1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views of the Reports 2.1 Fats and Oils Industry - Malaysian palm oil futures may fall below 4000 ringgit and test 3900 ringgit due to expected inventory growth. Domestic palm oil futures are under pressure to decline further. - CBOT soybeans and soybeans may fall due to uncertainty in bio - fuel blending quotas,利空 export data, and expected record - high Brazilian soybean production. However, domestic soybean oil inventory reduction and expected reduced imports in Q1 may support the 5 - month contract [1]. 2.2 Sugar Industry - ICE raw sugar futures declined due to increased supply prospects. Indian sugar production has increased, and the price is expected to remain bearish. Domestic sugar prices are also weakening due to increased supply [3][4]. 2.3 Corn Industry - The current grain - selling progress is fast, but the effective market circulation is limited. The price is stable in the north and weak in the north. The demand from deep - processing enterprises is slow, while feed enterprises' demand is rising. The futures price decline is limited [5]. 2.4 Egg Industry - Egg prices are rising slightly, leading to farmers' reluctance to sell. The number of laying hens is expected to decline slowly, but the supply remains high. Demand is weak, and egg prices are expected to fluctuate weakly [8]. 2.5 Pig Industry - Spot prices are stable, and the southern curing demand is increasing. However, there is uncertainty in the December - January market due to the pandemic and secondary fattening. The supply is still large, and the price is hard to improve [10]. 2.6 Cotton Industry - ICE cotton futures rose due to a weak dollar and a rebound in the US stock market. US cotton is in a volatile market. Domestically, the expected decline in Xinjiang's planting area in the next year is optimistic in the long - term, but the downstream industry is weak [14]. 2.7 Meal and Soybean Industry - US soybeans are in a weak and volatile market due to lack of trading highlights and expected supply pressure from South America. Domestic soybean meal supply is loose, and the futures price is expected to be weak [17]. 2.8 Red Date Industry - The 2025/2026 Xinjiang red date production is less affected than expected, but there is pressure from new - product listing and old - stock clearance. The cost may support the price, and future consumption is to be observed [19]. 3. Summary by Relevant Catalogs 3.1 Fats and Oils Industry - **Price Changes**: On December 15, compared with December 12, soybean oil spot price in Jiangsu decreased by 0.58%, palm oil spot price in Guangdong decreased by 0.93%, and rapeseed oil spot price in Jiangsu decreased by 1.50%. - **Inventory and Basis**: Soybean oil inventory decreased by nearly 60,000 tons, and the 5 - month contract basis was supported. Palm oil and rapeseed oil had corresponding basis and inventory changes [1]. 3.2 Sugar Industry - **Price and Basis**: On December 15, compared with the previous value, sugar futures prices decreased, and spot prices in Nanning and Kunming also declined. The basis of Nanning and Kunming decreased. - **Industry Data**: National and Guangxi sugar production and sales decreased year - on - year, and the national sugar sales rate decreased [3]. 3.3 Corn Industry - **Price and Basis**: On December 15, compared with the previous value, corn futures prices decreased, and the basis increased. Corn starch futures prices decreased, and the basis increased. - **Industry Data**: The number of vehicles in Shandong deep - processing enterprises increased significantly, and the inventory of corn and corn starch decreased [5]. 3.4 Egg Industry - **Price Changes**: On December 15, compared with the previous value, egg futures prices increased, and the spot price in the production area decreased. The basis decreased significantly. - **Industry Data**: The price of egg - laying chicken seedlings decreased, and the price of culled chickens increased. The inventory in the production and circulation links changed [8]. 3.5 Pig Industry - **Price and Basis**: On December 15, compared with the previous value, pig futures prices had small changes, and the basis increased. Spot prices in different regions had different changes. - **Industry Data**: Slaughter volume decreased slightly, and the self - breeding and purchased piglet breeding profits increased [10]. 3.6 Cotton Industry - **Price and Basis**: On December 15, compared with the previous value, cotton futures prices increased, and spot prices decreased slightly. The basis decreased. - **Industry Data**: Inventory increased, import volume decreased, and textile export data had different changes [14]. 3.7 Meal and Soybean Industry - **Price and Basis**: On December 15, compared with the previous value, soybean meal, rapeseed meal, and soybean prices had corresponding changes, and the basis also changed. - **Industry Data**: The import crushing profit of Brazilian soybeans and Canadian rapeseed had different changes [17]. 3.8 Red Date Industry - **Price and Basis**: On December 15, compared with the previous value, red date futures prices increased, and spot prices remained stable. The basis decreased. - **Industry Data**: The 2025/2026 Xinjiang red date production decreased by 15% compared with normal years [19].

Report Industry Investment Ratings No relevant content provided. Core Viewpoints Oils and Fats - Palm oil: As the end of the month approaches, the market focuses on export and production data, with potential downside risks. Dalian palm oil futures may continue to rise and could break through the 8,600 yuan resistance [1]. - Soybean oil: Chinese purchases of US soybeans boost CBOT soybeans, but domestic supply is ample and demand is weak, with inventory likely to increase and prices unable to rise in the short term [1]. Livestock (Pigs) - The market supply is accelerating, and although southwest curing has started, demand support is limited. Pig prices are expected to remain weak and volatile, and the strategy of inter - month reverse spreads can be continued [3]. Meal Products - The domestic soybean meal market remains in a loose pattern. With the one - price rising with the market and the basis slightly falling, the market is unlikely to see a continuous upward trend, and there is a risk of a decline after short - term chasing [6]. Corn and Corn Starch - In the short term, the market remains firm due to farmers' reluctance to sell, but there is still a large amount of grain to be sold, limiting price increases. Attention should be paid to the pace of corn supply and market sentiment [7]. Sugar - ICE raw sugar is expected to consolidate around 14 cents per pound. With new sugar from Guangxi on the market, the market is expected to remain weak and bottom - oscillating this week [11]. Cotton - ICE US cotton futures were closed for the US Thanksgiving holiday. Domestically, the high output of Xinjiang cotton in the 2025/26 season creates hedging pressure, but the firm basis and resilient demand support prices, so short - term prices may oscillate within a range [13]. Eggs - Egg prices have fallen below the feed cost line, and with reduced inventory at all levels and recovering demand, futures prices are expected to oscillate at a low level [15]. Key Points by Product Oils and Fats - **Soybean oil**: On November 27, the spot price in Jiangsu was 8,560 yuan, up 1.18% from the previous day; the futures price of Y2601 was 8,224 yuan, up 0.91%; the basis of Y2601 was 336 yuan, up 8.39%; the warehouse receipts decreased by 34.03% [1]. - **Palm oil**: The spot price in Guangdong was 8,390 yuan, up 1.21%; the futures price of P2601 was 8,558 yuan, up 1.04%; the basis of P2601 was - 138 yuan, up 8.00%; the import profit in Guangzhou Port in January increased by 14.08% [1]. - **Rapeseed oil**: The spot price in Jiangsu was 10,110 yuan, unchanged; the futures price of OI601 was 9,772 yuan, down 0.48%; the basis of OI601 was 338 yuan, up 16.15% [1]. Livestock (Pigs) - **Futures**: The basis of the main contract was - 225 yuan/ton, down 60.71%; the price of LH2605 was 11,990 yuan, down 0.58%; the price of LH2601 was 11,585 yuan, up 0.39% [3]. - **Spot**: Prices in various regions showed mixed trends, with slaughter volume increasing by 0.47% daily, and most breeding profits decreasing [3]. Meal Products - **Soybean meal**: The spot price in Jiangsu was 3,030 yuan, unchanged; the futures price of M2601 was 3,055 yuan, up 1.33%; the basis of M2601 was - 25 yuan, down 266.67% [6]. - **Rapeseed meal**: The spot price in Jiangsu was 2,470 yuan, up 1.23%; the futures price of RM2601 was 2,469 yuan, up 1.23%; the basis of RM2601 was unchanged [6]. Corn and Corn Starch - **Corn**: The price of C2601 was 2,243 yuan, up 0.36%; the basis decreased by 14.55%; the import profit increased by 0.93%; the number of trucks at Shandong deep - processing plants decreased by 32.43% [7]. - **Corn starch**: The price of CS2601 was 2,572 yuan, up 0.82%; the basis decreased by 53.85%; the starch - corn 01 spread increased by 4.11% [7]. Sugar - **Futures**: The price of SR2601 was 5,403 yuan, up 0.45%; the price of SR2605 was 5,322 yuan, up 0.30%; ICE raw sugar rose 1.48% [11]. - **Spot**: The price in Nanning was 5,450 yuan, unchanged; the basis decreased; the import volume increased by 37.50% [11]. Cotton - **Futures**: The price of CF2605 was 13,605 yuan, up 0.15%; the price of CF2601 was 13,640 yuan, up 0.11%; ICE US cotton rose 0.59% [13]. - **Spot**: The Xinjiang arrival price of 3128B grade cotton rose 0.69%; the commercial inventory increased by 24.2% [13]. Eggs - **Futures**: The price of JD12 was 2,947 yuan/500KG, up 0.96%; the price of JD01 was 3,282 yuan/500KG, up 1.77% [15]. - **Spot**: The egg - producing area price rose 1.20%; the egg - to - feed ratio decreased by 3.33%; the breeding profit decreased by 18.60% [15].

Report Summary 1. Investment Ratings No investment ratings are provided in the reports. 2. Core Views - **Sugar**: Short - term, it's difficult for raw sugar prices to fall below previous lows, but the overall trend is bearish. Zhengzhou sugar may rebound but will remain bearish due to increased imports and weak demand [3]. - **Corn**: In the short - term, the corn market has average trading, with a weak sentiment and the futures price will oscillate at a low level. In the long - term, the futures price may decline due to lower costs and increased supply [5]. - **Meal**: Hold long positions in the 01 contract of rapeseed meal. Domestic soybean and meal inventories are rising, and short - term supply is high, which suppresses the spot price [10]. - **Pig**: Spot pig prices are weakly oscillating, and short - term prices are not optimistic. The far - month 01 contract has support but also faces hedging pressure [13]. - **Cotton**: Short - term, domestic cotton prices may oscillate within a range. After new cotton is on the market, prices will face pressure [17]. - **Egg**: Egg futures are still bearish, but low - price demand may support prices, while high supply may limit the increase [21]. 3. Summary by Industry 3.1 Oil and Fat Industry - **Soybean Oil**: The spot price in Jiangsu increased by 0.70% to 8670 on August 12. The basis of Y2601 increased by 18.18% [1]. - **Palm Oil**: The spot price in Guangdong increased by 3.12% to 9260. The basis of P2509 increased by 57.14%. The import profit decreased by 254.50% [1]. - **Rapeseed Oil**: The spot price in Jiangsu increased by 1.24% to 9760. The basis of OI601 decreased by 180.77% [1]. 3.2 Sugar Industry - **Futures Market**: The prices of SR2601 and SR2509 increased by 0.63% and 0.49% respectively. The open interest of the main contract decreased by 0.19%, and the number of warehouse receipts decreased by 2.12% [3]. - **Spot Market**: The price in Nanning remained unchanged. The basis decreased. The import price of Brazilian sugar increased [3]. - **Industry Situation**: National sugar production and sales increased by 12.03% and 23.07% respectively year - on - year. Industrial inventory decreased [3]. 3.3 Corn Industry - **Corn**: The price in Jinzhou Port decreased slightly. The 9 - 1 spread decreased by 9.46%. The number of vehicles at Shandong deep - processing plants increased by 25.25% [5]. - **Corn Starch**: The price of CS2509 increased by 0.11%. The basis decreased by 4.41%. The profit of Shandong starch increased by 9.71% [5]. 3.4 Meal Industry - **Soybean Meal**: The spot price in Jiangsu decreased by 0.34%. The basis of M2601 decreased by 23.77%. The import profit of Brazilian soybeans decreased [10]. - **Rapeseed Meal**: The spot price in Jiangsu decreased by 2.99%. The basis of RM2601 decreased by 100%. The import profit of Canadian rapeseed increased [10]. - **Soybean**: The price of domestic and imported soybeans remained stable. The basis of the main contracts changed [10]. 3.5 Pig Industry - **Futures**: The prices of LH2511 and LH2601 increased by 0.64% and 0.42% respectively. The open interest of the main contract decreased by 2.28% [13]. - **Spot**: Prices in different regions had small fluctuations. The daily slaughter volume remained unchanged [13]. 3.6 Cotton Industry - **Futures Market**: The prices of CF2509 and CF2601 increased by 0.40% and 0.72% respectively. The open interest of the main contract increased by 67.73%, and the number of warehouse receipts decreased by 1.04% [17]. - **Spot Market**: The prices of Xinjiang cotton and related indexes increased slightly. The basis decreased [17]. - **Industry Situation**: Commercial inventory decreased by 13.9%, and industrial inventory increased by 1.8%. Import volume decreased by 25% [17]. 3.7 Egg Industry - **Futures**: The prices of JD09 and JD10 increased by 1.22% and 0.41% respectively. The 9 - 10 spread increased by 31.03% [20]. - **Spot**: The egg price in the production area remained unchanged. The basis decreased by 25.52% [20]. - **Industry Situation**: The price of egg - laying chicks remained stable, the price of culled hens decreased, and the breeding profit decreased significantly [20][21].