Core Insights - The increasing expectations for Environmental, Social, and Governance (ESG) from society are putting pressure on non-listed small and medium-sized enterprises (SMEs) to disclose reliable sustainability data [1][3] - The Voluntary Sustainability Reporting Standard for Non-Listed SMEs (VSME) provides a simplified and scalable solution for micro, small, and medium enterprises, serving as an alternative to the Corporate Sustainability Reporting Directive (CSRD) [1][3] Group 1: VSME Overview - VSME is a voluntary standard specifically designed for non-listed micro, small, and medium enterprises that are not required to comply with CSRD but face growing ESG reporting demands [3] - Two modules are available under VSME: a basic module and a comprehensive module, allowing companies to choose based on their needs and capabilities [3] Group 2: Basic Module - The basic module requires SMEs to disclose 11 simplified ESG information items, focusing on key indicators without the need for dual materiality analysis [4] Group 3: Comprehensive Module - The comprehensive module adds nine additional disclosure items for SMEs needing to provide more detailed reports, including general information, environmental indicators, social indicators, governance indicators, business model and strategy, practices and policies, Scope 3 greenhouse gas emissions, climate risks and GHG targets, and human rights [5] Group 4: Benefits of VSME - VSME helps clarify sustainability positions and standardizes ESG reporting, enhancing transparency and building trust with stakeholders [7] - Clear and structured information disclosure improves relationships with banks and investors, facilitating better financing channels [8] - Preparing for future regulations by proactively addressing potential reporting obligations under evolving EU directives and standards [9] - Identifying internal ESG opportunities by recognizing gaps in energy, water, waste, and labor management performance [10] - Gaining a competitive advantage through verified and credible reporting, showcasing sustainability leadership in the industry [11] Group 5: SGS Services - SGS offers end-to-end services covering the entire VSME process, from understanding standards to report preparation, data verification, and report assurance [13] - Customized services for VSME implementation are available based on the company's needs and maturity, providing guidance and tools for understanding and adopting VSME standards [13]

Core Insights - Malaysia's palm oil export volume for November 1-30 is projected to be 779,392 tons, representing a 39.21% decrease compared to the 1,282,036 tons exported in the same period last month [1] Group 1 - The expected palm oil export volume for Malaysia in November is significantly lower than the previous month [1] - The decrease in export volume indicates potential challenges in the palm oil industry [1]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Not provided in the given content Summary by Related Information Soybean Production - Brazil's 2025/26 soybean production is expected to reach a record 178 million tons according to ITAU BBA [1] - Brazil's Paraná state's 2025/26 soybean production is estimated at 2.196 million tons, stable compared to October's forecast and a 4% increase from the previous year according to Deral [1] Palm Oil Export - Malaysia's palm oil product exports from November 1 - 25, 2025, were 583,574 tons, a 40.77% decrease from the same period last month according to SGS [1] - Indonesia exported 2.2 million tons of palm oil in September 2025, less than 2.26 million tons in the same period last year and 3.48 million tons in August this year according to GAPKI [1] Import Profit and Spot Price - The report presents import profit data for soybean oil, palm oil, and rapeseed oil from 2016 - 2025 [1] - Spot prices for palm oil in Guangzhou, soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, and rapeseed oil in Jiangsu from November 21 - 27, 2025, are provided [1] Basis and Price Spread - The report shows basis data for soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil at different contract months and regions from 2020/2021 - 2025/2026 [1][3] - Price spread data for various oilseeds and oils, including seasonal spreads and regional spreads, from 2020/2021 - 2025/2026 are presented [3]

Investment Rating - The report indicates that the detection service industry is a typical "long slope, thick snow" track, suggesting a high investment rating due to the long-term stable growth of free cash flow from leading companies [4][19]. Core Insights - The high valuation of leading companies in the detection service industry reflects their ability to generate stable and sustainable free cash flow over a long duration, which is discounted to present value [7][19]. - The detection service industry is characterized by perpetual growth attributes, with leading companies forming a competitive moat due to their first-mover advantages [8][40]. - The global market size for the detection service industry has exceeded 2 trillion RMB and continues to grow rapidly, driven by economic development and industrial upgrades [8][40]. Summary by Sections Introduction: Why Does the Detection Service Have "Valuation Premium"? - The ability to create free cash flow is linked to a company's profit growth capability (g) and profit quality (ROE). Higher profit and cash flow generation capabilities warrant higher valuations [7][19]. Characteristics of the Detection Service Industry: Perpetual Growth Attributes - The industry has a large market space and can sustain growth, driven by mandatory legal requirements, foundational support for commercial activities, and inherent needs of the public [8][40]. - The return on equity (ROE) is stable due to high barriers to entry, including brand credibility, laboratory networks, and qualification thresholds [8][51]. Review of International Leaders: SGS's Performance Over Two Decades - SGS has demonstrated a compound annual growth rate (CAGR) of 6.7% in revenue and 9.4% in net profit from 2001 to 2024, with free cash flow CAGR at 8.2%, indicating its stability as an industry benchmark [9][63]. - The company is expected to achieve organic revenue growth of 5%-7% until 2027, with an anticipated increase in operating profit margin by at least 1.5 percentage points [9][63]. Domestic Review: Expectations for Huace and Guangdian's ROE Recovery - Huace Testing is expected to see a recovery in ROE as it shifts from a revenue-oriented strategy to a profit-oriented one, with anticipated improvements in valuation [10][11]. - Guangdian Measurement's stock price volatility is closely tied to its performance, with a new management team focusing on high-end manufacturing and technology R&D, leading to rapid ROE and net profit recovery [11].

Group 1: Industry Investment Rating - No information provided Group 2: Core Viewpoints - The report presents recent data and trends in the agricultural commodities market, including soybean, palm oil, and related products, which can help investors understand the current market situation and potential investment opportunities [1] Group 3: Summary by Related Catalogs Soybean - The U.S. soybean crush volume in August was 198 million bushels (5.94 million tons), slightly higher than the analysts' forecast of 196.9 million bushels [1] - Brazil's 2025/26 soybean planting rate reached 79.61%, lower than the same period last year but higher than the 2023/24 season and the five - year average. Irregular rainfall in most regions may lead to lower yields [1] Palm Oil - Malaysia's palm oil product exports from November 1 - 20, 2025, were 471,222 tons, a 40.6% decrease from the same period last month [1] Import Profits - The report provides historical data on the import profits of soybean oil, palm oil, and rapeseed oil from 2016 - 2025 for July and August [1] Spot Prices - Spot prices of various agricultural products such as rapeseed meal, soybean meal, soybean oil, palm oil, and rapeseed oil in different regions from November 17 - 21, 2025, are presented [1] Basis - The report shows the basis data of protein meals (soybean meal and rapeseed meal) and oils (soybean oil, palm oil, and rapeseed oil) in different months and regions over multiple seasons [1] Price Spreads - Seasonal price spreads of various agricultural products, including soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil, are provided, which can help investors analyze market trends and potential trading opportunities [1]

Market Overview - The U.S. stock market is experiencing volatility with mixed signals in premarket trading following a significant sell-off, driven by concerns over AI stock valuations and uncertainty regarding the Federal Reserve's interest rate policy [1][2][10] - Major indexes closed sharply lower in the previous session, with the Nasdaq Composite down 2.15%, S&P 500 down 1.56%, and Dow Jones Industrial Average down 0.84%, indicating a potential for significant weekly losses [5] Premarket Trading and Futures - Nasdaq 100 futures are down approximately 0.2% to 0.5%, while Dow Jones futures are up between 0.4% and 0.8%, and S&P 500 futures are largely unchanged or up around 0.3% to 0.6% [2] - The sentiment in premarket trading is characterized by a "risk-off" mood, particularly affecting the tech sector and cryptocurrencies, with Bitcoin trading around $82,800, its lowest since April 11 [3] Treasury Yields and Commodities - The yield on the 10-year Treasury note has slightly decreased to 4.07% from approximately 4.10% [4] - WTI crude futures have dropped 2.2% to $57.85 per barrel, and gold futures are down 0.6% at $4,035 per ounce [4] Upcoming Economic Events - Key economic events include remarks from Federal Reserve officials and the release of PMI Composite Flash and Consumer Sentiment data, which could influence market direction [6] - Investors are anticipating crucial economic data for the week of November 24th, including the U.S. Producer Price Index (PPI), Retail Sales, and Consumer Confidence, which may impact the Federal Reserve's stance [7] Corporate Earnings and Stock Movements - Nvidia (NVDA) shares fell 3.2% despite strong third-quarter results, reflecting concerns over AI sector valuations [13] - Walmart (WMT) saw a 6.5% increase in shares after exceeding expectations and raising its fiscal outlook [13] - Gap (GPS) shares rose 5.6% due to strong comparable sales, while Intuit (INTU) climbed 3.2% after better-than-expected fiscal results [13] - New Fortress Energy (NFE) surged 19.86% in premarket trading amid debt restructuring efforts [13] - Microsoft (MSFT) reported strong first-quarter results, while Alphabet (GOOGL) shares increased 8% following earnings, driven by AI momentum [13] - Meta Platforms (META) experienced a nearly 22% drop due to concerns over spending on AI projects [13] - Palantir (PLTR) shares fell 22% despite strong results, attributed to high valuation expectations [13]

Core Insights - The core point of the article is that Malaysia's palm oil export volume is expected to significantly decrease in the first 20 days of November compared to the same period last month, indicating a potential decline in supply and market dynamics [1] Export Data Summary - Malaysia's palm oil export volume from November 1 to 20 is projected to be 471,222 tons, which represents a 40.6% decrease from 793,571 tons exported during the same period last month [1]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core View The report offers a comprehensive overview of the overnight market information for the oils and fats and oilseeds industry, covering the export, production, and inventory of key products in major countries, as well as the price and basis of relevant commodities [1]. 3. Summary by Related Catalogs Overnight Market Information - **US Soybean Export**: As of the week ending November 13, 2025, the US soybean export inspection volume was 1,176,307 tons, in line with market expectations. The cumulative export inspection volume for this crop year is 10,109,477 tons, compared to 17,587,634 tons in the same period of the previous year [1]. - **US Soybean Crushing**: In October 2025, the US soybean crushing volume reached a record high of 227.647 million bushels, a 15.1% increase from September and a 13.9% increase from October 2024. The soybean oil inventory of NOPA member companies rose to 1.305 billion pounds at the end of October, a 5.0% increase from the end of September and a 21.5% increase from the same period last year [1]. - **Brazilian Soybean Planting and Export**: As of last Thursday, the planting rate of Brazil's 2025/26 soybean crop reached 71%, lagging behind 80% in the same period last year due to irregular rainfall. Brazil exported 2,302,124.10 tons of soybeans in the first two weeks of November, with the daily average export volume increasing by 71% compared to the full - month daily average in November last year [1]. - **Malaysian Palm Oil**: Malaysia lowered the reference price of crude palm oil for December while keeping the export tariff at 10%. From November 1 - 15, 2025, Malaysia's palm oil production increased by 4.09% month - on - month, but the export volume decreased by 44.9% (SGS data) or 10.0% (AmSpec data) 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 November 11 to 17, 2025 [5].

Market Overview - The USDA's November supply and demand report indicates that the expected soybean planting area for the 2025/26 season is 81.1 million acres, with a harvest area of 80.3 million acres and a yield of 53 bushels per acre, leading to an estimated production of 4.253 billion bushels, a decrease from the previous month's estimate of 4.301 billion bushels [1] - NOPA's monthly report predicts that U.S. soybean processing in October will reach 209.522 million bushels, a 5.9% increase from September and a 4.8% increase from October 2024, potentially setting a new monthly record [2] - Malaysian palm oil exports for the first half of November are reported to have decreased significantly, with AmSpec reporting a 10% drop and SGS reporting a 44.9% decrease compared to the previous month [2][3] Production and Export Forecasts - Industry analyst Thomas Mielke forecasts Indonesia's palm oil production for 2026 to be 49 million tons, slightly down from 49.4 million tons in 2025, while Malaysia's production is expected to decrease from 19.86 million tons in 2025 to 19.5 million tons in 2026 [3] - Dorab Mistry anticipates a global palm oil production increase of 1.5 million tons for the 2025/26 season, with total vegetable oil supply rising by 4.2 million tons and demand increasing by 6 million tons [3] - Canada's canola seed exports have decreased by 35.67% to 121,200 tons as of November 9, with a year-on-year decline of 54.10% [3] Pricing and Market Dynamics - Malaysia has set the reference price for palm oil at 4,206.38 ringgit per ton for December, with an export tax rate of 10% [3] - The market for soybean oil remains strong, driven by the performance of canola oil and high import costs, which support soybean oil prices despite a pullback in soybean prices [6]

据船运调查机构SGS公布数据显示，预计马来西亚11月1-15日棕榈油出口量为334295吨，较上月同期出 口的606292吨减少44.9%。 （文章来源：新华财经） ...