Q&A 今年伦敦碳排放会议的主要讨论主题是什么？ 今年伦敦碳排放会议的主要讨论主题包括能源需求增长、人工智能和数据中心 的电力需求增长、能源安全问题、电网投资以及储能如何帮助解决这些问题。 会议还探讨了加速电力需求和更广泛的能源需求，尤其是天然气重新成为关键 过渡燃料，以及石油需求预计将持续增长到 2040 年。此外，会议还讨论了监 管政策变化对清洁技术发展的影响，包括美国通胀减免法案和欧盟排放交易体 系（EUETS）的实施。 高盛：碳经济学大会心得：利用人工智能数据中心加速能 源需求的'全方位'方法 20251121 摘要 人工智能和数据中心驱动能源需求显著增长，对现有电力基础设施构成 挑战，需要新的能源供应以支持数字化转型，尤其关注现有场地连接数 据中心的价值。 天然气重新成为关键过渡燃料，石油需求预计持续增长至 2040 年，尽 管可再生能源发展强劲，但化石燃料在部分地区仍占据重要地位，塑料 等领域对石油需求依然坚挺。 美国通胀减免法案对清洁技术发展产生积极影响，德克萨斯州成为美国 清洁技术中心之一；欧盟排放交易体系（EUETS）的影响及边境调整机 制启动后的效果值得关注。 欧洲电力需求在过去 15 年 ...

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - **Rapeseed Oil**: This week, rapeseed oil futures oscillated and closed lower. The 01 - contract closed at 9,816 yuan/ton, down 107 yuan/ton from the previous week. Although the significant decline in Canadian rapeseed exports exerts pressure, the Canadian bio - fuel production incentive plan, with rapeseed oil as the core raw material, and the agreement between Canada and Pakistan to promote rapeseed exports are positive factors. However, the possible delay of the US bio - fuel import incentive cut plan and the inventory pressure of Malaysian palm oil drag down the international oil market. Domestically, the Sino - Canadian trade negotiation has not reached an agreement on rapeseed tariffs. The supply of imported rapeseed is structurally tightened in the near term, and oil mills are mostly shut down, so rapeseed oil will continue to destock, supporting its price. But the ample supply and good substitution advantage of soybean oil limit rapeseed oil demand to mostly rigid demand. The short - term price fluctuation has increased, and short - term trading is recommended [8]. - **Rapeseed Meal**: This week, rapeseed meal futures continued to decline. The 01 - contract closed at 2,431 yuan/ton, down 59 yuan/ton from the previous week. The unexpected downward adjustment of US soybean exports by USDA triggered selling, but good domestic consumption and Chinese purchases of US soybeans support the US soybean market. Domestically, the Sino - Canadian trade negotiation has not made a breakthrough on rapeseed tariffs, restricting the import of Canadian rapeseed and rapeseed meal in the near term. With oil mills mostly shut down, the supply pressure is small. However, due to the decline in water temperature, the demand for aquaculture has weakened, and the rigid demand for rapeseed meal has decreased. Also, the ample supply and good substitution advantage of soybean meal have weakened the demand expectation for rapeseed meal. The rapeseed meal market is in a situation of both weak supply and demand. The market has declined recently with increased volatility, and short - term waiting and seeing is recommended. Attention should be paid to whether the Sino - Canadian trade policy can make a breakthrough [10]. 3. Summary by Relevant Catalogs 3.1 Weekly Summary - **Rapeseed Oil**: The 01 - contract price decreased by 107 yuan/ton compared to the previous week. The market is affected by both international and domestic factors, with short - term price fluctuations increasing. Short - term trading is recommended [8]. - **Rapeseed Meal**: The 01 - contract price decreased by 59 yuan/ton compared to the previous week. The market is in a situation of weak supply and demand, and short - term waiting and seeing is recommended [10]. 3.2 Futures and Spot Market - **Futures Price and Position**: Rapeseed oil futures rose significantly at the low level this week, with a total position of 243,824 lots, a decrease of 4,656 lots from last week. Rapeseed meal futures continued to decline, with a total position of 356,184 lots, a decrease of 116,496 lots from last week [15]. - **Top 20 Net Positions**: The top 20 net positions of rapeseed oil futures were +4,542, a slight decrease from +5,946 last week. The top 20 net positions of rapeseed meal futures changed from a net long position of +27,455 last week to a net short position of - 10,587 this week [22]. - **Futures Warehouse Receipts**: The registered warehouse receipts of rapeseed oil were 4,033 lots, and those of rapeseed meal were 0 lots [26]. - **Spot Price and Basis**: The spot price of rapeseed oil in Jiangsu was 10,160 yuan/ton, a slight increase from last week. The basis between the active contract futures price and the Jiangsu spot price was +344 yuan/ton. The spot price of rapeseed meal in Nantong, Jiangsu was 2,420 yuan/ton, a slight decrease from last week. The basis between the Jiangsu spot price and the active contract futures price was - 11 yuan/ton [35][41]. - **Futures Inter - monthly Spread**: The 1 - 5 spread of rapeseed oil was +391 yuan/ton, at a medium level in the same period in recent years. The 1 - 5 spread of rapeseed meal was +64 yuan/ton, at a medium - high level in the same period in recent years [46]. - **Futures - Spot Ratio**: The 01 - contract ratio of rapeseed oil to rapeseed meal was 4.038, and the average spot price ratio was 4.06 [49]. - **Price Spread between Oils and Meals**: The 01 - contract spread between rapeseed oil and soybean oil was 1,626 yuan/ton, and that between rapeseed oil and palm oil was 1,266 yuan/ton, both with narrow fluctuations this week. The 01 - contract spread between soybean meal and rapeseed meal was 581 yuan/ton, and the spot spread was 600 yuan/ton as of Thursday [59][65]. 3.3 Industrial Chain Situation - **Rapeseed - Supply**: As of November 14, 2025, the total inventory of rapeseed in oil mills was 0.25 tons. The estimated arrival volumes of rapeseed in November, December, and January 2025 were 1, 60, and 36.5 tons respectively. The import rapeseed spot crushing profit was +1,177 yuan/ton as of November 20. The crushing volume of coastal oil mills was 0 tons in the 46th week of 2025, with an operating rate of 0%. The total import volume of rapeseed in September 2025 was 11.53 tons, a year - on - year decrease of 85.71% and a month - on - month decrease of 13.14 tons [71][75][79][83]. - **Rapeseed Oil - Supply**: As of the end of the 46th week of 2025, the inventory of imported and crushed rapeseed oil was 48.3 tons, a decrease of 3.3 tons from last week, a month - on - month decrease of 6.40%. The total import volume of rapeseed oil in September 2025 was 15.66 tons, a year - on - year increase of 6.99% and a month - on - month increase of 1.90 tons [87]. - **Rapeseed Oil - Demand**: As of September 30, 2025, the monthly output of edible vegetable oil was 495 tons. As of October 31, 2025, the monthly retail sales of catering were 519.9 billion yuan. As of the end of the 46th week of 2025, the contract volume of imported and crushed rapeseed oil was 3.7 tons, a decrease of 0.3 tons from last week, a month - on - month decrease of 9.28% [91][95]. - **Rapeseed Meal - Supply**: As of the end of the 46th week of 2025, the inventory of imported and crushed rapeseed meal was 0.2 tons, a decrease of 0.3 tons from last week, a month - on - month decrease of 60.0%. The total import volume of rapeseed meal in September 2025 was 15.77 tons, a year - on - year decrease of 29.08% and a month - on - month decrease of 5.57 tons [99][103]. - **Rapeseed Meal - Demand**: As of September 30, 2025, the monthly output of feed was 3128.7 tons [107]. 3.4 Option Market Analysis As of November 21, the implied volatility of rapeseed meal options was 20.67%, a 0.02% increase from last week, and it was slightly lower than the 20 - day, 40 - day, and 60 - day historical volatility of the underlying asset [110].

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - **Rapeseed Meal**: The rapeseed meal market is in a situation of weak supply and demand. The supply - side pressure is small due to the limited import of Canadian rapeseed and rapeseed meal and the shutdown of coastal oil mills. However, the demand for rapeseed meal is weakening as aquaculture demand decreases with the drop in temperature, and soybean supply is relatively abundant with good substitution advantages. The market has large fluctuations recently, and short - term observation is recommended. Later, attention should be paid to whether there are breakthroughs in China - Canada trade policies [2]. - **Rapeseed Oil**: The international oil market is weak, but the domestic rapeseed oil will continue to be in a destocking mode, which supports its price. However, the demand for rapeseed oil is mainly for rigid needs because of the abundant supply and good substitution advantage of soybean oil. After a continuous rise, the rapeseed oil futures price has slightly declined recently, with large short - term fluctuations, and short - term participation is recommended [2][3]. 3) Summary by Relevant Catalogs **Futures Market** - **Prices**: The closing price of rapeseed oil futures (active contract) is 9779 yuan/ton, down 34; the closing price of rapeseed meal futures (active contract) is 2412 yuan/ton, down 7; the closing price of ICE rapeseed futures (active) is 650.2 Canadian dollars/ton, down 5.7; the closing price of rapeseed futures (active contract) is 5551 yuan/ton, unchanged [2]. - **Spreads**: The rapeseed oil month - to - month spread (1 - 5) is 380 yuan/ton, up 17; the rapeseed meal month - to - month spread (1 - 5) is 35 yuan/ton, up 3 [2]. - **Positions**: The position of the main rapeseed oil contract is 233465 lots, down 9832; the position of the main rapeseed meal contract is 377665 lots, down 9671. The net long positions of the top 20 futures holders for rapeseed oil are - 3446 lots, down 2701; for rapeseed meal are - 22471 lots, down 5559 [2]. - **Warehouse Receipts**: The number of rapeseed oil warehouse receipts is 4131, down 30; the number of rapeseed meal warehouse receipts is 2000, unchanged [2]. **Spot Market** - **Prices**: The spot price of rapeseed oil in Jiangsu is 10070 yuan/ton, down 100; the spot price of rapeseed in Yancheng, Jiangsu is 5700 yuan/ton, unchanged; the spot price of rapeseed meal in Nantong is 2400 yuan/ton, unchanged; the average price of rapeseed oil is 10163.75 yuan/ton, down 100; the import cost of rapeseed is 7986.7 yuan/ton, down 89.01 [2]. - **Basis**: The basis of the main rapeseed oil contract is 291 yuan/ton, down 66; the basis of the main rapeseed meal contract is - 12 yuan/ton, up 7 [2]. **Substitute Spot Prices** - The spot price of Grade 4 soybean oil in Nanjing is 8560 yuan/ton, down 100; the spot price of 24 - degree palm oil in Guangdong is 8670 yuan/ton, down 70; the spot price of soybean meal in Zhangjiagang is 3000 yuan/ton, down 50 [2]. - The spot price difference between rapeseed oil and soybean oil is 1510 yuan/ton, unchanged; between rapeseed oil and palm oil is 1400 yuan/ton, down 30; between soybean meal and rapeseed meal is 600 yuan/ton, down 50 [2]. **Upstream Situation** - **Production**: The global rapeseed production forecast for the year is 90.96 million tons, up 1.38 million tons; the annual forecast production of rapeseed is 13446 thousand tons, up 1068 thousand tons [2]. - **Imports and Profits**: The total rapeseed import volume in the current month is 11.53 tons, down 13.13 tons; the import rapeseed crushing profit is 659 yuan/ton, up 29 [2]. - **Inventory and开机率**: The total inventory of rapeseed in oil mills is 0.25 tons, down 0.25 tons; the weekly开机率 of imported rapeseed is 0%, unchanged [2]. **Industry Situation** - **Imports**: The import volume of rapeseed oil and mustard oil in the current month is 16 tons, up 2 tons; the import volume of rapeseed meal in the current month is 15.77 tons, down 5.57 tons [2]. - **Inventory**: The coastal rapeseed oil inventory is 2.08 tons, down 0.52 tons; the coastal rapeseed meal inventory is 0.2 tons, down 0.3 tons; the rapeseed oil inventory in East China is 40.05 tons, down 2.37 tons; the rapeseed meal inventory in East China is 22.96 tons, down 2.49 tons; the rapeseed oil inventory in Guangxi is 1.48 tons, down 0.32 tons; the rapeseed meal inventory in South China is 22.3 tons, up 1.5 tons [2]. - **Pick - up Volume**: The weekly pick - up volume of rapeseed oil is 1.01 tons, down 0.3 tons; the weekly pick - up volume of rapeseed meal is 0.3 tons, up 0.1 tons [2]. **Downstream Situation** - The monthly output of feed is 3128.7 tons, up 201.5 tons; the monthly output of edible vegetable oil is 495 tons, up 44.4 tons; the monthly retail sales of social consumer goods in the catering industry is 5199 billion yuan, up 690.4 billion yuan [2]. **Options Market** - **Rapeseed Meal Options**: The implied volatility of at - the - money call options for rapeseed meal is 20.4%, down 0.33; the implied volatility of at - the - money put options is 21.96%, down 0.05; the 20 - day historical volatility is 21.43%, down 0.03; the 60 - day historical volatility is 20.4%, down 0.32 [2]. - **Rapeseed Oil Options**: The implied volatility of at - the - money call options for rapeseed oil is 13.7%, up 0.24; the implied volatility of at - the - money put options is 13.69%, up 0.23; the 20 - day historical volatility is 15.04%, up 0.13; the 60 - day historical volatility is 13.75%, up 0.05 [2]. **Industry News** - ICE rapeseed futures closed lower on Wednesday, dragged down by the decline of other vegetable oil and crude oil futures. The January rapeseed futures contract fell 6 Canadian dollars and settled at 650.40 Canadian dollars per ton [2]. - USDA unexpectedly lowered the US soybean export forecast for 2025/26. Although the domestic soybean crushing consumption in the US is good and Chinese buyers started to purchase US soybeans this week, the soybean market was sold off after the report was released [2]. - The China - Canada trade negotiation has not made a breakthrough on the rapeseed tariff issue. The export of Canadian rapeseed has declined significantly this year, but the Canadian biofuel production incentive plan takes rapeseed oil as the core raw material, and Canada and Pakistan have reached an agreement to promote the export of Canadian rapeseed to Pakistan [2]. - The US government is considering postponing the plan to cut biofuel import incentives by 1 - 2 years, and the palm oil production in Malaysia increased while exports declined in November, with inventory pressure still existing, dragging down the international oil market [2].

Market Overview - Technology stocks strengthened ahead of Nvidia's earnings report, leading the Nasdaq to outperform U.S. stock indices, while the S&P 500 ended a four-day decline [2] - Nvidia reported a 62% year-over-year revenue growth for the last quarter, with guidance exceeding expectations, and its stock rose 6% in after-hours trading [4][15] - The U.S. dollar and bond yields increased, with the 10-year Treasury yield rising by 2.5 basis points [2][10] Nvidia Insights - Nvidia's revenue accelerated by 62% year-over-year, with data center revenue growing by 66% year-over-year and 25% quarter-over-quarter [15] - The company is facing supply constraints and has shifted to using mobile-style memory for its chips, which may lead to a doubling of server memory prices next year [15] - Nvidia's new Blackwell chips are expected to generate $500 billion in revenue over the next few quarters, indicating strong demand for AI computing [15] Federal Reserve Insights - The Federal Reserve's meeting minutes revealed significant divisions among members regarding a potential rate cut in December, with many expressing concerns about market stability [16][22] - The delay in the release of the October non-farm payroll report has led to reduced expectations for a rate cut this year [17] Saudi-U.S. AI Partnership - Saudi Arabia and the U.S. signed a strategic partnership in artificial intelligence, with plans for advanced chip sales to Saudi AI companies [18][23] - Nvidia and AMD are expected to benefit from this partnership, with significant projects planned in the region [23] Cryptocurrency Market - Bitcoin experienced a significant drop, with the largest spot Bitcoin ETF seeing record redemptions, totaling nearly $2 billion in November [19] Asian Market Developments - A-shares saw fluctuations but ultimately closed higher, with lithium mining stocks surging as lithium carbonate futures surpassed 100,000 [3] Company Movements - Segment leader Duan Yongping significantly increased his holdings in Berkshire Hathaway while reducing his positions in Nvidia and other tech stocks [5] - Kuaishou reported a 14% year-over-year revenue increase and a 37% rise in net profit, with AI revenue exceeding 300 million [7] M&A Activity - China International Capital Corporation plans to merge with Dongxing Securities and Xinda Securities, indicating a trend of consolidation in the brokerage sector [6][20]

菜籽系产业日报 2025-11-19 | 项目类别 | 数据指标 最新 环比 数据指标 最新 环比 | | | | | | --- | --- | --- | --- | --- | --- | | | 期货收盘价(活跃合约):菜籽油(日,元/吨) | 9813 | -61 期货收盘价(活跃合约):菜籽粕(日,元/吨) | 2419 | -12 | | 期货市场 | 菜油月间差(1-5):(日,元/吨) | 363 | -64 菜粕月间价差(1-5)(日,元/吨) | 32 | -2 | | | 主力合约持仓量:菜油(日,手) | 243297 | -7957 主力合约持仓量:菜粕(日,手) | 387336 | -23838 | | | 期货前20名持仓:净买单量:菜油(日,手) | -745 | -1497 期货前20名持仓:净买单量:菜粕(日,手) | -16912 | -12632 | | | 仓单数量:菜油(日,张) | 4161 | -1092 仓单数量:菜粕(日,张) | 2000 | -745 | | | 期货收盘价(活跃):ICE油菜籽(日,加元/吨) | 655.9 | 0.3 期货收盘价 ...

1. Report Industry Investment Ratings - No industry investment ratings are provided in the reports. 2. Core Views of the Reports 2.1 Oils and Fats Industry - Palm oil: The Malaysian BMD crude palm oil futures are in a narrow - range oscillation due to high production and weak export data, while the Dalian palm oil futures are expected to try to break through 8900. - Soybean oil: The global crude oil supply - demand forecast in 2026 by OPEC has affected the soybean oil market. The domestic soybean oil supply is abundant, and the spot basis is likely to remain stable [1]. 2.2 Pig Industry - The spot price of pigs is weak, but there is an expectation of strengthening in the market tomorrow. The overall November pig - selling progress is slow, which may boost the pig price. The market is in a range - bound pattern, and the 3 - 7 reverse spread strategy can be held [3]. 2.3 Meal Industry - The USDA monthly report is expected to show little change in the ending stocks. The domestic soybean inventory is high, and the meal market is expected to be in a wide - range oscillation. Attention should be paid to the USDA report [7]. 2.4 Corn Industry - Corn prices in the Northeast are rising locally, and those in the North China are stable with a slight upward trend. The price increase and decrease are limited due to supply pressures and cost and policy support. The short - term corn price may rebound, but the rebound amplitude is restricted [8]. 2.5 Cotton Industry - The ICE cotton futures are falling, and the domestic cotton price is likely to be in a range - bound pattern due to hedging pressure and cost support, with weak downstream demand but rigid raw - material demand from textile enterprises [11]. 2.6 Sugar Industry - Brazilian rainfall may affect sugarcane crushing, and India's sugar export has uncertainties. The domestic sugar market is expected to be in a price - oscillation state, with the new - season sugarcane crushing in Guangxi likely to be postponed [13][14]. 2.7 Egg Industry - The supply of eggs remains under pressure as the laying - hen inventory is high in November. The consumption is weak, but the egg price is at a bottom - range, and 2512 short positions can be gradually closed at a low price below 3000 [16]. 3. Summary by Related Catalogs 3.1 Oils and Fats Industry 3.1.1 Price Changes - Soybean oil: The spot price in Jiangsu remained unchanged at 8560, the futures price of Y2601 rose 0.34% to 8316, and the basis decreased 10.29% [1]. - Palm oil: The spot price in Guangdong dropped 0.58% to 8570, the futures price of P2601 rose 0.09% to 8752, and the basis decreased 46.77% [1]. - Rapeseed oil: The spot price in Jiangsu rose 1.48% to 10260, the futures price of OI601 rose 1.37% to 9975, and the basis rose 5.56% [1]. 3.1.2 Spread Changes - The 01 - 05 spread of soybean oil decreased 0.89%, that of palm oil decreased 13.33%, and that of rapeseed oil increased 9.11% [1]. 3.2 Pig Industry 3.2.1 Futures and Spot Prices - Futures: The price of pig 2605 rose 0.82% to 12235, and that of pig 2601 rose 0.55% to 11860. - Spot: The spot prices in most regions decreased, such as in Henan, Shandong, and Sichuan [3]. 3.2.2 Industry Indicators - The sample - point slaughter volume decreased 0.74%, the white - strip price decreased 0.53%, and the piglet price decreased 15% [3]. 3.3 Meal Industry 3.3.1 Price Changes - Soybean meal: The spot price in Jiangsu remained unchanged at 3050, the futures price of M2601 rose 0.39% to 3071, and the basis decreased 133.33% [7]. - Rapeseed meal: The spot price in Jiangsu remained unchanged at 2500, the futures price of RM2601 decreased 0.08% to 2492, and the basis increased 33.33% [7]. 3.3.2 Spread Changes - The 01 - 05 spread of soybean meal increased 4.78%, and that of rapeseed meal increased 1.61% [7]. 3.4 Corn Industry 3.4.1 Price Changes - Corn: The futures price of corn 2601 rose 0.41% to 2186, the Jinzhou Port flat - hatch price rose 0.46% to 2200, and the basis rose 7.69% [8]. - Corn starch: The futures price of corn starch 2601 rose 0.68% to 2507, and the basis decreased 85% [8]. 3.4.2 Industry Indicators - The import profit of corn increased 4.66%, and the number of remaining vehicles at Shandong deep - processing plants in the morning increased 14.54% [8]. 3.5 Cotton Industry 3.5.1 Price Changes - Futures: The price of cotton 2605 decreased 0.22% to 13495, and that of cotton 2601 decreased 0.18% to 13490. - Spot: The Xinjiang arrival price of 3128B decreased 0.38% to 14614, and the CC Index of 3128B decreased 0.22% to 14819 [11]. 3.5.2 Industry Indicators - The commercial inventory increased 70.4% to 293.06 tons, and the industrial inventory increased 9.7% to 88.82 tons [11]. 3.6 Sugar Industry 3.6.1 Price Changes - Futures: The price of sugar 2601 rose 0.62% to 5512, and that of sugar 2605 rose 0.41% to 5433. - Spot: The Nanning spot price remained unchanged at 5660, and the Kunming spot price remained unchanged at 5540 [13]. 3.6.2 Industry Indicators - The national sugar production increased 12.03% to 1116.21 tons, and the national sugar sales increased 9.17% to 1048.00 tons [13]. 3.7 Egg Industry 3.7.1 Price Changes - The price of the egg 12 - contract decreased 0.75% to 3040, and the price of the egg 01 - contract decreased 1.72% to 3322. - The egg - producing area price decreased 0.25% to 2.99 yuan per catty [16]. 3.7.2 Industry Indicators - The egg - chicken feed ratio decreased 1.68% to 2.34, and the breeding profit decreased 8.51% to - 26.52 yuan per chicken [16].

Financial Data and Key Metrics Changes - In Q1 2026, the company reported net revenue of BRL 286.6 million, an adjusted EBITDA of BRL 64 million, and a net loss of BRL 64.3 million, indicating a challenging quarter due to the end of the sugarcane harvest and the planting of new crops [2][22][23] - The operational EBITDA was BRL 64 million, similar to BRL 61.4 million in the same period last year, reflecting stable operational performance despite market volatility [23][24] Business Line Data and Key Metrics Changes - The sugarcane segment faced challenges with productivity, leading to a decrease in ATR levels from historical averages of 140 kg to around 135-136 kg, impacting overall revenue [22][24] - Soy sales were strong, with 56% of the current harvest sold at BRL 1,072, benefiting from strategic timing in the market [19][20] - Corn prices showed recovery, and the company has a significant volume of corn yet to be sold, indicating potential for future revenue [20][29] Market Data and Key Metrics Changes - The sugar market has been under pressure due to global production expectations, leading to lower prices [4][22] - The cotton market experienced a 14% price drop, while cattle raising showed signs of recovery due to export restrictions [4][11] - The company anticipates a good soy harvest in Brazil, with estimates ranging from 178 to 180 million tons [5][11] Company Strategy and Development Direction - The company is focusing on diversifying its operations across various commodities to mitigate risks associated with market volatility [10][12] - There is an emphasis on cost management and strategic timing in sales to optimize margins, particularly in the soy and corn segments [3][19] - The management is exploring opportunities in biofuels and crushing projects, indicating a long-term strategic shift towards sustainable practices [40][42] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the volatility in the agricultural market, particularly influenced by geopolitical factors affecting trade agreements [18][41] - There is optimism regarding the recovery of sugarcane productivity due to improved weather conditions and irrigation strategies [50][51] - The company remains committed to being a dividend-paying entity, reflecting confidence in its long-term financial health despite current challenges [34][35] Other Important Information - The company has a significant amount of receivables, over BRL 650 million, which will positively impact its balance sheet in the coming quarters [20][32] - The company is actively managing its debt levels, with a net debt of BRL 658 million and a focus on maintaining liquidity [32][34] Q&A Session Summary Question: What is the expected sugarcane harvest scenario? - Management expects about 10% more tons harvested by the end of the harvest year, but acknowledges that market estimates may be overly optimistic [36][37] Question: Can you provide an update on land purchase and sale scenarios? - The company is actively pursuing land sales and sees ongoing opportunities in regions like Bahia, despite challenges posed by interest rates [38][39] Question: What is the perspective on soy imports and market competitiveness? - The company anticipates favorable conditions for soy imports from China, which could enhance competitiveness in the market [40][41] Question: How does the company view the potential for biofuels and M&A? - Management sees biofuels as a long-term opportunity and is exploring M&A possibilities to enhance operational efficiency [40][42] Question: What are the expectations for sugarcane TCH recovery? - Management is optimistic about TCH recovery due to improved weather conditions and irrigation strategies, expecting significant improvements in the next harvest [47][50]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The report presents a comprehensive analysis of the futures market, including overnight and spot prices, important fundamental information, macro news, fund flows, and arbitrage tracking [1][3][6][18][23][26] 3. Summary by Relevant Catalogs Overnight Market - The closing prices and percentage changes of various futures contracts such as palm oil, Brent crude, US crude, soybeans, soybean meal, and soybean oil are presented, along with the latest prices and percentage changes of currency indices [1] Spot Market - Spot prices, basis, and basis changes of DCE palm oil, DCE soybean oil, and DCE soybean meal in different regions are provided [3] Important Fundamental Information 产区天气 - The future weather outlook for US soybean - producing states from November 5th to 9th shows that temperatures will be above normal and precipitation will be near or below the median [6] - In the US Midwest, sporadic showers may disrupt early - November harvesting or other field operations, with variable weather and limited precipitation [8] - In central Brazil, showers have restarted, and more extensive rainfall is expected this week, which may affect soybean crop germination and early growth [9] 进出口及产量数据 - AmSpec reported that Malaysia's palm oil exports in October increased by 4.31% month - on - month, while ITS reported a 5.19% increase [10] - Indonesia set the reference price for crude palm oil in November slightly higher than in October, with export taxes remaining unchanged [10] - The USDA may release several major agricultural reports in November, and analysts expect US soybean crushing volume in September to reach a record high [10][11] - The amount of soybean oil used to produce biofuels in the US in August decreased compared to July [11] - The soybean planting progress in Mato Grosso state is 76.13%, slightly lower than the historical average [12] - The rapeseed harvesting progress in Canada is high, and the export volume increased in the week ending October 26th, but decreased compared to the same period last year [12] - India's soybean meal exports in the 2024/25 fiscal year decreased by 11% [13] - The Baltic Dry Index declined, with different types of ships showing varying price trends [14] 国内供需 - On October 31st, the total trading volume of soybean oil and palm oil increased by 26% compared to the previous trading day [16] - The trading volume of soybean meal in major domestic oil mills increased, and the overall oil mill operating rate decreased [16] - The actual soybean crushing volume of oil mills in the 44th week was lower than expected [16] - The pig - raising profit improved, and the "Agricultural Product Wholesale Price 200 Index" and "Vegetable Basket Product Wholesale Price Index" increased on October 31st [16][17] Macro News International News - A Fed official believes that the Fed should not cut interest rates this week or in December [19] - Analysts' forecasts for oil prices remain largely unchanged, and OPEC+ may slightly increase its oil production target or pause production increases [19][20] Domestic News - On October 31st, the US dollar/Chinese yuan exchange rate was adjusted upwards, and the central bank achieved a net investment through reverse repurchase operations [22] - The Dalian Commodity Exchange will list option contracts for soybean meal and corn futures [22] Fund Flows - On October 31st, 2025, the futures market had a net capital outflow of 9.226 billion yuan, with commodity futures having a net outflow of 2.724 billion yuan and stock index futures having a net outflow of 6.722 billion yuan, while treasury bond futures had a net inflow of 140 million yuan [25] Arbitrage Tracking - No relevant information provided

Financial Data and Key Metrics Changes - Comstock raised $34.5 million in gross proceeds from an oversubscribed equity raise, netting $31.8 million, which expanded the institutional shareholder base by over 30 new investors [6][8] - The company ended the quarter with $31.7 million in cash and equivalents, including $12.4 million at BIOLIUM, and net current assets of $21.3 million [9][52] - Comstock eliminated all debt, transitioning from $8.5 million in debt at the end of the previous year to being completely debt-free [8][9] Business Line Data and Key Metrics Changes - The solar panel recycling business is set to process approximately 100,000 tons per year, equating to over 3.3 million panels annually, with significant equipment deposits made for the first facility in Silver Springs, Nevada [7][22] - The company reported about $500,000 in billings for the third quarter, aligning with guidance of approximately $3.5 million for the year [23][66] Market Data and Key Metrics Changes - Silver demand hit record levels in 2025, driven by industrial uses, with expectations for continued growth in demand exceeding supply, positively impacting silver pricing [14][15] - The market for solar panel recycling is projected to grow significantly, with estimates of 33 million panels expected by 2030, up from 3.5 million currently [27][28] Company Strategy and Development Direction - Comstock is focused on expanding its solar panel recycling operations and positioning itself as a leader in silver production through its recycling processes [17][19] - The company aims to establish two additional facilities in the U.S. to capitalize on the growing market for solar panel recycling [29][86] - The strategic rationale includes leveraging land and energy requirements for data infrastructure, which is experiencing explosive growth [62][64] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a strong backlog of orders and increased engagement with customers, despite a temporary decline in revenue due to the sale of mining assets [66][68] - The company is preparing for the commissioning of its first facility in Q1 2026, with expectations to ramp up production significantly thereafter [83][87] Other Important Information - Comstock is actively working on refining processes for silver and other metals, with plans to start development as soon as the first plant is operational [90][93] - The company has signed multiple new Master Service Agreements (MSAs) with utilities and recyclers, enhancing its market position [80][81] Q&A Session Summary Question: Where does liquidity stand today? - Comstock reported $31.7 million in cash at the end of the quarter, with $12.4 million at BIOLIUM and net current assets of $21.3 million [52] Question: How long is the cash runway? - The company is fully funded for its business plans and aims for sustained profitability and growth [53] Question: Why the loss on debt extinguishment and what's left? - The $2.77 million loss reflects the payoff of certain notes, but the elimination of debt is seen as a positive step [54] Question: Should we expect any dilution now that Comstock is funded? - There are currently 51.26 million shares outstanding, and no new shares are anticipated to be issued for funding [55] Question: What will Comstock do with revenues once Plant one has funded future plants? - Revenues will be reinvested into expanding metals recycling capacity, with a focus on stabilizing cash generation [57] Question: Are there any plans to dilute to fund mining operations? - No new equity is anticipated to fund mining; funding will likely come from joint ventures or asset-level transactions [59] Question: What is the strategic rationale for continued funding of SSOF? - The properties are well-positioned for the growing data infrastructure market, requiring engagement and capital to capitalize on opportunities [61][64] Question: Why did revenue decline in Q3? - Revenue decline was attributed to the sale of mining assets, which affected lease revenue, but engagement in the market has increased [66][68] Question: What's behind the higher SG&A and R&D? - Increased SG&A is due to scaling operations, including rent and personnel costs, while R&D expenses are related to biolium and metals marketing [70][71] Question: What happened to the metals recovery business and equipment? - The focus has shifted entirely to solar panel recycling, with no ongoing metals recovery business outside of this area [74][75] Question: Why not build smaller cookie-cutter plants to cut transportation costs? - The strategy is to locate plants close to solar panel sources to minimize logistics costs, with a focus on scalability and throughput [76][78] Question: How are you monetizing all recycled materials? - The company sells clean aluminum, glass, and silver-rich tailings, with plans to refine materials for higher value in the future [79] Question: Can you elaborate on the current MSAs and the solar panel supply? - Three new significant MSAs were signed, including with a major utility and a prominent recycler, enhancing market share [80][81] Question: When will the Silver Spring site hit capacity? - The site is expected to ramp up production starting in Q2 2026, with a goal of reaching full capacity by late 2027 [83][86] Question: What about silver refining? - Plans for silver refining are in development, with a focus on maximizing value from all materials processed [90][93]

#数据 根据美国农业部报告，美国是中国废食用油（UCO）的最大出口市场，2024年进口为127万吨，较2023年增长约52%，约占中国UCO出口总量的43%。去年中国对美UCO出口额为12亿美元左右，相比之下，美国对华出口大豆126亿美元。此外，美国环境保护署提议未来两年增加生物燃料量，意味着美国一旦终止与中国UCO贸易，仍将需从其他国家采购UCO。外汇交易员 (@myfxtrader):#数据 根据中国海关数据，中国今年前8个月对美国出口相关食用油及产品数量有限，金额不足40万美元。另据Volza海关数据，2024年6月至2025年5月，中国对美国出口仅18批次精炼菜籽油，主要用于食品加工企业试单，总金额不足百万美元。 https://t.co/6mjEOYDv04 ...