Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The geopolitical conflict continues, and palm oil still has a short - term strong tendency. The driving force of the soybean system for soybean oil is limited, and attention should be paid to the Sino - US consultation process [1]. 3. Summary by Directory 3.1 Fundamental Tracking - **Futures Prices**: The closing price of palm oil futures (day session) was 9,692 yuan/ton with a decline of 2.63%, and the night - session closing price was 9,844 yuan/ton with an increase of 1.57%. The closing price of soybean oil futures (day session) was 8,540 yuan/ton with a decline of 1.20%, and the night - session closing price was 8,630 yuan/ton with an increase of 1.05%. The closing price of rapeseed oil futures (day session) was 9,780 yuan/ton with a decline of 0.54%, and the night - session closing price was 9,902 yuan/ton with an increase of 1.25%. The closing price of Malaysian palm oil futures (day session) was 4,532 ringgit/ton with a decline of 1.11%, and the night - session closing price was 4,592 ringgit/ton with an increase of 1.41%. The closing price of CBOT soybean oil futures was 65.50 cents/pound with a decline of 0.71% [1]. - **Trading Volume and Open Interest**: The trading volume of palm oil futures was 581,411 lots, an increase of 14,670 lots, and the open interest was 332,859 lots, a decrease of 27,367 lots. The trading volume of soybean oil futures was 280,668 lots, a decrease of 29,528 lots, and the open interest was 584,784 lots, a decrease of 19,737 lots. The trading volume of rapeseed oil futures was 197,832 lots, a decrease of 6,077 lots, and the open interest was 229,484 lots, a decrease of 4,185 lots [1]. - **Spot Prices**: The spot price of 24 - degree palm oil in Guangdong was 9,860 yuan/ton, a decrease of 100 yuan/ton. The spot price of first - grade soybean oil in Guangdong was 8,950 yuan/ton, with no change. The spot price of fourth - grade imported rapeseed oil in Guangxi was 10,120 yuan/ton, a decrease of 30 yuan/ton. The FOB price of Malaysian palm oil was 1,210 US dollars/ton, a decrease of 10 US dollars/ton [1]. - **Basis**: The basis of palm oil in Guangdong was 168 yuan/ton, the basis of soybean oil in Guangdong was 410 yuan/ton, and the basis of rapeseed oil in Guangxi was 340 yuan/ton [1]. - **Price Spreads**: The spread between rapeseed oil and palm oil futures was 88 yuan/ton, compared with - 121 yuan/ton two trading days ago. The spread between soybean oil and palm oil futures was - 1,152 yuan/ton, compared with - 1,310 yuan/ton two trading days ago. The 5 - 9 spread of palm oil was 84 yuan/ton, compared with 144 yuan/ton two trading days ago. The 5 - 9 spread of soybean oil was 88 yuan/ton, compared with 98 yuan/ton two trading days ago. The 5 - 9 spread of rapeseed oil was 141 yuan/ton, compared with 134 yuan/ton two trading days ago [1]. 3.2 Macro and Industry News - The Trump administration temporarily waived the century - old shipping mandate, the Jones Act, to reduce the transportation costs of oil, natural gas, and other commodities in the United States [2]. - S&P Global Energy reported that it expects US farmers to plant 95.2 million acres of corn and 85 million acres of soybeans in 2026. The corn planting area forecast was raised from 95 million acres in January to 95.2 million acres. In 2025, US farmers planted 98.8 million acres of corn. The expected soybean planting area in 2026 is higher than the 84.5 million acres forecast in January and the 81.2 million acres sown in 2025 [3][4]. - Due to a significant reduction in Argentina's crushing volume and a decline in US exports, the global soybean oil export volume in February dropped significantly to 569,000 tons, but Brazil's export volume increased [4]. - The crisis in the Middle East has caused fluctuations in the edible oil market. The retail prices of palm oil and soybean oil at the consumer level in Bangladesh are higher than the maximum retail prices set by the government [4]. 3.3 Trend Intensity - The trend intensity of palm oil is 0, and the trend intensity of soybean oil is 0 [5].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the report. 2. Core Views of the Report - Palm oil: There are frequent speculation themes, and it still has a short - term strong tendency [2]. - Soybean oil: The driving force of the soybean system is limited, and attention should be paid to the progress of Sino - US consultations [2]. - Soybean meal: Market sentiment has recovered, and Dalian soybean meal may fluctuate [2]. - Soybean: The spot price in the producing area is stable, and the futures price may fluctuate [2]. - Corn: It will run in a fluctuating manner [2]. - Sugar: Raw sugar is strengthening, and it will fluctuate with an upward bias [2]. - Cotton: There is a phased situation of strong overseas and weak domestic markets [2]. - Eggs: It will fluctuate within a range [2]. - Pigs: Inventory reduction and weight loss will start, and the duration may exceed expectations [2]. - Peanuts: Attention should be paid to the macro - impact [2]. 3. Summaries According to Relevant Catalogs Palm Oil and Soybean Oil - **Fundamentals**: Palm oil futures prices declined, with the day - session closing price at 9,954 yuan/ton (down 0.56%) and the night - session at 9,876 yuan/ton (down 0.78%); soybean oil futures prices also declined, with the day - session closing price at 8,644 yuan/ton (down 0.83%) and the night - session at 8,622 yuan/ton (down 0.25%). Spot prices of palm oil, soybean oil, and rapeseed oil all decreased [4]. - **News**: International companies suspended some Brazilian soybean exports last week, and the slow progress of the Brazilian soybean harvest worried the market about the tightening of China's imported soybean supply from March to April, leading to a significant increase in soybean meal trading volume. The estimated export volume of Malaysian palm oil from March 1 - 15 increased by 12.68% compared with the same period last month. The US is about to implement the bio - fuel blending policy, and the White House may announce the final rules in late March [5][6][7]. - **Trend Intensity**: Palm oil trend intensity is 1; soybean oil trend intensity is 0 [9]. Soybean Meal and Soybean - **Fundamentals**: DCE soybean 2605 closed at 4,935 yuan/ton (up 0.02%) in the day - session and 4,931 yuan/ton (up 0.35%) in the night - session; DCE soybean meal 2605 closed at 3,070 yuan/ton (down 0.42%) in the day - session and 3,056 yuan/ton (up 0.39%) in the night - session. Spot prices of soybean meal in different regions had different changes [11]. - **News**: On March 17, CBOT soybean futures closed higher due to the strengthening of international crude oil futures and the upcoming implementation of the US bio - fuel blending policy. Brazil's soybean export volume in March is expected to be 1.632 billion tons, slightly lower than last week's forecast. Brazilian officials will visit China next week to discuss health and quarantine issues [11][13]. - **Trend Intensity**: Both soybean meal and soybean trend intensities are 0 [13]. Corn - **Fundamentals**: The closing price of C2605 was 2,379 yuan/ton (down 0.42%) in the day - session and 2,385 yuan/ton (up 0.25%) in the night - session; the closing price of C2607 was 2,392 yuan/ton (down 0.37%) in the day - session and 2,394 yuan/ton (up 0.08%) in the night - session. Spot prices in some regions increased [15]. - **News**: The price of northern corn for bulk shipping and container shipping increased by 10 yuan/ton. Northeast corn prices partially rose by 10 - 20 yuan/ton, and North China corn prices fluctuated [16]. - **Trend Intensity**: Corn trend intensity is 0 [16]. Sugar - **Fundamentals**: The raw sugar price was 14.45 cents/pound (up 0.26), the mainstream spot price was 5,440 yuan/ton (down 10), and the futures main - contract price was 5,406 yuan/ton (down 66) [18]. - **News**: As of March 15, the sugar production in the 25/26 sugar - crushing season in India increased by 10% year - on - year. CAOC expects the domestic sugar production in the 25/26 sugar - crushing season to be 1.17 billion tons, and ISO expects a global sugar supply surplus of about 163 million tons in the 25/26 sugar - crushing season [18][19]. - **Trend Intensity**: Sugar trend intensity is 1 [20]. Cotton - **Fundamentals**: CF260 closed at 15,415 yuan/ton (down 0.42%) in the day - session and 15,385 yuan/ton (down 0.19%) in the night - session; CY2605 closed at

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The bond market is generally in an oscillating and favorable situation in the short - term, but there may be short - term fluctuations. The allocation value of the 10 - year bond around 1.8% continues to emerge. It is recommended to increase positions on rallies, and actively seize short - term opportunities when a significant pulse of 2 - 4BP or more occurs in a single day [2][4]. - After the cross - month period, the bond market's capital supply is likely to face limited pressure under the central bank's support. The strong positive of the central bank's restart of treasury bond trading and the accelerated debt - resolution leading to the increased supply of government bonds still leave room for the market to bet on loose monetary policy. However, changes in risk appetite and the upcoming implementation of the new public - offering fee regulations may cause short - term fluctuations in the bond market [2]. Summary According to Relevant Catalogs 1. This Week's Bond Market Review - The bond market yields declined overall this week (10/27 - 10/31). As of 10/31, the yields of 30Y, 10Y, and 1Y treasury bonds changed by - 6BP, - 4.5BP, and - 8BP respectively, closing at 2.14%, 1.80%, and 1.38%. The term spreads of 30Y - 10Y and 10Y - 1Y changed by - 1.5BP and 3.5BP respectively, closing at 35BP and 41BP [1]. - The decline in the 10Y yield was due to factors such as the market's risk - aversion sentiment under Sino - US trade frictions, the central bank's announcement of restarting open - market treasury bond trading, and the market's expectation of loose monetary policy [6]. 2. Next Week's Bond Market Outlook and Strategy (1) Bond Market Outlook - **Fundamentals**: Production indicators showed differentiation, real - estate transactions had different year - on - year performances, and most price sectors rebounded. Production indicators mostly declined, demand on the consumer side mostly fell, and real - estate transactions varied. The price index rebounded this week, with a month - on - month increase ranging from 0.4% to 1.6% [25][40]. - **Supply**: From 10/27 - 11/2, the issuance scale of interest - rate bonds declined. The issuance of treasury bonds was 0 billion yuan, local bonds was 2706.82 billion yuan, and inter - bank certificates of deposit was 7349.2 billion yuan, a decrease of 8930.16 billion yuan compared with last week. The issuance progress of local bonds reached 89.7%, and the issuance progress of new special bonds and new general bonds were 90.4% and 86.3% respectively [54]. - **Funding**: From 10/27 - 10/31, the central bank net - injected 12008 billion yuan through 7 - day reverse repurchase and 2000 billion yuan of MLF this month. The funding situation fluctuated and tightened marginally. It is expected that after the cross - month period, the funding situation will likely return to equilibrium [60]. (2) Bond Market Strategy - Next week, attention should be paid to four aspects: the return of funds to equilibrium after the cross - month period, the situation of subsequent treasury bond trading and further monetary operations under loose monetary policy, the impact of changes in risk appetite on the bond market driven by short - term risk - aversion sentiment, and the impact of the new public - offering fee regulations [74]. - The bond market is favorable in the short - term. It is necessary to grasp the key position of 1.8%. Although the Sino - US consultations reached an agreement at the end of October, the market sentiment was not significantly boosted. The new public - offering fee regulations may cause short - term negative feedback, but the probability of substantial large - scale redemptions disturbing the market is currently limited [2][78]. 3. Next Week's Open - Market Operations and Financial Calendar - **Open - market operations**: The net injection (withdrawal) situation in the past four weeks and the next four weeks is provided, including reverse - repurchase and MLF operations. For example, this week (2025/10/31), the net injection was 14,008 billion yuan [79]. - **Financial calendar**: Information on local - government bond issuance, certificate - of - deposit maturity, reverse - repurchase maturity, MLF maturity, tax - payment weeks, and reserve - payment weeks from November 3rd to November 9th is provided [79].

Core Insights - The recent third round of China-U.S. negotiations concluded with both sides using diplomatic language such as "candid" and "constructive," but the substantive outcomes indicate a lack of genuine effort from either party [1] Summary by Categories - **Negotiation Outcomes** - The negotiations resulted in the postponement of previously agreed-upon content, with no significant changes to the current tariff situation [1]

Core Viewpoint - The article discusses the current state of the gold market, highlighting that despite positive signals from Sino-U.S. negotiations, gold prices remain in a wide fluctuation range. The upcoming U.S. Consumer Price Index (CPI) report is anticipated to influence short-term market direction [1] Group 1 - Sino-U.S. negotiations have released favorable signals for the market [1] - Gold prices have not broken out of their wide fluctuation range [1] - The upcoming U.S. CPI report is expected to play a crucial role in determining short-term market direction [1]

Group 1: Report Information - Industry: Cotton [1] - Date: June 11, 2025 [2] - Researchers: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] Group 2: Market Review and Operation Suggestions - **Market Review**: Macro factors boosted Zhengzhou cotton to rebound. The latest 328 - grade cotton price index was 14,743 yuan/ton, up 123 yuan/ton from the previous trading day. The cotton yarn market continued to weaken, entering the seasonal off - season. The grey fabric market remained sluggish, with weak trading volume and fewer orders. The raw material procurement was cautious, and the grey fabric inventory increased [7]. - **Macro and Overseas Situation**: The macro - environment was temporarily good under China - US consultations. Overseas, the old - crop shipment progress was good, and the good - quality rate was weaker than last year, supporting the foreign market. The US Department of Agriculture's June supply - demand report was to be watched [8]. - **Domestic Situation**: The domestic new - cotton output was expected to increase steadily with a stable or increasing planting area. There was a high risk of high - temperature heat damage in the budding period in most cotton areas in southern Xinjiang this week. The downstream cotton yarn and grey fabric sectors continued to weaken, and the market demand was not strong. Due to the Gurban Festival in Xinjiang, some spinning mills had holidays, and the short - term startup rate decreased. The downstream finished - product inventory increased steadily, and the grey fabric inventory pressure was greater than that of cotton yarn. In the short term, Zhengzhou cotton would fluctuate within a narrow range, and the performance of the upper pressure level should be watched [8]. Group 3: Industry News - As of the week ending June 8, the US cotton planting progress was 76% (last year: 79%, five - year average: 80%, previous week: 66%), the budding rate was 12% (last week: 8%, last year: 13%, five - year average: 12%), and the good - quality rate was 49% (last year: 56%) [9]. - As of June 7, 2025, the Brazilian cotton harvest progress was 1.4% (last week: 0.9%, last year: 1.7%) [9]. Group 4: Data Overview - The report provided multiple data charts including CF1 - 5 spread, CF5 - 9 spread, China cotton price index, cotton spot price, cotton futures price, cotton basis change, cotton commercial inventory, cotton industrial inventory, and warehouse receipt volume, etc., with data sources from Wind and the Research and Development Department of Jianxin Futures [16][18][19]