Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - Demand has improved slightly on a month - on - month basis, supply remains at a low level, and the inventory accumulation speed of the industry chain has slowed down since the second quarter. Low inventory supports the near - end spot price and benefits the long - term peak - season expectations. Due to the US pressure on Chinese refineries during the sanctions on Iran, concerns about overseas crude oil supply and domestic asphalt supply have increased. Coupled with positive signals from China - US trade negotiations, oil prices are strong in the short term, and asphalt prices have risen accordingly. In the medium and long term, with the expected continuous production increase of OPEC, the upward space for oil prices is limited. Currently, the supply - demand situation of asphalt is neutral, and the unilateral price is expected to fluctuate at a high level, while the asphalt/crude oil spread will remain high. The operating range of the BU2506 contract is expected to be between 3300 and 3500 [7]. Group 3: Summary According to Relevant Catalogs 1. Related Data - **Futures Prices and Positions**: On May 12, 2025, the prices of BU2506 (the main contract), BU2507, and BU2508 increased by 0.81%, 0.99%, and 1.23% respectively compared to May 9. The prices of SC2506 and Brent first - line also rose by 2.10% and 2.47%. The main contract's position decreased by 2.27% to 10.8 million lots, and the trading volume decreased by 14.61% to 16.6 million lots. The number of warehouse receipts remained unchanged at 86,120 tons [2]. - **Basis and Spread**: The basis spreads of BU06 - 07, BU07 - 08, Shandong - main contract, and East China - main contract decreased by 30.00%, 29.63%, 29.06%, and 50.75% respectively. The South China - main contract basis decreased by 12.39%. The asphalt refinery profit decreased by 208.10% to - 112.88, and the refined oil comprehensive profit decreased by 20.18% to 342.09. The BU - SC cracking spread increased by 10.28% to - 452.65 [2]. - **Industrial Chain Spot Prices**: The low - end prices in Shandong and East China remained unchanged, while the low - end price in South China increased by 0.60% to 3340. The prices of Shandong gasoline, diesel, and petroleum coke decreased slightly, and the dilution asphalt discount remained unchanged. The exchange - rate mid - price decreased by 0.04% [2]. 2. Market Analysis - **Market Overview**: On May 12, the average domestic asphalt market price was 3669 yuan/ton, up 0.22% from the previous day. In the northern market, demand increased slightly, and the prices of Shandong's major refineries rose by 30 yuan/ton. In the southern market, driven by cost and controllable refinery inventories, prices in South China and the Yangtze River Delta rose by 20 - 30 yuan/ton [5]. - **Regional Markets**: In the Shandong market, the mainstream transaction price rose to 3600 - 3730 yuan/ton. In the Yangtze River Delta market, the mainstream transaction price rose to 3570 - 3570 yuan/ton. In the South China market, the mainstream transaction price rose to 3350 - 3460 yuan/ton [5][6]. - **Market Outlook**: In the short term, asphalt prices in Shandong will remain firm, those in the Yangtze River Delta and South China will remain stable. In the medium and long term, the unilateral price of asphalt is expected to fluctuate at a high level, and the asphalt/crude oil spread will remain high [5][6][7]. 3. Related Attachments - The report provides multiple charts, including the closing price and position of the BU main contract, the market prices of asphalt in East China and Shandong, and the prices of Shandong refinery gasoline and diesel [9][10][13]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The near - end high - sulfur supply in the Asian market remains abundant, with high inventories of high - sulfur fuel oil in Singapore. However, there is still a medium - term supply gap due to geopolitical and sanctions affecting exports from Russia and the Middle East. High - sulfur seasonal power generation demand is starting to increase [7]. - Low - sulfur fuel oil spot prices are fluctuating. Supply is continuously rising while downstream demand is weak. The return of external low - sulfur raw material supply and increased production in some regions are contributing to the supply increase [7]. 3. Summary by Directory First Part: Related Data - **Prices and Changes**: On May 12, 2025, the FU main contract was at 2996, up 47 from May 9; the LU main contract was at 3518, up 46 from May 9. The LU - FU main contract spread was 522, down 1 from May 9 [4]. - **Positions and Changes**: FU main contract positions were 14.3 million hands, down 0.6 million hands from May 9; LU main contract positions were 6.4 million hands, down 0.2 million hands from May 9 [4]. - **Warehouse Receipts and Changes**: FU high - sulfur fuel oil warehouse receipts were 44,390 tons, down 6730 tons from May 9; LU low - sulfur fuel oil warehouse receipts were 26,270 tons, down 15,980 tons from May 9 [4][7]. Second Part: Market Analysis - **Important News**: The RFCC of Dangote Refinery has restarted, and BP Rotterdam Refinery plans to shut down one of its two CDU units for maintenance in May. Intermittent supply may increase price fluctuations, and the success of Dangote's production increase will affect the EBOB spread in Q3 2025 [6]. - **Market Judgment**: High - sulfur fuel oil: Supply is abundant in the short - term but has a medium - term gap. Demand for power generation is increasing. Low - sulfur fuel oil: Supply is rising while demand is weak, and the return of external supply and increased production in some regions are factors [7]. Third Part: Related Attachments - The report includes six graphs showing data such as Singapore high - sulfur and low - sulfur spot premiums, high - and low - sulfur price differentials, and fuel oil cracking spreads. The data sources are Galaxy Futures and Reuters [9].

大宗商品研究所 农产品研发报告 白糖日报 2025 年 5 月 12 日 白糖日报 第一部分 数据分析 收盘价 涨跌 涨跌幅 成交量 增减幅 持仓量 增减幅 5,885 4 6 0.76% 189,669 29.10% 308,154 -2.82% 5,970 4 8 0.81% 23,237 26.75% 34,835 -4.33% 6,060 1 3 0.21% 777 -4.78% 7,207 -8.46% 柳州 昆明 湛江 南宁 鲅鱼圈 日照 西安 6220 6000 6190 6155 6300 6270 6550 1 0 1 5 0 2 0 0 -20 1 0 160 -60 130 9 5 240 210 490 SR05-SR07 价差 涨跌 SR05-SR09 价差 涨跌 SR07-SR09 价差 涨跌 -90 3 5 175 -33 8 5 2 国别 ICE主力 升贴水 运费 配额内价格 配额外价格 与柳州价差 与日照价差 与盘面价差 巴西进口 17.82 0.16 3 7 4733 6058 162 212.00 -88 泰国进口 17.82 0.8 1 8 4716 6036 184 ...

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The international soybean market has limited near - term pressure, with good US soybean export performance and reduced selling pressure in Brazil. However, the long - term supply is expected to be relatively loose due to high projected US soybean ending stocks and continued pressure in the South American market. - In the domestic market, the recent tight supply situation is gradually improving as the oil mill operating rate increases and soybean arrivals become clearer. - The macro - environment has a complex and limited impact on soybean meal, as China still imposes tariffs on US soybeans. - The soybean meal futures market is expected to face some pressure, while the rapeseed meal market may see weakening demand and limited supply - side benefits[5][6][7]. 3. Summary by Related Content Market Quotes - The US soybean futures market showed a strong trend due to improved macro - conditions after China - US talks. The domestic futures market was mainly in shock, with soybean meal outperforming rapeseed meal. - For soybean meal futures, the contract 0105 closed at 2955, down 6; contract 09 at 2919, down 1. For rapeseed meal futures, contract 01 closed at 2330, down 15; contract 05 at 2485, up 1; contract 09 at 2563, down 2. - The basis of soybean meal in Tianjin was 420, up 40; in Dongguan, it was 220, down 130; in Zhangjiagang, it was 200, up 10; in Rizhao, it was 190, up 30. The basis of rapeseed meal in Nantong was - 63, up 42; in Guangdong, it was - 113, down 8; in Guangxi, it was - 123, down 8. - The 5 - 9 spread of soybean meal was - 132, up 28; the 9 - 1 spread was - 36, up 5; the 1 - 5 spread was 168, down 33. The 5 - 9 spread of rapeseed meal was - 78, up 3; the 9 - 1 spread was 233, up 13; the 1 - 5 spread was - 155, down 16. - The spread between soybean meal and rapeseed meal was 852, down 18; between soybean meal and sunflower meal was 1039, down 111; between rapeseed meal and sunflower meal was 117, down 3[4]. Fundamental Analysis - International: As of the week ending May 1, US soybean export sales were 376,700 tons. The March crushing data was average, but overall demand was good. Brazil's soybean harvest progress as of May 3 was 97.7%, higher than last year and the five - year average. The long - term US soybean ending stocks are expected to remain high due to large export pressure on new crops, and the South American market will continue to face pressure. - Domestic: As of May 9, the actual soybean crushing volume of oil mills was 1.846 million tons, with an operating rate of 51.89%. Soybean inventory was 5.3491 million tons, up 602,700 tons (12.7%) from last week and 1.1634 million tons (27.79%) from last year. Soybean meal inventory was 101,200 tons, up 19,100 tons (23.26%) from last week but down 458,000 tons (81.9%) from last year. The rapeseed crushing volume of coastal oil mills was 159,500 tons, with an operating rate of 42.51%. Rapeseed inventory was 200,000 tons, down 68,000 tons from last week, and rapeseed meal inventory was 36,000 tons, up 21,500 tons from last week[5][6]. Macro - environment The postponement and reduction of tariffs by China and the US have complex and limited impacts on soybean meal, as China still imposes tariffs on US soybeans[6]. Logic Analysis - Soybean meal: With the increase in the operating rate of domestic oil mills, the supply shortage is alleviated. The upcoming monthly supply - demand report may be a focus, but the pricing center is still in South America, so the market may face pressure. - Rapeseed meal: The market's focus is on future supply. With the decline in soybean meal prices, rapeseed meal demand may weaken, and supply - side benefits may be limited. The inter - monthly spreads of both soybean meal and rapeseed meal are expected to be volatile[7]. Trading Strategies - Unilateral trading: Hold a wait - and - see attitude. - Arbitrage: Hold a wait - and - see attitude. - Options: Adopt a strategy of selling wide straddles[8]. Soybean Crushing Profit - For soybeans from Argentina, the May shipment had a crushing profit of 75.10; June shipment, 11.48; July shipment, - 76.77. - For soybeans from Brazil, the June shipment had a crushing profit of 102.52; July shipment, 82.62; August shipment, 15.34[9].

大宗商品研究所 农产品研发报告 玉米淀粉日报 2025 年 5 月 12 日 玉米淀粉日报 期货从业证号： F03107370 投资咨询证号： 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2025/5/12 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2273 | -9 | -0.40% | 18,777 | 36.27% | 61,554 | -4.82% | | C2505 | | 2325 | -12 | -0.52% | 4,561 | 513.04% | 9,160 | 0.22% | | C2509 | | 2375 | -10 | -0.42% | 150,772 | 54.48% | 422,170 | 3.02% | | CS2601 | | 2710 | -6 | -0.22% | 836 | 9.42% | 4,4 ...

大宗商品研究所 农产品研发报告 生猪日报 2025 年 5 月 12 日 研究员：陈界正 期货从业证号： F3045719 投资咨询证号： Z0015458 联系方式： chenjiezheng_qh@chinastock.c om.cn | | | | | 生猪价格日报 | | 2025/5/8 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 现货价格 | | | | | | | 今 日 | 昨 日 | 变 化 | | 今 日 | 昨 日 | 变 化 | | 河南（0） | 15.11 | 15.06 | 0.05 | 山 西 | 14.89 | 14.85 | 0.04 | | 湖北（0） | 14.61 | 14.53 | 0.08 | 辽 宁 | 14.58 | 14.54 | 0.04 | | 安徽（300） | 15.19 | 15.15 | 0.04 | 吉 林 | 14.51 | 14.42 | 0.09 | | 湖南（100） | 14.53 | 14.53 | 0.00 | 黑龙江 | 14.41 | 14.37 ...

Group 1: Report Information - Report Name: Styrene Futures Daily Report [2] - Date: May 12, 2025 [2] - Researcher: Sui Fei [3] - Futures Practitioner Certificate Number: F3019741 [3] - Investment Consulting Practitioner Certificate Number: Z0017025 [3] Group 2: Basic Data Futures Closing Prices - EB2506: Opened at 7005 on May 9, closed at 7320 on May 12, up 315 or 4.50% [4] - EB2507: Opened at 6887 on May 9, closed at 7205 on May 12, up 318 or 4.62% [4] - EB2508: Opened at 6816 on May 9, closed at 7130 on May 12, up 314 or 4.61% [4] - EB2509: Opened at 6767 on May 9, closed at 7068 on May 12, up 301 or 4.45% [4] Spot Prices - Jiangsu Spot: Opened at 7150 on May 9, closed at 7250 on May 12, up 100 or 1.40% [4] - South China Spot: Opened at 7200 on May 9, closed at 7300 on May 12, up 100 or 1.39% [4] - Shandong Spot: Opened at 7220 on May 9, closed at 7210 on May 12, down 10 or -0.14% [4] Basis - East China Spot (EB2506): Opened at 145 on May 9, closed at -70 on May 12, down 215 or -148.28% [4] - EB5 under (EB2506): Opened at 175 on May 9, closed at 200 on May 12, up 25 or 14.29% [4] Month Spread - EB2506 - EB2507: Opened at 118 on May 9, closed at 115 on May 12, down 3 or -2.54% [4] - EB2507 - EB2508: Opened at 71 on May 9, closed at 75 on May 12, up 4 or 5.63% [4] Price Difference - EB - BZ Spot East China: Opened at 1485 on May 9, closed at 1275 on May 12, down 210 or -14.14% [4] Spot Profit - EPS Ordinary Material: Opened at 500 on May 9, closed at 400 on May 12, down 100 or -20.00% [4] - GPPS: Opened at -199 on May 9, closed at -228 on May 12, down 29 or -14.61% [4] - ABS: Opened at 376 on May 9, closed at 168 on May 12, down 208 or -55.32% [4] Outer Market Prices - Ethylene (Northeast Asia): Opened at 790 on May 8, closed at 790 on May 9, unchanged [4] - Pure Benzene CFR China: Opened at 690 on May 9, closed at 740 on May 12, up 50 or 7.25% [4] Group 3: Logical Analysis - The styrene futures price rose, the basis strengthened, and the market trading volume increased [5] - As of May 12, the styrene inventory in the East China main port decreased by 1.18 tons to 5.67 tons compared with May 6, while the upstream pure benzene port inventory increased by 0.3 tons to 12.3 tons [5] - From mid - to late May to early June, multiple sets of equipment such as Jiujiang Petrochemical, Gaoqiao Petrochemical, and CNOOC Huizhou are planned to restart, and the supply of pure benzene is expected to increase [5] - The arbitrage window between Asia and America for pure benzene is closed, but the import volume of pure benzene remains high [5] - Recently, the supply of styrene has increased while the demand has decreased, the port inventory has decreased, and the price difference between styrene and pure benzene has continued to strengthen [5] - The mutual tariff reduction between China and the US has improved the market's pessimistic expectations for trade, and the macro - environment has improved. In the short term, styrene is expected to fluctuate strongly [5]

现货需求相对疲软 VLCC市场运价承压 研究员：黄莹 期货从业证号：F03111919 投资咨询证号：Z0018607 目录 | 第一章 | 综合分析与交易策略 | 2 | | --- | --- | --- | | 第二章 | 核心逻辑分析 | 4 | | 第三章 | 周度数据追踪 | 9 | GALAXY FUTURES 1 综合分析与交易策略 【运价】 油运运价：5/9日波罗的海原油运输指数BDTI报995，环比-1.00%，同比-13.48%。成品油运价：5/9日波罗的海成品油运输 指数BCTI报573，环比+0.35%，同比-43.55%。 【综合分析】 目前 BDTI 维持震荡走势，OPEC+自 5 月开始逐步增产 41.1 万桶/日，高于此前市场预期，或将增加全球原油的海运需求。 4 月下旬和 5 月初货源集中流出，对 VLCC 船市场带来一定支撑，后续还需关注货源释放节奏对运价的影响。 GALAXY FUTURES 2 1. 本周三大原油油轮市场加权收益环比维持下跌走势 数据来源：Clarksons，银河期货 数据来源：Clarksons ，银河期货 数据来源：Clarksons ，银河期货 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Short - term, it is expected that the inventory of Malaysian palm oil in April will increase significantly and continue to increase production and accumulate inventory later. However, the buying enthusiasm of China and India has increased recently. As Brazilian soybeans gradually arrive at ports and customs clearance issues are resolved, the domestic soybean crushing volume of oil mills will increase significantly, and the soybean oil inventory will start to accumulate seasonally, with the soybean oil basis likely to weaken. The fundamentals of domestic rapeseed oil change little, and the pattern of oversupply persists, but the rapeseed oil futures price fluctuates due to international relations [4][27]. - It is expected that the short - term oil market will maintain a volatile trend. Among them, soybean oil and rapeseed oil have positive support, while the fundamentals of palm oil are gradually weakening and may run weakly. From the perspective of the futures price, the downward space of palm oil may be limited. [29] Summary by Directory Part 1: Weekly Core Points Analysis and Strategy Recommendation Recent Core Events & Market Review - Three major forecasting agencies predict that the ending inventory of Malaysian palm oil in April may reach 1.79 million tons, and the production may increase by 17% to 1.62 million tons. The Gapki data shows that the production of Indonesian palm oil in February changed little month - on - month, exports reached 2.8 million tons, and the inventory dropped to a historically low level of 2.25 million tons [4]. International Market - **Malaysian Palm Oil**: Three major forecasting agencies estimate the production, import, export, domestic consumption, and inventory of Malaysian palm oil in April. The MPOB report will be released on Tuesday noon. The production in April is expected to increase significantly, but exports are still at a relatively low level in the same period of history [5][7]. - **Indonesian Palm Oil**: The inventory of Indonesian palm oil in February was at a low level, and biodiesel consumption may be better than expected. The market is still skeptical about the implementation of B40 in Indonesia, but the biodiesel consumption data shows good implementation. The origin quotation is weakening, and palm oil is regaining market share [11]. - **India**: The import of edible oil in India in April may drop to around 870,000 tons, and the port inventory may drop to about 810,000 tons. The import and refining profits of the three major oils have improved, and the recent purchasing enthusiasm for palm oil has increased [16]. Domestic Market - **Palm Oil**: As of May 2, 2025, the commercial inventory of palm oil decreased by 3.23% week - on - week to 356,100 tons, still at a relatively low level. The import profit inversion has narrowed, and there were many purchases this week. The spot trading volume increased, and the basis was stable. The downward space of palm oil futures price may be limited [19]. - **Soybean Oil**: As of May 2, 2025, the commercial inventory of soybean oil increased by 0.23% week - on - week to 619,900 tons, at a neutral - to - slightly - low level. The soybean crushing volume increased, and the basis decreased. With the arrival of Brazilian soybeans, soybean oil will enter a stage of inventory accumulation, and the basis will be weak. The market is concerned about the implementation of US biodiesel [22]. - **Rapeseed Oil**: The rapeseed crushing volume decreased last week. As of May 2, 2025, the coastal rapeseed oil inventory increased to 835,500 tons, at a historically high level. The import profit inversion of European rapeseed oil expanded. The spot trading volume increased slightly, and the basis decreased slightly. The futures price is affected by policies and maintains a wide - range volatile trend [25]. Strategy Recommendation - **Unilateral Strategy**: It is expected that the short - term oil market will maintain a volatile trend. Palm oil can be considered for light - position long - entry for a rebound or short - entry after a rebound. - **Arbitrage Strategy**: Consider partial profit - taking and partial holding of YP09. - **Option Strategy**: Wait and see [29]. Part 2: Weekly Data Tracking This part mainly presents various data charts, including the monthly production, export, and inventory of Malaysian and Indonesian palm oil; the supply and demand data of Indian oils; the import profit of domestic oils; the supply and demand and inventory data of domestic soybean oil, palm oil, and rapeseed oil; and the basis data of domestic oils [31][32][33].

Group 1: Report Investment Rating - No investment rating information provided in the report Group 2: Core Viewpoints - The soybean meal and rapeseed meal markets are under pressure, with domestic soybean meal supply improving and rapeseed meal demand expected to weaken. The overall market is expected to be volatile, and a bearish strategy is recommended for single - sided trading [3][4][5] Group 3: Summary by Directory 3.1 Comprehensive Analysis and Trading Strategies - **Soybean Situation**: US soybean futures oscillated this week, affected by supply - demand and soybean oil fluctuations. Old - crop soybeans face little pressure with good exports and some support in crushing. New - crop soybeans are bearish due to smooth planting. South American supply pressure persists despite some improvement in Brazil. Domestic soybean meal supply is improving, and with increasing soybean arrivals, supply pressure is expected to rise, but the current large decline in the futures price limits further downside [3] - **Rapeseed Meal Situation**: Domestic rapeseed meal demand is good, and crushing volume is relatively large. With fewer imported rapeseed arrivals, crushing may decline. As soybean meal supply increases, rapeseed meal demand will weaken, and the market is expected to remain stable [4] - **Trading Strategies**: Adopt a bearish strategy for single - sided trading, stay on the sidelines for arbitrage, and sell a wide - straddle option strategy [5] 3.2 Core Logic Analysis - **US Soybeans**: The US soybean futures oscillated. Old - crop exports are good, with cumulative growth of 12.72% as of May 1st, higher than the USDA's estimate. Crushing profit has weakened, and attention should be paid to the bio - diesel policy. New - crop planting progress is 30% as of May 4th, but export sales are slow, and the futures price may face pressure [9] - **South America**: Brazil's pressure has eased slightly, but with high production and improved Argentine supply, pressure remains. Brazil's harvest is almost complete, but exports and sales have slowed. Argentina's exports and crushing are sufficient, and prices are under pressure. Macro - level impacts from Sino - US and EU - US trade negotiations are limited [12] - **Domestic Soybean Meal**: The domestic soybean meal futures oscillated. This week, the oil mill's operating rate increased significantly, and production meets demand. Spot prices in most regions weakened, but some areas remained strong due to low inventory. Demand is good, but spot trading volume is low, mainly in basis trading. With increasing soybean arrivals, supply pressure will increase, and the market will be volatile [15] - **Domestic Rapeseed Meal**: The domestic rapeseed meal futures were slightly stronger than soybean meal. The basis spread between soybean meal and rapeseed meal narrowed. Demand is good, with a weekly average pick - up of about 50,000 tons. Supply is sufficient, but with decreasing imported rapeseed and increasing soybean meal supply, rapeseed meal demand may decline. The basis spread between soybean meal and rapeseed meal will be volatile [18] 3.3 Fundamental Data Changes - **International Market**: The report presents data on US soybean sales, export inspections, crushing volume, and profit, as well as Brazilian and Argentine soybean exports and crushing, and foreign basis [21][23][25] - **Macro - level**: It shows exchange rates such as USD/CNH, USD/BRL, and UDS/ARS, and shipping costs from the US Gulf, Brazil, and Argentina to China, with shipping costs increasing [31][36] - **Supply**: Data on soybean and rapeseed imports and crushing volume are provided, indicating the current supply situation [41] - **Demand**: Data on soybean meal and rapeseed meal pick - up volume are presented, reflecting the demand situation [43] - **Inventory**: Data on soybean, rapeseed, soybean meal, and rapeseed meal inventory are shown, showing the inventory levels [46]