1. Report Industry Investment Rating No relevant content provided 2. Core Viewpoints - EB2509 dropped and then rebounded, closing at 7,230 yuan/ton. In the short - term, the domestic market has no new shutdown devices, and the impact of restarted and capacity - increased devices is expanding, with an expected increase in supply. The downstream industry has both shutdown and restarted devices, and the terminal demand lacks positive factors, so the styrene consumption is difficult to grow significantly. The supply - stronger - than - demand situation in the spot market is expected to continue, and the inventory pressure may continue to rise. In terms of cost, the supply - stronger - than - demand situation of crude oil continues, and the international oil price is expected to fluctuate weakly. The main contract of styrene is about to change. EB2509 is dominated by the delivery logic, with a short - term fluctuation range expected between 7,150 - 7,360 yuan/ton; EB2510 is supported by the peak season in September and maintenance expectations, and technically, attention should be paid to the support around 7,130 yuan/ton and the pressure around 7,380 yuan/ton [2] 3. Summary by Related Catalogs Futures Market - The futures closing price of the active styrene contract is 7,230 yuan/ton, down 10 yuan/ton; the trading volume is 148,790, down 79; the buying volume of the top 20 positions is 317,145 hands, up 15,287 hands; the 10 - month contract closing price is 7,248 yuan/ton, down 19 yuan/ton; the position volume of the active contract is 167,851 hands, down 16,914 hands; the net buying volume of the top 20 positions is - 4,659 hands, down 17,718 hands; the selling volume of the top 20 positions is 334,863 hands, up 19,946 hands; the total number of warehouse receipts is 737 hands, unchanged [2] 现货市场 - The spot price of styrene is 7,596 yuan/ton, down 60 yuan/ton; the FOB South Korea middle - price is 887 US dollars/ton, unchanged; the CFR China middle - price is 897 US dollars/ton, unchanged; the mainstream price in the Northeast region is 7,400 yuan/ton, unchanged; the mainstream price in the South China region is 7,430 yuan/ton, down 5 yuan/ton; the mainstream price in the North China region is 7,325 yuan/ton, down 40 yuan/ton; the mainstream price in the East China region is 7,280 yuan/ton, down 25 yuan/ton [2] Upstream Situation - The CFR Northeast Asia middle - price of ethylene is 826 US dollars/ton, unchanged; the CFR Southeast Asia middle - price is 821 US dollars/ton, down 10 US dollars/ton; the CIF Northwest Europe middle - price is 856.5 US dollars/ton, up 3 US dollars/ton; the FD US Gulf price is 457 US dollars/ton, down 6 US dollars/ton; the spot price of pure benzene in Taiwan (CIF) is 744.67 US dollars/ton, down 0.14 US dollars/ton; the FOB price of pure benzene in the US Gulf is 267 cents/gallon, down 1 cent/gallon; the FOB price of pure benzene in Rotterdam is 719 US dollars/ton, down 15 US dollars/ton; the market price of pure benzene in the South China market is 6,150 yuan/ton, unchanged; the market price in the East China market is 6,100 yuan/ton, unchanged; the market price in the North China market is 6,130 yuan/ton, down 110 yuan/ton; the total styrene operating rate is 78.18%, up 0.45%; the national styrene inventory is 208,717 tons, down 2,738 tons [2] 产业情况 - The total inventory of styrene in the East China main port is 148,800 tons, down 10,200 tons; the trade inventory in the East China main port is 69,500 tons, up 3,000 tons [2] 下游情况 - The operating rate of EPS is 58.08%, up 14.41%; the operating rate of ABS is 71.1%, unchanged; the operating rate of PS is 56.4%, up 1.4%; the operating rate of UPR is 32%, up 2%; the operating rate of styrene - butadiene rubber is 72.1%, down 1.25% [2] Industry News - From August 8th to August 14th, the overall output of Chinese styrene plants was 369,100 tons, a 2.76% increase from the previous period; the plant capacity utilization rate was 78.18%, a 0.45% increase from the previous period. The consumption of the main downstream products (EPS, PS, ABS) of Chinese styrene was 263,200 tons, a 10.54% increase from the previous week. As of August 14th, the sample inventory of Chinese styrene plants was 208,700 tons, a 1.29% decrease from the previous period [2]

Sugar Industry Investment Rating Not provided Core View The global sugar supply is tending to be loose, pressuring the raw sugar. The market demand is weak, but the low inventory supports the spot price in Guangxi. Considering the increase in imports later, the domestic supply and demand are marginally loose. It is recommended to maintain a bearish view after the rebound and pay attention to the pressure at 5800 - 5900 [2]. Summary by Directory - **Futures Market**: The price of white sugar 2601 is 5632 yuan/ton, down 0.05%; the price of white sugar 2509 is 5810 yuan/ton, up 0.09%. The main contract holding volume increased by 4.46%, and the warehouse receipt quantity decreased by 0.83% [1]. - **Spot Market**: The spot price in Nanning is 6060 yuan/ton, up 0.17%; the spot price in Kunming is 5905 yuan/ton, up 0.43%. The Nanning basis increased by 2.04%, and the Kunming basis increased by 26.67% [1]. - **Industrial Situation**: The national cumulative sugar production increased by 12.03% year-on-year, and the cumulative sales increased by 23.07% year-on-year. The industrial inventory in Guangxi decreased by 12.23% year-on-year, and the industrial inventory in Yunnan increased by 0.29% year-on-year [1][3]. Cotton Industry Investment Rating Not provided Core View The contradiction of tight commercial cotton inventory in the 2024/25 season is difficult to solve before the new cotton is listed, which still strongly supports the cotton price. In the short term, the domestic cotton price may fluctuate strongly in a stable range, and will be under pressure after the new cotton is listed in the long term [4]. Summary by Directory - **Futures Market**: The price of cotton 2509 is 13885 yuan/ton, up 0.14%; the price of cotton 2601 is 13820 yuan/ton, up 0.07%. The main contract holding volume increased by 0.80%, and the warehouse receipt quantity decreased by 0.32% [4]. - **Spot Market**: The Xinjiang arrival price of 3128B is 15263 yuan/ton, up 0.58%; the CC Index of 3128B is 15266 yuan/ton, up 0.46%. The 3128B - 01 contract basis increased by 5.19%, and the 3128B - 05 contract basis increased by 5.71% [4]. - **Industrial Situation**: The commercial inventory decreased by 9.5% month-on-month, the industrial inventory decreased by 2.9% month-on-month, the import volume decreased by 33.3% month-on-month, and the bonded area inventory decreased by 8.9% month-on-month [4]. Egg Industry Investment Rating Not provided Core View The inventory of laying hens remains high, and the egg supply is sufficient. However, due to the high temperature, the egg weight and laying rate have declined, and the supply of large eggs is tight. The egg price has dropped to a phased low, and the demand is expected to increase. It is expected that the egg price may rise this week, but the increase may be limited [8]. Summary by Directory - **Futures Market**: The price of the egg 09 contract is 3580 yuan/500KG, up 0.06%; the price of the egg 08 contract is 3442 yuan/500KG, down 0.12%. The 9 - 8 spread increased by 4.55% [7]. - **Spot Market**: The egg production area price is 2.51 yuan/jin, up 1.39%. The basis increased by 3.95% [7]. - **Industrial Situation**: The price of day-old chicks remained unchanged, the price of culled hens decreased by 2.13%, the egg - feed ratio decreased by 4.37%, and the breeding profit decreased by 20.60% [7]. Oil Industry Investment Rating Not provided Core View For palm oil, due to concerns about seasonal production growth, the futures price may face resistance and fall back. For soybean oil, the speculation on the US biodiesel theme has ended, and the market is affected by both positive and negative factors, showing a narrow - range shock adjustment [10]. Summary by Directory - **Futures Market**: The price of Y2509 is 7986, up 0.53%; the price of P2509 is 8682, up 0.51%; the price of 01509 is 9439, down 0.31% [10]. - **Spot Market**: The price of Jiangsu first - grade soybean oil is 8240, up 0.86%; the price of Guangdong 24 - degree palm oil is 8800, up 1.50%; the price of Jiangsu fourth - grade rapeseed oil is 9610, up 0.31% [10]. - **Industrial Situation**: The import profit of Malaysian palm oil increased, and the inventory of domestic palm oil, soybean oil, and rapeseed oil showed different trends [10]. Meal Industry Investment Rating Not provided Core View The weather in the US soybean producing areas is good, and the market is worried about the impact of US tariffs. The domestic soybean and soybean meal inventories are rising, and the开机 rate is improving. The soybean meal basis is stable, but attention should be paid to the sustainability of demand [11]. Summary by Directory - **Futures Market**: The price of M2509 is 2976, up 0.74%; the price of RM2509 is 2633, up 0.84%; the price of the soybean No. 1 main contract is 4101, down 0.10%; the price of the soybean No. 2 main contract is 3610, up 0.61% [11]. - **Spot Market**: The price of Jiangsu soybean meal is 2830, up 1.07%; the price of Jiangsu rapeseed meal is 2530, up 0.80%; the price of Harbin soybeans is 3960, unchanged; the price of Jiangsu imported soybeans is 3660, unchanged [11]. - **Industrial Situation**: The import profit of Brazilian soybeans in September increased, and the import profit of Canadian rapeseed in November decreased [11]. Corn Industry Investment Rating Not provided Core View In the short term, the market sentiment is weak, but as the remaining grain decreases, the downward space for the corn price is limited. In the medium term, the tight supply and increasing consumption support the corn price. It is recommended to wait and see [13]. Summary by Directory - **Futures Market**: The price of corn 2509 is 2306, down 0.60%; the price of corn starch 2509 is 2656, down 0.78% [13]. - **Spot Market**: The Pingcang price in Jinzhou remained unchanged, the Shekou bulk grain price is 2430, down 0.41%, the Changchun spot price of corn starch is 2700, unchanged, and the Weifang spot price is 2920, unchanged [13]. - **Industrial Situation**: The import corn auction continued, the downstream deep - processing entered the seasonal maintenance period, and the wheat substitution squeezed the corn demand [13]. Pig Industry Investment Rating Not provided Core View The current breeding profit has returned to a low level, and the market is cautious about capacity expansion. The short - term sentiment is still strong, but the pressure on the 09 contract is increasing. Attention should be paid to the pressure above 14500 [18]. Summary by Directory - **Futures Market**: The price of the main contract decreased by 14.74%, the price of pig 2511 is 13645, down 0.37%, the price of pig 2509 is 14345, down 0.21%, and the 9 - 11 spread increased by 2.94% [17]. - **Spot Market**: The spot price of pigs fluctuated, with prices in different regions showing different degrees of decline [17]. - **Industrial Situation**: The slaughter volume increased by 0.59%, the white - striped pork price remained unchanged, the price of piglets decreased by 3.20%, the price of sows remained unchanged, the slaughter weight increased by 0.31%, the self - breeding profit increased by 11.82%, and the purchased - pig breeding profit increased by 220.34% [17].

1. Report Industry Investment Rating - Not provided in the content 2. Core Views of the Report - For rapeseed meal, the market is affected by multiple factors. In the US, the soybean situation is complex with increased inventory but lower - than - expected planting area. Domestically, the supply of rapeseed meal is affected by the increase in imported soybeans and the rise in oil - mill operating rates, while the demand is boosted by the aquaculture season but weakened by the substitution advantage of soybean meal. The price is expected to remain volatile in the short term [2]. - For rapeseed oil, the international market is influenced by factors such as the MPOB report, international biodiesel policies, and international oil prices. Domestically, it is in the off - season for consumption, with a loose supply and high inventory pressure. However, the decrease in oil - mill operating rates and the potential tightening of Sino - Canadian economic and trade relations may have an impact on the market [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Futures prices: The closing price of the active contract of rapeseed oil is 9548 yuan/ton, down 59 yuan; that of rapeseed meal is 2579 yuan/ton, down 18 yuan; ICE rapeseed is 719.1 Canadian dollars/ton, up 0.4 Canadian dollars; and rapeseed is 5058 yuan/ton, down 8 yuan [2]. - Spreads and positions: The 9 - 1 spread of rapeseed oil is 56 yuan/ton, down 15 yuan; that of rapeseed meal is 264 yuan/ton, down 7 yuan. The net long positions of the top 20 futures holders for rapeseed oil are 19088 lots, down 5701 lots; for rapeseed meal, it is - 12451 lots, down 7960 lots [2]. - Warehouse receipts: The number of rapeseed oil warehouse receipts is 805, unchanged; that of rapeseed meal is 15218, down 1014 [2]. 3.2现货市场 - Spot prices: The spot price of rapeseed oil in Jiangsu is 9750 yuan/ton, down 80 yuan; that of rapeseed meal in Nantong is 2500 yuan/ton, down 10 yuan. The average price of rapeseed oil is 9782.5 yuan/ton, down 72.5 yuan. The import cost of rapeseed is 5148.66 yuan/ton, down 9.02 yuan [2]. - Price differences and ratios: The oil - meal ratio is 3.77, down 0.04. The basis of the rapeseed oil main contract is 143 yuan/ton, down 68 yuan; that of rapeseed meal is - 79 yuan/ton, up 8 yuan. The spot price difference between rapeseed oil and soybean oil is 1590 yuan/ton, up 20 yuan; between rapeseed oil and palm oil is 1240 yuan/ton, down 30 yuan; between soybean meal and rapeseed meal is 300 yuan/ton, down 10 yuan [2]. 3.3 Upstream Situation - Production and imports: The global rapeseed production forecast is 89.77 million tons, up 0.21 million tons. The total rapeseed import volume in the current month is 33.55 million tons, down 15.37 million tons. The import volume of rapeseed oil and mustard oil in the current month is 34 million tons, up 10 million tons; that of rapeseed meal is 28.79 million tons, up 4.13 million tons [2]. - Inventory and operating rates: The total inventory of rapeseed in oil mills is 15 million tons, unchanged. The weekly operating rate of imported rapeseed is 11.46%, down 2.8% [2]. 3.4 Industrial Situation - Inventory: The coastal rapeseed oil inventory is 11.15 million tons, down 1.05 million tons; the coastal rapeseed meal inventory is 1.1 million tons, up 0.09 million tons. The rapeseed oil inventory in the East China region is 61.59 million tons, down 1.46 million tons; the rapeseed meal inventory is 36.9 million tons, up 0.07 million tons. The rapeseed oil inventory in the Guangxi region is 6.9 million tons, down 0.3 million tons; the rapeseed meal inventory in the South China region is 30.1 million tons, down 0.7 million tons [2]. -提货量: The weekly rapeseed oil提货量 is 3 million tons, up 0.19 million tons; the weekly rapeseed meal提货量 is 3.48 million tons, up 0.61 million tons [2]. 3.5 Downstream Situation - Production and consumption: The monthly production of feed is 2762.1 million tons, up 98.1 million tons. The monthly production of edible vegetable oil is 440.4 million tons, down 87 million tons. The monthly social consumer retail sales of catering revenue is 4578.2 billion yuan, up 411.2 billion yuan [2]. 3.6 Option Market - Implied and historical volatilities: The implied volatility of at - the - money call options for rapeseed meal is 16.94%, down 1.59%; that of put options is 16.93%, down 1.6%. The 20 - day historical volatility of rapeseed meal is 14.43%, up 0.16%; the 60 - day historical volatility is 19.26%, down 0.87%. The implied volatility of at - the - money call and put options for rapeseed oil is 12.77%, up 0.52%. The 20 - day historical volatility of rapeseed oil is 14.1%, up 0.31%; the 60 - day historical volatility is 13.89%, down 0.03% [2]. 3.7 Industry News - Canadian rapeseed futures: On Friday, Canadian rapeseed futures on the Intercontinental Exchange (ICE) traded in a narrow range, with closing prices mixed. The 11 - month contract rose 0.2 Canadian dollars to 719.70 Canadian dollars/ton; the 1 - month contract was flat at 727.40 Canadian dollars/ton; the 3 - month contract fell 0.5 Canadian dollars to 732.90 Canadian dollars/ton [2]. - US soybean situation: As of June 1, the US soybean inventory was 1.008 billion bushels, a 4% increase from the same period last year, higher than the analyst's expectation of 980 million bushels. The US soybean planting area in 2025 is 83.38 million acres, lower than the March forecast of 83.5 million acres and the analyst's estimate of 93.655 million acres, a 4.2% decrease from the same period last year [2].