Report Summary 1. Report's Industry Investment Rating - Not provided in the given content 2. Report's Core View - The expectation of the off - season after the festival for eggs remains unchanged [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data** - Egg 2602 contract: The closing price is 3,033 yuan/500 kilograms, with a daily decline of 1.04%. The trading volume decreased by 1,215, and the open interest decreased by 2,463 [1] - Egg 2603 contract: The closing price is 3,048 yuan/500 kilograms, with a daily decline of 0.59%. The trading volume decreased by 88,282, and the open interest decreased by 7,933 [1] - **Spread Data** - Egg 2 - 3 spread: The latest value is - 15, compared to 3 on the previous day [1] - Egg 3 - 9 spread: The latest value is - 831, compared to - 803 on the previous day [1] - **Spot Price Data** - Liaoning spot price: The latest is 4.00 yuan/jin, compared to 3.90 yuan/jin on the previous day [1] - Hebei spot price: The latest is 3.62 yuan/jin, compared to 3.51 yuan/jin on the previous day [1] - Shanxi spot price: The latest is 4.00 yuan/jin, the same as the previous day [1] - Hubei spot price: The latest is 4.00 yuan/jin, compared to 3.93 yuan/jin on the previous day [1] - **Industrial Chain Data** - Corn spot price: The latest is 2,377 yuan/ton, compared to 2,379 yuan/ton on the previous day [1] - Soybean meal spot price: The latest is 3,120 yuan/ton, the same as the previous day [1] - Henan pig price: The latest is 12.98 yuan/kg, compared to 13.18 yuan/kg on the previous day [1] 3.2 Trend Intensity - The trend intensity is 0, with a value range in the [-2, 2] integer interval. The strength levels are classified as weak,偏弱, neutral, 偏强, strong, where -2 means most bearish and 2 means most bullish [2]

Report Industry Investment Rating - No information regarding the report industry investment rating is provided in the given content. Core Viewpoint - The sentiment of the egg market has weakened [1] - The trend strength is 0, indicating a neutral outlook [2] Summary by Related Catalog Fundamental Tracking - **Futures Data**: The closing price of egg2602 is 3,002 yuan/500 kilograms with a daily increase of 0.03%, and the trading volume decreased by 4,107 while the open interest decreased by 1,094. The closing price of egg2603 is 3,027 yuan/500 kilograms with a daily decrease of 0.13%, and the trading volume decreased by 82,684 while the open interest increased by 2,233 [1] - **Spread Data**: The egg2 - 3 spread is -25, unchanged from the previous day, and the egg3 - 9 spread is -894, up from -925 the previous day [1] - **Spot Price Data**: The spot prices in Liaoning, Hebei, and Shanxi remained unchanged at 3.60 yuan/jin, 3.40 yuan/jin, and 3.70 yuan/jin respectively. The Hubei spot price dropped from 3.76 yuan/jin to 3.67 yuan/jin [1] - **Industrial Chain Data**: The corn spot price increased from 2,365 yuan/ton to 2,369 yuan/ton, the soybean meal spot price remained at 3,100 yuan/ton, and the Henan live - hog price dropped from 13.43 yuan/kg to 13.38 yuan/kg [1]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Report's Core View - The report focuses on the egg market, indicating that the spot market is profitable while the sentiment for far - month contracts is weakening [1]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing prices of egg2602 and egg2603 are 2,996 and 3,020 respectively, with daily changes of 0.23 and - 0.33. The trading volume of egg2602 increased by 2,829, and its open interest decreased by 2,887. For egg2603, the trading volume decreased by 7,408, and the open interest increased by 19,367 [1]. - **Spread Data**: The egg 2 - 3 spread is - 24 (previous day: - 44), and the egg 3 - 9 spread is - 942 (previous day: - 939) [1]. - **Spot Price Data**: In the latest day, the spot prices in Liaoning, Hebei, Shanxi, and Hubei are 3.30, 3.11, 3.30, and 3.42 yuan per jin respectively. The corn spot price is 2,354 yuan per ton, the soybean meal spot price is 3,150 yuan per ton, and the Henan pig price is 12.93 yuan per kilogram [1]. 3.2 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].

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Affected by the slow sales of US soybeans and the expected high yield of South American soybeans, the CBOT soybean futures price maintains a volatile adjustment trend. The decline in domestic soybean import costs weakens the oil mills' willingness to support the price of soybean meal. Coupled with the abundant supply of soybean sources and soybean meal in the spot market and the lack of significant increase in downstream demand, the market price of soybean meal may be under pressure. In the short - term, the price of the soybean meal m2601 contract is expected to be mainly in a volatile consolidation [13]. 3. Summary by Relevant Catalog 3.1 Futures Market 3.1.1 Contract Market - On December 2, 2025, the price of the soybean meal m2601 contract showed a narrow - range fluctuation. It opened at 3033 yuan/ton, reached a maximum of 3048 yuan/ton, a minimum of 3029 yuan/ton, and closed at 3045 yuan/ton, up 1 yuan/ton from the previous day, with a reference increase of 0.03%. The daily trading volume was 494,360 lots, and the open interest was 1,164,957 lots [2]. 3.1.2 Variety Price - On the same day, most of the prices of soybean meal futures contracts rose slightly. The total open interest of the variety contracts was 3,785,832 lots, an increase of 25,028 lots compared with the previous trading day [3]. 3.2 Spot Market 3.2.1 Spot Quotation - On December 2, 2025, the spot quotations of soybean meal in some domestic regions fluctuated within a narrow range. For example, the price in Zhangjiagang was 3020 yuan/ton with no change, in Tianjin it was 3080 yuan/ton, down 10 yuan/ton, in Rizhao it was 3020 yuan/ton, up 10 yuan/ton, and in Dongguan it was 3010 yuan/ton with no change [7][8]. 3.2.2 Registered Warehouse Receipts - The registered warehouse receipts of soybean meal remained unchanged. The total number of soybean meal warehouse receipts was 9,450 lots, the same as the previous day [9]. 3.3 Influencing Factors 3.3.1 Industry Information - The import cost of soybeans declined. On December 2, the import cost of US soybeans was 4537 yuan/ton, down 33 yuan/ton from the previous day, ending a three - day increase and falling from a more than one - week high. The import cost of Brazilian soybeans was 3950 yuan/ton, and that of Argentine soybeans was 3917 yuan/ton, down 33 yuan/ton from the previous day [9]. 3.4 Market Outlook - The price of the soybean meal m2601 contract is expected to be mainly in a volatile consolidation in the short - term [13].

Report Core View - The egg market shows a pattern of near - term weakness and long - term strength, with an inverse spread situation [1] Fundamental Tracking Futures Data - The closing price of egg2512 is 2,987 yuan/500 kilograms, with a daily decline of 1.84%, a trading volume change of - 41,269, and an open interest change of - 14,044 [1] - The closing price of egg2601 is 3,499 yuan/500 kilograms, with a daily decline of 0.68%, a trading volume change of 18,793, and an open interest change of 10,793 [1] Spread Data - The egg12 - 1 spread is - 242 (previous day: - 202) [1] - The egg12 - 5 spread is - 512 (previous day: - 444) [1] Spot Price Data - The spot prices in Liaoning, Shanxi are 3.00 yuan/jin, remaining unchanged from the previous day; the spot price in Hebei is 2.69 yuan/jin (previous day: 2.71 yuan/jin); the spot price in Hubei is 3.11 yuan/jin (previous day: 3.18 yuan/jin) [1] Industrial Chain Data - The corn spot price is 2,154 yuan/ton (previous day: 2,176 yuan/ton); the soybean meal spot price is 3,040 yuan/ton (previous day: 3,060 yuan/ton) [1] - The pig price in Henan is 11.68 yuan/kg (previous day: 11.98 yuan/kg) [1] Trend Intensity - The trend intensity is 0, with a neutral view, and the value range is within the [- 2,2] integer interval [1]

Report Summary 1. Report Industry Investment Rating - No investment rating information provided in the report. 2. Core View of the Report - The report focuses on the egg market, indicating it is in an adjustment phase, and provides detailed fundamental and trend - related data [1]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Data**: The closing price of egg2512 is 3,217 yuan/500 kilograms with a daily increase of 1.93, and trading volume increased by 208,649 with an open interest increase of 7,887. The closing price of egg2601 is 3,509 yuan/500 kilograms with a daily increase of 1.23, and trading volume increased by 69,827 with an open interest increase of 6,222 [1]. - **Spread Data**: The egg12 - 1 spread is - 168 (previous day: - 193), and the egg12 - 5 spread is - 292 (previous day: - 348) [1]. - **Spot Price Data**: The spot prices in Liaoning, Hebei, and Shanxi remained unchanged at 2.90 yuan/jin, 2.69 yuan/jin, and 2.80 yuan/jin respectively. The Hubei spot price rose from 3.24 yuan/jin to 3.29 yuan/jin. The corn spot price dropped from 2,176 yuan/ton to 2,154 yuan/ton, and the soybean meal spot price dropped from 3,050 yuan/ton to 3,030 yuan/ton. The Henan pig price dropped from 11.98 yuan/kg to 11.88 yuan/kg [1]. 3.2 Trend Intensity - The trend intensity is 0, with a range of [-2, 2], indicating a neutral view on the market [1].

Report Core View - The report suggests a light - position strategy for eggs during the holiday [1] Fundamental Tracking Futures Data - Egg2510 closed at 2,918, with a daily decline of 1.15%, trading volume decreased by 1,203, and open interest decreased by 18,679 [1] - Egg2601 closed at 3,352, with a daily decline of 0.24%, trading volume increased by 1,842, and open interest decreased by 3,186 [1] Spread Data - The Egg10 - 12 spread was - 262 on the latest day, compared to - 233 the previous day [1] - The Egg10 - 1 spread was - 434 on the latest day, compared to - 414 the previous day [1] Spot Price Data - Liaoning's spot price remained at 3.40 yuan/jin [1] - Hebei's spot price dropped from 3.11 to 3.07 yuan/jin [1] - Shanxi's spot price remained at 3.15 yuan/jin [1] - Hubei's spot price dropped from 3.69 to 3.60 yuan/jin [1] Industry Chain Data - The corn spot price dropped from 2,317 to 2,300 yuan/ton [1] - The soybean meal spot price remained at 2,940 yuan/ton [1] - The Henan pig price dropped from 12.58 to 12.43 yuan/kg [1] Trend Intensity - The trend intensity is 0, indicating a neutral view, with a range of [-2, 2] where -2 is most bearish and 2 is most bullish [1]

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].

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Report's Core View - The report is titled "Eggs: Waiting for the Double Festival Confirmation", but no specific core view is elaborated in the provided content [3]. 3) Summary by Relevant Catalogs **Fundamental Tracking** - **Futures Data**: The closing price of Egg 2510 is 2,957 yuan/500 kilograms, with a daily decline of 0.17%, a trading volume decrease of 12,594, and an open - interest decrease of 6,401. The closing price of Egg 2601 is 3,354 yuan/500 kilograms, with a daily decline of 0.36%, a trading volume decrease of 7,297, and an open - interest increase of 2,124 [2]. - **Spread Data**: The Egg 10 - 12 spread is - 222 (previous day: - 242), and the Egg 10 - 1 spread is - 397 (previous day: - 413) [2]. - **Spot Price Data**: The spot prices of eggs in Liaoning, Hebei, Shanxi, and Hubei are 3.50 yuan/jin, 3.38 yuan/jin, 3.45 yuan/jin, and 3.96 yuan/jin respectively, remaining unchanged from the previous day. The corn spot price is 2,300 yuan/ton (previous day: 2,317 yuan/ton), the soybean meal spot price is 2,900 yuan/ton (previous day: 2,920 yuan/ton), and the pig price in Henan is 12.68 yuan/kg, remaining unchanged [2]. **Trend Intensity** - The trend intensity is 0, with a value range of [-2, 2]. -2 represents the most bearish view, and 2 represents the most bullish view [2].

Report Summary 1) Report Industry Investment Rating - No information provided about the industry investment rating. 2) Report's Core View - The egg market is experiencing a situation where the peak season is not prosperous [1]. 3) Summary by Relevant Catalogs Fundamental Tracking - **Futures Data**: The closing price of egg2510 is 2,949 yuan/500 kilograms, with a daily decline of 1.80%, a trading volume change of -21,136, and an open interest change of -9,742. The closing price of egg2601 is 3,362 yuan/500 kilograms, with a daily decline of 0.56%, a trading volume change of -9,578, and an open interest change of -569 [1]. - **Spread Data**: The egg 10 - 12 spread is -242, and the egg 10 - 1 spread is -413, showing a decrease compared to the previous day [1]. - **Spot Price Data**: The spot prices of eggs in Liaoning, Hebei, Shanxi, and Hubei are 3.50 yuan/jin, 3.38 yuan/jin, 3.45 yuan/jin, and 3.96 yuan/jin respectively, remaining unchanged from the previous day. The corn spot price is 2,300 yuan/ton, a decrease from the previous day's 2,317 yuan/ton. The soybean meal spot price is 2,920 yuan/ton, a decrease from the previous day's 2,950 yuan/ton. The pig price in Henan is 12.68 yuan/kg, a slight decrease from the previous day's 12.73 yuan/kg [1]. Trend Intensity - The trend intensity is 0, indicating a neutral view. The range of trend intensity is from -2 to 2, with -2 being the most bearish and 2 being the most bullish [1].