Core Viewpoint - The company is facing a potential anti-dumping investigation by the EU regarding its pea protein products, which may impact its sales and operations in the European market [1][3]. Group 1: Sales and Revenue Impact - In 2024, the sales revenue from pea protein with over 65% protein content exported to the EU accounted for approximately 3.92% of the company's total revenue [1]. - For the first half of 2025, this proportion increased to 6.48%, indicating a growing reliance on the EU market for high-protein pea products [1]. Group 2: Investigation Details - The EU Commission has initiated an anti-dumping investigation based on a complaint from a temporary alliance of EU pea protein producers, focusing on high-protein pea protein products with over 65% protein content [3]. - The investigation will cover all types of pea-derived products, including yellow and green peas, in various forms such as powder and solution [3]. - The investigation period is set from July 1, 2024, to June 30, 2025, with a damage assessment review period from January 1, 2022, until the end of the investigation [3]. Group 3: Company Response - The company has established a special task force and hired a professional legal team to actively respond to the ongoing investigation [1]. - The company plans to expand into emerging international markets, strengthen domestic market development, and accelerate the construction of overseas factories [1]. - The company will closely monitor the situation and fulfill its information disclosure obligations based on the developments of the EU anti-dumping matter [1].

Core Viewpoint - The European Union has initiated an anti-dumping investigation into Chinese pea protein, prompting the company to actively respond to the situation [1] Group 1: Company Overview - The company, Double Tower Foods, primarily engages in the production of pea protein, vermicelli, and dietary fiber, focusing on strengthening its core business and optimizing product structure [1][2] - In the first half of 2025, the company reported revenue of 1.047 billion yuan, a year-on-year increase of 6.18%, and a net profit of 54.36 million yuan, up 0.89% year-on-year [1] Group 2: Pea Protein Business - The company's pea protein business involves extracting pea protein as a byproduct from starch production for vermicelli, enhancing it to feed-grade and food-grade pea protein through technological advancements [2] - The company possesses industry-leading extraction technologies and collaborates with several universities for research in pea protein and peptide fields [2] - Pea protein offers advantages over other plant proteins, such as being non-GMO, allergen-free, cholesterol-free, and low in fat, with applications in various sectors including solid beverages, plant-based meat, energy bars, breakfast cereals, baked goods, and pet food [2] Group 3: Impact of Anti-Dumping Investigation - The investigation covers high-protein pea protein with over 65% protein content, with the investigation period set from July 1, 2024, to June 30, 2025 [1] - In 2024, the sales revenue of pea protein with over 65% protein content exported to the EU is expected to account for approximately 3.92% of the company's total revenue, while in the first half of 2025, this figure is projected to be around 6.48% [2] - The company has established a special task force and hired a professional legal team to address the investigation, while also planning to expand into new international markets and accelerate the construction of overseas factories [3]

Report Summary 1. Report Industry Investment Ratings - Iron ore: High-level oscillatory adjustment [2] - Coking coal and coke: High-level oscillation [2] - Rebar: Oscillatory and weak [2] - Glass: Oscillatory and weak [2] - CSI 50: Upward [2] - CSI 300: Oscillatory [2] - CSI 500: Oscillatory [2] - CSI 1000: Upward [2] - 2-year Treasury bond: Oscillatory [3] - 5-year Treasury bond: Oscillatory [3] - 10-year Treasury bond: Declining [3] - Gold: Oscillatory and strong [3] - Silver: Oscillatory and strong [3] - Pulp: Consolidation [6] - Logs: Range-bound oscillation [6] - Soybean oil: Oscillatory [6] - Palm oil: Oscillatory [6] - Rapeseed oil: Oscillatory [6] - Soybean meal: Rebound [6] - Rapeseed meal: Rebound [6] - Soybean No. 2: Rebound [7] - Soybean No. 1: Rebound [7] - Live pigs: Oscillatory and strong [7] - Rubber: Oscillatory [9] - PX: Wait-and-see [9] - PTA: Oscillatory [9] - MEG: Reverse spread [9] - PR: Wait-and-see [9] - PF: Wait-and-see [9] 2. Core Views of the Report - The steel industry's stable growth policy from 2025 - 2026 does not restrict steel production, which affects the raw material market. The short - term fundamentals of iron ore have limited contradictions, and it is expected to follow the finished products in high - level oscillatory adjustment. The fundamentals of coking coal and coke are weakening, and the market is in high - level oscillation. Rebar is in a weak fundamental pattern, with supply remaining high and demand difficult to show counter - seasonal performance [2]. - The stock index market shows different trends, and the market as a whole rebounds. It is recommended to increase risk appetite and the long positions of stock index futures. The bond market is affected by market interest rate fluctuations, and Treasury bond bulls should hold light positions. The gold market is affected by multiple factors such as currency, finance, and geopolitics, and is expected to be oscillatory and strong [2][3]. - The pulp market has a pattern of weak supply and demand, and prices are expected to consolidate. The log market has limited supply pressure in the short term, and prices are expected to be range - bound oscillatory. The oil and meal market is affected by factors such as production, demand, and weather, with oil prices oscillating and meal prices rebounding [6]. - The live pig market is affected by factors such as supply and demand structure and weight reduction strategies. The price is expected to rise slightly. The rubber market has positive fundamentals, and prices are expected to be oscillatory and strong. The PX, PTA, MEG, PR, and PF markets in the polyester industry are affected by factors such as production, cost, and demand, showing different trends [7][9]. 3. Summary by Related Catalogs Iron Ore - Policy: The steel industry's stable growth policy from 2025 - 2026 does not restrict steel production, boosting raw material sentiment [2]. - Supply and demand: The global iron ore shipment decreases slightly, and there is no obvious inventory accumulation pressure under high port throughput. The terminal demand is weak, and the blast furnace hot metal output decreases slightly. The steel mills' profit ratio drops from a high level, and the probability of negative feedback is low [2]. - Price trend: The short - term fundamentals have limited contradictions, and it is expected to follow the finished products in high - level oscillatory adjustment [2]. Coking Coal and Coke - Supply: Upstream mines are still increasing production, and the import volume is also increasing, with the total supply of coking coal rising [2]. - Demand: The daily average hot metal output is expected to decrease by about 30,000 tons this week, and the coking coal demand reaches a new low since the second quarter [2]. - Price trend: The fundamentals are weakening, and the market is in high - level oscillation. To break through the previous high, continuous supply reduction is needed to cause a shortage in the spot market [2]. Rebar - Supply: The supply will remain relatively high as the policy does not restrict steel production [2]. - Demand: The building material demand rebounds slightly, but the overall demand is difficult to show counter - seasonal performance, forming a pattern of high in the front and low in the back [2]. - Price trend: The traditional peak season has arrived, but the spot demand is still weak, and the futures price breaks below the 60 - day line and continues to run weakly [2]. Glass - Supply and demand: The market sentiment cools down, the downstream is in the stage of digesting inventory, and the restocking demand weakens. The short - term supply - demand pattern has no obvious improvement [2]. - Cost: Frequent accidents in the coal supply end may cause fluctuations in cost expectations [2]. - Price trend: The long - term demand is difficult to recover significantly. The short - term spot is weak, and the disk price focuses on the 60 - day line support [2]. Stock Index Futures/Options - Market performance: The previous trading day, the CSI 300 Index rose 0.74%, the SSE 50 Index rose 0.53%, the CSI 500 Index rose 0.47%, and the CSI 1000 Index fell 0.11% [2]. - Industry trends: Funds flow into the electric power grid and automobile sectors, and flow out of the aviation and shipping sectors. The official manufacturing PMI, non - manufacturing PMI, and composite PMI in August all increased month - on - month [2][3]. - Investment advice: The market as a whole rebounds, and it is recommended to increase risk appetite and the long positions of stock index futures [3]. Treasury Bonds - Market factors: The yield of the 10 - year Treasury bond decreases by 1bp, FR007 decreases by 5bps, and SHIBOR3M remains flat. The central bank conducts a large - scale reverse repurchase operation, with a net investment of 421.7 billion yuan [3]. - Price trend: Affected by market interest rate fluctuations, Treasury bond bulls should hold light positions [3]. Gold - Pricing factors: The pricing mechanism is shifting from real interest rate - centered to central bank gold - buying - centered. It is affected by currency, finance, geopolitics, and other factors [3]. - Market data: The US non - farm payroll data shows a weak labor market, the unemployment rate rises to 4.2%, and the inflation data slows down [3]. - Price trend: The logic of the current gold price increase has not completely reversed, and it is expected to be oscillatory and strong [3]. Pulp - Supply and demand: The pulp market has a pattern of weak supply and demand. The paper mills' inventory pressure is large, and the acceptance of high - price pulp is low. The demand improvement expectation needs to be verified [6]. - Price trend: The current price is at a key point, and prices are expected to consolidate [6]. Logs - Supply: The arrival volume is expected to remain low in August, and the supply pressure is not large. The cost - side support is strengthening [6]. - Demand: The processing plants' willingness to stock up increases, and the daily average outbound volume is relatively strong [6]. - Price trend: The spot market price is stable, and prices are expected to be range - bound oscillatory [6]. Oil and Meal - Supply: The supply of oilseeds is relatively loose, but the soybean meal production increases, and the port inventory remains at a high level [6]. - Demand: The demand for biodiesel and high - end oilseeds increases, and the domestic demand for oil and meal is affected by factors such as consumption and production [6]. - Price trend: The oil prices oscillate, and the meal prices rebound, with the price increase of meal limited by the production increase expectation [6]. Live Pigs - Supply: The average transaction weight of live pigs continues to decline slightly, and the supply of large pigs is tight [7]. - Demand: The opening rate of key slaughtering enterprises increases slightly, and the school - opening procurement demand is expected to increase [7]. - Price trend: The price is expected to rise slightly, with cost support at the bottom [7]. Rubber - Supply: The raw material supply in Yunnan and Hainan is affected by weather, and the raw material prices in Thailand and Vietnam are rising [9]. - Demand: The capacity utilization rate of semi - steel tires decreases slightly, and that of all - steel tires increases slightly [9]. - Inventory: The inventory in Qingdao Port decreases, and the inventory is expected to further decline [9]. - Price trend: The price is expected to be oscillatory and strong, but the early - September domestic parade may affect downstream operations [9]. Polyester Industry - PX: The oil price is under pressure, the PTA load weakens, and the polyester load rebounds. The short - term supply - demand pressure is not large, and the price follows the oil price [9]. - PTA: The cost - side support is general, the supply decreases, the downstream load rebounds, and the price follows the cost [9]. - MEG: The port inventory may continue to decline, the supply pressure increases, and the mid - term supply - demand is in a wide balance. The low inventory supports the price [9]. - PR: The demand is for rigid restocking at low prices, and the market is weak under the supply - demand game [9]. - PF: The self - supply and demand of polyester staple fiber is weak, but it may be strong under the background of PTA supply reduction, and the price is expected to oscillate [9].

Core Viewpoint - The U.S. Geological Survey (USGS) has proposed adding silver and five other minerals to the 2025 critical minerals list, which could lead to the imposition of import tariffs on silver, potentially up to 50% [1][4]. Group 1: Proposal and Implications - The USGS's draft proposal includes copper, silicon, silver, and potassium, stating these resources are vital for the U.S. economy and national security [1]. - The proposal is open for public comment for 30 days following its publication in the Federal Register [1]. - Citigroup notes that this expands the scope of the Section 232 investigation to 56 metals and minerals, indicating a significant regulatory shift [1][5]. Group 2: Market Impact and Price Forecast - Citigroup's analysts believe that if the U.S. imposes tariffs of up to 50%, the price spread for silver will significantly widen, with a bullish price target of $43 per ounce in the next 6-12 months [3][5]. - The current exchange for physical silver and palladium futures is undervalued at a premium of only 2-3%, not reflecting the potential tariff risks adequately [1][5]. Group 3: Strategic Position of Silver - Silver's strategic importance is increasing due to dual demand from industrial and investment sectors, reinforcing its price support as the U.S. seeks to reduce import dependency [4]. - The U.S. currently relies on imports for 64% of its silver, and the potential tariffs could create significant arbitrage opportunities in COMEX silver futures [5]. Group 4: Broader Implications for Other Metals - Palladium is also facing dual tariff risks due to an anti-dumping investigation and the critical minerals Section 232 inquiry, which could impact its pricing [6]. - Other industrial metals like nickel, zinc, tin, and lead are also at risk of rising premiums due to tariff concerns, as U.S. importers may rush to procure supplies to avoid tariffs [6].

Core Points - The Brazilian Ministry of Foreign Trade announced the termination of the anti-dumping investigation on nebulizers imported from China, effective from August 18, 2025 [1] Group 1 - The decision was published in the official daily as announcement number 64 for the year 2025 [1] - No measures will be taken against the imports of nebulizers from China following the investigation [1]

Group 1 - The Conservative Party leader Pierre Poilievre criticized Prime Minister Justin Trudeau for being "too weak" in dealing with the U.S. and China, claiming that Canada should adopt a "strong stance" [1][3] - Poilievre accused Trudeau of failing to protect Canadian interests, highlighting that despite concessions made to the U.S., such as the cancellation of the digital services tax, Canada still faced increased tariffs [1][3] - The Canadian government stated that the average tariff rate imposed by the U.S. on Canadian goods remains one of the lowest among its trade partners, despite significant impacts from tariffs on specific sectors like lumber, steel, aluminum, and automobiles [1][4] Group 2 - China has imposed significant tariffs on Canadian products, including a 100% tariff on canola oil and oilseed meal, and a 25% tariff on Canadian seafood and pork [3][4] - The Chinese Ministry of Commerce initiated an anti-dumping investigation into Canadian pea starch, citing a significant increase in imports at prices below domestic sales, which has harmed local industries [4] - The Canadian government is discussing support measures for farmers affected by the trade tensions, as China is a major market for Canadian canola, accounting for over 50% of its exports [4][5]

Core Viewpoint - China has filed a lawsuit against Canada in the WTO regarding import restrictions on steel and other products, claiming that Canada's actions violate WTO rules and disrupt global supply chains [3][5]. Group 1: WTO Lawsuit Against Canada - On August 15, China initiated a lawsuit in the WTO against Canada's import restrictions on steel products [3]. - The Chinese Ministry of Commerce criticized Canada's unilateral and protectionist measures, which include discriminatory tariffs on products containing "Chinese steel components" [3][5]. - China urges Canada to correct its actions to maintain a rules-based multilateral trading system and improve Sino-Canadian economic relations [3][5]. Group 2: Canada's Steel Tariffs - On July 16, Canada announced expanded import steel tariff quotas and additional taxes on imports exceeding these quotas, effective August 1 [5]. - The Canadian government imposed a 25% additional tax on products containing Chinese steel components imported from countries other than the U.S. [5]. - The Chinese Ministry of Commerce stated that Canada's measures are an attempt to shift the blame for its domestic steel industry issues onto other trade partners, including China [5]. Group 3: Anti-Dumping Investigations - The Chinese Ministry of Commerce has also initiated anti-dumping investigations into Canadian imports of canola seeds and halogenated butyl rubber [7]. - Preliminary evidence indicates that these products are being dumped, causing substantial harm to the domestic industry [7][8]. - The preliminary ruling on August 12 determined a dumping margin of 75.8% for canola seeds and between 26.2% to 40.5% for halogenated butyl rubber from Canadian companies [7][8].

Group 1 - China has filed a lawsuit against Canada in the WTO regarding import restrictions on steel and other products, urging Canada to correct its actions and maintain a rules-based multilateral trade system [1][3] - The Chinese Ministry of Commerce criticized Canada's unilateral and protectionist measures, which include imposing tariffs on products containing "Chinese steel components," claiming these actions violate WTO rules and disrupt international trade [1][3] - The Ministry of Commerce emphasized that the main issue affecting Canada's steel industry is the unilateral tariffs imposed by the United States, and accused Canada of shifting the blame to other trade partners, including China [3] Group 2 - The Ministry of Commerce has initiated anti-dumping investigations into imported canola seeds and halogenated butyl rubber from Canada, citing evidence of dumping and substantial harm to domestic industries [5][6] - Preliminary rulings indicate that the dumping margin for Canadian companies in the canola seed case is 75.8%, while the margin for halogenated butyl rubber ranges from 26.2% to 40.5% [5][6] - Temporary anti-dumping measures will be implemented, requiring importers to provide corresponding guarantees to customs based on the determined rates starting from August 14, 2025 [6]

Group 1: Report Industry Investment Rating - The report suggests going long on oils and fats as the bullish drivers are temporarily hard to disprove [2] Group 2: Core View of the Report - The report provides a comprehensive analysis of the spot and futures prices of palm oil, soybean oil, and rapeseed oil, as well as relevant market data and news, suggesting a long - position in the oils and fats market due to non - falsifiable bullish drivers [1][2] Group 3: Summary Based on Different Data Spot Price - On August 13, 2025, the spot prices of 24 - degree palm oil in Tianjin, Zhangjiagang, and Huangpu were 9520, 9450, and 9380 respectively, with a daily increase of 120 [1] - The spot prices of first - grade soybean oil in Tianjin, Zhangjiagang, and Huangpu were 8720, 8840, and 8820 respectively, with a daily increase of 170 [1] - The spot prices of fourth - grade rapeseed oil in Zhangjiagang, Wuhan, and Chengdu were 10260, 10310, and 10520 respectively, with a daily increase of 500 [1] Futures Data - On August 13, 2025, the spread between soybean and palm oil main contracts was - 848, up 38 from the previous day; the spread between rapeseed and soybean oil main contracts was 1488, up 162 [1] - The number of palm oil warehouse receipts was 1420, unchanged; the number of soybean oil warehouse receipts was 22170, an increase of 216; the number of rapeseed oil warehouse receipts was 3487, unchanged [1] Market News - The Ministry of Commerce preliminarily ruled that imported Canadian rapeseed was dumped. From August 14, 2025, importers need to pay a 75.8% deposit on Canadian companies [2] - Affected by the anti - dumping investigation on Canadian rapeseed, the domestic long - term rapeseed procurement progress is slow. The imported rapeseed arrival volume in August is expected to be about 200,000 tons, and the average monthly arrival volume from September to October is about 130,000 tons [2] - Bloomberg's July MPOB forecast: Palm oil production increased 8.3% month - on - month to 1.83 million tons, imports were 50,000 tons, exports increased 3.2% to 1.3 million tons, local consumption was 250,000 - 450,000 tons, and inventory increased 10% to 2.23 million tons [2] - From August 1 - 5, Malaysia's palm oil yield per unit decreased 19.32% month - on - month, the oil extraction rate increased 0.39% month - on - month, and production decreased 17.27% month - on - month [2] - From August 1 - 10, Malaysia's palm oil exports increased 23.3% and 23.7% respectively compared with the same period last month according to ITS and AmSpec [2] - The USDA report adjusted the new - crop soybean yield per acre from 52.5 bushels/acre to a record high of 53.6 bushels/acre but unexpectedly reduced the 2025/26 US soybean planting area by 2.5 million acres to 80.9 million acres, resulting in a 43 million - bushel reduction in production to 4.292 billion bushels [2] - The US soybean and corn good - to - excellent rates as of August 10 were 68% and 72% respectively, in line with market expectations [2]

据浙商期货油脂油料分析师王璐介绍，加拿大作为我国菜系产品的主要进口来源国，分别占国内进口菜 籽、菜粕总量的90%和70%以上。此次反倾销调查初裁"落地"，后续加拿大油菜籽的到港成本将抬升， 恐影响国内菜粕及菜油供应。"其中，菜油端因近年来自俄罗斯等地的进口量有所提升，加之国内豆油 供应的支撑，预计其后续供应紧张程度将弱于菜粕。" 王璐说。 "事实上，我国自2024年9月启动对加拿大油菜籽反倾销调查以来，国内菜籽进口量已显著下滑。同时， 由于保证金措施最长可持续7个月，叠加18个月的调查期限制，国内四季度的菜籽供应预计将继续下 降，这对菜籽粕、菜籽油期货价格均构成利多支撑。"石丽红补充说。 供需共振增强上涨动能 值得注意的是，当前是水产养殖旺季，正逢菜粕刚性需求高峰。国元期货油脂油料分析师刘金鹭表示， 菜粕刚性需求增加，供应收缩预期与强势现实需求形成共振，短期价格易涨难跌。 "整体来看，在反倾销调查初裁认定的刺激下，菜系期货短期内将维持强势格局。"刘金鹭同时提醒，事 件驱动是当前盘面的主要支撑，但也需警惕高库存压力以及豆粕等替代品竞争可能引发的回调风 险。"投资者可关注远月合约的多头机会，同时密切跟踪中加贸易谈 ...