Group 1: Industry Investment Rating - No information provided Group 2: Core Views of the Report - Rapeseed meal RM2605 will fluctuate in the range of 2300 - 2360. It is affected by the soybean meal trend, technical consolidation, and the uncertainty of the Canadian Prime Minister's visit to China and Sino - Canadian trade relations. The spot demand is in the off - season, and the low inventory supports the market. In the short term, it will maintain the range - bound pattern [9]. - Rapeseed meal futures rise and then fall, and the spot price fluctuates accordingly. The spot premium remains at a relatively high level [18]. - The spot price difference between soybean meal and rapeseed meal fluctuates slightly, and the price difference of the 2605 contract rebounds from a low level [20]. - The arrival of imported rapeseed increased slightly in December, and the import cost is disturbed by the tariff expectation [23]. - The rapeseed inventory in oil mills remains at a low level, and the rapeseed meal inventory is also at a low level. The rapeseed crushing volume in oil mills remains zero [25][27]. - The price of aquatic fish fluctuates slightly, and the price of shrimp and shellfish remains stable [35]. Group 3: Summary by Directory 1. Daily Prompt - Rapeseed meal RM2605 will fluctuate in the range of 2300 - 2360. The market is affected by soybean meal, technical factors, and Sino - Canadian trade relations. The spot demand is in the off - season, and the low inventory supports the market. The overall outlook is neutral, but the short - term trend is affected by multiple factors [9]. 2. Recent News - The domestic aquaculture industry has entered the off - season after the long holiday. The short - term supply in the spot market is expected to be tight, and the demand is decreasing, suppressing the market. Canadian rapeseed is in the harvesting stage, but Sino - Canadian trade issues affect short - term exports and reduce the domestic supply expectation [11]. - China's preliminary anti - dumping ruling on Canadian rapeseed imports is established, and an import deposit of 75.8% has been imposed. With the Canadian Prime Minister's visit to China, Sino - Canadian trade relations are variable, and the policy of imposing additional tariffs on Canadian rapeseed imports is yet to be determined [11]. - Global rapeseed production has increased this year, especially in Canada where the output is higher than expected [11]. - The Russia - Ukraine conflict continues, and the decrease in Ukrainian rapeseed output and the increase in Russian rapeseed output offset each other. There is still a possibility of an increase in global geopolitical conflicts, which supports commodities [11]. 3. Bullish and Bearish Concerns - Bullish factors: China's preliminary anti - dumping determination on Canadian rapeseed imports and the imposition of import deposits; no pressure on rapeseed meal inventory in oil mills [12]. - Bearish factors: The domestic demand for rapeseed meal enters the off - season; the final result of China's anti - dumping investigation on Canadian rapeseed imports is still variable, and there is a possibility of reconciliation [12]. - The current main logic: The market focuses on the domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [12]. 4. Fundamental Data - From December 30th to January 9th, the trading data of soybean meal and rapeseed meal are as follows: the trading volume of soybean meal ranges from 8.1 to 48.69 million tons, and the trading volume of rapeseed meal is mostly 0, with only 0.8 million tons on January 8th. The average trading price difference between soybean meal and rapeseed meal fluctuates from 584 to 666 [13]. - From December 30th to January 9th, the rapeseed meal futures price of the main 2605 contract ranges from 2338 to 2419, and the rapeseed meal futures price of the main 2609 contract ranges from 2407 to 2465. The rapeseed meal spot price in Fujian ranges from 2520 to 2570 [15]. - From December 29th to January 8th, the rapeseed meal warehouse receipts are 0. On January 9th, there are 84 warehouse receipts, an increase of 84 compared with the previous day [17]. 5. Position Data - No information provided

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The rapeseed meal market is affected by the visit of the Canadian Prime Minister to China and the results of China - Canada trade relations. It is in a state of shock and decline. In the short - term, it will maintain a shock pattern due to the off - season of domestic rapeseed meal supply and demand and the uncertainty of China - Canada trade relations [8]. - The spot demand for rapeseed meal has entered the off - season, and the low inventory supports the market. However, the final result of China's anti - dumping investigation on Canadian rapeseed imports is still uncertain, and the market is also affected by the soybean meal market [8]. 3. Summary According to the Directory 3.1 Weekly Prompt - Not provided in the report 3.2 Recent News - Domestic aquaculture has entered the off - season after the long holiday, and the demand side is gradually decreasing, suppressing the market expectation. The Canadian rapeseed harvest season has arrived, but due to China - Canada trade issues, short - term exports are expected to decrease [10]. - China's preliminary anti - dumping ruling on Canadian rapeseed imports is established, and a 75.8% import deposit is imposed. The future of China - Canada trade relations is uncertain, and the policy of additional tariffs on Canadian rapeseed imports is to be determined [10]. - Global rapeseed production has increased this year, especially in Canada, where the output is higher than expected [10]. - The Russia - Ukraine conflict is ongoing, and the decrease in Ukrainian rapeseed production and the increase in Russian rapeseed 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: China's preliminary anti - dumping determination and additional import deposit on Canadian rapeseed; oil mills have no pressure on rapeseed meal inventory [11]. - Bearish factors: Domestic aquaculture demand has entered the seasonal off - season; the final result of China's anti - dumping investigation on Canadian rapeseed imports is still uncertain, and there is a possibility of reconciliation [11]. - The current main logic: The market focuses on domestic aquaculture demand and the expectation of the tariff war on Canadian rapeseed [11]. 3.4 Fundamental Data - Rapeseed arrival: In December, the arrival of imported rapeseed increased slightly, and the import cost was affected by tariffs [19]. - Oil mill situation: The oil mill's rapeseed crushing volume remained at zero, and the rapeseed and rapeseed meal inventories were at low levels [21][23]. - Rapeseed meal transaction: Not provided in the report - Aquaculture situation: Aquatic fish prices declined slightly, while shrimp and shellfish prices remained stable. The production of Chinese aquatic products, fish, shellfish, and shrimp and crabs is mentioned, and the OECD's forecast of China's fish production and imports is also provided [25][27][29][31]. 3.5 Position Data - The main short positions increased, and funds flowed in, showing a bearish trend [8]. 3.6 Rapeseed Meal Viewpoints and Strategies - Fundamental analysis: Rapeseed meal is in a state of shock and decline, affected by soybean meal and technical shock adjustment. The spot demand is in the off - season, and the low inventory supports the market. In the short - term, it will maintain a shock pattern due to the uncertainty of China - Canada trade relations [8]. - Basis: The spot price is 2520, and the basis is 182, showing a premium over the futures, which is bullish [8]. - Inventory: The rapeseed meal inventory is 0 tons, the same as last week, and a 100% decrease compared with the same period last year, which is bullish [8]. - Disk: The price is below the 20 - day moving average but moving upward, showing a neutral trend [8]. - Main position: The main short positions increased, and funds flowed in, showing a bearish trend [8]. - Expectation: Rapeseed meal is affected by the visit of the Canadian Prime Minister to China and the uncertainty of China - Canada trade relations, showing a weak shock. In the short - term, it will maintain a shock pattern, and the follow - up development should be concerned [8]. 3.7 Rapeseed Meal Trading Strategies - Futures: In the short - term, it will return to the range shock. The RM2605 contract will fluctuate between 2200 and 2400 in the short - term. It is recommended to trade in the range or wait and see [13]. - Option strategy: Sell out - of - the - money put options [13]. 3.8 Technical Analysis - Affected by the visit of the Canadian Prime Minister to China, rapeseed meal is in a state of shock and decline. The KDJ indicator crosses at a high position, and the MACD is rising from a low position. In the short - term, it is in a technical shock adjustment stage, and the future trend depends on the rapeseed import policy and the soybean meal market [42]. 3.9 Next Week's Concerns - Most important: The growth and harvest weather conditions in South American soybean producing areas, the export of Canadian rapeseed and domestic crushing demand, and the arrival and operation of imported soybeans and rapeseed in China [45]. - Second important: Domestic soybean meal and aquaculture demand, domestic oil mill rapeseed meal inventory and downstream procurement [45]. - Less important: Macroeconomic factors and the Israel - Palestine conflict [45].