1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - In the week from March 23 - 27, the prices of Dalian soybean meal and soybean futures are expected to adjust and fluctuate, waiting for new market information. For soybean meal, the US soybean market has declined due to the postponement of Trump's visit to China, and the progress of Brazil's soybean export inspection events should be monitored. The slight reduction in domestic soybean crushing is expected to support the spot price. For soybeans, there is currently no additional positive news, and after more than half a year of price increases, there is a need for adjustment and market sales, so the price is expected to adjust and fluctuate, waiting for new market information [5]. 3. Summary by Relevant Catalogs 3.1 Price Trends - In the week from March 16 - 20, US soybean futures prices mainly declined. As of the week of March 20, the main US soybean 05 - contract had a weekly decline of 5.17%, and the main US soybean meal 05 - contract had a weekly increase of 1.8%. During the same period, domestic soybean meal and soybean futures prices also declined. The main soybean meal m2605 - contract had a weekly decline of 3.16%, and the main soybean a2605 - contract had a weekly decline of 3.28% [1]. 3.2 International Soybean Market Fundamentals - **US soybean net sales**: In the week of March 12, 2026, the weekly net sales of US soybeans in the current year (2025/26) were about 300,000 tons (about 460,000 tons in the previous week), and in the next market year (2026/27) were about 6,600 tons (9,500 tons in the previous week). The total was about 306,600 tons (about 470,000 tons in the previous week). The weekly net sales of US soybeans to China in the current crop year (2025/26) were about 80,000 tons (about 83,000 tons in the previous week), with cumulative sales of about 1.098 million tons [1]. - **Brazilian soybean import cost**: As of the week of March 20, the average CNF premium of Brazilian soybeans for May 2026 increased week - on - week, the average import cost decreased week - on - week, and the average crushing profit on the futures market increased week - on - week [1]. - **Brazilian soybean harvest progress**: As of the week of March 12, the harvest progress of Brazilian soybeans in 2025/26 was 61%, compared with 70% in the same period last year. The harvest speed is still the slowest since 2020/21, and some states still face delays [1]. - **South American soybean产区 weather forecast**: From March 21 to April 3, precipitation in the main soybean - producing areas of Brazil will be basically normal, with increased precipitation in Rio Grande do Sul and slightly less precipitation in Paraná and Mato Grosso do Sul. Temperatures in most main - producing areas will be higher. In the main soybean - producing areas of Argentina, there will be more precipitation on March 21 and less precipitation for the rest of the time, with temperatures first low and then high [1]. 3.3 Domestic Soybean Meal Spot Market - **Trading volume**: As of the week of March 20, the average daily trading volume of soybean meal in major domestic oil mills was about 190,000 tons, up from about 170,000 tons in the previous week [2][3]. - **Pick - up volume**: As of the week of March 20, the average daily pick - up volume of soybean meal in major oil mills was about 168,000 tons, down from about 177,000 tons in the previous week [3]. - **Basis**: As of the week of March 20, the average weekly basis of soybean meal (Zhangjiagang) was about 286 yuan/ton, compared with about 228 yuan/ton in the previous week and about 533 yuan/ton in the same period last year [3]. - **Inventory**: As of the week of March 13, the soybean meal inventory of major domestic oil mills was about 590,000 tons, with a week - on - week decline of about 18% and a year - on - year decline of about 5% [3]. - **Crushing volume**: As of the week of March 20, the weekly soybean crushing volume was about 1.99 million tons (1.97 million tons in the previous week and 1.41 million tons in the same period last year), with an operating rate of about 55% (54% in the previous week and 40% in the same period last year). Next week (March 21 - 27), the soybean crushing volume of oil mills is expected to be about 1.94 million tons (1.2 million tons in the same period last year), with an operating rate of 53% (34% in the same period last year) [3]. 3.4 Domestic Soybean Spot Market - **Soybean price**: In the week from March 16 - 20, domestic soybean prices were stable with a slight upward trend. In some northeastern regions, the purchase price of clean soybeans was in the range of 4,740 - 4,840 yuan/ton, an increase of 60 yuan/ton from the previous week; in some inland regions, the purchase price was in the range of 5,160 - 5,340 yuan/ton, an increase of 40 - 80 yuan/ton from the previous week; in the sales areas, the selling price of northeastern edible soybeans was in the range of 5,020 - 5,240 yuan/ton, the same as the previous week [4]. - **Selling sentiment in the northeastern production area**: Due to the continuous decline in soybean futures prices, the trading atmosphere in the spot market has become more cautious. Some farmers are more active in selling their grains, while a small number of farmers are waiting and watching. Most trading entities are more willing to sell [4]. - **Sentiment in the sales area**: Market dealers said that although the loading price at the origin has increased, due to fierce market competition, most soybean product factories have enough raw materials for production for some time and are not in a hurry to replenish their inventories. Some soybean product factories may stop or limit production and wait for a better time to replenish their inventories if the raw material soybean price continues to rise [4].

Group 1: Soybean and Protein Meal - CBOT soybeans reached a two-month high due to improved trade outlook, increasing demand for U.S. soybeans [2][10] - U.S. weekly export sales data showed a net increase of 281,800 tons, down 36% from the previous week and 80% from the four-week average [2][10] - Domestic protein meal market saw an upward trend as soybean prices rose, leading to higher import costs [2][10] Group 2: Palm Oil - BMD palm oil prices fell for the third consecutive day, impacted by a strengthening Malaysian ringgit and weak surrounding markets [3][11] - Industry experts predict palm oil prices will trend downward due to ample supply and weak demand [3][11] - Indonesian and Malaysian palm oil inventories were reported at 2.66 million tons and 2.82 million tons respectively [3][11] Group 3: Live Pig Market - Live pig futures for the main contract closed down 0.13% at 11,540 yuan/ton, with daily average prices for live pigs at 11.48 yuan/kg, up 0.08 yuan/kg [5][12] - Prices in Henan averaged 12.62 yuan/kg, reflecting a 0.3 yuan/kg increase [5][12] - Market activity is subdued as the Chinese New Year approaches, with a mixed trend in pig prices across regions [5][12] Group 4: Egg Market - Egg futures for the main contract rose 1.39% to 3,200 yuan/500 kg, while the national average price for eggs was 3.21 yuan/jin, down 0.05 yuan/jin [6][13] - Many markets are closed as the Chinese New Year approaches, leading to uncertainty in egg prices [6][13] - Recommendations suggest light or no positions during the holiday, monitoring demand changes [6][13] Group 5: Corn Market - Corn futures increased significantly, breaking through the upper range of a consolidation zone, driven by macroeconomic factors and funding [7][14] - The market is currently inactive, with stable prices in Northeast China and low enthusiasm among farmers to sell [7][14] - The overall market is expected to remain stable with limited adjustments in prices as the holiday approaches [7][14]

Core Viewpoint - The article emphasizes the importance of China and the United States focusing on their own development to enhance global prosperity, highlighting that their cooperation is crucial for world peace and development [1][4]. Economic Performance - In the first three quarters of the year, China's GDP grew by 5.2% year-on-year, and its global goods trade imports and exports increased by 4% [3][8]. - China's economic output is projected to reach approximately 140 trillion yuan, maintaining its position as the world's second-largest economy and the largest manufacturing nation [2][7]. Global Perception and Confidence - A recent global survey indicates that nearly 90% of respondents are confident in China's economic growth over the next decade, with a strong interest in Chinese culture and technology [1][6]. - The international community recognizes China's resilience and confidence in facing external challenges, attributing this to its high-quality development strategies [3][8]. Bilateral Relations and Opportunities - The article stresses that both China and the U.S. should focus on their respective developments to create more opportunities for each other, which is essential for addressing mutual challenges [4][9]. - China aims to expand its high-level openness and improve its business environment, which will provide broader market space and investment opportunities for foreign enterprises [4][9]. Future Outlook - Over the next decade, China's middle-income group is expected to exceed 800 million people, contributing to the formation of the world's largest and most dynamic consumer market [4][9]. - China is committed to maintaining confidence and determination in its development path, aiming to inject new momentum into global development through its modernization achievements [5][9].

Export Performance - In November 2025, China's export value (in USD) increased by 5.9% year-on-year, reversing the previous month's decline[4] - Exports to the EU surged by 14.8%, while exports to Japan and South Korea rose by 3.2%[4] - Cumulative export growth for electromechanical products and high-tech products was significant, at 8.0% and 6.6% respectively[4] Import Trends - November 2025 saw a 1.9% year-on-year increase in import value (in USD), marking six consecutive months of positive growth[5] - Major contributors to import growth included Brazil (19.4%) and Africa (13.4%), while imports from the US fell by 19.1%[5] - Cumulative import growth for high-tech products and electromechanical products was 9.6% and 5.5% respectively[5] Trade Surplus and Competitiveness - The trade surplus in November 2025 rebounded to $111.68 billion, indicating strong industrial competitiveness[6] - The surplus with the EU and ASEAN increased, while the deficit with Japan and South Korea narrowed significantly[7] - The trade dynamics suggest a growing importance of ASEAN in China's foreign trade landscape[7] Market Outlook - The probability of continued external demand recovery is high, supported by expected improvements in the US economy and the holiday season[8] - The focus in the market is shifting towards financial and technology sectors, driven by recent policy stability following the US-China summit[8] - Risks include potential escalations in US-China tensions and geopolitical crises that could impact trade and financial markets[17]

Core Viewpoint - In the first ten months of this year, China's total import and export value with the United States reached 3.38 trillion yuan, reflecting a year-on-year decline of 15.9% [1] Summary by Category Trade Performance - Exports to the United States amounted to 2.52 trillion yuan, down 17% year-on-year [1] - Imports from the United States were 851.18 billion yuan, showing a decrease of 12% [1] Historical Comparison - The export scale to the United States in the first ten months of this year is lower than that of 2018, which was 2.56 trillion yuan [1] - In comparison, the export figures for the same period in previous years were 2.36 trillion yuan in 2017 and 2.10 trillion yuan in 2015 [1]

Core Points - The announcement of the first domestically produced rare earth magnet in the U.S. is seen as a significant technological breakthrough, but it is met with skepticism regarding its actual industrial viability and performance standards [1][3][5] - The U.S. still relies heavily on China for the processing and production of rare earth materials, indicating that the production capabilities are far from complete [3][5][9] - The political context surrounding the announcement suggests it may be more of a political show than a genuine industrial achievement, aimed at boosting morale and creating pressure in U.S.-China trade negotiations [7][9][11] Industry Analysis - The rare earth magnet produced lacks essential performance certifications and is not yet ready for mass production, highlighting significant gaps in the U.S. rare earth supply chain [3][5][15] - The cost of producing high-purity rare earth materials in the U.S. is significantly higher than in China, which raises concerns about the competitiveness of U.S. production capabilities [5][15] - The U.S. military's demand for rare earth materials, particularly for advanced weaponry, underscores the urgency of developing a self-sufficient supply chain, yet current efforts are insufficient to meet this demand [5][9] Political Context - The timing of the announcement coincides with recent U.S.-China trade negotiations, suggesting a strategic move to project strength and progress in reducing dependency on China [7][9][11] - The U.S. narrative of being "choked" by China in terms of rare earth supplies is critiqued as a misrepresentation of the underlying regulatory and compliance issues that affect trade [11][13] - The U.S. has a history of demanding exceptions to trade rules, which complicates its relationship with China regarding rare earth exports [11][13][15]

Core Viewpoint - Significant progress has been made in China-US economic and trade negotiations, with the US agreeing to cancel the 10% "fentanyl tariff" on Chinese goods [1] Market Reactions - A-shares opened slightly lower, with the Shanghai Composite Index down 0.05%, the Shenzhen Component down 0.11%, and the ChiNext Index down 0.08% [1] - International gold prices rebounded, surpassing $4000 per ounce, leading to a collective rise in gold stocks [1] - The retail sector became active at the beginning of trading following the issuance of a notice by the Ministry of Finance and four other departments regarding the improvement of duty-free shop policies to boost consumption [1] - Small metals, coal, and semiconductor sectors opened lower [1]

Core Viewpoint - The article discusses the recent China-US economic and trade consultations, highlighting the constructive dialogue and basic consensus reached between the two parties on key economic issues [1] Summary by Relevant Sections - The consultations were guided by the important consensus of the two heads of state, focusing on significant economic and trade concerns shared by both sides [1] - Both parties engaged in candid, in-depth, and constructive exchanges, aiming to address each other's concerns [1] - There is an agreement to further define specific details and to follow through with domestic approval processes [1]

Core Viewpoint - The Chinese Ministry of Foreign Affairs confirmed that recent China-U.S. economic and trade consultations were constructive, focusing on key issues of mutual concern and reaching a basic consensus on arrangements to address each other's concerns [1] Group 1 - The consultations were guided by important consensus reached by the leaders of both countries [1] - Both sides engaged in candid, in-depth, and constructive discussions [1] - There is an agreement to further define specific details and to follow domestic approval procedures [1]

Core Viewpoint - The Chinese Ministry of Commerce's international trade negotiation representative and vice minister, Li Chenggang, stated that the China-U.S. economic and trade teams engaged in in-depth and candid discussions on mutually concerned economic and trade issues [1]. Group 1 - The discussions between China and the U.S. focused on key economic and trade topics of mutual interest [1].