Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Short - term, due to the continuous rise in inventory, egg prices face downward pressure and will maintain a weak trend [3]. - Medium - term, the combination of concentrated culling and the Mid - Autumn Festival consumption peak may drive a phased rebound in spot prices from August to September, but the rebound high depends on the culling rhythm, and currently the culling is less than expected, so the high should not be overly optimistic [3]. 3. Summary by Related Catalogs Futures Performance - The main contract of egg futures dropped sharply today. As of the time of writing, the 2509 contract fell to 3409 yuan/500 kg, a decline of 2.71% [3]. Spot Performance - Recently, the social inventory level has been continuously rising, and the weak egg price trend over the weekend continued. On August 3, the spot price of Guantao powder eggs was 2.84 yuan/jin, down 0.12 yuan/jin from last Friday [3]. - According to Zhuochuang Information, the national laying - hen inventory in July was about 1.356 billion, with a month - on - month increase of 1.19% and a year - on - year increase of 6.19%. The theoretical estimated laying - hen inventory in August is 1.363 billion, with a month - on - month increase of 0.52% [3]. Analysis Logic - Short - term, the continuous rise in inventory leads to downward pressure on egg prices, and the prices will run weakly [3]. - Medium - term, concentrated culling and the Mid - Autumn Festival consumption peak may drive a phased rebound in spot prices from August to September, and the rebound high depends on the culling rhythm, with the current culling being less than expected [3]. Operation Suggestions - Last week, it was continuously suggested to maintain a high - short trading idea for the 2509 and 2510 contracts, and the trading strategy has been verified by the market. Currently, it is recommended to hold short positions cautiously. The lower support for the 2509 contract is temporarily at 3390 - 3400, and for the 2510 contract, it is at 3230 - 3240. If the support is effective, partial profit - taking can be considered [3].