受到上述消息提振，国内植物油板块开盘高开高走、棕榈油领涨。但是国内目前大豆库存779万吨，五年新高，阿根廷零关 税大豆40船已在路上，油厂豆油146万吨，5年新高。棕榈油库存虽然偏低仅有52.4万吨，但是能保证刚性需求，菜籽油中加 贸易争端下，后续菜籽到港偏低,油厂菜籽油库存去化中,在三大油脂中基本面最强,抗跌性高。综合以上分析:棕榈油 和豆油不建议追高,上涨空间有限,菜籽油可逢低少量吸纳多单。 数据来源：文华财经,粮油商务网 研究员：刘锦 从业资格 F0276812 交易咨询： Z0011862 联系电话13633849418 格林大华 期货研究院 证监许可【2011】1288号 免责声明：本投合中的信息均来源于公开资料，我公司对这些信息的阵解俄及完整任不作任何紧证，不得证报告信息已收最新交更，也不保证分析师做出的担调建派会发生任何交更。在任何情况下，没告申的信息或所去达的意见于不够成场 赌博美郎出版视频价：在任何情况下，我公司不像提告申的任何交流的报告的孩故的坐探，没资者提拔改造、没取收留我承担。我公司可能发出与本报告意见不一致的单位拦，本报告见分析师本人的意见与党论，并 代表我公司的立场。未经我公司同意 ...

| 业期现日报 HI HE | | | | | | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 2025年10月9日 | | 十洋族 | | Z0019938 | | 田温 | | | | | | 9月30日 | 9月29日 | | 涨跌 | 旅鉄幅 | | 现价 江苏一级 8380 | 8400 | | -20 | -0.24% | | 期价 Y2601 8140 | 8150 | | -10 | -0.12% | | 墓差 Y2601 240 | 250 | | -10 | -4.00% | | 现货墓差报价 江苏1月 01+230 | 01+230 | | 0 | = | | 仓单 25534 | 25534 | | 0 | 0.00% | | 棕榈油 | | | | | | 9月30日 | 9月29日 | | 旅鉄 | 旅跌幅 | | 现价 广东24度 9060 | 9110 | | -50 | -0.55% | | 期价 P2601 9228 | 9234 | | -6 | -0.06% | | 墓差 P2601 -168 | ...

| 业期现日报 HI HE | | | | | | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 2025年10月9日 | | 十洋族 | | Z0019938 | | 田温 | | | | | | 9月30日 | 9月29日 | | 涨跌 | 旅鉄幅 | | 现价 江苏一级 8380 | 8400 | | -20 | -0.24% | | 期价 Y2601 8140 | 8150 | | -10 | -0.12% | | 墓差 Y2601 240 | 250 | | -10 | -4.00% | | 现货墓差报价 江苏1月 01+230 | 01+230 | | 0 | = | | 仓单 25534 | 25534 | | 0 | 0.00% | | 棕榈油 | | | | | | 9月30日 | 9月29日 | | 旅鉄 | 旅跌幅 | | 现价 广东24度 9060 | 9110 | | -50 | -0.55% | | 期价 P2601 9228 | 9234 | | -6 | -0.06% | | 墓差 P2601 -168 | ...

巴西当地媒体9月22日援引路透社报道，巴西植物油工业协会于周一表示，巴西大豆加工商预计在 未来12个月内投资59亿雷亚尔（约合11.1亿美元），用于建设生物柴油扩产项目，以应对持续增长的生 物柴油市场需求。项目完成后，巴西大豆加工企业数量将由2024年的67家增至75家，加工厂总数将从 132家增至144家，全国大豆压榨能力预计将提升至每年8000万吨。届时，巴西生物柴油的年生产能力将 达到600万吨，较当前水平提升8%。根据美国农业部的数据，巴西是全球最大的大豆生产国和出口国， 同时也是继中国和美国之后的第三大油籽加工国。 （原标题：巴西大豆压榨产能因生物燃料需求强劲而扩大） ...

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The SAF (Sustainable Aviation Fuel) industry is experiencing a price increase due to reduced overseas supply and strong global demand, with EU and China SAF FOB prices rising by 46% and 33% respectively since the beginning of 2025 [5] - The domestic SAF market is expected to grow rapidly, driven by favorable demand and limited overseas supply, with the potential for Chinese SAF products to gain market share due to their low-carbon attributes [6] Summary by Sections SAF Price Trends - As of September 24, 2025, EU and China SAF FOB prices are $2,705 and $2,400 per ton respectively, marking increases of 46% and 33% since the start of 2025 [5] - The price of waste cooking oil (UCO) is 7,400 RMB per ton, reflecting a 15% increase since the beginning of 2025 [5] Supply and Demand Dynamics - Recent supply constraints include Shell's decision to halt the construction of a large biofuel plant and NESTE's scheduled maintenance for its facilities, which will reduce SAF supply [5] - Demand is bolstered by EU's financial support for SAF procurement and Singapore's plans to implement SAF tax incentives [5] Competitive Landscape - The EU's imposition of anti-dumping duties on US SAF products enhances the competitiveness of Chinese SAF products, as China has not yet established clear subsidy policies for its SAF industry [6] - The potential for more Chinese SAF companies to enter the export whitelist is anticipated, further strengthening the market position of domestic SAF products [6] Beneficiary Companies - Beneficiary companies identified include Jiaao Environmental Protection, Shanggou Environmental Energy, Zhuoyue New Energy, Haineng Science and Technology, and Pengyao Environmental Protection [7]

Report Core Views Palm Oil - International market: Malaysian BMD crude palm oil futures oscillated strongly around 4,400 ringgit, supported by a 8%+ increase in export data in the first 20 days and a decline in production in the same period. There is an expectation of an upward trend after effectively reaching and stabilizing above 4,500 ringgit [3]. - Domestic market: Dalian palm oil futures rebounded. Short - term, it may follow the upward trend of Malaysian palm oil and break through the 9,500 yuan mark. After Malaysian palm oil rises above 4,500 ringgit, Dalian palm oil futures may also rise, but beware of unexpected declines before the National Day holiday [3]. Soybean Oil - International situation and domestic factors: Tensions in Europe and the Middle East led to a rise in international crude oil, boosting the vegetable oil market. Domestic soybean oil supply is sufficient with good consumption. There are also news of soybean oil exports. However, due to the approaching holidays, capital withdrawal, and the concentrated listing of US soybeans, the increase of Dalian soybean oil is limited, and a decline at the end of the month is possible [4]. Bean Meal - Futures: Affected by uncertain Sino - US tariff prospects, a slight increase in South American premiums, and expected end - of - month restocking, institutional short positions were reduced, and Dalian bean meal rebounded weakly. Short - term resistance is in the 3,050 - 3,080 yuan range [17]. - Spot: Oil mills raised prices by 10 - 20 yuan/ton. Supply is temporarily abundant during the National Day, but due to transportation vehicle shortages and some traders' restocking, the market slightly improved, with prices oscillating between 2,950 - 3,200 yuan/ton [17]. Data Summaries Oil Price Spreads - Palm oil: P 1 - 5 was 202 yuan/ton with a 6 - yuan increase; P 5 - 9 was 322 yuan/ton with a 2 - yuan decrease; P 9 - 1 was - 524 yuan/ton with a 4 - yuan decrease [5]. - Soybean oil: Y 1 - 5 was 276 yuan/ton with no change; Y 5 - 9 was 62 yuan/ton with no change; Y 9 - 1 was - 338 yuan/ton with no change [5]. - Others: Y - P 01 was - 988 yuan/ton with a 32 - yuan increase; Y/M 01 was 2.7631 with no change; OI 1 - 5 was 500 yuan/ton with an 11 - yuan increase; OI/RM 01 was 3.9921 with a 1.24% decrease [5]. Palm Oil Spot and Futures Prices - Futures: Palm oil 01 was 9,360 yuan/ton with a 0.47% increase; Palm oil 05 was 9,154 yuan/ton with a 0.44% increase; Palm oil 09 was 8,802 yuan/ton with a 0.11% increase [8]. - Spot: BMD palm oil main contract was 4,464 ringgit/ton with a 0.88% increase; Guangzhou 24 - degree palm oil was 9,260 yuan/ton with a 10 - yuan increase; Guangzhou 24 - degree basis was - 66 yuan/ton with a 28 - yuan increase [8]. Soybean Oil Spot and Futures Prices - Futures: Soybean oil 01 was 8,366 yuan/ton with a 0.66% increase; Soybean oil 05 was 8,078 yuan/ton with a 0.14% decrease; Soybean oil 09 was 8,034 yuan/ton with a 0.28% decrease [13]. - Spot: Shandong first - grade soybean oil was 8,470 yuan/ton with no change; Shandong first - grade soybean oil basis was 142 yuan/ton with a 36 - yuan increase [13]. Oilseed Futures Prices - Bean meal: Bean meal 01 closed at 3,034 with a 20 - point increase and a 0.66% rise; Bean meal 05 was 2,782 with a 4 - point decrease and a 0.14% decline; Bean meal 09 was 2,891 with an 8 - point decrease and a 0.28% decline [18]. - Rapeseed meal: Rapeseed meal 01 was 2,528 with a 6 - point increase and a 0.24% rise; Rapeseed meal 05 was 2,373 with a 14 - point decrease and a 0.59% decline; Rapeseed meal 09 was 2,447 with a 7 - point decrease and a 0.29% decline [18]. Bean and Rapeseed Meal Spreads - Bean meal: M01 - 05 was 228 with no change; M05 - 09 was - 113 with a 4 - point increase; M09 - 01 was - 115 with a 4 - point decrease [19][21]. - Rapeseed meal: RM01 - 05 was 135 with a 22 - point increase; RM05 - 09 was - 67 with an 11 - point increase; RM09 - 01 was - 68 with a 33 - point decrease [19][21]. - Spot: The spot price difference between bean and rapeseed meal was 450 with a 5 - point decrease; the futures price difference was 492 with no change [21].

Core Viewpoint - The Australian government announced a 10-year investment of AUD 1.1 billion (approximately USD 735 million) to develop the biofuel industry, which is seen as a "down payment" for this emerging sector [1] Investment Plan - The investment aims to stimulate private sector investment in biodiesel and aviation fuel, expected to increase demand for biofuel feedstocks such as canola and sugarcane [1] - Australia is a major producer of biofuel feedstocks, with most of its current production being exported [1] Agricultural Advantage - Australia has a strong agricultural sector, providing a unique advantage in producing cleaner low-carbon liquid fuels necessary for achieving net-zero emissions in various transportation modes, including aircraft, ships, construction machinery, and heavy trucks [1] Industry Advocacy - Agricultural groups in Australia have long lobbied for government investment in the biofuel sector, arguing that without government support, the industry would struggle to take off [1] - The temporary CEO of the National Farmers' Federation emphasized that this initiative is not only about cleaner fuels but also about job creation and diversifying agricultural operations [1]

声明说，澳大利亚农业发达，在生产更清洁的低碳液体燃料方面具有得天独厚的优势，这些燃料可 为"飞机、船舶、工程机械和重型卡车提供实现净零排放所需的能源"。 多年来，澳大利亚农业团体一直在游说政府投资生物燃料产业，认为若没有政府支持，该产业难以起 步。澳大利亚全国农民联合会临时首席执行官苏·麦克拉斯基说："这不仅关乎更清洁的燃料，还关乎创 造就业机会和实现农业经营多元化。"（完）（袁睿） 【新华社微特稿】澳大利亚政府17日宣布，将在未来10年间投资11亿澳元（约合7.35亿美元）用于发展 生物燃料产业。澳大利亚国库部长吉姆·查默斯将这笔投资称作发展这一全新产业的"首付款"。 根据澳政府发布的一份声明，这项投资计划旨在刺激私营部门对生物柴油和航空燃料等方面的投资，预 计将提振对油菜籽和甘蔗等生物燃料原料的需求。 澳大利亚是油菜籽、甘蔗和高粱等生物燃料原料的主要生产国之一，但目前所产原料大部分用于出口。 澳大利亚产的油菜籽是欧洲生物柴油产业的重要原料。 ...

Core Insights - The Australian government announced an investment of AUD 1.1 billion (approximately USD 735 million) over the next decade to develop the biofuel industry, referred to as the "down payment" for this new sector [1] - The investment plan aims to stimulate private sector investments in biodiesel and aviation fuel, expected to boost demand for biofuel feedstocks such as canola and sugarcane [1] - Australia is a major producer of biofuel feedstocks like canola, sugarcane, and sorghum, with most of the current production being exported [1] - Australian canola is a key raw material for the European biodiesel industry [1] - The Australian agriculture sector has a unique advantage in producing cleaner low-carbon liquid fuels, which can provide the energy needed for achieving net-zero emissions in various transportation sectors [1] - Agricultural groups in Australia have long lobbied for government investment in the biofuel industry, arguing that without government support, the sector would struggle to take off [1] - The temporary CEO of the National Farmers' Federation, Sue McCluskey, emphasized that this initiative is not only about cleaner fuels but also about job creation and diversifying agricultural operations [1]

Group 1 - The U.S. Environmental Protection Agency (EPA) proposed to redistribute the biofuel blending obligations exempted for small refineries to large refineries, offering two options of 50% and 100% [1] - Chicago Board of Trade (CBOT) soybean oil futures prices surged, reaching the highest level in three weeks [1] - Domestic oilseed futures prices strengthened, with rapeseed oil leading the increase, surpassing 10,000 yuan per ton [1] Group 2 - According to Guoyuan Futures, the recent domestic rapeseed oil import volume is low, but alternative resources like Australian canola present variables [5] - The market is focusing on Sino-Canadian trade relations and import policy dynamics, while rapeseed oil prices are affected by supply-demand and external factors, lacking sustained upward momentum [5]