1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating in the given content. 2. Core Views of the Report - **Soft Commodity Sector - Sugar** - The import of sugar syrups and premixes in China increased month - on - month in July but decreased year - on - year, with the gap narrowing. The main import items have shifted, and the import volume under the 2106.906 item has hit new highs. - Due to factors such as reduced syrup imports and slow sugar imports in the first half of the year, although domestic sugar production increased in the 2024/25 season, the supply and demand of domestic sugar were strong, and enterprise inventory pressure was not significant. - Since the third quarter, the import of overseas raw sugar has accelerated, increasing the pressure on the supply side from processed sugar, and the import of syrups and premixes has also rebounded. However, concerns about the new Brazilian sugar season have supported the prices of raw sugar and Zhengzhou sugar futures. The market is expected to continue to fluctuate within a range [3][4]. - **Soft Commodity Sector - Pulp** - The spot pulp market has been weak recently, but the price of hardwood pulp has remained stable. Overseas pulp mill production cuts have provided some support, but the prices of downstream finished paper products have remained low. - The shipment volume of softwood pulp in June increased month - on - month, and the year - on - year decline narrowed. The shipment volume of hardwood pulp remained at a high level, and exports to China were still strong. There have been some news of hardwood pulp production cuts, but the short - term impact is limited. - The pulp and paper industry lacks policy support, demand improvement is limited, and the supply pressure of hardwood pulp remains. However, the price of softwood pulp is below the cost of mainstream countries, and the price of hardwood pulp is close to the marginal cost, so the overall valuation is not high, which may support prices to some extent [5]. - **Soft Commodity Sector - Cotton** - In the international market, there is a multi - empty game. The steady listing of cotton in South America and Australia and the US tariff policy have put pressure on the market, but factors such as the decline in the US planting area, the slow progress of Indian cotton planting, and the temporary cancellation of Indian import tariffs have provided potential support. The new - season global cotton has changed from a slight inventory increase last month to a slight inventory decrease, narrowing the downward space for prices. - In the domestic market, there is a game between tight spot supply and weak downstream consumption. The extension of Sino - US tariffs has provided some support, but the suppression on the consumption side still exists, limiting the upward space for prices [6]. - **Fresh Fruit and Nut Sector - Apple** - The current focus is on the end of the old - season apples and the realization of the new - season production. The end of the old - season is in line with expectations, and there are some differences in the preliminary production estimates of the new - season, but the range is limited. The opening prices of early - maturing apples have increased year - on - year, providing some support to the market, but the sustainability needs to be monitored. The price of the Apple 10 contract is expected to fluctuate within a range [7]. - **Fresh Fruit and Nut Sector - Jujube** - On Wednesday, the agricultural product index fluctuated weakly, and the jujube futures price opened low and closed high. The price of the Jujube 2601 contract broke through the previous high and then fluctuated. Driven by the continuous reduction of spot inventory, the price of the 2509 contract also rose sharply, and the premium of futures over spot warehouse receipts increased. - In August, the inventory of jujubes decreased at an accelerated pace, the enthusiasm of terminal replenishment improved, and the dried fruit consumption is gradually entering the seasonal peak season. Attention should be paid to the impact of weather on the production of new - season jujubes in August [8]. 3. Summary by Relevant Catalogs First Part: Sector Strategy Recommendations - **Fresh Fruit and Nut Futures** - Apple 2510: Adopt an interval trading strategy. The fundamental changes are limited. The performance of early - maturing apples provides some support, but the strength is limited. The short - term price is expected to continue to fluctuate within the range of 7400 - 7500 (support) and 8300 - 8400 (resistance) [16]. - Jujube 2601: Reduce long positions. The overall market sentiment is strong, and the jujube enters the production - forming period in the third quarter, which is prone to price increases due to weather concerns. The support range is 11000 - 11200, and the resistance range is 11500 - 12000 [16]. - **Soft Commodity Futures** - Sugar 2601: Adopt an interval trading strategy. Concerns about Brazilian sugar supply are increasing, but the import pressure has been realized, and the upward movement of the futures price is under pressure. The support range is 5550 - 5570, and the resistance range is 5730 - 5750 [16]. - Pulp 2511: Temporarily wait and see. Softwood pulp prices are below the cost of mainstream producers, and there have been production cuts in hardwood pulp, which provides some short - term support. However, the weak finished paper market limits the upward space. The support range is 5100 - 5200, and the resistance range is 5400 - 5450 [16]. - Cotton 2601: Adopt an interval trading strategy. There is a game between tight spot supply and weak consumption expectations, and the short - term price is expected to continue to fluctuate within the range of 13500 - 13600 (support) and 14200 - 14300 (resistance) [16]. Second Part: Market News Changes - **Apple Market** - **Fundamental Information**: In June 2025, the export volume of fresh apples was about 37,000 tons, a month - on - month decrease of 18.62% and a year - on - year decrease of 38.55%. As of August 13, the inventory in apple cold storages in the main producing areas was 460,100 tons, a week - on - week decrease of 75,800 tons. As of August 14, the national apple cold - storage inventory was 461,300 tons, a week - on - week decrease of 50,700 tons and a year - on - year decrease of 378,000 tons. Different institutions have different estimates of the new - season apple production, with a slight decrease estimated by Zhuochuang and a slight increase estimated by Mysteel [17]. - **Spot Market**: The mainstream transaction price in the Shandong production area was stable. Storage merchants were eager to sell, while buyers were cautious. The price of early - maturing apples was stable at high levels for good - quality products, with large price differences for poor - quality products. In the sales area, the overall arrival volume increased, demand was stable, and prices remained stable [18][19]. - **Jujube Market**: As of August 15, the physical inventory of 36 sample points was 9784 tons, a week - on - week decrease of 255 tons, a month - on - month decrease of 2.54%, and a year - on - year increase of 72.62%. The arrival volume in the sales area increased month - on - month. Driven by the downstream replenishment demand, the spot price showed a strong trend. The market trading atmosphere improved, and the purchasing enthusiasm for high - quality products increased [20]. - **Sugar Market**: In July 2025, China imported a total of 159,800 tons of sugar syrups and premixes, a year - on - year decrease of 68,500 tons and a month - on - month increase of 44,000 tons. The import volume under the 210690 item reached 114,400 tons, a month - on - month increase of nearly 30% and a new high. As of noon, the spot market price of sugar in Guangxi was around 5950 yuan/ton, and the price in the Kunming market decreased slightly [22]. - **Pulp Market**: Although the domestic spot and futures prices of softwood pulp rebounded last week, the import price remained stable. Domestic pulp and paper integrated producers purchased a large amount of softwood and hardwood pulp, pushing up the prices of these two pulp types. Most buyers postponed their purchases of imported softwood pulp, waiting for the August quotes from major suppliers. Canadian and Nordic NBSK prices remained at 680 - 700 US dollars/ton, and Brazilian producers were seeking to increase the price of South American hardwood pulp by 20 US dollars/ton [25]. - **Cotton Market**: The cotton - picking progress in the main producing areas of Brazil continued to advance. As of August 15, the picking progress in Mato Grosso state reached 40.0%, a month - on - month increase of 13 percentage points but 17.0 percentage points behind the same period last year. As of August 19, the cumulative rainfall of the Indian southwest monsoon was 611.8, 1.8% higher than the long - term average. There was a high probability of heavy rainfall in many places. In July 2025, the export volume of cotton products increased year - on - year and month - on - month, but the export price decreased. The export volume and amount of cotton cloth also increased [26][27]. Third Part: Market Review - **Futures Market**: The closing prices of Apple 2510, Jujube 2601, Pulp 2511, and Cotton 2601 decreased, while the closing price of Sugar 2601 increased [28]. - **Spot Market**: The spot prices of apples remained unchanged month - on - month, the prices of jujubes and sugar decreased, the price of pulp remained stable, and the price of cotton decreased slightly [32]. Fourth Part: Basis Situation There is no specific text description of the basis situation, only references to relevant figures [40][41][45]. Fifth Part: Inter - month Spread Situation - The 10 - 1 spread of apples was 126, a week - on - week decrease of 34 and a year - on - year decrease of 2, and it is expected to fluctuate repeatedly. - The 9 - 1 spread of jujubes was - 1070, a week - on - week decrease of 1075 and a year - on - year decrease of 190, and it is expected to fluctuate within a range. - The 9 - 1 spread of sugar was 51, a week - on - week decrease of 4 and a year - on - year decrease of 280, and it is expected to fluctuate within a range. - The 1 - 5 spread of cotton was 15, a week - on - week decrease of 5 and a year - on - year increase of 30, and it is expected to fluctuate within a range. It is recommended to wait and see for all [47]. Sixth Part: Futures Positioning Situation There is no specific text description of the futures positioning situation, only references to relevant figures [54][57][61]. Seventh Part: Futures Warehouse Receipt Situation - The number of apple warehouse receipts was 0, with no change week - on - week and year - on - year. - The number of jujube warehouse receipts was 9832, a week - on - week increase of 337 and a year - on - year increase of 477. - The number of sugar warehouse receipts was 16244, a week - on - week decrease of 242 and a year - on - year increase of 889. - The number of pulp warehouse receipts was 252639, a week - on - week decrease of 1213 and a year - on - year decrease of 228502. - The number of cotton warehouse receipts was 7455, a week - on - week decrease of 141 and a year - on - year decrease of 2328 [76]. Eighth Part: Option - related Data There is no specific text description of the option - related data, only references to relevant figures [78][80][81].

Group 1: Report Industry Investment Rating - Not provided in the content Group 2: Core Views of the Report - The non - US market will see an inflow of global copper resources in the second half of the year, and the price center of Shanghai copper is expected to rise in the next stage [4]. - Zinc shows a pattern of increasing supply and weak demand, and it is advisable to consider shorting on rallies in the medium - term [5]. - Aluminum prices may be affected by the easing of the Russia - Ukraine relationship, and it is recommended to hold short positions cautiously [6]. - Tin has a pattern of weak supply and demand, and a high - selling and low - buying strategy can be adopted [7]. - Lead prices are weak, and a short - term long - at - low strategy can be considered [8]. - Nickel and stainless steel are in a situation of overall supply surplus, and shorting on rallies can be considered in the medium - term [9]. Group 3: Summary by Directory First Part: Non - ferrous Metals Operation Logic and Investment Suggestions - **Macro Logic**: The non - ferrous sector continues to fluctuate. The market is in a state of strong expectations but weak reality. China will implement a moderately loose monetary policy, and the geopolitical situation and US interest rate cut expectations are also influencing factors [12]. - **Investment Suggestions**: Different investment strategies are proposed for various non - ferrous metals such as copper, zinc, aluminum, tin, lead, nickel, and stainless steel, including price ranges, trading strategies, and recommended intensities [14][15][16]. Second Part: Non - ferrous Metals Market Review - The closing prices and price changes of various non - ferrous metals futures are presented, including copper, zinc, aluminum, etc. [17] Third Part: Non - ferrous Metals Position Analysis - The net long - short positions, changes in net long and short positions, and influencing factors of various non - ferrous metals are analyzed [19] Fourth Part: Non - ferrous Metals Spot Market - The spot prices and price changes of various non - ferrous metals are provided, such as copper, zinc, aluminum, etc. [20][22] Fifth Part: Non - ferrous Metals Industry Chain - For different non - ferrous metals, relevant industry chain data graphs are presented, including inventory changes, processing fees, and price relationships [24][28][31] Sixth Part: Non - ferrous Metals Arbitrage - For different non - ferrous metals, relevant arbitrage data graphs are presented, such as the ratio of domestic and foreign prices, basis, and spreads [60][62][65] Seventh Part: Non - ferrous Metals Options - For different non - ferrous metals, relevant option data graphs are presented, including historical volatility, implied volatility, and trading volume and open interest [78][80][83]

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - **Soybean Oil**: The price of soybean oil broke through and rose this week. The market is worried about the supply of oilseeds in the fourth quarter. The soybean oil market is in a "weak reality + strong expectation" pattern. The 01 contract of soybean oil may continue to rise based on the 8400 level. It is recommended to hold long positions in the main 01 contract, consider 1 - 5 positive spread operations [3]. - **Rapeseed Oil**: China's temporary anti - dumping measures on imported Canadian rapeseed initially pushed up the price of rapeseed products. However, the import of rapeseed from other countries has alleviated supply concerns, and the price has fallen from its high. The price of palm oil provides some support, and the price is expected to fluctuate in the short term [3]. - **Palm Oil**: The high - frequency data shows poor production of Malaysian palm oil. The export of Malaysian palm oil from August 1 - 15 increased by 21.3% month - on - month. The replenishment demand of importing countries supports the price. There are potential positive factors for the price, and it is recommended to hold long positions [4]. - **Soybean Meal and Soybean No. 2**: The price of soybean meal broke through and rose. The situation of Sino - US trade remains severe, and there is an expectation of tight supply of soybeans for oil extraction in the fourth quarter. The 09 contract of soybean meal is expected to be strong, and long positions can be held. The 09 contract of soybean No. 2 is expected to fluctuate and adjust [3][4]. - **Rapeseed Meal**: After the change in trade policy, the price of rapeseed meal first rose and then fell. The supply can be partially supplemented by imports from other countries, and the demand is weak. The price is expected to stop falling and fluctuate [3][4]. - **Soybean No. 1**: The price of soybean No. 1 oscillated at a low level this week. The price in the Northeast is stable, but there is a downward expectation. New soybeans in Hubei are gradually on the market, and it is recommended to try short positions with a light position [5]. - **Peanut**: The inventory of peanuts in the producing areas is low, and the import volume is small. The new - season planting area has increased, and there is an expectation of a bumper harvest. It is recommended to short the 11 and 01 contracts on rebounds [6]. - **Corn and Corn Starch**: The futures prices continued to be weak this week. The external market is under pressure, and the domestic market also has supply pressure. It is recommended to hold short positions cautiously and consider option strategies such as selling wide - straddle combinations or out - of - the - money call options [7]. - **Pig**: The spot price of pigs was weakly volatile and generally stable over the weekend. Terminal consumption is expected to improve in late August. The futures price of far - month contracts rebounded after rising. It is recommended that aggressive investors hold long positions in the 2511 or 2601 contracts and buy the 2605 contract on dips [8][9]. - **Egg**: The spot price of eggs rebounded with fluctuations over the weekend. The current inventory is high, and the seasonal peak season in August needs further confirmation. It is recommended to buy the 10 or 11 contracts on dips and pay attention to the 11 - 1 spread [9]. 3. Summary According to Relevant Catalogs 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis | Sector | Variety | Market Logic (Supply - Demand) | Support Level | Resistance Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No. 1 11 | Northeast soybean sentiment cools, new soybeans in Hubei are on the market, price expected to fall steadily | 3900 - 3930 | 4145 - 4150 | Oscillatory decline | Try short positions with a light position | | | Soybean No. 2 09 | Sino - US trade situation is severe, import cost rises, fewer purchases in the fourth quarter | 3640 - 3670 | 3950 - 4000 | Oscillatory strength | Temporarily wait and see | | | Peanut 11 | Low old - season inventory, increased new - season area, reduced cost | 7500 - 7600 | 8100 - 8162 | Oscillatory decline | Hold short positions | | Oils | Soybean Oil 01 | Fewer soybean purchases in the fourth quarter, expected tight supply in the future | 8230 - 8300 | 8880 - 9000 | Oscillatory rise | Hold long positions | | | Rapeseed Oil 01 | Fewer rapeseed purchases, increased imports from alternative countries | 9600 - 9610 | 10290 - 10333 | Oscillatory adjustment | Temporarily wait and see | | | Palm Oil 01 | Good export demand in the origin, concerns about Indonesian production | 9050 - 9074 | 9990 - 9990 | Oscillatory strength | Hold long positions | | Proteins | Soybean Meal 09 | Sino - US trade situation is severe, fewer soybean purchases in the fourth quarter, good expectation | 2950 - 2980 | 3200 - 3250 | Oscillatory strength | Hold long positions | | | Rapeseed Meal 01 | Fewer rapeseed purchases, increased imports from alternative countries, weak demand | 2431 - 2460 | 2698 - 2708 | Oscillatory adjustment | Temporarily wait and see | | Energy and By - products | Corn 11 | Imported corn auctions continue, new - season is under pressure, short - term price continues to seek the bottom | 2150 - 2160 | 2240 - 2250 | Oscillatory weakness | Hold short positions cautiously | | | Starch 09 | Corn price at the cost end is under pressure, spot supply remains loose | 2590 - 2600 | 2720 - 2730 | Oscillatory weakness | Hold short positions cautiously | | Livestock | Pig 11 | Feed price stops falling and rebounds, industry has capacity - reduction policy | 13000 - 13500 | 14500 - 15000 | Oscillatory rebound | Hold long positions | | | Egg 10 | Capacity pressure + consumption peak - season expectation | 3200 - 3300 | 3600 - 3700 | Oscillatory bottom - seeking | Buy on dips | [12] 3.1.2 Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis data of various varieties in different sectors, including oilseeds, oils, proteins, energy and by - products, and livestock [13][14]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oilseeds and Oils - **Daily Data**: It includes the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping periods, such as the CNF price, import duty - paid price, and cost of soybean meal or rapeseed meal when the crushing profit is zero [14][15]. - **Weekly Data**: It shows the inventory and operating rate data of various oilseeds and oils, such as the inventory of soybeans, rapeseeds, palm oil, peanuts, and the operating rate of soybean oil, rapeseed oil, and peanut oil production [16]. 3.2.2 Feed The report provides the weekly data of corn and corn starch, including the consumption, inventory, operating rate, and inventory of deep - processing enterprises [16]. 3.2.3 Livestock - **Pig**: It provides the weekly data of the pig market, including spot prices, breeding costs, profits, slaughter data, and other indicators [17]. - **Egg**: It provides the weekly data of the egg market, including supply - side data (production rate, inventory, etc.), demand - side data (inventory), and profit data [18]. 3.3 Third Part: Fundamental Tracking Charts - **Livestock (Pig and Egg)**: It includes charts of the closing prices of pig and egg futures contracts, spot prices, and related data [20][21][22][23][25][26][27]. - **Oilseeds and Oils**: It includes charts of the production, export, inventory, and other data of palm oil, soybean oil, and peanuts [29][36][43]. - **Feed**: It includes charts of the prices, basis, inventory, consumption, and profit data of corn, corn starch, rapeseed, and soybean meal [47][55][63][69]. 3.4 Fourth Part: Options Situation of Feed, Livestock, and Oils The report provides charts of the historical volatility of various varieties and the trading volume, open interest, and put - call ratio of corn options [70][75][76]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock, and Oils The report provides charts of the warehouse receipt quantity of various varieties, including rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, pig, and egg [81][82][83][84][89][91]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The non - ferrous metals sector continues to oscillate. China's anti - involution in multiple industries has led to some varieties being boosted, while profit - taking in leading anti - involution sectors has caused adjustments in industrial products. The suspension of a 24% tariff for 90 days is beneficial to the industry. With China's positive policies, the overall situation of non - ferrous metals remains strong despite fluctuations [11][12]. - The market generally believes that the probability of a 25bp Fed rate cut in September is high. Although inflation expectations have rebounded, the Fed's decision - making independence is being questioned [12]. - The prices of various non - ferrous metals are affected by factors such as supply and demand fundamentals, inventory changes, and policy impacts. Each metal has different trends and investment strategies [13][14][15]. 3. Summary by Directory 3.1 First Part: Non - ferrous Metals Operating Logic and Investment Recommendations - **Macro - level**: The non - ferrous metals sector continues to oscillate. China's anti - involution in industries like black metals, photovoltaics, and building materials has affected the sector. The suspension of a 24% tariff for 90 days is positive for the industry. China has introduced a series of positive policies, and the Fed is likely to cut interest rates in September [11][12]. - **Single - product analysis**: - **Copper**: Supply and demand are both strong, with demand rising faster. Social inventory is decreasing, and production remains high. The price center is expected to rise, and short - term support is at 78000 - 79000 yuan/ton, with resistance at 80000 - 82000 yuan/ton [3]. - **Zinc**: Supply increases while demand is weak. It shows a phased shock, with resistance at 22800 - 23000 yuan/ton and support at 21800 - 22000 yuan/ton. Mid - term, it can be shorted on rallies [7]. - **Aluminum and its industry chain**: Cost decreases, and it is recommended to wait and see or short on rallies. Alumina prices are slightly down, and the inventory of recycled aluminum alloy is under pressure [5]. - **Tin**: It shows a narrow - range oscillation. It is recommended to trade in the range of 250000 - 290000 yuan/ton, with high - selling and low - buying strategies [5]. - **Lead**: It is in a consolidation phase. It can be bought on dips in the short - term, with support at 16500 - 16600 yuan/ton and resistance at 17200 - 17400 yuan/ton [7]. - **Nickel and stainless steel**: Nickel supply is in surplus, and stainless steel supply increases while demand is weak. Nickel can be shorted on rallies in the mid - term, and stainless steel can be considered long if the support level holds [7]. 3.2 Second Part: Non - ferrous Metals Market Review - The closing prices and weekly price changes of various non - ferrous metals futures are presented, such as copper closing at 79060 yuan/ton with a 0.73% increase, and zinc closing at 22505 yuan/ton with a 0.04% decrease [16]. 3.3 Third Part: Non - ferrous Metals Spot Market - The spot prices and price changes of various non - ferrous metals are provided, for example, the Yangtze River non - ferrous copper spot price is 79260 yuan/ton with a 0.45% decrease, and the Yangtze River non - ferrous 0 zinc spot price is 22440 yuan/ton with a 0.36% decrease [21]. 3.4 Fourth Part: Tracking of Key Data in the Non - ferrous Metals Industry Chain - Multiple charts are used to show the changes in inventory, processing fees, prices, and other data of various non - ferrous metals, such as the exchange copper inventory change and SMM social copper inventory change [23]. 3.5 Fifth Part: Non - ferrous Metals Arbitrage - Recommended arbitrage strategies include the positive spread between copper 2509 - 2510 contracts and the reverse spread between alumina 2502 - 2509 contracts [16]. 3.6 Sixth Part: Non - ferrous Metals Options - Different option strategies are recommended for each metal, such as selling near - month slightly out - of - the - money put options for copper, and buying bull spreads for zinc [3][7]

1. Report Industry Investment Rating There is no information provided in the text regarding the report industry investment rating. 2. Core Views of the Report - **Soybean Oil**: The market is in a "weak reality + strong expectation" pattern. The short - term 01 contract may continue to rise based on the 8400 position. It is recommended to hold long positions in the 01 contract, consider 1 - 5 positive spread operations, with support at 8230 - 8300 yuan/ton and pressure at 8800 - 9000 yuan/ton [1]. - **Rapeseed Oil**: Under the uncertain Sino - Canadian rapeseed trade policy, the price once rose significantly, but the high inventory and alternative imports have weakened market concerns. It shows a wide - range shock, with support at 9500 - 9580 and pressure at 10333 - 10343 [1]. - **Palm Oil**: The July Malaysian palm oil ending inventory was lower than expected, and the Indonesian inventory is low. The August production data is poor, and the export demand in early August is good. It is recommended to reduce long positions, with support at 9050 - 9074 and pressure at 9900 - 9990 [2]. - **Soybean Meal and Soybean No.2**: The market is digesting the positive impact of the August USDA report. The Sino - US and Sino - Canadian trade relations are still tense. It is recommended to hold long positions in the 01 contract of soybean meal, with support at 2950 - 2980 yuan/ton and pressure at 3200 - 3250 yuan/ton. The 09 contract of soybean No.2 is expected to fluctuate and adjust, with support at 3640 - 3670 and pressure at 3950 - 4000 [2]. - **Rapeseed Meal**: The 09 contract shows a wide - range shock, with support at 2600 - 2617 and pressure at 2800 - 2823. The 01 contract is affected by the expected reduction of Canadian rapeseed imports [4]. - **Corn and Corn Starch**: The USDA report has a negative impact on the external market. The domestic market is affected by imported corn and relevant policies. It is recommended to shift short positions to far - month contracts [5]. - **Soybean No.1**: The price continues to fall due to the increasing supply of new soybeans. It is recommended to exit short positions in the main contract and wait and see [6]. - **Peanut**: The inventory of the producing areas is low, and the import is affected. The new - season planting area has increased. The 10 - contract may rebound in the short - term, and it is recommended to short the 11 and 01 contracts on rallies [6][7]. - **Pig**: The spot price has adjusted in August, and the slaughter volume has increased. It is recommended to shift long positions of the 09 contract to the 2511 contract and wait for an opportunity to buy the 2605 contract [7]. - **Egg**: The 09 contract price has continued to decline, and the spot price has stabilized in some areas. It is recommended to wait and see, and aggressive investors can buy the 10 - contract at low prices [7]. 3. Summaries According to the Directory 3.1 First Part: Plate Strategy Recommendation 3.1.1 Market Judgment - Different varieties in the feed, breeding, and oil industries have different market logics, including supply - demand relationships, price support and pressure levels, and corresponding trading strategies. For example, the 01 contract of soybean oil is expected to fluctuate strongly, and it is recommended to go long at low prices; the 09 contract of corn is expected to fluctuate and adjust, and it is recommended to shift short positions to far - month contracts [10]. 3.1.2 Commodity Arbitrage - For different varieties' inter - period and inter - variety arbitrage, different reference strategies are provided, such as observing the 9 - 1 spread of soybean No.1, conducting positive spread operations for the 11 - 1 spread of soybean meal, and observing the 09 bean - meal to rapeseed - meal spread [11][12]. 3.1.3 Basis and Spot - Futures Strategies - The spot prices, price changes, and basis changes of various varieties in different sectors are presented, which can help investors understand the relationship between spot and futures prices [13]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oilseeds and Oils - **Daily Data**: The import costs of soybeans, rapeseeds, and palm oil from different origins and different shipping periods are provided, including CBOT prices, CNF prices, and import - duty - paid prices [14][15]. - **Weekly Data**: The inventory and operating rates of various oilseeds and oils, such as soybeans, rapeseeds, and palm oil, are presented, reflecting the supply - demand situation of the industry [16]. 3.2.2 Feed - **Daily Data**: The import costs of corn from Argentina and Brazil in different months are provided [16]. - **Weekly Data**: The consumption, inventory, operating rate, and inventory of corn and corn starch in deep - processing enterprises are presented [17]. 3.2.3 Breeding - The daily and weekly data of pigs and eggs are provided, including spot prices, price changes, production and sales data, and inventory data, which can help understand the market situation of the breeding industry [18][19][20][21][22]. 3.3 Third Part: Fundamental Tracking Charts - A large number of charts are provided to track the fundamentals of the breeding, oilseeds and oils, and feed sectors, including price trends, inventory changes, production data, and spread changes, which can help investors comprehensively understand the market situation [24][34][52]. 3.4 Fourth Part: Option Situations of Soybean Meal, Feed, Breeding, and Oils - The historical volatilities of various varieties and the trading and holding volume data of corn options are presented, which can help investors understand the option market situation [71]. 3.5 Fifth Part: Warehouse - Receipt Situations of Feed, Breeding, and Oils - The warehouse - receipt data of various varieties are presented, which can help investors understand the market supply situation [74].

Group 1: Report Industry Investment Rating No relevant content found. Group 2: Core Views of the Report - The non - ferrous metals sector continues to oscillate, with a slight upward trend. The weakening of the US dollar and the easing geopolitical situation have boosted market sentiment. Domestic industrial products are showing signs of anti - involution, benefiting non - ferrous metals and related products [12][13]. - The suspension of the 24% tariff for 90 days between China and the US provides more room for industry adjustment, which is beneficial to industrial products. China's favorable policies, such as real estate and personal consumption loan subsidy policies, also have a positive impact on the market [12]. - The market's expectation of a Fed rate cut in September has increased due to the lower - than - expected inflation data in the US in July, which is conducive to the rise of non - ferrous metals prices [12]. Group 3: Summary by Relevant Catalogs 3.1 First Part: Non - ferrous Metals Operating Logic and Investment Recommendations - **Macro Logic**: The non - ferrous metals sector oscillates. The suspension of tariffs, China's favorable policies, the easing geopolitical situation, and the increasing expectation of a Fed rate cut all have a positive impact on the non - ferrous metals market. The market should pay attention to relevant economic data this week [12][13]. - **Variety Analysis** - **Copper**: The exemption of US refined copper import tariffs will change the global copper trade flow. The supply - demand fundamentals of Shanghai copper are gradually becoming more balanced, and it is expected to rebound in the short term. The recommended strategy is to buy on dips [3][14]. - **Zinc**: The supply is increasing, the demand is weak, and the inventory is rising. It is recommended to take short - term long positions and short on rallies in the medium term [4][14]. - **Aluminum Industry Chain**: The aluminum market is in a state of shock. It is recommended to wait and see or take small short positions. The alumina market has regional supply - demand mismatches, and it is recommended to hold short positions cautiously [5][14][15]. - **Tin**: It is in a range - bound state, and the recommended strategy is to buy on dips and sell on rallies [6][14][15]. - **Lead**: The supply and demand are increasing, and it is recommended to take long positions on dips and use option double - selling strategies [7][8][14]. - **Nickel and Stainless Steel**: The supply of refined nickel is in excess, and the demand for stainless steel is weak. It is recommended to take short - term long positions on nickel and long positions on stainless steel in the short term, and short on rallies in the medium term [9][14][17]. 3.2 Second Part: Non - ferrous Metals Market Review - The closing prices and price changes of various non - ferrous metal futures are presented, including copper, zinc, aluminum, alumina, tin, lead, nickel, stainless steel, and casting aluminum alloy [18]. 3.3 Third Part: Non - ferrous Metals Position Analysis - The latest position analysis of the non - ferrous metals sector shows the net long - short strength comparison, net long - short position differences, changes in net long and short positions, and influencing factors of different varieties [20]. 3.4 Fourth Part: Non - ferrous Metals Spot Market - The spot prices and price changes of various non - ferrous metals are provided, such as copper, zinc, aluminum, alumina, nickel, stainless steel, tin, lead, and casting aluminum alloy [21][23]. 3.5 Fifth Part: Non - ferrous Metals Industry Chain - For each non - ferrous metal variety, relevant industry chain charts are presented, including inventory changes, processing fees, and price trends [25][29][31]. 3.6 Sixth Part: Non - ferrous Metals Arbitrage - For different non - ferrous metal varieties, charts related to arbitrage are presented, such as the ratio of domestic to foreign prices, basis, and spreads between different contracts [62][63][66]. 3.7 Seventh Part: Non - ferrous Metals Options - For various non - ferrous metal varieties, charts related to options are presented, including historical volatility, implied volatility, trading volume, and open interest [80][82][85].

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - **Soybean Oil**: The August USDA supply - demand report unexpectedly lowered the new - season US soybean planting area, which is bullish. The soybean oil market is in a "weak reality + strong expectation" pattern. The 01 contract may continue to rise based on 8400, with support at 8230 - 8300 yuan/ton and pressure at 8800 - 9000 yuan/ton. Consider 1 - 5 positive spread operations [3]. - **Rapeseed Oil**: The Sino - Canadian trade relationship is the focus. The preliminary anti - dumping ruling on Canadian rapeseed may lead to less rapeseed purchasing. The price is expected to rise, with support at 9500 - 9510 and pressure at 10450 - 10490 [3]. - **Palm Oil**: The July Malaysian palm oil ending inventory was lower than expected, which is bullish. Hold long positions, with support at 8800 - 8828 and pressure at 9900 - 9910 [4]. - **Soybean Meal and Bean No.2**: The August USDA report is bullish. Due to the tense Sino - US and Sino - Canadian trade relations, hold long positions in the 01 contract of soybean meal and consider long positions in the 09 contract of bean No.2 [4]. - **Rapeseed Meal**: The uncertainty of Sino - Canadian rapeseed trade policy may lead to less rapeseed purchasing. Adopt a low - buying strategy, with support at 2617 - 2621 and pressure at 2960 - 2963 [5]. - **Corn and Corn Starch**: The USDA report is bearish for the external market. In the domestic market, although there are signs of tightening imports, the fundamental pressure remains. Suggest reducing short positions or shifting to far - month contracts [6]. - **Bean No.1**: The USDA report is bullish, but the new domestic soybeans are gradually coming to the market. Consider exiting short positions in the main contract and pay attention to the support and pressure levels [7]. - **Peanuts**: The inventory is low, but the new - season planting area increases. The price is under pressure in the long - term, but the 10 - contract may rebound in the short - term [8]. - **Hogs**: The feed price rebounds, and the de - capacity expectation is strengthened. Hold long positions in the 11 - contract [9]. - **Eggs**: The egg price is at a low level, and the cost collapse risk is partially released. Be cautious about short - selling, and radical investors can consider buying the 10 - contract [9]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendation 3.1.1 Market Judgment - **Oilseeds**: Bean No.1 11 - contract may fluctuate, consider light - short positions; Bean No.2 09 - contract may be bullish, consider light - long positions; Peanut 10 - contract may rebound, consider light - long short - term positions [12]. - **Oils**: Soybean oil 01 - contract may be bullish, hold long positions; Rapeseed oil 09 - contract may rise, hold long positions; Palm 09 - contract may be bullish, hold long positions [12]. - **Protein**: Soybean meal 01 - contract may rise, hold long positions; Rapeseed meal 09 - contract may rise, buy at low positions [12]. - **Energy and By - products**: Corn 09 - contract may fluctuate, reduce short positions or shift to far - month contracts; Corn starch 09 - contract may fluctuate, reduce short positions or shift to far - month contracts [12]. - **Livestock Farming**: Hog 11 - contract may rebound, hold long positions; Egg 10 - contract may find the bottom, wait and see [12]. 3.1.2 Commodity Arbitrage - **Inter - delivery**: For most varieties, it is recommended to wait and see. For soybean meal 11 - 1, consider positive spread operations; for hogs 9 - 1 and eggs 9 - 1, consider positive spread operations at low positions [13][14]. - **Inter - variety**: For 09 soybean oil - palm oil, adopt a bearish operation; for 09 rapeseed oil - soybean oil, adopt a bullish operation; for 09 soybean oil - meal ratio, consider long positions [14]. 3.1.3 Basis and Spot - Futures Strategy The report provides the spot prices, price changes, and basis changes of various varieties, including oilseeds, oils, protein, energy and by - products, and livestock farming [15]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Oilseeds - **Daily Data**: It includes the import cost data of soybeans, rapeseeds, and palm oil from different origins and different shipping dates [17][18]. - **Weekly Data**: It shows the inventory and开机率 of beans, rapeseeds, palm oil, and peanuts [19]. 3.2.2 Feed - **Daily Data**: It provides the import cost data of corn from Argentina and Brazil [19]. - **Weekly Data**: It shows the consumption, inventory,开机率, and inventory of corn and corn starch in deep - processing enterprises [20]. 3.2.3 Livestock Farming - **Hogs**: It provides the daily and weekly data of hog prices, piglet prices, pork wholesale prices, pig - grain ratio, etc. [21][25]. - **Eggs**: It provides the daily and weekly data of egg prices, culled chicken prices, production rate, inventory, etc. [22][24] 3.3 Third Part: Fundamental Tracking Chart - **Livestock Farming End (Hogs, Eggs)**: It includes the closing prices of hog and egg futures contracts, spot prices, piglet prices, chicken prices, etc. [27][35] - **Oils and Oilseeds**: It includes the production, inventory, export, and other data of palm oil, soybean oil, and peanuts [37][53] - **Feed End**: It includes the inventory, consumption, and processing profit data of corn, corn starch, rapeseeds, and soybean meal [56][69] 3.4 Fourth Part: Option Situation of Soybean Meal, Feed, Livestock Farming, and Oils The report provides the historical volatility and trading volume data of options related to various varieties [74][75] 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock Farming, and Oils The report shows the warehouse receipt data of various varieties, including rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, hogs, and eggs [77][81]

Report Summary 1. Market Logic and Trading Strategies Carbonate Lithium - **Market Logic**: On Wednesday, the SMM battery - grade carbonate lithium index price was 80,946 yuan/ton, up 2,822 yuan/ton from the previous trading day. Most enterprises were in a wait - and - see mood, but due to some downstream enterprises' rigid procurement needs and the upstream and traders' reluctance to sell, the transaction price of carbonate lithium spot continued to rise significantly. Last week, the output of carbonate lithium was 19,556 tons, an increase of 2,288 tons from the previous week. Since mid - July, there have been news disturbances in lithium production, increasing concerns about the production stability of Yichun lithium mica mines. The total sample inventory last week was 142,418 tons, rising 692 tons from the previous week. In the long - term, the demand growth rate of new energy vehicles is gradually declining as the penetration rate exceeds 50% [3]. - **Trading Strategy**: The price fluctuates in the short - term. Upstream and downstream enterprises are advised to seize hedging opportunities according to their own risk management needs. The support for the main contract is 75,000 - 80,000 yuan, and the resistance is 88,000 - 90,000 yuan [4]. Industrial Silicon - **Market Logic**: Driven by profits, the main production areas resumed production last week, with the operating rate significantly increasing. Thanks to the synchronous resumption of downstream polysilicon production and rising procurement demand, the inventory of industrial silicon manufacturers decreased slowly. However, the market speculative sentiment is relatively cautious, and the acceptance of high - price goods is still low. It is expected that the spot price of industrial silicon will remain stable in the short - term, and the futures trend may be more guided by news [5]. - **Trading Strategy**: The short - term supply - demand contradiction is limited, but the high - level inventory still suppresses the price. Policy support exists, and the anti - involution sentiment may fluctuate. It is recommended to go long at low prices or sell slightly out - of - the - money put options on dips. The support interval is 8,200 - 8,300 yuan, and the resistance interval is 9,200 - 9,300 yuan [6]. Polysilicon - **Market Logic**: There are rumors that the industry may reach a consensus on joint production cuts to control the output in August and promote the return of the total inventory to a reasonable range. If true, it may lead to large - scale inventory reduction. However, the terminal demand is still weak, and the upside space for prices is limited. The futures price has a large premium over the spot price, and the increasing warehouse receipts also put pressure on the market. It is expected that the polysilicon market will fluctuate widely at a high level [7]. - **Trading Strategy**: Existing long positions can be partially liquidated at high prices, and short put options sold at low prices can be hedged at high prices. The support level for the main contract is 47,000 - 48,000 yuan, and the resistance level is 55,000 - 56,000 yuan [7]. 2. Plate Strategy Recommendation and Spot - Futures Price Changes Plate Strategy Recommendation | Variety | Market Logic | Support Level | Resistance Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | | Carbonate Lithium 09 | Driven by news | 65,000 - 66,000 yuan | 78,000 - 83,000 yuan | Oscillate strongly | Seize selling hedging opportunities, downstream cathode material enterprises focus on low - level stockpiling or buying hedging [13] | | Industrial Silicon 09 | Driven by news | 8,200 - 8,300 yuan | 9,200 - 9,300 yuan | Fluctuate widely | Sell put options on dips [13] | | Polysilicon 09 | Driven by news | 45,000 - 46,000 yuan | 55,000 - 56,000 yuan | Oscillate at a high level | Sell put options on dips [13] | Spot - Futures Price Changes | Variety | Closing Price | Change Rate | Trading Volume | Open Interest | Open Interest Change | Warehouse Receipts | | --- | --- | --- | --- | --- | --- | --- | | Carbonate Lithium | 85,100 yuan | 3.13% | 1,245,424 | 392,675 | 35,677 | 21,679 | | Industrial Silicon | 8,600 yuan | - 2.71% | 510,280 | 284,500 | 5,640 | 50,701 | | Polysilicon | 51,290 yuan | - 2.11% | 395,645 | 132,463 | - 3,592 | 5,150 | [13] | 3. Fundamental Data Carbonate Lithium - **Production and Inventory**: Last week, the output of carbonate lithium increased, and the inventory resumed its upward trend after a brief decline. The concentrated restocking on the demand side was remarkable, and the market's concern about supply stability is expected to support the lithium price [3]. - **Downstream**: Although the "two new" policies continue to support, the demand growth rate of new energy vehicles is gradually declining as the penetration rate exceeds 50% [3]. Industrial Silicon - **Production and Inventory**: The main production areas increased production last week, and the inventory of manufacturers decreased slowly due to the increase in downstream demand [5]. - **Downstream**: The downstream polysilicon industry resumed production, and the procurement demand increased [5]. Polysilicon - **Production and Inventory**: There are rumors of joint production cuts. If true, it may lead to inventory reduction. The terminal demand is weak, and the upside space for prices is limited [7]. - **Downstream**: The downstream demand has not weakened in the short - term, but the domestic demand may decline after the overseas policy window closes in the fourth quarter [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Sugar**: The short - term external market is strong, but the continuous upward space of sugar price is limited. It is expected to maintain range - bound. In China, the inventory pressure is low in July, but the concentrated arrival of third - quarter shipments and increased imports in the second half of the year will bring pressure to domestic sugar sales. The price is expected to stop falling and stabilize after a sharp correction [3]. - **Pulp**: The fundamentals of pulp and its downstream have changed little. The import volume in July was high, and the demand is in the off - season. The price is difficult to rebound. The price increase is difficult to be transmitted, but the price is less likely to return to the June low [5]. - **Cotton**: The external market may continue to bottom - hunting, and the domestic market is a game between tight spot supply and weak downstream consumption. The price may continue to fluctuate and sort out in the short term [7]. - **Apples**: The current focus is on the end of the old season and the realization of the new season. The initial production estimate cannot provide a trend guide. The price of early - maturing apples has risen, but the sustainability needs to be tracked. The overall price of the apple 10 contract is expected to fluctuate within a range [8]. - **Jujubes**: The inventory is being depleted, and the spot price is running strongly. The 2601 contract is recommended for long - holding, and attention should be paid to the impact of weather on production [10]. 3. Summary According to Relevant Catalogs 3.1 First Part: Plate Strategy Recommendation - **Apples**: Temporarily wait and see. The support range is 7400 - 7500, and the pressure range is 8300 - 8400 [18]. - **Jujubes**: Hold long positions. The support range is 11000 - 11200, and the pressure range is 11500 - 12000 [18]. - **Sugar**: Try to go long when it回调 to the lower edge of the range. The support range is 5500 - 5530, and the pressure range is 5670 - 5700 [18]. - **Pulp**: Short on rallies. The support range is 5100 - 5200, and the pressure range is 5300 - 5400 [18]. - **Cotton**: Temporarily wait and see. The support range is 13500 - 13600, and the pressure range is 14200 - 14300 [18]. 3.2 Second Part: Market News Changes 3.2.1 Apple Market - **Fundamentals**: In June 2025, the export volume decreased. The inventory in cold storage decreased. There are different estimates of production, with a slight increase or decrease [19]. - **Spot Market**: The mainstream transaction price in Shandong is stable. The shipment volume is general. The price of early - maturing apples varies greatly. The arrival at the wholesale market is small, and the price is stable [20][21]. 3.2.2 Jujube Market As of August 8, the inventory decreased. The arrival at the sales area increased, and the spot price was strong. Attention should be paid to terminal consumption and shipment sustainability [22]. 3.2.3 Sugar Market The domestic spot price is stable, and the price of the ICE raw sugar main contract is 16.54 cents/pound. The estimated profit of Brazilian sugar processing is high [24]. 3.2.4 Pulp Market The transaction of imported bleached softwood pulp is light. The price increase is not accepted by buyers. The price of bleached hardwood pulp has increased, and two companies plan to reduce production [27]. 3.2.5 Cotton Market - Vietnam's cotton textile and clothing production data from January to July 2025 shows an increase in textile production and a decrease in clothing production. - Brazil's cotton picking progress is advancing, but lags behind last year. - Australia's cotton export volume increased significantly in June. - Pakistan's cotton imports increased significantly from July 2024 to June 2025. - Thailand's cotton imports increased in June. - Egypt's cotton net signing and shipment volume increased in the week ending August 9 [28][29]. 3.3 Third Part: Market Review 3.3.1 Futures Market Review | Variety | Closing Price | Daily Change | Daily Change Rate | | --- | --- | --- | --- | | Apple 2510 | 8178 | 51 | 0.63% | | Jujube 2509 | 10385 | - 145 | - 1.38% | | Sugar 2509 | 5706 | 28 | 0.49% | | Pulp 2509 | 5216 | 14 | 0.27% | | Cotton 2601 | 13980 | 100 | 0.72% | [30] 3.3.2 Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 3.90 | 0.00 | 0.15 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5960 | 0 | - 540 | | Pulp (Shandong Yinxing) | 5850 | 0 | - 250 | | Cotton (yuan/ton) | 15177 | 16 | 407 | [33] 3.4 Fourth Part: Basis Situation No specific numerical analysis provided, only references to relevant figures [44][45][49]. 3.5 Fifth Part: Inter - Month Spread Situation | Variety | Spread | Current Value | Month - on - Month Change | Year - on - Year Change | Forecast | Recommended Strategy | | --- | --- | --- | --- | --- | --- | --- | | Apple | 10 - 1 | 193 | - 5 | 84 | Fluctuate repeatedly | Wait and see | | Jujube | 9 - 1 | - 1165 | - 1155 | - 580 | Range - bound | Wait and see | | Sugar | 9 - 1 | 98 | - 7 | - 235 | Range - bound | Wait and see | | Cotton | 1 - 5 | 70 | 20 | 105 | Range - bound | Temporarily wait and see | [51] 3.6 Sixth Part: Futures Positioning Situation No specific numerical analysis provided, only references to relevant figures [58][60][65]. 3.7 Seventh Part: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 9214 | 0 | - 970 | | Sugar | 17853 | - 387 | 1901 | | Pulp | 253327 | 1872 | - 239490 | | Cotton | 8087 | - 85 | - 2309 | [78] 3.8 Eighth Part: Option - Related Data No specific numerical analysis provided, only references to relevant figures [80][82][83].

1. Report Industry Investment Rating No relevant content provided in the documents. 2. Core Views of the Report - **Soybean Oil**: The price of soybean oil continues to break through and rise. The market is worried about the supply of oilseeds in the fourth quarter due to the tense Sino - US and Sino - Canadian trade relations. The market is in a "weak reality + strong expectation" pattern. The 01 contract may continue to rise based on the 8400 level. Hold long positions and consider 1 - 5 positive spread operations [3]. - **Rapeseed Oil**: The procurement and arrival of domestic rapeseed have decreased, and the inventory has declined from the high point but is still at a relatively high level. The preliminary ruling on Canadian rapeseed may affect imports, and there is an expectation of inventory reduction. Hold long positions [3]. - **Palm Oil**: The July ending inventory of Malaysian palm oil was lower than expected, and the production in early August was poor. The increase in Indonesian export taxes in August may increase Malaysia's export share. Hold long positions [4]. - **Soybean Meal and Bean No. 2**: The Sino - US and Sino - Canadian trade relations are still tense, and there is a concern about the supply of oilseeds in the fourth quarter. Hold long positions for the 01 contract of soybean meal, and the 09 contract of bean No. 2 is expected to fluctuate and adjust [3][4]. - **Rapeseed Meal**: The potential reduction in rapeseed imports and the low spot price difference between soybean meal and rapeseed meal. There is an expectation of inventory reduction, and long positions can be held [3][5]. - **Corn and Corn Starch**: The external market is under pressure from the South American harvest and the expected increase in US planting area. The domestic market is affected by imported corn and the news of tightening imports. Suggest holding short positions cautiously [6]. - **Bean No. 1**: New soybeans in Hubei and other places are gradually on the market, and the market auction is not good. Try short positions lightly [6]. - **Peanuts**: The inventory in the producing areas is low, and the import is affected. The increase in planting area and the potential impact of drought in some areas. Consider reducing short positions for the 10 contract and shorting on rebounds for the 11 and 01 contracts [7]. - **Pigs**: The feed price rebounds, and the expectation of capacity reduction is strengthened. Hold long positions [8]. - **Eggs**: The egg price is at the end of the seasonal off - season, and the cost collapse risk is partially released. It is recommended to wait and see for the 09 contract, and aggressive investors can buy the 10 contract at low positions [8]. 3. Summary According to the Catalog 3.1 First Part: Plate Strategy Recommendation 3.1.1 Market Judgment - **Oilseeds**: Bean No. 1 is expected to fluctuate, and short positions can be tried lightly; Bean No. 2 is expected to fluctuate and adjust, and wait and see; Peanuts are expected to fluctuate weakly, and reduce short positions; Soybean oil is expected to fluctuate strongly, and hold long positions; Rapeseed oil is expected to rise, and hold long positions; Palm oil is expected to fluctuate strongly, and hold long positions [11]. - **Protein**: Soybean meal is expected to rise, and try long positions lightly; Rapeseed meal is expected to fluctuate strongly, and go long at low positions [11]. - **Energy and By - products**: Corn and corn starch are expected to fluctuate and sort out, and hold short positions cautiously [11]. - **Aquaculture**: Pigs are expected to rebound, and hold long positions; Eggs are expected to find the bottom, and wait and see [11]. 3.1.2 Commodity Arbitrage - **Inter - period Arbitrage**: For most varieties, it is recommended to wait and see. For soybean meal 11 - 1, conduct positive spread operations; for pigs 9 - 1 and eggs 9 - 1, conduct positive spread operations at low positions [12][13]. - **Inter - variety Arbitrage**: For some varieties, conduct short - biased or long - biased operations, and for others, wait and see [13]. 3.1.3 Basis and Spot - Futures Strategy Provide the spot price, price change, and basis and its change of various varieties [14]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oilseeds and Oils - **Daily Data**: Provide the import cost data of soybeans, rapeseeds, and palm oil, including arrival premium, futures price, CNF price, and arrival duty - paid price [16][17]. - **Weekly Data**: Provide the inventory, startup rate, etc. of soybeans, rapeseeds, palm oil, peanuts, etc. [18]. 3.2.2 Feed - **Daily Data**: Provide the import cost data of corn from different countries and months [18]. - **Weekly Data**: Provide the consumption, inventory, startup rate, and inventory of corn and corn starch in deep - processing enterprises [19]. 3.2.3 Aquaculture - Provide the daily and weekly data of pigs and eggs, including price, inventory, production rate, etc. [20][21][22][23][24] 3.3 Third Part: Fundamental Tracking Chart - **Aquaculture End (Pigs, Eggs)**: Provide charts of the closing price of the main contracts, spot price, etc. of pigs and eggs [26][28][29][32] - **Oilseeds and Oils**: Provide charts of production, inventory, profit, etc. of palm oil, soybean oil, and peanuts [36][46][50] - **Feed End**: Provide charts of inventory, consumption, profit, etc. of corn, corn starch, rapeseed, and soybean meal [54][56][58][65] 3.4 Fourth Part: Option Situation of Soybean Meal, Feed, Aquaculture, and Oils Provide charts of historical volatility, trading volume, and open interest of options of various varieties [71][73] 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Aquaculture, and Oils Provide charts of the warehouse receipt quantity of various varieties [75][77]