Core Viewpoint - Da Cheng Biochemical Technology (00809) expects a significant decline in net income for the fiscal year ending December 31, 2025, projecting between HKD 100 million and HKD 300 million, compared to approximately HKD 746 million for the fiscal year ending December 31, 2024 [1] Financial Performance - The company anticipates revenue and gross profit to increase by approximately 13.9% and 2.8%, respectively, from about HKD 2.001 billion and HKD 191 million in the previous year to approximately HKD 2.279 billion and HKD 196 million in the current year [1] - However, the gross profit margin is expected to decline from 9.5% in the previous year to 8.6% in the current year [1] Factors Affecting Performance - The anticipated decline in gross profit margin and net income is primarily attributed to rising domestic corn prices starting mid-2025, which will increase operational costs for the company [1] - Additionally, the European Union's anti-dumping investigation into mainland China's lysine has led to an oversupply of lysine products in the domestic market, negatively impacting the company's gross profit margin [1] - The company will also not recognize a one-time gain of approximately HKD 1.962 billion following the completion of the sale of eight subsidiaries on December 30, 2024 [1]

1. Report Industry and Date - Industry: Agricultural products [1] - Date: March 6, 2026 [1] 2. Researchers - Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [3] 3. Industry Investment Rating No relevant information provided. 4. Core Views 4.1 Oils - The short - term support for the oils market comes from the escalation of the Middle East geopolitical conflict, which boosts crude oil prices and strengthens the biodiesel attribute of the oils sector. The oils market is expected to follow the trend of crude oil and be viewed positively, but chasing high prices is not recommended. The strength relationship among the three major oils is expected to be palm oil > rapeseed oil > soybean oil. [8] - In the long - term, the continuous Middle - East conflict is expected to support crude oil prices in 2026, which in turn provides potential support for palm oil prices and strengthens the upward momentum of the global edible oil market. [9] 4.2 Corn - The supply of corn in the spot market may increase, but the selling pressure is reduced. The overall supply - demand pattern may still be tight, and the spot price is expected to fluctuate strongly. In the futures market, the 2605/07 contracts are also expected to fluctuate strongly. [97] 4.3 Hogs - The spot price of hogs may bottom - out and rebound as the low price may stimulate the demand for secondary fattening, while the 05/07 futures contracts may fluctuate weakly. [140] 4.4 Soybean Meal - Due to the macro - events and the impact of the Middle - East conflict, CBOT soybeans and domestic soybean meal may continue to be slightly strong. It is recommended to be cautiously bullish before the Strait is unsealed. [145][146] 4.5 Eggs - In the short - term, the spot price of eggs is expected to remain in the low - level inventory digestion stage. Based on the inflation expectation caused by the Middle - East situation, the market may start to trade the expectation of reduced replenishment enthusiasm. It is advisable to pay attention to the layout opportunities of long positions in the peak season of the second half of the year. [184] 4.6 Cotton - The cotton market is expected to adjust in the short - term, but the upward trend remains unchanged. It is necessary to wait for the performance of peak - season demand, the planting intention report, and the target price policy. [209] 4.7 Sugar - The raw sugar index is weak, and the Zhengzhou sugar index is facing pressure at the 5400 level. The spot price is weak, and the basis is expanding. [237][238][240] 5. Summary by Directory 5.1 Oils 5.1.1 Market Review and Operation Suggestions - The three major oils show a differentiated trend. The strength relationship is expected to be palm oil > rapeseed oil > soybean oil. The short - term support comes from the Middle - East conflict. For arbitrage, go long on rapeseed oil and short on soybean oil. [8] - Palm oil: The inventory in Malaysia at the end of February is expected to decline. The long - term conflict in the Middle - East may support palm oil prices. [9] - Soybean oil: The rise of CBOT soybeans and soybean oil provides support for the domestic market. The domestic soybean oil is in a de - stocking cycle, but the large arrival in the second quarter may ease the supply. [9] - Rapeseed oil: After the anti - dumping investigation on Canadian rapeseed, the policy risk is alleviated. The supply is tight, and the downside support is strong. [10] 5.1.2 Core Points - Domestic spot changes: As of March 6, 2025, the prices of East China first - grade soybean oil, East China third - grade rapeseed oil, and South China 24 - degree palm oil have increased week - on - week, while the basis of soybean oil and rapeseed oil has decreased. [11] - Domestic three - major oils inventory: As of the end of the 9th week of 2026, the total inventory of the three major edible oils has increased week - on - week, with different trends in each oil. [21] - Domestic oils and oilseeds supply: The soybean and rapeseed oil mill opening rates have increased week - on - week but are still at a low level. The soybean processing volume has increased, and the import situation of soybeans and rapeseeds is different. [22][32] - Palm oil dynamics: The production of palm oil in Malaysia in January 2026 decreased, and different institutions have different forecasts for February. The export data shows a certain trend. [35][36] - CFTC positions: Speculative funds have continuously increased net long positions in CBOT soybeans, soybean oil, and soybean meal futures markets. [50] 5.2 Corn 5.2.1 Market Review - The spot price of corn has been strong this week. The futures price of the Dalian main 2605 contract has increased. [54] 5.2.2 Fundamental Analysis - Corn supply: The grain - selling progress has increased after the festival, but it is still slower than the same period last year. The port inventory shows different trends in the north and the south. [56][57] - Domestic substitutes: The wheat market is strong, and the price difference between corn and wheat exists. [59] - Imported substitute grains: The import volume of various grains in 2025 shows different trends. The import profit of Brazilian corn is high, and the import volume of other grains may increase. [61][74] - Feed demand: The feed production in 2025 has increased. The pig inventory is expected to drive the feed demand, and the feed enterprise inventory has decreased. [75][79][80] - Deep - processing demand: The corn starch industry's opening rate and production have increased, but the processing profit is still in a loss state. The deep - processing enterprise inventory has decreased. [83][84][85] - Supply - demand balance sheet: The Ministry of Agriculture and Rural Affairs predicts that the production of corn in the 2025/26 season will increase, and the consumption will also increase slightly. [92] 5.2.3 Later Outlook and Strategy - The spot price of corn is expected to fluctuate strongly, and the futures price of 2605/07 contracts is also expected to be strong. The strategy for spot enterprises is to replenish inventory at low prices, and for futures investors, to hold long positions. [97] 5.3 Hogs 5.3.1 Market Review - The spot price of hogs has decreased this week, and the futures price of the main LH2605 contract has also declined. [99][100] 5.3.2 Fundamental Overview - Long - term supply: The price of binary sows is expected to fluctuate. The number of sows of child - bearing age shows different trends in different data sources, and the theoretical pig slaughter volume in the future is predicted accordingly. [104][105] - Medium - term supply: The price of piglets has decreased, and the inventory of piglets shows a certain trend, which is related to the future pig slaughter volume. [114] - Short - term supply: The large - pig inventory and the situation of pressure - barring and secondary fattening are analyzed, and the short - term pig slaughter volume is predicted. [118][119] - Current supply: The planned slaughter volume of sample enterprises in February has decreased, and the average slaughter weight has increased slightly. [122][123] - Import supply: The pork import volume in 2025 has decreased. [130] - Secondary fattening demand: There is secondary fattening replenishment after the festival, and the cost and price difference are analyzed. [133] - Slaughter demand: The slaughter enterprise's opening rate has increased this week and is expected to adjust slightly in the future. [137] 5.3.3 Later Outlook - The spot price of hogs may bottom - out and rebound, and the 05/07 futures contracts may fluctuate weakly. The strategy for futures investors is to hold short positions and reduce positions at low prices, and for breeding enterprises, to hold hedging short positions and reduce positions with slaughter. [140] 5.4 Soybean Meal 5.4.1 Weekly Review and Operation Suggestions - The spot price of soybean meal has been slightly strong. The futures price of CBOT soybeans and domestic soybean meal has increased due to the Middle - East conflict. It is recommended to be cautiously bullish before the Strait is unsealed. [144][145][146] 5.4.2 Core Points - Soybean planting: The production and inventory of US soybeans in the 25/26 season are analyzed. The planting area, yield, and demand of US soybeans and the production forecast of South American soybeans are provided. [147][148] - US soybean export: The US soybean export data shows a certain trend, and the future procurement situation needs attention. [153] - Domestic soybean import and crushing: The crushing profit, crushing volume, opening rate, import volume, and inventory of domestic soybeans are analyzed. [162][163][165] - Soybean meal transaction and inventory: The inventory of soybean meal has decreased, and the future demand is related to the import soybean auction. [169] - Basis and inter - month spread: The basis of soybean meal has decreased, and the 5 - 7 spread has widened slightly. [175] - Domestic registered warehouse receipts: The number of domestic soybean meal registered warehouse receipts is at the highest level in the same period in history. [181] 5.5 Eggs 5.5.1 Weekly Review and Operation Suggestions - The spot price of eggs has been weak first and then stable. The futures price has changed little. Based on the inflation expectation, it is advisable to pay attention to the layout opportunities of long positions in the peak season of the second half of the year. [184] 5.5.2 Data Summary - Inventory and replenishment: The inventory of laying hens is at a high level in the same period, and the replenishment momentum has slowed down. The proportion of different - aged hens and egg sizes is analyzed. [185][189] - Cost, income, and breeding profit: The egg price has decreased, the feed cost is at a medium level, the chick price is at a medium level, and the breeding profit is at a very low level. [194] - Culled hens: The culling volume has increased, the culling age has been delayed, and the culled hen price is at a medium - low level in the same period. [196] - Demand, inventory, and hog price: The egg sales volume is at a low level in the same period, the inventory is relatively high, and the hog price is at a low level in the same period. [202] 5.6 Cotton 5.6.1 Weekly Review and Operation Suggestions - The outer - market cotton has fluctuated and declined, and the Zhengzhou cotton has adjusted. The domestic spot market is not active, and the market demand is gradually released. The short - term market is expected to adjust with a strong trend unchanged. [207][208][209] 5.6.2 Core Points - Cotton - producing countries' situation: The USDA's February supply - demand report has adjusted the global cotton supply - demand situation, with changes in inventory, production, trade, and consumption. [210] - US cotton export situation: The US cotton sales and shipment data in the 2025/2026 season show different trends. [217] - Textile enterprise operation: The cotton and cotton yarn inventory of textile enterprises and the load index of yarn and grey cloth are analyzed. [219] - Basis and inter - month spread: The basis has increased, and the 5 - 9 spread has decreased. [230] - CFTC positions and domestic registered warehouse receipts: The non - commercial net position of US cotton has increased, and the number of domestic cotton registered warehouse receipts has increased. [233] 5.7 Sugar 5.7.1 Data Overview - The raw sugar index is weak, and the Zhengzhou sugar index has tested the 5400 level. The spot price is weak, and the basis is expanding. The 5 - 9 spread has changed little, and the number of warehouse receipts has increased. [237][238][240][242] - The production situation in Brazil's central - southern region in the 2025/26 season is analyzed, including sugar production, ethanol production, and related ratios. The import processing profit of raw sugar has increased, and the non - commercial net short position of raw sugar has decreased. [244][245][248][249]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The global market risk appetite continues to rise due to the increased difficulty of the US - Iran nuclear agreement negotiations. The real - effect of Shanghai's real - estate policy on the market should be rationally viewed. The short - term bond market is volatile, and there is a long - term adjustment risk. The prices of various commodities have different trends and influencing factors, and corresponding investment suggestions are put forward for each commodity [17][20][24] 3. Summary by Directory 3.1 Financial News and Comments 3.1.1 Macro Strategy (Gold) - The US may raise the "global import tariff" on some countries to 15%. Gold prices are supported by the weakening of the US dollar index, US tariff policies, and the uncertainty of US - Iran negotiations. However, the short - term interest rate cut willingness of the Fed is low, and gold prices continue to fluctuate. Silver is supported by low inventory, but its upward trend may not last [12] - Investment advice: Precious metals will continue to fluctuate in the short term, and the upward trend of silver may be difficult to sustain [13] 3.1.2 Macro Strategy (Foreign Exchange Futures - US Dollar Index) - Cuba fired at a US speedboat, and the US envoy requires the Iran nuclear agreement to be permanent, increasing the negotiation difficulty. The EU is evaluating that the new US tariffs may be higher than the 15% upper limit of the agreement. The global market risk preference continues to rise [14][15][17] - Investment advice: The US dollar will continue to fluctuate [18] 3.1.3 Macro Strategy (Stock Index Futures) - Shanghai issued the "Seven - Point Plan for Shanghai" to optimize real - estate policies, reducing the home - purchase threshold and releasing a positive policy signal. The real - estate sector rose, but the increase was limited. In the context of an aging population and income pressure, residents' ability to increase leverage is limited [19][20] - Investment advice: Hold stock index long positions in a balanced manner [21] 3.1.4 Macro Strategy (Treasury Bond Futures) - Shanghai optimized real - estate policies, and the central bank conducted 4095 billion yuan of 7 - day reverse repurchase operations, with a net investment of 95 billion yuan on that day. The real - estate policy has limited negative impact on the bond market. In the short term, the bond market sentiment is not likely to turn weak, and there is still rebound momentum in some periods. In the long term, the bond market is not optimistic [23][24] - Investment advice: The bond market will fluctuate in the short term, and there is still an adjustment risk in the long term [25] 3.2 Commodity News and Comments 3.2.1 Black Metals (Coking Coal/Coke) - The coking coal market in Lvliang is oscillating. After the Spring Festival, the supply of coking coal has increased, but the demand is weak. The coke market also has problems such as inventory accumulation and weak demand. The market will maintain an oscillating pattern in the short term [26][27] - Investment advice: The market will maintain an oscillating pattern in the short term [28] 3.2.2 Black Metals (Rebar/Hot - Rolled Coil) - Australia made an anti - dumping final review ruling on Chinese rebar, and Mexico launched an anti - dumping investigation on Chinese cold - rolled coils. After Shanghai relaxed real - estate purchase restrictions, steel prices rose, but the fundamental pressure is still obvious. The steel price is in the stage of oscillating and bottom - grinding in the short term [30][32] - Investment advice: The steel price will oscillate in the short term. Pay attention to the opportunity of undervalued prices [33] 3.2.3 Agricultural Products (Cotton) - As of February 21, 2026, Brazil's cotton planting was 99.9% complete. After the festival, textile enterprises are resuming work. Some spinning enterprises have raised yarn prices, but the increase is less than that of cotton. The downstream market's acceptance of raw material price increases needs to be observed. The commercial cotton inventory is lower than last year, and the market is worried about the tight supply in the later period [34][36][37] - Investment advice: Zheng cotton is expected to be difficult to fall in the short term, and the market will be mainly oscillating strongly. Pay close attention to the macro - situation and downstream enterprise conditions [37] 3.2.4 Agricultural Products (Soybean Meal) - Argentina's weather will be drier this week, and the condition of soybean crops is declining. Brazil's soybean harvest is behind schedule, but exports are stable. In China, factors such as new purchases of US soybeans, reserve sales, and customs policies need to be focused on [38] - Investment advice: Temporarily view soybean meal with an oscillating mindset [40] 3.2.5 Agricultural Products (Soybean Oil/Rapeseed Oil/Palm Oil) - Indonesia urges the EU to restore market access for Indonesian palm oil products. From February 1 - 20, Malaysia's palm oil production and exports decreased. The palm oil market may decline in production and exports in February, and the inventory is expected to fall to 250 - 260 million tons. In March, production is expected to remain low, and attention should be paid to the replenishment demand in the sales area [41][42][43] - Investment advice: The palm oil inventory in Malaysia is expected to decline in February, and attention should be paid to the replenishment demand in the sales area in March [43] 3.2.6 Agricultural Products (Corn) - From February 12 - 18, 2026, the consumption of corn by deep - processing enterprises decreased. The progress of farmers selling corn is faster than in previous years. The downstream inventory is at a relatively high level, and the demand support may weaken. The corn futures price is expected to oscillate strongly [44][45] - Investment advice: Be vigilant against the technical correction risk after the optimistic sentiment fades. The corn futures price is expected to oscillate strongly [45] 3.2.7 Non - ferrous Metals (Lithium Carbonate) - Zimbabwe suspended the export of all raw ores and lithium concentrates. It is estimated that the monthly supply will be affected by 12,000 tons of LCE. In the short term, the impact on domestic smelters is controllable, but it will intensify the de - stocking. In the long term, it will affect the annual stocking trend. Be vigilant against the negative feedback from the demand side [46][47] - Investment advice: Adopt a bullish mindset in the short term, and pay attention to the price correction after the supply increases in the medium term [48] 3.2.8 Non - ferrous Metals (Lead) - On February 24, the LME 0 - 3 lead was at a discount of $49.85 per ton. The Shanghai lead price oscillated at a low level. The downstream consumption is lacking, and the inventory is high. The lead price will oscillate weakly, but the decline space is limited due to the cost support [49][50] - Investment advice: Observe in the short term and consider long positions in the medium term [50] 3.2.9 Non - ferrous Metals (Zinc) - On February 24, the LME 0 - 3 zinc was at a discount of $31.93 per ton. The zinc price oscillated. The LME inventory decreased, and the domestic inventory increased. The downstream start - up speed is slow. The zinc price is recommended to be treated with a bullish mindset, and continue to hold the Call [51] - Investment advice: Adopt a bullish mindset for the single - side trading, and continue to hold the previous Call. Observe for arbitrage [51] 3.2.10 Non - ferrous Metals (Copper) - In 2025, the global refined copper market had a surplus of 380,000 tons. European copper processing enterprises warned about the shortage of raw material supply. Chile's new government may adjust mining policies. The macro - sentiment is warming up, which will support the non - ferrous metal prices. The short - term copper price is likely to oscillate strongly [52][53][56] - Investment advice: Adopt a bullish mindset for the single - side trading and continue to buy on dips. Observe for arbitrage [56] 3.2.11 Non - ferrous Metals (Tin) - On February 24, the LME 0 - 3 tin was at a discount of $10 per ton. The supply of tin ore is expected to be tight in the long term. The downstream enterprises have not fully resumed work, and the spot market is cold. The tin price is expected to oscillate strongly and widely [57][58] - Investment advice: The tin price is expected to oscillate strongly and widely. Pay attention to the macro - situation, supply recovery, and post - festival consumption [58] 3.2.12 Energy and Chemicals (Crude Oil) - OPEC+ is considering a small increase in production. The EIA commercial crude oil inventory increased significantly. The oil price oscillated weakly, and the market is concerned about the progress of the US - Iran negotiations [59][60][61] - Investment advice: Pay close attention to the changes in the US - Iran situation in the short term [62] 3.2.13 Energy and Chemicals (Liquefied Petroleum Gas) - Saudi Aramco cancelled the March loading plan due to force majeure, which stimulated the international market price to rise. The international market is expected to be strong in the short term [63] - Investment advice: The price is expected to be strong in the short term [65] 3.2.14 Energy and Chemicals (Asphalt) - The capacity utilization rate of domestic heavy - traffic asphalt increased. The downstream demand has not fully recovered, and the market is in a weak state. The short - term asphalt price still has support [65][66] - Investment advice: The asphalt price will oscillate in the short term [67] 3.2.15 Energy and Chemicals (LLDPE) - The inventory of polyethylene social sample warehouses and production enterprises increased. The inventory accumulation speed is normal during the holiday, and the subsequent de - stocking speed needs to be observed [68][69][70] - Investment advice: Observe the de - stocking speed and geopolitical issues [71] 3.2.16 Energy and Chemicals (Methanol) - The methanol port inventory increased slightly. The unloading and提货 speed are slow. Iranian devices are restarting. Before the geopolitical issues are resolved, continue to observe methanol. After the issues are resolved, consider short - selling or 5 - 9 reverse arbitrage [72][74] - Investment advice: Observe methanol before the geopolitical issues are resolved, and consider short - selling or 5 - 9 reverse arbitrage after the issues are resolved [75] 3.2.17 Energy and Chemicals (Styrene) - The inventory of styrene in East China ports increased significantly. The pure benzene port inventory is high, and the de - stocking is difficult before mid - March. The styrene is suppressed by potential supply increases. Pay attention to the actual inventory accumulation in February and the change of trading logic [76][77] - Investment advice: The pure benzene price may rise after short - term oscillation. The styrene is suppressed by supply increases. Pay attention to inventory accumulation and trading logic changes [78] 3.2.18 Energy and Chemicals (Urea) - The urea enterprise inventory increased significantly during the Spring Festival. The international urea price is easy to rise. The domestic supply is abundant, and the demand for spring plowing is approaching. The urea price is expected to be strong, but policy intervention should be noted [79][81] - Investment advice: Market participants should replenish inventory based on rigid demand and reduce speculative operations. The urea futures market should be treated with an oscillating mindset [82] 3.2.19 Shipping Index (Container Freight Rate) - The opening price of MSK from Shanghai to Rotterdam in the 11th week decreased, and the shipping capacity pressure still exists. The spot freight rate in March is expected to decline. The market sentiment has shifted from expectation - driven to reality - driven [83] - Investment advice: Pay attention to the opportunity of short - selling the 04 contract at high prices in the short term [83]

Core Viewpoint - The company expects a significant decline in revenue and profit for the fiscal year ending December 31, 2025, primarily due to rising corn prices and market oversupply in the starch and lysine sectors [1] Group 1: Financial Projections - The company anticipates total revenue of approximately RMB 10.058 billion for the fiscal year ending December 31, 2025, compared to RMB 11.415 billion for 2024 [1] - The expected pre-tax profit for the current year is projected to decrease by about 64% from RMB 0.838 billion in 2024 [1] Group 2: Contributing Factors to Financial Decline - The strong performance in 2024 was driven by a decrease in corn grain costs, while the current year has seen a continuous rise in corn prices over three consecutive quarters, negatively impacting profit margins [1] - The ongoing oversupply in the Chinese corn starch and lysine industry has exerted downward pressure on market prices, particularly with a significant drop in lysine prices in the second half of the current year [1] - Anti-dumping investigations initiated by several countries against Chinese lysine products have led to reduced orders from overseas buyers, causing some products initially intended for export to flood the domestic market, further exacerbating the oversupply situation and putting additional downward pressure on domestic lysine prices [1] - The starch expansion project at the company's Linqing production base has affected production capacity due to the dismantling of one starch production line to facilitate construction [1] - The expected traditional peak season for starch sugar during national holidays and summer months did not materialize as anticipated this year [2]

Core Viewpoint - The company expects a significant decline in revenue and profit for the fiscal year ending December 31, 2025, compared to the previous year, primarily due to rising corn prices and market oversupply in the lysine sector [1] Group 1: Financial Projections - The company anticipates total revenue of approximately RMB 10.058 billion for the fiscal year ending December 31, 2025, down from RMB 11.415 billion in 2024 [1] - The expected profit before tax for the current year is projected to decrease by approximately 64% compared to the RMB 838 million reported for the fiscal year ending December 31, 2024 [1] Group 2: Contributing Factors to Decline - The strong performance in 2024 was driven by a decrease in corn kernel costs, while the current year has seen a continuous rise in corn prices over three consecutive quarters, negatively impacting profit margins [1] - The ongoing oversupply in the Chinese corn starch and lysine industries has exerted downward pressure on market prices, particularly affecting lysine prices significantly in the second half of the current year [1] - Anti-dumping investigations initiated by several countries against Chinese lysine products have led to reduced orders from overseas buyers, causing some products initially intended for export to flood the domestic market, further exacerbating the oversupply situation and putting additional downward pressure on domestic lysine prices [1] - The starch expansion project at the company's Linqing production base has impacted production capacity due to the dismantling of one starch production line to facilitate construction [1][2]

Core Viewpoint - The Chinese Ministry of Commerce announced an extension of the investigation period for anti-dumping measures on Canadian canola seeds until March 9, 2026, indicating the complexity of the case [1] Group 1: Trade Relations - During Canadian Prime Minister Carney's visit to China in January, both countries made specific arrangements to address trade issues in electric vehicles, steel and aluminum products, canola seeds, and agricultural products [1] - Canada will make positive adjustments regarding unilateral measures taken against Chinese electric vehicles and steel and aluminum products [1] - China will consider Canada's reasonable requests within the framework of rules and will make an objective and fair final decision based on facts and evidence [1]

Group 1 - The Chinese Ministry of Commerce held a press conference addressing the anti-dumping case regarding Canadian canola imports, with spokesperson He Yadong providing updates on the situation [1][3] - During Canadian Prime Minister Trudeau's visit to China in January, both countries agreed to address trade issues in various sectors, including electric vehicles, steel and aluminum products, canola, and agricultural products [3] - The investigation period for the anti-dumping measures on Canadian canola has been extended to March 9, 2026, due to the complexity of the case, with a final ruling to be announced by the Ministry of Commerce before this date [3]

Group 1 - The core viewpoint of the article highlights the recent arrangements made between China and Canada to address trade issues in sectors such as electric vehicles, steel and aluminum products, canola, and agricultural products [1] - Canada will actively adjust its unilateral measures against Chinese electric vehicles and steel and aluminum products [1] - China will also adjust its anti-discrimination measures against Canada based on relevant laws and regulations [1] Group 2 - The investigation period for the anti-dumping measures on Canadian canola has been extended to March 9, 2026, due to the complexity of the case [1] - The Ministry of Commerce will issue a final ruling before the extended deadline, considering Canada's reasonable demands within the framework of rules [1] - The final decision will be made objectively and fairly based on facts and evidence [1]

Core Viewpoint - The Chinese Ministry of Commerce has extended the investigation period for the anti-dumping case on Canadian canola imports until March 9, 2026, emphasizing a fair and evidence-based final ruling [1] Group 1: Investigation Details - The investigation into the anti-dumping case for Canadian canola has been extended due to the complexity of the case [1] - The Ministry of Commerce will issue an arbitration announcement before the extended deadline of March 9, 2026 [1] Group 2: Bilateral Trade Relations - During Canadian Prime Minister's visit to China in January, both countries agreed to address trade issues in sectors such as electric vehicles, steel and aluminum products, canola, and agricultural products [1] - Canada is expected to make positive adjustments regarding unilateral measures taken against Chinese electric vehicles and steel and aluminum products [1] - China will consider reasonable requests from Canada and adjust its anti-discrimination measures accordingly [1]

Core Viewpoint - The U.S. International Trade Commission (ITC) has made a preliminary ruling on the "countervailing and anti-dumping" investigation regarding Van-Type Trailers and their subassemblies from Mexico, Canada, and China, indicating potential harm to the U.S. domestic industry [1][2] Group 1: Investigation Details - The investigation focuses on whether Van-Type Trailers exported from Mexico to the U.S. harm the domestic industry, including products from Canada and China [2] - The ITC's preliminary ruling was published on February 6, 2026, with a written report expected on March 19, 2026 [1] - The U.S. Department of Commerce (DOC) will continue the investigation, with preliminary results for the "countervailing" investigation due on March 27, 2026, and for the "anti-dumping" investigation on June 10, 2026 [1] Group 2: Company Response - The company, CIMC Vehicles, through its U.S. subsidiary Vanguard Global Trailer Holding and its three subsidiaries, is actively responding to the investigation [2] - A project team is collaborating with local experts to submit necessary materials as required by the ITC and DOC, while ensuring the stability of the existing supply chain for Van-Type Trailers subassemblies [2] - The company anticipates that the entire investigation process will take approximately 12-18 months to complete and finalize results [2]