2025 年 9 月 30 日 生猪：现货底部未现 | 周小球 | 投资咨询从业资格号：Z0001891 | zhouxiaoqiu@gtht.com | | --- | --- | --- | | 吴昊 | 投资咨询从业资格号：Z0018592 | wuhao8@gtht.com | | 【基本面跟踪】 | | | 生猪基本面数据 | | | 单 位 | 价 格 | | 同 比 | | | --- | --- | --- | --- | --- | --- | --- | | | 河南现货 | 元/吨 | 12430 | | -150 | | | 价 格 | | | | | | | | | 四川现货 | 元/吨 | 11900 | | -200 | | | | 广东现货 | 元/吨 | 12710 | | -200 | | | 期 货 | | 单 位 | 价 格 | | 同 比 | | | | 生猪2511 | 元/吨 | 12295 | | -280 | | | | 生猪2601 | 元/吨 | 12785 | | -315 | | | | 生猪2603 | 元/吨 | 12450 | | -205 | ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views Chlor - Alkali Industry - **Caustic Soda**: Last week, the caustic soda futures stopped falling and stabilized, with a sharp rebound on Friday. Next week, the supply is expected to increase, and the operating rate of sample manufacturers will rise. The profit margin of domestic alumina enterprises is narrowing, and the support for spot prices is weak. The inventory in North China is rising, while that in East China is falling. In the Shandong market, due to the approaching National Day holiday, there may be a price cut in the short - term [2]. - **PVC**: Last week, the PVC futures rebounded due to macro - warming, but the supply - demand contradiction is still difficult to ease. Next week, the output is expected to increase as many enterprises finish maintenance. The downstream demand is limited, and the procurement enthusiasm is average. The cost provides bottom - support. It is expected that PVC will stop falling and stabilize in September - October [2]. Urea Industry The urea futures are weakly declining. The supply may increase, and the demand from the autumn fertilizer market and industry is weak. The export new orders are limited. If there is no export surge or early shutdown of gas - based plants, the price may fall below 1,550 yuan/ton [7]. Pure Benzene - Styrene Industry - **Pure Benzene**: The weekly supply - demand of pure benzene is weak. In September, the supply may remain at a high level, and the demand support is weak. The price driving force is weak. The strategy for BZ2603 is to follow the styrene fluctuations [13]. - **Styrene**: The weekly supply - demand of styrene is also weak. The strategy is to be bearish on the absolute price rebound of EB11, and expand the spread between EB11 and BZ11 at a low level, but the driving force is limited [13]. PX - PTA - MEG Industry - **PX**: The supply of PX may increase due to short - process capacity increase and postponed maintenance. The demand is affected by PTA maintenance. The price is under pressure, and the basis boost is limited [17]. - **PTA**: The processing fee of PTA is low, and new device production is postponed. The demand is in the peak season, but the basis and processing fee repair drive is insufficient. The absolute price follows the cost [17]. - **MEG**: The supply - demand of MEG is gradually weakening. In the short - term, the import is not high, and the basis is oscillating at a high level. In the long - term, it will enter the inventory accumulation period in the fourth quarter [17]. - **Short - fiber**: The short - fiber supply is high, and the demand is limited during the peak season. The price has support at the low level, but the rebound drive is limited [17]. - **Bottle chips**: The bottle chip device restart and shutdown coexist. The downstream replenishment supports the price and processing fee, but the increase is limited [17]. Polyolefin Industry PP production has decreased due to losses in PDH and external propylene procurement routes, and the inventory has declined. PE maintenance has reached a peak, and the operating rate is rising. The upper - middle stream inventory has decreased. North American import offers are increasing. The inventory accumulation pressure of 01 contract is large, limiting the upside [22]. Methanol Industry The market is trading high inventory and fast Iranian loading. The coastal inventory has reached a historical high, the market sentiment is poor, and the price is weak. The domestic supply is at a high level year - on - year, and the demand is weak. The overall valuation is neutral. The market is swinging between high inventory and overseas gas - limit expectations. Attention should be paid to the inventory turning point [30][32]. Crude Oil Industry Last week, oil prices fluctuated weakly. The geopolitical premium has declined, and the market focuses on the weak supply - demand fundamentals. The supply is expected to be in surplus, and the demand is weak. The short - term oil prices are under pressure. Unilateral trading is recommended to wait and see, with SC resistance at 505 - 510, Brent at 68 - 69, and WTI at 64 - 65. Arbitrage is recommended to be long - spread, and options are recommended to buy put options [40]. 3. Summaries by Relevant Catalogs Chlor - Alkali Industry - **Spot and Futures Prices**: On September 19, compared with the previous day, the prices of some products such as SH2509, SH2601, V2509, and V2601 increased, while the basis and spreads of some products changed [2]. - **Overseas Quotes and Export Profits**: The FOB price of caustic soda in East China ports increased, and the export profit increased significantly. The export profit of PVC decreased [2]. - **Supply**: The operating rates of the caustic soda and PVC industries decreased [2]. - **Demand**: The operating rates of some downstream industries of caustic soda and PVC increased [2]. - **Inventory**: The inventory of some products such as liquid caustic soda in Shandong and PVC total social inventory changed [2]. Urea Industry - **Supply**: The daily and weekly production of urea, and the operating rate of production plants are provided. The supply may increase [7]. - **Demand**: The demand from the autumn fertilizer market and industry is weak, and the export new orders are limited [7]. - **Inventory**: The weekly inventory of urea in factories and ports is provided [7]. Pure Benzene - Styrene Industry - **Upstream Prices and Spreads**: The prices of crude oil, naphtha, ethylene, etc. decreased. The prices of pure benzene and styrene also decreased. The spreads and import profits changed [13]. - **Inventory**: The weekly inventory of pure benzene and styrene in Jiangsu ports decreased [13]. - **Industry Operating Rates**: The operating rates of some industries in the pure benzene - styrene chain changed [13]. PX - PTA - MEG Industry - **Upstream Prices and Spreads**: The prices of crude oil, naphtha, MX, etc. decreased. The prices of PX, PTA, and MEG also decreased. The spreads and basis changed [15][17]. - **Industry Operating Rates and Inventory**: No relevant content provided. Polyolefin Industry - **Futures and Spot Prices**: The prices of L2601, L2509, PP2601, and PP2509 decreased. The basis and spreads changed [22]. - **Inventory**: The enterprise and social inventories of PE and PP changed [22]. - **Operating Rates**: The operating rates of PE and PP plants and downstream industries changed [22]. Methanol Industry - **Prices and Spreads**: The prices of MA2601 and MA2509 changed. The basis and regional spreads changed [30]. - **Inventory**: The enterprise and social inventories of methanol changed [30]. - **Operating Rates**: The operating rates of upstream and downstream industries of methanol changed [30]. Crude Oil Industry - **Crude Oil and Product Prices and Spreads**: The prices of Brent, WTI, and SC changed. The prices of refined oil products and their spreads also changed [38]. - **Market Analysis**: The oil prices are under pressure due to supply - demand imbalance and weakening geopolitical support [40].

Group 1: Oil and Fat Industry Report Industry Investment Rating - Not provided Core Views - Palm oil futures in Malaysia are expected to maintain strong consolidation around 4,500 ringgit, and domestic palm oil futures may follow the upward trend. For soybean oil, the domestic supply is abundant, and the spot basis quote may rise as soybean supply decreases [1]. Summary by Relevant Catalog - **Soybean Oil**: On September 17, the spot price in Jiangsu was 8,690 yuan/ton, up 0.35% from the previous day; the futures price of Y2601 was 8,366 yuan/ton, down 0.62%. The basis of Y2601 increased by 33.88%. The inventory of soybean oil in factories increased by about 10,000 tons last weekend [1]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong was 9,450 yuan/ton, up 0.53%. The futures price of P2601 was 9,424 yuan/ton, down 0.61%. The basis of P2601 increased by 131.71%. The import cost increased by 1.03%, and the import profit decreased by 79.70% [1]. - **Rapeseed Oil**: The spot price of Grade - 4 rapeseed oil in Jiangsu was 10,110 yuan/ton, up 0.50%. The futures price of O1601 was down 0.54%. The basis of O1601 increased by 1485.71% [1]. - **Spreads**: The 01 - 05 spreads of soybean oil, palm oil, and rapeseed oil all decreased. The soybean - palm oil spread and rapeseed - soybean oil spread showed different trends [1]. Group 2: Corn and Corn Starch Industry Report Industry Investment Rating - Not provided Core Views - In the short - term, the corn market has a loose supply - demand situation, and the futures price may fluctuate weakly, with strong support around 2,150 yuan/ton. In the medium - term, it will remain weak, and attention should be paid to the new grain purchase rhythm and opening price [2]. Summary by Relevant Catalog - **Corn**: The price of corn 2511 at Jinzhou Port decreased, and the basis decreased by 10.42%. The 11 - 3 spread decreased by 150.00%. The north - south trade profit increased by 51.28%, and the import profit increased by 0.82% [2]. - **Corn Starch**: The price of corn starch 2511 increased by 0.41%. The basis decreased by 8.55%. The starch - corn spread increased by 5.42% [2]. Group 3: Sugar Industry Report Industry Investment Rating - Not provided Core Views - The raw sugar price is expected to maintain a bottom - oscillating pattern between 15 - 17 cents/pound. The domestic sugar market has现货 pressure, and the futures price may stabilize around 5,500 yuan/ton in the short - term, but the rebound space is limited, and a high - selling strategy is recommended [6][7]. Summary by Relevant Catalog - **Futures Market**: The prices of sugar 2601 and 2605 decreased. The ICE raw sugar主力 decreased by 2.33%. The 1 - 5 spread decreased by 17.39%. The position of the主力 contract increased by 0.67%, and the warehouse receipt quantity decreased by 2.48% [6]. - **Spot Market**: The prices in Guosan and Kunming decreased. The Nanning basis decreased by 1.64%, and the Kunming basis increased by 2.64%. The import prices of Brazilian sugar (both quota - within and quota - outside) decreased [6]. - **Industry Situation**: The cumulative production and sales of sugar in the country increased year - on - year. The production and cumulative sales rate in Guangxi also increased, while the monthly sales volume in Guangxi decreased. The industrial inventory in the country increased, and the import volume increased significantly [6]. Group 4: Cotton Industry Report Industry Investment Rating - Not provided Core Views - In the short - term, domestic cotton prices may oscillate within a range, and they will face pressure after the new cotton is listed [8]. Summary by Relevant Catalog - **Futures Market**: The prices of cotton 2605 and 2601 decreased slightly. The ICE US cotton主力 decreased by 0.72%. The 5 - 1 spread decreased by 14.29%. The position of the主力 contract decreased by 0.27%, and the warehouse receipt quantity decreased by 3.03% [8]. - **Spot Market**: The Xinjiang arrival price and CC Index of 3128B increased slightly. The difference between CC Index:3128B and FC Index:M: 1% decreased by 6.75% [8]. - **Industry Situation**: The commercial and industrial inventories decreased. The import volume increased, and the export volume of textile products showed different trends. The downstream finished product inventory was still decreasing, but the shipment slowed down [8]. Group 5: Meal Industry Report Industry Investment Rating - Not provided Core Views - The supply - demand situation of US soybeans is strong on the supply side and weak on the demand side. The domestic supply in the fourth quarter is expected to be sufficient, but there is uncertainty in the supply from January to February next year. Attention should be paid to the support of the 01 contract around 3,000 yuan/ton [10]. Summary by Relevant Catalog - **Soybean Meal**: The spot price in Jiangsu decreased by 1.65%, and the futures price of M2601 decreased by 1.28%. The basis of M2601 decreased by 100.00%. The import profit of Brazilian soybeans in November increased [10]. - **Rapeseed Meal**: The spot price in Jiangsu decreased by 1.91%, and the futures price of RM2601 decreased by 2.30%. The basis of RM2601 increased by 7.84%. The import profit of Canadian rapeseed in November decreased [10]. - **Soybeans**: The prices of domestic and imported soybeans were stable or decreased slightly. The bases of the first and second - grade soybean contracts increased [10]. - **Spreads**: The 01 - 05 spreads of soybean meal and rapeseed meal decreased. The oil - meal ratio and the difference between soybean and rapeseed meal showed different trends [10]. Group 6: Pig Industry Report Industry Investment Rating - Not provided Core Views - The spot price of pigs lacks support. The near - month futures contracts will maintain a weak adjustment, and attention should be paid to the 1 - 5 reverse spread opportunity [12][13]. Summary by Relevant Catalog - **Futures Market**: The prices of pig 2511 and 2601 decreased. The 11 - 1 spread increased by 1.92%. The position of the主力 contract increased by 10.86% [12]. - **Spot Market**: The spot prices in various regions decreased. The daily slaughter volume decreased by 0.40%, and the weekly white - strip price decreased by 0.65% [12]. - **Other Indicators**: The self - breeding profit decreased by 68.02%, and the purchased - pig breeding profit decreased by 28.27%. The inventory of breeding sows decreased slightly [12][15]. Group 7: Egg Industry Report Industry Investment Rating - Not provided Core Views - Egg prices may rise to the annual high due to increased demand, but the high inventory and cold - storage egg release may limit the increase. After the replenishment of traders next week, the demand may weaken, and local egg prices may decline slightly [18]. Summary by Relevant Catalog - **Futures Market**: The price of the egg 11 - contract increased by 0.10%, and the price of the 10 - contract decreased by 1.00%. The 11 - 10 spread increased by 147.83% [17]. - **Spot Market**: The egg - producing area price increased by 0.23%, and the basis increased by 0.89% [17]. - **Industry Indicators**: The price of egg - laying chicken seedlings decreased by 13.33%, and the price of culled chickens decreased by 0.22%. The egg - feed ratio increased by 2.88%, and the breeding profit increased by 20.84% [17].

光期研究 光期黑色：铁矿石基差及价差监测日报 2025 年 9 月 1 1 日 1 0 50 100 150 200 01 01 02 03 03 03 04 04 05 05 06 06 07 07 08 08 09 2009-2101 2109-2201 2209-2301 2309-2401 2409-2501 2509-2601 -100 -50 0 50 100 150 05 06 07 08 09 10 11 12 01 2101-2105 2201-2205 2301-2305 2401-2405 2501-2505 2601-2605 资料来源：Wind，Mysteel, 光大期货研究所 p 2 2.1 基差：数据 光大证券 2020 年 半 年 度 业 绩 E V E R B R I G H T S E C U R I T I E S 1.1 合约价差 | 期货合约 | 今日收盘价 | 上日收盘价 | 变化 | 合约价差 | 今日价差 | 上日价差 | 变化 | | --- | --- | --- | --- | --- | --- | --- | --- | | I05 | 781.0 | ...

Group 1: Report General Information - Report title: Corn Starch Daily Report [2] - Report date: September 10, 2025 [2][3] - Industry: Agricultural products (corn and corn starch) [1][2] Group 2: Report Investment Rating - No investment rating provided in the report Group 3: Core Viewpoints - For corn, although the US corn price has declined, there is still potential for a rebound as the US corn yield may be revised downwards. Chinese tariffs on US corn and sorghum are relatively high, but foreign corn import profit is still significant. Domestic corn spot prices are expected to decline with the upcoming large - scale listing of new - season corn, with North China corn possibly reaching 2200 yuan/ton and Heilongjiang corn below 2100 yuan/ton by the end of September [5][7] - For starch, the inventory of corn starch has decreased this week. The starch price mainly depends on corn price and downstream inventory. With weak demand in the medium - to - long term, enterprises will be in a long - term loss state. The short - term 01 starch futures contract is expected to fluctuate weakly [8] Group 4: Data Summary Futures Market - Corn futures: C2601 closed at 2170, down 18 (-0.83%); C2605 at 2240, down 14 (-0.63%); C2509 at 2285, unchanged. CS2601 closed at 2502, down 25 (-1.00%); CS2605 at 2588, down 20 (-0.77%); CS2509 at 2502, unchanged [3] - Volume and open interest: The volume of C2601 decreased by 6.09% to 199,387, and open interest decreased by 0.12% to 422,160. The volume of CS2601 increased by 33.94% to 23,644, and open interest increased by 4.45% to 58,145 [3] Spot and Basis - Corn spot: Today's quotes in different regions range from 2220 yuan in Qinggang to 2450 yuan in Guangdong ports. The basis of corn in different regions ranges from - 105 to 165 [3] - Starch spot: Today's quotes in different regions range from 2700 yuan in Longfeng to 2990 yuan in Yufeng. The basis of starch in different regions ranges from 112 to 402 [3] Spread - Corn inter - delivery spread: C01 - C05 was - 70, down 4; C05 - C09 was - 45, down 14; C09 - C01 was 115, up 18 [3] - Starch inter - delivery spread: CS01 - CS05 was - 86, down 5; CS05 - CS09 was 86, down 20; CS09 - CS01 was 0, up 25 [3] - Cross - variety spread: CS09 - C09 was 217, unchanged; CS01 - C01 was 332, down 7; CS05 - C05 was 348, down 6 [3] Group 5: Market Judgment Summary Corn - International factors: The US corn price has declined, but there is potential for a rebound as the yield may be revised downwards. Chinese tariffs on US corn and sorghum have been adjusted, and foreign corn import profit is high [5] - Domestic factors: Northern port prices are stable, and Northeast corn spot is strong, while North China corn spot has declined due to increased supply. Wheat prices in North China are weak, and wheat continues to substitute for corn. Domestic breeding demand is weak, and feed enterprise inventories are high. With imports, domestic auctions, and the upcoming large - scale listing of new - season corn, the corn spot price is expected to decline [5][7] Starch - Supply - side factors: The number of trucks arriving at Shandong deep - processing plants has increased, and Shandong corn prices are stable. Corn starch inventory has decreased this week, with the current inventory at 122.6 million tons, a decrease of 3.9 million tons from last week, a monthly decrease of 3.5%, and a year - on - year increase of 37.2% [8] - Price - influencing factors: Starch prices mainly depend on corn prices and downstream inventory. By - product prices are strong, and the spot price difference between corn and starch is low. With weak demand in the medium - to - long term, enterprises will be in a long - term loss state [8] Group 6: Trading Strategy - Unilateral: The US corn has support at 400 cents per bushel. It is recommended to wait and see for the 01 corn contract [10] - Arbitrage: It is recommended to wait and see [11] Group 7: Corn Option Strategy - For enterprises with spot positions, it is recommended to close out short positions in corn call options or try short - term high - selling and rolling operations [14] Group 8: Relevant Attachments - The report includes six figures showing the spot price of corn in different regions, the basis of corn 01 contract, the 1 - 5 spread of corn and corn starch, the basis of corn starch 01 contract, and the spread of corn starch 01 contract [16][17][18][20]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - Palm oil has insufficient fundamental drivers, and risks of crude oil and macro - economic pullbacks should be guarded against [1] - Soybean oil is waiting for the South American sowing season and is in a state of oscillatory adjustment [1] 3) Summary by Relevant Catalogs a. Fundamental Tracking - **Futures Prices**: Palm oil's closing price (day session) was 9,408 yuan/ton with a 0.43% increase, and (night session) 9,440 yuan/ton with a 0.34% increase; soybean oil's closing price (day session) was 8,456 yuan/ton with a 0.55% increase, and (night session) 8,416 yuan/ton with a - 0.47% change; rapeseed oil's closing price (day session) was 9,950 yuan/ton with a 1.04% increase, and (night session) 9,737 yuan/ton with a - 2.14% change. CBOT soybean oil's closing price was 51.20 cents/pound with a - 1.41% change [1] - **Trading Volume and Open Interest**: Palm oil's trading volume decreased by 10 to 3 lots, and open interest decreased by 1 to 1,225 lots; soybean oil's trading volume increased by 8 to 110 lots, and open interest decreased by 103 to 2,988 lots; rapeseed oil's trading volume increased by 42 to 50 lots, and open interest remained unchanged at 5,121 lots [1] - **Spot Prices**: Palm oil (24 - degree, Guangdong) was 9,380 yuan/ton with a 60 - yuan increase; first - grade soybean oil (Guangdong) was 8,730 yuan/ton with a 30 - yuan increase; fourth - grade imported rapeseed oil (Guangxi) was 9,790 yuan/ton with a 90 - yuan increase; Malaysian palm oil FOB was 1,105 dollars/ton with no change [1] - **Basis**: Palm oil (Guangdong) basis was - 28 yuan/ton; soybean oil (Guangdong) basis was 274 yuan/ton; rapeseed oil (Guangxi) basis was - 160 yuan/ton [1] - **Price Spreads**: The spread between rapeseed oil and palm oil futures was 292 yuan/ton; between soybean oil and palm oil futures was - 1,076 yuan/ton; palm oil 9 - 1 spread was - 118 yuan/ton; soybean oil 9 - 1 spread was 6 yuan/ton; rapeseed oil 9 - 1 spread was 132 yuan/ton [1] b. Macro and Industry News - The seasonally - adjusted non - farm payrolls in the US in August increased by 22,000, lower than the market expectation of 75,000. The non - farm payrolls in June were revised down from 14,000 to - 13,000, and in July were revised up from 73,000 to 79,000. After the revision, the total non - farm payrolls in June and July were 21,000 lower than before [2][3] - OPEC+ representatives said that OPEC+ in principle agreed to increase production again in October, with an expected increase of about 137,000 barrels per day, starting to gradually cancel the next layer of 1.66 million barrels per day of production cuts [3] - The Ministry of Commerce extended the anti - dumping investigation period for imported rapeseed from Canada until March 9, 2026 [3] c. Trend Intensity - The trend intensity of palm oil is 0, and that of soybean oil is 0 [4]

Report Summary 1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints - For LPG, macro risks are intensifying, and crude oil costs are rising [1] - For propylene, the spot price support remains, but attention should be paid to the risk of price decline [1] 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **LPG Futures Prices**: PG2510 closed at 4,421 yesterday with a 0.66% increase and 4,436 in the night session with a 0.34% increase; PG2511 closed at 4,342 yesterday with a 0.79% increase and 4,361 in the night session with a 0.44% increase; PL2601 closed at 6,405 yesterday with a -0.28% decrease and 6,425 in the night session with a 0.31% increase; PL2602 closed at 6,432 yesterday with a -0.23% decrease and 6,450 in the night session with a 0.28% increase [1] - **LPG Trading Volume and Open Interest**: PG2510 had a trading volume of 81,890 yesterday, a decrease of 3,573 from the previous day, and an open interest of 74,648, a decrease of 3,176 from the previous day; PG2511 had a trading volume of 17,534 yesterday, a decrease of 4,790 from the previous day, and an open interest of 36,095, an increase of 993 from the previous day; PL2601 had a trading volume of 4,421 yesterday, a decrease of 712 from the previous day, and an open interest of 8,146, an increase of 1,311 from the previous day; PL2602 had a trading volume of 34 yesterday, a decrease of 42 from the previous day, and an open interest of 862, an increase of 13 from the previous day [1] - **LPG Spreads**: The spread between Guangzhou domestic gas and the PG10 contract was 39 yesterday, compared to 138 the previous day; the spread between Guangzhou imported gas and the PG10 contract was 79 yesterday, compared to 138 the previous day; the spread between Shandong propylene and the PL01 contract was 230 yesterday, compared to 192 the previous day; the spread between East China propylene and the PL01 contract was 170 yesterday, compared to 127 the previous day; the spread between South China propylene and the PL01 contract was 70 yesterday, compared to 52 the previous day [1] - **LPG Industry Chain Data**: The PDH operating rate this week was 73.0%, down from 75.7% last week; the MTBE operating rate was 63.5%, unchanged from the previous level; the alkylation operating rate was 49.6%, up from 49.0% [1] 3.2 Trend Intensity - The trend intensity of LPG is 0, and the trend intensity of propylene is 0. The trend intensity ranges from -2 to 2, with -2 indicating the most bearish and 2 indicating the most bullish [5] 3.3 Market News - On September 2, 2025, the October CP paper cargo price for propane was 540 US dollars per ton, up 6 US dollars per ton from the previous trading day; the price for butane was 514 US dollars per ton, up 6 US dollars per ton from the previous trading day. The November CP paper cargo price for propane was 551 US dollars per ton, up 7 US dollars per ton from the previous trading day [6] - There are multiple domestic PDH device maintenance plans, including those of Henan Huasong New Material Technology Co., Ltd., Jiangsu Yanchang Zhongran Chemical Co., Ltd., etc. Additionally, Ningbo Jinfa's 1 (60) is expected to stop for maintenance for 3 weeks in early September [7] - There are domestic liquefied gas plant device maintenance plans, but specific details are not provided in the text [8]

Report Summary 1. Report Industry Investment Rating - The trend strength is 1, indicating a moderately bullish view. The range of trend strength is from -2 to 2, where -2 is the most bearish and 2 is the most bullish [2]. 2. Core View - Weekend group significantly reduced supply, and the spot price rebounded as expected. In August, the planned slaughter volume of large farms increased, and small farmers were forced to hold back pigs. There is still supply pressure in September. From September to October, the production cycle and inventory cycle resonate, and it's advisable to enter the 11 - 1 reverse spread. The enthusiasm for purchasing piglets declined, and the price drop accelerated, corresponding to a decrease in the cost of slaughter from March to May. Attention should be paid to the downward movement of the far - end price center, and stop - loss and take - profit should be set. The short - term support level for the LH2601 contract is 13,500 yuan/ton, and the resistance level is 14,500 yuan/ton [3]. 3. Summary by Relevant Catalogs 3.1 Pig Fundamental Data - **Spot Prices**: The price of Henan spot is 13,780 yuan/ton with a year - on - year change of 0; Sichuan spot is 13,250 yuan/ton, down 100 yuan/ton year - on - year; Guangdong spot is 14,740 yuan/ton, down 50 yuan/ton year - on - year [1]. - **Futures Prices**: The price of the pig 2511 contract is 13,555 yuan/ton, down 35 yuan/ton year - on - year; the pig 2601 contract is 13,870 yuan/ton, down 70 yuan/ton year - on - year; the pig 2603 contract is 13,135 yuan/ton, down 25 yuan/ton year - on - year [1]. - **Trading Volume and Open Interest**: The trading volume of the pig 2511 contract is 22,855 lots, down 7,687 lots from the previous day, and the open interest is 73,636 lots, down 1,327 lots from the previous day; the pig 2601 contract has a trading volume of 12,385 lots, down 1,050 lots, and an open interest of 48,313 lots, up 180 lots; the pig 2603 contract has a trading volume of 3,149 lots, down 941 lots, and an open interest of 31,772 lots, up 257 lots [1]. - **Price Spreads**: The basis of the pig 2511 contract is 225 yuan/ton, up 35 yuan/ton year - on - year; the basis of the pig 2601 contract is - 90 yuan/ton, up 70 yuan/ton year - on - year; the basis of the pig 2603 contract is 645 yuan/ton, up 25 yuan/ton year - on - year; the 11 - 1 spread is - 315 yuan/ton, up 35 yuan/ton year - on - year; the 1 - 3 spread is 735 yuan/ton, down 45 yuan/ton year - on - year [1].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Palm oil: There is no new fundamental driver, waiting for a pullback [1] - Soybean oil: The trading of soybean shortage in the fourth quarter has been suspended, undergoing a pullback and consolidation [1] 3. Section Summaries 3.1 Fundamental Tracking - **Futures Prices**: Palm oil主力 closed at 9,344 yuan/ton (down 0.87% during the day, up 0.11% at night), soybean oil主力 at 8,442 yuan/ton (down 0.26% during the day, down 1.07% at night), and other futures prices also showed different changes [2] - **Trading Volume and Open Interest**: The trading volume and open interest of palm oil, soybean oil, and rapeseed oil futures all decreased [2] - **Spot Prices**: The spot price of palm oil in Guangdong remained unchanged, soybean oil increased by 10 yuan/ton, and rapeseed oil in Guangxi decreased by 30 yuan/ton [2] - **Basis**: The basis of palm oil in Guangdong was 126 yuan/ton, soybean oil was 318 yuan/ton, and rapeseed oil in Guangxi was -104 yuan/ton [2] - **Price Spreads**: The spreads between different futures contracts of various oils showed different changes [2] 3.2 Macro and Industry News - **USDA Drought Monitoring Report**: As of the week ending August 26, about 11% of the US soybean - growing areas were affected by drought, up from 9% the previous week and the same as last year [3] - **USDA Monthly Crushing Forecast**: The estimated soybean crushing volume in the US in July is expected to increase to 621.8 million short tons (2072 million bushels), a 5.1% increase from June and a 7.2% increase from July 2024. The estimated soybean oil inventory at the end of July is 1903 million pounds, a 0.5% increase from the end of June and a 5.2% decrease from July 2024 [4][6] - **Deral**: The rural economic department of Brazil's Paraná state expects the soybean planting area in the 2025/26 season to increase by 1% to about 5.8 million hectares, and the output may increase by 4% to about 22 million tons [6] - **South Mato Grosso, Brazil**: The sowing of the 2025/26 soybean crop will start on September 16 and may last until December 31 [6] - **SAGyP**: As of the week ending August 20, Argentine farmers sold 394,200 tons of 2024/25 soybeans and 118,900 tons of 2025/26 soybeans, with cumulative sales reaching 29.8956 million tons and 789,600 tons respectively [7] - **Canada Statistics**: The estimated rapeseed output in Canada in 2025 will increase by 3.6% to 19.9 million tons, with different changes in yield per acre and harvested area in different provinces [8] 3.3 Trend Intensity - The trend intensity of palm oil and soybean oil is 0, indicating a neutral outlook [9]

Report Summary 1. Industry Investment Rating - Not provided in the report. 2. Core Views - The market sentiment of rebar and hot-rolled coil is volatile, with wide fluctuations [2][3]. 3. Summary by Related Catalogs 3.1 Fundamental Data - **Futures Data**: The closing prices of RB2510 and HC2510 were 3,138 yuan/ton and 3,389 yuan/ton respectively, with daily increases of 31 yuan/ton, and daily increase rates of 0.71% and 0.92% respectively. The trading volumes were 1,200,313 lots (RB2510) and 508,110 lots (HC2510), and the open interests were 1,347,830 lots (RB2510) and 938,245 lots (HC2510), with changes of -63,773 lots and -59,902 lots respectively [3]. - **Spot Price Data**: The spot prices of rebar and hot-rolled coil in various regions increased to varying degrees, with the largest increase of 30 yuan/ton. The price of Tangshan billet was 3,050 yuan/ton, up 30 yuan/ton [3]. - **Basis and Spread Data**: The basis of RB2510 and HC2510 increased by 11 yuan/ton and 2 yuan/ton respectively. The spreads of RB2510 - RB2601 and HC2601 - RB2601 decreased by 10 yuan/ton and 4 yuan/ton respectively, while the spreads of HC2510 - HC2601, HC2510 - RB2510 increased by 3 yuan/ton and 9 yuan/ton respectively. The spot coil - rebar spread decreased by 1 yuan/ton [3]. 3.2 Macro and Industry News - **Steel Union Weekly Data (August 21)**: Rebar production decreased by 5.8 tons, hot-rolled coil production increased by 9.65 tons, and the total production of five major steel products increased by 6.43 tons. Rebar inventory increased by 19.85 tons, hot-rolled coil inventory increased by 3.97 tons, and the total inventory of five major steel products increased by 25.07 tons. Rebar apparent demand increased by 4.86 tons, hot-rolled coil apparent demand increased by 6.52 tons, and the total apparent demand of five major steel products increased by 21.97 tons [4]. - **Mid - August 2025 Data of Key Steel Enterprises**: The average daily production of crude steel, pig iron, and steel products increased by 2.0%, 0.5%, and 2.2% respectively compared with the previous period. The steel inventory of key enterprises increased by 4.0% compared with the previous ten - day period, by 26.7% compared with the beginning of the year, by 0.1% compared with the same ten - day period of last month, decreased by 4.7% compared with the same ten - day period of last year, and decreased by 5.8% compared with the same ten - day period of the year before last [4][5]. - **Other Data**: The Manufacturing Supply Index (MMSI) in July was 146.13, a month - on - month decrease of 4.83%. From January to July, the national general public budget revenue was 13,583.9 billion yuan, a year - on - year increase of 0.1% [5]. 3.3 Trend Intensity - The trend intensity of rebar and hot-rolled coil is 0, indicating a neutral trend [5].