Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - Domestic market is in a stockpiling cycle, and the spot basis of soybean meal is expected to continue to face pressure [7][8] - The expectation of Sino - US talks boosts the CBOT July US soybean futures, while the decline of Brazilian premium is relatively limited. If the talks fail, the Brazilian premium is expected to be strong, and there is an expectation of inventory reduction in the domestic market in the fourth quarter [8] - With the expectation of rising import costs, the M01 contract is expected to maintain a volatile and upward trend [8] 3. Summary by Related Information 3.1 Basis Data - As of July 21, the basis of the soybean meal main contract in Dalian was - 49, - 89 in Tianjin (down 13), - 169 in Rizhao; the spot basis of 43% soybean meal (against the main contract) was - 169 in Zhangjiagang (down 3), - 209 in Dongguan (down 3), - 159 in Zhanjiang (down 13), - 169 in Fangcheng (down 3); the spot basis of rapeseed meal in the east was - 147 (up 5) [6] 3.2 Spread Data - The M9 - M1 spread, M9 - RM9 spread, RM9 - 1 spread, and the spot and futures spreads between soybean meal and rapeseed meal are presented in the report, such as the spot spread between soybean meal and rapeseed meal in Guangdong being 342, and the futures spread of the main contract being 280 [7] 3.3 International Data - The US dollar - RMB exchange rate was 7.1768, the soybean CNF premium is shown in the chart, and the import soybean futures gross profit was 258 yuan/ton, down 2 [7] 3.4 Inventory Data - Domestic soybean inventory has increased to a high level, soybean meal is in a stockpiling cycle, and the inventory days of feed enterprises' soybean meal have increased [7][8] 3.5 Supply and Demand Analysis - **Supply**: The good rate of US soybeans has risen to 70%. In the next two weeks, parts of Kansas and Nebraska will face high - temperature and drought weather, which may be unfavorable to soybean growth, but the overall weather in other areas is normal, which is conducive to soybean growth. Under the pressure of concentrated arrivals of Brazilian soybeans, the domestic soybean crushing volume in July and August is expected to exceed 10 million tons, and the pressure of soybean meal stockpiling is expected to continue until September [7] - **Demand**: In the short term, the high inventory of pigs and poultry breeding is expected to be maintained, which supports the feed demand. The cost - effectiveness of soybean meal is relatively high, the proportion of addition in feed has increased, and the pick - up volume is at a high level. In some areas, wheat replaces corn, reducing the demand for protein. Recently, the trading volume of soybean meal at low prices has been good [7][8]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - In Q3, the price of protein meal will continue to be constrained by the absolute supply of raw materials, showing a weak range - bound volatile trend. With the smooth planting of new US soybean crops, there is limited upward driving force for the domestic soybean meal futures market. However, the near - term soybean meal futures price has basically squeezed out the trade - war premium and is gradually pricing in the Q3 supply pressure. There is still a gap in Q4 soybean purchases. After trading the arrival volume and inventory pressure in Q3, there may be an inflection point in the year. The low physical inventory of feed mills on the demand side also implies potential bullish factors. In terms of valuation, the downside space of US soybeans at the cost end is limited, and with the expected resilience of Brazilian premiums, the far - month futures price is expected to have marginal upward driving force [4]. 3. Summary by Relevant Catalogs 3.1 Oilseed Price Range Forecast - The monthly price range forecast for soybean meal is 2800 - 3300, with a current 20 - day rolling volatility of 12.6% and a 3 - year historical percentile of 19.8%. The monthly price range forecast for rapeseed meal is 2450 - 2750, with a current volatility of 0.1852 and a 3 - year historical percentile of 0.385 [3]. 3.2 Oilseed Hedging Strategy - For traders with high protein inventory worried about price drops, they can short soybean meal futures (M2509) at 3300 - 3400 with a 25% hedging ratio to lock in profits and cover production costs [3]. - Feed mills with low regular inventory can buy soybean meal futures (M2509) at 2850 - 3000 with a 50% hedging ratio to lock in purchasing costs [3]. - Oil mills worried about excessive imported soybeans and low sales prices can short soybean meal futures (M2509) at 3100 - 3200 with a 50% hedging ratio to lock in profits and cover production costs [3]. 3.3 Core Contradictions - Q3 protein meal prices are constrained by raw material supply, showing a weak range - bound trend. The domestic soybean meal futures market has limited upward momentum. The near - term price has squeezed out the trade - war premium and is pricing in Q3 supply pressure. There may be an inflection point after Q3, and the low inventory of feed mills is a potential bullish factor. The far - month price may have upward driving force due to limited downside of US soybeans and resilient Brazilian premiums [4]. 3.4 Bullish Factors - After China - US talks, there is strong cost - valuation support for the far - month contracts from the external market [5]. - Bullish sentiment for the far - month contracts is strong during the weather - related speculation period [5]. - Brazilian export premiums support the far - month contract prices from the cost end [5]. 3.5 Bearish Factors - Supply - side pressure is the main factor suppressing the spot market. As the soybean meal 07 contract approaches the delivery month, the spot pressure will be reflected in the near - month futures, leading to weak performance of the 09 contract. Soybean supply is abundant, oil mill operating rates are rising, and some areas are urging提货 [6]. - In terms of arrivals, there will be 11.5 million tons in July and 11 million tons in August. Supply in Q3 is still abundant, and the Q4 gap depends on China - US relations [6]. - Rapeseed meal inventory is being depleted slowly, and adding rapeseed meal lacks cost - effectiveness for downstream users. The market's reaction to the WTO's investigation of China - Canada tariff issues is inelastic, and the rapeseed meal market is expected to follow the soybean meal market and be weak [6]. 3.6 Oilseed Futures Prices - Closing prices, daily changes, and daily change rates are provided for various soybean meal and rapeseed meal futures contracts, CBOT yellow soybeans, and the offshore RMB [9]. 3.7 Bean - Rapeseed Meal Spreads - Spreads, prices, and daily changes are provided for different combinations of soybean meal and rapeseed meal futures contracts, as well as spot prices and basis for soybean meal and rapeseed meal [10]. 3.8 Oilseed Import Costs and Crushing Profits - Import costs, daily and weekly changes, and import profits are provided for US Gulf soybeans, Brazilian soybeans, and Canadian rapeseeds [11].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Palm oil production is expected to increase month - on - month, with seasonal production growth approaching, increasing supply expectations. Although domestic port inventories are currently low, as origin quotes weaken, future purchases are emerging. With the current inverted soybean - palm oil price spread, there is no incremental consumption, and inventory is expected to grow, requiring a further narrowing of the spread to stimulate consumption [3]. - For soybean oil, as purchased ships arrive at ports, supply pressure is increasing, and oil mill压榨 is expected to rise. With no incremental consumption to absorb the supply, inventory is expected to enter a build - up cycle. Given the expected increase in both palm oil and soybean oil supply, the soybean - palm oil price spread may repair in the far - month to compete for market share [3]. - Regarding rapeseed oil, the expected improvement in China - Canada relations has reduced the premium in the market's policy - related trading. The current supply is at a peak, but new supply will be limited, and the marginal inventory reduction is expected to accelerate from the end of the second quarter to the beginning of the third quarter. High inventory is suppressing prices, but policy uncertainty provides support for far - month prices [3]. - For imported soybeans, Brazilian premiums are firm, and the domestic market has strengthened with the international market. The estimated arrivals are 11 million tons in June, 11.5 million tons in July, and 9.5 million tons in August. The supply in the second and third quarters is abundant, and the fourth - quarter supply depends on China - US negotiations [15]. - In the domestic soybean meal market, prices have strengthened with the international market due to China - US negotiation expectations. However, the concentrated arrival of soybeans in the third quarter will put pressure on prices. Downstream demand is weak, and the basis remains weak [15]. - In the rapeseed meal market, there is still supply pressure in June, and downstream demand is below expectations. The inventory reduction is difficult. The far - month supply has some gaps, but demand is limited. The market is weak, and future trends depend on China - Canada trade relations [15]. 3. Summary by Related Catalogs 3.1. Oil Price Spreads - Palm oil spreads: P 1 - 5 is 122 yuan/ton with a daily change of - 4 yuan/ton; P 5 - 9 is - 152 yuan/ton with a daily change of 16 yuan/ton; P 9 - 1 is 30 yuan/ton with a daily change of - 12 yuan/ton [4]. - Soybean - palm oil spreads: Y - P 01 is - 432 yuan/ton with a daily change of 30 yuan/ton; Y - P 05 is - 650 yuan/ton with a daily change of 20 yuan/ton; Y - P 09 is - 386 yuan/ton with a daily change of 48 yuan/ton [4]. - Other spreads: Y/M and OI/RM also have corresponding price and change data [4]. 3.2. Palm Oil Futures and Spot Prices - Palm oil futures prices: Palm oil 01 is 8504 yuan/ton with a decline of 0.05%; Palm oil 05 is 8382 yuan/ton with a decline of 0.05%; Palm oil 09 is 8536 yuan/ton with a decline of 0.02% [6]. - Spot and related prices: BMD palm oil主力 is 4143 ringgit/ton with an increase of 0.95%; Guangzhou 24 - degree palm oil is 8730 yuan/ton with a decline of 30 yuan/ton; the basis is 222 yuan/ton with a decline of 30 yuan/ton [6]. 3.3. Soybean Oil Futures and Spot Prices - Soybean oil futures prices: Soybean oil 01 is 8082 yuan/ton with a decline of 0.23%; Soybean oil 05 is 7736 yuan/ton with a decline of 0.04%; Soybean oil 09 is 8156 yuan/ton with a decline of 0.32% [12]. - Spot and related prices: CBOT soybean oil主力 is 54.62 cents/pound with a decline of 0.13%; Shandong first - grade soybean oil spot is 8300 yuan/ton with an increase of 50 yuan/ton; the basis is 98 yuan/ton with a decline of 18 yuan/ton [12]. 3.4. Oilseed Futures Prices - Soybean meal futures prices: Soybean meal 01 is 3097 with a decline of 7 and a decline rate of 0.23%; Soybean meal 05 is 2768 with a decline of 1 and a decline rate of 0.04%; Soybean meal 09 is 3067 with a decline of 10 and a decline rate of 0.32% [16]. - Rapeseed meal futures prices: Rapeseed meal 01 is 2395 with a decline of 33 and a decline rate of 1.36%; Rapeseed meal 05 is 2389 with a decline of 21 and a decline rate of 0.87%; Rapeseed meal 09 is 2679 with a decline of 15 and a decline rate of 0.56% [18].

Report Overview - Report Title: Oil and Oilseed Industry Daily Report - Report Date: June 18, 2025 1. Report Industry Investment Rating - No information provided 2. Report's Core View Fats and Oils - **Palm Oil**: Production in the producing regions is expected to increase month - on - month, and the approaching seasonal production increase adds to the supply expectation. Although the domestic port inventory is currently low, as the origin's offer weakens, subsequent purchases are emerging. Due to the inverted soybean - palm oil price spread, there is no incremental consumption, and the inventory is expected to increase. It is necessary to further shrink the soybean - palm oil price spread to find consumption [3]. - **Soybean Oil**: With the arrival of purchased ships, the supply pressure is approaching, and the expected oil mill crushing volume will rise. However, due to the lack of incremental consumption, the inventory is expected to enter an accumulation cycle. With the expected increase in both palm oil and soybean oil supply, the soybean - palm oil price spread may be repaired in the far - month to compete for market share [3]. - **Rapeseed Oil**: The recent expected improvement in China - Canada relations has hit the premium of the policy - expected trading on the market. The current supply is at a phased peak, and the marginal depletion rate is expected to accelerate from the end of the second quarter to the beginning of the third quarter. Consumption is limited to the rigid - demand level due to the policy premium and the unfavorable rapeseed - soybean oil price spread. There is high - inventory pressure, but policy uncertainty provides support for the far - month [3]. Oilseeds - **Imported Soybeans**: Brazilian premiums are firm, and the domestic market has strengthened following the international market. The far - month crushing margin has weakened slightly, and the far - month Brazilian premium is high. The estimated arrivals are 11 million tons in June, 11.5 million tons in July, and 9.5 million tons in August. Supply in the second and third quarters is still abundant, and the situation of China - US negotiations in the fourth quarter should be monitored [15]. - **Domestic Soybean Meal**: Driven by the expectation of China - US talks, domestic soybean meal has strengthened following the international market. The soybean raw material inventory of oil mills is rising, and the soybean meal inventory is also being repaired. The concentrated arrival of soybeans in the third quarter will suppress soybean meal prices. Downstream demand is mainly focused on fulfilling previous contracts, and the basis remains weak [15]. - **Rapeseed Meal**: There is still supply pressure in June, and downstream demand is lower than expected. Inventory depletion is difficult. Although there are some supply gaps in the far - month, demand is limited. Due to the continuous meetings between China and Canada, the market is weak, and subsequent attention should be paid to China - Canada trade relations [15]. 3. Summary by Relevant Catalogs Fats and Oils Fats and Oils Month - to - Month and Variety - to - Variety Spreads - **Palm Oil**: P 1 - 5 is 122 yuan/ton with a daily increase of 8 yuan; P 5 - 9 is - 162 yuan/ton with a daily increase of 16 yuan; P 9 - 1 is 40 yuan/ton with a daily decrease of 24 yuan [4]. - **Soybean Oil - Palm Oil Spread**: Y - P 01 is - 492 yuan/ton with a daily decrease of 14 yuan; Y - P 05 is - 670 yuan/ton with a daily increase of 12 yuan; Y - P 09 is - 474 yuan/ton with a daily increase of 2 yuan [4]. - **Soybean Oil - Rapeseed Meal Spread**: Y/M 01 is 2.5546 with a daily decrease of 0.55%; Y/M 05 is 2.7607 with a daily decrease of 0.26%; Y/M 09 is 2.5934 with a daily decrease of 0.79% [4]. - **Rapeseed Oil - Rapeseed Meal Spread**: OI/RM 01 is 3.9544 with a daily increase of 0.15%; OI/RM 05 is 3.8555 with a daily decrease of 0.04%; OI/RM 09 is 3.5731 with a daily increase of 0.41% [4]. Palm Oil Spot and Futures Prices - Palm oil 01 is 8476 yuan/ton with a daily increase of 0.83%; palm oil 05 is 8350 yuan/ton with a daily increase of 0.8%; palm oil 09 is 8518 yuan/ton with a daily increase of 0.85% [6]. - BMD palm oil main contract is 4066 ringgit/ton with a daily decrease of 0.68% [6]. - Guangzhou 24 - degree palm oil is 8770 yuan/ton with a daily increase of 40 yuan; the basis is 284 yuan/ton with a daily increase of 20 yuan [6]. Soybean Oil Spot and Futures Prices - Soybean oil 01 is 8014 yuan/ton with a daily decrease of 0.1%; soybean oil 05 is 7680 yuan/ton with a daily increase of 0.11%; soybean oil 09 is 8084 yuan/ton with a daily decrease of 0.39% [11]. - CBOT soybean oil main contract is 54.69 cents/pound with a daily decrease of 0.76% [11]. - Shandong first - grade soybean oil spot is 8200 yuan/ton with a daily increase of 80 yuan; the basis is 148 yuan/ton with a daily increase of 8 yuan [11]. Oilseeds Oilseed Futures Prices - **Soybean Meal**: Bean meal 01 is 3095 with a daily decrease of 3 and a decrease rate of 0.1%; bean meal 05 is 2761 with a daily increase of 3 and an increase rate of 0.11%; bean meal 09 is 3062 with a daily decrease of 12 and a decrease rate of 0.39% [16]. - **Rapeseed Meal**: Rapeseed meal 01 is 2412 with a daily increase of 20 and an increase rate of 0.84%; rapeseed meal 05 is 2407 with a daily increase of 13 and an increase rate of 0.54%; rapeseed meal 09 is 2688 with a daily increase of 6 and an increase rate of 0.22% [18]. - **CBOT Yellow Soybeans**: The closing price is 1068 with no daily change and a change rate of 0% [18]. Bean and Rapeseed Meal Spreads - **Soybean Meal Month - to - Month Spread**: M01 - 05 is 340 with a daily increase of 4; M05 - 09 is - 316 with a daily decrease of 8; M09 - 01 is - 24 with a daily increase of 4 [19]. - **Rapeseed Meal Month - to - Month Spread**: RM01 - 05 is - 2 with a daily increase of 5; RM05 - 09 is - 288 with a daily increase of 2; RM09 - 01 is 290 with a daily decrease of 7 [19]. - **Soybean and Rapeseed Meal Spot Spread**: The spread is 349 with a daily increase of 19; the futures spread is 392 with a daily increase of 18 [19].

Group 1 - The article discusses a recent incident of account hacking related to stock market scams, highlighting the organized and large-scale nature of this illegal activity [2][3][5] - It emphasizes the importance of using proper business registration methods to avoid such issues, recommending that individuals register public accounts under corporate entities rather than individual business licenses [5][6] - The article warns about the proliferation of stock market scams, particularly during bullish market conditions, and advises caution, especially for older individuals who may be more susceptible to such schemes [6][7] Group 2 - The article notes a significant drop in the stock market, attributing it to global macro variables, particularly the impact of US-China negotiations, which affected multiple markets simultaneously [9] - It mentions the recent inclusion of certain stocks in the Hong Kong Stock Connect, which led to substantial price increases initially, but these stocks later experienced declines, indicating volatility in the market [12][13] - The article highlights the importance of understanding the implications of index adjustments, such as those in the S&P 500, which can lead to significant trading activity and price movements in related stocks [15][16] Group 3 - The article suggests that the current investment strategy remains focused on risk assets while not being bearish on bonds, indicating a positive outlook for certain investment opportunities [17]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The main logic of the external market lies in the speculation on the planting weather of US soybeans, which is gradually recovering under the China-US peace talks. The domestic market is under continuous pressure from the actual supply, suppressing the near - month and spot prices of meal products. However, the long - position speculation on the weather market and the unfalsifiable expectation of supply gap due to the trade war in the far - month contracts lead to a stronger far - month trend [4]. - The supply pressure in the second quarter and the third quarter is relatively large, resulting in a weak performance of the spot basis. The supply in the second and third quarters is still abundant, but there is a gap in fourth - quarter ship purchases. On the rapeseed meal side, the spot supply pressure remains, and it is difficult to reduce inventory. The far - month supply has the expectation of Sino - Canadian relations improvement [4]. 3. Summary by Relevant Catalogs 3.1 Oilseed Price Range Forecast - Monthly price range forecasts: The price range for soybean meal is 2800 - 3300, with a current 20 - day rolling volatility of 11.1% and a historical percentile (3 - year) of 11.5%. The price range for rapeseed meal is 2450 - 2750, with a current volatility of 0.1765 and a historical percentile (3 - year) of 0.3218 [3]. 3.2 Oilseed Hedging Strategy | Behavior Orientation | Spot Exposure | Strategy Recommendation | Hedging Tool | Buying/Selling Direction | Hedging Ratio (%) | Suggested Entry Interval | | --- | --- | --- | --- | --- | --- | --- | | Trader Inventory Management | Long | Short soybean meal futures according to enterprise inventory to lock in profits and make up for production costs | M2509 | Sell | 25 | 3300 - 3400 | | Feed Mill Procurement Management | Short | Buy soybean meal futures at present to lock in procurement costs in advance | M2509 | Buy | 50 | 2850 - 3000 | | Oil Mill Inventory Management | Long | Short soybean meal futures according to enterprise situation to lock in profits and make up for production costs | M2509 | Sell | 50 | 3100 - 3200 | [3] 3.3 Oilseed Futures Prices | Futures Contract | Closing Price | Daily Change | Change Rate | | --- | --- | --- | --- | | Soybean Meal 01 | 3060 | 12 | 0.39% | | Soybean Meal 05 | 2728 | 7 | 0.26% | | Soybean Meal 09 | 3010 | 52 | 1.76% | | Rapeseed Meal 01 | 2347 | 34 | 1.47% | | Rapeseed Meal 05 | 2360 | 9 | 0.38% | | Rapeseed Meal 09 | 2608 | 41 | 1.6% | | CBOT Yellow Soybeans | 1058 | 0 | 0% | | Offshore RMB | 7.1862 | 0 | 0% | [5][8] 3.4 Bean and Rapeseed Meal Spreads | Spread Type | Price | Daily Change | | --- | --- | --- | | M01 - 05 | 327 | 0 | | M05 - 09 | - 289 | - 26 | | M09 - 01 | - 38 | 7 | | RM01 - 05 | - 4 | 12 | | RM05 - 09 | - 257 | - 19 | | RM09 - 01 | 261 | 7 | | Soybean Meal Rizhao Spot | 2840 | 40 | | Soybean Meal Rizhao Basis | - 170 | - 12 | | Rapeseed Meal Fujian Spot | 2492 | - 2 | | Rapeseed Meal Fujian Basis | - 116 | - 43 | | Bean and Rapeseed Meal Spot Spread | 348 | 42 | | Bean and Rapeseed Meal Futures Spread | 402 | 0 | [9] 3.5 Oilseed Import Costs and Crushing Profits | Import Item | Price (Yuan/Ton) | Daily Change | Weekly Change | | --- | --- | --- | --- | | US Gulf Soybean Import Cost (23%) | 4498.7624 | 0 | - 0.0375 | | Brazilian Soybean Import Cost | 3780.97 | 55.27 | 122.8 | | Cost Difference between US Gulf (3%) and US Gulf (23%) | - 731.5061 | - 5.6889 | - 7.639 | | US Gulf Soybean Import Profit (23%) | - 704.3824 | 0 | 61.638 | | Brazilian Soybean Import Profit | 248.0694 | 3.278 | - 0.0526 | | Canadian Rapeseed Import Futures Profit | 39 | 117 | 94 | | Canadian Rapeseed Import Spot Profit | 23 | 120 | 91 | [10]

Report Summary 1) Report Industry Investment Ratings - No specific overall industry investment ratings provided in the report. 2) Core Views of the Report - The macro - sentiment improvement has limited impact on the supply - demand of the black - series commodities. Different varieties have different trends: steel products (including rebar and hot - rolled coil) may return to range - bound operation; iron ore is short - term bullish; coke and coking coal will likely be in a volatile market; ferroalloys (manganese silicon and ferrosilicon) are expected to run weakly with limited macro - boost [1][4][5]. 3) Summary by Related Catalogs Steel Products - **Rebar**: In a state of weak supply and demand, strong exports ease the supply pressure of high hot - metal production, but there is still some shipping pressure on the raw material side. After the emotional trading fades, it will return to range - bound operation within [2940, 2980] [1][4][5]. - **Hot - rolled Coil**: Production is rising, apparent demand is falling, inventory has stopped decreasing and started to increase. Exports may decline later, and the overall surplus in the black - chain suppresses the market. It will also return to range - bound operation within [3050, 3090] [1][4][5]. Iron Ore - Fundamentally, the demand for iron ore is still supported by steel mill profits, although hot - metal production is decreasing. Supply has increased in both arrivals and shipments, while port and steel mill inventories have decreased. Near - term supply - demand is slightly weak. With positive news from China - US talks, the short - term market is bullish. Unilateral short positions should be reduced, and the price range is [690, 730] [1][8][9]. Coke - Steel mills have initiated the third round of price cuts, reducing coke - producer profits. Although there is some production reduction, overall production is still high, and the operating rate is at a high level. Hot - metal production above 240 million tons guarantees certain demand, but steel mills are cautious in purchasing coke. The overall inventory is at a relatively high level, and the supply - demand is loose. After the macro - sentiment trading fades, it will return to a volatile market within [1320, 1350] [1][10][11]. Coking Coal - Domestic coking coal production is still at a high level, and there is no large - scale production reduction at the current price. Mine inventories are rising, and the upstream shipping pressure persists. The supply - demand is loose. The macro - sentiment boost is limited, and the rebound is unsustainable. It will return to a volatile market within [760, 790] [1][13][14]. Ferroalloys - **Manganese Silicon**: Although hot - metal production is high, actual demand may be under pressure due to the off - season. The cost support is insufficient, and inventory pressure may increase after factory复产. Before the fundamentals improve significantly, the price will be under pressure, with a price range of [5420, 5650]. - **Ferrosilicon**: There is an expectation of cost - support weakening. With production resumption in the producing areas, supply may increase, and factory inventories are relatively high. The overall upward driving force is insufficient, and it is expected to run weakly within [5000, 5200] [1][16][17].

Report Industry Investment Rating - Aluminum: Cautiously bullish [4] - Alumina: Neutral [4] Core Viewpoints - The market sentiment of Sino-US trade talks has pushed up the prices of aluminum and alumina. However, the actual consumption in the spot market has not been affected by tariffs, and the inventory of electrolytic aluminum has continued to decline. The sustainability of consumption is controversial in May. For alumina, the supply is likely to increase month-on-month in May, and the expectation of oversupply remains unchanged [1][3] Data Summary Aluminum Spot - On May 12, 2025, the Yangtze River A00 aluminum price was 19,810 yuan/ton, up 200 yuan/ton from the previous trading day; the Yangtze River A00 aluminum spot premium was flat at 10 yuan/ton; the Central Plains A00 aluminum price was 19,810 yuan/ton, and the Central Plains A00 aluminum spot premium was flat at 0 yuan/ton; the Foshan A00 aluminum price was 19,760 yuan/ton, and the Foshan A00 aluminum spot premium fell 5 yuan/ton to -50 yuan/ton [1] Aluminum Futures - On May 12, 2025, the opening price of the Shanghai Aluminum main contract was 19,590 yuan/ton, and the closing price was 19,910 yuan/ton, up 325 yuan/ton or 1.66% from the previous trading day's closing price. The trading volume was 186,779 lots, an increase of 71,128 lots from the previous trading day, and the open interest was 167,645 lots, a decrease of 14,093 lots from the previous trading day [1] Alumina Spot - On May 12, 2025, the SMM alumina price in Shanxi was 2,900 yuan/ton, in Shandong was 2,865 yuan/ton, in Guangxi was 2,880 yuan/ton, and the Australian alumina FOB price was 348 US dollars/ton [2] Alumina Futures - On May 12, 2025, the opening price of the alumina main contract was 2,820 yuan/ton, and the closing price was 2,843 yuan/ton, up 19 yuan/ton or 0.67% from the previous trading day's closing price. The trading volume was 859,878 lots, a decrease of 110,097 lots from the previous trading day, and the open interest was 272,614 lots, a decrease of 6,963 lots from the previous trading day [2] Inventory - As of May 12, 2025, the domestic electrolytic aluminum ingot social inventory was 601,000 tons, and the LME aluminum inventory was 401,525 tons, a decrease of 2,025 tons from the previous trading day [1] Market Analysis Electrolytic Aluminum - Sino-US economic and trade high-level talks have led to a reduction in tariffs, which has pushed up market sentiment and prices. The actual consumption in the spot market has not been affected by tariffs, and the inventory has continued to decline. The sustainability of consumption is controversial in May. The aluminum rod production is still strong, while the production of aluminum sheets, strips, and foils has weakened slightly month-on-month. It is expected that the de-stocking amplitude will slow down, and it may be difficult for aluminum prices to break through upwards without positive stimulus [3] Alumina - In the spot market, the price is rising slightly. The futures price is rising weakly. The cost is showing signs of collapse, and the alumina plants have rich production profits. The supply in May is likely to increase month-on-month, and the expectation of oversupply remains unchanged [3] Strategy Unilateral - Aluminum: Cautiously bullish; Alumina: Neutral [4] Arbitrage - Shanghai Aluminum positive spread arbitrage [5]

Group 1: Report Overview - **Industry Investment Ratings**: Not provided - **Core Views**: The report analyzes the crude oil and polyester industries, suggesting that crude oil has a long - term downward trend in the price center but a short - term rebound, while polyester will experience short - term high - level fluctuations [3]. Group 2: Crude Oil Analysis Views - Long - term price center moves down, but short - term rebound due to improved macro - sentiment from Sino - US talks and domestic policy stimulus, though the long - term downward path is established [3]. Logic - The short - term high - volatility operation is driven by low current crude oil and refined oil inventories and good refinery procurement. However, OPEC+ over - production will not slow down, and new production in Guyana in Q3 will put pressure on oil prices later [3]. Market Conditions - The market structure briefly recovered, but the spot structure did not improve synchronously. US inventories are decreasing slightly, refinery feedstock remains high, and refinery profits are at a medium - high level, supporting normal procurement [5][13][20]. - Refined oil demand is better than expected, with high inventory depletion of gasoline and diesel, and neutral crude oil inventory, which supports the price bottom - up rebound [24]. Group 3: Polyester Analysis Views - Short - term high - level fluctuations, with limited long - term upward space. The short - term demand exists, but the long - term upward drive is insufficient [3]. Logic - In May, downstream speculative inventory was active, demand is short - term, PTA supply decreases while demand increases, but later high processing fees may reduce maintenance, and high inventory of finished products and raw materials will affect inventory accumulation [3]. - Coal prices are low, coal - based production starts to increase again, supply is high, inventory depletion is postponed, and imports increase slightly, so ethylene glycol will remain volatile [3]. Market Conditions - PX outer - market price is $748, PXN rises to $189. PTA basis increased due to pre - holiday restocking but then fell back. PTA supply is low, and ethylene glycol production starts to increase [29][35]. - Terminal orders are low, but inventory accumulation willingness has increased. Downstream production remains at a high level, but profits are low, and inventory pressure is increasing [43][49]. - Downstream inventory depletion is obvious, but profits continue to decline, and the sustainability of high - level production is questionable, and polyester prices are in low - level fluctuations [51][57].

Report Summary 1. Report Industry Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - The international soybean market has limited near - term pressure, with good US soybean export performance and reduced selling pressure in Brazil. However, the long - term supply is expected to be relatively loose due to high projected US soybean ending stocks and continued pressure in the South American market. - In the domestic market, the recent tight supply situation is gradually improving as the oil mill operating rate increases and soybean arrivals become clearer. - The macro - environment has a complex and limited impact on soybean meal, as China still imposes tariffs on US soybeans. - The soybean meal futures market is expected to face some pressure, while the rapeseed meal market may see weakening demand and limited supply - side benefits[5][6][7]. 3. Summary by Related Content Market Quotes - The US soybean futures market showed a strong trend due to improved macro - conditions after China - US talks. The domestic futures market was mainly in shock, with soybean meal outperforming rapeseed meal. - For soybean meal futures, the contract 0105 closed at 2955, down 6; contract 09 at 2919, down 1. For rapeseed meal futures, contract 01 closed at 2330, down 15; contract 05 at 2485, up 1; contract 09 at 2563, down 2. - The basis of soybean meal in Tianjin was 420, up 40; in Dongguan, it was 220, down 130; in Zhangjiagang, it was 200, up 10; in Rizhao, it was 190, up 30. The basis of rapeseed meal in Nantong was - 63, up 42; in Guangdong, it was - 113, down 8; in Guangxi, it was - 123, down 8. - The 5 - 9 spread of soybean meal was - 132, up 28; the 9 - 1 spread was - 36, up 5; the 1 - 5 spread was 168, down 33. The 5 - 9 spread of rapeseed meal was - 78, up 3; the 9 - 1 spread was 233, up 13; the 1 - 5 spread was - 155, down 16. - The spread between soybean meal and rapeseed meal was 852, down 18; between soybean meal and sunflower meal was 1039, down 111; between rapeseed meal and sunflower meal was 117, down 3[4]. Fundamental Analysis - International: As of the week ending May 1, US soybean export sales were 376,700 tons. The March crushing data was average, but overall demand was good. Brazil's soybean harvest progress as of May 3 was 97.7%, higher than last year and the five - year average. The long - term US soybean ending stocks are expected to remain high due to large export pressure on new crops, and the South American market will continue to face pressure. - Domestic: As of May 9, the actual soybean crushing volume of oil mills was 1.846 million tons, with an operating rate of 51.89%. Soybean inventory was 5.3491 million tons, up 602,700 tons (12.7%) from last week and 1.1634 million tons (27.79%) from last year. Soybean meal inventory was 101,200 tons, up 19,100 tons (23.26%) from last week but down 458,000 tons (81.9%) from last year. The rapeseed crushing volume of coastal oil mills was 159,500 tons, with an operating rate of 42.51%. Rapeseed inventory was 200,000 tons, down 68,000 tons from last week, and rapeseed meal inventory was 36,000 tons, up 21,500 tons from last week[5][6]. Macro - environment The postponement and reduction of tariffs by China and the US have complex and limited impacts on soybean meal, as China still imposes tariffs on US soybeans[6]. Logic Analysis - Soybean meal: With the increase in the operating rate of domestic oil mills, the supply shortage is alleviated. The upcoming monthly supply - demand report may be a focus, but the pricing center is still in South America, so the market may face pressure. - Rapeseed meal: The market's focus is on future supply. With the decline in soybean meal prices, rapeseed meal demand may weaken, and supply - side benefits may be limited. The inter - monthly spreads of both soybean meal and rapeseed meal are expected to be volatile[7]. Trading Strategies - Unilateral trading: Hold a wait - and - see attitude. - Arbitrage: Hold a wait - and - see attitude. - Options: Adopt a strategy of selling wide straddles[8]. Soybean Crushing Profit - For soybeans from Argentina, the May shipment had a crushing profit of 75.10; June shipment, 11.48; July shipment, - 76.77. - For soybeans from Brazil, the June shipment had a crushing profit of 102.52; July shipment, 82.62; August shipment, 15.34[9].