Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The rapeseed meal RM2601 is expected to fluctuate within the range of 2400 - 2460. The market is waiting for the final result of the anti - dumping ruling on Canadian rapeseed imports. Although the peak season for rapeseed meal spot demand has passed, the low inventory supports the market. The short - term trend is affected by soybean meal and will maintain a range - bound pattern, also influenced by the uncertain situation of Sino - Canadian trade relations [9]. 3. Summary by Directory 3.1 Daily Tips - Rapeseed meal RM2601 is expected to fluctuate between 2400 and 2460. The market is affected by soybean meal and awaits the final result of the anti - dumping ruling on Canadian rapeseed imports. The short - term trend is range - bound due to factors like low inventory and Sino - Canadian trade uncertainties [9]. 3.2 Recent News - Domestic aquaculture has entered the post - holiday off - season, with short - term supply expected to be tight and demand decreasing, which suppresses the market. Canadian rapeseed is in the harvesting stage, but Sino - Canadian trade issues reduce short - term export expectations. - China's preliminary anti - dumping investigation on Canadian rapeseed imports is established, and a 75.8% import deposit is imposed. The final result is still uncertain. - Global rapeseed production is increasing this year, with Canadian production higher than expected. - The Russia - Ukraine conflict continues, and there is a possibility of an increase in global geopolitical conflicts, which still supports commodities [11]. 3.3 Bullish and Bearish Factors - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the low inventory pressure of rapeseed meal in oil mills. - Bearish factors: The domestic rapeseed meal demand is gradually entering the off - season, and there is still a small probability of reconciliation in the final result of the anti - dumping investigation on Canadian rapeseed imports [12]. 3.4 Fundamental Data - **Price and basis**: The spot price is 2510, and the basis is 98, indicating a premium over the futures. - **Inventory**: Rapeseed meal inventory is 1.75 tons, a 2.78% week - on - week decrease from last week's 1.8 tons and a 20.45% year - on - year decrease from 2.2 tons last year. - **Aquatic product prices**: Aquatic fish prices have slightly declined, while shrimp and shellfish prices have remained stable [9][15][35]. 3.5 Position Data The main long positions have increased, but the funds have flowed out [9].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - Rapeseed meal RM2601 is expected to oscillate in the range of 2540 - 2600. The market is influenced by the news of Australian seed imports and the uncertainty of the final anti - dumping ruling on Canadian rapeseed imports. In the short term, it is in a moderately strong oscillating pattern [9]. - The spot demand for rapeseed meal remains in the peak season in the short term, and the low inventory supports the price. However, after the National Day, the demand will gradually enter the off - season, and there are still variables in China - Canada trade consultations [9]. 3. Summary by Directory 3.1 Daily Hints - Rapeseed meal RM2601 is in the 2540 - 2600 range. The market is affected by the anti - dumping ruling on Canadian rapeseed and the news of Australian seed imports. The short - term outlook is moderately strong oscillation [9]. 3.2 Recent News - The domestic aquaculture industry has entered the peak season, and the listing of domestic rapeseed has improved the expected tight supply in the spot market, with good demand expectations [11]. - China's preliminary anti - dumping ruling on Canadian rapeseed imports is established, and an import deposit of 75.8% is imposed. The final ruling is still uncertain [11]. - Global rapeseed production has decreased slightly this year, mainly due to the reduction in EU production and lower - than - expected production in Canada [11]. - The Russia - Ukraine conflict continues, and the decrease in Ukraine's rapeseed production and the increase in Russia's production offset each other. There is still a possibility of an escalation of global geopolitical conflicts, which supports commodity prices [11]. 3.3 Bullish and Bearish Factors - Bullish factors: China's preliminary anti - dumping determination and additional import deposit on Canadian rapeseed; low inventory pressure on oil mills' rapeseed meal [12]. - Bearish factors: The concentrated listing of domestic rapeseed in June; the final result of the anti - dumping on Canadian rapeseed imports is still uncertain, with a small probability of reconciliation [12]. - Current main logic: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 3.4 Fundamental Data - **Supply and demand balance sheets**: The report provides the supply - demand balance sheets of domestic rapeseed and rapeseed meal from 2014 - 2023, including data on harvest area, inventory, production, consumption, etc. [25][26] - **Price and trading volume**: Data on the average trading price and trading volume of soybean meal and rapeseed meal from August 12 - 21 are provided, as well as the price comparison between rapeseed meal futures and spot [13][15]. - **Warehouse receipts**: The number of rapeseed meal warehouse receipts from August 12 - 21 is provided, showing a decreasing trend [17]. 3.5 Position Data - The main short positions have decreased, and funds have flowed out, which is bearish [9].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - The rapeseed meal market is affected by factors such as the anti - dumping investigation on Canadian rapeseed imports, domestic aquaculture demand, and inventory changes. It is expected to be in a short - term volatile and upward pattern, with RM2601 ranging from 2540 to 2600 [8]. 3. Summary by Directory 3.1 Daily Tips - Rapeseed meal prices first rose and then fell. The tight spot market and the pending final result of the anti - dumping investigation on Canadian rapeseed imports influenced the market. The short - term demand is in the peak season, and the low inventory supports the market. However, after the National Day, the demand will enter the off - season, and there are still uncertainties in Sino - Canadian trade negotiations. The market is expected to be volatile and upward in the short term [8]. 3.2 Recent News - Domestic aquaculture has entered the peak season, and the listing of domestic rapeseed has improved the expected tight supply in the spot market. The demand side maintains a good expectation. - China's preliminary anti - dumping investigation on Canadian rapeseed imports was established, and an import deposit of 75.8% was imposed. The final result is still uncertain. - Global rapeseed production has decreased slightly this year, mainly due to the reduction in EU production and lower - than - expected production in Canada. - The Russia - Ukraine conflict continues. The decrease in Ukrainian rapeseed production and the increase in Russian production offset each other. Global geopolitical conflicts may rise in the future, which still supports commodities [10]. 3.3 Long and Short Concerns - Bullish factors: The preliminary anti - dumping determination on Canadian rapeseed imports and the low inventory pressure of oil mills' rapeseed meal. - Bearish factors: The concentrated listing of domestic rapeseed in June and the uncertainty of the final anti - dumping result on Canadian rapeseed imports, with a small probability of reconciliation. - The main logic: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [11]. 3.4 Fundamental Data - **Supply and demand balance sheets**: The report provides the supply - demand balance sheets of domestic rapeseed and rapeseed meal from 2014 to 2023, including data on harvest area, inventory, production, consumption, etc. [23][24] - **Price and inventory data**: - The spot price of rapeseed meal is 2650, and the basis is 46, indicating a premium over futures. - The rapeseed meal inventory is 32,000 tons, up 18.52% week - on - week and 14.29% year - on - year. - The import volume of rapeseed in August was lower than expected, and the import cost fluctuated slightly. - The rapeseed inventory of oil mills has fallen to a low level, while the rapeseed meal inventory has rebounded from a low level. - The rapeseed crushing volume of oil mills has decreased slightly [8][25][27]. 3.5 Position Data - The short positions of the main players have decreased, and the funds have flowed out [8].