农业策略：估值偏低，胶价底部增仓反弹

Group 1: Report Industry Investment Ratings - The report provides investment ratings for various agricultural products, including "Oscillation" for oils and fats, protein meals, corn and starch, natural rubber, 20 - number rubber, synthetic rubber, cotton, and double - glue paper; "Oscillation Weakly" for sugar, paper pulp, and live pigs; and "Oscillation Strongly" for logs [1][5][6][8][9][11][12][13][15][16][18]. Group 2: Core Views of the Report - The report analyzes the market trends of multiple agricultural products. For example, the price of natural rubber rebounds due to low valuation and bottom - position position - increasing; the inventory of Malaysian palm oil may continue to accumulate as Brazilian soybean planting progresses smoothly; the price of live pigs rebounds in the short - term but remains under supply pressure in the long - term [1][5][8]. Group 3: Summaries According to Relevant Catalogs 1. Market Views - Oils and Fats: Brazilian soybean planting is progressing smoothly, and Malaysian palm oil may continue to accumulate inventory. The market is affected by factors such as the US government shutdown, trade negotiations, and production expectations. The outlook is for oil prices to oscillate [5]. - Protein Meals: With the increasing expectation of Sino - US relations easing, double - meal prices are under pressure in the low - level oscillation. The market is influenced by factors such as international soybean prices, import volume, and downstream demand. The outlook is for bean meal and rapeseed meal to oscillate [5]. - Corn and Starch: The port inventory has slightly increased, and the spot price increase has slowed down. The market is affected by factors such as production expectations, weather, and demand. The outlook is for corn prices to oscillate [6][7]. - Live Pigs: Second - fattening continues to enter the market, and pig prices rebound in stages. However, the supply pressure remains. The market is affected by factors such as production capacity, demand, and inventory. The outlook is for pig prices to oscillate weakly [8]. - Natural Rubber: The valuation is low, and the rubber price rebounds with increasing positions at the bottom. The market is affected by factors such as supply and demand, inventory, and macro - factors. The outlook is for rubber prices to oscillate and seek the bottom [1][9][10]. - Synthetic Rubber: The market follows the rise of natural rubber. However, due to high production and inventory, the outlook is for the price to oscillate and grind the bottom, with the possibility of hitting a new low this year [11][12]. - Cotton: The increase in the purchase price raises the cost, and the cotton price continues to rebound. The market is affected by factors such as production expectations and purchase prices. The outlook is for cotton prices to oscillate within a range and be slightly stronger this week [12][13]. - Sugar: In the medium - and long - term, the driving force is downward, and the sugar price oscillates weakly. The market is affected by factors such as global supply and demand and production expectations. The outlook is for sugar prices to oscillate weakly [13]. - Paper Pulp: The spot trading is light, and the paper pulp price runs at a low level. The market is affected by factors such as supply and demand, inventory, and macro - factors. The outlook is for paper pulp prices to oscillate weakly [13][15]. - Double - Glue Paper: It is the tender season, and the price of double - glue paper stabilizes. The market is affected by factors such as production, demand, and cost. The outlook is for the price to oscillate [16][17]. - Logs: Logs oscillate strongly. The market is affected by factors such as port fees, supply and demand, and inventory. The outlook is to pay attention to the opportunity of buying at low positions for the 01 contract in the future weeks [18]. 2. Variety Data Monitoring - The report lists the data monitoring of various varieties, including oils and fats, corn and starch, cotton and cotton yarn, sugar, paper pulp and double - glue paper, and logs [20][51][110][123][138][161]. 3. Rating Standards - The report provides rating standards, including "Strong", "Oscillation Strongly", "Oscillation", "Oscillation Weakly", "Weakly", and the corresponding expected price changes and time periods [173].