Core Viewpoint - The event in Shenzhen aims to enhance the market penetration of high-quality agricultural products from Qingyuan into the Greater Bay Area, facilitating direct supply chain connections and strategic partnerships between agricultural enterprises and the catering industry [4][20][30]. Group 1: Event Overview - The Shenzhen Catering Industry Association is hosting the 2025 Food Ingredients Exhibition and the 10th Anniversary of Shenzhen Catering from December 16 to 18, 2025 [2]. - The event is expected to attract around 20,000 participants, including national industry associations, government leaders, and catering enterprises [3][4]. - The exhibition will feature a combination of display areas, catering services, supply chain connections, and anniversary celebrations to promote collaboration [18]. Group 2: Market Significance - Shenzhen, with a population exceeding 20 million, relies heavily on external supplies for its catering industry, which includes centralized meal services for enterprises, schools, and hospitals [7][8]. - The daily consumption of ingredients in Shenzhen's catering sector is substantial, highlighting the strategic importance of expanding agricultural marketing channels into this market [9]. Group 3: Qingyuan's Agricultural Strengths - Qingyuan is recognized for its rich agricultural resources, benefiting from favorable natural conditions, and is considered a "back garden" for over 80 million urban residents in the Greater Bay Area [12][13]. - The city boasts five major agricultural products, each valued at over 10 billion, showcasing its capacity for high-quality agricultural production [14]. Group 4: Strategic Partnerships - During the event, a strategic signing ceremony took place between Qingyuan's Agricultural and Rural Affairs Bureau and Shenzhen's Consumer Assistance Alliance, focusing on deepening cooperation in the catering sector [19][20]. - The collaboration aims to establish a platform for agricultural exchanges between Shenzhen and Qingyuan, promoting high-quality development in the agricultural sector [21][22]. Group 5: Product Showcase and Market Impact - Qingyuan showcased its premium agricultural products, including Qingyuan chicken, Yingde black tea, and other local specialties, demonstrating the full supply chain from farm to table [26][28]. - The event successfully connected over 300 supply chain and catering retail enterprises, with on-site sales exceeding 10,000 yuan and nearly 100 companies expressing intent to cooperate [29][30].

软商品日报 请务必阅读正文之后的免责条款部分 EVERBRIGHT FUTURES 1 软商品日报 | | 二、日度数据监测 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 品种 | 合约价差 | 最新 | 环比 | 主力基差 | 环比 | 现货 | 最新 | 环比 | | 棉花 | 1-5 | 10 | 5 | 1179 | -40 | 新疆 | 14978 | 0 | | | | | | | | 全国 | 15139 | -5 | | 白糖 | 1-5 | 87 | 4 | 268 | 17 | 南宁 | 5270 | -50 | | | | | | | | 柳州 | 5370 | -20 | 三、市场信息 1、12 月 18 日棉花期货仓单数量 3619 张，较上一交易日增加 137 张，有效预报 3949 张。 2、12 月 18 日国内各地区棉花到厂价：新疆 14978 元/吨，河南 15179 元/吨，山东 15178 元/吨， 浙江 15296 元/吨。 光大期货软商品日报（2025 年 12 月 ...

1. Report Industry Investment Ratings - Corn: Oscillating downward [2] - Soybean Meal: Oscillating [2] - Oils: Oscillating [2] - Eggs: Oscillating [2] - Pigs: Oscillating upward [3] 2. Core Views of the Report - The corn futures price continued to adjust on Thursday, with the near - month 2603 contract leading the decline. The spot price in Northeast China remained stable, and imported corn auctions in Liaoning would impact the market. The price of deep - processed corn in North China fluctuated. The supply pressure of the corn market is shifting backward, and the forward quotes are under continuous pressure [2]. - The CBOT soybeans fell for 5 consecutive days on Thursday due to long - position selling and demand concerns. The domestic import cost of soybeans has dropped, and the protein meal is weakly operating. The auction of imported soybeans is ongoing, with a scale of 550,000 tons. The domestic situation of sufficient supply, smooth forward soybean purchases, and cautious feed raw material procurement remains unchanged [2]. - The BMD palm oil closed higher on Thursday, supported by bargain - hunting and improved price competitiveness. The domestic oil market is differentiated, with palm oil rising and rapeseed oil falling. The weak external market, falling import costs, and loose domestic supply are the reasons for the decline [2]. - The egg futures weakened on Thursday, with the 2601 and 2603 contracts closing down. The spot price of eggs is basically stable, and there is an expectation of a slow decline in future supply capacity. However, the cost side is weakening, and the futures are in a callback [2]. - The near - month 2603 contract of live pigs first rose and then fell on Thursday, while the forward contracts had limited declines and showed strength. There is an expectation of a price rebound before the Spring Festival, and the forward price is strong due to factors such as pig diseases and policy - driven inventory reduction [3] 3. Summary by Relevant Catalogs 3.1 Market Information - China's edible oil imports in November were 1.03 million tons, a year - on - year increase of 42.9%. From January to November, the cumulative imports were 9.03 million tons, a year - on - year increase of 5.9%. The soybean oil imports in November were 50,000 tons, a year - on - year increase of 827.2%, and the cumulative imports from January to November were 340,000 tons, a year - on - year increase of 23.8%. The palm oil imports in November were 330,000 tons, a year - on - year increase of 97.8%, and the cumulative imports from January to November were 2.29 million tons, a year - on - year decrease of 7.6% [4]. - Indonesia's palm oil exports in October were 2.8 million tons, a year - on - year decrease of about 3%. The production of crude palm oil in October was 4.35 million tons, and the inventory at the end of October was 2.33 million tons, lower than 2.59 million tons in the previous month [4]. - On December 18, the "Agricultural Product Wholesale Price 200 Index" was 130.59, a decrease of 0.02 points from the previous day, and the "Basket of Vegetables" product wholesale price index was 133.51, a decrease of 0.03 points from the previous day. As of 14:00 on that day, the average pork price in the national agricultural product wholesale market was 17.51 yuan/kg, a 0.5% increase from the previous day; the beef price was 65.73 yuan/kg, a 0.4% decrease; the mutton price was 62.40 yuan/kg, a 0.8% decrease; the egg price was 7.41 yuan/kg, a 0.1% decrease; and the white - striped chicken price was 17.82 yuan/kg, unchanged from the previous day [5] 3.2 Variety Spreads - The report presents various contract spreads and contract basis charts including those for corn, corn starch, soybeans, soybean meal, soybean oil, palm oil, eggs, and pigs, but no specific data or analysis of these spreads and basis are provided [6][14]

Core Insights - The China Logistics and Purchasing Federation released the "China Commodity Price Index Report (2025)" indicating a stable overall operation of the commodity market in 2023, with significant characteristics of new and old energy conversion [1] Group 1: Commodity Price Index - The average commodity price index in China for 2025 is expected to be 112.1 points, a decrease of 0.1% compared to the previous year [1] - Among the 50 monitored commodities, 10 are expected to see price increases in 2025, with neodymium oxide, refined tin, and corrugated paper projected to rise by 43.4%, 20.6%, and 18.5% respectively [1] Group 2: Industry Performance - The non-ferrous metal industry is expected to see a 4.2% increase compared to 2024, driven by the rapid growth of high-tech manufacturing and high-end equipment manufacturing sectors such as new energy, photovoltaics, and wind power [1] - The agricultural product price index is projected to average 96.7 points, reflecting a 0.4% decrease from the previous year, with stable supply and demand for key agricultural products [1] Group 3: Economic Outlook - Experts predict that the overall commodity index will show a trend of low to high, stabilizing and recovering, indicating a healthier and more sustainable optimization of China's economic structure [1] - The strong resilience and significant domestic demand potential of the Chinese economy are expected to remain the most solid foundation for the commodity market in 2026 [1]

Core Viewpoint - The report from the China Federation of Logistics and Purchasing indicates a stable operation of the bulk commodity market in 2025, with a slight expected decline in the average price index compared to the previous year [1] Group 1: Price Index Forecast - The average price index for bulk commodities in China is projected to be 112.1 points in 2025, a decrease of 0.1% from the previous year [1] - Among the 50 monitored bulk commodities, 10 are expected to see price increases in 2025, including neodymium oxide (up 43.4%), refined tin (up 20.6%), and corrugated paper (up 18.5%) [1] Group 2: Sector Analysis - The non-ferrous metals industry is expected to see a 4.2% increase compared to 2024, driven by the rapid growth of high-tech manufacturing sectors such as new energy, photovoltaics, and wind power [1] - The agricultural product price index is forecasted to average 96.7 points, reflecting a 0.4% decline from the previous year, with stable supply and demand for key agricultural products [1] Group 3: Economic Outlook - Experts suggest that the overall trend for the bulk commodity index in 2025 will show a pattern of initial decline followed by stabilization and recovery, indicating a healthier and more sustainable economic structure in China [1] - The strong resilience and significant domestic demand potential of the Chinese economy are expected to remain the solid foundation for the bulk commodity market in 2026 [1]

1. Report Industry Investment Ratings - Not provided in the content 2. Core Views of the Report - The overall market shows a complex and diversified trend. Different sectors, such as financial derivatives, agricultural products, black metals, non - ferrous metals, shipping, and energy chemicals, have their own characteristics and influencing factors. For example, in financial derivatives, stock index futures are expected to test 3900 again, while treasury bond futures have opportunities despite fluctuations; in agricultural products, the supply - demand situation of various varieties varies, affecting their price trends [5][20][26] 3. Summary by Relevant Catalogs Financial Derivatives - **Stock Index Futures**: Expected to test 3900 again. On Thursday, the market showed a sideways shock. The main stock index futures contracts mostly declined, and the trading volume and positions decreased. The market rebound was affected by factors such as the overnight decline of the US stock market, and it is expected to maintain a sideways consolidation trend [18][20] - **Treasury Bond Futures**: There were fluctuations, but opportunities remained. On Thursday, most treasury bond futures closed higher, and the market funds were balanced and slightly loose. The central bank's open - market operations and market rumors affected the bond market sentiment. In the short term, the central bank's loose tone remained unchanged, but the long - end repair rhythm might be repeated [22][23][24] Agricultural Products - **Protein Meal**: The production outlook was good, and US soybeans continued to be under pressure. The CBOT soybean and soybean meal indexes declined. The US soybean export sales decreased, and the Brazilian soybean production was expected to increase. The domestic soybean meal crushing profit was still in deficit, and the overall price was expected to be supported but with limited sustainability [26][27][28] - **Sugar**: International sugar prices dropped sharply. The ICE and London sugar futures prices declined. The Brazilian sugar production increase was basically realized, and the market focus shifted to the Northern Hemisphere. The domestic sugar market had increasing supply pressure, but the price had certain support near the cost line [29][30][33] - **Oilseeds and Oils**: Palm oil had a technical rebound, and the overall oils were at the bottom - level shock. The overseas palm oil and soybean oil prices had small fluctuations. The Indonesian palm oil inventory decreased, and the domestic soybean oil inventory was gradually decreasing, while the rapeseed oil inventory was expected to continue to decline [35][36] - **Corn/Corn Starch**: The spot price declined, and the futures price was at the bottom - level shock. The CBOT corn futures rebounded. The domestic corn processing enterprise inventory increased, and the starch inventory also increased. The Northeast corn price was strong, while the North China corn price was weak [37][38][39] - **Hogs**: The slaughter recovered, and the spot price fluctuated slightly. The hog price was stable in most regions. The short - term slaughter pressure decreased, but the overall supply pressure still existed [39][40][41] - **Peanuts**: The spot price declined, and the futures price had a narrow - range shock. The peanut price was stable in some regions and declined in others. The oil factory's purchase price was adjusted, and the 03 peanut futures price still had a downward space [42][43][44] - **Eggs**: The demand was average, and the egg price was stable with a slight decline. The main - producing and main - selling area prices were relatively stable. The number of laying hens decreased slightly, and the short - term supply pressure was relieved [45][46][47] - **Apples**: The demand was average, and the apple price was mainly stable. The cold - storage inventory decreased, and the import and export volume changed. The apple price was high before, which led to weak demand, and the market was concerned about the January delivery and pre - Spring Festival stocking [49][50][51] - **Cotton - Cotton Yarn**: The new cotton sales were good, and the cotton price was shock - upward. The ICE cotton futures price increased. The domestic cotton import and export volume changed, and the new cotton sales progress was fast. The market was affected by factors such as the expected reduction of cotton planting area and the expansion of textile factory capacity [52][53][54] Black Metals - **Steel**: The raw material prices stopped falling and stabilized, and the steel price rebounded from the bottom. The steel product supply decreased slightly, the inventory decreased, and the consumption decreased slightly. The steel price was affected by factors such as the raw material supply, demand, and export policy, and it was expected to show a shock - upward trend [57][58][59] - **Coking Coal and Coke**: The prices rebounded from the bottom, and the trading logic change needed attention. The Mongolian coking coal market was strong, and the prices of some domestic coking coal increased. The market "anti - involution" sentiment led to the price rebound, and the future supply - demand situation might improve slightly [59][60][61] - **Iron Ore**: The market expectations were repeated, and the ore price was in shock. The domestic crude steel and rebar production decreased, and the iron ore production increased slightly. The global iron ore supply was loose, and the domestic demand was weak. The ore price was expected to have limited upward space [62][63][64] - **Ferroalloys**: Supported by cost and the "anti - involution" expectation, the prices rebounded in the short term. The silicon - iron and manganese - silicon prices were stable with a slight increase. The supply was expected to decline slightly, and the demand was under pressure. The cost support and "anti - involution" expectation led to the price rebound [64][65][66] Non - Ferrous Metals - **Gold and Silver**: The US November CPI was better than expected, but the data was questionable, leading to market fluctuations. The international gold and silver prices fluctuated widely, and the US dollar index and US bond yields changed. The market was in a long - short tug - of - war, and the gold and silver prices were expected to maintain a high - level range [67][68][69] - **Platinum and Palladium**: The trading enthusiasm was over - high, and the risk factors were gradually accumulating. The platinum and palladium futures prices increased significantly, and the trading volume expanded. The macro - environment was favorable, and the news boosted the demand outlook. The platinum was short - term bullish, and the palladium might be affected by the macro - environment [69][70][71] - **Copper**: Buy after a full correction. The copper futures prices increased, and the inventory increased. The US inflation data affected the market, and the copper supply was expected to be tight in 2026. The long - term price trend was upward, but the short - term might be in shock [74][75][76] - **Alumina**: The price was in a weak shock. The alumina futures price declined, and the spot price decreased slightly. The overseas supply negotiation and domestic inventory situation affected the price. The price was expected to be under pressure after the "anti - involution" expectation subsided [78][79][80] - **Electrolytic Aluminum**: The overseas economic data was released this week, and the aluminum price rebounded. The electrolytic aluminum futures price increased, and the inventory decreased. The overseas economic data was better than expected, and the domestic demand was resilient. The price was supported [83][84][85] - **Cast Aluminum Alloy**: The scrap aluminum supply was still tight, and the alloy price rebounded with the sector. The cast aluminum alloy futures price increased, and the spot price increased. The scrap aluminum supply was tight, and the cost supported the price. The price was expected to maintain a high - level shock [86][87] - **Zinc**: Pay attention to the domestic social inventory today. The zinc futures price increased, and the spot price had a small change. The overseas zinc inventory increased, and the domestic smelting profit was compressed. The price was under pressure from the external market [88][89][90] - **Lead**: Pay attention to the inventory change. The lead futures price increased, and the spot price decreased slightly. The domestic lead supply and demand decreased, and the inventory became more visible. The price was expected to maintain a range shock [91][92][93] - **Nickel**: The Indonesian policy expectation stimulated the nickel price rebound, but the surplus suppressed the upward space. The LME nickel price increased, and the inventory decreased. The global nickel was in a surplus situation, but the Indonesian policy adjustment stimulated the price rebound. The price was expected to decline after the short - term rebound [93][94][95] - **Stainless Steel**: Followed the nickel price and weakened in shock. The stainless steel inventory decreased, and the terminal demand was in the off - season. The price was affected by the nickel price and demand, and it was expected to be at a low - level shock [96][97][99] - **Industrial Silicon**: Sell on rallies. The industrial silicon was in a state of inventory accumulation. The demand in the first quarter of 2026 was pessimistic, and the price was expected to decline. It was recommended to sell on rallies [99][100] - **Polysilicon**: Realize the profits of long positions and pay attention to risk management. The polysilicon futures trading rules changed. The downstream demand was relatively pessimistic, and the short - term price was expected to be strong. It was recommended to take profits on long positions and buy after a correction [100][101][103] - **Lithium Carbonate**: The inventory reduction was slower than expected, and the lithium price was under pressure to correct. The lithium carbonate price had a short - term correction, and the inventory reduction was slow. The price was expected to be at a high - level, and it was recommended to operate cautiously [104][105] - **Tin**: Pay attention to the November export data from Myanmar. The tin futures price increased, and the inventory increased. The US inflation data was questionable, and the domestic tin supply and demand were weak. The price was expected to be affected by the Myanmar export data and market fluctuations [107][108][109] Shipping - **Container Shipping**: MSK released the price of 2500/2600 for the first week, and pay attention to the January freight rate change path. The spot freight rate increased slightly. The European port congestion was serious, and the demand was expected to improve in December - January. The short - term price was expected to be at a high - level shock, and it was recommended to take partial profits on long positions [110][111][113] Energy and Chemicals - **Crude Oil**: The surplus pressure was difficult to change, and the oil price rebound was limited. The crude oil futures prices increased slightly. The US inflation and employment data changed, and the geopolitical situation was uncertain. The oil price was expected to be in a weak shock in the medium - term [114][115][116] - **Asphalt**: The short - term supply - demand was weak, and the raw material risk remained. The asphalt futures price declined, and the spot price was stable. The terminal demand decreased, and the raw material supply was uncertain. The price was expected to be in a narrow - range shock [117][118][119] - **Fuel Oil**: The short - term low - sulfur supply was continuously increasing. The fuel oil futures prices increased slightly. The low - sulfur supply was expected to increase, and the high - sulfur demand was stable and weak. The short - term price was expected to be bearish [120][121][122] - **Natural Gas**: The LNG downward trend remained unchanged. The natural gas futures prices had different changes. The weather affected the demand, and the overall supply was loose. The HH2602 contract long positions were recommended to be held [124][125][126] - **LPG**: The PDH profit continued to be in deficit. The LPG futures price increased, and the spot price was stable. The international LPG market was strong, and the PDH profit was in deficit. It was recommended to short the 03 contract on rallies [127][128][129] - **PX & PTA**: The polyester sales volume increased, and the market atmosphere was boosted. The PX and PTA futures prices increased. The PTA supply was expected to increase slowly, and the downstream polyester demand was high. The price was expected to be shock - upward [131][132] - **BZ & EB**: The pure benzene supply - demand was loose, and the styrene basis weakened. The pure benzene and styrene futures prices declined slightly. The pure benzene supply increased and demand decreased, and the styrene supply and demand were also weak. The price was expected to be in a weak shock [134][135][136] - **Ethylene Glycol**: The inventory accumulation pressure remained, and the price was in shock. The ethylene glycol futures price increased slightly. The supply and demand were weak, and the inventory had a de - stocking pressure. The short - term price was expected to be in shock and weak in the medium - term [138][139] - **Short - Fiber**: The supply - demand was weak. The short - fiber futures price increased. The short - fiber supply and demand decreased, and the processing fee was under pressure. The price was expected to be shock - upward [140][142] - **Bottle Chips**: The supply - demand was relatively loose. The bottle - chip futures price increased. The supply was expected to increase, and the demand was relatively stable. The price was expected to be shock - upward [143][144] - **Propylene**: The demand was poor, and the rebound was weak. The propylene futures price increased first and then decreased. The propylene supply was expected to be high, and the demand was weak. The short - term price was expected to be shock - upward [146][147] - **Plastic PP**: The PE production decreased month - on - month, and the PP production increased month - on - month. The L and PP futures prices declined slightly. The PE and PP supply and demand had different changes. It was recommended to wait and see for the L and PP 2605 contracts [148][150][151] - **Caustic Soda**: The price was in a shock trend. The caustic soda spot price had a small adjustment. The supply was sufficient, and the demand was weak. The price was expected to be in a weak shock [152][153][154] - **PVC**: The price continued to rebound. The PVC futures price increased, and the spot price increased slightly. The supply was expected to increase, and the demand was weak. The price was expected to continue to rebound [155][156][157] - **Soda Ash**: The futures price was in a strong trend. The soda ash futures price increased, and the spot price had a small change. The supply was expected to be under pressure in the future, and the demand was weak. The price was expected to be shock - upward next week with a risk of decline at the end of the month [157][158][159] - **Glass**: The futures price was in a strong trend. The glass futures price increased, and the spot price was stable. The supply was expected to be reduced, and the demand was weak. The price was expected to be shock - upward next week with a risk of decline at the end of the month [160][161][163] - **Methanol**: The price rose strongly. The methanol production increased, and the international device operation was affected. The price was expected to be shock - upward [165][166] - **Urea**: The price continued to rise. The urea production decreased slightly, and the international market had an impact. The short - term price was expected to be strong, and the medium - long - term supply - demand was relatively loose [167][168][169] - **Pulp**: The reality was weak, but the expectation was strong. Pay attention to the warehouse receipt registration and port inventory changes. The pulp futures price declined slightly, and the spot price had a small adjustment. The cost supported the price, but the demand was weak. It was recommended to hold the previous short positions [170][171][173] - **Logs**: The fundamentals were weak, and the futures - spot price was inverted. Pay attention to the warehouse receipt registration. The log price was stable, and the inventory and arrival volume changed. The price was expected to continue to bottom - out. It was recommended to hold the 03 long positions [173][174][175] - **Offset Printing Paper**: The supply pressure remained, and the high pulp price transmission did not meet expectations. The offset printing paper futures price declined slightly, and the spot price was stable. The production and inventory of double - offset paper and coated paper changed. The price was expected to be bearish [179][180] - **Natural Rubber**: The tire production line decreased month - on - month. The natural rubber futures prices had different changes. The Thai government took measures to stabilize the price, and the domestic tire production decreased. It was recommended to short the RU 05 contract slightly and hold the NR 02 contract long positions [182][183] - **Butadiene Rubber**: The BD & BR production decreased marginally, and the tire production decreased month - on - month. The butadiene rubber futures price increased, and the natural rubber futures prices had different changes. The domestic butadiene and tire production decreased. It was recommended to hold the BR 02 contract long positions [186][187][188]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The overall market is affected by various factors such as inflation data, central bank policies, supply - demand relationships, and geopolitical events. Different commodity futures have different trends and investment suggestions based on their specific fundamentals [2][3][4]. - For precious metals, with the Fed's interest rate cut, gold is recommended to be bought, and silver long - positions should be temporarily stopped for profit [2]. - For base metals, copper is recommended to be bought at low prices, aluminum is expected to fluctuate strongly, alumina may continue to face downward pressure, silicon is recommended to be observed, and lithium carbonate's trading strategy depends on the resumption of production [2][3][4]. - For black industries, it is mainly recommended to wait and see, with a trial short - position for rebar [6]. - For agricultural products, soybean meal is bearish, corn futures are expected to fall, and for other products, specific trading strategies are given based on supply - demand [7][8]. - For energy and chemical products, short - term weakness is expected for some products, while long - term opportunities to buy at low prices are recommended for some others, and crude oil is recommended to be short - sold at high prices [9][10][11]. 3. Summary by Relevant Catalogs Precious Metals (Gold and Silver) - **Market Performance**: Gold prices are in high - level oscillations, and silver overseas market is tight while domestic has continuous inventory accumulation [1][2]. - **Fundamentals**: US inflation slows down, central bank policies vary globally, and there are changes in inventories of gold and silver in different regions [2]. - **Trading Strategy**: Buy gold, and stop profit for silver long - positions temporarily [2]. Base Metals Copper - **Market Performance**: Copper prices oscillate strongly [3]. - **Fundamentals**: US CPI is lower than expected, the supply of copper ore is tight, and there are different price relationships in the market [3]. - **Trading Strategy**: Buy at low prices [3]. Aluminum - **Market Performance**: The price of electrolytic aluminum shows a slight increase, and alumina shows a slight decrease [3]. - **Fundamentals**: Electrolytic aluminum plants maintain high - load production, and the demand for aluminum products has a slight change, while the production capacity of alumina plants is stable [3]. - **Trading Strategy**: Aluminum is expected to fluctuate strongly, and alumina is expected to have limited rebound space and face downward pressure [3][4]. Silicon - **Market Performance**: The price of industrial silicon fluctuates, and the price of polysilicon decreases [4]. - **Fundamentals**: For industrial silicon, the supply and demand are stable with inventory changes; for polysilicon, the supply decline is less than the demand decline, and there are policy adjustments [4]. - **Trading Strategy**: Observe for industrial silicon, and try to buy polysilicon at low prices after the price returns to the spot trading range [4]. Lithium Carbonate - **Market Performance**: The price of lithium carbonate decreases [4]. - **Fundamentals**: The supply is increasing, and the demand is decreasing in some aspects, with inventory changes [4]. - **Trading Strategy**: Consider profit - taking for long - positions if the resumption of production is soon; expect price increase if the resumption is delayed [4]. Black Industry Rebar - **Market Performance**: The price of rebar decreases slightly [5][6]. - **Fundamentals**: The supply and demand of steel are weak, with structural differentiation, and the futures discount is large [6]. - **Trading Strategy**: Observe mainly and try to short - sell the rebar 2605 contract [6]. Iron Ore - **Market Performance**: The price of iron ore decreases slightly [6]. - **Fundamentals**: The supply and demand of iron ore are weak, and the futures premium is at a relatively low level [6]. - **Trading Strategy**: Observe mainly [6]. Coking Coal - **Market Performance**: The price of coking coal decreases slightly [6]. - **Fundamentals**: The supply and demand of coking coal are weak, and the futures premium is high [6]. - **Trading Strategy**: Observe mainly [6]. Agricultural Products Soybean Meal - **Market Performance**: CBOT soybeans continue to decline [7]. - **Fundamentals**: The supply has short - term reduction and long - term large supply, and the demand has different situations [7]. - **Trading Strategy**: Short - sell US soybeans and expect downward cost - driven in the domestic market [7]. Corn - **Market Performance**: Corn futures prices are weak, and spot prices vary [7]. - **Fundamentals**: Corn inventory is low, but the downstream profit is affected, and the demand may decline [7]. - **Trading Strategy**: Spot prices are expected to weaken, and futures prices are expected to fall [7]. Fats and Oils - **Market Performance**: The Malaysian palm oil market rebounds [8]. - **Fundamentals**: Supply is in seasonal reduction but with year - on - year increase, and demand is decreasing [8]. - **Trading Strategy**: Fats and oils are expected to oscillate weakly with variety differentiation [8]. Sugar - **Market Performance**: The price of sugar futures decreases [8]. - **Fundamentals**: International sugar prices rebound slightly, and domestic sugar prices are affected by imports and production [8]. - **Trading Strategy**: Short - sell in the futures market and sell call options [8]. Cotton - **Market Performance**: US cotton prices stop falling and rebound, and domestic cotton prices oscillate upward [8]. - **Fundamentals**: US cotton exports decrease, and domestic cotton imports increase [8]. - **Trading Strategy**: Buy at low prices [8]. Eggs - **Market Performance**: Egg futures prices are weak, and spot prices are stable [8]. - **Fundamentals**: The egg - laying hen inventory is decreasing, and the demand is affected by price changes [8]. - **Trading Strategy**: Futures prices are expected to oscillate [8]. Pigs - **Market Performance**: Pig futures prices oscillate, and spot prices increase slightly [8]. - **Fundamentals**: Pig supply is abundant, and demand is expected to increase seasonally [8]. - **Trading Strategy**: Futures prices are expected to oscillate [8]. Energy and Chemical Products LLDPE - **Market Performance**: The price of LLDPE decreases slightly [9][10]. - **Fundamentals**: Supply pressure is increasing but at a slower pace, and demand is weak in the short - term [10]. - **Trading Strategy**: Short - term weak oscillation, and long - term buy at low prices for far - month contracts [10]. Rubber - **Market Performance**: The price of rubber fluctuates [10]. - **Fundamentals**: Raw material prices are high - level oscillating, and tire enterprise operating rates decline slightly [10]. - **Trading Strategy**: Try to buy lightly after price correction [10]. PP - **Market Performance**: The price of PP decreases slightly [10]. - **Fundamentals**: Supply is increasing, and demand is weakening [10]. - **Trading Strategy**: Short - term weak oscillation, and long - term buy at low prices for far - month contracts [10]. Crude Oil - **Market Performance**: Oil prices decline and then have risk premiums but with limited increase space [10]. - **Fundamentals**: Supply is under pressure, and demand is in the off - season with inventory accumulation [10]. - **Trading Strategy**: Short - sell at high prices [10]. Styrene - **Market Performance**: The price of styrene decreases slightly [11]. - **Fundamentals**: Supply - demand is weak, and inventories are at a relatively high level [11]. - **Trading Strategy**: Short - term weak oscillation, and long - term buy at low prices or do reverse spreads [11].

Core Viewpoint - The article provides a comprehensive guide on the process of deducting agricultural product invoices, detailing the types of invoices eligible for deduction and the necessary steps for compliance [2][3][4]. Summary by Sections Invoice Types and Deduction Eligibility - Agricultural product invoices can be categorized into those that require no prior processing for deduction and those that need to be processed first. The types that do not require processing include: - Agricultural purchase invoices - Self-produced agricultural product sales invoices issued by the electronic invoice service platform - 9% agricultural product special invoices obtained from general taxpayers - Customs payment receipts - Agricultural invoices issued by tax authorities [2][3]. Processing Required for Certain Invoices - Invoices that require processing before deduction include: - Agricultural invoices issued by tax authorities - General VAT invoices for self-produced agricultural products - 3% agricultural product special invoices purchased from small-scale taxpayers - For these invoices, users must first complete a supplementary entry before proceeding with the deduction [4][3]. Step-by-Step Deduction Process - The article outlines a detailed step-by-step process for users to follow when entering the electronic tax bureau to confirm invoice usage and perform deduction checks. Key steps include: 1. Logging into the electronic tax bureau and navigating to the "Invoice Business" section. 2. Selecting the appropriate invoice type and confirming the deduction status. 3. Submitting the selected invoices for deduction after verifying the data [3][4]. Special Cases and Notifications - If users have invoices that require processing, a notification will prompt them to proceed with the necessary steps before they can complete the deduction check. This includes entering invoice details for those issued by tax authorities [4].

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 蛋白粕： 周四，CBOT大豆连跌5日，受累于多头抛售及需求担忧。美国农业部周四确认向未知地销售11.4万吨大 豆。出口销售报告显示，截至11月27日，美豆单周净销售111.6万吨，符合预期。市场在持续担忧美国 出口步伐和巴西丰产预期的情况下，选择继续抛售。国内方面，进口成本回落，蛋白粕弱势运行。今日 进口大豆将继续拍卖，规模预计55万吨，22-23年度大豆，关注成交情况。当下消息偏空，市场缺乏反 弹力量，供应充足，远期大豆采购顺利，养殖亏损，饲料原料采购谨慎等国内局面不变。大豆压榨处于 高位，油厂豆类库存高。策略上，震荡偏弱思路。 油脂： 周四，BMD棕榈油收高，受助于逢低买盘支撑和价格竞争力提高。豆棕价差扩大，有利于棕榈油需求 提高。马棕油1月下调出口关税约10美元，或使得部分需求后移。印尼周四公布的数据显示，印尼10月 棕榈油库存下滑10%至233万吨，尽管产量增加至435万吨。加菜籽连跌5日，3月合约跌至600加元，成 本线附近。国内方面，油脂分化，棕榈油上涨，菜籽油继续下挫菜。外盘疲软，进口成本下跌，国内供 应宽松，需求低迷等均是盘面下 ...

Group 1: Report General Information - Report Date: December 19, 2025 [1] - Report Type: Agricultural Products Morning Report [17] Group 2: Corn/Starch Analysis Price Data - Corn prices in Changchun remained stable at 2160, while prices in Jinzhou increased by 10, and prices in Weifang and Shekou remained unchanged. Corn basis increased by 26, and trade profit decreased by 10 and import profit decreased by 8. [2] - Starch prices in Heilongjiang and Weifang remained stable, basis increased by 13, and processing profit remained unchanged. [2] Market Analysis - Short - term: Corn spot prices showed a differentiated trend, with port prices falling and production area prices rising. Starch prices are expected to remain stable due to seasonal consumption support and supply constraints. [3] - Medium - long term: For corn, if downstream consumption weakens seasonally and intermediaries release hoarded grains, prices may decline. For starch, the key factor for pricing is whether enterprise inventories continue to decline after the seasonal peak. [3] Group 3: Sugar Analysis Price Data - Sugar prices in Liuzhou decreased by 20, Nanning by 50, and Kunming by 25. Liuzhou basis increased by 17, Thai import profit increased by 62, and Brazilian import profit increased by 62. [5] Market Analysis - Short - term: The supply of domestic new sugar is increasing, and sugar mill quotes are falling rapidly, driving the futures price down. The futures price can still refer to domestic sugar cost and spot price. [5] - Medium - long term: If the global sugar market surplus intensifies, the futures price will seek the cost of out - of - quota imports. [5] Group 4: Cotton/Cotton Yarn Analysis Price Data - The price of 3128 cotton increased by 35, and the spot price of cotton yarn increased by 5. The import profit of Vietnamese yarn decreased by 1, and the 32S spinning profit decreased by 32. [8] Market Analysis - The low initial inventory offsets most of the production increase. With the expansion of domestic textile production, good recent profits, and favorable Sino - US tariff reduction, cotton demand is expected to improve next year, suitable for long - term long positions. [8] Group 5: Egg Analysis Price Data - Egg prices in Hebei, Liaoning, and Shandong remained stable, Henan remained stable, and Hubei increased by 0.05. The basis decreased by 52, the price of white - feather broilers remained stable, yellow - feather broilers increased by 0.05, and the price of live pigs increased by 0.08. [12] Market Analysis - The egg inventory inflection point has appeared but the base is still high. If the culling of laying hens accelerates, it will speed up the capacity reduction process. If the spot price remains low before Laba Festival, a concentrated culling is expected, which is beneficial to egg prices in the second quarter. [12] Group 6: Apple Analysis Price Data - The price of Shandong 80 first - and second - grade apples remained stable at 8900. [15][16] Market Analysis - The national apple storage is basically completed. The estimated national cold - storage inventory is about 5.5%, a decrease of more than 10% compared to last year. The spot market lacks high - quality goods, and the price difference between good and bad apples is widening. The futures price is expected to show a pattern of near - term strength and long - term weakness. [16] Group 7: Pig Analysis Price Data - Pig prices in Henan Kaifeng increased by 0.10, Hubei Xiangyang by 0.05, Shandong Linyi by 0.10, Anhui Hefei by 0.30, and Jiangsu Nantong by 0.20. The basis increased by 210. [16] Market Analysis - Pig spot prices were strong on weekends. With the approaching of the Winter Solstice, the sustainability of the spot price rebound should be monitored. There is an expectation of both supply and demand increase before the Spring Festival, but the near - term supply pressure is still large. The improvement of long - term sentiment depends on near - term capacity and inventory reduction. [16]