 million, with little change from the previous week. The average slaughter age of laying hens in the week of January 16th was 485 days, an increase of 1 day from the previous week. As of the week of January 8th, the sales volume of eggs in the representative selling areas was 7391 tons, a decrease of 2.6% from the previous week, at a low level over the years [5]. - **Profit Situation**: As of January 15th, the weekly average profit per jin of eggs was 0.13 yuan/jin, an increase of 0.26 yuan/jin from the previous week. On January 9th, the expected profit of laying hen farming was - 14.14 yuan/feather, a decrease of 0.41 yuan/jin from the previous week [6]. - **Inventory Days**: As of the week of January 15th, the average weekly inventory in the production link was 0.97 days, slightly decreasing from the previous week, and the average weekly inventory in the circulation link was 1.05 days, also slightly decreasing from the previous week [6]. - **Slaughter Chicken Price**: Today, the price of slaughter chickens nationwide increased, with the average price in the main producing areas at 4.45 yuan/jin, an increase of 0.08 yuan/jin from the previous trading day [7]. II. Trading Logic - The strong performance of spot prices provides some support for the futures market. The current reduction in egg production capacity and the approaching Spring Festival are factors contributing to the price increase. However, due to the weak demand for eggs after the Spring Festival, the upward space of the 03 contract is relatively limited [8]. III. Trading Strategy - **Single - side**: Consider building long positions in the 5 - month far - month contract at low prices [9]. - **Arbitrage**: It is recommended to wait and see [9]. - **Options**: It is recommended to wait and see [9].