进口美豆数量难达预期 美国农业部(USDA)预计，2025年中国大豆进口量为1.12亿吨。海关总署公布的数据显示，2025年1—10 月我国累计进口大豆9568万吨，剩余进口量为1632万吨。按照粮油商务网预估，今年11月、12月大豆到 港量分别为955万吨、830万吨，合计1785万吨，完全可以满足国内年度大豆进口需求。但需要注意的 是，若后续到港大豆仅为前期已签订合同的到货量，而本年度巴西对华可出口大豆仅余400万吨，难以 覆盖国内每月800万~900万吨的压榨需求，那么中国大豆进口仍将存在缺口，此时进口美国大豆可弥补 这一需求。不过，即便中国下调美国大豆进口关税，其关税仍比巴西大豆高出10%。同时巴西大豆对美 国大豆存在1美元/蒲式耳的贴水优势。从性价比来看，11—12月进口1200万吨美国大豆的目标难以完 成。 来源：饲料行业信息网 11月初，中国重启美国大豆进口的消息推动CBOT大豆走高，国内豆粕也跟随外盘迅速回升。由于内外 盘基本面存在差异，叠加当前豆类供需格局偏弱，短期内豆粕市场大概率以震荡运行为主。 南美大豆种植顺利 近两周南美天气条件良好，大豆种植工作顺利推进。巴西国家商品供应公司(CONA ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, primarily due to increased competition and weak downstream demand in the CPE product market [1] Group 1: Sales Performance - The company's main CPE product sales reached 40,483 tons, an increase of 3,822 tons year-on-year [1] - The caustic soda sales were 183,804 tons, a slight decrease of 7,621 tons year-on-year [1] - The hydrogen peroxide production and sales decreased to 32,088 tons, down 11,510 tons year-on-year due to balancing effects from the caustic soda by-product [1] Group 2: Financial Results - The company achieved an operating income of 428 million yuan, a decrease of 1.3 million yuan or 2.89% year-on-year [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was -95.94 million yuan for the first half of 2025 [1] Group 3: Production Capacity - The production capacity for the CPE product has been increased to 80,000 tons per year [1]