Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint This week, the domestic coking coal and coke markets were weak. The first price cut was implemented on Friday, with a reduction of RMB 50 - 55 per ton. Steel mills limited production this week due to environmental protection issues, resulting in a significant decrease in molten iron output, and the post - holiday restocking enthusiasm of downstream enterprises was average. The intermediate trading sector mainly adopted a wait - and - see attitude, and the overall online transactions showed mixed results. In terms of production areas, the coal mine output gradually increased after the post - holiday resumption, and the resumption accelerated after the Lantern Festival, with a slight increase in inventory. Although the resumption of coal mines is still restricted, the fundamental pressure of coking coal remains due to the high import of Mongolian coal. The current futures price is greatly affected by domestic and foreign macro expectations and geopolitical conflicts, and coking coal is expected to remain volatile and slightly stronger in the short term [2]. 3. Summary by Relevant Catalogs Market Review and Outlook - This week, the domestic coking coal and coke markets were weak, and the first price cut of RMB 50 - 55 per ton was implemented on Friday [2]. - Steel mills' production was limited due to environmental protection, leading to a significant decrease in molten iron output. The post - holiday restocking enthusiasm of downstream enterprises was average, and the intermediate trading sector was wait - and - see. Online transactions were mixed [2]. - After the post - holiday resumption, coal mine output gradually increased, and the resumption accelerated after the Lantern Festival, with a slight increase in inventory [2]. - The resumption of coal mines is restricted, but the fundamental pressure of coking coal remains due to high Mongolian coal imports. The futures price is affected by macro and geopolitical factors, and coking coal is expected to be volatile and slightly stronger in the short term [2]. Fundamental Data Weekly Changes | Indicator | Unit | Latest Week | Previous Period | Weekly Change | Weekly Change Rate | Frequency | | --- | --- | --- | --- | --- | --- | --- | | Total coking coal inventory | 10,000 tons | 1992.79 | 2063.29 | -363.36 | -17.61% | Weekly | | Total coke inventory | 10,000 tons | 984.67 | 980.03 | -7.92 | -0.81% | Weekly | | Average daily molten iron output of steel mills | 10,000 tons | 227.59 | 233.28 | -5.69 | -2.44% | Weekly | | Profit per ton of coke for independent coking enterprises | RMB/ton | 17 | -7 | 1 | -14.29% | Weekly | [4]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - The short - term trends of soybean meal, palm oil, and soybean oil futures prices are all bullish, while the medium - term trends are all oscillatory. Each variety has its own unique driving factors and market situations [5]. 3. Summary by Variety Soybean Meal (M) - **View**: Short - term is strong, medium - term is oscillatory, and intraday is oscillatory - bullish. The reference view is oscillatory - bullish [5]. - **Core Logic**: The soybean meal market is in a high - volatility stage dominated by external cost drivers and supply - chain risks. Middle - East geopolitical conflicts have raised the cost of imported soybeans, providing a bottom - support for prices. Supply - side rhythm is disrupted due to Brazil's new soybean harvest delays, port congestion, and reduced international shipping efficiency. However, the demand side has weak reality, as high raw - material costs squeeze downstream breeding profits, and feed enterprises are cautious in purchasing, which restricts the upside space of prices [5][6]. Palm Oil (P) - **View**: Short - term is strong, medium - term is oscillatory, and intraday is oscillatory - bullish. The reference view is oscillatory - bullish [5]. - **Core Logic**: The palm oil market is driven by both tightening fundamentals and enhanced energy attributes. In February, Malaysia's palm oil production decreased by 16% - 20% month - on - month, and the inventory is expected to drop to a four - month low. The Middle - East crisis has pushed up oil prices, strengthening the energy and financial attributes of palm oil. There is a game between weak reality (high prices suppress immediate procurement demand and exports are weak) and strong expectations (concerns about continuous production cuts, high oil prices, and geopolitical risks) [7]. Soybean Oil - **View**: Short - term is strong, medium - term is oscillatory, and intraday is oscillatory - bullish. The reference view is oscillatory - bullish [5]. - **Core Logic**: The driving factors include energy attributes, US bio - fuel policies, US soybean oil inventory, imported soybean cost support, supply rhythm, and oil - mill inventory, but the specific logic is not elaborated in detail in the given content [5].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The short - term driving factors for the soybean meal market are the expected tightening of future supply and cost - push, and the soybean meal futures price remains in an upward - biased and hard - to - fall trend. The palm oil futures price is affected by the rotation of the oil and fat sector, biodiesel demand prospects, and energy attributes, and it is in a short - term upward - biased and volatile state [6][9] Group 3: Summary by Variety Soybean Meal (M) - Intraday view: Upward - biased; Mid - term view: Sideways; Reference view: Upward - biased. The core logic is that the high Brazilian soybean premium and the solidified import cost structure lead to the domestic soybean futures price being stronger than the US soybean price, and the short - term driving comes from the expected tightening of future supply and cost - push [6] Palm Oil (P) - Intraday view: Upward - biased; Mid - term view: Sideways; Reference view: Upward - biased. The core logic is that the rotation of the oil and fat sector, biodiesel demand prospects, and energy attributes cause the palm oil futures price to be highly volatile and in a short - term upward - biased state [7][9] Soybean Meal 2509 - Short - term: Sideways; Mid - term: Sideways; Intraday: Upward - biased; Reference view: Upward - biased. The core logic involves import arrival rhythm, customs clearance inspection, oil mill operation rhythm, and stocking demand [8] Soybean Oil 2509 - Short - term: Sideways; Mid - term: Sideways; Intraday: Upward - biased; Reference view: Upward - biased. The core logic includes US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [8] Palm 2509 - Short - term: Sideways; Mid - term: Sideways; Intraday: Upward - biased; Reference view: Upward - biased. The core logic involves biodiesel attributes, Malaysian palm oil production and exports, Indonesian exports, main - producing countries' tariff policies, domestic arrivals and inventory, and substitution demand [8]