利多因素叠加，油脂价格支撑较强

1. Report Industry Investment Rating - The investment rating for the industry is "Neutral" [3] 2. Core View of the Report - The prices of the three major oils and fats fluctuated yesterday. Despite the good soybean production, the China - Canada talks have not released the relevant result documents on rapeseed trade. Coupled with the tense situation in the Middle East, the rising crude oil prices, and the production reduction in palm oil producing areas, the prices of oils and fats fluctuated upwards [3] 3. Summary by Related Catalogs Futures and Spot Prices - Futures: The closing price of the palm oil 2605 contract was 9092.00 yuan/ton, with a环比 change of +182 yuan and a 幅度 of +2.04%; the closing price of the soybean oil 2605 contract was 8226.00 yuan/ton, with a 环比 change of +132.00 yuan and a 幅度 of +1.63%; the closing price of the rapeseed oil 2605 contract was 9345.00 yuan/ton, with a 环比 change of +354.00 yuan and a 幅度 of +3.94% [1] - Spot: In the Guangdong region, the spot price of palm oil was 9060.00 yuan/ton, with a 环比 change of +180.00 yuan and a 幅度 of +2.03%, and the spot basis was P05 - 32.00, with a 环比 change of -2.00 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8520.00 yuan/ton, with a 环比 change of +100.00 yuan/ton and a 幅度 of +1.19%, and the spot basis was Y05 + 294.00, with a 环比 change of -32.00 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 10180.00 yuan/ton, with a 环比 change of +360.00 yuan and a 幅度 of +3.67%, and the spot basis was OI05 + 835.00, with a 环比 change of +6.00 yuan [1] Market Information - As of January 23, 2026 (Week 4), the commercial inventory of palm oil in key regions across the country was 74.23 tons, a 环比 decrease of 0.38 tons and a decrease 幅度 of 0.51%, and a 同比 increase of 27.38 tons and an increase 幅度 of 58.44% compared with 46.85 tons last year [2] - The C&F price of Argentine soybean oil (February shipment) was 1227 US dollars/ton, a decrease of 3 US dollars/ton compared with the previous trading day; the C&F price of Argentine soybean oil (April shipment) was 1147 US dollars/ton, an increase of 3 US dollars/ton compared with the previous trading day [2] - The C&F quotation of imported rapeseed oil: The C&F price of Canadian rapeseed oil (February shipment) was 1040 US dollars/ton, an increase of 10 US dollars/ton compared with the previous trading day; the C&F price of Canadian rapeseed oil (April shipment) was 1020 US dollars/ton, an increase of 10 US dollars/ton compared with the previous trading day [2] - The C&F price of Canadian rapeseed (March shipment) was 545 US dollars/ton, an increase of 7 US dollars/ton compared with the previous trading day; the C&F price of Canadian rapeseed (May shipment) was 553 US dollars/ton, an increase of 7 US dollars/ton compared with the previous trading day [2] - The C&F price of US Gulf soybeans (February shipment) was 479 US dollars/ton, an increase of 2 US dollars/ton compared with the previous trading day; the C&F price of US West soybeans (February shipment) was 473 US dollars/ton, an increase of 2 US dollars/ton compared with the previous trading day; the C&F price of Brazilian soybeans (February shipment) was 451 US dollars/ton, an increase of 3 US dollars/ton compared with the previous trading day [2] - The import soybean premium quotes: The premium of the Gulf of Mexico (February shipment) was 235 cents/bushel, unchanged compared with the previous trading day; the premium of the US West Coast (February shipment) was 220 cents/bushel, unchanged compared with the previous trading day; the premium of Brazilian ports (February shipment) was 160 cents/bushel, an increase of 4 cents/bushel compared with the previous trading day [2] - According to Malaysia's independent inspection agency AmSpec, the export volume of Malaysian palm oil from January 1 - 25 was 1099033 tons, a 7.97% increase compared with the export volume of 1017897 tons in the same period last month [2] - According to the data released by the Malaysian Palm Oil Association (MPOA), the estimated production of Malaysian palm oil from January 1 - 20 decreased by 14.43%, among which the production in the Malay Peninsula decreased by 14.29%, the production in Sabah decreased by 11.12%, the production in Sarawak decreased by 23.21%, and the production in Borneo decreased by 14.6% [2]