Market Overview - As of May 14, domestic first-grade soybean oil spot price reached 8215 CNY/ton, an increase of 79 CNY/ton (0.97%) from May 12, and up by 66 CNY/ton (0.81%) from May 13 [1] Supply and Demand Dynamics - The U.S. Department of Agriculture reported that for the week ending May 8, net sales of soybean oil for the 2024/2025 marketing year were 14,000 tons, slightly down from 15,000 tons the previous week; for the 2025/2026 marketing year, net sales were 0 tons, compared to 100 tons the prior week [1] - U.S. soybean oil export shipments for the 2024/2025 marketing year totaled 51,000 tons, up from 35,000 tons the previous week [1] - Approximately 17% of U.S. soybean planting areas were affected by drought as of May 13, up from 15% the previous week and significantly higher than 9% the same time last year [1] Industry Insights - According to Ruida Futures, domestic oil mills are operating at low capacity due to tight soybean oil supply, but with a significant amount of soybeans arriving at ports, inventory levels are normalizing. Oil mill operating rates are expected to rise, leading to a recovery in soybean oil stocks. However, seasonal supply pressure from South American soybeans may keep soybean prices under pressure [2] - Guotou Anxin Futures noted that U.S. soybean oil has experienced a significant decline, reversing previous gains due to delays in the RVO policy announcement, which has increased market volatility. The overall trend indicates a substantial demand for raw materials in the biodiesel sector, but price fluctuations may increase due to various factors including raw material prices and policy subsidies [3]

Group 1 - The core business of the company includes the production and sales of biodiesel, environmental materials, and specialty chemical products [1] - The company is recognized as a national high-tech enterprise and has received multiple honors for its technological innovations [1] - As of April 18, 2025, the company has 44,878 shareholders, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Group 2 - The latest financial report for Q1 2025 shows a revenue of 241 million yuan, a year-on-year decrease of 53.69%, and a net profit loss of approximately 49.9 million yuan, a year-on-year increase of 57.60% [1] - The company's gross profit margin is reported at -6.65% [1] - The current market capitalization of the company is 7.049 billion yuan, with a price-to-earnings ratio (TTM) of -7.95 and a price-to-book ratio of 1.19 [2]

2025 年 5 月 15 日 商 品 研 究 据外媒报道，联昌国际银行（CIMB）分析师表示，马棕油库存可能在 5 月环比增长 15%，达到 215 万 吨，这将对毛棕榈油价格施加压力。预计 5 月份毛棕榈油价格将在每吨 3700 林吉特到 4000 林吉特之间波 请务必阅读正文之后的免责条款部分 1 棕榈油：压力阶段性释放，下方存在支撑 豆油：美国生柴炒作密集，短期易涨难跌 | | | 【基本面跟踪】 油脂基本面数据 | | 棕榈油主力 | 单 位 元/吨 | 收盘价 (日盘） 8,184 | 涨跌幅 2.89% | 收盘价 （夜盘） 8,176 | 涨跌幅 -0.10% | | --- | --- | --- | --- | --- | --- | --- | | | 豆油主力 | 元/吨 | 7,914 | 1.57% | 7,898 | -0.20% | | | 菜油主力 | 元/吨 | 9,438 | 0.68% | 9,432 | -0.06% | | 期 货 | 马棕主力 | 林吉特/吨 | 3,925 | 0.82% | 3,957 | 0.87% | | | CBOT豆油主力 | 美分/磅 ...

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The short - term prices of soybean meal, soybean oil, and palm oil futures are all expected to be oscillating on the strong side, but the medium - term trends are all oscillating. However, the continued rebound space for soybean meal futures prices is limited, and the long - term supply of soybean meal is expected to be loose, which still exerts pressure on long - term prices [5][6]. 3. Summary by Variety Soybean Meal (M) - **Viewpoints**: The short - term, medium - term, and intraday views are all oscillating on the strong side, with the reference view also being oscillating on the strong side [5][6]. - **Core Logic**: The extension of the US Clean Fuel Tax Credit 45Z to December 31, 2031, may maintain the demand for soybean oil as a raw material in the renewable diesel industry. After the price difference between domestic and foreign soybeans is repaired, a linkage market emerges. Although the domestic oil mill operating rate is gradually recovering, the pressure - vehicle phenomenon still exists, and the short - term spot supply recovery rhythm is slow, which still supports the spot market. The long - term supply is expected to be loose, which still pressures long - term prices. The short - term soybean meal futures price is oscillating on the strong side, but the continued rebound space is limited [5]. - **Influencing Factors**: Import arrival rhythm, customs clearance inspection, North American spring sowing weather, oil mill operation rhythm, and stocking demand [6]. Palm Oil (P) - **Viewpoints**: The short - term, medium - term, and intraday views are all oscillating on the strong side, with the reference view also being oscillating on the strong side [7]. - **Core Logic**: Indonesia will raise the special export tax on crude palm oil from 7.5% of the current reference price to 10% starting from May 17, which aims to raise more funds for the country's biodiesel blending and makes the implementation of B40 more likely. The Malaysian palm oil price has rebounded from the previous inventory pressure, boosting the domestic palm oil futures price. The short - term palm oil futures price is oscillating on the strong side [7]. - **Influencing Factors**: Malaysian palm oil production and exports, Indonesian exports, main producing countries' tariff policies, domestic arrivals and inventory, and substitution demand [6]. Soybean Oil - **Viewpoints**: The short - term, medium - term, and intraday views are all oscillating on the strong side, with the reference view also being oscillating on the strong side [6]. - **Influencing Factors**: US tariff policies, US soybean oil inventory, biodiesel demand, domestic oil mill inventory, and channel stocking demand [6].

Company Overview - The company,卓越新能, closed at 39.71 yuan, down 1.63%, with a rolling PE ratio of 26.28 times and a total market value of 4.765 billion yuan [1] - The company operates in the chemical products industry, which has an average PE ratio of 43.30 times and a median of 39.16 times, placing卓越新能 at the 76th position in the industry ranking [1] - As of March 31, 2025, the number of shareholders for卓越新能 was 5,156, a decrease of 373 from the previous count, with an average holding value of 352,800 yuan and an average holding of 27,600 shares per shareholder [1] Business Operations -卓越新能 specializes in the production of biodiesel and the utilization of waste oil resources, with main products including 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 several accolades, including being a model enterprise for circular economy in Fujian Province and a backbone enterprise in strategic emerging industries [1] Financial Performance - In the latest quarterly report for Q1 2025, the company reported an operating revenue of 709 million yuan, a year-on-year decrease of 18.39%, while net profit reached 61.3122 million yuan, reflecting a year-on-year increase of 111.22%, with a sales gross margin of 8.67% [1]

Group 1: SAF Business Development - The company is currently using an offshore (FOB) trade model for SAF, targeting international oil and gas groups and overseas traders [2] - The company is closely monitoring industry trends and SAF market dynamics to make informed decisions on capacity deployment and business expansion [2] - Ongoing research with chemical institutions aims to enhance SAF production capacity and yield [2] Group 2: Financial Performance - Revenue in Q1 2025 decreased year-on-year primarily due to reduced engineering income, which has low gross margins and significant collection pressure [3] - The decline in net profit excluding non-recurring items is attributed to a government VAT adjustment affecting a legacy project, leading to retrospective income adjustments [3] Group 3: Dividend Expectations - The proposed dividend for the fiscal year 2024 is set at 0.5 yuan per share, with plans to enhance dividend frequency to improve investor returns [3] - The board will seek authorization at the 2024 annual general meeting to establish a mid-year dividend plan based on profit distribution conditions [3]

Report Summary 1. Report Industry Investment Rating There is no information provided about the report industry investment rating in the given content. 2. Core Views of the Report - **Pig Market**: In the short - term, the supply - demand game intensifies, and pig prices fluctuate frequently. In the long - term, under the pattern of strong supply and weak demand, pig prices face a downward risk. The overall trend is weak and volatile [1]. - **Egg Market**: In the short - term, the egg price is under pressure due to increased supply and decreased demand. In the long - term, the supply pressure increases, and the far - month valuation is under pressure [2]. - **Oil Market**: After the holiday, domestic oils are expected to follow the external market and international crude oil to fluctuate weakly. In the second quarter, the overall oils are dragged down by the increase in soybean and palm oil arrivals, and may rebound in the third quarter [8]. - **Soybean Meal Market**: In the short - term, the price of soybean meal is expected to decline with the relaxation of supply and demand. In the long - term, due to increased costs and weather disturbances, the price is expected to be strong [9]. - **Corn Market**: In the short - term, the price has support. In the long - term, although there is an upward driving force, the upside space is limited due to substitutes [10]. 3. Summary by Related Catalogs Pig - **Spot Price**: On May 9, the spot prices in Liaoning, Henan, Sichuan, and Guangdong were stable compared to the previous day [1]. - **Supply and Demand**: Short - term: Secondary fattening entry enthusiasm weakens, and post - festival demand is weak. Long - term: Supply increases from April to September 2024, and the supply pressure is still large in the fourth quarter [1]. - **Strategy**: Short - term: The overall trend is weak and volatile, and short positions should be stopped for profit. Long - term: Wait for a rebound to go short at high prices [1]. Egg - **Spot Price**: On May 9, the prices in Shandong Dezhou and Beijing were stable compared to the previous day [2]. - **Supply and Demand**: Short - term: After the May Day holiday, demand falls, and supply accumulates. Long - term: High replenishment volume leads to an increasing supply trend [2]. - **Strategy**: 06 contract: Low - level shock. 08 and 09 contracts: Treat with a bearish logic [2]. Oil - **External Market**: On May 8, the US soybean oil and Malaysian palm oil futures rose [2]. - **Palm Oil**: Malaysia: Production increases more than exports, and prices are under pressure. China: There is an expectation of inventory recovery and supply loosening in the second quarter [5]. - **Soybean Oil**: The US soybean futures are under short - term pressure. In China, the supply pressure is large in the second quarter [6]. - **Rapeseed Oil**: The supply in Canada is tightening. In China, the inventory is expected to gradually decrease in the second quarter [7]. - **Strategy**: 09 contracts of soybean, palm, and rapeseed oils are expected to fluctuate weakly in the short - term. Be cautious about shorting palm oil, and wait and see for soybean and rapeseed oils [8]. Soybean Meal - **External Market**: On May 8, the US soybean 07 contract rose. The premium quotation is weak [9]. - **Domestic Market**: In the short - term, supply and demand are loosening, and prices are falling. In the long - term, prices are expected to be strong due to cost and weather factors [9]. - **Strategy**: Short - term: Go short at high prices for the 09 contract. Long - term: Go long at low prices [9]. Corn - **Spot Price**: On May 8, the price in Jinzhou Port was stable, and the price in Shandong Weifang Xingmao rose [10]. - **Supply and Demand**: Short - term: Supply is tight, and prices have support. Long - term: There is an upward driving force, but the upside space is limited [10]. - **Strategy**: Wait for a callback to go long, and be cautious about chasing up [10]. Today's Futures Market Overview - It shows the prices, price changes of various varieties such as CBOT soybeans, soybean meal, corn, etc. on the previous trading day [11].

饲料养殖产业日报 日度观点 ◆生猪： 5 月 7 日辽宁现货 14.2-14.8 元/公斤，较上一日稳定；河南 14.5-15.3 元/ 公斤，较上一日跌 0.1 元/公斤；四川 14.5-14.8 元/公斤，较上一日稳定； 广东 15.4-16 元/公斤，较上一日稳定。前期二育强势进场，二育栏舍利用 率已超过一半，部分养殖户五一前后出栏，且肥标价差倒挂以及成本提升， 二次育肥进场积极性减弱，后期供应增加。需求端，天气转热，节后猪肉消 费转淡，且猪价偏高，屠企利润仍亏损，需求增量有限，不过低位二次育肥 滚动进场仍存，整体供需博弈加剧，猪价频繁震荡整理，关注企业出栏节 奏、二育进出情况。中长期来看，能繁母猪存栏 2024 年 5-11 月缓增，生 产性能提升，在疫情平稳情况 下，4-9 月供应呈增加态势，根据仔猪数据， 2024 年 11-2025 年 2 月仔猪同比增加，二季度出栏压力仍大，叠加生猪体 重偏高，而上半年消费淡季，在供强需弱格局下， 猪价有下跌风险，关注 二育介入造成供应后移、冻品出入库以及饲料价格波动对价格的扰动； 2024 年 12 月开始，生猪产能有所去化，但行业有利润，去化幅度有限， 处 ...

2025 年 5 月 6 日 棕榈油：短期偏弱，下方有支撑 豆油：单边有回调风险，品种间偏强 | | | 【基本面跟踪】 油脂基本面数据 | | | 单位 | 收盘价(日盘） | 涨跌幅 | 收盘价（夜盘） | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 棕榈油主力 | 元/吨 | 8,148 | 0.34% | / | / | | | 豆油主力 | 元/吨 | 7,832 | 0.67% | / | / | | | 菜油主力 | 元/吨 | 9,297 | -0.05% | / | / | | 期货 | 马棕主力 | 林吉特/吨 | 3,827 | -1.37% | 3,801 | -0.68% | | | CBOT豆油主力 | 美分/磅 | 48.74 | -1.40% | | | | | | 单位 | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | 棕榈油主力 | 手 | 504,163 | -46,625 | 346,968 | -29,104 | | | 豆油主力 | 手 | 286,750 | -16,620 | 58 ...

Group 1 - The core viewpoint of the article highlights the financial performance and market position of Zhuoyue New Energy, indicating a decline in stock price and a comparison of its PE ratio with industry averages [1] - Zhuoyue New Energy's closing stock price is 41.05 yuan, down 1.11%, with a rolling PE ratio of 27.17 times and a total market capitalization of 4.926 billion yuan [1] - The company ranks 81st in the chemical products industry, where the average PE ratio is 52.93 times and the median is 37.91 times [1] Group 2 - As of the first quarter of 2025, nine institutions hold shares in Zhuoyue New Energy, including five funds, two others, one insurance company, and one brokerage, with a total holding of 91.8902 million shares valued at 4.125 billion yuan [1] - Zhuoyue New Energy specializes in producing biodiesel and bio-based materials from waste oil, with main products including various grades of biodiesel and other chemical products [1] - The latest financial report for the first quarter of 2025 shows the company achieved an operating income of 709 million yuan, a year-on-year decrease of 18.39%, and a net profit of 61.3122 million yuan, a year-on-year increase of 111.22%, with a sales gross margin of 8.67% [1]