Report Information - Report Title: Sugar Daily Report [2] - Report Date: August 13, 2025 [2] - Researcher: Liu Qiannan [4] 1. Report Industry Investment Rating No relevant information provided. 2. Report's Core View - International market: With Brazil approaching its supply peak, global sugar inventories are expected to enter an accumulation phase. Although Brazil's sugar production was initially lower year-on-year, recent reports show a narrowing decline, indicating an increase in bi - weekly sugar production. As the current sugar price has factored in the production increase expectation, the raw sugar price is expected to trade in a range [11]. - Domestic market: The sales and production of domestic sugar are progressing rapidly, and sugar inventories are low. However, considering the large - scale entry of imported sugar into the domestic market and the increased influence of international sugar prices on domestic sugar prices, the Zhengzhou sugar price is expected to follow the trend of foreign sugar [11]. - Trading strategy: In the short term, the Zhengzhou sugar price is expected to be slightly stronger due to the rise in foreign sugar prices. For arbitrage, it is recommended to wait and see. For options, one can consider selling put options at low levels [12][13][14]. 3. Summary by Directory 3.1 Data Analysis - **Futures盘面**: SR09 closed at 5,722, up 16 (0.28%); SR01 closed at 5,657, up 45 (0.80%); SR05 closed at 5,606, up 49 (0.88%). The trading volume of SR09 was 46,763 with a decrease of 8,680, and the open interest was 78,335 with a decrease of 18,645. The trading volume of SR01 was 238,562 with an increase of 80,854, and the open interest was 310,322 with an increase of 3,735. The trading volume of SR05 was 10,505 with an increase of 4,938, and the open interest was 20,308 with a decrease of 898 [5]. - **Spot price**: In the spot market, the price in Liuzhou was 6,010 (unchanged), in Kunming was 5,905 (up 40), in Wuhan was 6,230 (up 10), in Nanning was 5,960 (unchanged), in Bayuquan was 6,175 (unchanged), in Rizhao was 6,050 (down 40), and in Xi'an was 6,360 (up 20). The basis in Liuzhou was 288, in Kunming was 183, in Wuhan was 508, in Nanning was 238, in Bayuquan was 453, in Rizhao was 328, and in Xi'an was 638 [5]. - **Monthly spread**: The SR5 - SR01 spread was - 51 (down 4), the SR09 - SR5 spread was 116 (down 29), and the SR09 - SR01 spread was 65 (down 33) [5]. - **Import profit**: For Brazilian imports, with an ICE主力 price of 16.95, a premium of (0.17), and a freight of 33.25, the in - quota price was 4,524, the out - of - quota price was 5,763, the spread with Liuzhou was 247, the spread with Rizhao was 287, and the spread with the futures price was - 41. For Thai imports, with an ICE主力 price of 16.95, a premium of 0.89, and a freight of 18.00, the in - quota price was 4,612, the out - of - quota price was 5,879, the spread with Liuzhou was 131, the spread with Rizhao was 171, and the spread with the futures price was - 157 [5]. 3.2 Market Analysis - **Important information**: Southern sugar prices in China were mainly up, with general trading volume. Kang师傅's H1 revenue exceeded 40 billion yuan, and net profit increased by 20%. The "carbonated and other" beverage category in its beverage business had a 6.3% year - on - year revenue increase to 10.356 billion yuan. The USDA estimated that the US sugar production in the 2025/26 season (starting in October) would reach a record 9.42 million tons, with both beet sugar and cane sugar production estimates revised upwards. Due to the expected production increase, sugar imports in the new season are expected to decrease from 3.2 million tons in the previous season to 2.45 million tons [7][8]. - **Logical analysis**: Internationally, considering Brazil's approaching supply peak, global sugar inventories are expected to accumulate. Although Brazil's sugar production was initially lower year - on - year, recent production has increased, and the current price has factored in the production increase expectation, so the raw sugar price is expected to trade in a range. Domestically, the sales and production of domestic sugar are fast, and inventories are low. However, with the large - scale entry of imported sugar, domestic sugar prices are more influenced by international prices, and the Zhengzhou sugar price is expected to follow the foreign sugar trend [11]. - **Trading strategy**: In the short term, the Zhengzhou sugar price is expected to be slightly stronger due to the rise in foreign sugar prices. For arbitrage, it is recommended to wait and see. For options, one can consider selling put options at low levels [12][13][14]. 3.3 Related Attachments - The report includes 10 figures showing various sugar - related data such as regional monthly inventories, new industrial inventories, cumulative sales rates, spot prices, price spreads, and basis, with data sources from Galaxy Futures and WIND [15][19][23][25][28][29]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The supply - side pressure is still obvious and the demand is weak, leading to price declines. After the previous rebound in egg prices, the release of cold - storage eggs has impacted the market. Although the September contract is a peak - season contract, the current spot price increase is below expectations. It is recommended to take a wait - and - see approach [9] 3. Summary by Directory 3.1 Fundamental Information - Today, the average price in the main production areas is 2.99 yuan/jin, up 0.01 yuan/jin from the previous trading day, while the average price in the main sales areas is 3.2 yuan/jin, unchanged from the previous trading day. The national mainstream prices are temporarily stable [6] - In July, the national laying - hen inventory was 1.356 billion, an increase of 16 million from the previous month and a 6.1% year - on - year increase, higher than expected. The monthly hatch of laying - hen chicks in July was 39.98 million, a 2% month - on - month and 4% year - on - year decrease. Based on previous replenishment data, the estimated laying - hen inventories from August to November 2025 are approximately 1.356 billion, 1.36 billion, 1.358 billion, and 1.351 billion respectively [7] - From August 1st to 7th, the national main - production - area egg - chicken culling volume was 13.38 million, an 11% decrease from the previous week. The average culling age was 506 days, 1 day more than the previous week [7] - As of August 7th, the egg sales volume in representative sales areas was 7,529 tons, a 4.6% decrease from the previous week [7] - As of August 7th, the average weekly inventory in the production link was 1.09 days, an increase of 0.08 days from the previous week, and the average weekly inventory in the circulation link was 1.23 days, an increase of 0.12 days from the previous week [7] - As of August 7th, the average weekly profit per jin of eggs was - 0.26 yuan/jin, a decrease of 0.23 yuan/jin from the previous week. On August 1st, the expected profit of laying - hen farming was 13.94 yuan/hen, a decrease of 0.03 yuan/jin from the previous week [8] - Today, the national culled - chicken price dropped, with the main - production - area average price at 5.34 yuan/jin, a 0.15 - yuan/jin decrease from the previous trading day [8] 3.2 Trading Logic - The obvious supply - side pressure and general demand have led to price drops. The release of cold - storage eggs after the previous price rebound has impacted the price. Although the September contract is a peak - season contract, the current spot price increase is below expectations [9] 3.3 Trading Strategy - Unilateral trading: It is recommended to take a wait - and - see approach [10] - Arbitrage: It is recommended to take a wait - and - see approach [10] - Options: It is recommended to take a wait - and - see approach [10] 3.4 Related Charts - The report includes 15 charts showing various indicators such as egg spot prices in main production and sales areas, egg - chicken chick prices, culled - chicken prices, feed costs, laying - hen inventories, price spreads, and profits [11][12][16]

Group 1: Report Information - Report Name: Asphalt Daily Report, August 13, 2025 [1] - Researcher: Wu Xiaorong, Futures Practitioner Certificate No.: F03108405, Investment Consulting Practitioner Certificate No.: Z0021537 [3] Group 2: Relevant Data Futures Prices and Positions - BU2510 (Main Contract): Price on August 13, 2025, was 3503, down 3 (-0.09%) from the previous day [2] - BU2511: Price was 3460, down 6 (-0.17%) [2] - BU2512: Price remained unchanged at 3406 [2] - SC2509: Price was 489.5, down 5.7 (-1.15%) [2] - Brent First Line: Price was 65.91, down 1.1 (-1.61%) [2] - Main Contract Positions: 22.5 million lots, up 0.2 million lots (0.84%) [2] - Main Contract Trading Volume: 12.3 million lots, up 0.3 million lots (2.42%) [2] - Warehouse Receipt Quantity: 73,750 tons, unchanged [2] Basis and Spread - BU11 - 12: Spread was 54.00, down 6.00 (-10.00%) [2] - BU10 - 11: Spread was 43.00, up 3.00 (7.50%) [2] - Shandong - Main Contract Basis: 190.00, up 6.00 (3.26%) [2] - East China - Main Contract Basis: 190.00, up 6.00 (3.26%) [2] - South China - Main Contract Basis: Data unavailable [2] Industrial Chain Spot Prices - Shandong Low - end Price: 3520, unchanged [2] - East China Low - end Price: 3650, unchanged [2] - South China Low - end Price: Data unavailable [2] - Shandong Gasoline: Price was 7732, down 6.00 (-0.08%) [2] - Shandong Diesel: Price was 6562, up 1.00 (0.02%) [2] - Shandong Petroleum Coke: Price was 2960, unchanged [2] - Diluted Asphalt Discount: -5.3, unchanged [2] - Exchange Rate Middle Price: 7.1350, down 0.01 (-0.10%) [2] Spread and Profit - Asphalt Refinery Profit: 4.36, up 52.61 (109.04%) [2] - Refined Oil Comprehensive Profit: 525.78, up 54.41 (11.54%) [2] - BU - SC Cracking Spread: -511.40, up 36.30 (6.63%) [2] - Gasoline Spot - Brent: 1204.47, up 55.90 (4.87%) [2] - Diesel Spot - Brent: 859.07, up 62.09 (7.79%) [2] Group 3: Market Analysis Market Overview - On August 13, the average domestic asphalt market price was 3820 yuan/ton, down 4 yuan/ton (-0.10%) from the previous day [5] - In the North China market, demand is slowly recovering, and major refineries are limiting shipments, supporting price increases [5] - In the Shandong market, supply is abundant, and transactions are mostly at low - end prices [5] - In the Northeast market, demand is weak, and some traders are cutting prices to stimulate sales [5] - In the South market, demand is tepid, but major refineries mainly ship by sea, and inventories are at medium - low levels, so prices are stable [5] - In the Shandong market, the mainstream transaction price remained stable at 3670 - 3850 yuan/ton. Falling crude oil prices are negative for market sentiment, but asphalt prices are already relatively low, and traders' previous procurement costs are high [5] - In the Yangtze River Delta market, the mainstream transaction price of heavy - traffic asphalt remained stable at 3750 - 3800 yuan/ton. Low refinery operating rates and inventory levels support prices, but rain has affected terminal demand [5] - In the South China market, the mainstream transaction price remained stable at 3530 - 3530 yuan/ton. Demand is weak, and many downstream users are pessimistic. New typhoons and high social inventories may keep prices weakly stable [6] Market Outlook - The short - term spot market is weak. Short - term precipitation affects demand release, and demand in the North will start slowly before September. The supply - demand pattern will be weak in August, and the de - stocking speed in the industrial chain will slow down [7] - Oil prices will fluctuate in the short term and are bearish in the medium term. Asphalt prices will fluctuate weakly in the short term, being more resilient than crude oil. The operating range of the BU main contract is expected to be between 3450 and 3550 [7] Group 4: Relevant Attachments - The report includes figures such as BU main contract closing prices, positions, East China and Shandong asphalt market prices, Shandong refined oil prices, etc., with data sources from Galaxy Futures, Wind, and Steel Union [9][10][12]

Report Industry Investment Rating - Not provided Core Viewpoints - The supply of peanuts is still low, but the downstream demand remains weak, so the short - term peanut price is relatively weak. The spot price of peanut oil is stable, and the peanut meal has been stable recently. The theoretical profit of oil mills from peanut pressing is acceptable. Peanut 10 fluctuated narrowly today. It is expected that the planting area will increase, the planting cost will decrease, and some spring peanuts will start to be listed. Peanut 10 will still fluctuate narrowly [10]. Summary by Directory First Part: Data - **Futures Disk**: PK604 closed at 8028, up 68 or 0.85%, with a trading volume of 72 (up 453.85%) and an open interest of 266 (up 3.50%); PK510 closed at 8116, up 36 or 0.44%, with a trading volume of 64,408 (up 124.98%) and an open interest of 89,499 (down 6.47%); PK601 closed at 8002, up 32 or 0.40%, with a trading volume of 13,847 (up 350.60%) and an open interest of 20,362 (up 16.05%) [2]. - **Spot and Basis**: The spot prices in Henan Nanyang, Shandong Jining, and Shandong Linyi were 9000, 8400, and 8400 respectively, with no change. The price of Rizhao peanut meal was 3300, with no change; the price of Rizhao soybean meal was 3030, up 100; the price of peanut oil was 15000, with no change; the price of Rizhao first - grade soybean oil was 8660, up 170. The basis was 884, 284, and 284 respectively. The difference between soybean meal and peanut meal was - 2, and the difference between peanut oil and soybean oil was 6340 [2]. - **Import Price**: The price of Sudanese peanuts was 8250, with no change [2]. - **Spread**: The spread of PK01 - PK04 was - 26, down 36; the spread of PK04 - PK10 was - 88, up 32; the spread of PK10 - PK01 was 114, up 4 [2]. Second Part: Market Analysis - **Peanut Price**: The peanut price in Henan was stable, while that in Northeast China was weak. The price of 308 general peanuts in Fuyu, Jilin was 4.2 yuan/jin, stable; the price in Changtu, Liaoning was 4.15 yuan/jin, down 0.05 yuan/jin. The price of Baisha general peanuts in Henan was 4.25 - 4.35 yuan/jin, stable; the price in Junan, Shandong was 4.1 yuan/jin, stable. The price of imported Sudanese refined peanuts was 8300 yuan/ton, stable. It is expected that the short - term peanut spot price will be relatively weak [4]. - **Peanut Oil and By - products**: Most peanut oil mills stopped purchasing today. The mainstream transaction price was maintained at 7650 - 7700 yuan/ton, and the theoretical cost - price of oil mills was 8110 yuan/ton. The price of soybean oil and peanut oil was stable. The domestic first - grade ordinary peanut oil was quoted at 14800 yuan/ton, stable; the market price of small - pressed fragrant peanut oil was 16500 yuan/ton, stable. The spot price of Rizhao soybean meal rose to 3020 yuan/ton, up 100 yuan/ton. The price difference per unit protein between peanut meal and soybean meal was relatively high, and the short - term peanut meal was weak, with the 48 - protein peanut meal quoted at 3250 yuan/ton [4][9]. Third Part: Trading Strategy - **Single - side**: Peanut 10 is oscillating at a low level. Currently, it is advisable to wait and see, and mainly short after a rebound [11]. - **Month - spread**: Wait and see [12]. - **Options**: Sell pk510 - C - 8800 [13]. Fourth Part: Related Attachments - The report provides six figures, including the spot price of Shandong peanuts, the pressing profit of peanut oil mills, the price of peanut oil, the basis between peanut spot and continuous contracts, the spread between peanut 10 - 1 contracts, and the spread between peanut 1 - 4 contracts [15][21][24].

Group 1: Market Information - SF main contract closed at 5970, up 150 daily and 62 weekly, with trading volume of 223,621 (up 25,074) and open interest of 108,388 (up 86,379) [4] - SM main contract closed at 6074, down 36 daily and 22 weekly, with trading volume of 258,168 (down 849) and open interest of 187,130 (down 16,808) [4] - Spot prices of 72%FeSi in Inner Mongolia were 5550, unchanged daily and down 50 weekly [4] - Spot prices of 6517 silicon - manganese in Inner Mongolia were 5800, unchanged daily and down 50 weekly [4] - Manganese ore (Tianjin) prices: Australian lump was 41, unchanged daily and up 0.5 weekly; South African semi - carbonate was 35.2, unchanged daily and up 0.2 weekly; Gabon lump was 40.3, down 0.2 daily and up 0.3 weekly [4] Group 2: Market Analysis and Trading Strategies - On August 13, ferroalloy futures prices declined. SF main contract closed at 5794, down 0.45%, with open interest decreasing by 19,568; SM main contract closed at 6074, down 0.59%, with open interest decreasing by 10,874 [6] - For silicon - iron, spot prices were stable on the 13th. Supply increased steadily. Demand remained supported by good steel profits and high steel output. The 09 contract is approaching delivery, and it is expected to fluctuate around the warehouse - receipt cost [6] - For silicon - manganese, manganese ore spot prices were slightly weak, while silicon - manganese spot prices were slightly strong. Supply increased slightly with price hikes. Demand was supported by good steel profits. Cost was also supported by overseas mines' slightly higher September quotes. It is expected to fluctuate widely around the warehouse - receipt cost [6] - Trading strategies: Trade around the warehouse - receipt cost; conduct cash - and - carry arbitrage when the basis is low; sell straddle option combinations at high prices [7] Group 3: Important Information - A large steel mill in Hebei set the purchase price of 75B silicon - iron in August at 6030 yuan/ton, up 430 yuan/ton from July, with the quantity of 2835 tons, up 135 tons from July [8] - On the 13th, Tianjin Port's semi - carbonate Mn36.5% was quoted at 35.5 yuan/ton degree, Australian lump Mn46% at 43 yuan/ton degree, and South African medium - iron lump Mn42%Fe12% at 37 yuan/ton degree [8] Group 4: Cost and Profit - Silicon - iron production costs and profits: Inner Mongolia had a production cost of 5499 yuan/ton and a profit of 1 yuan/ton; Ningxia had a cost of 5352 yuan/ton and a profit of 148 yuan/ton; Shaanxi had a cost of 5564 yuan/ton and a loss of 114 yuan/ton; Qinghai had a cost of 5421 yuan/ton and a profit of 79 yuan/ton; Gansu had a cost of 5573 yuan/ton and a loss of 73 yuan/ton [21] - Silicon - manganese production costs and profits: Inner Mongolia had a production cost of 5842 yuan/ton and a profit of 8 yuan/ton; Ningxia had a cost of 5903 yuan/ton and a loss of 103 yuan/ton; Guangxi had a cost of 6421 yuan/ton and a loss of 521 yuan/ton; Guizhou had a cost of 6169 yuan/ton and a loss of 319 yuan/ton [24]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Views of the Report - Asian near - term high - sulfur supply and inventory remain at a high level. Ukrainian bombings of Russian refineries have entered a continuous stage, affecting some refinery capacities and favoring high - sulfur to some extent. Mexican high - sulfur exports are continuously declining, and the supply pressure of high - sulfur in the third quarter is slightly less than expected. On the demand side, the decline in high - sulfur cracking and the increase in China's fuel oil consumption tax deduction are beneficial to the growth of high - sulfur feedstock demand, while the seasonal power generation demand for high - sulfur is gradually decreasing. [7] - Low - sulfur fuel oil spot premiums continue to decline. The increase in spot window sellers and near - term supply growth have hit low - sulfur spot prices. Low - sulfur supply continues to recover, and there is no specific driver for downstream demand. Attention should be paid to the near - term low - sulfur export logistics changes and the adjustment and issuance rhythm of low - sulfur quotas in the Chinese market. [7] Group 3: Summary by Relevant Catalogs First Part: Relevant Data - On August 13, 2025, the FU main contract was 2730, down 40 from the previous day; the LU main contract was 3463, down 39 from the previous day. The FU main contract position was 145,000 lots, down 4,000 lots from the previous day; the LU main contract position was 51,000 lots, unchanged from the previous day. The FU warehouse receipt was 92,710 tons, unchanged from the previous day; the LU warehouse receipt was 21,050 tons, unchanged from the previous day. [3] - The FU9 - 1 spread was - 42, down 12 from the previous day; the LU10 - 11 spread was 12, up 5 from the previous day. The LU - FU main contract spread was 733, up 1 from the previous day. The FU09 - foreign market 08 spread was - 15.8, up 0.2 from the previous day; the LU10 - foreign market 09 spread was 7.6, up 4.8 from the previous day. [3] Second Part: Market Research and Judgment - **Market Overview**: A piece of important news is that on Wednesday, the Russian authorities said that the debris of a destroyed drone caused a small fire at the Slaviansk refinery in the Krasnodar region of Russia, and the fire was quickly extinguished. [6] - **Market Judgment**: As mentioned in the core views, the supply and demand situation of high - sulfur and low - sulfur fuel oil is analyzed, and the changes in spreads in the Singapore paper market are also mentioned, such as the high - sulfur Sep/Oct month - spread dropping from 4.8 to 3.3 US dollars/ton, and the low - sulfur Sep/Oct month - spread dropping from 3.5 to 2.0 US dollars/ton. [7] Third Part: Relevant Attachments - There are six graphs including Singapore high - sulfur spot premium, Singapore low - sulfur spot premium, Singapore high - and low - sulfur spread, Singapore LSFO - GO, high - sulfur fuel oil cracking, and low - sulfur fuel oil cracking, with data sources from Galaxy Futures and Reuters. [9]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The US corn report is bearish, with US corn hitting a new low. Chinese tariffs on US corn and sorghum have increased, but foreign corn import profits are high. Corn spot prices are expected to be relatively stable in the short term but may decline due to imports, domestic auctions, and the upcoming new corn harvest. Starch demand is weak, and enterprises may face long - term losses. The 09 starch contract is expected to fluctuate weakly in the short term [5][8][9] Group 3: Summary According to Relevant Catalogs 1. Data Futures盘面 - For corn futures contracts C2601, C2605, and C2509, the closing prices are 2204, 2275, and 2279 respectively, with daily increases of 0.50%, 0.62%, and 0.83%. For starch futures contracts CS2601, CS2605, and CS2509, the closing prices are 2586, 2643, and 2651 respectively, with daily increases of 0.93%, 0.76%, and 0.23% [2] Spot and Basis - Corn spot prices in different regions vary, with prices in Qinggang, Jiajishenghua, and other places ranging from 2215 to 2502. Starch spot prices in different enterprises range from 2800 to 3020. The basis of corn and starch also shows different values in different regions and enterprises [2] Spreads - Corn and starch have different inter - period spreads and cross - variety spreads, such as C01 - C05 with a spread of - 71 and a daily change of - 3, and CS01 - CS05 with a spread of - 57 and a daily change of 4 [2] 2. Market Judgment Corn - The US corn report increased the planting area, and US corn reached a new low. Chinese tariffs on US corn and sorghum have increased, but foreign corn import profits are high. Northern port flat - price is stable, and Northeast corn is stable, while North China corn is weak. Wheat continues to substitute for corn, and domestic breeding demand is weak. Corn spot prices are expected to be stable in the short term but may decline [5][7] Starch - The number of trucks arriving at Shandong deep - processing plants has increased, and Shandong corn is strong. Starch inventory has increased this week. Starch prices depend on corn prices and downstream stocking. By - product prices are strong, and the spot price difference between corn and starch is low. Starch demand is weak, and enterprises may face long - term losses. The 09 starch contract is expected to fluctuate weakly in the short term [8] 3. Trading Strategies - Unilateral: The domestic 09 corn contract will continue to fluctuate narrowly. Short - sell 09 and 01 corn contracts when prices are high - Arbitrage: Buy spot and short - sell the 09 corn contract in a rolling manner. Wait and see the spread between 09 corn and starch [10] 4. Corn Options - Enterprises with spot positions can close out short positions in corn call options, or short - sell on rallies in the short term and conduct rolling operations [13] 5. Relevant Attachments - The attachments include charts of corn and starch spot prices, basis, spreads, etc., covering multiple time periods and contracts, with data sources from Galaxy Futures and iFinD Information [15][17][21]

Group 1: Report Overview - Report Title: "Pig Daily Report - August 13, 2025" [2] - Report Type: Agricultural Product Research Report [1] - Researcher: Chen Jiezheng [3] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core Views - The overall supply of live pigs is gradually increasing, and price pressure is emerging. The upward space for spot prices is limited, and there is still a certain downward pressure in the future, but the deep - decline space is also restricted. The futures market has support overall, but the near - month pressure is obvious [4][5] Group 4: Market Data Summary Spot Prices - Today, the live pig spot prices across the country showed a slight upward trend. The average price increased from 13.30 to 13.37 [4] Futures Prices - The live pig futures market showed a downward trend today. For example, LH01 decreased from 14425 to 14295 [4] Piglet and Sow Prices - Piglet prices decreased from 415 to 389, and sow prices decreased from 1613 to 1612 [4] Breeding Profits - The self - breeding and self - raising profit increased from 43.85 to 45.13, while the profit from purchasing piglets decreased from - 116.78 to - 134.14 [4] Slaughter Volume - The slaughter volume increased from 138320 to 139006 [4] Contract Spreads - For example, LH7 - 9 decreased from 450 to 430, and LH9 - 1 increased from - 460 to - 345 [4] Size Pig Spreads - The spread between standard pigs and medium - sized pigs remained unchanged at 0.4, while the spread between medium - large pigs and standard pigs increased from 0.05 to 0.07 [4] Group 5: Market Analysis Spot Market - After the previous decline in spot prices, the breeding side resisted low prices. The scale enterprise's slaughter volume decreased slightly, and ordinary farmers' slaughter improved after the price increase. The enthusiasm for secondary fattening was average, and the short - term supply pressure improved, but the subsequent pressure still exists due to high inventory [4] Futures Market - The futures market was affected by event - driven factors and concerns about future supply pressure. The far - month market stabilized after a decline, and there is still support, but the near - month pressure is obvious [5] Group 6: Trading Strategies - Unilateral: Go long on the far - month contracts at low prices - Arbitrage: LH91 reverse arbitrage - Options: Sell far - month put options [6]

Report Title - "Supply Bullish Factors Increase, Futures Prices Rise Significantly" [2] Report Date - August 13, 2025 [2] Investment Rating - Not provided Core Viewpoints - The domestic soybean meal futures market is bullish due to cost - side increases, but the follow - up depends on domestic imports; the rapeseed meal market has significant fluctuations, and the far - month market is more favorable. The soybean meal inter - monthly spread may continue to decline, while the rapeseed meal inter - monthly spread may strengthen, and the soybean - rapeseed meal spread may narrow in the short term [4][9] Market Review - The US soybean futures showed a significant upward trend today. The monthly supply - demand report was bullish, driving the futures up. The domestic soybean meal futures also rose, with limited market changes but obvious cost - side push. The rapeseed meal futures had larger fluctuations, and multiple contracts hit the daily limit. The main driver was the potential impact on the subsequent supply of Canadian rapeseed [4] Fundamental Analysis US Soybeans - The old - crop balance sheet is bullish, with exports almost completed and crush adjusted upward, leading to a decrease in ending stocks. For the new - crop, although the yield per acre increased, the significant reduction in planted area tightened the supply. The new - crop cumulative exports are slow. The new - crop stock - to - use ratio may not show significant bullishness at the current price level [5] South American Soybeans - The old - crop supply in South America is generally loose. The soybean production of major exporting countries is expected to increase by 15.39 million tons, and the crush volume by 8.21 million tons. The overall ending stocks or exports may increase. Brazilian farmers' selling progress is slow, but they are optimistic about future exports [5] International Soybean Meal - The international soybean meal supply pressure is obvious. The annual soybean crush volume in major producing areas is expected to increase by 21.536 million tons, while the imports of major importing countries only increase slightly [5] Domestic Market - The domestic soybean meal spot market is loose, with high oil - mill operating rates, sufficient supply, and increased提货量. As of August 8, the actual soybean crush volume was 2.1775 million tons, the operating rate was 61.21%, the soybean inventory was 7.1056 million tons (up 8.38% week - on - week), and the soybean meal inventory was 1.0035 million tons (down 3.66% week - on - week). The domestic rapeseed meal demand is weakening, with a decline in the oil - mill operating rate, but the overall supply is still sufficient. As of August 8, the rapeseed crush volume in coastal areas was 63,200 tons, the operating rate was 16.84%, the rapeseed inventory was 138,800 tons (down 22,800 tons week - on - week), and the rapeseed meal inventory was 32,000 tons (up 5,000 tons week - on - week) [7] Macro - analysis - The Sino - US negotiations in London have ended, but there is no clear information. The market is still worried about supply uncertainty. Although the macro - disturbances are decreasing, China's high demand for US soybeans in the long - term means that prices are unlikely to fall sharply in the short term [8] Logical Analysis - The domestic soybean meal futures are bullish due to cost - side increases, but the follow - up depends on domestic imports. The rapeseed meal market has significant fluctuations. After the preliminary anti - dumping ruling, the final ruling is likely to impose tariffs, which is favorable for the rapeseed meal market. The soybean meal inter - monthly spread may continue to decline due to spot pressure, while the rapeseed meal inter - monthly spread may strengthen, especially for the far - month spread. The soybean - rapeseed meal spread may narrow in the short term [9] Trading Strategies - Unilateral: Buy on dips - Arbitrage: Expand the MRM05 spread - Options: Wait and see [10]

Group 1: Report Information - Report title: Methanol Daily Report, August 13, 2025 [3] - Research area: Commodity research - Energy and chemical industry [1][2] - Researcher: Zhang Mengchao [8] Group 2: Market Review - Futures market: The futures price closed at 2391, up 6 or 0.25% [4] - Spot market: Various regions had different methanol prices, with production areas ranging from 2090 - 2230 yuan/ton, consumption areas from 2230 - 2320 yuan/ton, and ports from 2360 - 2380 yuan/ton [4] Group 3: Important News - Zhejiang Xingxing New Energy Technology Co., Ltd.'s 690,000 - ton/year methanol - to - olefins plant stopped on July 30, and the restart time is to be tracked [5] Group 4: Logic Analysis - Supply side: Coal mine开工率 in the northwest decreased, coal prices rebounded, methanol开工率 was high and stable, and domestic supply was loose [6] - Import side: The US dollar price fell slightly last week, import profit increased, foreign开工率 was high, and Iranian shipments to China increased [6] - Demand side: Traditional downstream entered the off - season, MTO开工率 increased, but some MTO plants had reduced loads or stopped [6] - Inventory: Port inventory increased, and inland enterprise inventory fluctuated slightly [6] - Overall: International装置开工率 was stable, imports recovered, demand was stable, and ports accelerated inventory accumulation. Methanol supply increased, and it was advisable to short at high prices [6] Group 5: Trading Strategies - Single - side: Short at high prices, do not chase short [7] - Arbitrage: Wait and see [7] - Options: Sell call options [10]