Report Overview - **Industry**: Soybean Meal [1] - **Date**: December 2, 2025 [2] - **Research Team**: Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, Liu Youran [4] 1. Investment Rating - No investment rating is provided in the report. 2. Core Viewpoints - The USDA's November monthly supply - demand report slightly lowered the ending inventory to 290 million bushels, which is slightly bearish. The NOPA's October crushing data exceeded expectations, and the new - season crushing demand remains high. The external market may oscillate at a high level, lacking a clear driving force, and attention should be paid to China's actual soybean purchases and South American weather. [6] - Domestic soybean meal fluctuates at a high level following CBOT soybeans. It is supported by cost increases and low crushing profits, but there is inventory pressure. Without additional external bullish factors, the upward pressure will increase. [6] - In terms of operations, the recent fluctuations may decrease, and it should be treated as a high - level oscillation. For options, pay attention to the straddle double - selling strategy. [6] 3. Summary by Directory 3.1 Market Review and Operation Suggestions - **Market Review** - The external market of US soybean futures contracts oscillated, with the main contract at 1130 cents. The USDA's November report adjusted the yield and export volume, slightly lowering the ending inventory. The NOPA's October crushing data was the highest in a single - month history. [6] - Domestic soybean meal followed CBOT soybeans to oscillate at a high level and returned to the cost - pricing model of CBOT soybeans after the Sino - US agreement. [6] - **Operation Suggestions** - Treat it as a high - level oscillation, and the recent fluctuations may decrease. Consider the straddle double - selling strategy for options. [6] 3.2 Industry News - As of the week ending October 16, US soybean export sales increased by 1.108 million tons, and the export shipments increased by 150% compared to the previous week. [7][9] - The overall growth of the 2025/26 Brazilian soybean crop indicates that the yield potential in most regions will be lower than that in 2024/25. The current sowing progress is 86.97%. [9] 3.3 Data Overview - No specific data overview content is summarized in the report, only mentions data sources. [20][21]

Report Overview - Report date: November 7, 2025 [2] - Report industry: Eggs [1] - Research team: Agricultural Products Research Team [4] 1. Investment Rating - No investment rating provided in the report. 2. Core Views - The recent trend of the egg market has improved, with prices in low - price areas such as Hebei and Hubei gradually rising, and the northern red eggs remaining relatively stable. The egg inventory is at a turning point, but it is expected to remain high and decline slightly by the end of the year. The spot market is unlikely to have a continuous rebound without emotional support. The futures market is expected to fluctuate at a low level, and a straddle double - selling strategy is recommended for options. The risk lies in the unexpected duration and intensity of the continuous price increase in low - price areas [8] 3. Summary by Section 3.1 Market Review and Operation Suggestions - **Market Review**: - For the 2601 egg contract, the previous settlement price was 3374, the opening price was 3390, the highest price was 3396, the lowest price was 3361, the closing price was 3386, with a rise of 12 and a gain of 0.36%. The trading volume was 119,686, the open interest was 177,065, and the open interest change was 166,565 [7] - For the 2602 egg contract, the previous settlement price was 3077, the opening price was 3085, the highest price was 3092, the lowest price was 3062, the closing price was 3080, with a rise of 3 and a gain of 0.10%. The trading volume was 29,085, the open interest was 111,607, and the open interest change was 369 [7] - For the 2512 egg contract, the previous settlement price was 3198, the opening price was 3215, the highest price was 3240, the lowest price was 3200, the closing price was 3227, with a rise of 29 and a gain of 0.91%. The trading volume was 329,917, the open interest was 166,597, and the open interest change was - 8266 [7] - **Operation Suggestions**: The spot price of eggs has risen, with the average price in the main production areas at 2.92 yuan/jin, up 0.05 yuan/jin from yesterday, and the average price in the main sales areas at 3.17 yuan/jin, unchanged from yesterday. The 12 - contract rose 1.93%. The futures market is expected to fluctuate at a low level, and a straddle double - selling strategy is recommended for options [8] 3.2 Industry News - As of the end of September, the national monthly inventory of laying hens was about 1.368 billion, a month - on - month increase of 0.2%, and a year - on - year increase of 6.0%. The monthly output of laying hen chicks in sample enterprises in September was about 39.2 million, down from 39.81 million in August and significantly lower than 45.64 million in the same period in 2024. The culling volume in the first three weeks as of October 23 was 20.02 million, 20.32 million, and 19.76 million respectively. The average culling age as of October 23 was 499 days, unchanged from last week and 1 day later than last month [9][18] 3.3 Data Overview - The report provides multiple data charts, including the monthly inventory of laying hens in China, egg production area average prices, egg contract basis, and contract spreads, with data sources from Wind, Zhuochuang Information, and Trading Famen [11][12][17]