值得注意的是，本次农博会首次设置的"千亿级"产业精品馆，配合重点产业展示农业新质生产力、低空 经济、智慧农业、人工智能等关键领域的突破与应用，将重点展示畜牧、粮油、蔬菜、水果、茶叶、蚕 桑、水产、林竹、调味品和药食同源等优势特色农业产业建圈强链取得的成果。竹叶青、铁骑力士、四 川新绿色药业、四川盐业集团等一大批企业亮相参展。新津中国天府农博园的田园展则以场景化呈现农 文旅融合新业态，让观众沉浸式体验乡村振兴新图景。 此外，本届农博会还将重点打造系列高效的产销对接活动，包括第十一届四川农博会精品品鉴暨采购对 接专场，为优质农产品搭建直面采购商的桥梁；重点帮扶县域特色农产品供需对接会，助力帮扶地区农 产品拓宽销路等。 作为四川农业对外交流的重要窗口，本届农博会国际范更足、合作面更广，吸引了来自德国、意大利、 巴西等25个国家和地区的企业参展；海南作为主题省，联合吉林、湖南等多省展团共探合作；凉山州以 主题市（州）身份展示特色农业，四川省21个市（州）1800余家企业将参展。 新华财经成都8月26日电（记者袁波）记者26日从第十一届四川农业博览会组委会获悉，第十一届四川 农博会将于9月4日至7日在成都国际会展中心举 ...

FICC日报 | 2025-08-26 股债商品共振上涨，人民币汇率走强 市场分析 7月基本面仍有韧性。全球7月的经济数据仍有韧性：中国7月官方制造业PMI回落至49.3，非制造业保持扩张；中 国7月按美元计出口同比增长7.2%，高于预期，主要受去年低基数和"抢出口"效应支撑；金融数据中，货币供给超 预期，但融资和贷款数据仍弱；经济数据中，投资数据仍有明显压力，国内月频经济数据仍有压力。国务院第九 次全体会议强调，采取有力措施巩固房地产市场止跌回稳态势，培育壮大服务消费，加力扩大有效投资。央行周 一开展6000亿元中期借贷便利（MLF）操作，8月MLF净投放将达3000亿元，叠加3000亿元买断式逆回购，中期流 动性净投放总规模已达6000亿元，创半年新高。8月25日，国家发展改革委召开企业座谈会，围绕科学编制"十五 五"规划，听取关于扩内需、稳就业等方面意见建议。A股全天放量大涨，三大股指全线攀升，沪指逼近3900点， 沪深两市全天成交额3.14万亿，AI硬件股持续爆发，寒武纪、海光信息再度大涨超10%，地产、白酒等板块拉升。 债市方面，国债期货低开高走，午后继续扩大涨幅，30年期主力合约涨超0.7%。商品 ...

农产品日报 | 2025-08-26 现货购销良好，豆粕维持震荡 粕类观点 风险 政策变化 玉米观点 市场要闻与重要数据 市场要闻与重要数据 期货方面，昨日收盘豆粕2509合约3117元/吨，较前日变动+29元/吨，幅度+0.94%；菜粕2509合约2547元/吨，较前 日变动+4元/吨，幅度+0.16%。现货方面，天津地区豆粕现货价格3100元/吨，较前日变动+20元/吨，现货基差M09-17， 较前日变动-9；江苏地区豆粕现货3010元/吨，较前日变动+30元/吨，现货基差M09-107，较前日变动+1；广东地区 豆粕现货价格2960元/吨，较前日变动跌+20元/吨，现货基差M09-157，较前日变动-9。福建地区菜粕现货价格2610 元/吨，较前日变动+20元/吨，现货基差RM09+63，较前日变动+16。 近期市场资讯，Pro Farmer 估计美国玉米产量为 162.04 亿蒲式耳，平均产量为每英亩 182.7 蒲式耳。估计美国大 豆产量为 42.46 亿蒲式耳，平均每英亩 53 蒲式耳。咨询机构AgResource表示，巴西2025/2026年度大豆产量预计 为1.765亿吨，较上一年度增长3%。 ...

农产品日报（2025 年 8 月 26 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 表现。与上周相比，本周玉米现货报价表现疲软。周末北港玉米收购价格继续下 调，北港到货已较为有限，目前的收购价逐步向新粮靠拢。深加工收购价格也继 续偏弱，对东北玉米行情也有一定的不利影响。 周末山东地区整体维持偏弱运 行的态势。深加工企业到货量增加，贸易商出货积极，春玉米陆续上量，短期供 | 震荡 | | | 周一，玉米主力 2511 合约平开后震荡下行，期价收复前日涨幅，价格延续下行 | | | 玉米 | | | | | 应有所增加。从市场心态来看，市场看跌预期增强，下游企业采购积极性一般。 | | | | 周末销区市场玉米价格。技术上，11 月合约成为主力合约，新粮上市的供应压 | | | | 力继续影响市场，玉米期价近月合约领跌、远期合约跟跌，短期急跌释放供应压 | | | | 力。但是，需要注意的是 11 月合约跌至贸易商预期的存粮成本区间，短期关注 | | | | 11 月合约 2150 整数关口的价格表现，警惕急跌后的反弹表现。 | | | | 周一，CBOT ...

花生需求偏弱，价格承压 大豆观点 油料日报 | 2025-08-26 市场分析 期货方面，昨日收盘豆一2511合约3992.00元/吨，较前日变化+7.00元/吨，幅度+0.18%。现货方面，食用豆现货基 差A11+268，较前日变化-7，幅度32.14%。 市场资讯汇总：东北市场今日大豆价格维持稳定，部分贸易商销售国储库豆源，价格2.1-2.12元/斤，走货一般。随 着新豆上市脚步临近，市场多预期丰产，叠加国储竞拍持续，预计新豆价格或将压制陈豆。黑龙江哈尔滨市场国 标一等蛋白39%蛋白中粒塔粮装车报价2.13元/斤，较昨日平；黑龙江双鸭山宝清市场国标一等蛋白39%蛋白中粒塔 粮装车报价2.13元/斤，较昨日平；黑龙江佳木斯富锦市场国标一等蛋白39%蛋白中粒塔粮装车报价2.12元/斤，较 昨日平；黑龙江齐齐哈尔讷河市场国标一等蛋白41%蛋白中粒塔粮装车报价2.22元/斤，较昨日平；黑龙江黑河嫩 江市场国标一等蛋白41%蛋白中粒塔粮装车报价2.19元/斤，较昨日平；黑龙江绥化海伦市场国标一等蛋白41%蛋白 中粒塔粮装车报价2.20元/斤，较昨日平。 昨日豆一期货价格震荡运行，粮贸企业手中库存不多，等待新豆大量上 ...

1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core View of the Report The report indicates that consumption is showing signs of recovery, while different sectors of the economy are experiencing varying trends. The weekly economic index has rebounded, with both production and demand sub - indices rising. However, there are also areas of decline, such as in real estate sales and some export price indicators [1]. 3. Summary by Relevant Catalogs 3.1 Weekly Economic Index - The China Weekly Economic Index (WEI) last week was 6.9%, a 0.1 - percentage - point increase from the previous value. The WEI production sub - index was 7.9%, up 0.1 percentage points, and the WEI demand sub - index was 5.7%, up 0.2 percentage points. The supply - demand gap was - 2.2%, up 0.1 percentage points [1]. 3.2 Production - The 4 - week moving average year - on - year of rebar production last week was 25.1%, a 9.7 - percentage - point increase. The blast furnace operating rate was 83.3%, down 0.3 percentage points, and the automobile semi - steel tire operating rate was 73.1%, up 1.0 percentage point [1]. 3.3 Infrastructure - The cement shipment rate last week was 39.8%, down 0.3 percentage points. The cement mill operating rate was 37.9%, up 0.3 percentage points, and the petroleum asphalt plant operating rate was 30.7%, down 2.2 percentage points [1]. 3.4 Real Estate - The 4 - week moving average year - on - year of the commercial housing sales area in 30 large and medium - sized cities last week was - 14.3%, a 1.9 - percentage - point decline. The 4 - week moving average year - on - year of the land occupation area of land transactions in 100 large - and medium - sized cities was - 13.0%, a 11.0 - percentage - point decline [1]. 3.5 Consumption - The year - on - year of the daily average retail sales of passenger cars last week was 8.0%, a 12.0 - percentage - point increase. The 4 - week moving average year - on - year of movie box office was 45.6%, up 18.5 percentage points. The 4 - week moving average year - on - year of domestic flight execution numbers was 1.4%, up 0.3 percentage points, and the 4 - week moving average year - on - year of subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen was 2.0%, up 1.4 percentage points [2]. 3.6 Export - South Korea's export year - on - year in mid - August was 18.0%, a 22.3 - percentage - point increase from the first ten - day period. The 4 - week moving average year - on - year of the Shanghai Export Container Freight Index (SCFI) last week was - 54.4%, down 0.2 percentage points, and the 4 - week moving average year - on - year of the Baltic Dry Index (BDI) was 17.6%, down 0.9 percentage points [2]. 3.7 CPI - The 4 - week moving average year - on - year of the agricultural product wholesale price 200 index last week was - 9.2%, a 2.0 - percentage - point decline. The 4 - week moving average year - on - year of the average wholesale price of pork was - 23.3%, down 2.4 percentage points, and the 4 - week moving average year - on - year of the average wholesale price of 28 key monitored vegetables was - 18.1%, down 2.6 percentage points [2]. 3.8 PPI - The 4 - week moving average year - on - year of the Nanhua Composite Index last week was 3.5%, a 0.7 - percentage - point increase. The 4 - week moving average year - on - year of the Brent crude oil spot price was - 14.4%, down 0.2 percentage points. The 4 - week moving average year - on - year of the rebar price was 2.5%, up 1.1 percentage points. The 4 - week moving average year - on - year of the Qinhuangdao Port steam coal closing price was - 19.0%, up 2.1 percentage points, and the 4 - week moving average year - on - year of the cement price index was - 10.1%, up 0.4 percentage points [3].

据巴西农业部下属的国家商品供应公司CONAB，截至8月23日，巴西二茬玉米收割率为94.8%，上周为 89.3%，去年同期为97.9%，五年均值为92.6%。 2025年8月第4周，共计16个工作日，巴西累计装出玉米496.04万吨，去年8月为606.32万吨。日均装运量 为31.0万吨/日，较去年8月的27.56万吨/日增加12.49% 美国农业部（USDA）周二凌晨公布的每周作物生长报告显示，截至8月24日当周，美国玉米优良率为 71%，高于市场预期的70%，前一周为71%，上年同期为65%；成熟率为7%，上一周为3%，上年同期为 10%，五年均值为7%；蜡熟率为83%，上一周为72%，上年同期为83%，五年均值为84%；凹损率为 44%，上一周为27%，上年同期为44%，五年均值为44%。 8月26日，星期二，晚籼稻期货主力合约保持不变，截止发稿，晚籼稻主力报2535.00元/吨。 市场资讯： 据外媒报道，农业咨询机构Sovecon周一称，俄罗斯8月谷物出口量料为470万吨，高于7月的290万吨。 ...

投资咨询业务资格：证监许可【2012】669号 中信期货研究|农业策略⽇报 2025-8-26 原料成本支撑，胶价走势偏强 油脂：马棕8月产量预期环增，昨日油脂震荡盘整 蛋白粕：点价盘托底，盘面高位震荡 玉米/淀粉：情绪偏弱，期现维持弱势 生猪：收储扰动情绪，盘面小幅反弹 橡胶：胶价回归震荡偏强走势 合成橡胶：盘面震荡偏强运行 纸浆：变化不大，区间运行 棉花：配额落地，棉价增仓反弹 白糖：糖价区间震荡 原木：基本面边际好转，逢低试多远月 【异动品种】 天然橡胶观点：胶价回归震荡偏强走势 信息： （1）青岛保税区人民币泰混14850元/吨，+250，对上一交易日RU 01收盘价非标基差为-1055；国产全乳老胶14950/吨，+250；保税区STR20 现货1840，+35。云南进干胶厂胶水14300，+100；胶块13200，平。 （ 2）8月25日泰国合艾原料市场报价：白片58.33，+0.73；烟片62.3，+0. 75；胶水55.25，+0.25；杯胶49.85，+0.35。 逻辑：昨日胶价回归震荡 偏强走势， 一方面是在上周五美联储降息预期继续升温后，商品整体表 现偏强的带动，另一方面则是自身仍存天气 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall market shows complex trends, with different sectors presenting diverse performances. In the stock index futures market, A - shares are booming, while the bond market has a certain degree of repair. The precious metals market is affected by the Fed's interest - rate cut expectations and geopolitical factors. The shipping futures market is weak, and the non - ferrous metals, black metals, and agricultural product markets also have their own characteristics and influencing factors [2][5][7] - For different sectors, corresponding investment strategies are proposed based on their fundamentals and market trends, such as buying put options in the stock index futures market, maintaining a wait - and - see attitude in the bond market, and taking different positions in other sectors according to their specific situations [4][6][12] 3. Summary by Directory Financial Derivatives - Financial Futures Stock Index Futures - **Market Situation**: On Monday, A - shares opened higher and continued to rise. The Shanghai Composite Index rose 1.51%, the Shenzhen Component Index rose 2.26%, and the ChiNext Index rose 3%. The four major stock index futures contracts also rose, and the basis of the main contracts all increased [2][3] - **News**: Shanghai optimized the housing provident fund policy, and there were important meetings between South Korea and Japan overseas [3][4] - **Funding**: On August 25, the A - share trading volume increased significantly, with a total turnover of over 3 trillion. The central bank conducted 2884 billion yuan of 7 - day reverse repurchase operations, with a net investment of 219 billion yuan [4] - **Operation Suggestion**: It is recommended to buy 09 out - of - the - money put options to protect long positions and sell 12 out - of - the - money put options to obtain time - value income [4] Bond Futures - **Market Performance**: Bond futures closed sharply higher, with the 30 - year main contract rising 0.78%, the 10 - year main contract rising 0.27%, etc. The yields of major interest - rate bonds in the inter - bank market generally declined significantly [5] - **Funding**: The central bank's MLF operation showed its intention to support the market. Although the stock market was hot in the short term, the overall liquidity was expected to be stable under the policy [6] - **Operation Suggestion**: Temporarily maintain a wait - and - see attitude, pay attention to whether the key points are broken through, and observe whether the sentiment can continue to stabilize [6] Financial Derivatives - Precious Metals - **Market News**: Trump's administration planned to impose a 50% tariff on Indian products, and there were meetings between the US and South Korea. The Fed's attitude towards interest - rate cuts was divided, and the geopolitical situation in Russia and Ukraine was easing [7][8] - **Market Performance**: The US dollar index rebounded, and precious metals slightly declined. The international gold price closed at 3365.95 US dollars per ounce, down 0.17%, and the international silver price closed at 38.55 US dollars per ounce, down 0.69% [8] - **Outlook**: Gold may冲击 the previous high of 3450 US dollars, and it is recommended to construct a bull spread strategy. Silver prices are generally strong, and it is recommended to hold long positions above 38 US dollars [9][10] - **Funding**: Under the expectation of the Fed's interest - rate cut, financial institutions in Europe and the US continued to increase their holdings of gold and silver through ETFs [10] Financial Derivatives - Shipping Futures - **Spot Quotation**: As of August 26, the spot quotations of major shipping companies showed a downward trend [11] - **Shipping Index**: As of August 25, the SCFIS European line index and the US West line index both declined [11] - **Fundamentals**: The global container shipping capacity increased year - on - year, and the PMI data of the eurozone and the US showed different situations [11] - **Logic**: The decline of the SCFIS European line may suppress market sentiment, and the downward trend of spot prices will put pressure on the futures market [12] - **Operation Suggestion**: It is expected to be weakly volatile, and it is recommended to hold short positions in the 10 - contract [12] Non - Ferrous Metals Copper - **Spot**: As of August 25, the average price of electrolytic copper increased, and the downstream mainly made rigid - demand purchases [13] - **Macro**: The Fed's dovish stance boosted the market's expectation of an interest - rate cut in September, but there were still uncertainties about the subsequent interest - rate cut [13][16] - **Supply**: The spot TC of copper concentrate was at a low level, and the domestic electrolytic copper production in July increased significantly year - on - year [14] - **Demand**: The processing and terminal demand showed different trends, with the overall demand having certain resilience [15] - **Inventory**: The three - place copper inventory decreased [15] - **Logic**: The macro situation and fundamentals jointly affect copper prices. In the absence of a clear recession expectation in the US, copper prices will at least remain volatile [16] - **Operation Suggestion**: The main contract is expected to be in the range of 78500 - 80500, with a short - term view of oscillation [16] Alumina - **Spot**: The spot price of alumina showed a north - south differentiation, with the northern region under pressure and the southern region relatively supported [16] - **Supply**: In July, the production of metallurgical - grade alumina in China increased year - on - year and month - on - month, and the operating capacity was expected to increase slightly in August [17] - **Inventory**: The port inventory decreased, and the registered warehouse receipts increased [17] - **Logic**: The market is in a game between short - term supply disturbances and medium - term capacity relaxation. The price is expected to be in the range of 3000 - 3300 yuan per ton [18] - **Operation Suggestion**: The main contract is expected to operate in the range of 3000 - 3300, with a view of wide - range oscillation and short - selling on rallies in the medium term [18] Aluminum - **Spot**: On August 25, the average price of A00 aluminum increased, and the premium decreased [18] - **Supply**: In July, the domestic electrolytic aluminum production increased year - on - year and month - on - month, and the proportion of molten aluminum decreased [19] - **Demand**: The downstream was in the transition stage between the off - season and the peak season, and the operating rates of some industries increased [19] - **Inventory**: The domestic mainstream consumption - area inventory increased, and the LME inventory decreased [20] - **Logic**: The market is facing supply - demand pressure, and it is expected to be volatile in the short term, with the main contract in the range of 20000 - 21000 yuan per ton [20] - **Operation Suggestion**: The main contract is expected to operate in the range of 20000 - 21000, and pay attention to the pressure level of 21000 [21] Aluminum Alloy - **Spot**: On August 25, the average price of aluminum alloy ADC12 increased [21] - **Supply**: In July, the production of recycled aluminum alloy ingots increased, and the operating rate increased. In August, it was expected to remain stable [21] - **Demand**: In July, the demand was under pressure, and the market trading activity decreased [21] - **Inventory**: The social inventory decreased slightly, and some areas' inventories were close to full [22] - **Logic**: The fundamentals showed marginal improvement, and the spot price was expected to be relatively stable. The main contract is expected to operate in the range of 19600 - 20400 yuan per ton [22] - **Operation Suggestion**: The main contract is expected to operate in the range of 19600 - 20400. If the short - term upward momentum of Shanghai aluminum is strong, it can be considered to participate in the arbitrage of long AD and short AL when the spread is above 500 [22] Zinc - **Spot**: On August 25, the average price of zinc ingots increased, and the downstream mainly made rigid - demand purchases [23] - **Supply**: The zinc ore supply was in a loose cycle, and the domestic refined zinc production increased significantly in July [23] - **Demand**: The spot premium was at a low level, and the operating rates of the three primary processing industries were at a seasonal low [24] - **Inventory**: The domestic social inventory increased, and the LME inventory decreased [24] - **Logic**: The supply - side is loose, and the demand - side is weak, but the decline of LME inventory provides support. The short - term zinc price is expected to be oscillating and slightly stronger [25] - **Operation Suggestion**: The main contract is expected to be in the range of 22000 - 23000, with a short - term view of oscillation [25] Tin - **Spot**: On August 25, the price of 1 tin increased, and the downstream mainly made rigid - demand purchases [25] - **Supply**: In July, the domestic tin ore import volume decreased, and the supply was difficult to improve in the short term [26] - **Demand and Inventory**: The operating rates of solder enterprises decreased, and the demand was expected to be weak. The LME inventory increased slightly, and the social inventory decreased [27][28] - **Logic**: Affected by the Fed's dovish stance, the tin price rose. It is necessary to pay attention to the recovery of tin ore imports from Myanmar [28] - **Operation Suggestion**: Maintain a wait - and - see attitude, with a short - term view of wide - range oscillation [28] Nickel - **Spot**: As of August 25, the average price of electrolytic nickel increased [29] - **Supply**: The production of refined nickel was at a relatively high level, and the monthly production was expected to increase slightly [29] - **Demand**: The demand for electroplating was stable, the alloy demand was good, the stainless - steel demand was general, and the demand for nickel sulfate was under pressure [29] - **Inventory**: The overseas inventory decreased, and the domestic social inventory and bonded - area inventory were relatively stable [30] - **Logic**: The macro - environment improved, and the cost had certain support. The price was expected to be adjusted within a range in the short term [31] - **Operation Suggestion**: The main contract is expected to be in the range of 118000 - 126000, with a short - term view of range oscillation [32] Stainless Steel - **Spot**: As of August 25, the price of 304 cold - rolled stainless steel increased, and the basis decreased [32] - **Raw Materials**: The price of nickel ore was relatively stable, the price of nickel iron increased slightly, and the price of ferrochrome was expected to be stable [32][33] - **Supply**: The estimated production of stainless - steel crude steel in August increased month - on - month [33] - **Inventory**: The social inventory decreased slowly, and the warehouse receipts increased [33] - **Logic**: The cost provided support, but the demand was weak. The short - term market was expected to be oscillating within a range [34] - **Operation Suggestion**: The main contract is expected to operate in the range of 12600 - 13400, with a short - term view of range oscillation [35] Lithium Carbonate - **Spot**: As of August 25, the spot price of lithium carbonate decreased, and the downstream mainly made purchases at low prices [35] - **Supply**: In July, the production of lithium carbonate increased, and the production in August was expected to increase. The supply was expected to contract [36] - **Demand**: The demand was relatively optimistic, and the demand in August was expected to increase [36] - **Inventory**: The overall inventory decreased, with the upstream inventory decreasing and the downstream inventory increasing [37] - **Logic**: The market was in a narrow - range oscillation, and the short - term price was expected to oscillate around 80,000 [38][39] - **Operation Suggestion**: Maintain a wait - and - see attitude, with a short - term view of range oscillation [39] Black Metals Steel - **Spot**: Futures prices rose, and spot prices followed. The steel billet price increased by 40 to 3120 yuan, and the prices of other steel products also changed accordingly [39] - **Cost and Profit**: The cost support was expected to weaken, and the steel profit declined this week [39] - **Supply**: The iron - element production increased year - on - year, and the steel production in August increased compared with July. There was a risk of inventory accumulation from August to September [39] - **Demand**: The overall demand for steel increased year - on - year, and the decline in demand in the off - season was not significant. The current overall apparent demand decreased [40] - **Inventory**: The inventory of the five major steel products increased this week, with the inventory of rebar increasing significantly [40] - **Viewpoint**: It is expected that the spread between rebar and hot - rolled coil will decline, and the steel price will remain oscillating at a high level. It is recommended to try long positions [40] Iron Ore - **Spot**: As of August 25, the spot prices of mainstream iron ore powders increased [41] - **Futures**: The iron ore futures contracts rose [41] - **Basis**: The basis of different iron ore varieties was calculated [42] - **Demand**: The daily average hot - metal production increased slightly, and the blast - furnace operating rate decreased slightly [42] - **Supply**: The global iron ore shipment volume decreased week - on - week, and the arrival volume decreased [42] - **Inventory**: The port inventory decreased slightly, the daily average port clearance volume decreased, and the steel mill's imported iron ore inventory decreased [42] - **Viewpoint**: It is recommended to buy at low prices unilaterally and recommend the 1 - 5 positive spread arbitrage [43] Coking Coal - **Futures and Spot**: The coking coal futures rebounded strongly, and the spot price was relatively stable [44][46] - **Supply**: The coal mine operating rate increased, and the inventory of some coal mines increased [44][45] - **Demand**: The coking plant operating rate increased slightly, and the downstream demand was stable, but the demand was expected to decline in late August [45][46] - **Inventory**: The overall inventory decreased slightly, with different inventory changes in different sectors [45][46] - **View，point**: It is recommended to buy at low prices for the 2601 contract and recommend the arbitrage of long coking coal and short coke [46] Coke - **Futures and Spot**: The coke futures rebounded strongly, and the seventh - round price increase of coke was implemented [47][48] - **Profit**: The average profit per ton of coke increased [47] - **Supply**: The coking plant operating rate increased due to the improvement of profits [47][48] - **Demand**: The hot - metal production was at a high level, but it was expected to decline in August [48] - **Inventory**: The coking plant inventory increased, the port inventory decreased slightly, and the steel mill inventory decreased [48] - **Viewpoint**: It is recommended to buy at low prices for the 2601 contract and recommend the arbitrage of long coking coal and short coke [48] Agricultural Products Meal - **Spot Market**: The prices of domestic soybean meal and rapeseed meal increased, and the trading volume of soybean meal decreased [50] - **Fundamentals**: There were changes in the soybean policies of Brazil and Argentina, and the EU's oilseed imports decreased [50][51] - **Market Outlook**: The cost provided strong support, and the long - term outlook was positive [49][52] Pig - **Spot Situation**: The spot price of pigs was weakly oscillating [53] - **Market Data**: The profit of pig breeding decreased, and the average slaughter weight increased [53][54] - **Market Outlook**: It is recommended to maintain a wait - and - see attitude, and it can be considered to lay out long positions in the far - month 01 contract below 14,000 [54][55] Corn - **Spot Price**: As of August 25, the spot prices of corn in different regions decreased [56] - **Fundamentals**: The grain inventory in Guangzhou Port increased, with the corn inventory increasing significantly [56] - **Market Outlook**: The short - term supply and demand of corn were loose, and the price was expected to be weakly oscillating. In the medium term, the price was expected to move down towards the new - season cost [57]

行业 豆粕 日期 2025 年 8 月 26 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 请阅读正文后的声明 ＃summary＃ 每日报告 | 表1：行情回顾 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合约 | 前结算价 | 开盘价 | 最高价 | 最低价 | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 持仓量 | 持仓量变化 | | 豆粕2601 | 3094 | 3094 | 3125 | 3089 | 3117 | 23 | 0.74% | 944017 | 1994689 | -5426 | | 豆粕2509 | 3050 | 3036 | 307 ...