1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The inventory on the supply side is high, the elimination of old laying hens is slow, and the overall supply is sufficient. The demand side is in the off - season after the festival. After the Lantern Festival stocking, the terminal consumption is weak, the sales are average, and the spot price maintains a low - level shock. However, with the resumption of work and production of enterprises, the market sales have improved slightly, the feed cost is relatively stable, and the breeding is mostly in a state of breaking even or small profit. The market sentiment is highly divided. From the perspective of the futures market, boosted by the general rise of commodities, the egg futures hit a high and then fell back today, and generally continued to close higher, but the pressure of high inventory still exists, and short - term participation is recommended [2] 3. Summary by Directory 3.1 Futures Market - The closing price of the active egg futures contract is 3427 yuan/500 kilograms, with a decrease of 7226 compared to the previous period. The net long position of the top 20 futures holders is - 9010 hands. The monthly spread between May and September contracts is - 425 yuan/500 kilograms. The trading volume of the active contract is 156507 hands, a decrease of 19256 hands. The registered warehouse receipt volume is 2 hands [2] 3.2 Spot Market - The spot price of eggs is 3.08 yuan/jin, and the basis (spot - futures) is - 349 yuan/500 kilograms, with a week - on - week increase of 69 [2] 3.3 Upstream Situation - The national laying hen inventory index is 109.28 (with 2015 = 100), a decrease of 2.75. The national elimination laying hen index is 124.98 (with 2015 = 100), an increase of 23.8. The average price of laying hen chicks in the main production areas is 3.5 yuan/feather, an increase of 0.2. The national new - born chick index is 71.99 (with 2015 = 100), a decrease of 21.63. The average price of laying hen compound feed is 2.8 yuan/kg, with no change. The breeding profit of laying hens is - 0.35 yuan/hen, an increase of 0.14. The average price of eliminated hens in the main production areas is 9.88 yuan/kg, an increase of 1.02. The average age of eliminated hens in the country is 500 days, with no change [2] 3.4 Industry Situation - The average wholesale price of 28 key - monitored vegetables is 17.06 yuan/kg, an increase of 0.04. The average wholesale price of pork is 5.02 yuan/kg, a decrease of 0.08. The average wholesale price of white - striped chickens is 17.46 yuan/kg, a decrease of 0.28. The weekly inventory in the circulation link is 1.18 days, a decrease of 0.08. The weekly inventory in the production link is 1.29 days, an increase of 0.05. The monthly export volume of fresh eggs is 14898.72 tons, an increase of 1853.2 tons [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales areas is 4278 tons, a decrease of 2112 tons [2] 3.6 Industry News - Today, the average price of eggs in Shandong, the main production area, is 6.14 yuan/kg, an increase of 0.20 compared to yesterday; the average price of eggs in Hebei is 5.79 yuan/kg, an increase of 0.14; the average price of eggs in Guangdong is 6.67 yuan/kg, an increase of 0.20; the average price of eggs in Beijing is 6.20 yuan/kg, an increase of 0.10 [2]

Report Industry Investment Rating - Not provided Core Viewpoints - The supply side has high inventory and slow old - hen culling, with overall sufficient supply. The demand side is in the post - holiday off - season. After the Lantern Festival stocking, terminal consumption is weak, and spot prices remain in low - level fluctuations. However, with the resumption of work and production of enterprises, market sales have slightly improved, and feed costs are relatively stable. Most farmers are at the break - even or slightly profitable state, leading to significant differences in market sentiment. On the futures side, the culling of old hens slowed down significantly in February. Under the high inventory, futures prices have been generally weak and fluctuating after the festival, and short - term participation is recommended [2] Summary by Relevant Catalogs Futures Market - The futures closing price of the active egg contract is 3209 yuan/500 kilograms, with a week - on - week increase of 12; the net long position of the top 20 futures holders is - 2276 hands, with a week - on - week increase of 3147; the egg futures spread between May and September is - 415 yuan/500 kilograms, with a week - on - week increase of 19; the futures trading volume of the active contract is 97607 hands, with a week - on - week decrease of 11990; the registered warehouse receipt volume is 2 hands, with a week - on - week decrease of 28 [2] 现货市场 - The spot price of eggs is 2.98 yuan/jin, with a week - on - week decrease of 0.08; the basis (spot - futures) is - 234 yuan/500 kilograms, with a week - on - week decrease of 95 [2] Upstream Situation - The national laying - hen inventory index is 109.28 (with 2015 = 100), with a month - on - month decrease of 2.75; the national culled laying - hen index is 124.98 (with 2015 = 100), with a month - on - month increase of 23.8; the average price of laying - hen chicks in the main production areas is 3.3 yuan/chick, with a week - on - week increase of 0.1; the national new - chick index is 71.99 (with 2015 = 100), with a month - on - month decrease of 21.63; the average price of laying - hen compound feed is 2.8 yuan/kg, with no week - on - week change; the breeding profit of laying hens is - 0.49 yuan/hen, with a week - on - week decrease of 0.4; the average price of culled hens in the main production areas is 8.86 yuan/kg, with no week - on - week change; the national average age of culled hens is 500 days, with no month - on - month change [2] Industry Situation - The average wholesale price of pork is 17.2 yuan/kg, with a week - on - week decrease of 0.02; the average wholesale price of 28 key - monitored vegetables is 5.13 yuan/kg, with a week - on - week decrease of 0.04; the average wholesale price of dressed chickens is 17.29 yuan/kg, with a week - on - week decrease of 0.2; the weekly inventory in the circulation link is 1.18 days, with a week - on - week decrease of 0.08; the weekly inventory in the production link is 1.29 days, with a week - on - week increase of 0.05; the monthly export volume of fresh eggs is 14898.72 tons, with a month - on - month increase of 1853.2 [2] Downstream Situation - The weekly consumption of eggs in the sales areas is 4278 tons, with a week - on - week decrease of 2112 [2] Industry News - Today, the average price of eggs in Shandong, the main production area, is 5.94 yuan/kg, a decrease of 0.17 from yesterday; the average price in Hebei is 5.70 yuan/kg, a decrease of 0.15 from yesterday; the average price in Guangdong is 6.27 yuan/kg, the same as yesterday; the average price in Beijing is 6.20 yuan/kg, a decrease of 0.12 from yesterday [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The holiday production capacity has been continuously released, resulting in a certain inventory in the production areas. The market is under significant pressure, and the post - holiday opening prices in various places have dropped by about 0.5 yuan per catty compared to before the holiday. With the resumption of work in enterprises, the market sales have slightly improved, but due to inventory pressure, traders are still mainly focused on clearing inventory. The laying - hen inventory is still at the highest level in the same period, and the supply - side pressure remains high, which still has a certain impact on the spot egg price in the short term. From a market perspective, the futures price generally remains volatile, and short - term participation is recommended [2] 3. Summary of Each Section 3.1 Futures Market - The futures closing price of eggs (active contract) is 3197 yuan per 500 kilograms, a decrease of 45 yuan. The net long position of the top 20 futures holders is - 5423 hands, a decrease of 5340 hands. The monthly spread of egg futures (5 - 9) is - 434 yuan per 500 kilograms, a decrease of 32 yuan. The futures trading volume of the active contract is 109,597 hands, a decrease of 12,816 hands. The registered warehouse receipt volume is 30 hands, an increase of 2 hands [2] 3.2 Spot Market - The spot price of eggs is 3.06 yuan per catty, a decrease of 0.01 yuan. The basis (spot - futures) is - 139 yuan per 500 kilograms, an increase of 31 yuan [2] 3.3 Upstream Situation - The national laying - hen inventory index is 109.28 (2015 = 100), a decrease of 2.75; the national culled laying - hen index is 124.98 (2015 = 100), an increase of 23.8. The average price of laying - hen chicks in the main production areas is 3.3 yuan per chick, an increase of 0.1 yuan. The national new - chick index is 71.99 (2015 = 100), a decrease of 21.63. The average price of laying - hen feed is 2.8 yuan per kilogram, unchanged. The breeding profit of laying hens is - 0.49 yuan per hen, a decrease of 0.4 yuan. The average price of culled chickens in the main production areas is 8.86 yuan per kilogram, unchanged. The average age of culled chickens nationwide is 500 days, unchanged [2] 3.4 Industry Situation - The average wholesale price of pork is 17.22 yuan per kilogram, an increase of 0.02 yuan; the average wholesale price of 28 key - monitored vegetables is 5.17 yuan per kilogram, an increase of 0.02 yuan; the average wholesale price of dressed chickens is 17.49 yuan per kilogram, a decrease of 0.06 yuan. The weekly inventory in the circulation link is 1.18 days, a decrease of 0.08 days; the weekly inventory in the production link is 1.29 days, an increase of 0.05 days. The monthly export volume of fresh eggs is 14,898.72 tons, an increase of 1,853.2 tons [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales areas is 4,278 tons, a decrease of 2,112 tons [2] 3.6 Industry News - Today, the average price of eggs in Shandong, the main production area, is 6.11 yuan per kilogram, unchanged from yesterday; the average price in Hebei is 5.87 yuan per kilogram, a decrease of 0.03 yuan from yesterday; the average price in Guangdong is 6.27 yuan per kilogram, a decrease of 0.20 yuan from yesterday; the average price in Beijing is 6.32 yuan per kilogram, unchanged from yesterday [2] 3.7 Key Focus - There is no news today [2]

Report Summary 1) Report Industry Investment Rating - The report suggests a light - position trial of going long on the far - month contracts of eggs [2] 2) Core View - The market is in a game between weak reality and strong expectations. In the short term, near - month contracts may be in a state of wide - range low - level oscillation, while far - month contracts are expected to perform better than near - month ones due to the expected decline in production capacity [2] 3) Summary by Relevant Catalogs Futures Market - The futures closing price (active contract) of eggs is 2992 yuan/500 kilograms, with the net long position of the top 20 futures holders decreasing by 7280 hands to - 45397 hands. The egg futures monthly spread (5 - 9) is - 459 yuan/500 kilograms, and the futures trading volume (active contract) increases by 113657 hands to 219525 hands. The registered warehouse receipt volume is 0 [2] Spot Market - The egg spot price is 3.1 yuan/jin, and the basis (spot - futures) is 113 yuan/500 kilograms, down 30 yuan/500 kilograms [2] Upstream Situation - The laying hen inventory index nationwide is 112.03 (2015 = 100), down 2.21; the eliminated laying hen index is 101.18 (2015 = 100), down 13.26. The average price of laying hen chicks in the main production areas is 2.8 yuan/feather, and the new chick index nationwide is 93.62 (2015 = 100), up 26.53. The average price of laying hen compound feed is 2.8 yuan/kg, and the laying hen breeding profit is - 0.39 yuan/hen, up 0.08 yuan/hen. The average price of eliminated chickens in the main production areas is 7.9 yuan/kg, up 0.16 yuan/kg, and the age of eliminated chickens nationwide is 500 days, down 10 days [2] Industry Situation - The average wholesale price of 28 key - monitored vegetables is 17.96 yuan/kg, up 0.2 yuan/kg; the average wholesale price of pork is 5.65 yuan/kg, up 0.04 yuan/kg; the average wholesale price of white - striped chickens is 17.8 yuan/kg, up 0.26 yuan/kg. The weekly inventory in the circulation link is 1.21 days, up 0.09 days; the weekly inventory in the production link is 1.09 days, up 0.09 days. The monthly export volume of fresh eggs is 13394.53 tons, up 178.74 tons [2] Downstream Situation - The weekly consumption of eggs in the sales areas is 7147 tons [2] Industry News - The average price of eggs in Shandong's main production area is 6.12 yuan/kg, unchanged from yesterday; in Hebei, it is 5.66 yuan/kg, up 0.06 yuan/kg from yesterday; in Guangdong, it is 6.73 yuan/kg, unchanged from yesterday; in Beijing, it is 6.16 yuan/kg, unchanged from yesterday. The continuous losses of the breeding end have led to a decline in the enthusiasm for replenishment and an increase in the elimination of old chickens. The laying hen inventory has slightly decreased, and the market atmosphere has slightly improved [2] Viewpoint Summary - The spot price remains low, and the breeding end is still in a loss state. The market's enthusiasm for replenishment is poor, which is beneficial to the forward price. However, the current inventory of laying hens in production is still at a high level, and the enthusiasm for eliminating old chickens has slightly slowed down recently. High production capacity still restricts the performance of the near - month market price. Overall, the market is in a game between weak reality and strong expectations [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The market is in a game between weak reality and strong expectations. The spot price remains low, the breeding end is still at a loss, and the market's enthusiasm for replenishment is poor, which is beneficial to the forward price. However, the in - production inventory of laying hens is still at a high level, and there is no excessive culling of old hens. High production capacity still restricts the performance of the near - month market price. In the short term, the near - month contract may be in a wide - range shock state, and it is advisable to try to go long on the far - month contract with a light position [2] 3. Summary According to Relevant Catalogs Futures Market - The closing price of the active egg futures contract is 3124 yuan/500 kilograms, a decrease of 29 yuan; the net long position of the top 20 futures holders is - 31630 hands, a decrease of 7028 hands; the monthly spread between January and May contracts is - 457 yuan/500 kilograms, an increase of 27 yuan; the trading volume of the active futures contract is 132996 hands, a decrease of 13490 hands; the registered warehouse receipt volume is 0 hands [2] Spot Market - The spot price of eggs is 3.06 yuan/jin, an increase of 0.02 yuan; the basis (spot - futures) is - 62 yuan/500 kilograms, an increase of 48 yuan [2] Upstream Situation - The national laying - hen inventory index is 114.24 (2015 = 100), a decrease of 1.02; the national culled laying - hen index is 114.44 (2015 = 100), a decrease of 10.19; the average price of laying - hen chicks in the main production areas is 2.85 yuan/feather, an increase of 0.15 yuan; the national new - chick index is 67.09 (2015 = 100), a decrease of 9.56; the average price of laying - hen compound feed is 2.76 yuan/kg, unchanged; the breeding profit of laying hens is - 0.3 yuan/hen, an increase of 0.11 yuan; the average price of culled hens in the main production areas is 7.72 yuan/kg, an increase of 0.12 yuan; the national culling age of hens is 510 days, an increase of 3 days [2] Industry Situation - The average wholesale price of pork is 17.57 yuan/kg, a decrease of 0.09 yuan; the average wholesale price of 28 key - monitored vegetables is 5.91 yuan/kg, a decrease of 0.01 yuan; the average wholesale price of white - striped chickens is 17.94 yuan/kg, an increase of 0.68 yuan; the weekly inventory in the circulation link is 1.14 days, an increase of 0.07 days; the weekly inventory in the production link is 1.06 days, an increase of 0.04 days; the monthly export volume of fresh eggs is 13394.53 tons, an increase of 178.74 tons [2] Downstream Situation - The weekly consumption of eggs in the sales area is 7115 tons, a decrease of 296 tons [2] Industry News - Today, the average price of eggs in Shandong, the main production area, is 6.18 yuan/kg, an increase of 0.03 yuan compared with yesterday; the average price of eggs in Hebei is 5.69 yuan/kg, unchanged from yesterday; the average price of eggs in Guangdong is 6.53 yuan/kg, unchanged from yesterday; the average price of eggs in Beijing is 6.30 yuan/kg, unchanged from yesterday. The continuous losses at the breeding end have led to a decline in the enthusiasm for replenishment and an increase in the culling volume of old hens. The inventory of laying hens has declined slightly, and the market atmosphere has improved slightly [2]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints - The market is in a game between weak reality and strong expectations. The short - term near - month contracts may be in a wide - range oscillation state. Spot prices remain low, the breeding end is still in a loss state, and the market's enthusiasm for replenishment is poor, which is beneficial to forward prices. However, the in - production inventory of laying hens is still at a high level, and there is no excessive culling of old hens, and high production capacity still restricts market price performance [2] Group 3: Summary by Relevant Catalogs Futures Market - The futures closing price (active contract) of eggs is 3201 yuan/500 kilograms, with a decrease of 92 compared to the previous period; the net long position of the top 20 futures holders of eggs is - 34306 hands, with a decrease of 12799 hands; the monthly spread (1 - 5) of egg futures is - 392 yuan/500 kilograms, with a decrease of 77; the futures holding volume (active contract) of eggs is 170082 hands, with a decrease of 566 hands; the registered warehouse receipt volume of eggs is 0 hands [2] Spot Market - The spot price of eggs is 3.12 yuan/jin, with an increase of 0.07; the basis (spot - futures) is - 82 yuan/500 kilograms, with an increase of 166 [2] Upstream Situation - The national laying hen inventory index is 114.24 (2015 = 100), with a decrease of 1.02; the national culled laying hen index is 114.44 (2015 = 100), with a decrease of 10.19; the average price of layer chicks in the main producing areas is 2.7 yuan/feather, with no change; the national new - born chick index is 67.09 (2015 = 100), with a decrease of 9.56; the average price of layer compound feed is 2.76 yuan/kg, with no change; the breeding profit of layer hens is - 0.41 yuan/feather, with an increase of 0.05; the average price of culled chickens in the main producing areas is 7.6 yuan/kg, with a decrease of 0.16; the national culling age of chickens is 510 days, with an increase of 3 days [2] Industry Situation - The average wholesale price of 28 key - monitored vegetables is 17.8 yuan/kg, with a decrease of 0.03; the average wholesale price of pork is 5.86 yuan/kg, with an increase of 0.07; the average wholesale price of white - striped chickens is 17.89 yuan/kg, with an increase of 0.32; the weekly inventory in the circulation link is 1.2 days, with an increase of 0.15; the weekly inventory in the production link is 1.1 days, with an increase of 0.09; the monthly export volume of fresh eggs is 13394.53 tons, with an increase of 178.74 tons [2] Downstream Situation - The weekly consumption volume of eggs in the sales area is 7472 tons, with an increase of 88.6 tons [2] Industry News - Today, the average price of eggs in Shandong, the main producing area, is 6.29 yuan/kg, up 0.20 from yesterday; in Hebei, it is 5.81 yuan/kg, up 0.18 from yesterday; in Guangdong, it is 6.73 yuan/kg, the same as yesterday; in Beijing, it is 6.40 yuan/kg, up 0.24 from yesterday. The continuous losses at the breeding end have led to a decline in the enthusiasm for replenishment and an increase in the culling volume of old hens, resulting in a slight decline in the laying hen inventory and a slight improvement in the market atmosphere [2]

Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View The report indicates that the continuous losses in the breeding segment have led to a decline in the enthusiasm for restocking and an increase in the culling of old hens, resulting in a slight drop in the laying - hen inventory and a slightly improved market atmosphere. However, the in - production laying - hen inventory remains at a high level, and there is no excessive culling of old hens. High production capacity is still the main concern in the market. Overall, the market is in a state of game between weak reality and strong expectations. From a market perspective, the egg futures price has rebounded from a low level recently, but the high - production - capacity pressure still exists, which may limit its rebound space, and it may be in a wide - range oscillation state in the short term [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the active egg futures contract is 3063 yuan/500 kilograms, down 89 yuan; the net long position of the top 20 futures holdings is - 14372 lots, up 1381 lots; the egg futures monthly spread (1 - 5) is - 221 yuan/500 kilograms, down 17 yuan; the futures holding volume of the active contract is 105412 lots, down 13875 lots; the registered warehouse receipt volume is 29 lots, down 6 lots [2]. 现货市场 - The egg spot price is 3.05 yuan/jin, down 0.01 yuan; the basis (spot - futures) is - 12 yuan/500 kilograms, up 75 yuan [2]. Upstream Situation - The national laying - hen inventory index is 115.26 (2015 = 100), up 0.86; the national culled laying - hen index is 124.63 (2015 = 100), up 31.02; the average price of layer chicks in the main production areas is 2.8 yuan/feather, unchanged; the national new - chick index is 76.65 (2015 = 100), up 3.3; the average price of layer compound feed is 2.76 yuan/kg, unchanged; the breeding profit of layer hens is - 0.47 yuan/hen, down 0.05 yuan; the average price of culled hens in the main production areas is 8.06 yuan/kg, down 0.16 yuan; the national culling age of hens is 507 days, down 3 days [2]. Industry Situation - The average wholesale price of pork is 17.89 yuan/kg, down 0.22 yuan; the average wholesale price of 28 key - monitored vegetables is 5.77 yuan/kg, up 0.01 yuan; the average wholesale price of dressed chickens is 17.71 yuan/kg, down 0.05 yuan; the weekly inventory in the circulation link is 1.06 days, down 0.04 days; the weekly inventory in the production link is 1.02 days, down 0.02 days; the monthly export volume of fresh eggs is 13215.79 tons, up 94.76 tons [2]. Downstream Situation - The weekly consumption of eggs in the sales areas is 7300 tons, down 358 tons [2]. Industry News - The average price of eggs in Shandong, the main production area, is 5.97 yuan/kg, unchanged from yesterday; in Hebei, it is 5.61 yuan/kg, unchanged; in Guangdong, it is 6.93 yuan/kg, unchanged; in Beijing, it is 6.00 yuan/kg, unchanged [2].

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The egg futures price has rebounded from a low level recently, but the high production capacity pressure still exists, which may limit its rebound space. Investors are advised to be cautious when chasing up [2] Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the active egg futures contract is 3,176 yuan per 500 kilograms, down 43 yuan; the net long position of the top 20 futures holders is -8,857 lots, down 1,704 lots [2] - The monthly spread between January and May contracts of egg futures is -122 yuan per 500 kilograms, down 25 yuan; the trading volume of the active egg futures contract is 136,359 lots, down 11,884 lots [2] - The registered warehouse receipt volume of eggs is 19 lots, up 13 lots [2] Spot Market - The spot price of eggs is 3.07 yuan per jin, down 0.01 yuan; the basis (spot - futures) is -105 yuan per 500 kilograms, up 37 yuan [2] Upstream Situation - The laying hen inventory index nationwide is 115.26 (2015 = 100), up 0.86; the culled laying hen index nationwide is 124.63 (2015 = 100), up 31.02 [2] - The average price of egg - laying chicken chicks in the main production areas is 2.8 yuan per chick, unchanged; the new chick index nationwide is 76.65 (2015 = 100), up 3.3 [2] - The average price of egg - laying chicken compound feed is 2.76 yuan per kilogram, unchanged; the breeding profit of egg - laying chickens is -0.47 yuan per chicken, down 0.05 yuan [2] - The average price of culled chickens in the main production areas is 8.06 yuan per kilogram, down 0.16 yuan; the age of culled chickens nationwide is 507 days, down 3 days [2] Industry Situation - The average wholesale price of pork is 18.13 yuan per kilogram, down 0.1 yuan; the average wholesale price of 28 key monitored vegetables is 5.79 yuan per kilogram, up 0.01 yuan [2] - The average wholesale price of dressed chickens is 17.96 yuan per kilogram, up 0.24 yuan; the weekly inventory in the circulation link is 1.06 days, down 0.04 days [2] - The weekly inventory in the production link is 1.02 days, down 0.02 days; the monthly export volume of fresh eggs is 13,215.79 tons, up 94.76 tons [2] Downstream Situation - The weekly consumption of eggs in the sales areas is 7,300 tons, down 358 tons [2] Industry News - The average price of eggs in Shandong's main production area is 5.97 yuan per kilogram, unchanged; the average price of eggs in Hebei is 5.68 yuan per kilogram, up 0.06 yuan; the average price of eggs in Guangdong is 6.93 yuan per kilogram, unchanged; the average price of eggs in Beijing is 6.20 yuan per kilogram, up 0.16 yuan [2] - The continuous losses of the breeding end have led to a decline in the enthusiasm for replenishment and an increase in the number of old chicken culls. The laying hen inventory has slightly decreased, and the market atmosphere has slightly improved [2] Viewpoint Summary - Although the egg futures price has rebounded from a low level, the high production capacity pressure still exists, which may limit its rebound space. Investors are advised to be cautious when chasing up [2] Key Focus - No news today [2]

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View of the Report - The continuous losses in the breeding sector have led to a decline in the enthusiasm for replenishment and an increase in the culling of old hens. As a result, the egg - laying hen inventory has slightly decreased, and the market sentiment has improved slightly. However, the inventory of laying hens is still at a high level, and there has been no excessive culling of old hens. High production capacity remains the main concern in the market. Recently, the egg futures price has shown a low - level rebound. Nevertheless, the high - capacity pressure still exists, which may limit its rebound space. It is advisable to be cautious about chasing the rise [3]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - The futures closing price (active contract) of eggs is 3,227 yuan per 500 kilograms, with a week - on - week increase of 10. The net long position of the top 20 futures holders of eggs is - 5,805 lots, a decrease of 4,053 lots. The monthly spread (1 - 5) of egg futures is - 112 yuan per 500 kilograms, an increase of 12. The futures open interest (active contract) of eggs is 166,597 lots, a decrease of 8,266 lots. The registered warehouse receipt volume of eggs is 8 lots, an increase of 3 lots [3]. 3.2现货市场 - The spot price of eggs is 2.99 yuan per catty, with a week - on - week increase of 0.08. The basis (spot - futures) is - 239 yuan per 500 kilograms, an increase of 68 [3]. 3.3 Upstream Situation - The national laying hen inventory index is 115.26 (with 2015 as the base year of 100), an increase of 0.86. The national culled laying hen index is 124.63 (with 2015 as the base year of 100), an increase of 31.02. The average price of egg - laying chicken seedlings in the main production areas is 2.8 yuan per chick, an increase of 0.15. The national new - hatched chick index is 76.65 (with 2015 as the base year of 100), an increase of 3.3. The average price of egg - laying chicken compound feed is 2.76 yuan per kilogram, unchanged. The breeding profit of egg - laying chickens is - 0.42 yuan per chicken, an increase of 0.03. The average price of culled chickens in the main production areas is 8.22 yuan per kilogram, a decrease of 0.36. The national culling age of chickens is 507 days, a decrease of 3 days [3]. 3.4 Industry Situation - The average wholesale price of pork is 18.06 yuan per kilogram, a decrease of 0.13. The average wholesale price of 28 key - monitored vegetables is 5.74 yuan per kilogram, a decrease of 0.03. The average wholesale price of dressed chickens is 17.9 yuan per kilogram, an increase of 0.19. The weekly inventory in the circulation link is 1.1 days, unchanged. The weekly inventory in the production link is 1.04 days, unchanged. The monthly export volume of fresh eggs is 13,215.79 tons, an increase of 94.76 tons [3]. 3.5 Downstream Situation - The weekly consumption of eggs in the sales areas is 7,658 tons, an increase of 160 tons [3]. 3.6 Industry News - Today, the average price of eggs in Shandong, the main production area, is 5.77 yuan per kilogram, an increase of 0.20 compared with yesterday; the average price of eggs in Hebei is 5.45 yuan per kilogram, an increase of 0.07 compared with yesterday; the average price of eggs in Guangdong is 6.73 yuan per kilogram, unchanged from yesterday; the average price of eggs in Beijing is 5.90 yuan per kilogram, unchanged from yesterday [3].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - Currently, the laying hen inventory is at a high level, and the pressure of newly - opened laying hens from previous replenishments is large, resulting in sufficient egg supply. The decrease in temperature has led to a recovery in the laying rate of laying hens, further increasing the supply pressure. However, due to pre - holiday stocking before the Mid - Autumn Festival and National Day, the recent purchase volume of traders has increased, and the market demand has shown signs of warming up, pushing up egg prices from the bottom and supporting the futures market. Overall, high - production capacity pressure still exists. As the double festivals approach, pre - holiday stocking may be coming to an end, market sales are starting to slow down, and spot prices show signs of a slight decline. The driving force for pushing up the futures price is also insufficient, so short - term trading is recommended in the near future [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - The closing price of the active egg futures contract is 3065 yuan/500 kilograms, down 10 yuan compared to the previous period. The net long position of the top 20 futures holders is - 10098 hands, an increase of 9051 hands. The egg futures monthly spread (1 - 5) is - 33 yuan/500 kilograms, an increase of 33 yuan. The trading volume of the active futures contract is 371084 hands, a decrease of 22037 hands. The number of registered warehouse receipts is 0 hands [2] 3.2 Spot Market - The spot price of eggs is 3.72 yuan/jin, unchanged from the previous period. The basis (spot - futures) is 659 yuan/500 kilograms, an increase of 10 yuan [2] 3.3 Upstream Situation - The national laying hen inventory index is 114.4 (with 2015 = 100), an increase of 1.22. The national culled laying hen index is 93.61 (with 2015 = 100), a decrease of 5.59. The average price of laying hen chicks in the main production areas is 2.6 yuan/chick, unchanged. The national new - hatched chick index is 73.35 (with 2015 = 100), a decrease of 5.05. The average price of laying hen compound feed is 2.76 yuan/kg, unchanged. The breeding profit of laying hens is 0.17 yuan/hen, an increase of 0.19 yuan. The average price of culled hens in the main production areas is 9.34 yuan/kg, an increase of 0.12 yuan. The average age of culled hens in the country is 510 days, a decrease of 2 days [2] 3.4 Industry Situation - The average wholesale price of pork is 19.56 yuan/kg, an increase of 0.08 yuan. The average wholesale price of 28 key - monitored vegetables is 4.98 yuan/kg, unchanged. The average wholesale price of white - striped chickens is 17.74 yuan/kg, an increase of 0.04 yuan. The weekly inventory in the circulation link is 0.99 days, a decrease of 0.04 days. The weekly inventory in the production link is 0.91 days, a decrease of 0.02 days. The monthly export volume of fresh eggs is 13121.03 tons, an increase of 264.92 tons [2] 3.5 Downstream Situation - The weekly consumption of eggs in the sales areas is 7303 tons, a decrease of 149 tons [2] 3.6 Industry News - Today, the average price of eggs in Shandong, the main production area, is 7.32 yuan/kg, unchanged from yesterday; the average price of eggs in Hebei is 6.99 yuan/kg, a decrease of 0.01 yuan from yesterday; the average price of eggs in Guangdong is 7.53 yuan/kg, unchanged from yesterday; the average price of eggs in Beijing is 7.46 yuan/kg, unchanged from yesterday [2]