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]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The current egg production capacity is high, with large pressure from newly - opened egg - laying hens and sufficient supply. The temperature drop has increased the egg - laying rate, further exacerbating the supply pressure. However, due to pre - holiday stocking for the Mid - Autumn Festival and National Day, the market demand has shown signs of recovery, driving up egg prices and supporting the futures market. Recently, short - sellers have covered their positions, causing the futures price to rebound from a low level. But the high - capacity pressure still exists, and short - term trading is recommended in the near future [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the active egg futures contract is 3116 yuan/500 kilograms, with a week - on - week increase of 3. The net long position of the top 20 futures holders is - 8678 hands, a decrease of 4703 hands. The monthly spread between the 1 - 5 egg futures contracts is - 52 yuan/500 kilograms, an increase of 12. The futures trading volume of the active contract is 437,712 hands, an increase of 22,610 hands. The registered warehouse receipts are 0 hands, a decrease of 3 hands [2] 3.2 Spot Market - The spot price of eggs is 3.86 yuan/jin, with a week - on - week increase of 0.02 yuan. The basis (spot - futures) is 744 yuan/500 kilograms, an increase of 16 yuan [2] 3.3 Upstream Situation - The national laying hen inventory index is 113.18 (2015 = 100), an increase of 1.27. The national culled laying hen index is 99.2 (2015 = 100), a decrease of 4.89. The average price of egg - laying chicken chicks in the main production areas is 2.6 yuan/chick, a decrease of 0.4 yuan. The national new - born chick index is 78.4 (2015 = 100), an increase of 2.33. The average price of egg - laying chicken compound feed is 2.76 yuan/kg, unchanged. The breeding profit of egg - laying chickens is - 0.02 yuan/hen, an increase of 0.21 yuan. The average price of culled chickens in the main production areas is 9.22 yuan/kg, a decrease of 0.02 yuan. The national culling age of chickens is 512 days, an increase of 11 days [2] 3.4 Industry Situation - The average wholesale price of pork is 19.73 yuan/kg, a decrease of 0.15 yuan. The average wholesale price of 28 key - monitored vegetables is 4.98 yuan/kg, a decrease of 0.04 yuan. The average wholesale price of dressed chickens is 17.38 yuan/kg, a decrease of 0.3 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 12,792.51 tons, a decrease of 110.81 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 - The average price of eggs in Shandong, Hebei, Guangdong, and Beijing in the main production areas remained unchanged from the previous day. Currently, the laying hen inventory is high, and the supply of eggs is sufficient. The decrease in temperature has increased the egg - laying rate, further increasing the supply pressure [2]

近日鸡蛋期货出现大幅波动，9月2日鸡蛋期货2510主力早盘触及2907元/500千克低位后，午盘后价格出 现快速上行，最终收报2959元/500千克。9月3日鸡蛋期货延续上涨，盘中最高上冲至3014元/500千克， 最终报收于3011元/500千克，涨幅达2.62%。 "从走势上看，鸡蛋期货有止跌反弹的迹象。当前鸡蛋指数持仓突破100万手，为历史最高持仓水平，多 空分歧巨大。期货价格在连续大跌后，空头集中获利回补减仓带动近月期价出现超跌反弹，而远月合约 受深度亏损下养殖户去产能预期，对近端维持较高升水。"方正中期分析师宋从志接受《华夏时报》记 者采访时表示。 季节性需求有所增强 随着鸡蛋期货连续上涨，有业内人士表示，鸡蛋2510主力合约持仓量已经连续三日下降，尤其是尾盘有 空头平仓的迹象，而且可以看出2511合约近日多头不断增仓入场。不过，也有业内人士表示，学校开学 备货虽对需求端有所提振，但供给高压下，提振力度和持续性皆有不足，蛋价大幅上涨难度较大。 "近日鸡蛋期货2510合约持仓量的确呈现连续下降状态，8月28日持仓量峰值为52.8万张，9月2日收盘持 仓量下降至44.18万张。不过，2511合约呈现的是 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The futures are continuously squeezing the premium, and the price of the main egg futures contract has broken through the support level and declined. The price of the 2510 contract dropped to 3112 [1][5]. - In the short - term, the spot market is under pressure from loose supply and is in a low - level shock. In the medium - term, the Mid - Autumn Festival consumption season may drive a phased rebound in the spot market in late August and early September, but the rebound high depends on the rhythm of culling hens. Currently, the culling of hens is less than expected and the cold - storage egg inventory pressure is large. In the long - term, if the egg - laying hen breeding profit turns positive in the third quarter and the culling of hens is less than expected, the supply pressure may re - emerge in the fourth quarter [3]. 3. Summary by Related Catalogs Futures Performance - The futures price is in yuan per 500 kilograms, with a decline of 2.54% [2]. Spot Performance - The egg price rebounded slightly over the weekend, but the Hebei spot price declined again today. The egg price in Guantao, Handan, Hebei is 2.69 yuan per catty, a decrease of 0.07 yuan per catty from the previous day [3]. Trading Strategy - The morning report today indicated that the 2509/2510 contracts entered the short - position profit - taking range. After taking profits on short positions in the 2509 contract, it is recommended to wait and see. The 2510 contract still maintains the idea of high - selling in bands. If it effectively breaks below 3150, it is expected to open up further downward space, which has been verified by the market. Currently, pay attention to the support effect at 3100. If the support at 3100 is effectively broken, the support will move down to 3000 - 3050. - The morning report also indicated that if the spot market is expected to strengthen, the 2512 and 2601 contracts may still have some downward space, which has also been verified by the market [4].

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - Short - term: Egg supply is stable, supply pressure is continuously released, and the spot price may remain weak and low in the short term [5]. - Medium - term: Newly - opened laying hens are increasing, the theoretical inventory of laying hens is on the rise, and the supply pressure at mid - year is high. If the spot price stays low in July, large - scale culling by the farming end may lead to a phased supply reduction, and combined with the Mid - Autumn Festival consumption peak, it may drive a phased rebound in the spot price from August to September, but the rebound high is not overly optimistic [5]. 3. Summary by Related Catalogs Futures Performance - The main egg futures contract broke through support and fell. As of the time of writing, the 2508 contract dropped to 3477 yuan/500 kilograms, with a decline of 2.99% [3][6]. Spot Performance - The recent spot price has remained weak and low. On the 7th, the egg price in Guantao, Handan, Hebei was 2.44 yuan/jin, down 0.05 yuan/jin from last Friday [4]. Analysis Logic and Operation Suggestions - Analysis Logic: In the short - term, the supply is stable and the spot price is weak. In the medium - term, the supply pressure is high at mid - year, and there may be a phased rebound from August to September [5]. - Operation Suggestions: The main contract first trades the logic of closing the premium. After the spot price bottoms out, it may trade the consumption peak logic. The 08 contract operates in a wide range with upper pressure at 3600 - 3650 and lower support at 3400 - 3450. The 09 contract maintains a short - selling idea with short - term pressure at 3700 - 3720 and support at 3500 - 3550. Also, pay attention to short - selling opportunities for the 2512, 2601, 2602, and 2603 contracts [5].

Report Industry Investment Rating - Not provided Core View - After the holiday, eggs enter the seasonal demand off - season, with high egg - laying hen inventory and large pressure from newly - opened egg - laying hens. Egg supply is sufficient. The humid and hot weather increases storage costs, and downstream dealers are cautious in purchasing, so egg prices may remain lower than the same period. However, if the spot price remains low, it may increase the enthusiasm for old hen culling and reduce the enthusiasm for replenishment, which is beneficial to the long - term price. Pay attention to the impact of spot prices on egg - laying hen inventory. The low spot price drags down the futures price, which is generally weak [2] Summary by Directory Futures Market - The futures closing price (active contract) of eggs is 2897 yuan/500 kilograms, a decrease of 41 yuan; the net long position of the top 20 futures holders is 1118 hands, an increase of 4666 hands; the egg futures monthly spread (9 - 1) is 194 yuan/500 kilograms, a decrease of 28 yuan; the futures trading volume (active contract) is 121212 hands, a decrease of 8968 hands; the registered warehouse receipt volume is 0 hands, unchanged [2] Spot Market - The spot price of eggs is 2.86 yuan/jin, a decrease of 0.05 yuan; the basis (spot - futures) is - 35 yuan/500 kilograms, a decrease of 13 yuan [2] Upstream Situation - The national laying hen inventory index is 112.35 (with 2015 = 100), a decrease of 4.09; the national culled laying hen index is 96.76 (with 2015 = 100), a decrease of 21.67; the average price of egg - laying chicken chicks in the main production areas is 4.1 yuan/chick, a decrease of 0.05 yuan; the national new chick index is 138.68 (with 2015 = 100), an increase of 23.55; the average price of egg - laying chicken compound feed is 2.78 yuan/kg, unchanged; the egg - laying chicken breeding profit is - 0.36 yuan/chicken, a decrease of 0.09 yuan; the average price of culled chickens in the main production areas is 9.58 yuan/kg, a decrease of 0.66 yuan; the national culled chicken age is 510 days, a decrease of 6 days [2] Industry Situation - The average wholesale price of pork is 20.59 yuan/kg, a decrease of 0.07 yuan; the average wholesale price of 28 key - monitored vegetables is 4.32 yuan/kg, a decrease of 0.01 yuan; the average wholesale price of dressed chickens is 17.22 yuan/kg, a decrease of 0.37 yuan; the weekly inventory in the circulation link is 1.07 days, a decrease of 0.18 days; the weekly inventory in the production link is 0.97 days, a decrease of 0.2 days; the monthly export volume of fresh eggs is 10714.73 tons, a decrease of 506.3 tons [2] Downstream Situation - The weekly consumption of eggs in the sales area is 8750.9 tons, a decrease of 58.1 tons [2] Industry News - The average price of eggs in Shandong's main production area is 5.69 yuan/kg, a decrease of 0.18 yuan compared with yesterday; in Hebei, it is 5.33 yuan/kg, a decrease of 0.08 yuan; in Guangdong, it is 6.20 yuan/kg, unchanged; in Beijing, it is 6.04 yuan/kg, a decrease of 0.16 yuan [2] Key Points to Watch - No news today [2]

Core Viewpoint - The recent surge in egg futures prices is attributed to rising feed costs driven by trade issues and a subsequent increase in spot egg prices, which has provided support for futures contracts [2][3][4]. Group 1: Price Movements - From April 1 to April 16, egg futures prices increased by 7.4%, with the main contract reaching 3078 yuan per 500 kg, up 2.87% on April 16 [2][3]. - The average price of eggs in major production areas rose from 3.06 yuan per jin to approximately 3.4 yuan per jin since early April [3][4]. - The main contract's open interest reached 173,000 lots, the highest in three years, indicating intense market speculation [3]. Group 2: Supply and Demand Dynamics - Egg consumption demand has been consistently increasing, supported by a 4.6% year-on-year growth in retail sales, with restaurant income rising by 4.7% in the first quarter [5]. - Despite a 5.21% year-on-year decline in egg sales volume to 68,210 tons, significant increases were noted in major markets like Beijing and Guangdong, with Beijing's supply up 19.1% [5]. - The inventory levels of laying hens remain high, with 1.318 billion hens recorded in March, a 6.8% year-on-year increase, indicating a stable supply [6]. Group 3: Market Outlook - Analysts express caution regarding future price trends, emphasizing the need to monitor feed costs and the culling of laying hens, which could impact supply [7]. - Current egg prices are near the breakeven point for poultry farming businesses, suggesting that producers may not actively cull hens despite rising prices [7][9]. - The outlook for egg prices post-September appears weaker, with concerns about potential losses in the poultry industry by 2026, although optimism remains for 2025 [9].