1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For rapeseed oil, it is recommended to participate with a bullish bias. The market is affected by multiple factors such as the expected increase in Canadian rapeseed production, China's anti - dumping measures, supply and demand in the domestic market, and trade negotiation news. The market may maintain a narrow - range oscillation [7][8]. - For rapeseed meal, it is recommended to adopt a bullish mindset and pay attention to Sino - US and Sino - Canadian economic and trade relations. The market is influenced by factors like the expected high yield of US soybeans, domestic supply and demand, and trade negotiation news [10]. 3. Summary by Directory 3.1. Weekly Summary - **Rapeseed oil**: The 01 contract closed at 9789 yuan/ton, down 101 yuan/ton from the previous week. Canada's expected increase in rapeseed production and China's anti - dumping measures may pressure Canadian rapeseed prices. Although the domestic supply of vegetable oil is relatively loose in the short - term, the low oil mill operating rate and fewer rapeseed purchases in the third quarter reduce supply pressure. The market is affected by trade negotiation news and may maintain a narrow - range oscillation [8]. - **Rapeseed meal**: The 01 contract closed at 2513 yuan/ton, down 30 yuan/ton from the previous week. The expected high yield of US soybeans brings supply pressure, but the decrease in planting area provides support. In the domestic market, the low arrival of rapeseed in the near - term and the peak season of aquaculture increase demand, but the substitution advantage of soybean meal weakens the demand for rapeseed meal. Trade negotiation news also affects the market [11]. 3.2. Futures and Spot Market - **Price trends**: Rapeseed oil futures closed down this week with a total open interest of 263,601 lots, down 20,684 lots from last week. Rapeseed meal futures declined from a high level with a total open interest of 414,170 lots, down 6,858 lots from the previous week [16]. - **Top 20 net positions**: The top 20 net positions of rapeseed oil futures were +7338, with a slight increase in net long positions. The top 20 net positions of rapeseed meal futures were - 13,689, with an increase in net short positions [22]. - **Warehouse receipts**: The registered warehouse receipts of rapeseed oil were 3,887 lots, and those of rapeseed meal were 6,410 lots [28][29]. - **Spot prices and basis**: The spot price of rapeseed oil in Jiangsu was 9,890 yuan/ton, down from last week, and the basis was +101 yuan/ton. The spot price of rapeseed meal in Nantong, Jiangsu was 2,560 yuan/ton, with little change, and the basis was +47 yuan/ton [35][41]. - **Inter - monthly spreads**: The 1 - 5 spread of rapeseed oil was +164 yuan/ton, and that of rapeseed meal was +89 yuan/ton, both at medium levels in recent years [49]. - **Futures - spot ratios**: The ratio of rapeseed oil to rapeseed meal for the 01 contract was 3.895, and the average spot price ratio was 3.86 [52]. - **Spreads between rapeseed oil and other oils/meals**: The 01 contract spread between rapeseed oil and soybean oil was 1,431 yuan/ton, and that between rapeseed oil and palm oil was 473 yuan/ton, both with relatively oscillating spreads this week. The 01 contract spread between soybean meal and rapeseed meal was 542 yuan/ton, and the spot spread was 540 yuan/ton [62][68]. 3.3. Industry Chain Situation 3.3.1. Rapeseed - **Supply - side - Inventory and imports**: As of August 22, 2025, the total rapeseed inventory in oil mills was 150,000 tons. The estimated rapeseed arrivals in August, September, and October 2025 were 200,000 tons, 100,000 tons, and 150,000 tons respectively [74]. - **Supply - side - Import crushing profit**: As of August 28, the spot crushing profit of imported rapeseed was +867 yuan/ton [78]. - **Supply - side - Oil mill crushing volume**: As of the 34th week of 2025, the rapeseed crushing volume of major coastal oil mills was 45,000 tons, down 4,000 tons from last week, with an operating rate of 11.01% [82]. - **Supply - side - Monthly imports**: In July 2025, China's rapeseed import volume was 176,000 tons, a year - on - year decrease of 56.63% and a month - on - month decrease of 0.85 tons [86]. 3.3.2. Rapeseed oil - **Supply - side - Inventory and imports**: As of the end of the 34th week of 2025, the domestic inventory of imported and crushed rapeseed oil was 722,000 tons, a month - on - month decrease of 3.02%. In July 2025, the rapeseed oil import volume was 133,600 tons, a year - on - year increase of 16.86% and a month - on - month decrease of 16,700 tons [90]. - **Demand - side - Consumption and production**: As of June 30, 2025, the monthly output of edible vegetable oil was 4.769 million tons. As of July 31, 2025, the monthly catering revenue was 450.41 billion yuan [94]. - **Demand - side - Contract volume**: As of the end of the 34th week of 2025, the domestic contract volume of imported and crushed rapeseed oil was 97,000 tons, a month - on - month decrease of 4.06% [98]. 3.3.3. Rapeseed meal - **Supply - side - Inventory**: As of the end of the 34th week of 2025, the domestic inventory of imported and crushed rapeseed meal was 21,000 tons, a month - on - month decrease of 17.65% [102]. - **Supply - side - Imports**: In July 2025, the rapeseed meal import volume was 183,100 tons, a year - on - year decrease of 3.00% and a month - on - month decrease of 87,200 tons [106]. - **Demand - side - Feed production**: As of July 31, 2025, the monthly feed output was 2.8273 million tons [110]. 3.4. Option Market Analysis - The implied volatility of rapeseed meal options was 21.77% as of August 29, up 0.07% from the previous week, at a slightly medium level compared to the 20 - day, 40 - day, and 60 - day historical volatility of the underlying asset [114].

格隆汇8月29日丨大成玉米集团(03889.HK)发布公告，截至2025年6月30日止六个月，实现收益2.54亿港 元，同比减少23.7%；毛利为2427.9万港元，同比增加113.5%；公司拥有人应占亏损为6329.5万港元， 上年同期公司拥有人应占溢利为1.66亿港元；基本每股亏损3.3港仙。 ...

智通财经APP讯，大成玉米集团(03889)公布2025年中期业绩，收益约2.54亿港元，同比下降23.7%;净亏 损6329.5万港元，同比盈转亏;每股亏损3.3港仙。 ...

大成玉米集团(03889)公布2025年中期业绩，收益约2.54亿港元，同比下降23.7%;净亏损6329.5万港元， 同比盈转亏;每股亏损3.3港仙。 ...

智通财经APP讯，京粮控股(000505.SZ)发布2025年半年度报告，报告期内，公司实现营业收入42.08亿 元，同比下降24.26%。实现归属于上市公司股东的净利润1795.02万元，同比下降25.39%。实现归属于 上市公司股东的扣除非经常性损益的净利润1674.65万元，同比增长26.01%。基本每股收益0.02元。 ...

Group 1 - Domestic soybean meal spot prices continue to decline, with reductions of 10-20 yuan/ton, and coastal soybean meal prices range between 2920-3050 yuan/ton [1] - As of August 29, the main soybean meal futures contract closed at 3055.00 yuan/ton, with a daily increase of 0.30%, reaching a high of 3064.00 yuan/ton and a low of 3031.00 yuan/ton, with a trading volume of 910,391 contracts [2] - The total transaction volume of soybean meal at major oil mills nationwide reached 126,000 tons on August 28, an increase of 34,000 tons from the previous trading day, with 106,000 tons in spot transactions [3] Group 2 - According to a report from Minmetals Futures, the import cost of soybeans has recently maintained a weak and stable trend, with expectations of a potential inventory reduction in September, supporting oil mill profitability [4] - The market is closely monitoring the supply-demand dynamics, particularly the improvement in the Brazilian planting season and the sustainability of high delivery levels in the domestic soybean meal market [4]

Core Insights - The fresh lotus seeds from Yiqian Town, Guangchang County, have the capability to reach supermarkets nationwide within 24 hours, driven by the innovative "fruit lotus" market and advanced nitrogen preservation technology that extends shelf life to 21 days [1][2] - In 2024, the company aims to sell 80,000 kilograms of fruit lotus, achieving a record sales revenue of 18 million yuan in just two months during the summer [1] - Guangchang County is recognized as the largest white lotus research and production center in China, with the latest "Space Lotus No. 66" variety showing a 10% increase in yield and enhanced disease resistance compared to its predecessor [1] Industry Development - Guangchang County is diversifying its lotus industry from traditional dried lotus processing to include flower tourism, fresh lotus picking, and deep processing product development, thereby increasing the added value of lotus products and providing stable employment for local villagers [2][4] - The transition from selling dried lotus seeds at approximately 6,000 yuan per mu to fresh lotus at 8,000 yuan per mu illustrates the economic benefits of industry upgrades for local farmers [2] - The county has over 20 deep processing enterprises, developing more than 150 product varieties, including lotus seed juice and lotus root powder, enhancing the overall value of the lotus industry [4][5] Economic Impact - Guangchang County's lotus industry has a total planting area of over 110,000 mu, producing 9,500 tons of white lotus, with a comprehensive industry output value of 4.34 billion yuan, placing it among the top in the nation [5] - The county's lotus tourism attracted nearly 3 million visitors in 2024, generating over 200 million yuan in revenue from related businesses such as accommodation and dining [5] - The integration of the lotus industry with the mushroom industry has created additional economic opportunities, utilizing lotus waste to produce high-quality mushrooms, thus promoting sustainable agricultural practices [6][7] Technological Advancements - The use of liquid mycelium cultivation methods by local companies has significantly improved production efficiency, reducing the time from inoculation to harvest from six months to just 75 days [7] - Guangchang County's government is actively supporting technological advancements and market expansion for the lotus industry, including the development of specialized equipment and preservation technologies [8] - The online sales of lotus products are projected to exceed 300 million yuan in 2024, accounting for 35% of total sales, indicating a shift towards modern marketing strategies [8]

Market Overview - On August 29, the agricultural processing sector rose by 0.17% compared to the previous trading day, with Sobao Protein leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Stock Performance - Sobao Protein (603231) closed at 19.59, with a significant increase of 9.99% and a trading volume of 195,100 shares, amounting to a transaction value of 367 million yuan [1] - Other notable performers included: - Jinlongyu (666000E) at 33.66, up 3.47%, with a transaction value of 1.038 billion yuan [1] - Yizhi Magic Hand (839273) at 47.42, up 2.89%, with a transaction value of 135.2 million yuan [1] - Huazi Industrial (600191) at 8.81, up 2.20%, with a transaction value of 10.3 million yuan [1] Capital Flow - The agricultural processing sector saw a net inflow of 57.6014 million yuan from institutional investors, while retail investors experienced a net outflow of 19.2071 million yuan [2] - The capital flow for key stocks included: - Sobao Protein had a net inflow of 82.9185 million yuan from institutional investors, but a net outflow of 48.5839 million yuan from retail investors [3] - Jinlongyu experienced a net inflow of 78.3111 million yuan from institutional investors, with a net outflow of 72.0730 million yuan from retail investors [3] - Baolingbao (002286) had a net inflow of 13.2288 million yuan from institutional investors, while retail investors saw a net outflow of 9.2370 million yuan [3]

Group 1: Report Industry Investment Ratings - The investment rating for the soybean meal market is neutral [4] - The investment rating for the corn market is cautiously bearish [6] Group 2: Core Views of the Report - The current soybean fundamentals have no significant changes. The Profarmer's survey shows that this year's US soybean growth is good, matching the USDA's reported record - high yield. Domestic soybean meal inventory is increasing, and supply is relatively loose with high future soybean arrivals. The outcome of Sino - US negotiations remains uncertain [3] - For the corn market, the supply is becoming more abundant with decreasing trade inventory in the Northeast and new corn listings. The demand from deep - processing enterprises is weakening, and overall demand is lackluster [5] Group 3: Summary by Related Catalogs 1. Market News and Important Data for Soybean Meal - Futures: The closing price of the soybean meal 2601 contract was 3039 yuan/ton, down 6 yuan/ton (-0.20%) from the previous day; the rapeseed meal 2601 contract was 2483 yuan/ton, down 18 yuan/ton (-0.72%) [1] - Spot: Tianjin soybean meal was 3050 yuan/ton (unchanged), Jiangsu was 2960 yuan/ton (down 10 yuan/ton), and Guangdong was 2910 yuan/ton (down 10 yuan/ton). Fujian rapeseed meal was 2580 yuan/ton (down 30 yuan/ton) [1] - Arrivals: In September 2025, domestic full - sample oil mills' soybean arrivals are estimated at about 1030.25 tons [2] - Transactions: On August 27, 2025, the total soybean meal transaction of major oil mills was 9.20 tons, a decrease of 2.79 tons from the previous day. Spot transactions were 6.70 tons (up 1.01 tons), and forward - month basis transactions were 2.50 tons (down 3.80 tons) [2] - Operation Rate: The current national dynamic full - sample oil mill operation rate is 67.81%, a decrease of 1.04% from the previous day [2] 2. Market News and Important Data for Corn - Futures: The closing price of the corn 2511 contract was 2185 yuan/ton, up 21 yuan/ton (+0.97%); the corn starch 2511 contract was 2493 yuan/ton, up 22 yuan/ton (+0.89%) [4] - Spot: Liaoning corn was 2150 yuan/ton (unchanged), and Jilin corn starch was 2660 yuan/ton (unchanged) [4] - Exports: Brazil is expected to export 780 tons of corn in August 2025, lower than the previous estimate but higher than last year [4] 3. Market Analysis - Soybean Meal: The US soybean growth is good, and the domestic soybean meal inventory is increasing. Future soybean arrivals are high, and the outcome of Sino - US negotiations is uncertain [3] - Corn: The supply in the domestic market is increasing, and the demand from deep - processing enterprises is weakening, resulting in insufficient upward price momentum [5] 4. Strategies - Soybean Meal: Neutral strategy [4] - Corn: Cautiously bearish strategy [6]

Report Summary 1. Report Industry Investment Ratings The provided content does not mention any industry investment ratings. 2. Core Views - The overall market is in a complex state with various factors influencing different commodities. Geopolitical risks, economic data, supply - demand dynamics, and policy expectations are key drivers. Some commodities are expected to be in a state of high - level or low - level oscillation, while others are at a turning point in their supply - demand relationship [2][3][4]. 3. Summary by Commodity Categories Energy Commodities - **Crude Oil**: International oil prices are in a relative steady state due to the game between post - peak season supply - demand and short - term geopolitical risks. Further upward space is limited without a clear escalation of geopolitical events [2]. - **Fuel Oil & Low - Sulfur Fuel Oil**: The fuel oil futures are under pressure, but the fundamentals are relatively bullish as the inventory pressure is relieved. High - sulfur resources are supported by geopolitical premiums [22]. - **Liquefied Petroleum Gas**: The international market rebounds, and the domestic market is in a repair phase. There is long - term overseas production increase pressure, leading to a near - strong and far - weak pattern in the futures market [24]. - **Asphalt**: The asphalt futures show resistance to decline, with potential demand and low inventory providing support [23]. Metal Commodities - **Precious Metals**: Precious metals are oscillating strongly. Once the key resistance is broken, the upward trend may be sustainable. Attention should be paid to the US PCE data [3]. - **Base Metals**: - **Copper**: The copper price rises, but the integer - level resistance is strong. High - level short positions can be held [4]. - **Aluminum**: The Shanghai aluminum is oscillating, with the upper resistance at 21,000 yuan. The casting aluminum alloy follows the trend of Shanghai aluminum, and the alumina is weakly oscillating [5][6][7]. - **Zinc**: The zinc market has a pattern of increasing supply and weak demand. A short - term rebound is possible, but the medium - term strategy is to short on rebounds [8]. - **Nickel and Stainless Steel**: The nickel price has a rebound intention, but the fundamentals are weak. Attention should be paid to the de - stocking signs [10]. - **Tin**: The tin price continues to rise. The previous long positions can be held [11]. - **Manganese Silicon and Silicon Iron**: Both are oscillating upward with weak rebound strength. The manganese silicon may see inventory accumulation in the long run, and the silicon iron follows the trend of manganese silicon [19][20]. - **Iron Ore**: The iron ore is expected to oscillate at a high level as the supply - demand relationship weakens marginally [16]. - **Coke and Coking Coal**: Both show price rebounds. The supply of carbon elements is sufficient, and the prices are greatly affected by "anti - involution" policy expectations [17][18]. Chemical Commodities - **Carbonate Lithium**: The futures price is回调, and the market is in a state of relatively strong oscillation [12]. - **Polysilicon**: The polysilicon futures are in an oscillating pattern, with limited upward space and high risk of shorting at the lower end of the range [13]. - **Industrial Silicon**: The industrial silicon futures are oscillating, affected by the "anti - involution" sentiment of other varieties [14]. - **Urea**: The urea spot trading improves, but there is high supply - demand pressure [25]. - **Methanol**: The near - month methanol contract is weak, with high inventory in ports and increasing supply inland [26]. - **Pure Benzene**: The pure benzene market is in a weak balance, with expectations of improvement in the third quarter and pressure in the fourth quarter [27]. - **PVC and Caustic Soda**: The PVC may oscillate weakly, and the caustic soda is expected to face pressure at high levels [28]. - **PX and PTA**: The PX is in a range - bound oscillation, and the PTA continues to weaken [29]. - **Ethylene Glycol**: The ethylene glycol is expected to oscillate within a range, and the upward drive is weakening [30]. - **Short - Fiber and Bottle - Chip**: The short - fiber may be considered for long - position allocation if the demand improves, and the bottle - chip industry has long - term over - capacity pressure [31]. Agricultural Commodities - **Grains and Oils**: - **Soybean and Soybean Meal**: The market may oscillate in the short term and is cautiously bullish in the medium - to - long term [35]. - **Soybean Oil and Palm Oil**: They can be considered for buying at low prices in the medium - to - long term, with attention to soybean policies in the short term [36]. - **Rapeseed Meal and Rapeseed Oil**: The futures prices have a narrow short - term fluctuation range, and it is advisable to wait and see [36]. - **Corn**: The Dalian corn futures may continue to run weakly at the bottom, with a possible short - term rebound [38]. - **Livestock and Poultry Products**: - **Pork**: The pork futures are likely to continue the weak downward trend in the medium term [39]. - **Eggs**: The egg price cycle may turn around in the second half of this year, and it is advisable to consider long positions in the first half of next year's futures contracts [40]. - **Cotton and Sugar**: - **Cotton**: The international cotton market is oscillating, and the domestic cotton can be bought on dips [41]. - **Sugar**: The sugar price is expected to oscillate, with the international market having supply pressure and the domestic market having limited bullish factors [42]. - **Fruits and Wood Products**: - **Apple**: The apple price may continue to rise in the short term but lacks long - term supply - side support [43]. - **Wood**: The wood futures are oscillating, and it is advisable to wait and see [44]. - **Paper Pulp**: The paper pulp futures can be treated with a wait - and - see or range - bound oscillation strategy [45]. Financial Products - **Stock Index**: The A - share market rebounds, and it is advisable to increase the allocation of technology - growth sectors while also paying attention to consumption and cyclical sectors [46]. - **Treasury Bonds**: The treasury bond futures fall, and the yield curve may become steeper [47].