Group 1 - Heng Rui Medicine's HRS-5346 tablets have been included in the list of breakthrough therapeutic varieties by the National Medical Products Administration, with a total R&D investment of approximately 76.3 million yuan [30][30] - Yuguang Jin Lead announced a significant short-term stock price increase of 45.01% over five consecutive trading days, raising concerns about the uncertainty of future silver prices [31] - Dongcai Technology's actual controller and vice chairman has been detained and investigated, but the company states that this will not significantly impact its normal operations [32] Group 2 - Aisen Co. plans to invest 2 billion yuan to establish an integrated circuit materials manufacturing base in East China, with the first phase expected to be operational by 2028 [33] - Jingpin Special Equipment has been banned from participating in procurement activities for the armed police force for three years, which will have a limited impact on its overall revenue [34] - Nanhua Futures' overseas subsidiary has obtained membership approval for the Nodal Exchange, allowing it to trade and clear related products [35] Group 3 - Zhong Rare Earth expects a net profit of 100 million to 130 million yuan in 2025, reversing a loss of 299 million yuan in the previous year due to market recovery and operational improvements [38] - Deep South Circuit anticipates a net profit increase of 68% to 78% in 2025, driven by growth in AI computing power and storage market demand [39] - Hai Xin Energy Science and Technology expects a net loss of 450 million to 640 million yuan in 2025, although this is an improvement from a loss of 954 million yuan the previous year [40] Group 4 - Nanya New Materials forecasts a net profit increase of 337% to 417% in 2025, attributed to the recovery in the copper-clad laminate industry [41] - CanSino Biologics expects a net profit of 24.5 million to 29 million yuan in 2025, driven by the growth of its quadrivalent meningococcal vaccine [42] - Zhiguang Electric anticipates a net profit of 110 million to 160 million yuan in 2025, reversing a loss of 326 million yuan due to rapid growth in its energy storage business [43] Group 5 - Dongfang Securities expects a net profit increase of 67.8% in 2025, supported by growth in its core investment banking and wealth management businesses [44] - King Long Motors forecasts a net profit of approximately 463.26 million yuan in 2025, reflecting a 193.68% increase due to steady growth in overseas markets [45] - Zhenray Technology expects a net profit increase of 529.64% to 642.26% in 2025, driven by demand in special integrated circuits and satellite communication markets [46] Group 6 - Yongding Co. anticipates a net profit of 200 million to 300 million yuan in 2025, representing an increase of 225.66% to 388.48% due to investment income from its joint ventures [47] - Xiamen Tungsten's preliminary report indicates a net profit of 2.311 billion yuan in 2025, a 35.08% increase driven by rising prices of tungsten and rare earth materials [48] - Guodun Quantum expects to achieve a net profit of around 5 million yuan in 2025, reversing a loss from the previous year due to growth in the quantum computing sector [49] Group 7 - Shijia Photon anticipates a net profit of approximately 342 million yuan in 2025, reflecting a growth of around 426% due to increased orders in optical chips and cables [50] - Ningbo Fubang expects a net profit of 50 million to 70 million yuan in 2025, with a significant increase of 3099.59% to 4379.43% driven by rising silver prices and non-recurring gains [51] - Huasheng Lithium Battery plans to adjust its share repurchase price limit from 32 yuan to 150 yuan per share, reflecting confidence in its future development [52]

1. Report Industry Investment Rating No information provided in the report. 2. Core Views of the Report - The domestic oil market is constrained by high supply pressure and weak demand, with the core driver still in the overseas market. The core contradictions mainly include the game between palm oil inventory pressure and demand growth in the producing areas, the impact of the US biodiesel policy, the progress of China - Canada trade talks, and the overall sufficient supply of domestic oils [1][2]. - Although the inventory of the three major domestic oils has declined, the overall supply is still sufficient, lacking upward momentum. The demand is weak, suppressing the upward space of the market, but the tight spot - end sentiment and the positive news of the US bio - fuel policy boost the market. It is expected that the short - term oil market will maintain a strong trend, and short - selling is not recommended [2]. 3. Summary by Relevant Catalogs 3.1 Core Contradictions and Strategy Recommendations 3.1.1 Core Contradictions - **Palm oil**: Malaysia has entered the production - reduction season, but the inventory is at a seven - year high. The B50 plan in Indonesia will not be implemented in 2026, and the expansion of the palm oil bio - fuel demand is limited. The price has support but lacks a trend - driving force. It is necessary to wait for the Ramadan stocking demand in India to boost the price [1]. - **US biodiesel policy**: The latest news is that the existing proposal will be maintained, with the blending requirement for 2026 reaching 5.61 billion gallons and the import raw material penalty limit being cancelled, which is beneficial to the global oil market. The final result is expected to be announced in March [1]. - **China - Canada trade**: The China - Canada talks are currently optimistic, and the import tax on Canadian rapeseed is expected to remain at 15%. However, due to Trump's threat to Canada, there are still uncertainties in China - Canada trade, and the short - term supply concern remains [2]. - **Domestic oil supply and demand**: The inventory of the three major domestic oils has declined, but the overall supply is still sufficient. The supply gap is not obvious, but the arrival of oilseeds in the first quarter is limited. It is necessary to pay attention to the customs clearance progress and policies [2]. 3.1.2 Trading Strategy Recommendations - **Trend judgment**: In the short term, there is a rebound trend within the range, and in the medium term, there is still room for palm oil to rise. The price ranges are P2605 [8200 - 9400], Y2605 [7600 - 8300], and OI2605 [8600 - 9500]. Technically, P05 and Y05 are considered to have a strong unilateral trend, and attention should be paid to whether the upper pressure levels can be broken through, but the short - term upward space is limited. Arbitrage can observe the weakening trend of the rapeseed - palm and rapeseed - soybean spreads [17]. - **Basis, monthly spread, and hedging arbitrage strategies**: The current basis is considered to be in a short - term weak and volatile state. There is no monthly spread strategy for now. The soybean - palm spread is expected to weaken [18]. - **Recent strategy review**: Various past strategies, such as going long on P01, P1 - 5 reverse arbitrage, etc., have different results, including stop - loss, stop - profit, and waiting for opportunities [20]. 3.1.3 Industrial Customer Operation Recommendations - **Price range prediction**: The price ranges for monthly prediction are: soybean oil 7600 - 8300, rapeseed oil 8600 - 9500, and palm oil 8200 - 9400. The corresponding 20 - day rolling volatilities are 11.5%, 10.4%, and 20.2%, and the historical percentiles (3 - year) are 2.4%, 0.1%, and 24.1% respectively [21]. - **Hedging strategies**: Different hedging strategies are recommended for traders, refiners, and oil mills according to different scenarios, including short - selling or long - buying soybean oil futures with different hedging ratios [21]. 3.1.4 Basic Data Overview - **Futures and spot prices**: The report provides the latest prices and price changes of palm oil, soybean oil, and rapeseed oil in the futures and spot markets, as well as some related spreads and basis data [22][23]. 3.2 This Week's Important Information and Next Week's Attention Events 3.2.1 This Week's Important Information - **Positive news**: As of January 23, 2026, the commercial inventory of the three major domestic oils decreased slightly to 2 million tons. Argentina is facing drought, which may affect crop yields. Malaysia's palm oil production from January 1 - 20 decreased by 14.43% [25][26]. - **Negative news**: The consulting company AgRural raised the forecast of Brazil's 2025/26 soybean harvest to 181 million tons. Although the rainfall in Argentina is expected to improve the soil moisture in some areas, local drought will still put pressure on soybeans [27]. - **Spot trading information**: The trading volume of rapeseed oil increased significantly last week, while the trading volumes of soybean oil and palm oil were slightly weaker, with palm oil having the weakest trading volume [27]. 3.2.2 Next Week's Important Events to Follow - Domestic high - frequency weekly inventory data, high - frequency production and export data of Malaysian palm oil, and origin weather information [37]. 3.3 Market Interpretation 3.3.1 Price - Volume and Capital Interpretation - **Domestic market**: - **Unilateral trend**: The oil market maintained a strong trend this week. Rapeseed oil rose significantly due to the US bio - fuel boost and changes in China - Canada trade talks. Palm oil also rose due to lack of precipitation in the origin and capital allocation. Soybean oil continued to rise with the oil sector. It is necessary to pay attention to the US bio - energy policy, origin de - stocking progress, and China - Canada trade development [36]. - **Capital movement**: The changes in the key profitable seats of palm oil, soybean oil, and rapeseed oil were generally small. The key seats of soybean oil slightly increased their long positions, while rapeseed oil and palm oil reduced their short positions. Foreign - funded seats generally reduced short positions and increased long positions, showing a strong bullish sentiment [36]. - **Monthly spread structure**: The oil market still shows a Back structure with near - term strength and far - term weakness. The P5 - 9 and Y5 - 9 spreads fluctuated, and the 5 - 9 spread of rapeseed oil rose due to the strength of the 05 contract [39]. - **Basis structure**: The main - contract basis of oils continued to bottom - out and consolidate. The main - contract basis of soybean and palm oil remained weak, while the main - contract basis of rapeseed oil fluctuated more significantly. With the improvement of the China - Canada relationship, the main - contract basis of rapeseed oil gradually weakened [44]. - **Cross - variety spreads**: This week, due to the lack of further information, the cross - variety spreads fluctuated mainly. As palm oil entered the production - reduction season and the supply of rapeseed oil increased, the rapeseed - palm spread was expected to weaken [48]. - **Overseas market**: - **Overseas trend**: The overseas market fluctuated mainly this week. Palm oil became more optimistic due to the production - reduction season in Malaysia, better - than - expected export, and drought signs in the weather. Crude oil strengthened due to geopolitical conflicts, driving US soybean oil to fluctuate strongly, and the cost - performance of international palm oil also improved slightly [50]. - **Capital position**: The net position ratio of managed funds has rebounded, and the bullish sentiment has improved. Speculative funds have increased their long positions. However, the net short - position ratio of commercial positions such as producers and traders is relatively high, and the industrial hedging pressure is huge, which limits the further upward space of prices [52]. 3.4 Valuation and Profit Analysis 3.4.1 Upstream and Downstream Profit Tracking - The POGO spread decreased slightly, and the cost of palm oil - based bio - fuel remained high. The BOHO spread continued to weaken, and the cost of US soybean oil - based bio - fuel remained at a relatively low level in recent years. As the price of US soybeans rebounds, the BOHO spread is expected to strengthen, and the global soybean oil price has room for upward repair [54]. 3.4.2 Import and Export Profit Tracking - The origin's price is firm, and the domestic demand is mainly for rigid needs. The import profit of palm oil remains negative, which restricts long - term ship purchases [56]. 3.5 Supply - Demand and Inventory Deduction 3.5.1 Origin Supply - Demand Balance Sheet Deduction - The MPOB report shows that the production of Malaysian palm oil in December decreased by 5.46% month - on - month, and the export increased by 8.52% month - on - month. The inventory increased by 7.58% month - on - month. The supply pressure is still large, but the better - than - expected export may promote the de - stocking process. The latest high - frequency data shows that the production in January decreased month - on - month, and the export is optimistic. The inventory inflection point may appear in January [58]. 3.5.2 Supply - Side and Deduction - **Palm oil**: In the off - season of demand, the trading volume is difficult to improve. The origin has entered the production - reduction stage, and the willingness to sell is limited. The import profit is inverted, and it is expected that the ship purchases will not increase. It is necessary to wait for the reduction of inventory pressure in the origin [60]. - **Soybean oil**: In the first quarter, the arrival of soybeans is at a seasonal low, and the crushing volume decreases. However, the current inventory pressure is large, and the overall supply is relatively loose. Attention should be paid to the possible short - term supply tension caused by the arrival rhythm [60]. - **Rapeseed oil**: The downstream demand is limited. Although Australian rapeseed has arrived, the quantity is limited. The inventory continues to decrease, and the spot supply is still tight. However, due to the global rapeseed harvest and the recovery of China - Canada trade, the domestic rapeseed oil supply may further increase in the future [60]. 3.5.3 Demand - Side and Deduction - The short - term inventory of the three major oils is still high year - on - year, and the downstream demand is sluggish and lower than the average level. After the Spring Festival stocking, the market boost is limited, and the overall terminal demand for oils is still weak. The market is expected to be dull after the festival [62].

Group 1 - Heng Rui Medicine's HRS-5346 tablet has been included in the list of breakthrough therapeutic varieties by the National Medical Products Administration, with a total R&D investment of approximately 76.3 million yuan [2] - Yu Guang Jin Lead announced a significant stock price increase of 45.01% over five trading days, expressing uncertainty about the future price of silver [3] - Dongcai Technology's actual controller and vice chairman has been detained for investigation, but the company states that this will not significantly impact its normal operations [4] Group 2 - Aisen Co. plans to invest 2 billion yuan to establish an integrated circuit materials manufacturing base in East China, with the first phase expected to be operational by 2028 [5] - Jingpin Special Equipment has been banned from participating in procurement activities for three years, but the impact on overall operations is considered limited [6] - Nanhua Futures' overseas subsidiary has obtained membership at the Nodal Exchange, allowing it to trade and clear related products [7] Group 3 - Di'er Laser is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its international strategy [8] - Zhong Rare Earth expects a net profit of 100 million to 130 million yuan in 2025, reversing a loss from the previous year due to market improvements [10] - Shen Nan Circuit anticipates a net profit increase of 68% to 78% in 2025, driven by demand in AI computing and smart automotive sectors [11] Group 4 - Hai Xin Energy Science and Technology expects a net loss of 450 million to 640 million yuan in 2025, although this is an improvement from the previous year's loss [12] - Nan Ya New Materials forecasts a net profit increase of 337% to 417% in 2025, attributed to a recovery in the copper-clad laminate industry [13] - CanSino expects a net profit of 24.5 million to 29 million yuan in 2025, driven by the growth of its quadrivalent meningococcal vaccine [14] Group 5 - Zhi Guang Electric anticipates a net profit of 110 million to 160 million yuan in 2025, reversing a previous loss due to growth in its energy storage business [15] - Dongfang Securities expects a net profit increase of 67.8% in 2025, benefiting from capital market opportunities [17] - Jinlong Automobile forecasts a net profit increase of 193.68% in 2025, supported by growth in overseas markets [18] Group 6 - Zhen Lei Technology expects a net profit increase of 529.64% to 642.26% in 2025, driven by demand in special integrated circuits [19] - Yong Ding Co. anticipates a net profit of 200 million to 300 million yuan in 2025, reflecting significant growth from investment income [20] - Xiamen Tungsten's preliminary report indicates a net profit of 2.311 billion yuan in 2025, a 35.08% increase year-on-year [21] Group 7 - Guo Dun Quantum expects a net profit of 5 million yuan in 2025, marking a return to profitability [22] - Shi Jia Photon forecasts a net profit increase of approximately 426% in 2025, driven by growth in optical chip orders [23] - Ningbo Fubang anticipates a net profit increase of 3099.59% to 4379.43% in 2025, largely due to rising silver prices and significant non-recurring gains [24] Group 8 - Huasheng Lithium Battery plans to adjust its share repurchase price limit from 32 yuan to 150 yuan per share [26] - Aonong Biological announced plans for multiple shareholders to reduce their stakes [28] - Pizaihuang's controlling shareholder intends to increase its stake by 300 million to 500 million yuan [29]

格隆汇1月27日丨南华期货(603093.SH)公布，美国时间2026年1月26日，公司境外全资孙公司Nanhua USA LLC 收到NodalExchange ,LLC 交易所（简称"Nodal Exchange"）通知，获批成为其交易会员。目 前，Nanhua USA LLC 已是 Nodal Exchange 指定清算机构NodalClear,LLC 的清算会员。本次获批后， Nanhua USA LLC 可交易及清算在NodalExchange 上市的相关产品。 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 美国时间 2026 年 1 月 26 日，公司境外全资孙公司 Nanhua USA LLC 收到 Nodal Exchange ,LLC 交易所（以下简称"Nodal Exchange"）通知，获批成为其交 易会员。目前，Nanhua USA LLC 已是 Nodal Exchange 指定清算机构 Nodal Clear,LLC 的清算会员。本次获批后，Nanhua USA LLC 可交易及清算在 Nodal Exchange 上市的相关产品。 特此公告。 南华期货股份有限公司董事会 2026 年 1 月 28 日 证券代码：603093 证券简称：南华期货 公告编号：2026-002 南华期货股份有限公司关于境外孙公司获得美国 Nodal Exchange 交易会员资格的公告 ...

格隆汇1月27日｜南华期货(603093.SH)公告称，公司境外全资孙公司Nanhua USA LLC已获批成为Nodal Exchange交易会员，并已是Nodal Clear清算会员。获批后，Nanhua USA LLC可交易及清算在Nodal Exchange上市的相关产品。 ...

南华期货（603093）股份(02691)发布公告，于2026年1月26日(美国时间)，Nanhua USA LLC(Nanhua USA)(即本公司间接全资附属公司)收到Nodal Exchange, LLC(Nodal Exchange)通知，获批成为Nodal Exchange交易会员。Nodal Exchange是一家领先的衍生品交易所，专注于北美电力、天然气和环境市 场。目前，Nanhua USA已是Nodal Exchange 指定清算机构Nodal Clear, LLC的清算会员。本次获批后， Nanhua USA可交易及清算在Nodal Exchange 上市的相关产品。 ...

智通财经APP讯，南华期货股份(02691)发布公告，于2026年1月26日(美国时间)，Nanhua USA LLC(Nanhua USA)(即本公司间接全资附属公司)收到Nodal Exchange, LLC(Nodal Exchange)通知，获批成 为Nodal Exchange交易会员。Nodal Exchange是一家领先的衍生品交易所，专注于北美电力、天然气和 环境市场。目前，Nanhua USA已是Nodal Exchange 指定清算机构Nodal Clear, LLC的清算会员。本次获 批后，Nanhua USA可交易及清算在Nodal Exchange 上市的相关产品。 ...

格隆汇1月27日丨南华期货股份(02691.HK)宣布，于2026年1月26日(美国时间)，Nanhua USA LLC("Nanhua USA")(即公司间接全资附属公司)收到Nodal Exchange, LLC("Nodal Exchange")通知，获批 成为Nodal Exchange交易会员。Nodal Exchange是一家领先的衍生品交易所，专注于北美电力、天然气 和环境市场。目前，Nanhua USA已是Nodal Exchange 指定清算机构Nodal Clear,LLC的清算会员。本次 获批后，Nanhua USA可交易及清算在Nodal Exchange 上市的相关产品。 ...

每经AI快讯，1月27日，南华期货（603093）(603093.SH)公告称，公司境外全资孙公司Nanhua USA LLC已获批成为Nodal Exchange交易会员，并已是Nodal Clear清算会员。获批后，Nanhua USA LLC可交 易及清算在Nodal Exchange上市的相关产品。 ...