Report Core Views Palm Oil - Fundamental factors are supported by improved exports in Malaysia and policies in Indonesia, but high domestic inventories are suppressing price increases. Malaysian palm oil exports from July 1 - 7 increased by 3.8% - 4.2% month - on - month, continuing the positive trend in June (up 4.5% month - on - month). Indonesian exports in June surged 48% year - on - year to 1.92 million tons. However, domestic palm oil inventories reached 2.479 million tons as of July 5, a weekly increase of 22,500 tons. Key variables include the sustainability of Malaysian exports and potential adjustments to Indonesia's export tariff policy [3]. Soybean Oil - There is a divergence between international and domestic fundamentals. International policy expectations and high domestic supply are in a tug - of - war. The US House of Representatives plans to review the "Clean Energy Expenditure Act" on July 12, which could increase the demand for soybean oil in the biodiesel industry by about 2 million tons per year if passed. But in China, the supply pressure is significant, with an expected arrival of 8.6 million tons of imported soybeans in July and a high crushing volume of 2.55 million tons. The key variables are the weather in North American soybean - growing regions and the progress of US policy implementation [4]. Rapeseed Oil - The fundamentals maintain a pattern of high inventories and low consumption, with limited policy support, and it is difficult to show improvement in the short term. The commercial inventory of rapeseed oil in East China has remained above 630,000 tons, with a year - on - year increase of over 82%. Key factors to watch are the progress of inventory reduction and the weather in North American rapeseed - growing regions [5]. Imported Soybeans and Domestic Meal - For imported soybeans, the supply in the third quarter is still relatively abundant, and the supply gap in the fourth quarter depends on Sino - US relations. For domestic soybean meal, supply - side pressure is the main factor suppressing the spot market. Rapeseed meal inventory reduction is slow, and its market trend will generally follow that of soybean meal and is expected to be weak [17]. Price and Spread Information Oil Price and Spread - The table shows the monthly and inter - variety spreads of oils, including P 1 - 5, Y - P 01, etc., with corresponding prices and daily changes [6]. - Palm oil futures and spot prices are presented, including prices of different contracts, BMD palm oil, and spot prices in Guangzhou, along with their changes [7]. - Soybean oil futures and spot prices are provided, including prices of different contracts, CBOT soybean oil, and spot prices in Shandong, along with their changes [13]. Meal Price and Spread - Futures prices of soybean meal and rapeseed meal are given, including closing prices, daily changes, and price change percentages of different contracts [18]. - Information on the spot and futures spreads of soybean meal and rapeseed meal is provided, including spreads between different contracts, spot prices, and basis prices [20].

Report Industry Investment Ratings - The investment ratings for different agricultural products are as follows: Pig and egg are rated ★☆☆, indicating a slightly bearish or bullish trend with limited operability on the trading floor [1]. Core Viewpoints - The report provides a comprehensive analysis of various agricultural products including soybeans, soybean meal, soybean oil, palm oil, rapeseed meal, rapeseed oil, corn, pigs, and eggs, considering factors such as weather, policy, supply - demand, and market sentiment to evaluate their market trends [2][3][4]. Summary by Product Soybeans - In the Northeast region, the temperature is high and precipitation is abundant this week, and the soil moisture is suitable. Future rainfall in North China, Northeast China, and the eastern part of Northwest China will be 30% - 60% more than usual, which is beneficial for crop growth. All 16,272 tons of domestic soybeans in the planned rotation sales were sold at an average price of 4,277 yuan/ton. The weather in US soybean - producing areas is conducive to crop growth in the coming week. Short - term focus should be on weather and policy guidance [2]. Soybeans and Soybean Meal - As of the week ending July 6, the US soybean good - to - excellent rate was 66%, the same as the previous week and market expectations, but lower than 68% last year. The emergence rate was 96% and the flowering rate was 32%. Future rainfall in most US soybean - producing areas will fluctuate slightly around the normal level, and the temperature will be slightly lower than normal. The Trump administration has threatened to impose tariffs ranging from 25% to 40% on multiple countries, with the implementation postponed to August 1. The Dalian soybean meal market is expected to fluctuate [3]. Soybean Oil and Palm Oil - Palm oil is strong and soybean oil follows. In June, Malaysia's palm oil production decreased, demand increased, and inventory decreased. The market's expectation for its supply - demand has improved. Attention should be paid to the MPOB report. High - temperature risks in Ukraine and the EU for sunflower seeds may boost palm oil prices. In the third quarter, overseas palm oil is in a seasonal production - increasing cycle. In the long - term, biodiesel development can support vegetable oil prices, so a long - term strategy of buying on dips is recommended. Short - term focus should be on policy and weather [4]. Rapeseed Meal and Rapeseed Oil - The rapeseed market shows a pattern of strong oil and weak meal, related to the decline of Canadian rapeseed powder and the rise of vegetable oil. Due to rainfall in Canada, the rapeseed price dropped by 3%, and rapeseed meal is expected to remain weak. Rapeseed oil follows the rise of palm oil. The long - term supply of domestic rapeseed products is more uncertain, and the far - month oil - to - meal ratio may increase. Rapeseed meal is expected to remain weak in the short - term, and rapeseed oil will mainly follow the vegetable oil sector [6]. Corn - Since July, Dalian corn has been falling due to CGSG auctions. Last week's high auction success rate and premium affected market expectations, and the supply from some grass - roots traders increased. The auction results have declined slightly in the past two days. Shandong's spot supply has increased, and the north - south port inventories have risen slightly with weak demand. The corn market has few contradictions, and the futures may continue to fluctuate [7]. Pigs - The pig futures fluctuate narrowly, and the spot price is stable. After the recent rise in the futures and fall in the spot, the basis has narrowed significantly. The inventory of breeding sows increased in June, and there is long - term production capacity pressure, so the upward space of the futures is limited, and the pig price may decline in the medium - to - long - term [8]. Eggs - The egg spot price continues to fall, and the futures contracts of August, September, December, and later hit new lows. The 18 - contract still has a premium of over 1,000 yuan to the spot. The weekly old - hen culling has slowed down. The long - term egg price cycle has not bottomed out, and a short - selling strategy on the futures is recommended [9].

| | | | '/ V SDIC FUTURES | | 2025年07月02日 | | --- | --- | --- | | | 操作评级 | | | 豆一 | | 杨蕊霞 农产品组长 | | | ななな | F0285733 Z0011333 | | 豆粕 | な女女 | 吴小明 首席分析师 | | 豆油 | な女女 | | | 標網油 | な女女 | F3078401 Z0015853 | | | | 董甜甜 高级分析师 | | 菜粕 | な女女 | F0302203 Z0012037 | | 菜油 | ななな | | | | | 宋腾 高级分析师 | | 玉米 | ☆☆☆ | | | | | F03135787 Z0021166 | | 生猪 | な☆☆ | | | 鸡蛋 | ★☆☆ | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【豆一】 【菜粕&菜油】 国产豆主力结束跌势，价格从低位反弹。国内宏观政策去化落后产能,大宗商品整体表现强势。本周国产大豆 东北产区天气有利于作物生长，未来10天降雨量会偏多，关注天气对作物的影响。进口大豆方面 ...

Core Viewpoint - The stock of Zhuoyue New Energy closed at 49.1 yuan, marking a 2.14% increase, with a rolling PE ratio of 32.50, the lowest in 421 days, and a total market capitalization of 5.892 billion yuan [1] Company Summary - Zhuoyue New Energy specializes in the production of biodiesel and the utilization of bio-based materials from waste oil [1] - The main products include various grades of biodiesel, bioester plasticizers, industrial glycerin, and environmentally friendly alkyd resins [1] - The company is recognized as a national high-tech enterprise and has received multiple accolades as a model for circular economy and innovation in Fujian Province [1] Financial Performance - For Q1 2025, Zhuoyue New Energy reported revenue of 709 million yuan, a year-on-year decrease of 18.39%, while net profit reached 61.31 million yuan, reflecting a year-on-year increase of 111.22% [1] - The sales gross margin stood at 8.67% [1] Industry Comparison - The average PE ratio for the chemical products industry is 44.87, with a median of 40.59, positioning Zhuoyue New Energy at 86th place within the industry [1][2] - The company’s PE ratio is significantly lower than the industry average and median, indicating potential undervaluation [2]

| | | | SDIC FUTURES | | 2025年06月30日 | | --- | --- | --- | | | 操作评级 | | | 豆一 | 女女女 | 杨蕊霞 农产品组长 | | 豆粕 | | F0285733 Z0011333 | | | な女女 | 吴小明 首席分析师 | | 豆油 | な女女 | F3078401 Z0015853 | | 棕榈油 | な女女 | 董甜甜 高级分析师 | | 菜粕 | ★☆☆ | F0302203 Z0012037 | | 菜油 | ★☆☆ | 宋腾 高级分析师 | | 玉米 | ななな | F03135787 Z0021166 | | 生猪 | ★☆☆ | | | 鸡蛋 | ★☆☆ | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【豆一】 本周国产大豆东北产区天气有利于作物生长，未来10天降雨量会偏多，关注天气对作物的影响。政策方面短期 国产大豆购销双向交易，关注实际的成交表现。进口大豆方面市场关注美国大豆种植面积报告指引以及中美贸 易谈判进展。短期持续关注天气和政策的指引。 【大豆&豆粕】 ...

Report Industry Investment Ratings - 豆一: ★★★, indicating a clearer long - term trend and a relatively appropriate investment opportunity [1] - 豆粕: ★★★ [1] - 豆油: ★★★ [1] - 棕榈油: ★★★ [1] - 菜粕: ★★★ [1] - 菜油: ★★★ [1] - 玉米: ★★★ [1] - 生猪: ★☆☆, representing a bias towards long/short, with a driving force for price increase/decrease but limited operability on the trading floor [1] - 鸡蛋: ★☆☆ [1] Core Viewpoints - The prices of various agricultural products are affected by multiple factors such as weather, supply and demand, and policy. The short - term market trends are mostly in a state of shock, and long - term trends need to be judged based on different factors such as biodiesel development and policy intentions [2][3][4] Summaries According to Related Catalogs Soybean - Domestic soybeans continue to decline. Imported soybean auctions have all failed. US soybeans are weak due to favorable short - term weather and the market is waiting for the planting area report at the end of the month. There is little remaining domestic soybean at the grass - roots level, and the policy side is conducting auctions to supplement supply. Short - term attention should be paid to the guidance of the US soybean area report and weather conditions [2] Soybean & Soybean Meal - As of June 24, about 12% of US soybean - growing areas were affected by drought, showing improvement. In the next two weeks, the weather in most US soybean - growing areas is favorable for growth. Domestic spot prices have continued to fall by 30 - 50 yuan/ton, and soybean meal inventory in oil mills has increased. Five domestic large enterprises have jointly purchased 30,000 tons of Argentine soybean meal. The soybean meal market is currently in a state of shock. The US Department of Agriculture will release the planting area report at 00:00 on July 1 [3] Soybean Oil & Palm Oil - The soybean and palm oil futures are oscillating and waiting for the planting area report at the end of the month. In the short term, the domestic soybean market still faces a large arrival pressure, and the procurement volume in the fourth quarter is relatively low. In the long term, the development of biodiesel can support the vegetable oil market, so a long - term strategy of buying on dips for vegetable oils is recommended [4] Rapeseed Meal & Rapeseed Oil - The near - and far - month contracts of rapeseed futures have mixed performance but are generally weak. Rainfall in Canadian rapeseed - growing areas has improved soil humidity. The old - crop rapeseed inventory is tight, and there are many uncertainties in new - crop weather. It is recommended to change the short - term strategy from bearish to wait - and - see [6] Corn - Dalian corn futures continue to oscillate, with a divergence between futures and spot prices (spot is strong and futures are weak). The overall contradiction in the corn market is not significant. The expected increase in state - reserve auctions suppresses the increase in corn prices. North port inventories are decreasing, and south port inventories are slightly increasing. The operating rate of starch deep - processing enterprises may continue to decline. The corn futures market is expected to oscillate in the near future [7] Live Pigs - Live pig futures are weakly adjusted with reduced positions, and spot prices have increased in various regions. In the medium term, due to the continuous increase in the inventory of breeding sows and the number of newborn piglets, the pressure on future hog slaughter is large, and the room for pig price rebound is limited. In the long term, the policy aims to stabilize pig prices, and attention should be paid to when the production capacity reaches an inflection point [8] Eggs - Egg futures contracts show different performances within the day, generally oscillating in the previously formed low - level range. Spot prices are stable. Since the number of chick replenishments from January to April this year was the highest in the same period in recent years, it is believed that the production capacity is still being released. The culling of old hens is insufficient, and the culling age is relatively high. The long - term egg price cycle has not bottomed out, and the strategy of shorting on rallies for futures prices continues [9]

1. Report Industry Investment Ratings - **Buy (★★★)**: Soybean (Bean 1), Soybean Meal, Soybean Oil, Palm Oil, Corn [1] - **Sell (★☆☆)**: Rapeseed Meal, Rapeseed Oil, Live Pigs, Eggs [1] 2. Core Views - The report analyzes the market trends of various agricultural products, including soybeans, soybean meal, soybean oil, palm oil, rapeseed meal, rapeseed oil, corn, live pigs, and eggs. Short - term market trends are affected by factors such as weather, planting area reports, and policy changes, while long - term trends are influenced by supply - demand relationships and bio - diesel development [2][3][4] 3. Summary by Related Catalogs 3.1 Soybean (Bean 1) - Domestic soybeans are in a downward trend. U.S. soybeans are weak due to favorable short - term weather and market waiting for the planting area report. There is little residual grain at the grass - roots level of domestic soybeans, and the policy side is conducting auctions. Short - term focus is on the U.S. soybean area report and weather [2] 3.2 Soybean & Soybean Meal - Soybean meal futures fell 2.43% today. Before the U.S. Department of Agriculture's planting area report on July 1, institutions predict an average soybean planting area of 83.655 million acres. U.S. weather is favorable for soybean growth. Domestic spot prices are falling, and oil mill soybean meal inventories are increasing. The soybean meal market is currently in a volatile state [3] 3.3 Soybean Oil & Palm Oil - U.S. soybeans are weak. Brazil will raise the biodiesel blending ratio to 15% from August 1. The decline of soybean and palm oil has slowed. In the long - term, a long - position strategy for vegetable oils is recommended, waiting for the U.S. soybean planting area report [4] 3.4 Rapeseed Meal & Rapeseed Oil - Rapeseed meal futures continue to be weak. The weather in North American oilseed areas is good. The inventory of rapeseed meal and rapeseed oil in oil mills is low, but the East China inventory is sufficient. A short - position strategy for rapeseed products is recommended [6] 3.5 Corn - Dalian corn futures are fluctuating weakly. There are policies on wheat prices, and the expected state reserve auction suppresses the increase of corn prices. The inventory situation varies between north and south ports. Corn futures are expected to be volatile [7] 3.6 Live Pigs - The main contract of live pig futures rebounds slightly, and the far - month contract is relatively weak. Spot prices are rising slightly. In the medium - term, the pressure of pig supply is large, and the long - term focus is on policy and production capacity inflection points [8] 3.7 Eggs - The main contract of egg futures shows a doji pattern. Spot prices are stable in some areas and slightly lower in others. Egg production capacity is still being released, and a short - position strategy for egg futures is recommended [9]

Group 1 - The stock of Haineng Technology (300072) closed at 3.71 yuan on June 23, 2025, with a daily increase of 20.06%, reaching a new high for the stage, and a trading volume of 6.02 billion yuan, with a turnover rate of 7.23% [1] - A large block trade occurred on the same day, with a transaction volume of 403,700 shares at a price of 3.09 yuan, representing a discount of 16.71% compared to the closing price, totaling 1.2474 million yuan [1] - Institutional investors net bought 8.6666 million yuan worth of Haineng Technology shares, ranking fourth in buying positions, while the Shenzhen Stock Connect saw a net purchase of 10.3053 million yuan, becoming the largest buying force [1] Group 2 - Market analysis suggests that the stock price fluctuation may be related to the company's recent industrial breakthroughs, including the launch of a 200,000 tons/year biodiesel isomerization project SAF (Sustainable Aviation Fuel) on June 20, marking it as the first local state-owned enterprise to obtain airworthiness certification from the Civil Aviation Administration [2] - The SAF market is experiencing a widening supply gap due to long capacity construction cycles and rapidly growing demand, with recent price increases for HVO/SAF [2] - The current dynamic price-to-earnings ratio of Haineng Technology is -43.67 times, with a total market value of 8.717 billion yuan and a price-to-book ratio of 1.47 times, indicating market divergence regarding its profit turnaround expectations and asset quality [2]

| | | | '/ V V SDIC FUTURES | | 2025年06月20日 | | --- | --- | --- | | | 操作评级 | | | 豆一 | | 杨蕊霞 农产品组长 | | | なな女 | F0285733 Z0011333 | | 豆粕 | な☆☆ | 吴小明 首席分析师 | | 豆油 | ななな | | | 標 潟 海 | ななな | F3078401 Z0015853 | | | | 董甜甜 高级分析师 | | 薬粕 | ななな | F0302203 Z0012037 | | 菜油 | ななな | | | | | 宋腾 高级分析师 | | 玉米 | な女女 | F03135787 Z0021166 | | 生猪 | ★☆☆ | | | 鸡蛋 | な☆☆ | 010-58747784 | | | | gtaxinstitute@essence.com.cn | 【豆一】 豆一短暂调整之后价格止跌上涨。本周国储政策拍卖和地方储备拍卖均在进行。市场上的余粮偏少，目前靠政 策交易量在补充。进口大豆方面中期会受天气驱动,天气会成为影响价格的主要因素，并且长期趋势美国生栄 政策利多，也 ...

Report Core View - The overall situation of agricultural products presents complex trends, with different varieties affected by factors such as weather, policies, and geopolitical situations. There are differences in price trends and investment outlooks among various agricultural products [2][3][4] Summary by Variety Soybean - Domestic soybeans continued to rise today, but the domestic soybean bidding procurement failed. In terms of price difference, domestic soybeans are weaker than imported soybeans. Imported soybeans will be driven by weather in the medium - term, and the long - term US biodiesel policy is bullish, making CBOT soybeans price resistant. In the short term, the weather in Northeast China is conducive to soybean growth [2] Soybean & Soybean Meal - The escalation of the Israel - Iran conflict has led to a rise in crude oil and strong performance of US soybeans. Dalian soybean meal closed flat. The continuous strong rise of domestic soybean oil may suppress the increase of soybean meal. The US soybean good - to - excellent rate is 66%, slightly lower than expected. Future US weather is favorable for soybean growth. There are still many uncertainties in Sino - US trade. Pay attention to the fluctuations in the oil sector and the potential price increase driven by bad weather from June to August [3] Soybean Oil & Palm Oil - As the price of oil rises, the soybean crushing profit on the futures market improves, and the market shows a situation of strong oil and weak meal. The spot basis weakens as the futures oil price rises. Driven by the US biodiesel policy, the long - term upward elasticity of oil is large, and the price of CBOT soybeans is resistant [4] Rapeseed Meal & Rapeseed Oil - The prices of rapeseed products continued to rise slightly. The positions of the main rapeseed oil contract increased, and the spread between September and January of rapeseed meal narrowed. The impact of factors such as foreign biodiesel and geopolitics has not been fully digested. There is a risk of dry weather in North American oilseed growing areas, and the oilseed futures price includes a weather premium. The price difference between domestic rapeseed oil and other oils is relatively high, and terminal consumption is not strong. The price increase of rapeseed oil mainly comes from the uncertainty of future imports. In general, the price of rapeseed products has room to rise in the medium - term but may face price pressure from the demand side in the short - term [6] Corn - Dalian corn futures rose and then fell. The bullish sentiment affected by wheat policy has weakened. The price difference between new wheat and corn is about 30 yuan/ton, and some feed enterprises are substituting. Corn traders expect future price increases. The supply in Shandong is at a low level and slightly increased today. The inventory in north and south ports is decreasing, and the operating rate of deep - processing enterprises is declining. The potential reduction of 1 million sows in China may affect feed consumption, and corn futures may continue to fluctuate [7] Live Pigs - The live pig futures rebounded slightly with narrow market fluctuations, and the spot price remained stable. The government plans to reduce the number of sows by about 1 million to 3.95 million. Policy aims to stabilize pig prices, but the industry still faces large pressure of pig出栏 in the later period [8] Eggs - The near - month egg futures rebounded significantly, and the spot price was stable with a slight increase in some areas. The bottom - fishing sentiment was released as egg prices entered a low - level range, and the upcoming Mid - Autumn Festival demand and 618 promotion supported the price. However, due to the release of production capacity and the normal old - hen culling rate, the price increase is considered a rebound rather than a reversal [9]