1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - For the vegetable oil sector, it is recommended to short - term go long and wait for long - term short - selling opportunities after the rebound. For the two - meal (bean meal and rapeseed meal) sector, it is expected to rebound from a low level, and new selling points should be sought after the rebound ends [1][2][3] 3. Summary by Relevant Catalogs Vegetable Oil Sector 3.1 Market Review - On December 26, the vegetable oil sector showed an overall strong trend. The large - scale exit of short positions in soybean oil boosted its price. Palm oil was still under pressure at the 20 - day moving average, and the rebound of rapeseed oil weakened. For example, the main soybean oil contract Y2605 closed at 7,836 yuan/ton, up 0.15% day - on - day, with a daily reduction of 10,112 lots [1] 3.2 Important Information - The biodiesel policy may be favorable. The Trump administration may make a decision on the 45Z tax credit for sustainable aviation fuel next week. From January 1, 2026, the tax credit for US biodiesel producers will increase to 64 cents per gallon, and that for renewable diesel producers will increase to 53 cents per gallon [1] - Indian buyers have locked in a large - scale purchase of 150,000 tons per month of South American soybean oil from April to July 2026 [1] - From December 1 - 20, the palm oil production in Malaysia decreased by 7.15% month - on - month, with the fresh fruit bunch (FFB) yield decreasing by 6.26% month - on - month and the oil extraction rate (OER) decreasing by 0.17% month - on - month [1] - From December 1 - 25, the palm oil export volume in Malaysia was 1,058,112 tons, a 1.6% increase compared to the same period in November. Exports to China were 108,000 tons, a decrease of 40,000 tons compared to the same period last month [1] - Indonesia's Ministry of Energy and Mineral Resources released the total biodiesel allocation for 2026 as 15.65 billion liters, an increase of about 30 million liters compared to 2025. The PSO total allocation decreased, and the B50 road test was launched in December 2025, with the mandatory addition plan expected to start in the second half of 2026 [1] - As of the end of the 51st week of 2025, the total inventory of the three major edible oils in China was 2.2936 million tons, a weekly decrease of 17,700 tons, a month - on - month decrease of 0.77%, and a year - on - year increase of 8.30% [1] 3.3 Market Logic - Overseas: After Christmas, US soybean oil opened higher and closed lower, but the overall center of gravity moved up and was still in a rebound. Domestic: For soybean oil, the factory inventory decreased by 25,000 tons, indicating a short - term supply shortage, but the oil mill's crushing volume and operating rate remained high. For palm oil, the Malaysian market opened and closed higher. The strong overseas vegetable oil market is expected to boost the domestic market. For rapeseed oil, due to market news that many traders plan to take delivery of the 2601 rapeseed oil warehouse receipts and actively inquire about crude rapeseed oil, and the continuous reduction of rapeseed oil inventory in East China, the 2601 Zhengzhou rapeseed oil contract led the domestic vegetable oil market, and the 2605 contract also followed the upward trend [2] 3.4 Trading Strategy - Unilateral: New positions in vegetable oils should be short - term long, and a long - term short - selling mindset should be maintained. Do not engage in long - term trading during the New Year's Day holiday. Provide support and resistance levels for different contracts, such as the Y2605 contract with a resistance level of 8,400 and a support level of 7,400 [2] - Arbitrage: None Two - Meal (Bean Meal and Rapeseed Meal) Sector 3.1 Market Review - On December 26, the customs rumors led to an increase in spot market transactions, boosting the futures market. The main bean meal contract M2605 closed at 2,790 yuan/ton, up 1.09% day - on - day, with a daily reduction of 6,453 lots [2] 3.2 Important Information - The US Department of Agriculture estimates that in the 2026/2027 season, US farmers will reduce corn planting area and increase soybean planting area to 85 million acres [2] - StoneX reported that China has purchased more than 8 million tons of US soybeans, moving towards the goal of 12 million tons [2] - As of December 11, the sowing of soybeans in Brazil in the 2025/26 season was 97% complete, higher than 94% a week ago [2] - StoneX predicts that the soybean output in Brazil in the 2025/26 season may reach 178.9 million tons, higher than the previous estimate of 175 million tons by the US Department of Agriculture [3] - As of December 13, the soybean sowing rate in Brazil was 94.1%, compared with 90.3% last week, 96.8% in the same period last year, and a five - year average of 90.6% [3] - The Brazilian National Association of Grain Exporters (ANEC) expects the soybean export volume in December to be 3.57 million tons, up from the previous estimate of 3.33 million tons [3] - S&P Global Research Report states that in 2026, the US soybean market will face a decline in both output and exports, while Brazil's soybean harvest may prompt China to seek more Brazilian supplies [3] - As of the end of the 51st week of 2025, the total inventory of imported soybeans in China was 7.646 million tons, a decrease of 409,000 tons compared to last week. The domestic bean meal inventory was 1.095 million tons, a week - on - week increase of 1.38% [3] - On December 24, there were rumors that the customs inspection procedures would be tightened until the second quarter of next year [3] 3.3 Market Logic - Overseas: The price of US soybeans rebounded after Christmas. In the spot market, the fixed - price of oil mills increased by 10 - 20 yuan/ton, and some enterprises continued to raise prices after the market closed. Traders replenish goods as needed, waiting for the shutdown arrangement of oil mills in January. The terminal has pre - holiday stocking demand but is not willing to chase high prices. The market is concerned about whether it can break through the half - year line pressure level under the drive of the rise in bean meal. In the spot market, terminal purchases are mainly for rigid demand, with general trading volume, and prices fluctuate with the futures market, and the basis quotation shows a narrow - range adjustment [3] 3.4 Trading Strategy - Unilateral: Bean meal and rapeseed meal are expected to rebound from a low level. New selling points should be sought after the rebound ends. Provide support and resistance levels for different contracts, such as the M2605 contract with a resistance level of 2,858 and a support level of 2,660 [3] - Arbitrage: None