Report on the Steel Industry Investment Rating - Not provided in the report. Core View - The price of steel has risen again, with the spread between the October and January contracts of rebar decreasing and that of hot-rolled coils strengthening. The spread between coils and rebar is expected to decline from its high. Total apparent demand showed signs of bottoming out and rebounding last week but remained at an off - peak level. Steel prices are expected to remain in a high - level volatile pattern, and it is recommended to try long positions, with reference levels of 3140 yuan for hot - rolled coils and 3380 yuan for rebar [1]. Summary by Directory Steel Prices and Spreads - Rebar spot prices in East China, North China, and South China were 3310 yuan/ton, 3280 yuan/ton, and 3420 yuan/ton respectively; hot - rolled coil spot prices in East China, North China, and South China were 3430 yuan/ton, 3380 yuan/ton, and 3420 yuan/ton respectively [1]. Cost and Profit - The cost of Jiangsu electric - arc furnace rebar was 3344 yuan/ton, and the profit of East China hot - rolled coils was - 41 yuan/ton; the cost of Jiangsu converter rebar was 3200 yuan/ton, and the profit of North China hot - rolled coils was 15 yuan/ton [1]. Production and Inventory - The daily average pig iron output was 240.8 tons, with a slight increase of 0.1 tons. The output of five major steel products was 878.1 tons, an increase of 6.4 tons or 0.7%. The inventory of five major steel products was 1441.0 tons, an increase of 25.1 tons or 1.8% [1]. Transaction and Demand - The building materials trading volume was 11.1 tons, an increase of 1.7 tons or 18.3%. The apparent demand for five major steel products was 853.0 tons, an increase of 22.0 tons or 2.6% [1]. Report on the Iron Ore Industry Investment Rating - Not provided in the report. Core View - The 2601 contract of iron ore showed an oscillating upward trend. The global shipment volume of iron ore decreased, and the arrival volume at 45 ports declined, but the subsequent average arrival volume is expected to recover. The pig iron output remained at a high level, and downstream apparent demand rebounded. It is recommended to switch to long positions on dips and recommend the 1 - 5 positive spread arbitrage [3]. Summary by Directory Iron Ore - Related Prices and Spreads - The warehouse receipt cost of Carajás fines was 807.7 yuan/ton, a 1.9% increase; the 01 contract basis of Carajás fines was 20.7 yuan/ton, a 520.4% increase [3]. Supply and Demand Indicators - The weekly arrival volume at 45 ports was 2393.3 tons, a decrease of 83.3 tons or 3.4%; the weekly global shipment volume was 3315.8 tons, a decrease of 90.8 tons or 2.7% [3]. Inventory Changes - The inventory at 45 ports decreased by 11.2 tons or 0.1% compared to Monday; the inventory of imported ore in 247 steel mills decreased by 70.9 tons or 0.8% [3]. Report on the Coke and Coking Coal Industry Investment Rating - Not provided in the report. Core View - Coke futures showed a strong rebound, and the seventh round of coke price increase was implemented. Due to supply - demand tightness, downstream steel mills still had restocking demand. It is recommended to go long on the 2601 contract of coke on dips and recommend the arbitrage of long coking coal and short coke. Coking coal futures also rebounded strongly, and it is recommended to go long on the 2601 contract of coking coal on dips and recommend the same arbitrage [5]. Summary by Directory Price and Spread - The price of Shanxi quasi - first - grade wet - quenched coke (warehouse receipt) was 1610 yuan/ton, unchanged; the 09 contract of coke was 1627 yuan/ton, an increase of 1.5% [5]. Supply and Demand - The weekly coke output of all - sample coking plants was 65.5 tons, a 0.1% increase; the weekly pig iron output of 247 steel mills was 240.8 tons, a 0.0% increase [5]. Inventory - The total coke inventory was 888.6 tons, an increase of 1.2 tons or 0.1%; the coking coal inventory of all - sample coking plants was 966.4 tons, a decrease of 10.5 tons or 1.1% [5].

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View - Overnight, US soybeans closed lower, and Dalian soybean meal futures may adjust and fluctuate; Dalian soybean futures are expected to fluctuate weakly [1]. - On August 25, CBOT soybean futures declined due to weakened expectations of Chinese demand and the evaluation of US refineries' biodiesel exemption applications. The US soybean good-to-excellent rate as of August 25 was 69%, up from 68% last week and 67% in the same period last year [3]. 3. Summary by Related Catalogs 3.1 Fundamental Tracking - **Futures Prices**: DCE soybean No.1 2511 closed at 3,992 yuan/ton during the day session, up 3 yuan (+0.08%), and 3,991 yuan/ton at night, down 7 yuan (-0.18%); DCE soybean meal 2601 closed at 3,117 yuan/ton during the day session, up 23 yuan (+0.74%), and 3,112 yuan/ton at night, up 2 yuan (+0.06%); CBOT soybean 11 closed at 1,047.75 cents/bushel, down 10.5 cents (-0.99%); CBOT soybean meal 12 closed at 290.6 dollars/short ton, down 0.4 dollars (-0.14%) [1]. - **Spot Prices**: In Shandong, the spot price of soybean meal (43%) was 3,080 - 3,130 yuan/ton, flat to up 20 yuan compared to the previous day; in East China, it was 3,000 - 3,080 yuan/ton, up 20 yuan or flat; in South China, it was 3,030 - 3,050 yuan/ton, up 20 yuan [1]. - **Industrial Data**: The trading volume of soybean meal was not available on the previous trading day, compared to 13.1 million tons two trading days ago; the inventory was not available, compared to 97.4 million tons two trading days ago [1]. 3.2 Macro and Industry News - On August 25, CBOT soybean futures declined as industry insiders lost confidence in Chinese buyers purchasing US soybeans. The US - China trade tension and the evaluation of US refineries' biodiesel exemption applications contributed to the decline [3]. - The US Department of Agriculture's crop weekly report showed that as of August 25, the US soybean good - to - excellent rate was 69%, up from 68% last week and 67% in the same period last year [3]. 3.3 Trend Intensity - The trend intensity of soybean meal and soybean No.1 was 0, indicating neutrality for the day - session main - contract futures price fluctuations on the report day [3].

Report Industry Investment Ratings - The report does not provide an overall industry investment rating but offers individual ratings for various futures varieties, including "Short - term adjustment", "Short - term bullish", and "Cautiously bullish" [2] Core Views - The report analyzes multiple futures varieties, such as soymeal, rapeseed meal, palm oil, soybean oil, rapeseed oil, cotton, jujube, and live pigs. It provides short - term and long - term outlooks, market influencing factors, and trading strategies for each variety [2] Summary by Variety Soymeal - **Price and Inventory**: As of August 15, 2025, the national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on - year, while the 125 - oil - mill soybean inventory decreased by 24.35 million tons (3.46%). The national port soybean inventory decreased by 1.20 million tons week - on - week, and the 125 - oil - mill soybean inventory decreased by 30.16 million tons (4.24%). The national port soybean inventory increased by 22.22 million tons year - on -

Report Industry Investment Rating No relevant information provided. Core Viewpoints - Palm oil: With no new fundamental drivers, wait for a pullback to go long [2][4]. - Soybean oil: The trading of soybean shortage in the fourth quarter has paused, and it will fluctuate and consolidate at a high level [2][4]. - Soybean meal: Overnight, U.S. soybeans closed lower, and Dalian soybean meal may adjust and fluctuate [2][11]. - Soybean: It will fluctuate weakly [2][11]. - Corn: It will run in a fluctuating manner [2][14]. - Sugar: It will trade in a narrow range [2][18]. - Cotton: Pay attention to the situation of new crops and the influence of external market sentiment [2][21]. - Eggs: Sentiment for the far - end contracts is weak [2][26]. - Live pigs: Spot performance is below expectations, and go short on rallies [2][28]. - Peanuts: Pay attention to the listing of new peanuts [2][33]. Summary by Relevant Catalogs Palm Oil and Soybean Oil - **Fundamental Data**: Palm oil futures had a daytime closing price of 9,488 yuan/ton with a decline of 0.23%, and a night - session closing price of 9,542 yuan/ton with an increase of 0.57%. Soybean oil futures had a daytime closing price of 8,536 yuan/ton with an increase of 0.52%, and a night - session closing price of 8,514 yuan/ton with a decline of 0.26%. Spot prices of palm oil in Guangdong were 9,620 yuan/ton, up 80 yuan; soybean oil in Guangdong was 8,720 yuan/ton, up 50 yuan [4]. - **Macro and Industry News**: Malaysia's palm oil exports from August 1 - 25 were 1,141,661 tons, a 10.9% increase from the same period last month. The U.S. soybean good - to - excellent rate as of August 24 was 69%, higher than expected. Brazil's daily average soybean export volume in the first four weeks of August increased by 24% year - on - year [5][8]. Soybean Meal and Soybean - **Fundamental Data**: DCE soybean 2511 had a daytime closing price of 3,992 yuan/ton, up 3 yuan (+0.08%), and a night - session closing price of 3,991 yuan/ton, down 7 yuan (-0.18%). DCE soybean meal 2601 had a daytime closing price of 3,117 yuan/ton, up 23 yuan (+0.74%), and a night - session closing price of 3,112 yuan/ton, up 2 yuan (+0.06%) [11]. - **Macro and Industry News**: On August 25, CBOT soybeans fell due to weakened expectations of Chinese demand. As of August 25, the U.S. soybean good - to - excellent rate was 69% [13]. Corn - **Fundamental Data**: The closing price of C2509 was 2,202 yuan/ton, up 0.23% during the day and 2,209 yuan/ton, up 0.32% at night. The closing price of C2511 was 2,154 yuan/ton, down 0.14% during the day and 2,158 yuan/ton, up 0.19% at night [15]. - **Macro and Industry News**: Northern corn port - collection prices were stable, and Guangdong Shekou prices increased by 10 yuan/ton. Imported sorghum and barley had different price quotes [16]. Sugar - **Fundamental Data**: The raw sugar price was 16.4 cents/pound, down 0.08. The mainstream spot price was 5,980 yuan/ton, unchanged. The futures main - contract price was 5,688 yuan/ton, up 18 yuan [18]. - **Macro and Industry News**: Brazil's sugar production needs to be re - estimated, and India's monsoon precipitation has weakened. China's sugar imports in July were 740,000 tons, an increase of 320,000 tons [18]. Cotton - **Fundamental Data**: The closing price of CF2601 was 14,120 yuan/ton, up 0.64% during the day and 14,145 yuan/ton, up 0.18% at night. ICE U.S. cotton 12 closed at 67.38 cents/pound, down 0.91% [21]. - **Macro and Industry News**: Cotton spot trading remained stable, with textile mills making rigid - demand purchases. The cotton yarn market had normal trading, and the grey - cloth market was flat [22]. Eggs - **Fundamental Data**: The closing price of egg 2509 was 2,951 yuan/500 kg, up 1.62%, and egg 2601 was 3,383 yuan/500 kg, down 1.34% [26]. - **No additional macro and industry news provided**. Live Pigs - **Fundamental Data**: Henan's spot price was 13,780 yuan/ton, Sichuan's was 13,550 yuan/ton, and Guangdong's was 15,140 yuan/ton. The closing price of live pig 2509 was 13,795 yuan/ton, up 35 yuan [29]. - **Market Logic**: In August, the planned slaughter volume of large - scale farms increased, demand growth was limited, and spot performance was below expectations. The purchasing sentiment for piglets declined, and attention should be paid to the downward shift of the far - end price center [31]. Peanuts - **Fundamental Data**: The price of Liaoning 308 common peanuts was 8,000 yuan/ton, unchanged. The closing price of PK510 was 7,990 yuan/ton, down 0.17% [33]. - **Spot Market Focus**: In most peanut - producing areas, prices were basically stable. New peanuts are expected to be listed around late September [34].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The cotton price is rising due to the continuous reduction of commercial inventory, the approaching peak consumption season, and the improvement of spinning mill orders. The corn price is falling significantly because of sufficient supply, including continuous auctions of imported corn, the listing of spring corn in some areas, and the strong expectation of a new - corn harvest. The egg price is weak with high chicken inventory and poor demand. The soybean meal price rebounds due to the strong external market. Other products such as palm oil, soybean oil, etc., also show different trends based on their respective supply - demand and market factors [1]. 3. Summary by Related Catalogs 3.1 Agricultural Product Sector Overview - Cotton prices are rising as commercial inventories are being depleted, and the "Golden September and Silver October" consumption peak is approaching, with improved orders for spinning mills. Corn prices are dropping sharply because of continuous auctions of imported corn, the listing of spring corn in some areas, wheat's continuous substitution for feed use, and a strong expectation of a new - corn harvest. Egg prices remain weak due to high chicken inventory and unmet peak - season demand [1]. 3.2 Variety Strategy Tracking 3.2.1 Cotton - The main 2601 contract of cotton opened and closed higher, reaching a two - week high. The continuous decline of commercial inventory, the approaching consumption peak, and increased orders from European and American countries for Christmas have led to an increase in the spinning mill's operating rate and improved willingness to replenish cotton. Technically, it is strong. The strategy is to close short positions and hold light long positions, with support at 14000 and resistance at 14200 [2]. 3.2.2 Corn - The main 2511 contract of corn closed significantly lower, with sufficient supply. Continuous auctions of imported corn, the listing of spring corn, wheat substitution, and weak downstream demand have pressured the price. Technically, it is weak. The strategy is to hold light short positions, with support at 2140 and resistance at 2167 [3]. 3.2.3 Soybean Meal - The main 2601 contract of soybean meal rebounded after two days of adjustment, boosted by the strong external market. Strong US soybean export data and the rise of US soybean oil have driven up the price. Although the domestic de - stocking period has not arrived, market transactions have improved. Technically, the trend is volatile. The strategy is for short - term trading, with support at 3096 and resistance at 3134 [5]. 3.2.4 Egg - The main 2510 contract of eggs failed to rebound and continued to decline, pressured by high supply. High chicken inventory, increased production - link inventory days, and the release of cold - storage eggs have led to large supply pressure and weak demand. Technically, it is weak. The strategy is to hold light short positions, with support at 3000 and resistance at 3040 [7]. 3.2.5 Pig - The main 2511 contract of pigs failed to rebound and closed lower again, due to sufficient supply. Although the state's frozen - pork purchase has boosted market sentiment, the supply - demand situation remains unchanged. Technically, it is weak. The strategy is to hold light short positions, with support at 13800 and resistance at 14000 [9]. 3.2.6 Palm Oil - The main 2601 contract of palm oil first rose and then fell, with high - level fluctuations. The increase in Malaysian palm oil exports has promoted the price increase, but high prices may limit future demand. Domestically, the import cost has risen, and it maintains rigid demand. Technically, it is still in a strong position. The strategy is for short - term trading, with support at 9516 and resistance at 9736 [11]. 3.2.7 Soybean Oil - The main 2601 contract of soybean oil continued to rise in a volatile manner, strengthened by the strong US soybean oil market. Although domestic supply is relatively loose, the approaching consumption peak supports the price. Technically, it is strong. The strategy is to close short positions and engage in short - term trading, with support at 8390 and resistance at 8500 [13]. 3.2.8 Red Dates - The main 2601 contract of red dates rebounded and continued to run strongly. The new - jujube production is expected to decline, but the inventory at sample points is higher than last year. The arrival volume in the sales area has decreased recently. Technically, it is in an uptrend. The strategy is to buy on dips, with support at 11245 and resistance at 11595 [15]. 3.2.9 Sugar - The main 2601 contract of sugar closed higher, continuing the upward trend. The domestic market trading atmosphere has warmed up, and the de - stocking process in the producing area has accelerated. Although the sugar import volume has increased, the market has digested the expectation. Technically, it is strong. The strategy is to continue holding light long positions, with support at 5664 and resistance at 5703 [17]. 3.2.10 Apple - The main 2510 contract of apples closed higher in a volatile manner. The quality of early - maturing apples is poor, and the inventory is low, which supports the price. The export volume is gradually recovering. Technically, it is strong. The strategy is for short - term long trading, with support at 8050 and resistance at 8214 [19].

Report Industry Investment Rating Not provided in the given content. Core Views of the Report Overall - Short - term adjustment is expected for soybean meal and rapeseed meal, with opportunities for short - term long positions after adjustment [1]. - Short - term bullish trends are predicted for palm oil, soybean oil, and rapeseed oil, with a focus on buying on dips [1]. - Cautious bullishness is advised for cotton, red dates, and live pigs, with specific trading strategies proposed according to different market conditions [1]. By Variety - **Soybean Meal**: Short - term adjustment, with short - term long opportunities after adjustment due to ProFarmer's lower - than - expected US soybean yield forecast and consideration of Sino - US trade issues [1][4]. - **Rapeseed Meal**: Short - term adjustment, with opportunities for short - term long positions after stabilization. High inventory, high warehouse receipts, improved Sino - Australian trade, and increased Canadian rapeseed yield forecast are influencing factors [1][6]. - **Palm Oil**: Short - term bullish, with a focus on buying on dips. Favorable biodiesel policies in Indonesia and Malaysia, good export data, and reduced inventory are positive factors [1][9]. - **Soybean Oil**: Short - term bullish, awaiting the implementation of the US biodiesel policy. Domestic spot market has good pre - holiday stocking [1]. - **Rapeseed Oil**: Short - term bullish, with prices mainly following other competing oils due to limited new developments in anti - dumping of Canadian rapeseed and Australian rapeseed purchases [1]. - **Cotton**: Cautious bullish, with opportunities to buy on dips. Although US cotton soil moisture has improved and demand is insufficient, low international cotton price valuation, tight supply before new cotton listing, and potential local procurement support the market. However, the upside space is limited due to high - yield expectations [1][13]. - **Red Dates**: Cautious bullish, with a strategy of buying on dips. Expected production reduction in 2025/26, long speculation period around the opening price before November, and accelerated inventory reduction are positive factors, but there is pressure from carry - over inventory [1][16]. - **Live Pigs**: Cautious bullish, with a suggestion to avoid short - selling blindly in the short term. High - level medium - and long - term inventory, shrinking incremental space, and potential capacity reduction of leading enterprises may support far - month contracts [1][19]. Summary by Related Catalogs Soybean Meal - **Price Data**: Futures price (main contract) is 3113 yuan/ton, down 47 yuan or 1.49% from the previous day. National average spot price is 3084.29 yuan/ton, down 12.85 yuan or 0.41% [2]. - **Inventory Data**: As of August 15, 2025, national port soybean inventory is 892.6 million tons, down 1.20 million tons from last week; 125 oil mills' soybean inventory is 680.4 million tons, down 30.16 million tons or 4.24% from last week; bean meal inventory is 101.47 million tons, up 1.12 million tons or 1.12% from last week [3]. - **Market Analysis**: ProFarmer's US soybean yield forecast is lower than the USDA's August forecast, which is bullish. Considering Sino - US trade, short - term long opportunities can be considered after adjustment [1][4]. Rapeseed Meal - **Price Data**: Futures price (main contract) is 2561 yuan/ton, down 66 yuan or 2.51% from the previous day. National average spot price is 2608.95 yuan/ton, down 18.94 yuan or 0.72% [5]. - **Inventory Data**: As of August 15, coastal area major oil mills' rapeseed inventory is 11.5 million tons, down 2.38 million tons from last week; rapeseed meal inventory is 2.55 million tons, down 0.65 million tons from last week; unexecuted contracts are 5.5 million tons, down 1.4 million tons from last week [5]. - **Market Analysis**: High inventory, high warehouse receipts, improved Sino - Australian trade, and increased Canadian rapeseed yield forecast have cooled market speculation. Short - term long opportunities can be considered after stabilization, but chasing long positions should be cautious [1][6]. Palm Oil - **Price Data**: Futures price (main contract) is 9592 yuan/ton, up 92 yuan or 0.97% from the previous day. National average price is 9553 yuan/ton, down 30 yuan or 0.31% [7]. - **Inventory Data**: As of August 15, 2025, national key area palm oil commercial inventory is 61.73 million tons, up 1.75 million tons or 2.92% from last week [9]. - **Export Data**: Malaysia's palm oil product exports from August 1 - 20, 2025, increased by 17.5% (AmSpec) and 37.19% (SGS) compared to the same period last month [9]. - **Market Analysis**: Favorable biodiesel policies in Indonesia and Malaysia, good export data, and reduced inventory support a short - term bullish view. Buying on dips is recommended, while paying attention to the impact of the Russia - Ukraine negotiation on crude oil prices and the estimated Malaysian palm oil inventory this month [1][9]. Cotton - **Price Data**: Zhengzhou cotton main contract CF2509 is 14030 yuan/ton, and domestic spot price is 15246 yuan/ton, up 0.23% [10][11]. - **Inventory Data**: Domestic cotton commercial inventory is 71.26 million tons, lower than the same period by 29.7 million tons [12]. - **Demand Data**: Spinning mill operating rate is 65.8%, up 0.3%; weaving mill operating rate is 37%, up 0.2%; spinning mill orders are 11.42 days, up 3.06 days [12]. - **Market Analysis**: Although US cotton soil moisture has improved and demand is insufficient, low international cotton price valuation, tight supply before new cotton listing, and potential local procurement support the market. However, the upside space is limited due to high - yield expectations. Buying on dips is recommended, and the long - short rhythm can be adjusted according to demand in September [1][13]. Red Dates - **Price Data**: Red dates main contract CJ2601 is 11235 yuan/ton, down 2.47% [14][15]. - **Inventory Data**: 36 sample enterprises' inventory is 9519 tons, down 167 tons from the previous period [14]. - **Market Analysis**: Expected production reduction in 2025/26, long speculation period around the opening price before November, and accelerated inventory reduction are positive factors, but there is pressure from carry - over inventory. Buying on dips is recommended, and the market is expected to be strong first and then weak [1][16]. Live Pigs - **Price Data**: Live pigs main contract Lh2511 is 13840 yuan/ton, up 0.51%. Domestic live pig spot price is stable at 13820 yuan/ton [17][18]. - **Inventory and Supply Data**: National sample enterprises' live pig inventory is 3763.32 million tons, up 1.17% month - on - month; slaughter volume is 1091.68 million tons, down 3.01% month - on - month; fertile sows inventory is 4043 million tons, up 0.02% [17]. - **Market Analysis**: Smooth slaughter rhythm in the breeding end, pressure from previous second - fattening and accelerated August slaughter on the spot market. Medium - and long - term inventory remains high, but incremental space is shrinking. Capacity reduction of leading enterprises may support far - month contracts. Short - term short - selling is not recommended under the boost of purchase and storage sentiment, and long positions in far - month contracts or reverse arbitrage around strong contracts can be considered [1][19].

商 品 研 究 2025 年 8 月 25 日 注：趋势强度取值范围为【-2,2】区间整数。强弱程度分类如下：弱、偏弱、中性、偏强、强，-2 表 示最看空，2 表示最看多。 【基本面跟踪】 苯乙烯基本面数据 | 昨日 | 前日 | 变化 | | 昨日 | 前日 | 变化 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 苯乙烯2509 | 7,352 | 7,267 | 85 | EB-BZ | 1315 | 1290 | 25 | | 苯乙烯2510 | 7,378 | 7,289 | 89 | 非一体化利润 | -143 | -131 | -12 | | 苯乙烯2509 | 7,387 | 7,374 | 13 | 一体化利润 | 689 | 756 | -67 | | EB08-EB09 | -26 | -22 | -4 | N+1合约 | 7460 | 7480 | -20 | | EB09-EB10 | -9 | -85 | 76 | N+2合约 | 7390 | 7370 | 20 | 资料来源：同花顺，卓创，国泰君安期货 【趋势强度】 ...

投资咨询业务资格：证监许可【2011】1778 号 宝城期货螺纹钢早报（2025 年 8 月 25 日） ◼ 品种观点参考 时间周期说明：短期为一周以内、中期为两周至一月 | 品种 | 短期 | 中期 | 日内 | 观点参考 | 核心逻辑概要 | | --- | --- | --- | --- | --- | --- | | 螺纹 2510 | 震荡 | 震荡 | 震荡 偏弱 | 关注 MA5 一线支撑 | 市场情绪回暖，钢价震荡企稳 | 说明： 1.有夜盘的品种以夜盘收盘价为起始价格，无夜盘的品种以昨日收盘价为起始价格，当日日盘收盘价为终点价格， 计算涨跌幅度。 专业研究·创造价值 1 / 2 请务必阅读文末免责条款 观点参考 观点参考 2.跌幅大于 1%为下跌，跌幅 0~1%为震荡偏弱，涨幅 0~1%为震荡偏强，涨幅大于 1%为上涨。 3.震荡偏强/偏弱只针对日内观点，短期和中期不做区分。 ◼ 行情驱动逻辑 市场情绪回暖叠加夜盘钢材期价走强，周末钢材现货价格有所上涨，而螺纹钢供需格局变化不 大，库存持续累库，建筑钢厂生产趋弱，供应有所收缩，但品种吨钢利润尚可，持续性待跟踪。与 此同时，螺纹钢需求表现依然疲 ...

2025 年 8 月 25 日 燃料油：涨势明显，短期强势延续 低硫燃料油：相对高硫偏弱，外盘现货高低硫 价差小幅反弹 梁可方 投资咨询从业资格号：Z0019111 liangkefang@gtht.com 【基本面跟踪】 燃料油基本面数据 | | 项目 | 单位 | 昨日收盘价 | 日 漆 跌 | | 昨日结算价 | 结算价涨跌 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | FU2510 | 元/吨 | 2.779 | 1.72% | | 2.767 | 2.03% | | | | FU2511 | 元/吨 | 2.774 | 2.03% | | 2,763 | 1.73% | | | | LU2510 | 元/晓 | 3,493 | 0. 32% | | 3,469 | 0.26% | | | | LU2511 | 元/吨 | 3,499 | 0. 26% | | 3.467 | 0. 17% | | | | | | 昨日成交 | 成交变动 | | 昨日持仓 | 特仓变动 | | | 期货 | FU2510 | ક | 63 ...

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