Report Industry Investment Ratings - **Buy (Bullish)**: None - **Sell (Bearish)**: None - **Neutral**: None - **One Star (Slightly Bullish/Bearish)**: Soybean Meal, Rapeseed Meal, Live Hogs, Eggs [1] - **Three Stars**: None Core Views - The soybean market is influenced by policy, trade negotiations, and weather, with short - term focus on policy orientation and long - term supply concerns [2][3] - The palm oil and soybean oil markets are affected by biodiesel policies, and a "crushing for oil" pattern has emerged [3] - The rapeseed market is affected by production forecasts and import expectations, with rapeseed meal potentially rebounding and rapeseed oil remaining range - bound [6] - The corn market is affected by harvest expectations and trade sentiment, with a possible short - term rebound and long - term weakening [7] - The live hog market is under supply pressure and policy influence, with prices expected to remain weak [8] - The egg market shows signs of capacity reduction, and the price cycle may turn around in the second half of the year [9] Summary by Commodity Soybean - The price of soybean No. 1 has stopped falling and rebounded, with the spread between domestic and imported soybeans widening. Policy - driven sales have increased supply pressure, and demand is weak. Attention should be paid to soybean policies [2] - As of August 26, about 11% of US soybean - growing areas were affected by drought. Global oil prices are rising due to biodiesel policies, which may boost soybean crushing. China may face a soybean supply gap in Q1 next year. Future weather in the US may challenge new - season crops [3] Soybean Meal - The soybean meal market may continue to be volatile in the short - term and is cautiously bullish in the long - term due to the "crushing for oil" pattern and potential supply gaps [3] Soybean Oil and Palm Oil - The markets are in a state of shock correction. The high - frequency data of Malaysian palm oil shows a decrease in production and an increase in export demand in August. The Indonesian market has better supply - demand prospects. Mid - term overseas palm oil is in a production - reduction cycle, and buying on dips can be considered [4] Rapeseed Meal and Rapeseed Oil - Rapeseed meal may stabilize and rebound slightly after a continuous decline. Rapeseed oil is difficult to break out of the narrow - range shock pattern. The expected production of Canadian rapeseed may exceed the current forecast, and attention should be paid to the follow - up of the Saskatchewan governor's visit to China [6] Corn - Dalian corn futures continued to rise with reduced positions. The auction of imported corn had a low transaction rate. New - season corn is expected to be a bumper harvest. After the new - season corn starts to be priced in September, it may rebound briefly, but it will continue to be weak at the bottom in the long - term [7] Live Hogs - Live hog futures prices continued to fall, and spot prices remained stable. The supply of live hogs is expected to be high in the second half of the year, and prices are expected to remain weak. Policy aims to promote capacity reduction, but no inflection point has been seen yet [8] Eggs - Egg futures prices rebounded slightly at a low level, and spot prices fell significantly. The total futures positions have doubled in the past month. Attention should be paid to the seasonal rebound of egg prices. Signs of old - hen culling are emerging, and capacity reduction is expected to accelerate in the second half of the year. Buying futures contracts for the first half of next year on dips can be considered [9]

Investment Rating - The report maintains an "Overweight" rating for the agriculture, forestry, animal husbandry, and fishery industry [47] Core Insights - The SW agriculture, forestry, animal husbandry, and fishery industry slightly underperformed the CSI 300 index, with a rise of 6.18% from August 15 to August 28, 2025, lagging behind the index by approximately 0.78 percentage points [13][14] - Most sub-sectors recorded positive returns, with only the fishery sector showing a negative return of -0.26%. The sub-sectors of agricultural product processing, breeding, animal health, feed, and planting rose by 8.25%, 8.23%, 4.58%, 3.28%, and 1.44% respectively [14][15] - Approximately 72% of stocks in the industry recorded positive returns during the same period [15] Industry Data Summary - **Pig Farming**: - Average price of external three-way cross pigs decreased from 13.82 CNY/kg to 13.63 CNY/kg between August 15 and August 28, 2025 [25] - As of the end of July 2025, the breeding sow inventory was 40.42 million heads, a slight decrease of 0.02% [25] - The profit for self-bred pigs was 32.24 CNY/head, showing a slight decline, while the profit for purchased piglets was -148.41 CNY/head, which improved slightly [30] - **Poultry Farming**: - The average price of broiler chicks was 3.61 CNY/chick, showing a slight increase, while the average price of layer chicks was 3.0 CNY/chick, which decreased slightly [32] - The average price of white feather broilers remained stable at 7.33 CNY/kg, with a profit of 1.37 CNY/chick, which slightly declined [35] - **Feed Production**: - National feed production in July 2025 was 28.31 million tons, a month-on-month increase of 2.3% and a year-on-year increase of 5.5% [39] Company Insights - Key companies to focus on include: - Muyuan Foods (002714): Leading domestic pig farming company with cost, scale, and integration advantages [48] - Haida Group (002311): Leading domestic feed company expected to maintain steady market share growth [48] - Zhongchong Pet (002891): Leading domestic pet food company with expected rapid growth in domestic business and recovery in export business [48] - Reap Bio (300119): Leading company in the domestic animal health industry with a continuously enriched product matrix for pet health [48]

Report Overview - The report provides daily strategy references and analyzes various industries and commodities, including macro finance, non - ferrous metals, black metals, agricultural products, and energy chemicals. It offers trend judgments and trading suggestions for each product. 1. Report Industry Investment Rating - There is no clear overall industry investment rating provided in the report. 2. Report's Core View - As the key nodes of domestic and international macro - events in September approach, the stock index is expected to experience increased volatility. It is recommended to moderately reduce positions and adjust the layout to be mainly long - oriented [1]. - Asset shortage and weak economy are beneficial to bond futures, but the central bank's short - term interest rate risk warning restricts the upward space [1]. - The probability of a September interest rate cut remains high, providing short - term support for gold prices [1]. 3. Summary by Commodity Categories Macro Finance - **Stock Index**: After continuous strong and volume - increasing rises, market volatility is amplified by rapid capital flow. With the approaching of September's macro - event nodes, volatility is expected to intensify. Suggest reducing positions moderately and adjusting to a long - biased layout [1]. - **Treasury Bonds**: Asset shortage and weak economy are favorable, but short - term central bank interest rate risk warnings suppress the upward space, showing a volatile trend [1]. - **Gold**: The high probability of a September interest rate cut supports gold prices in the short term [1]. - **Silver**: Market risk appetite cools down, and silver prices may fluctuate [1]. Non - Ferrous Metals - **Copper**: Recent market sentiment is volatile, and copper prices are oscillating [1]. - **Aluminum**: In the domestic consumption off - season, downstream demand is under pressure, and aluminum prices are weak. For alumina, production and inventory are both increasing, with a weak fundamental situation. There is an opportunity to lay out long positions in the far - month contracts [1]. - **Zinc**: Short - term macro sentiment has improved, and zinc prices have rebounded, but the domestic fundamental pressure is still large, and the upward space may be limited [1]. - **Nickel**: Macro sentiment is volatile. Nickel prices follow the macro trend in the short term. It is recommended to focus on short - term trading and look for opportunities to sell on rallies. In the long - term, the surplus of primary nickel still exerts pressure [1]. - **Stainless Steel**: Raw material prices have risen, and social inventories are stable. After profit repair, steel mills are resuming production. It is recommended to focus on short - term trading and wait for opportunities to sell on rallies. The cash - and - carry arbitrage can gradually take profits [1]. - **Tin**: Powell's dovish remarks improve macro sentiment and boost tin prices. The short - term supply and demand are both weak. Attention should be paid to the expected seasonal maintenance of Yunnan smelters [1]. - **Industrial Silicon**: Supply in the southwest and northwest is resuming, and there is high hedging pressure. The market sentiment is strong. There is an expectation of long - term capacity reduction, low terminal installation willingness, and considerable profits [1]. - **Polysilicon**: Resource - end disturbances occur frequently. Downstream short - term replenishment is large, but the subsequent replenishment space is limited [1]. - **Lithium Carbonate**: Short - term macro sentiment has improved, and the price has rebounded, but the domestic fundamental pressure is still large, and the upward space may be limited [1]. Black Metals - **Rebar and Hot Rolled Coil**: Valuations have returned to neutral, the industrial driving force is unclear, and the macro - driving force is positive, showing a volatile trend [1]. - **Iron Ore**: The "anti - involution" is long - term, and it follows the black metal sector in the short term [1]. - **Manganese Silicon and Silicon Iron**: They follow the black metal sector in the short term. The "anti - involution" is long - term. The reality is weak, and the market returns to trading fundamentals, with the near - term being weak and the far - term being strong [1]. - **Glass**: The reality is weak, expectations have declined, and prices are moving downward [1]. - **Soda Ash**: Steel inventory is accumulating faster than the seasonal norm. The market suppresses steel prices to balance supply and demand. Coke and coking coal fundamentals are weakening marginally and are expected to be volatile and weak [1]. Agricultural Products - **Palm Oil**: Indonesia's low inventory and high export quotes, along with the main consumption countries' peak - season stocking and the long - term "strong expectation" of B50 implementation, are positive factors. The less - than - expected exemption from the US for small refineries is seen as a "bad news is out" situation [1]. - **Soybean Oil**: There is an expectation of reduced soybean arrivals, a fourth - quarter consumption peak season, and an open export trade flow, leading to a fourth - quarter de - stocking expectation. USDA's August reduction of new - crop area and Sino - US trade relations support the price from the raw material cost side [1]. - **Rapeseed Oil**: Russian and Ukrainian rapeseed production has decreased, and sunflower seed production in the Black Sea region has also fallen short of expectations. The Ministry of Commerce's initial ruling on Canadian rapeseed dumping and increased customs duty deposit requirements are expected to reduce subsequent rapeseed supply. The risk lies in the possible alleviation of the rapeseed shortage through Australian rapeseed imports [1]. - **Cotton**: Cotton has increased in volume in the short term, with the near - month squeezing - the - shorts logic dominating. The height of the 01 contract is limited. Attention should be paid to the time window from late July to early August and the release of sliding - scale tariff quotas [1]. - **Sugar**: Raw sugar has rebounded with a bottom divergence, combined with peak - season demand. It is expected to fluctuate in the range of 5600 - 6000, with limited upward space [1]. - **Corn**: The supply of remaining grain is tightening, but downstream feed enterprises adopt a low - inventory strategy, and deep - processing losses drag down corn demand. Under the expectation of new - season selling pressure, the futures price is expected to oscillate at a low level [1]. - **Soybean Meal**: Sino - US peace - talk expectations and domestic reserve sales are negative for the soybean meal market. The import cost provides support, and the futures price is expected to oscillate in the short term. Attention should be paid to Sino - US policy changes [1]. - **Paper Pulp**: The outer - market quotation has increased. The 11 - contract is under pressure due to old positions. Consider a 11 - 1 reverse spread [1]. - **Log Futures**: Near the delivery, the current price is within the range of receiving and delivery costs, with a reasonable valuation. It is expected to oscillate between 790 - 810 yuan/m³ [1]. - **Live Pigs**: The near - month contract is weak due to spot influence. In the second half of the year, as the inventory gradually recovers, attention should be paid to weight reduction and consumption. The 11 and 01 contracts have peak - season expectations [1]. Energy Chemicals - **Crude Oil**: Factors such as India reducing Russian oil purchases, OPEC+ continuing to increase production, and Trump's tariff increase on India cause demand concerns. The short - term supply - demand contradiction is not prominent, and it follows the crude oil trend [1]. - **Asphalt**: The short - term supply - demand contradiction is not prominent, following the crude oil trend. The "14th Five - Year Plan" rush - work demand is likely to be falsified, and the supply of Ma Rui crude oil is sufficient [1]. - **Natural Rubber**: Domestic产区 rainfall affects raw material cost support. Inventory depletion is slow. As the commodity approaches the 09 - contract delivery, the short - term market sentiment turns bearish [1]. - **BR Rubber**: OPEC+ continues to increase production, and the crude oil fundamental situation is loose. The BR market is consolidating and rising steadily. Attention should be paid to the inventory levels of butadiene and BR9000 and the autumn maintenance of butadiene rubber plants [1]. - **PTA**: Domestic PTA plants are gradually resuming production, and production has increased. The spread between PX and naphtha has widened. With improved sales and inventory depletion, especially in filament inventory, profits have been significantly repaired. However, some downstream plants have strong maintenance expectations [1]. - **PE**: Export sentiment has eased slightly, and domestic demand is insufficient, limiting the upward space. There is support from "anti - involution" and the cost side. With a warm macro - sentiment, many maintenance activities, and mainly rigid demand, the price is oscillating weakly [1][2]. - **Short - Fiber**: More short - fiber factories are undergoing maintenance. Under the situation of high basis and rising costs, the number of futures market warehouse receipts is gradually increasing [1]. - **Styrene**: There are rumors of a major reform in the domestic petrochemical and refining industries, and South Korean naphtha cracking plants plan to reduce production. As the market strengthens, trading volume gradually weakens [1].

Core Viewpoint - The report from Huatai Securities indicates that the "anti-involution" policy is effectively reducing pig production capacity, leading to a stable pig price outlook for the year, while low-cost companies are expected to achieve good profitability [1] Group 1: Pig Farming Industry - In July, the national breeding sow inventory showed a negative month-on-month change, and the average weight of slaughtered pigs continued to decline [1] - The average prices of national pigs and white feather chicken in major production areas fell year-on-year by 4.24% and 6.26% respectively in the first half of 2025 [1] - Leading breeding companies have achieved significant year-on-year performance growth due to excellent cost control and advantages in products and channels [1] Group 2: Financial Performance and Investment Outlook - Some leading agricultural and animal husbandry companies have entered a "high-quality" development stage, demonstrating strong profitability and cash flow capabilities [1] - New capital expenditures have significantly decreased, with some leading companies' capital expenditures in 2024 being lower than fixed asset depreciation [1] - There is an increased emphasis on shareholder returns among leading agricultural and animal husbandry companies, with a noticeable rise in dividend rates, highlighting long-term dividend value [1] Group 3: Market Trends - Recent price recovery in white chicken is anticipated to continue, driven by ongoing capacity reduction due to long-term industry losses [1] - The report suggests ongoing attention to the breeding sector, particularly companies with low-cost and comprehensive profitability advantages, as well as those with increasing dividend value [1]

Report Industry Investment Ratings - **Buy Rating**: Soybean No. 1, Soybean Meal, Soybean Oil, Palm Oil, Rapeseed Oil [1] - **Sell Rating**: Rapeseed Meal, Corn, Live Pigs [1] - **Neutral Rating**: Eggs [1] Core Views - The prices of various agricultural products are affected by multiple factors such as policies, supply - demand relationships, and international trade. Different products have different trends and investment opportunities. For example, some products are expected to rise, while others may continue to be weak [2][3][4] Summary by Related Catalogs Soybean No. 1 - The price of Soybean No. 1 shows a weak decline due to the government's competitive sale of soybeans, increasing supply pressure and weak demand. The price difference between Soybean No. 1 and Soybean No. 2 has rebounded from a low level. Short - term attention should be paid to policies and the performance of imported soybeans [2] Soybean & Soybean Meal - Affected by the auction of imported soybeans, the price of Dalian soybean meal futures continues to fall. The strengthening of global oils may drive up soybean crushing. The supply of soybeans in the fourth quarter is sufficient, but there may be a shortage in the first quarter of next year. The long - term view on Dalian soybean meal is cautiously bullish [3] Soybean Oil & Palm Oil - The domestic soybean and palm oil markets continue to be weak. The medium - term overseas palm oil is in a production - reduction cycle. Long - term development trends of biodiesel in the US and Indonesia still exist. Consider buying on dips with a larger fluctuation space and risk control [4] Rapeseed Meal & Rapeseed Oil - In the rapeseed sector, the meal is weak and the oil is strong. The domestic rapeseed sector is in a short - term shock - consolidation pattern, and the price center may decline [6] Corn - The auction of imported corn by Sinograin continues, with a low transaction rate. The good growth of US corn and the good weather in domestic corn - producing areas may lead to a bumper harvest. Dalian corn futures may continue to be weak at the bottom [7] Live Pigs - The spot and futures prices of live pigs are weak. The supply pressure is high in the second half of the year. Policy aims to promote capacity reduction, but the inflection point has not been seen. Pig prices are expected to remain weak in the medium term [8] Eggs - Egg futures continue to increase positions and reach new lows, while spot prices rise. There may be a seasonal rebound in spot prices. The probability of significant capacity reduction in the second half of the year is high, and it is advisable to consider buying futures contracts for the first half of next year on dips [9]

Group 1 - The company announced that the gross margin for chili red has returned to a normal range this year, but product prices remain low, resulting in a lower-than-reasonable profit per ton. There is potential for improvement in profit per ton once the selling price of chili red recovers [1] - The gross margin for lutein is currently low due to historical inventory levels in the industry, with total supply exceeding total demand. The industry is actively working on capacity reduction, which is expected to improve the supply-demand relationship [1] - In the short term, historical inventory levels will continue to suppress lutein prices and industry profitability, but there is a high probability of price and profit margin recovery in the medium to long term [1]

Core Viewpoint - The egg price is declining despite being a peak demand season, primarily due to high production capacity and supply pressures in the market [1][2][3] Supply and Demand Analysis - The current supply of eggs is at a historical high, with a stock of 1.356 billion hens, making it difficult to clear excess supply in the short term [1][2] - The market is experiencing a supply surplus, which is exacerbated by low pork prices acting as a substitute, further suppressing egg prices [1] - Analysts suggest that the current situation requires time to alleviate the oversupply, and short-term price increases may face pressure [2] Profitability and Market Sentiment - Egg producers have been facing continuous losses since May, with only a brief improvement in July, and prices have continued to decline into August [2] - The profitability of egg production is shrinking, leading to a pessimistic outlook among producers [3] - Historical trends indicate that after reaching a low point in profitability, there may be a temporary rebound in prices, particularly around seasonal demand peaks like the Mid-Autumn Festival and National Day [3] Future Outlook - There is a potential for a slight rebound in egg prices due to seasonal demand, but a long-term price recovery will depend on clearing excess production capacity [3] - As schools reopen and centralized purchasing occurs, there may be some support for egg prices, but this is unlikely to reverse the current oversupply situation [3] - The industry may need to undergo significant capacity reduction to restore market balance, with the timeline for this process potentially being longer than in previous cycles [2]

1. Report Industry Investment Ratings - Soybean: ★☆☆ (One star, indicating a bullish bias but low operability on the trading floor) [1] - Soybean Meal: ★☆☆ (One star, indicating a bullish bias but low operability on the trading floor) [1] - Soybean Oil: ★★★ (Three stars, indicating a clear bullish trend and relatively appropriate investment opportunities) [1] - Palm Oil: ★★★ (Three stars, indicating a clear bullish trend and relatively appropriate investment opportunities) [1] - Rapeseed Meal: ★☆☆ (One star, indicating a bullish bias but low operability on the trading floor) [1] - Rapeseed Oil: ★★★ (Three stars, indicating a clear bullish trend and relatively appropriate investment opportunities) [1] - Corn: ★☆☆ (One star, indicating a bullish bias but low operability on the trading floor) [1] - Live Hogs: ★☆☆ (One star, indicating a bearish bias but low operability on the trading floor) [1] - Eggs: ★☆☆ (One star, indicating a bullish bias but low operability on the trading floor) [1] 2. Core Viewpoints of the Report - The global vegetable oil market is strengthening due to bio - diesel policies, which may drive up soybean crushing. The domestic soybean supply may face a shortage in Q1 next year. The report is cautiously bullish on the long - term trend of domestic soybean meal futures [3]. - The price of domestic soybean is weak due to increased supply pressure from policy - driven sales and weak demand. The price difference between domestic and imported soybeans is in a consolidation state. The performance of imported soybeans is strong, and the market expects a tighter supply of soybeans in Q1 next year [2]. - The prices of soybean oil and palm oil are supported by policies and market fundamentals. The domestic soybean supply expectation is changing, and attention should be paid to the US soybean export situation to China [2][4]. - The domestic rapeseed futures prices may be in a short - term shock and consolidation pattern, and may be supported by long - term import uncertainties [5]. - The domestic corn market may continue to operate weakly at the bottom due to sufficient supply and good growing conditions for new - season corn [6]. - The price of live hogs is expected to remain weak in the medium - term, and attention should be paid to the game between fundamentals and policy [7]. - The egg futures market has increased positions significantly, and the egg price may have a seasonal rebound. There are signs of capacity reduction in the egg industry, and the price cycle may turn around in the second half of this year [8]. 3. Summaries According to Related Catalogs 3.1 Soybean - The price of domestic soybean is weak because of policy - driven sales increasing supply pressure and weak demand. The price difference between domestic and imported soybeans is in consolidation. Imported soybeans are strong due to the US bio - diesel policy. The market expects a tighter supply in Q1 next year, and attention should be paid to the US soybean export to China, as well as domestic weather, policies, and imported soybean performance [2]. 3.2 Soybean & Soybean Meal - Globally, the "crushing for oil" pattern has emerged due to bio - diesel policies. Domestically, the supply in Q4 is sufficient, but there may be a shortage in Q1 next year. The growth of new - season US soybeans faces challenges. The relationship between domestic soybean meal futures and US soybeans is weakening. The report is cautiously bullish on the long - term trend of domestic soybean meal futures [3]. 3.3 Soybean Oil & Palm Oil - US soybean oil has strengthened. The US bio - diesel policy has a general upward trend in demand but with structural adjustments. Malaysian palm oil has strong exports and limited production growth, supporting its price. The market expects a tighter domestic soybean supply in Q1 next year [4]. 3.4 Rapeseed Meal & Rapeseed Oil - The domestic rapeseed futures prices have small fluctuations, and the position is gradually shifting from the 09 contract to the 01 contract. The supply of rapeseed is in a tight - balance state, and the market focus has shifted to the demand side. The prices may be in a short - term shock and consolidation pattern and may be supported by long - term import uncertainties [5]. 3.5 Corn - The Chinese government continues to auction imported corn, and the supply in Shandong is relatively sufficient. The inventory of ports and deep - processing enterprises is seasonally decreasing. The new - season corn may have a good harvest, and the Dalian corn futures may continue to operate weakly at the bottom [6]. 3.6 Live Hogs - The spot price of live hogs has reached a new low this year. The government plans to conduct central reserve frozen pork purchases to support the price. Fundamentally, the supply in the second half of the year is high. The price is expected to remain weak in the medium - term, and attention should be paid to the game between fundamentals and policy [7]. 3.7 Eggs - The egg futures market has increased positions significantly, with some contracts hitting new lows. The spot price may have a seasonal rebound. There are signs of capacity reduction in the industry, and the price cycle may turn around in the second half of this year. It is advisable to consider going long on futures contracts for the first half of next year at low prices [8].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The supply of pigs is expected to increase significantly after September, and the price may experience a phased rebound but with limited upside potential. In the long - term, prices will continue to face pressure. For eggs, short - term supply is abundant, restricting price increases, while long - term high supply may be difficult to reverse. Corn supply is sufficient in the short - term, and the price may decline due to concentrated new - crop supply and lower costs [4][6][7]. 3. Summary by Directory 3.1 Pig 3.1.1 Weekly Market Review - As of August 22, the national spot price of pigs was 13.67 yuan/kg, down 0.03 yuan/kg from last week; the Henan pig price was 13.61 yuan/kg, up 0.12 yuan/kg. The futures price of live pigs 2511 was 13,840 yuan/ton, down 105 yuan/ton from last week. The 11 - contract basis was - 230 yuan/ton, down 15 yuan/ton [4][15]. 3.1.2 Fundamental Data Review - Supply: The inventory of breeding sows is sufficient, and production performance has improved. The supply of pigs will increase in the third and fourth quarters, especially after September. The planned slaughter volume of large - scale enterprises in August has increased. The proportion of small and large pigs in weekly slaughter has increased, and the average slaughter weight has risen for two consecutive weeks. - Demand: Weekly slaughter capacity and volume have slightly increased, but the fresh - meat sales rate has fluctuated narrowly, and the frozen - meat inventory rate has slightly increased. The demand is expected to increase at the end of August, but the profit of slaughtering enterprises is still in the red, limiting the increase in demand. - Cost: The price of piglets has decreased, the price of binary breeding sows has remained flat, the self - breeding and self - raising profit has turned negative, and the cost of fattening pigs has slightly increased [4]. 3.1.3 Key Data Tracking - The inventory of breeding sows increased from May to November 2024, decreased slightly from December 2024 to January 2025, increased again from May to June 2025, and decreased slightly in July. The production performance of sows has reached the highest level in the past four years, and the number of newborn piglets has increased [20]. 3.1.4 Weekly Summary and Strategy Recommendations - The state's pork purchase and storage mainly boost market sentiment. The supply pressure will be alleviated, and consumption is expected to improve, which may drive a phased price rebound, but the rebound height is limited. In the long - term, the supply will increase before May next year, and prices will continue to face pressure. It is recommended to wait for the price to rebound and then short - sell on the 11 and 01 contracts, and pay attention to the long 05 and short 03 arbitrage [4]. 3.2 Eggs 3.2.1 Weekly Market Review - As of August 22, the average price of eggs in the main production areas was 3.11 yuan/jin, up 0.01 yuan/jin from last Friday; the average price in the main sales areas was 3.06 yuan/jin, up 0.09 yuan/jin. The futures price of the main 2510 contract was 3033 yuan/500 kg, down 149 yuan/500 kg from last Friday. The basis of the main contract was - 393 yuan/500 kg, up 169 yuan/500 kg [6][66]. 3.2.2 Fundamental Data Review - Supply: The number of newly - laid hens in August remains high. Although the culling of old hens has accelerated, the supply of cold - storage eggs has supplemented the market, and the overall supply is still abundant. The inventory of laying hens in July reached the highest level in the same period in history. - Demand: The current low egg price has stimulated downstream procurement, and the demand is expected to increase seasonally. However, the inventory in each link has increased [6]. 3.2.3 Key Data Tracking - The number of newly - laid hens from September to November 2025 is expected to be large due to high replenishment from May to July 2025. The enthusiasm for replenishing chicks has declined, and the supply growth may slow down [89]. 3.2.4 Weekly Summary and Strategy Recommendations - The egg price may stop falling and rebound, but the high supply in the short - term will limit the increase. If the Mid - Autumn Festival peak season fails again, the culling may increase, alleviating the supply pressure in the distant months. It is recommended to short - sell on the 10 contract after the price rebounds or hold put options. If the culling process accelerates, there may be opportunities to go long on the 12 and 01 contracts [6]. 3.3 Corn 3.3.1 Weekly Market Review - As of August 22, the平仓 price of corn at Jinzhou Port in Liaoning was 2290 yuan/ton, down 10 yuan/ton from last Friday. The futures price of the main 2511 contract was 2175 yuan/ton, down 15 yuan/ton from last Friday. The basis of the main contract was 115 yuan/ton, up 5 yuan/ton [7][95]. 3.3.2 Fundamental Data Review - Supply: The inventory of traders is low, but the new spring corn in North China has been launched, and the policy - related grain rotation has supplemented the supply. The import of corn in July decreased significantly. - Demand: The demand for feed has increased, but the high price difference between corn and wheat has squeezed the feed demand for corn. The deep - processing industry is still in the red, and the start - up rate is low [7]. 3.3.3 Key Data Tracking - The 2025/2026 corn planting is stable, and the climate suitability is very high. The planting cost has decreased [114]. 3.3.4 Weekly Summary and Strategy Recommendations - The supply of corn is sufficient in the short - term, and the price may be under pressure due to the concentrated supply of new crops and lower costs. It is recommended to short - sell on the 11 contract after the price rebounds or hold the 11 - 1 reverse spread [7].

Report Investment Ratings - **Buy with Caution**: Soybean Meal, Rapeseed Meal, Rapeseed Oil, Corn, and Live Pigs [1] - **Hold for Observation**: Soybean, Egg [1] - **Buy Opportunistically**: Soybean Oil and Palm Oil [1][4] Core Views - Short - term focus on weather, policies, and import soybean performance for domestic soybeans; cautiously optimistic about the soybean meal market; consider buying soybean and palm oil at low prices; maintain the judgment of short - term rebound in rapeseed futures prices; and expect Dalian corn futures to continue to be weak at the bottom [2][3][4][6][7] Summary by Category Soybean - Domestic soybean prices recovered quickly after a sharp drop, with a provincial reserve rotation auction of 0.65 tons this Friday. The weather is generally favorable for growth, and the price gap with imported soybeans has rebounded. In the US, soybean pod numbers in some states are positive, and the US Soybean Association urges to reopen the Chinese market [2] Soybean & Soybean Meal - The latest good - to - excellent rate of US soybeans is 68%, higher than expected. Future weeks may see less rain in the US. Domestically, soybean meal spot prices have risen, and the supply of imported beans in the fourth quarter is uncertain. The market is cautiously optimistic about soybean meal [3] Soybean Oil & Palm Oil - US crop inspections show positive soybean pod numbers. The market is worried about bio - fuel exemptions in the US, which has pressured soybean oil prices. Domestically, soybean and palm oil have seen a position - reducing correction. Consider buying at low prices in the long - term [4] Rapeseed Meal & Rapeseed Oil - Rapeseed meal is in a weak rebound, and rapeseed oil has fallen with the vegetable oil sector but with the smallest decline. The supply of Australian rapeseed is tight before the new crop arrives in November. A rapeseed oil trading event involving 4574 tons will be held this Friday [6] Corn - As of August 19, 15 auctions of imported corn by Sinograin totaled about 347.6 tons, with a low成交 rate of 36.38%. New - season Xinjiang corn has affected market expectations, and Dalian corn futures may continue to be weak [7] Live Pigs - Live pig futures have weakened with increased positions. Spot prices are slightly stronger, but secondary fattening is cautious. The supply of live pigs is expected to be high in the second half of the year. It is recommended to hedge at high prices [8] Eggs - Egg futures have rebounded slightly, while spot prices are weak. In the medium - term, high production capacity may lead to price drops. Short - term attention should be paid to capital and seasonal factors [9]