交易咨询业务资格：证监许可【2012】1091号 CONTENTS 目 录 1 每日提示 2 近期要闻 3 多空关注 4 基本面数据 5 持仓数据 原油2603： 1.基本面：根据交易商和伦敦证交所集团(LSEG)航运数据，俄罗斯油轮正越来越多地将新加坡列为官方目的 地，这意味着出口流向正从印度转向中国，以及对西方制裁的担忧日益加剧；美国向途经霍尔木兹海峡的商 船发布最新指南。据美国交通部海事管理局发布的指导意见，该机构建议"悬挂美国国旗的商船尽可能远离 伊朗领海，并在被伊朗军队要求登船时口头拒绝——如果伊朗军队登船，船员不应强行抵抗"；中性 2.基差：2月9日，阿曼原油现货价为67.21美元/桶，卡塔尔海洋原油现货价为66.56美元/桶，基差31.55元/桶， 现货升水期货；偏多 3.库存：美国截至1月30日当周API原油库存减少1107.9万桶，预期减少25.6万桶；美国至1月30日当周EIA库存 减少345.5万桶，预期增加48.9万桶；库欣地区库存至1月30日当周减少74.3万桶，前值减少27.8万桶；截止 至2月9日，上海原油期货库存为346.4万桶，不变；偏多 4.盘面：20日均线偏上，价格在均线 ...

1. Report Industry Investment Rating - No relevant information provided in the report 2. Core Views of the Report - **PTA**: As the Spring Festival holiday approaches, polyester production cuts are expanding and end - users are gradually on holiday. PTA supply and demand are likely to accumulate, with light spot market negotiations. It is expected that the PTA spot price will fluctuate with the cost side before the Spring Festival, and the spot basis will fluctuate within a range. Attention should be paid to the commodity atmosphere and upstream and downstream device changes [5]. - **MEG**: Due to the unloading of some ocean - going vessels this week, the visible inventory of ethylene glycol is expected to continue to rise at the beginning of the week. From the second half of the month, the arrival of foreign vessels will be more dispersed. Fundamentally, there is still a strong seasonal inventory accumulation expectation for ethylene glycol from January to February, but the medium - term supply - demand structure is expected to improve moderately. Overseas device restarts are postponed and new maintenance volumes emerge, and the import volume in the second quarter is expected to be revised down. The absolute price of ethylene glycol is already at a low level, with limited downside space and buying support at low levels. It is expected that the pre - holiday market will mainly maintain range consolidation [7]. 3. Summary According to the Directory 3.1. Previous Day's Review - **PTA**: The PTA futures fluctuated and rose yesterday. The negotiation atmosphere in the spot market was average, and the spot basis changed little. This week, transactions were negotiated at a discount of around 75 to the 05 contract, with the price negotiation range at 5080 - 5145. For the end of February, transactions were at a discount of 57 - 60 to the 05 contract, and for mid - March, at a discount of 43 to the 05 contract. Today's mainstream spot basis is at 05 - 75. The spot price is 5108, the basis of the 05 contract is - 84, and the futures price is at a premium. The PTA factory inventory is 3.74 days, a 0.16 - day increase from the previous period. The 20 - day moving average is upward, but the closing price is below the 20 - day moving average. The net long position of the main contract decreased [6]. - **MEG**: On Monday, the price center of ethylene glycol was narrowly sorted, and the market negotiation was average. During the day, the spot negotiation was around a discount of 105 - 115 yuan/ton to the 05 contract, with some contract traders participating in the purchase. The negotiation atmosphere in the market was average, and the spot basis weakened slightly in the afternoon. In the US dollar market, the center of the ethylene glycol outer market fluctuated little. During the day, the arrival cargo was traded at around 433 - 435 US dollars/ton, and the cargo for the end of February was negotiated at around 445 - 450 US dollars/ton, with a transaction at around 448 US dollars/ton. Some suppliers participated in the purchase. The spot price is 3635, the basis of the 05 contract is - 104, and the futures price is at a premium. The total inventory in East China is 83.1 tons, a 4.83 - ton increase from the previous period. The 20 - day moving average is downward, and the closing price is below the 20 - day moving average. The net short position of the main contract decreased [7]. 3.2. Daily Tips - **PTA**: The impact of the 700,000 - ton Gulei Petrochemical device's shutdown for maintenance from early March to around the end of April is positive. The resumption of the 1 - million - ton PTA device of Nengtou last week is negative [8][9]. - **MEG**: The short - term commodity market is greatly affected by the macro - level. Attention should be paid to the cost side, and the upper resistance level should be watched for the futures price rebound [9]. 3.3. Today's Focus - **PX Supply - Demand Balance Table**: The table shows the monthly supply - demand balance of PX from September 2025 to June 2026, including production, import, demand, inventory changes, domestic utilization rate, and the balance of PX for polyester [10]. - **PTA Supply - Demand Balance Table**: The table presents the monthly balance of PTA from October 2025 to September 2026, covering production, import, export, total consumption, refined consumption, other consumption, surplus, year - on - year growth rate of production and consumption, and cumulative year - on - year growth rate [11]. - **Ethylene Glycol Supply - Demand Balance Table**: The table shows the monthly balance of ethylene glycol from October 2025 to September 2026, including production, import, total consumption, polyester consumption, other consumption, surplus, year - on - year growth rate of production, import, supply, and consumption, and cumulative year - on - year growth rate of supply and consumption [12]. 3.4. Fundamental Data - **PET Bottle Chip**: Data on market price, production profit, operating rate, capacity utilization rate, and inventory are presented in the form of charts, showing the trends from 2022 to 2026 [15][16][18][21]. - **PTA**: Data on inter - month spread, basis, processing fee, and factory inventory are presented in charts, covering the period from 2022 to 2026 [24][27][58][41]. - **MEG**: Data on inter - month spread, basis, profit from different production methods, and port inventory are presented in charts, showing the trends from 2022 to 2026 [30][34][59][41]. - **Polyester Upstream and Downstream**: Data on the operating rates of PTA, PX, ethylene glycol, polyester, and textile enterprises in the Jiangsu and Zhejiang regions are presented in charts, covering the period from 2022 to 2026 [51][55]. - **Polyester Fiber**: Data on the production profit of polyester short - fiber and different types of polyester long - fiber are presented in charts, showing the trends from 2023 to 2026 [62][63][65].

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The current daily production and operating rate of urea are at a high level compared to the same period last year. With the return of maintenance, the operating rate is expected to continue to rise. The comprehensive inventory has declined, showing an obvious de - stocking pattern. Although the Spring Festival is approaching, the order demand is still acceptable, and the agricultural reserve demand is good. In the industrial demand, the demand for compound fertilizers is stable, while the operating rate of melamine has declined. There is a large price difference between domestic and foreign markets for exports. Recently, the downstream demand is acceptable, but the domestic urea market is still in a state of oversupply. The spot price of the delivery product is 1790 (+30), and the overall fundamentals are neutral. The UR2605 contract basis is 2, with a premium - discount ratio of 0.1%, which is also neutral. The UR comprehensive inventory is 1084 thousand tons (-0.5), which is bullish. The 20 - day moving average of the UR main contract is upward, and the closing price is above the 20 - day moving average, which is bullish. The net position of the main UR contract holders is short, and the short position is decreasing, which is bearish. It is expected that the UR main contract will fluctuate today [4]. 3. Summary by Relevant Catalogs Urea Overview - **Fundamentals**: Current daily production and operating rate are at a high level year - on - year. With the return of maintenance, the operating rate is expected to continue to rise. Comprehensive inventory is falling, and the de - stocking pattern is obvious. Near the Spring Festival, order demand is okay, agricultural reserve demand is good. In industrial demand, compound fertilizer demand is stable, and melamine operating rate has declined. There is a large export price difference, but the domestic market is still oversupplied. The spot price of the delivery product is 1790 (+30), and the overall fundamentals are neutral [4]. - **Basis**: The UR2605 contract basis is 2, with a premium - discount ratio of 0.1%, which is neutral [4]. - **Inventory**: The UR comprehensive inventory is 1084 thousand tons (-0.5), which is bullish [4]. - **Disk**: The 20 - day moving average of the UR main contract is upward, and the closing price is above the 20 - day moving average, which is bullish [4]. - **Main Position**: The net position of the main UR contract holders is short, and the short position is decreasing, which is bearish [4]. - **Expectation**: The UR main contract is expected to fluctuate today. The operating rate is at a high level year - on - year. Although the Spring Festival is approaching, the downstream reserve demand is acceptable, and the inventory is being depleted [4]. Factors Affecting Urea - **Bullish Factors**: Inventory de - stocking and good reserve demand [5]. - **Bearish Factors**: Domestic market oversupply [5]. - **Main Logic**: International prices and marginal changes in domestic demand [5]. Market Data - **Spot Market**: The price of the spot delivery product is 1790, with a change of +30; the price of Shandong spot is 1790, with a change of +10; the price of Henan spot is 1790, unchanged; and the FOB China price is 3063 [6]. - **Futures Market**: The price of the 05 contract is 1788, with a change of +12; the basis is 2, with a change of +18; the price of UR01 is 1744, with a change of +12; the price of UR05 is 1788, with a change of +12; the price of UR09 is 1748, with a change of +10 [6]. - **Inventory Data**: The number of warehouse receipts is 10860, unchanged; the UR comprehensive inventory is 1084 thousand tons, with a change of -0.5; the UR manufacturer inventory is 919 thousand tons, and the UR port inventory is 165 thousand tons [6]. Supply - Demand Balance Sheet of Urea - From 2018 to 2024, the urea production capacity has been increasing year by year, with growth rates of 8.9% in 2019, 15.5% in 2020, 11.4% in 2021, 8.4% in 2022, 14.1% in 2023, and 13.5% in 2024. The production volume has also generally shown an upward trend. The net import volume and apparent consumption have also changed accordingly. The import dependence has fluctuated, and the consumption growth rate has also varied in different years. In 2025E, the production capacity is expected to reach 4906, with a growth rate of 11.0% [9].

Report Industry Investment Rating - Not provided Core Viewpoints - The overall MPOB report for December is slightly bearish, with inventory data exceeding expectations. However, the current shipping survey institutions show a 29% month-on-month increase in Malaysian palm oil export data in January, and as the subsequent production season approaches, the supply pressure of palm oil will decrease [2][3][4]. - The prices of edible oils are expected to fluctuate and consolidate. The domestic fundamentals are loose, and the domestic edible oil supply is stable. Sino-US relations are tense, which has affected the export of new US soybeans and put pressure on prices. Malaysian palm oil inventory is neutral, and demand has improved. Indonesia's B40 policy promotes domestic consumption, and the B50 plan is expected to be implemented in 2026. The domestic edible oil fundamentals are neutral, and import inventory is stable [2][3][4]. - The main logic currently revolves around the relatively loose global edible oil fundamentals. The main bullish factor is that the US soybean stock-to-sales ratio remains around 4%, indicating tight supply. The main bearish factors are that edible oil prices are at a relatively high historical level, domestic edible oil inventories are continuously increasing, the macro - economy is weak, and the expected production of related edible oils is high [5]. Summary by Related Catalogs Supply - **Soybean Oil Inventory**: On January 9th, the commercial inventory of soybean oil was 1020000 tons, a decrease of 60000 tons from the previous period and a year - on - year increase of 14.7% [2]. - **Palm Oil Inventory**: On January 9th, the port inventory of palm oil was 736000 tons, an increase of 2200 tons from the previous value and a year - on - year increase of 46% [3]. - **Rapeseed Oil Inventory**: On January 9th, the commercial inventory of rapeseed oil was 250000 tons, a decrease of 20000 tons from the previous value and a year - on - year decrease of 44% [4]. - **Rapeseed Inventory**: Not provided with specific data. - **Domestic Total Edible Oil Inventory**: Not provided with specific data. - **Soybean Meal Inventory**: Not provided with specific data. - **Oil Mill Soybean Crushing**: Not provided with specific data. Demand - **Soybean Oil Apparent Consumption**: Not provided with specific data. - **Soybean Meal Apparent Consumption**: Not provided with specific data.

交易咨询业务资格：证监许可【2012】1091号 纯碱早报 2026-2-10 大越期货投资咨询部 金泽彬 从业资格证号：F3048432 投资咨询证号： Z0015557 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投 资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 纯碱： 1、基本面：碱厂产量高位，整体供给预期充裕；下游浮法玻璃、光伏日熔量整体延续下滑趋势， 纯碱厂库处于历史同期高位；偏空 2、基差：河北沙河重质纯碱现货价1125元/吨，SA2605收盘价为1181元/吨，基差为-56元，期货升 水现货；偏空 3、库存：全国纯碱厂内库存158.11万吨，较前一周增加2.39%，库存在5年均值上方运行；偏空 4、盘面：价格在20日线下方运行，20日线向下；偏空 5、主力持仓：主力持仓净空，空减；偏空 6、预期：纯碱基本面不改疲弱，短期预计震荡偏弱运行为主。 影响因素总结 利多： 1、远兴能源二期产线满产时间预期延后。 利空： 主要逻辑和风险点 1、近期企业产线面临恢复， ...

Report Industry Investment Rating - The investment rating for the natural rubber industry is neutral [9] Core View - The supply of natural rubber is increasing, the spot market is strong, and domestic inventories are starting to decrease while tire operating rates are at a high level. The market sentiment is cooling down, and it may fluctuate within a range before the holiday. The overall situation is neutral, with both positive and negative factors present [4] Summary by Directory Daily Hints - The supply of natural rubber is increasing, the spot market is strong, domestic inventories are starting to decrease, and tire operating rates are at a high level. The market sentiment is cooling down, and it may fluctuate within a range before the holiday [4] Fundamental Data - **Supply and Demand**: Supply is increasing, and domestic inventories are starting to decrease. Tire operating rates are at a high level, but automobile production and sales are declining. Tire production is increasing year - on - year, and tire industry exports are recovering [4][23][29] - **Inventory**: Exchange inventories have changed little recently, while Qingdao area inventories have rebounded. The inventory of the Shanghai Futures Exchange increased week - on - week and decreased year - on - year, and the Qingdao area inventory increased both week - on - week and year - on - year [4][14][17] - **Import**: Import volume has rebounded [20] - **Spot Price**: The spot price of 2024 whole latex (non - deliverable) increased on February 9, and the US dollar quotation in Qingdao Free Trade Zone is also provided [8][11] Long - Short Factors and Main Risk Points - **Likely to Rise Factors**: High downstream consumption, resistant spot prices, and domestic anti - involution [6] - **Likely to Fall Factors**: Negative domestic economic indicators and trade frictions [6] Basis - The spot price is 16,100, and the basis is - 145, showing a bearish signal. The basis weakened on February 9 [4][35]

Report Information - Report Title: Polyolefin Morning Report [2] - Report Date: February 10, 2026 [2] - Analyst: Zhu Tianyi from Dayue Futures Investment Consulting Department [3] Industry Investment Rating - Not provided in the report Core Viewpoints - The LLDPE and PP markets are expected to fluctuate today. The suspension of OPEC's production increase in the first quarter and geopolitical factors have led to strong cost support, but the downstream demand is weak due to the approaching Spring Festival [4][7] Summary by Section LLDPE Overview - **Fundamentals**: The official manufacturing PMI in January was 49.3%, down 0.8 percentage points from the previous month, falling into the contraction range. OPEC+ suspended the production increase plan in the first quarter of 2026 due to weak seasonal demand. The current crude oil has returned to volatility, and polyolefins have followed with large fluctuations. Near the Spring Festival, most agricultural film and packaging film enterprises have stopped work, with few overall orders. The current LLDPE delivery spot price is 6650 (+30), and the overall fundamentals are neutral [4] - **Basis**: The basis of the LLDPE 2605 contract is -71, with a premium/discount ratio of -1.1%, which is bearish [4] - **Inventory**: The comprehensive PE inventory is 403,000 tons (+54,000), which is bullish [4] - **Disk**: The 20-day moving average of the LLDPE main contract is upward, and the closing price is below the 20-day line, which is neutral [4] - **Main Position**: The net short position of the LLDPE main contract has increased, which is bearish [4] - **Expectation**: The LLDPE main contract is expected to fluctuate today. With OPEC's suspension of production increase in the first quarter and geopolitical factors affecting oil prices, the cost support is strong. The industrial inventory is neutral, and the downstream has stopped work near the Spring Festival [4] PP Overview - **Fundamentals**: Similar to LLDPE, the official manufacturing PMI in January was 49.3%, down 0.8 percentage points from the previous month, falling into the contraction range. OPEC+ suspended the production increase plan in the first quarter of 2026 due to weak seasonal demand. The current crude oil has returned to volatility, and polyolefins have followed with large fluctuations. Near the Spring Festival, the overall start-up of plastic weaving has significantly declined, and the demand for pipes has also been affected by the Spring Festival shutdown. The current PP delivery spot price is 6650 (-0), and the overall fundamentals are neutral [7] - **Basis**: The basis of the PP 2605 contract is 20, with a premium/discount ratio of 0.3%, which is neutral [7] - **Inventory**: The comprehensive PP inventory is 416,000 tons (+15,000), which is bullish [7] - **Disk**: The 20-day moving average of the PP main contract is upward, and the closing price is below the 20-day line, which is neutral [7] - **Main Position**: The net short position of the PP main contract has decreased, which is bearish [7] - **Expectation**: The PP main contract is expected to fluctuate today. With OPEC's suspension of production increase in the first quarter and geopolitical factors affecting oil prices, the cost support is strong. The industrial inventory is neutral, and the downstream has stopped work near the Spring Festival [7] Supply and Demand Balance Tables - **Polyethylene**: From 2018 to 2024, the production capacity, output, and apparent consumption of polyethylene have generally shown an upward trend, while the import dependence has gradually decreased. The expected production capacity in 2025E is 4.3195 billion tons, with a growth rate of 20.5% [14] - **Polypropylene**: From 2018 to 2024, the production capacity, output, and apparent consumption of polypropylene have also generally shown an upward trend, and the import dependence has gradually decreased. The expected production capacity in 2025E is 4.906 billion tons, with a growth rate of 11.0% [16] Other Information - **Spot and Futures Market Data**: The report provides detailed spot and futures market data for LLDPE and PP, including prices, changes, and inventory information [9] - **Charts**: The report includes multiple charts showing the price trends, basis, inventory, and production cash flow of LLDPE and PP [10][12][17]

交易咨询业务资格：证监许可【2012】1091号 焦煤焦炭早报（2026-2-10） 大越期货投资咨询部 胡毓秀 从业资格证号：F03105325 投资咨询证：Z0021337 联系方式：0575-85226759 每日观点 焦煤： 1、基本面：产地民营煤矿陆续进入停产放假状态，焦煤市场供应有明显收紧预期。随着下游焦企备货 基本结束以及部分民营煤矿逐步放假，市场供需两弱，焦企多放缓拉运，部分地方矿开始少量起库，部 分线上竞拍成交价格有所下调。但因煤矿目前产量有限，大部分矿方线下报价依旧坚挺；中性 2、基差：现货市场价1230，基差83；现货升水期货；偏多 3、库存：钢厂库存824万吨，港口库存273万吨，独立焦企库存1095万吨，总样本库存2192万吨，较上 周增加57万吨；偏空 4、盘面：20日线向下，价格在20日线下方；偏空 5、主力持仓：焦煤主力净空，空减；偏空 6、预期：目前钢厂利润不佳，终端钢材成交低迷，钢厂对原料需求降低冬储补库也基本结束，下游采 购积极性减弱，预计短期焦煤价格或暂稳运行。 焦煤 利 多：1.铁水产量上涨 2.供应难有增量 利 空：1.焦钢企业对原料煤采购放缓 2.钢材价格疲软 重 ...

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2026年2月10日 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 沪镍 每日观点 1、基本面：外盘小幅反弹。供应方面，1月产量继续上升，国内库存继续垒加，LME小幅回落，市场供 应充足。产业链上，镍矿看涨情绪较浓重，印尼强需求和国内成本倒挂成交冷清形成鲜明对比。镍铁 价格开始回落，成本线下移。不锈钢库存继续回升，短期或成为价格压力。新能源汽车产销数据良好， 但总体镍需求提振有限。偏空 2、基差：现货139450，基差4930，偏多 3、库存：LME库存285072，-210，上交所仓单51721，+447，偏空 4、盘面：收盘价收于20均线以下，20均线向下，偏空 5、主力持仓：主力持仓净多，多减，偏多 6、结论：沪镍2603：少量空头持有，站回20均线止损。 不锈钢 每日观点 1、 ...

1. Report's Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - Rapeseed meal is in a narrow - range shock. Affected by the soybean meal trend and technical shock consolidation, after the short - term negative news of China's cancellation of Canadian agricultural product export restrictions is digested, the market returns to shock. The spot demand for rapeseed meal enters the off - season, and the low inventory supports the market. With the good demand expectation after the Spring Festival, the market is weakly shocked in the short term due to the easing of China - Canada trade relations and remains range - bound in the medium term [8]. - After the Canadian Prime Minister's visit to China and the improvement of China - Canada trade relations, rapeseed meal rebounds after reaching the bottom. Considering the current supply - demand off - season in China, it will maintain a shock pattern after the overall negative factors are digested. Attention should be paid to the subsequent development of China - Canada trade relations [8]. 3. Summaries According to the Directory 3.1 Weekly Hints - Not provided in the report 3.2 Recent News - The domestic aquaculture has entered the seasonal off - season. The short - term supply in the spot market is expected to be tight, and the decreasing demand suppresses the market expectation. During the Canadian rapeseed harvesting and export period, the China - Canada trade issue affects the short - term export, reducing the domestic supply expectation [10]. - With the Canadian Prime Minister's visit to China, China - Canada trade relations have improved in the short term. The mutual additional tariffs are expected to be gradually cancelled, and China's imports of Canadian rapeseed are about to resume. Future decisions will depend on the further development of China - Canada trade relations [10]. - The global rapeseed production has increased this year, especially the Canadian production is higher than expected [10]. - The Russia - Ukraine conflict is still ongoing. The decrease in Ukrainian rapeseed production and the increase in Russian rapeseed production offset each other. There is still a possibility of an increase in global geopolitical conflicts in the future, which still supports commodities [10]. 3.3 Bullish and Bearish Concerns - Bullish factors: Good demand expectation for Chinese rapeseed meal after the Spring Festival; No pressure on the rapeseed meal inventory of oil mills [11]. - Bearish factors: The domestic demand for rapeseed meal has entered the short - term off - season; The improvement of China - Canada trade relations and the upcoming resumption of China's imports of Canadian rapeseed [11]. - Current main logic: The market focuses on the domestic aquaculture demand and the expected arrival of Canadian rapeseed imports [11]. 3.4 Fundamental Data - Rapeseed arrival: Imports of rapeseed start to arrive in February, and the import cost has rebounded from the low level [19]. - Oil mill crushing and inventory: The rapeseed processing volume of oil mills has increased slightly while maintaining operation. The rapeseed inventory of oil mills remains low, and the rapeseed meal inventory is also at a low level [20][22]. - Rapeseed meal transaction: Not provided in the report - Aquaculture: The prices of aquatic fish have declined slightly, while the prices of shrimps and shellfish have remained stable [30]. 3.5 Position Data - The short positions of the main players have increased, and the capital has flowed out, which is bearish [8]. 3.6 Rapeseed Meal Trading Strategies - Futures: In the short term, it returns to the range shock. For the single - side operation, RM2605 will fluctuate between 2200 and 2400 in the short term. Short - term trading or waiting and seeing is recommended. The main operation strategy is range - bound trading [13]. - Option strategy: Sell out - of - the - money put options [13]. 3.7 Technical Analysis - After the negative impact of the improvement of China - Canada trade relations due to the Canadian Prime Minister's visit to China is digested, rapeseed meal returns to shock. The China - Canada trade relations may return to normal. Rapeseed meal rebounds after reaching the bottom in the short term. Future attention should be paid to the quantity of imported Canadian rapeseed [42]. - The KDJ indicator fluctuates at the mid - low level. The short - term market enters the technical shock consolidation stage. The indicator at the mid - low level limits the space for further decline. Whether it continues to adjust or rebound needs further observation and guidance [42]. - The MACD rebounds from the low level, showing a short - term technical rebound, but the red energy narrows. Whether the subsequent trend continues to rise or fall needs to wait for the policy guidance on Canadian rapeseed imports [42]. - According to the indicators, rapeseed meal is weakly shocked in the short term and strongly shocked in the medium term, mainly driven by policy changes and the short - term soybean meal trend. The subsequent trend needs further guidance from policies and soybean meal [42]. 3.8 Next Week's Focus Points - Most important: The growth and harvesting weather conditions in South American soybean producing areas; The export of Canadian rapeseed and the domestic processing demand; The arrival and operation of imported soybeans and rapeseed in China [44]. - Second important: The domestic demand for soybean meal and aquaculture; The rapeseed meal inventory of domestic oil mills and the downstream procurement situation [44]. - Third important: Macroeconomic factors and the Israel - Palestine conflict [44].