Core Viewpoint - The white liquor sector has shown a remarkable upward trend, with the index rising over 2%, driven by significant stock performances from companies like Jinhui Liquor and Shede Liquor, despite underlying inventory pressures that equate to 3 to 6 months of sales [1][2][4]. Market Performance - On August 29, the white liquor stocks surged, with the Tonghuashun white liquor index surpassing a 2% increase. Jinhui Liquor led with over a 6% rise, while Shede Liquor and Gujing Gongjiu followed with increases of over 4% [2]. - Major brands like Guizhou Moutai also demonstrated resilience, with a 1.36% increase, maintaining a strong position above the 1,000 yuan mark [2]. Fund Movements - Central Huijin, representing the "national team," significantly increased its holdings in the white liquor ETF by 121 million shares in the first half of the year, raising its total to 581 million shares, making it the third-largest holder of this ETF [4]. - The overall market performance in August saw the Tonghuashun white liquor index accumulate a rise of over 13% [4]. Valuation and Policy Support - The current price-to-earnings (PE) ratio for the white liquor sector stands at 19.83, marking a near ten-year low, with individual companies like Guizhou Moutai at a dynamic PE of 24 and Wuliangye at 17, both below historical averages, indicating significant valuation appeal [6]. - Recent government policies aimed at stimulating consumption and addressing unreasonable restrictions on the liquor industry have provided positive signals for the market [6]. Fundamental Improvements and Seasonal Recovery - There are signs of marginal improvement in the fundamentals, particularly with the recovery of banquet and gift consumption since late July, especially in the sub-300 yuan price range [7]. - The upcoming Mid-Autumn Festival and National Day are expected to catalyze demand, enhancing sales momentum [7]. Changing Fund Preferences and Shareholder Returns - Fund preferences are shifting as leading liquor companies increase dividend rates and implement stock buybacks, with dividend yields for major firms exceeding 3.5%, appealing to long-term investors seeking stable returns [10]. Ongoing Challenges - Despite positive market signals, underlying issues such as weak consumer spending persist, with a reported 2.1% year-on-year growth in per capita consumption expenditure in Q1 2025, impacting sales, particularly in high-end products [11]. - Inventory levels remain a significant challenge, with some mainstream brands holding stock equivalent to 3 to 6 months of normal sales, and production figures showing a 5.8% decline year-on-year [11]. - Price discrepancies continue, with major products like Wuliangye's mainstream offerings trading at 12.5% below factory prices, affecting profit margins for distributors [12]. Institutional Perspectives and Future Outlook - Market consensus among institutions shows a belief in a gradual recovery for the white liquor industry, with improved sales and pricing indicators suggesting potential for recovery [13]. - If sales data during the Mid-Autumn Festival exceeds expectations, the mid-range liquor segment may experience a rebound [15]. - Long-term prospects remain strong due to the robust business models of leading companies, although economic stabilization and inventory reduction will take time to materialize [15].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company continues to enhance its core competitiveness, with significant technological advantages in the aerospace forging sector [1] - The performance in the first half of 2025 showed a decline in revenue and net profit, primarily due to cyclical adjustments in the industry and fluctuations in customer demand [8] - The company is expected to see a recovery in demand in the second half of the year, supported by its strategic focus on next-generation military aircraft and engine forgings [8] Financial Performance Summary - For the first half of 2025, the company reported total revenue of 785 million yuan, a year-on-year decrease of 24.80%, and a net profit attributable to shareholders of 270 million yuan, down 17.47% from the previous year [1][8] - The gross profit margin improved to 34.5% from approximately 31% in the same period last year, driven by a higher proportion of high-value titanium alloy forgings and a decrease in raw material costs [8] - The company’s operating cash flow showed a net outflow of 262 million yuan, indicating ongoing operational pressures [8] Earnings Forecast and Valuation - The earnings forecast for the company has been adjusted, with net profits expected to be 459 million yuan, 571 million yuan, and 596 million yuan for 2025, 2026, and 2027 respectively [8] - The corresponding price-to-earnings (P/E) ratios are projected to be 32, 25, and 24 times for the same years [8] - The company’s financial structure remains robust, with a debt-to-asset ratio of 31.15% and a current ratio of 3.73, indicating a safe financial position [8]

Group 1 - The domestic futures market for non-ferrous metals showed a mostly positive trend, with the main contract for tin futures opening at 274,000.00 CNY/ton and reaching a high of 278,580.00 CNY, reflecting an increase of approximately 2.25% [1] - Key factors supporting tin prices include low overseas inventory and strong structural demand, alongside slow recovery in Myanmar's tin mines due to seasonal rains and operational constraints, which keeps raw material supply tight [1] - Short-term expectations suggest that tin prices will maintain a strong upward trend, but significant further increases will require additional positive stimuli, with attention on resistance levels near previous highs [1] Group 2 - The mining sector remains tight, with progress in the resumption of operations in Wa State enhancing market expectations for tin mine recovery in Q4 [2] - Domestic processing fees are at low levels, and smelting plants are experiencing losses with further reductions in raw material inventories, leading to lower operating rates than normal [2] - Overall consumption remains weak due to seasonal downturns in traditional sectors, and both domestic and overseas inventories are decreasing, indicating a continued tight supply situation [2]

Group 1: Profit Trends - In July, the year-on-year profit growth rate for industrial enterprises improved to -1.5%, showing a marginal recovery compared to June[9] - From January to July, the total profit of industrial enterprises decreased by 1.7% year-on-year[7] - The marginal recovery in profit margins was the main driver for the increase in profit growth rate in July[9] Group 2: Revenue and Demand - In July, industrial enterprises' operating revenue grew by 0.9% year-on-year, indicating a slight decline in growth rate[9] - The marginal decline in volume growth reflects weak downstream demand, contributing to the revenue slowdown[9] - The PMI data for July indicates an expanding gap between raw material procurement prices and factory prices, which may squeeze downstream profits[9] Group 3: Sector Performance - In July, the profit growth rate for the public utilities sector rose by 5.4 percentage points to 6.9%[9] - The mining sector's profit growth rate fell by 3.1 percentage points to -39.2%, primarily due to production cuts and inventory digestion[9] - The manufacturing sector's profit growth rate increased by 5.2 percentage points to 6.6%, with upstream profits recovering significantly[9] Group 4: Inventory and Supply Chain - As of the end of June, the nominal year-on-year growth of finished goods inventory for industrial enterprises was 2.4%, with actual growth at 6.2%[9] - The inventory turnover days for industrial enterprises in July were 20.5 days, indicating a slight increase in turnover[9] - The average collection period for accounts receivable remained stable at 69.8 days, suggesting ongoing pressure in the supply chain[9] Group 5: Future Outlook - The growth of export-oriented industries remains a crucial support for overall profits, with strong global non-U.S. demand observed[9] - The impact of upstream price increases on downstream profits is a key concern, especially as demand remains weak[9] - The resilience of domestic demand will be critical in maintaining stable corporate profits as economic data begins to reflect last year's high base[9]

Investment Rating - The investment rating for the company is "Buy" with a target price of 37.23 RMB [6][4]. Core Views - The company reported a total revenue of 1.49 billion RMB and a net profit attributable to the parent company of 390 million RMB for the first half of 2025, reflecting a year-on-year decline of 8.6% and 3.3% respectively. The second quarter saw a revenue of 750 million RMB, down 9.0% year-on-year [1][2]. - The company is focusing on inventory destocking, with new products like the light cocktail and jelly wine launched recently. The single malt whiskey is being rolled out in the South China market, and there are expectations for growth in the ready-to-drink segment [1][2]. - The gross margin for the first half of 2025 was 70.3%, a slight increase of 0.3 percentage points year-on-year, driven by improved margins in the high-margin flavor business and effective cost control in alcoholic products [3][4]. Summary by Sections Financial Performance - For the first half of 2025, the company reported revenues of 1.49 billion RMB, a decrease of 8.6% year-on-year. The net profit attributable to the parent company was 390 million RMB, down 3.3% year-on-year. The second quarter figures were 750 million RMB in revenue and 210 million RMB in net profit, reflecting declines of 9.0% and 10.9% respectively [1][2]. - The ready-to-drink cocktail segment saw revenues of 1.3 billion RMB, down 9.4% year-on-year, with a volume decline of 12.7% but an increase in average price by 3.8% [2]. Product Development - The company is actively expanding its product offerings, with new flavors and specifications introduced to extend product life cycles. The recent launches include the light cocktail and jelly wine, which are expected to create new growth drivers [2][4]. - The whiskey products are currently in the distribution phase, focusing on non-ready-to-drink channels, with successful recruitment of distributors [2]. Profitability Metrics - The gross margin for the first half of 2025 was 70.3%, with a slight increase in the second quarter to 71.0%. The improvement is attributed to better margins in the flavor business and effective cost management in alcoholic products [3][4]. - The net profit margin for the first half of 2025 was 26.1%, reflecting a year-on-year increase of 1.4 percentage points [3]. Future Outlook - The company anticipates a recovery in the ready-to-drink business driven by consumer demand, with expectations for the whiskey segment to contribute positively to future growth [4]. - Revenue forecasts for 2025-2027 have been adjusted to 3.12 billion RMB, 3.37 billion RMB, and 3.71 billion RMB respectively, with expected EPS of 0.73 RMB, 0.80 RMB, and 0.90 RMB [4][10].

Investment Rating - The report maintains a "Recommendation" rating for the company [1] Core Views - The company reported a total revenue of 1.49 billion yuan for the first half of 2025, a decrease of 8.6% year-on-year, with a net profit attributable to shareholders of 390 million yuan, down 3.3% [1] - In Q2 2025, the total revenue was 750 million yuan, reflecting a 9.0% decline, while the net profit attributable to shareholders was 200 million yuan, a decrease of 10.9% [1] - The report highlights that adjustments in old products and the launch of new products are expected to catalyze future growth [1] Financial Summary - The company’s projected total revenue for 2025 is 3.32 billion yuan, with an expected growth rate of 8.9% [3] - The net profit for 2025 is estimated at 790 million yuan, with a growth rate of 9.8% [3] - Earnings per share (EPS) is projected to be 0.75 yuan for 2025, with a price-to-earnings (P/E) ratio of 38 [3] - The company’s total market capitalization is approximately 30.23 billion yuan, with a circulating market value of about 20.82 billion yuan [4] Business Performance - The report indicates that the revenue from alcoholic beverages, food flavoring, and other businesses for the first half of 2025 was 1.3 billion yuan, 170 million yuan, and 20 million yuan respectively, with year-on-year changes of -9.4%, -3.9%, and +6.3% [7] - The decline in revenue is attributed to weak external demand and inventory adjustments in the ready-to-drink segment, while the whiskey segment is beginning to contribute revenue [7] - The gross profit margin for Q2 2025 was 71.0%, a slight decrease of 0.8 percentage points year-on-year, influenced by changes in product mix and reduced scale effects [7] Investment Recommendations - The report suggests closely monitoring the sales of new products and inventory changes, maintaining the "Recommendation" rating [7] - The target price for the company's stock is set at 30 yuan, with the current price at 28.81 yuan [3][7]

Core Viewpoint - Vanke's financial performance is under significant pressure, with a notable decline in sales and increasing losses, despite efforts to improve liquidity through shareholder loans and inventory management [2][3][22]. Sales Performance - In the first half of 2025, Vanke achieved a contract sales amount of 69.11 billion yuan, with a contract sales area of 5.389 million square meters, representing year-on-year declines of 45.7% and 42.6% respectively, the highest drop among the top 10 real estate companies [2][6][9]. - The company has increased efforts to liquidate old inventory, achieving sales of 17.6 billion yuan from completed properties and 18.3 billion yuan from pre-sold properties [6][9]. Financial Results - Vanke's revenue for the first half of 2025 was 105.32 billion yuan, a year-on-year decrease of 26.2%, with a net profit loss of 11.947 billion yuan, an increase of 21.3% compared to the previous year [3][18]. - The gross profit margin was 6.59%, showing a slight increase, but still remains low, with significant losses from joint ventures and inventory depreciation [3][18]. Debt and Liquidity - As of August 22, 2025, Vanke's major shareholder has provided a total of 23.88 billion yuan in loans, helping to improve the company's debt structure [3][22][23]. - The company's total interest-bearing debt was 364.26 billion yuan, with a cash-to-short-term debt ratio of 0.48, indicating ongoing liquidity pressure [3][27]. Diversification Efforts - Vanke's diversified business segments contributed significantly to revenue, with non-real estate related income reaching approximately 27.3 billion yuan, a year-on-year increase of 21.3%, accounting for 26% of total revenue [4][31]. - The company has been actively expanding its property management and logistics services, with notable growth in revenue from these sectors [31][32].

Report Summary - The double - coking futures market showed weak consolidation this week. Trading volume decreased by 3.788 million lots compared to last week. After the exchange restricted positions and raised trading fees, the trading volume of the coking coal main contract dropped significantly, and speculative sentiment cooled down. The "anti - involution" related varieties also cooled down. The market gradually returned to reality. Steel mills and spot - futures traders' purchasing willingness weakened. Independent coking enterprises' coke inventory increased from a decline, and the raw material coking coal inventory continued to be destocked for three weeks with weak restocking enthusiasm. The upstream inventory destocking rate slowed down, and a small inventory accumulation inflection point affected market sentiment. However, the profitability rate of steel enterprises fluctuated at a high level, billet export data was excellent, and hot metal production remained at a high level, supporting the consumption of double - coking. The overall upstream coking coal inventory was lower than last year, reducing inventory pressure. Due to the approaching "93 Parade" and industry production restrictions, the market lacked new driving factors and mainly oscillated at a high level [6][35]. - As of August 19, the capital availability rate of sample construction sites was 58.79%, a week - on - week increase of 0.02 percentage points. Non - housing project capital availability rate was 60.47%, up 0.12 percentage points week - on - week, while housing project capital availability rate was 50.57%, down 0.60 percentage points week - on - week. 45% of 22 Tangshan steel mills plan to conduct maintenance but await notice, 32% have confirmed maintenance, and 23% will not conduct maintenance. The known daily hot metal impact in Tangshan is about 41,800 tons, with a total hot metal volume of 370,000 - 450,000 tons. In July, the domestic billet export volume was 1.5798 million tons, a month - on - month increase of 34.37% and a year - on - year increase of 349.07%. From January to July, the total billet export volume was 7.472 million tons, a year - on - year increase of 309.72%. The US added 407 product categories to the steel and aluminum tariff list with a 50% tax rate [7]. - The supply of coking coal increased slightly. The upstream coking coal inventory destocking slowed down. Independent coking enterprises' coking coal restocking enthusiasm continued to weaken, and their coke inventory increased from a decline. Steel mills' restocking willingness for coking coal and coke was divided. The overall coke production changed little. Hot metal production remained high, and coke demand was resilient. The seventh round of coke price increase was implemented with a delay [7]. Bull - Bear Focus - Bullish factors include reduced coking coal inventory pressure, expected supply reduction of coking coal, and high - level hot metal production supporting demand [10]. - Bearish factors include the slowdown of coking coal downstream restocking rhythm and the gradual recovery of Mongolian coal imports [10]. Data Analysis Coking Coal Supply - The operating rate of 523 sample mines was 85.21%, a 1.48% increase from last week, and the daily average clean coal output was 771,300 tons, an increase of 7,200 tons. The operating rate of 314 sample coal washing plants was 36.05%, a 0.46% decrease from last week, and the daily output was 257,200 tons, a decrease of 6,800 tons. As of August 16, the customs clearance volume at the Ganqimao Port was 870,885 tons, and domestic supply increased slightly [15]. Coking Coal Inventory - As of August 22, the clean coal inventory of 523 sample mines was 2.7564 million tons, an increase of 179,700 tons. The clean coal inventory of 314 sample coal washing plants was 2.9484 million tons, a decrease of 21,900 tons. The port coking coal inventory was 2.6149 million tons, an increase of 60,000 tons. The downstream restocking rhythm continued to slow down, and mines had inventory accumulation for two consecutive weeks, but the overall inventory pressure was not large [17]. Independent Coking Enterprises - As of August 22, the coking coal inventory of all - sample independent coking enterprises was 9.6641 million tons, a decrease of 104,700 tons. The inventory available days were 11.1 days, a decrease of 0.13 days. The coke inventory was 643,700 tons, an increase of 18,600 tons. Steel mills and spot - futures traders' purchasing willingness weakened, and coking enterprises' coking coal inventory was destocked for three weeks with weak restocking enthusiasm [18]. Steel Mills - As of August 22, the coking coal inventory of 247 steel enterprises was 8.1231 million tons, an increase of 65,100 tons. The inventory available days were 13.07 days, an increase of 0.1 days. The coke inventory was 6.0959 million tons, a decrease of 2,100 tons. The available days were 10.76 days, a decrease of 0.07 days. Steel mills' restocking enthusiasm for coke was weaker than that for coking coal [22]. Coke Production - As of August 22, the capacity utilization rate of all - sample independent coking enterprises was 74.42%, a 0.08% increase from the previous period, and the daily average metallurgical coke output was 654,500 tons, an increase of 700 tons. The capacity utilization rate of 247 steel enterprises was 86.17%, and the daily coke output was 467,300 tons, the same as last week. Coking enterprise output increased slightly for 6 consecutive weeks, and steel mill output was stable [24]. Coke Demand - As of August 22, China's coke consumption was 1.0834 million tons, an increase of 400 tons. The daily average hot metal output of 247 steel enterprises was 2.4075 million tons, an increase of 900 tons. The profitability rate of steel enterprises was 64.94%, a 0.86% decrease from last week. High - level profitability prevented active production cuts, and high - level hot metal production supported coke consumption [29]. Coke Price Increase - As of August 22, the average profit per ton of independent coking enterprises was 23 yuan/ton, and the profit situation continued to improve. On the 22nd, steel mills in Shandong and Hebei markets raised the coke purchase price. The wet - quenched coke increased by 50 yuan/ton, and the dry - quenched coke increased by 55 yuan/ton. The seventh - round price increase was implemented with a delay, and the game between steel and coking enterprises intensified [30]. Double - Coking Basis Structure - The spot and futures prices of double - coking oscillated at a high level [32]. Market Outlook - The trading volume decreased by 3.788 million lots compared to last week. After the exchange's measures, the trading volume of the coking coal main contract dropped, and speculative sentiment cooled down. The market returned to reality, with weak restocking enthusiasm and a slowdown in upstream inventory destocking. However, high - level steel enterprise profitability, excellent billet export data, and high - level hot metal production supported double - coking consumption. Due to the approaching "93 Parade" and production restrictions, the market lacked new driving factors and mainly oscillated at a high level [35]. - The seventh - round coke price increase was implemented with a delay. As coking enterprise profitability improved, rising raw material prices eroded steel mill profits, and the game between the two intensified. Independent coking enterprises' coke inventory pressure decreased, and in the short term, the coke futures market would follow the coking coal market [38].

Core Viewpoint - The recent financial report of Jinhuijiu reveals a modest growth in revenue and net profit, but underlying challenges such as slow product upgrade, increased regional market dependence, and declining inventory turnover efficiency indicate the survival difficulties of regional liquor companies during the industry's deep adjustment period [1] Product Upgrade: The Paradox of High-End Growth and Profit Conversion - The revenue from high-end products priced above 300 yuan has significantly increased, continuing to rise as a proportion of total liquor revenue, while mid-range products priced between 100-300 yuan remain the main revenue driver [2] - Despite the growth in high-end products, the company's net profit margin has noticeably declined compared to the first quarter, indicating increased market investment and rising channel costs that pressure profitability [2] - The growth rate of the 100-300 yuan price segment, which is crucial for the company's revenue, lags behind the overall expansion of the industry in the same price range, reflecting insufficient growth momentum in core price bands [2] Regional Dilemma: Imbalance Between Saturation in Domestic Market and Expansion in External Markets - The overall liquor industry in 2025 is in a phase of "active destocking," with fluctuating consumer spending and policy adjustments putting pressure on regional liquor companies [3] - The domestic market for Jinhuijiu shows weak growth, indicating saturation and a lack of resilience against industry cyclical fluctuations [3] - Although the company has proposed a strategy to "layout nationwide, deepen the Northwest, and focus on breakthroughs," the execution has not fully materialized, with a slowdown in growth in external markets compared to previous years [3] - The reliance on traditional distributor channels, which account for over 90% of revenue, limits the company's ability to effectively control new market channels, hindering expansion efficiency [3] - The performance of Jinhuijiu's half-year report reflects the common challenges faced by regional liquor companies, emphasizing the need for a balance between product structure upgrades and regional market breakthroughs for survival [3]

1. Report Industry Investment Rating The provided content does not mention the report industry investment rating. 2. Core Viewpoints of the Report - The soybean oil market is in a "weak reality + strong expectation" pattern. Short - term callback space is limited, and it is bullish in the long - term. Consider 1 - 5 positive spread operations [3]. - The rapeseed oil price is expected to fluctuate in the short term due to trade policy changes and sufficient inventory [3]. - The palm oil price has a short - term adjustment demand due to factors such as price comparison pressure and potential production impacts in Indonesia [4]. - The soybean meal is in a "weak reality + strong expectation" situation, and the price is expected to be bullish in the long - term [3][4]. - The corn and corn starch prices are expected to continue to be under pressure [5]. - The soybean price is affected by new supply and market sentiment, with a short - term bearish outlook [6]. - The peanut price is under pressure due to expected increased production and lower costs, with a short - term bearish outlook [6]. - The live pig price is affected by policies and supply - demand, with a short - term fluctuating rebound and a long - term focus on capacity reduction [7]. - The egg price is at a low level, and the market expects terminal consumption improvement to drive a price rebound [8]. 3. Summary According to the Catalog 3.1 First Part: Sector Strategy Recommendation 3.1.1 Market Judgment | Sector | Variety | Market Logic | Support Level | Resistance Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean 11, Soybean 2 09 | Tense Sino - US and Sino - Canadian trade relations; new domestic soybeans are on the market, supply increases | 3900 - 3930, 3640 - 3670 | 4145 - 4150, 3950 - 4000 | Fluctuation, Fluctuation adjustment | Light - position short - selling, Temporary observation | | | Peanut 11 | Expected production increase and cost reduction | 7500 - 7600 | 8100 - 8162 | Fluctuation with a downward bias | Hold short positions | | Oils | Soybean oil 01 | Potential reduction in Canadian rapeseed imports, sufficient inventory in the short - term, long - term positive outlook | 8230 - 8300 | 8800 - 9000 | Fluctuation adjustment | Temporary observation | | | Rapeseed oil 01 | Short - term supply increase | 9600 - 9610 | 10300 - 10343 | Fluctuation adjustment | Temporary observation | | | Palm 01 | Good export demand from the origin, concerns about Indonesian production | 9060 - 9074 | 9900 - 9990 | Fluctuation with an upward bias | Reduce long positions | | Protein | Soybean meal 01 | Tense Sino - US and Sino - Canadian trade relations, expected reduction in soybean arrivals in the fourth quarter | 2950 - 2980 | 3200 - 3250 | Fluctuation with an upward bias | Light - position long - buying | | | Rapeseed meal 01 | Potential reduction in Canadian rapeseed imports, weak consumption | 2500 - 2523 | 2698 - 2708 | Fluctuation with an upward bias | Hold long positions | | Energy and By - products | Corn 11 | Continuous release of imported corn, stable new - season expectations | 2100 - 2120 | 2240 - 2250 | Fluctuation with a downward bias | Hold short positions cautiously | | | Starch 11 | Weak corn price, relatively loose spot market | 2400 - 2420 | 2580 - 2590 | Fluctuation with a downward bias | Hold short positions cautiously | | Livestock | Live pig 11 | Feed price rebound, strong expectation of capacity reduction | 13500 - 13750, 14500 - 15000 | | Fluctuation rebound | Hold long positions | | | Egg 10 | Capacity pressure + consumption peak season expectation | 3000 - 3050 | 3300 - 3350 | Fluctuation to find the bottom | Observation | [11] 3.1.2 Commodity Arbitrage - For inter - delivery arbitrage, most varieties suggest waiting and seeing, while the soybean meal 3 - 5 spread recommends a positive spread operation with a target of 300 - 400. The live pig 9 - 1 and egg 9 - 1 spreads suggest positive spreads at low prices [12][13]. - For inter - variety arbitrage, the 09 soybean oil - palm oil spread suggests short - biased operations, the 09 rapeseed oil - soybean oil spread suggests long - biased operations, and the 09 soybean oil - meal ratio recommends long - buying operations [13]. 3.1.3 Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various varieties in the feed, livestock, and oil sectors [14]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Oilseeds - **Daily Data**: It shows the import costs of soybeans, rapeseeds, and palm oils from different origins and different shipping dates [16][17]. - **Weekly Data**: Presents the inventory and operation rates of beans, rapeseeds, palm oils, and peanuts [18]. 3.2.2 Feed - **Daily Data**: Lists the import costs of corn from Argentina and Brazil in different months [18]. - **Weekly Data**: Displays the consumption, inventory, and operation rates of corn and corn starch in deep - processing enterprises [19]. 3.2.3 Livestock - **Pig**: Provides daily and weekly data on live pig prices, breeding costs, profits, slaughter data, etc. [20][22][23]. - **Egg**: Offers daily and weekly data on egg prices, production rates, inventory, and related prices [21][24]. 3.3 Third Part: Fundamental Tracking Charts - **Livestock (Pigs and Eggs)**: Includes charts of main contract closing prices, spot prices, and other relevant data of live pigs and eggs [25][28][29][34]. - **Oils and Oilseeds**: - **Palm Oil**: Covers charts of Malaysian palm oil production, exports, inventory, and domestic palm oil inventory, trading volume, etc. [37][40][44]. - **Soybean Oil**: Contains charts of US soybean crushing volume, soybean oil inventory, domestic soybean oil factory operation rates, inventory, etc. [47][48]. - **Peanut**: Shows charts of domestic peanut arrival, shipment, processing profits, and inventory [51][52]. - **Feed**: - **Corn**: Has charts of corn closing prices, spot prices, inventory, import volume, and processing profits [55][56]. - **Corn Starch**: Includes charts of corn starch closing prices, spot prices, operation rates, inventory, and processing profits [58][59]. - **Rapeseed**: Displays charts of rapeseed meal and rapeseed oil spot prices, basis, inventory, and processing profits [60][63][65]. - **Soybean Meal**: Presents charts of US soybean growth rates, soybean and soybean meal inventory [67]. 3.4 Fourth Part: Option Situations of Soybean Meal, Feed, Livestock, and Oils The report provides charts of historical volatility and trading volume of options for various varieties [69][70]. 3.5 Fifth Part: Warehouse Receipt Situations of Feed, Livestock, and Oils The report includes charts of warehouse receipt quantities for various varieties such as rapeseed meal, rapeseed oil, soybean oil, palm oil, peanut, corn, corn starch, live pig, and egg [72][73][74].