Report Summary 1. Industry Investment Rating No information about the industry investment rating is provided in the given content. 2. Core View The report points out that there are multiple positive factors in the protein sector, with Laibo leading the rise. However, there are also risks such as the expected increase in soybean arrivals and sufficient oilseed supply in the fourth quarter, which makes the supply - shortage expectation in the first quarter gradually fade. It is recommended to gradually take profits on early low - position long orders and not to chase high for new orders [1][7]. 3. Summary by Related Content Positive Factors - **Import cost increase**: After the details of the fifth round of China - US economic and trade negotiations were released, China will purchase 12 million tons of US soybeans before January next year and guarantee an annual purchase of 25 million tons of US soybeans for three years. The US soybean futures price has effectively stood above 1100 cents and is expected to reach 1200 cents [7]. - **Ultra - low rapeseed and rapeseed meal inventories**: As of the end of the 44th week of 2025, the total inventory of imported rapeseed in China was 0.0 million tons, the same as last week and compared with 743,000 tons in the same period last year, with a five - week average of 800,000 tons. As of the end of the 43rd week of 2025, the inventory of imported and pressed rapeseed meal was 800,000 tons, the same as last week; the contract volume was 700,000 tons, a decrease of 100,000 tons from last week, a 17.65% month - on - month decline [7]. Risks - **Expected increase in soybean arrivals**: The expected increase in soybean arrivals and sufficient oilseed supply (29 million tons) in the fourth quarter make the supply - shortage expectation in the first quarter gradually fade [7]. Recommendations - **Trading advice**: Gradually take profits on early low - position long orders and do not chase high for new orders [7].