所长 早读 国泰君安期货 2025-12-17 期 请务必阅读正文之后的免责条款部分 1 | 板块 | 关注指数 | | --- | --- | | 锌 | ★★★★ | 锌：内外盘共振，锌价震荡下行。昨日 LME 新加坡仓库注册仓单大增，疑似有巨头释放手中 货源。此次集中交仓后盘面集中度明显下降，LME0-3 结构也由 Back 转为 Contango，近 端呈现出宽松状态。我们认为此轮海外逼仓行情已经告一段落，后续出口窗口关闭下，国内 去库节奏也预计放缓，盘面或重新回归空头主导行情。长周期来看，当下正处于锌矿扩产周 期尾声，明年全球锌矿增量项目相对有限，增量集中在前期爬产的几个大型项目。一方面， 矿山产能提升需要一定时间，部分项目明年能否达到满负荷存在疑问。另一方面，矿山增量 存在结构性分化，海外锌矿增量有限，叠加生产扰动增加，锌矿紧平衡或成为常态。这也意 味着 TC 的持续承压，明年 TC 上行空间或低于今年，锌价具备上浮的弹性。整体来看，我们 认为供应侧矛盾将继续主导价格，消费走阔决定价格上方空间，"十五五"开局之年预计政 请务必阅读正文之后的免责条款部分 2 期货研究 期货研究 2025-12-17 ...

Report Information - Report Name: PTA Daily Report [1] - Date: December 09, 2025 [2] Investment Rating - Not provided Core View - On the 8th, the closing price of the PTA main futures contract TA2601 was 4,694 yuan/ton, down 6 yuan/ton or 0.13%. The settlement price was 4,678 yuan, and the daily position decreased by 31,308 lots. With the crude oil market showing a strong and volatile trend, providing cost support for PTA, but the operating rate of downstream polyester decreasing and the PTA de - stocking speed slowing down, after the game between long and short news, the short - term PTA market is expected to be stable [6]. Summary by Directory 1. Market Review and Operation Suggestions - Futures market: TA2601 closed at 4,694 yuan/ton, down 6 yuan/ton, with a trading volume of 494,289 lots and a decrease of 31,308 lots; TA2605 closed at 4,770 yuan/ton, up 2 yuan/ton, with a trading volume of 213,678 lots and an increase of 19,592 lots [6]. 2. Industry News - International oil prices rose for the third consecutive day to a half - month high. The settlement price of WTI crude oil futures for January 2026 on the New York Mercantile Exchange was $60.08 per barrel, up $0.41 or 0.69%. The settlement price of Brent crude oil futures for February 2026 on the London Intercontinental Exchange was $63.75 per barrel, up $0.49 or 0.77% [7]. - The price of PX in the Chinese market was estimated at $840 - 842 per ton, up $3 per ton; the price in the South Korean market was estimated at $820 - 822 per ton, up $3 per ton. There was one deal heard on the day, with any February cargo sold at $842 per ton [7]. - The price of PTA in the East China market was 4,650 yuan/ton, down 20 yuan/ton. The average daily negotiation basis was at a discount of 30 yuan/ton compared to the futures contract 2601, remaining stable [7]. 3. Data Overview - Multiple data charts are provided, including international crude oil futures main contract closing prices, upstream raw material spot prices, PX prices, MEG prices, PTA price summaries, basis differences, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipt quantities, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories, all with data sources from Wind and the Research and Development Department of CCB Futures [11][13][17]

Core Viewpoint - The silicon manganese market is currently characterized by "cost-driven enhancement, increased supply-demand dynamics, and price fluctuations with a wait-and-see attitude" [1] Group 1: Market Dynamics - Cost support for silicon manganese is continuously strengthening [1] - The improvement in the supply-demand structure of silicon manganese itself is limited [1] - As steel procurement gradually unfolds, market sentiment remains cautious [1] Group 2: Price Changes - The price range for silicon manganese 6517 increased from 5350-5500 to 5450-5550 in the northern market and from 5400-5550 to 5550-5650 in the southern market between November 28 and December 6 [2] - The alloy index for silicon manganese 6517 rose from 2555 to 5685 in Hebei region, cash inclusive [2] - Prices for Australian Mn42-43% and Mn45-46% increased from 40.5-43 to 41.5-44.5 at Tianjin Port [2] - Gabonese Mn45% prices rose from 42-43 to 43-44 at Tianjin Port [2] - South African semi-carbonate Mn36-37% prices remained stable at 34.5 at Tianjin Port [2]

投资咨询业务资格：证监许可【2012】669号 中信期货研究|农业策略⽇报 2025-12-5 玉米供需博弈加剧，盘面再创新高 油脂：回落压力增大 蛋白粕：南美豆贴水跌出性价比，关注中国买船 玉米/淀粉：供需博弈加剧，盘面再创新高 生猪：供应充足，猪价低位震荡 天然橡胶：下游买盘清淡，盘面表现较弱 合成橡胶：盘面利多驱动不足 棉花：新棉集中上市压制短期高度，远月估值修复仍可期 白糖：下行压力边际增大 纸浆：纸浆延续上涨，现货转强明显 双胶纸：现货偏稳，盘面震荡 原木：新西兰进入减运阶段，中期供应压力或有缓解 风险因素：宏观大幅变动；气候异常；供需超预期变化 【异动品种】 ⽟⽶观点：供需博弈加剧，盘⾯再创新⾼ 逻辑：今日国内玉米价格各地走势不一，华北深加工依旧偏弱运行；其余 地区价格持续上涨。近期，玉米期现货表现强势，支撑价格强势的核心指 标是北方港口库存低位运行。政策托底、优粮紧缺与需求补库形成三重支 撑，目前市场流动性较好，这一趋势暂时维持。1)华北粮质偏差毒素偏 高，本地粮无法大量流入饲用，导致各地饲用企业纷纷采购东北订单。2) 西北区域由于玉米开秤后价格一路走高，导致贸易商成本偏高，西北粮持 续与销区倒 ...

1. Report Industry Investment Rating - Not provided in the document 2. Core Views of the Report - In December, the domestic urea market will maintain a state of high supply and low demand, but there are still supporting factors such as rigid demand and reserve demand. The downstream replenishment intensity will be the core factor determining the price trend. It is expected that the urea futures price will remain firm and oscillate, with limited upward space but strong support at the previous low [8]. - In December, the soda ash market may face pressures such as the expected output of new production capacity, the resumption of production of maintenance enterprises, and the continued decline of downstream production capacity. The supply - demand situation will remain loose, and the futures market is expected to maintain a wide - range bottom - oscillating trend [13]. - In November, the decline in glass supply drove the market to rebound, but the terminal demand is still weak, and the high - volume sales of spot need to be further observed. The futures market has limited upward momentum and is expected to oscillate widely at the bottom [17]. 3. Summary by Directory 3.1 Futures Market and Industrial Chain Raw Material Situation - **Futures Prices**: As of November 28, the closing price of the main urea futures contract increased by 3.2%; the main soda ash futures contract decreased by 3.92%; the main glass futures contract decreased by 2.77% [23]. - **Futures - related Varieties**: In November, the futures prices of related varieties showed a differentiated trend, with urea being the most robust and soda ash having the largest decline [25]. - **Coal Prices**: The prices of various types of coal in November increased compared with those in October, strengthening the cost support for the industry [27]. - **LNG Prices**: The LNG prices in most regions decreased in November [31]. - **Two - alkali Raw Material Salt**: In November, the prices of raw salt in most regions remained stable, with a slight increase in some areas, strengthening the cost support for soda ash [32]. 3.2 Urea: Market Focus Returns to Domestic in December, Pay Attention to Supply - demand Game - **Prices**: In November, both urea futures and spot prices increased. As of November 28, the closing price of the main futures contract was 1677 yuan/ton, a 3.2% increase from the end of October; the spot prices in Shandong and Henan increased by 80 yuan/ton [6]. - **Supply**: In November, the urea supply level steadily recovered, with the daily output remaining above 200,000 tons for a long time. In December, the supply reduction may be limited due to the offset of new production capacity [6]. - **Demand**: In November, the downstream demand increased, and the apparent consumption is expected to reach 6.1849 million tons, a 11.48% increase from October. In December, it is the off - season for agricultural demand, but there is still support from reserve demand [7]. - **Inventory**: In November, the urea enterprise inventory decreased by 12.25% compared with that at the end of October, but it is still at the second - highest level in the past five years [56]. - **Export**: In October, the urea export volume decreased by 12.32% compared with that in September. The export volume in November may decrease to the range of 500,000 - 700,000 tons, showing a downward trend in November - December [7]. - **International Market**: India's new round of tender procurement volume is lower than planned, and the international market disturbances may weaken [8]. 3.3 Soda Ash: Loose Situation Continues, Futures Market to Remain at the Bottom in December - **Prices**: In November, the soda ash futures price showed a weak bottom - oscillating trend, with a 3.92% decrease in the main contract closing price compared with the end of October. The spot price showed a differentiated trend, with light soda ash prices mostly increasing and heavy soda ash prices remaining stable [11]. - **Supply**: In November, the soda ash production level and supply decreased to a phased low. In December, the supply may recover to a high level due to the expected output of new production capacity and the resumption of production of maintenance enterprises [11]. - **Demand**: In November, the demand for soda ash was differentiated, with rigid demand decreasing and replenishment demand increasing. In December, the rigid demand may continue to be under pressure [12]. - **Inventory**: In November, the soda ash enterprise inventory decreased by 6.2% compared with that at the end of October, but it is still at the second - highest level in the past five years. In December, the de - stocking pressure is still large [12]. - **Macro Policy**: There is news that China may introduce more incentive real - estate policies, which may have a positive impact on the soda ash - glass industry chain [13]. 3.4 Glass: Supply Decline Drives Sentiment Improvement, but Limited Trend Momentum in the Market - **Prices**: In November, the glass futures price fluctuated widely, with a 2.77% decrease in the main contract closing price compared with the end of October. The spot price continued to decline, with a 6.26% decrease in the average market price [15]. - **Supply**: In November, the glass supply level decreased slightly. The market's expectation of supply decline will continue into December [15]. - **Demand**: The core limiting factor for the glass market is the weak terminal demand. In December, the decline in demand may narrow [16]. - **Inventory**: As of the end of November, the glass enterprise inventory decreased by 5.21% compared with that at the end of October [15]. - **Macro Policy**: There is news that China may introduce more incentive real - estate policies, which may have a positive impact on the soda ash - glass industry chain [17].

Group 1 - The current market is in a supply-demand game, with supply pressures easing as large-scale pig farms adopt strategies to control output and raise prices, leading to notable increases in pig prices [1] - The demand side is expected to improve gradually due to colder weather and the arrival of the curing season, which typically boosts demand [1] - The pig farming industry is still in a loss-making state, with self-breeding farms experiencing an average loss of 114.81 yuan per head, and purchased piglets facing an average loss of 205.64 yuan per head, indicating an expansion of losses [1] Group 2 - The industry is actively reducing production capacity under the current losses, and measures to combat internal competition are being implemented, suggesting a potential long-term increase in domestic pig price levels [1] - Future development in the pig farming industry is expected to focus on "quality improvement and efficiency enhancement," leading to the gradual elimination of outdated production capacity and an increase in market share for financially stable and low-cost producers [1] - The Livestock ETF (159865) tracks the China Securities Livestock Index (930707), which reflects the overall performance of listed companies involved in livestock farming, feed processing, and related sectors, indicating strong industry representation [1]

Report Investment Ratings - No investment ratings are provided in the reports. Core Views Polyolefin (LLDPE & PP) - Supply: PP supply recovery is slowing due to unplanned maintenance, while PE supply is expected to increase as maintenance peaks. Attention should be paid to the potential impact of expanded international sanctions on domestic refinery loads [2]. - Demand: The demand side is warming up, with downstream开工 rising, especially in the agricultural film sector. Both LLDPE and PP inventories are decreasing [2]. - Strategy: The 01 contract still faces inventory pressure, while the 05 contract has less new capacity. Long - term low - buying opportunities for the 05 contract can be considered, and the impact of sanctions on refinery loads should be continuously monitored [2]. Methanol - Market Situation: The port methanol market is under significant pressure due to high inventories and weak demand. The inland market has deeper price drops as some external procurement stops. Overseas, multiple plants have shut down, and many MTO plants have reduced their loads due to profit issues [5]. - Market Logic: The market is trading on the "weak reality vs. strong expectation" logic, with the core contradiction being the game between high port inventories and potential supply reduction (overseas plant shutdowns/geopolitical factors) [5]. - Strategy: In the short - term, prices may continue to fluctuate. Attention should be paid to the port destocking rhythm and the implementation of overseas gas restrictions [5]. Chlor - alkali (PVC & Caustic Soda) - Price and Spread: There are various price changes in PVC and caustic soda products, including futures and spot prices, as well as spreads between different contracts [8]. - Supply and Demand: Caustic soda industry开工 is stable, while PVC开工 has decreased slightly. Downstream开工 of both products has some positive changes, and PVC inventories are increasing [8]. Pure Benzene - Styrene - Price and Spread: Prices of upstream raw materials such as crude oil, naphtha, and pure benzene have declined, while some spreads have changed. Styrene prices have also decreased, and its cash flow has improved to some extent [9][10]. - Inventory and开工: Both pure benzene and styrene inventories in Jiangsu ports have decreased, and there are changes in the开工 rates of related industries [12][13]. Polyester Industry Chain - PX: Supply is expected to contract due to unplanned maintenance or load reduction of some PX plants. Demand is supported by new PTA plants and improved terminal orders. However, the short - term rebound space of PX is limited due to weak oil price support [14]. - PTA: The spot basis is weak due to increased supply from load recovery and new capacity. The futures market is relatively firm but limited by the lack of substantial policies and weak cost - side expectations [14]. - Ethylene Glycol (MEG): Upward momentum is weakened by factors such as port conditions, plant restarts, and weak cost. The supply structure in the far - month is still weak [14]. - Short - fiber: Supply remains high, and demand has improved, leading to inventory reduction. However, the rebound space is limited due to weak downstream chasing willingness and compressed processing fees [14]. - Polyester Bottle - chip: Demand is weak in the off - season, and it is likely to enter a seasonal inventory accumulation period. The processing fee is expected to decline [14]. Summary by Directory Polyolefin (LLDPE & PP) - Price and Spread: On October 28, L2601 closed at 7051, down 0.56% from the previous day; PP2601 closed at 6657, down 0.63%. The spread between L2509 - 2601 increased by 22.11%, and PP2509 - 2601 increased by 12.68% [2]. - Inventory: PE enterprise inventory decreased by 2.81% to 51.5, and social inventory decreased slightly by 0.04% to 54.5 million tons. PP enterprise inventory decreased by 5.92% to 63.9 million tons, and trader inventory decreased by 15.74% to 22.0 million tons [2]. -开工: PE装置开工率 decreased by 0.37% to 81.5%, and downstream加权开工率 increased by 1.85% to 45.8%. PP装置开工率 decreased by 2.9% to 75.9%, while the powder开工率 increased by 7.1% to 41.4%, and downstream加权开工率 increased by 1.0% to 52.4 [2]. Methanol - Price and Spread: On October 28, MA2601 closed at 2241, down 1.19% from the previous day; MA2605 closed at 2303, down 0.95%. The MA15 spread decreased by 8.77%, and the Taicang basis decreased by 10.00% [3]. - Inventory: Methanol enterprise inventory increased by 0.13% to 36.036, port inventory increased by 1.40% to 151.2 million tons, and social inventory increased by 1.15% to 187.3 [4]. -开工: Upstream domestic enterprise开工 decreased by 0.91% to 75.85, and overseas enterprise开工 decreased by 2.37% to 73.3. Downstream外采MTO装置开工 decreased by 9.48% to 78.1, while some traditional downstream开工 such as formaldehyde and acetic acid increased slightly [5]. Chlor - alkali (PVC & Caustic Soda) - Price and Spread: On October 28, the price of Shandong 32% liquid caustic soda (converted to 100%) remained unchanged at 2500. The price of East China calcium - carbide - based PVC increased by 0.4% to 4620. There are also various changes in futures prices and spreads [8]. - Supply and Demand: Caustic soda industry开工 increased slightly by 0.1% to 85.6, and PVC总开工 decreased by 1.9% to 73.7. Downstream开工 of caustic soda and PVC products has some positive changes, and PVC inventories increased by 14.4% to 63.5 million tons [8]. Pure Benzene - Styrene - Upstream Prices: On October 28, Brent crude oil (December) was at $64.40, down 2.3%; WTI crude oil (December) was at $60.15, down 2.2%. CFR Japan naphtha was at $569, down 2.1%. CFR China pure benzene was at $676, down 2.2% [9]. - Styrene - related Prices: Styrene East China spot price was at 6440, down 1.1%. EB futures 2512 was at 6466, down 1.0%. EB cash flow (non - integrated) improved slightly by 0.8% [10]. - Inventory: Pure benzene inventory in Jiangsu ports decreased by 14.1% to 8.50 million tons, and styrene inventory decreased by 4.7% to 19.30 million tons [12]. -开工: Asian pure benzene开工 remained unchanged at 79.2%, while domestic pure benzene开工 decreased by 3.6% to 72.7%. Some downstream开工 such as phenol remained unchanged, and others had slight changes [13]. Polyester Industry Chain - Upstream Prices: On October 28, Brent crude oil (December) was at $64.40, down 1.9%; WTI crude oil (December) was at $60.15, down 1.9%. CFR Japan naphtha was at $569, down 1.6%. CFR China MX was at $684, down 1.6% [14]. - PX - related Prices: CFR China PX was at $814, down 1.2%. PX spot price (in RMB) was at 6848, down 2.4%. PX basis (01) decreased by 84.0% [14]. - Product Prices and Cash Flows: POY150/48 price increased by 0.2% to 6415, and its cash flow decreased by 5.9%. FDY150/96 price increased by 0.5% to 7100, and its cash flow increased by 4.4% [14]. -开工: Asian PX开工 increased by 0.5% to 78.5%, and Chinese PX开工 increased by 1.0% to 85.9%. PTA开工 increased by 2.1% to 78.8%, and MEG综合开工 decreased by 3.9% to 73.3% [14].

Core Viewpoint - The domestic copper futures market is experiencing a strong upward trend, with significant fluctuations in prices driven by supply concerns and cautious downstream purchasing behavior [1][2]. Group 1: Market Performance - On October 24, the main contract for copper futures opened at 86,450.00 CNY/ton, reaching a high of 86,890.00 CNY and a low of 86,230.00 CNY, with an increase of 1.23% [1]. - The overall performance of the copper market is characterized by a strong upward trend, indicating robust market sentiment [1]. Group 2: Supply and Demand Dynamics - One德期货 notes that trade disturbances are diminishing, and the profitability of copper smelting enterprises is declining, which may limit the growth of refined copper supply [1]. - 中金财富期货 highlights ongoing issues in Chile and Peru, such as declining ore grades and community protests, which contribute to supply concerns, alongside the recent shutdown of the Grasberg copper mine in Indonesia [1]. - 冠通期货 mentions that the recent copper mine incident in Indonesia has not yet fully dissipated its positive market support, with copper concentrate inventories significantly lower than last year [2]. Group 3: Price and Consumption Trends - High copper prices are leading to cautious purchasing behavior from downstream consumers, with the market shifting from a simple supply-demand dynamic to a dual focus on supply disruptions and financial attributes [1]. - Despite being in a traditionally strong demand season, the high copper prices are difficult for downstream sectors to accept, resulting in a weak trading atmosphere [2]. - The domestic power grid and new energy sectors are providing rigid support for demand, while the global industrial demand outlook remains optimistic amid a Federal Reserve rate cut cycle [2].

Group 1 - The Indonesian government has announced an increase in all grades of coal benchmark prices (HBA) for the second half of October, with high calorific value coal (GAR 6322 kcal/kg) set at $109.74 per ton FOB, a rise of 2.62% compared to the first half of the month [1] - The benchmark price for medium calorific value coal (GAR 5300 kcal) has been raised to $67.76 per ton, reflecting an increase of over 4%, while low calorific value coal (GAR 4100 kcal) saw a slight increase of 1% to $43.71 per ton [1] - On October 21, the online auction prices for coking coal in the Lüliang market increased, with high-sulfur coking coal starting at 1200 CNY per ton and closing at 1265 CNY per ton, while low-sulfur coking coal had an average transaction price of 1573 CNY per ton, up 103 CNY from the previous auction [1] Group 2 - According to research from Everbright Futures, the supply side is experiencing a reduction due to stricter environmental and safety regulations leading to some coal mines in the Uihai region being temporarily shut down, resulting in a decrease in overall operating rates [2] - Demand remains stable as downstream coking enterprises maintain their operating rates, but some steel companies are facing profit pressures, leading to varying degrees of production cuts or maintenance, which may impact the demand for raw coal [2] - Huawen Futures indicates that the market is experiencing a tug-of-war between constrained terminal demand and support from the industry, with concerns about steel demand recovery and profit shrinkage in steel mills, while coking enterprises maintain high operating levels, leading to a short-term oscillation in coking coal prices [2]

Report Industry Investment Ratings - Corn: Oscillatory rebound [1] - Soybean Meal: Oscillatory [1] - Oils: Upward [1] - Eggs: Oscillatory [1] - Pork: Oscillatory [2] Core Views - Corn futures showed a low - level stabilization after a sharp fall, with the pressure of high - yield expectations gradually released. The cold weather in the Northeast reduced the difficulty of corn storage, leading to farmers' reluctance to sell. However, the spot market was still under pressure due to factors such as concentrated supply in the production area and weak demand in the sales area [1]. - CBOT soybean futures rose due to strong domestic demand in the US, but the domestic protein meal was weakly oscillatory. The domestic spot was loose, and the sufficient supply of soybeans in the fourth quarter suppressed the market [1]. - BMD palm oil rose despite weak demand from India. Domestic vegetable oils recovered with the improvement of the macro - sentiment. The short - term pressure exists, but the medium - to - long - term trend is optimistic [1]. - Egg futures oscillated and corrected. The spot price rebounded due to the boost of low - price eggs to demand, but the high inventory of laying hens and the increase in egg production rate brought supply pressure [1]. - Pork futures continued to be weak, and the spot price continued to decline. The current market was in a supply - demand game. If the enthusiasm for second - fattening decreased and the slaughter volume could not absorb the excess supply, the price was expected to be weakly oscillatory next week [2]. Summary by Directory Research Views - **Corn**: This week, corn futures first fell and then rose. The spot price continued to decline, with the price in the Northeast and North China weakening. The sales area also saw a price drop. Technically, the pressure of high - yield expectations was released, and the cold weather made farmers reluctant to sell [1]. - **Soybean Meal**: CBOT soybean futures rose on Thursday due to strong domestic demand. In China, the protein meal was weakly oscillatory, with a loose spot market and sufficient supply in the fourth quarter [1]. - **Oils**: BMD palm oil rose, and domestic vegetable oils recovered. The short - term pressure exists, but the medium - to - long - term trend is optimistic. Attention should be paid to changes in international trade relations [1]. - **Eggs**: Egg futures oscillated and corrected. The spot price rebounded due to the boost of low - price eggs to demand, but the high inventory of laying hens and the increase in egg production rate brought supply pressure [1]. - **Pork**: This week, pork first stabilized and then fell. The spot price continued to decline, and the current market was in a supply - demand game. The price was expected to be weakly oscillatory next week [2]. Market Information - From October 1 - 15, 2025, the yield, oil extraction rate, and production of Malaysian palm oil all increased compared to the same period last month [2]. - Indonesia is considering implementing a 1% sustainable aviation fuel (SAF) blended fuel plan for international flights departing from Jakarta and Bali in 2026 [2]. - From October 5 - 11, Brazil exported 1,538,934 tons of soybeans, 266,768 tons of soybean meal, and 902,772 tons of corn. From October 12 - 18, it plans to export 2,153,936 tons of soybeans, 672,337 tons of soybean meal, and 1,889,800 tons of corn [3]. - Recently, international and domestic palm oil prices have oscillated downward, and the import price inversion of China's near - term palm oil shipments has slightly widened [3]. Variety Spreads - **Contract Spreads**: The report provides charts of 1 - 5 spreads for various agricultural products such as corn, corn starch, soybeans, soybean meal, etc., but no specific analysis of these spreads is given [4][5][6][10][14]. - **Contract Basis**: The report provides charts of the basis for various agricultural products such as corn, corn starch, soybeans, soybean meal, etc., but no specific analysis of these bases is given [12][13][16][18][22]. Introduction of the Agricultural Product Research Team - Wang Na, the director of the agricultural product research at Everbright Futures Research Institute, has won many awards and has rich experience in leading teams [26]. - Hou Xueling, a soybean analyst at Everbright Futures, has more than ten years of futures trading experience and has won many awards [26]. - Kong Hailan, a researcher on eggs and pork at Everbright Futures Research Institute, has participated in many research projects and has been interviewed by many media [26].