油脂油料早报 研究中心农产品团队 2026/02/13 隔 夜 市 场 信 息 ： 2月5日止当周美国大豆出口销售合计净增28.31万吨，不及预期 USDA出口销售报告显示，2月5日止当周，美国当前市场年度大豆出口销售净增28.18万吨，较之前一周减少36%，较 前四周均值减少80%。市场预估为净增30-110万吨。其中，对中国大陆出口销售净增28.61万吨。 当周，美国大豆出口装船112.88万吨。较之前一周减少19%，较前四周均值减少20%。其中，对中国大陆出口装船 74.61万吨。 当周，美国当前市场年度大豆新销售37.76万吨，下一市场年度大豆新销售0.13万吨。 2月5日止当周美国豆粕出口销售合计净增35.7万吨，符合预期 USDA报告显示，2月5日止当周，美国当前市场年度豆粕出口销售净增35.7万吨，较之前一周减少4%，较前四周均值 减少10%。市场预估为净增20-45万吨。 当周，美国豆粕出口装船32.64万吨。较之前一周增加8%，较前四周均值减少8%。 当周，美国当前市场年度豆粕新销售38.87万吨，下一市场年度豆粕新销售0万吨。 民间出口商报告向埃及出售销售10.8万吨大豆 USDA公布，民 ...

来源：美通社 苏州2026年2月10日 /美通社/ -- 近日，国际公认的测试、检验和认证机构SGS为新芯航途（苏州）科技 有限公司（以下简称"新芯航途Xheart"）ADAS SoC——X7芯片颁发AEC‑Q100验证证书，并授予中国首 张SEMI TRUST MARK可信标识。随着智能驾驶、汽车电子及国产高算力芯片需求持续增长，此次双 重认可不仅体现了X7在安全可靠性方面的技术实力，更标志着中国在半导体可信体系建设与国际化质 量验证方面迈出了关键一步。依托SGS的权威背书，X7芯片将在智能驾驶前装量产、车规级供应链合 作中获得更加坚实的竞争优势。 SEMI TRUST MARK在中国首度落地，推动泛半导体供应链可信化建设 在AEC‑Q100可靠性验证环节，SGS依据标准完成了对X7芯片覆盖A/B/C/E组的16项专业测试，包括环 境加速应力、寿命模拟、封装完整性和电气特性等核心验证。其中，高温工作寿命（HTOL）使用行业 领先的HPB‑5C设备，严格模拟智能驾驶场景下的极端高温运行；EMC测试则采用GTEM系统保证芯片 在最大功耗条件下仍具备稳定抗干扰能力。测试结果显示，X7芯片在高温、湿热、电磁复杂度等 ...

Core Viewpoint - Matthews International is undergoing a strategic pivot focused on divestitures, debt reduction, and enhancing its core business in memorialization and high-value intellectual property, with significant gains from recent asset sales [3][4][6]. Financial Performance - For Q1 of fiscal 2026, Matthews reported a net income of $43.6 million, a turnaround from a net loss of $3.5 million in the previous year, primarily due to gains from divestitures [4][9]. - Consolidated sales decreased to $285 million from $402 million a year ago, with divestitures accounting for approximately $120 million of the decline [11]. - Adjusted EBITDA for the quarter was $35.2 million, down from $40.0 million, reflecting lower performance in the engineering business [11]. Debt Management - Remaining pension liabilities have significantly decreased to below $10 million from over $300 million a few years ago [1]. - Net debt as of December 31, 2025, was reported at $506 million, a reduction of $173 million in the quarter, aided by divestiture proceeds [1][6]. - The company executed early redemption of $300 million of 8.625% senior secured notes, which is expected to save about $12 million annually in interest expenses [6]. Divestitures and Strategic Focus - Matthews completed the sale of its warehouse automation business for $225 million, achieving a 15x adjusted EBITDA multiple [2]. - The sale of Saueressig, a European packaging business, for $41 million helped the company avoid significant restructuring costs and further reduce pension liabilities [2]. - The strategic pivot includes a focus on memorialization, which saw segment sales increase to $204.2 million from $190.5 million, supported by the Dodge acquisition [12]. Future Outlook - The company anticipates adjusted EBITDA guidance of at least $180 million for fiscal 2026, factoring in contributions from the Dodge acquisition and additional cost actions in the engineering business [19]. - Management expects to exit its 40% equity position in Propelis within 18 to 24 months, with anticipated synergies exceeding $60 million [5][8]. - Capital spending for fiscal 2026 is projected to be around $25 million, with a quarterly dividend of $0.255 per share declared [19].

（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1-31日棕榈油出口量为944885吨，较上月同期出 口的1000703吨减少5.58%。 ...

| 品种 | 核心观点 | 主要逻辑 | | --- | --- | --- | | | | 最新大豆及豆粕库存环比下降，考虑 2 月进口预估同比偏低，豆粕预计进入阶段性 | | | | 去库。阿根廷大豆地区的干旱天气以及上周达沃斯中美会晤后，美政府对美豆出口 | | 豆粕 | | 中国展望乐观，叠加美生柴政策预期，美豆市场人气偏多。但由于国储抛售以及下 | | ★ | 短期震荡偏多 | 游饲料企业前期已有一定备货准备，叠加豆油近期走好后，大豆榨利进一步上行， | | | | 豆粕继续上涨会逐步面临现货套保压力。豆粕偏多对待，但追多谨慎注意仓位及风 | | | | 控。关注阿根廷降雨情况以及美生柴协议内容落地情况。 | | | | 1 月菜籽零进口，2-3 月月均进口 12 万吨，远低于去年同期水平。加拿大首批菜籽 | | 菜粕 | | 已经采购，预计 3 月后到港。菜粕现货短期供应偏紧，但消费淡季现货成交清淡。 | | | 止跌反弹 | 周末美加贸易波动，或影响中加贸易谈判结果，昨日菜粕延续收涨，但有消息中加 | | ★ | | 会晤后已经采购了近 65 万吨加籽，为 2 月至 4 月的远期合约，继续追多操 ...

Report Summary - **Soybean and Bean Meal Exports in Brazil**: Anec estimated Brazil's soybean exports in January to be 3.23 million tons, lower than last week's forecast of 3.79 million tons, and the estimated bean meal exports to be 1.78 million tons, lower than last week's forecast of 1.82 million tons [1] - **Palm Oil Exports in Malaysia**: SGS data showed that Malaysia's palm oil product exports from January 1 - 25 decreased by 9.41% compared to the same period last month, reaching 746,745 tons [1] - **Soybean Planting and Harvesting in Brazil**: As of the week of January 24, 2026, Brazil's 2025/26 soybean planting rate was 99.1%, up from 98.6% the previous week, and the soybean harvesting rate was 6.6%, up from 2.3% the previous week [1] - **Spot Prices**: The spot prices of various products such as soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil from January 21 - 27, 2026, were presented in a table [2] - **Protein Meal and Oil Basis**: The report mentioned protein meal basis and oil basis, but no specific data was provided [3] - **Oil and Oilseed Futures Price Spreads**: The report mentioned oil and oilseed futures price spreads, but no specific data was provided [5] Industry Investment Rating No industry investment rating was provided in the report Core View The report provided overnight market information on soybean and palm oil exports, planting and harvesting progress in major producing countries, as well as spot prices of related products, but no clear core view was presented

（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1-25日棕榈油出口量为746745吨，较上月同期出 口的824276吨减少9.41%。 ...

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]