油脂油料早报 研究中心农产品团队 2026/01/19 隔 夜 市 场 信 息 ： PatriaAgroNegocios:巴西2025/26年度大豆收割率为1.39% 咨询公司PatriaAgroNegocios发布的数据显示，巴西2025/26年度大豆收割率达到1.39%，而去年同期为0.23%。 Patria称，五年同期均值水平为1.02%。 在马托格罗索州，大豆收割率接近5%。该公司补充称："马托格罗索州的进度是积极的，即使是在种植较早的地 区，在本年度之初也面临有限的天气条件。" Safras：巴西2025/26年度大豆产量预计将达到1.7928亿吨 巴西农业咨询机构Safras&Mercado称，巴西2025/26年度大豆产量预计将达到1.7928亿吨，较其在去年11月预测的 1.7876亿吨有所上调。 Safras称，产量较前一年度相比预计高出4.3%，并创下纪录新高。 巴西大豆种植面积预计将同比扩大1.5%，至4,833万公顷，约合1.1943亿英亩。预计平均单产为每公顷3,728公斤， 高于2024/25年度的每公顷3,625公斤。 Safras表示，对预估进行上修主要反映了中西部一些州的前景 ...

（文章来源：新华财经） 据船运调查机构SGS公布数据显示，预计马来西亚1月1-10日棕榈油出口量为325955吨，较上月同期出 口的280048吨增加16.4%。 ...

Investment Rating - The report does not explicitly state an investment rating for the EMC industry Core Insights - The EMC technology solutions are crucial for ensuring the safe, stable, and reliable operation of electronic and electrical devices, spanning the entire industrial chain from consumer electronics to high-end equipment. The rapid development of electronic devices towards high frequency, integration, and intelligence has led to a paradigm shift in EMC technology from "passive suppression" to "active prevention" [8][9] - The global EMC industry market size is projected to grow from approximately 528.75 billion yuan in 2024 to 1,086.89 billion yuan by 2030, with a compound annual growth rate (CAGR) of 12.8%. The Chinese EMC market is expected to grow from 188.91 billion yuan in 2024 to 400.84 billion yuan by 2030, with a CAGR of 13.4% [9] - The report highlights significant growth potential in the renewable energy and data center sectors, with the EMC filter market in the energy storage sector expected to have a CAGR of 40.2% from 2024 to 2030 [10][11] Summary by Sections 1. EMC Market Key Insights - The EMC technology solutions are essential for the green and low-carbon development of various sectors, including renewable energy, aerospace, automotive, data centers, and consumer electronics, supporting China's manufacturing and dual carbon strategies [8][9] 2. Global and Chinese EMC Industry Market Size - The global EMC filter market is projected to grow from 105.75 billion yuan in 2024 to 239.12 billion yuan by 2030, with a CAGR of 14.6%. The Chinese EMC filter market is expected to grow from 37.78 billion yuan in 2024 to 88.19 billion yuan by 2030, with a CAGR of 15.2% [9] 3. Global EMC Industry Downstream Application Insights - The renewable energy sector is expected to see the highest growth in EMC technology solutions, with a CAGR of 23.5%, followed by data centers at 20.7%. The defense and aerospace sector has a CAGR of 14.9%, and the automotive sector has a CAGR of 13.9% [10][11] 4. EMC Industry Competitive Landscape - The competitive landscape of the EMC industry includes key players such as Rohde & Schwarz, Texas Instruments, SGS, ANSYS, and Suzhou Test, with a focus on high-precision measurement technology, independent research and development capabilities, and rapid response to global EMC standards [15][16] 5. EMC Industry Domestic Substitution Analysis - The necessity for domestic substitution in the EMC industry is highlighted, with an analysis of the progress and challenges faced in the domestic market [9][11]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The US soybean export inspection and sales data show a mixed performance, with export inspection volume in line with expectations and sales showing different growth trends compared to previous periods [1] - The Brazilian soybean production forecast has been raised, and the 2025 export volume reached a record high, while the Malaysian palm - oil inventory is expected to reach a near - seven - year high due to strong production [1] 3. Summary by Related Content US Soybean Export Data - As of the week ending January 1, 2026, the US soybean export inspection volume was 980,518 tons, in line with the market forecast of 750,000 - 1,150,000 tons. The export inspection volume to the Chinese mainland was 397,069 tons, accounting for 40.5% of the total. The cumulative export inspection volume this crop year is 16,401,241 tons, compared with 29,967,442 tons in the same period of the previous year [1] - For the week ending December 25, 2025, the net increase in US current - market - year soybean export sales was 117.77 million tons, a 19% increase from the previous week and a 20% decrease from the four - week average. The net increase in next - year's export sales was 6.64 million tons. The export shipment was 122 million tons, a 43% increase from the previous week and a 47% increase from the four - week average [1] US Soybean Meal Export Data - For the week ending December 25, 2025, the net increase in US current - market - year soybean meal export sales was 11.06 million tons, a 63% decrease from the previous week and a 73% decrease from the four - week average. The net increase in next - year's export sales was 4.18 million tons. The export shipment was 26.08 million tons, a 34% decrease from the previous week and a 25% decrease from the four - week average [1] Brazilian Soybean Data - Brazilian consulting firm StoneX raised its forecast for Brazil's 2025/26 soybean production to 177.6 million tons, a 0.2% increase from its December forecast and a 5.2% increase from the previous year, due to higher yields in Mato Grosso and favorable December weather [1] - BiondAgro also predicted a record - high Brazilian crop yield of 176.85 million tons [1] - Cargonave data showed that Brazil's 2025 soybean export volume reached a record high of 108.68 million tons, an 11.7% increase from 2024, and the soybean meal export volume also reached a record high, exceeding 23.07 million tons [1] Malaysian Palm - oil Data - SGS data showed that Malaysia's palm - oil product export volume in December 2025 was 1,000,703 tons, a 28.40% increase from the previous month [1] - A survey showed that Malaysia's December 2025 palm - oil inventory is expected to reach a near - seven - year high of 2.97 million tons, a 4.7% increase from November, due to strong monthly production. The crude palm - oil production is expected to be 1.76 million tons, the highest since December 2018, although it decreased by 9% from the previous month. Palm - oil product exports are expected to increase by 2.8% to 1.25 million tons [1] Indonesian Palm - oil Data - Indonesia's statistics showed that from January to November 2025, the country exported 20.85 million tons of crude and refined palm - oil, a 4.32% increase from the previous year, with a total export value of 21.63 billion US dollars. In November, the export volume was 1.36 million tons, a nearly 29% decrease from the previous year [1] Spot Price Data - The spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm - oil in Guangzhou, and rapeseed oil in Jiangsu from December 26, 2025, to January 5, 2026, are provided, showing certain price fluctuations [1]

Core Insights - The core viewpoint of the article is that Malaysia's palm oil export volume for the period of December 1-25 is projected to be 824,276 tons, representing a significant increase of 41.25% compared to the 583,574 tons exported during the same period last month [1] Group 1 - The palm oil export volume for Malaysia is expected to reach 824,276 tons [1] - This figure marks an increase of 41.25% from the previous month's export volume of 583,574 tons [1]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The report presents comprehensive information on the overnight market of oilseeds and oils, including the export inspection, sales, and shipment data of US soybeans and soybean products, the production and export data of Brazilian soybeans, and the import data of various oils and oilseeds in China, as well as the price and basis data of related products [1]. 3. Summary by Relevant Catalogs Overnight Market Information - **US Soybean Export Inspection**: As of the week ending December 18, 2025, the US soybean export inspection volume was 870,199 tons, meeting expectations. The export inspection volume to the Chinese mainland was 386,010 tons, accounting for 44.36% of the total. So far in this crop year, the cumulative US soybean export inspection volume is 14,586,856 tons, compared with 27,027,931 tons in the same period of the previous year [1]. - **US Soybean Export Sales**: As of the week ending December 4, 2025, the net increase in US soybean export sales in the current market year was 1.5521 million tons, a 40% increase from the previous week and a 34% increase from the average of the previous four weeks, meeting market expectations. The net increase in export sales to the Chinese mainland was 1.011 million tons. The soybean export shipment volume was 1.0711 million tons, a 33% increase from the previous week and a 6% increase from the average of the previous four weeks [1]. - **US Soybean and Product Export Sales Forecast**: Analysts expect that as of the week ending December 11, 2025, the net increase in US soybean export sales will be 1.8 - 2.9 million tons, the net increase in US soybean meal export sales will be 275,000 - 550,000 tons, and the net increase in US soybean oil export sales will be 50,000 - 240,000 tons [1]. - **Brazilian Soybean Production and Export**: AgRural raised its forecast for Brazil's 2025/26 soybean production to 180.4 million tons, up from the previous forecast of 178.5 million tons in November. Brazil exported 2,442,367.61 tons of soybeans in the first three weeks of December, with an average daily export volume of 162,824.51 tons, a 70% increase from the average daily export volume in December of the previous year [1]. - **China's Import Data**: In November 2025, China's palm oil imports were 334,052.37 tons, a 52.25% month - on - month increase and a 97.79% year - on - year increase. China's rapeseed imports were 1,998.30 tons, a 99.72% year - on - year decrease. China's rapeseed meal imports were 214,741.88 tons, a 2.44% month - on - month decrease and a 132.96% year - on - year increase. China's rapeseed oil imports were 165,541.10 tons, a 17.65% month - on - month increase and a 16.80% year - on - year decrease [1]. - **Malaysian Palm Oil Data**: According to SGS, Malaysia's palm oil product exports from December 1 - 20, 2025, were 676,674 tons, a 43.60% increase from the same period of the previous month. According to AmSpec, the exports were 821,442 tons, a 0.87% decrease from the same period of the previous month. The palm oil production from December 1 - 20, 2025, in Malaysia decreased by 7.15% month - on - month [1]. Spot Price The report provides the spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from December 16 - 22, 2025 [3].

（文章来源：新华财经） 据船运调查机构SGS数据显示，预计马来西亚12月1日-20日棕榈油出口量为676674吨，较前一月同期出 口的471222吨增加43.6%。 ...

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Core Viewpoint - The palm oil export volume from Malaysia is expected to increase significantly in the first half of December compared to the same period last month, indicating a positive trend in the palm oil industry [1] Group 1: Export Data - Malaysia's palm oil export volume for December 1-15 is projected to be 435,882 tons, which represents a 30.39% increase from 334,295 tons during the same period last month [1]

Core Insights - UltraTech Cement Limited has achieved Group Multisite certification for Integrated Management System (ISO 9001, ISO 14001, ISO 45001), Energy Management System (ISO 50001:2018), and Social Accountability (SA 8000) [1][2][3] Group Multisite Certification - The certification reflects UltraTech's commitment to operational excellence, energy efficiency, social responsibility, and sustainable business practices [2] - The Integrated Management System certification enhances overall efficiency, compliance, and continual improvement across processes [2] Energy Management System - ISO 50001:2018 certification indicates UltraTech's focus on optimizing energy performance and reducing environmental impact, supporting India's clean energy transition target [2] Social Accountability - SA 8000 certification demonstrates UltraTech's dedication to ethical business practices, employee welfare, and maintaining high standards of social accountability [3] Company Overview - UltraTech Cement Limited is the largest cement and ready-mix concrete company in India, with a market capitalization of USD 8.9 billion [4] - It is the second largest cement company globally by capacity and the largest by sales volume (excluding China), with over 175 million tonnes per annum (MTPA) of cement manufacturing capacity in a single country [4] - The company's operations extend across UAE, Bahrain, Sri Lanka, and India [4] SGS Overview - SGS is a leading Testing, Inspection, and Certification company with over 2,500 laboratories and business facilities in 115 countries [5] - The company employs 99,500 professionals and has over 145 years of service excellence [5]