Report Industry Investment Rating No relevant information provided. Core Viewpoints The report presents a comprehensive overview of the futures market, including overnight and spot prices, important fundamental information on international and domestic supply - demand, macro - economic news, fund flows, and arbitrage tracking. It covers commodities such as palm oil, soybeans, crude oil, and financial instruments like stock index futures. Summary by Directory 01 Overnight行情 - Overnight closing prices and price changes of various futures are presented, including BMD palm oil, ICE Brent crude, NYMEX WTI crude, CBOT soybeans, soybean meal, and soybean oil. For example, BMD palm oil 10 closed at 4257.00 with a previous - day decline of 0.54% and an overnight decline of 0.23% [1]. - Price changes of major currencies are also given, such as the US dollar index, CNY/USD, MYR/USD, etc. The US dollar index was at 98.21 with a decline of 0.56% [1]. 02现货行情 - Spot prices, basis, and basis changes of DCE palm oil 2509, DCE soybean oil 2509, and DCE soybean meal 2509 in different regions are provided. For instance, the spot price of DCE palm oil 2509 in North China is 9100 with a basis of 120 and no change in basis from the previous day [2]. - CNF quotes and CNF premium/discounts for imported soybeans from different origins are presented, like the CNF premium for Brazilian soybeans is 315 cents per bushel and the CNF quote is 480 dollars per ton [2]. 03重要基本面信息 - 产区天气 - The future weather outlook (August 11 - 15) for US soybean - producing states shows generally high temperatures and precipitation close to or above the median. Most states will have above - normal temperatures (A) and above - median precipitation (A) [3][4]. - The weather in the US Midwest will see a temperature drop later this week, with good soil moisture in most areas. There will be sporadic showers in different parts at different times [5]. - 国际供需 - MPOA data shows that Malaysia's palm oil production in July 2025 is estimated to increase by 9.01% to 1.84 million tons, with different changes in different regions [7]. - SPPOMA data indicates that from August 1 - 5, 2025, Malaysia's palm oil yield decreased by 19.32% month - on - month, the oil extraction rate increased by 0.39%, and production decreased by 17.27% [7]. - Forecasts for palm oil production in different countries are given: Malaysia's 2024/25 production is estimated to be 19.2 million tons (up 1% from the previous forecast), Indonesia's is 48.8 million tons (unchanged), and Thailand's is 3.52 million tons (unchanged) [8]. - Nigeria plans to plant 100 million oil palm trees and revitalize the cocoa industry [8]. - Analysts expect US soybean export sales to increase by 30 - 80 thousand tons in the week ending July 31, 2025, with different projections for 2024/25 and 2025/26 [9]. - Brazil exported 12.25732536 million tons of soybeans in July 2025, with a 9% increase in daily average export volume compared to the same period last year [9]. - As of July 30, 2025, Argentine farmers sold 528.9 thousand tons of 2024/25 soybeans, with a cumulative sales volume of 27.9605 million tons [10]. - Wet weather has delayed the rapeseed harvest in the EU 27 and the UK, and the 2025/26 rapeseed production is expected to be 20.3 million tons (unchanged) [10]. - 国内供需 - On August 6, 2025, the total trading volume of soybean oil and palm oil was 52.8 thousand tons, a 185.41% increase from the previous trading day [12]. - On August 6, 2025, the trading volume of soybean meal in major domestic oil mills was 311.5 thousand tons, a decrease of 1.5959 million tons from the previous day. The national dynamic full - sample oil mill operating rate was 61.63%, a 1.18% increase from the previous day [12]. - From July 21 - 27, 2025, the average purchase price of live pigs in designated slaughtering enterprises was 15.84 yuan/kg, a 0.8% decrease from the previous week and an 18.7% decrease year - on - year [13]. - On August 6, 2025, the "Agricultural Product Wholesale Price 200 Index" was 113.78, a 0.26 - point increase from the previous day [13]. 04宏观要闻 - 国际要闻 - According to CME's "FedWatch", the probability of the Fed keeping interest rates unchanged in September 2025 is 6.4%, and the probability of a 25 - basis - point rate cut is 93.6% [15]. - The US MBA mortgage application activity index for the week ending August 1, 2025, was 253.4, with different values for purchase and refinancing indices [15]. - The US global supply - chain pressure index in July 2025 was 0.07, down from 0.14 in the previous month [15]. - Fed's Kashkari believes that the Fed should respond to the economic slowdown and that two rate cuts this year seem appropriate, but may pause or even raise rates if inflation rises due to tariffs [15]. - Trump plans to impose a 100% tariff on imported semiconductor - containing products, with exemptions for companies producing in the US [15]. - The US White House announced that Trump signed an executive order to impose an additional 25% tariff on Indian goods in response to India's continued purchase of Russian oil [15]. - As of August 1, 2025, the US EIA strategic petroleum reserve inventory was 235 thousand barrels, and the EIA crude oil inventory decreased by 3.029 million barrels [16]. - In June 2025, the euro - area retail trade volume increased by 0.3% month - on - month and 3.1% year - on - year [16]. - 国内要闻 - On August 6, 2025, the USD/CNY exchange rate was 7.1409, with a 43 - point increase (CNY depreciation) [18]. - On August 6, 2025, the People's Bank of China conducted 138.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 170.5 billion yuan due to 309 billion yuan of reverse repurchase maturities [18]. 05资金流向 - On August 6, 2025, the futures market had a net capital inflow of 9.244 billion yuan, with commodity futures having a net inflow of 3.11 billion yuan (including 0.31 billion yuan in agricultural product futures, 1.543 billion yuan in chemical futures, 2.487 billion yuan in black - series futures, and a net outflow of 1.23 billion yuan in metal futures), and stock index futures having a net inflow of 6.134 billion yuan [22]. - Capital flow data for various futures products are presented, such as the net capital inflow for CSI 1000 stock index futures is 49.35 and for CSI 500 stock index futures is 19.77 [21]. 06套利跟踪 No specific content provided.

Core Viewpoint - Guangxi agricultural cooperative institutions are focusing on the agricultural season, providing financial support to ensure a successful harvest and promote the entire agricultural industry chain [1][5] Group 1: Financial Support and Agricultural Loans - As of the end of June, the agricultural loan balance of Guangxi's cooperative institutions reached 425.8 billion yuan, an increase of 10.8 billion yuan since the beginning of the year, with specialty industry loans amounting to 110.3 billion yuan [1] - The cooperative institutions have supported new agricultural operating entities, with loans to family farms and farmers' cooperatives totaling 28.5 billion yuan [5] - The Guangxi agricultural cooperative institutions have issued over 100 innovative "Xiao Ling Tu" credit products tailored to local specialty industries [5] Group 2: Case Studies of Successful Financial Support - A local grape grower received a 200,000 yuan loan from Pingguo Agricultural Cooperative Bank, resulting in a 10% increase in yield and an increase in sugar content from 15% to 18% [2] - Ling Shan Agricultural Credit Union provided a loan of over 400 yuan, which helped a food company expand its production and establish a complete industry chain for lychee, benefiting over 1,700 enterprises and farmers [3] - The Guizhou Agricultural Cooperative Bank has customized credit solutions like "vegetable loans" and "taro loans," with a total agricultural loan balance of 7.336 billion yuan, increasing by 197 million yuan since the beginning of the year [4] Group 3: Overall Impact on Agricultural Development - The financial support from Guangxi agricultural cooperative institutions is contributing to the revitalization of rural areas, enhancing local agricultural brands, and ensuring a bountiful harvest during the critical agricultural season [5] - The cooperative institutions are optimizing a comprehensive service network covering all levels from province to village, providing strong support for deepening agricultural development [5]

Group 1 - The film "Lychee of Chang'an" highlights the transformation of lychee from a luxury item to a common fruit available to the public, showcasing the efficiency of modern logistics [1] - Postal Savings Bank leverages its integrated resources of logistics, finance, and e-commerce to support the lychee industry and related private enterprises, contributing to rural revitalization [1] - In Guangdong's Maoming, which produces 20% of the world's lychee, the cultivation area is approximately 1.4 million acres, with local companies like Bojian Agriculture selling around 75,000 pounds of lychee daily during peak season [1] Group 2 - Bojian Agriculture employs a meticulous packing method to preserve the freshness of lychee, shipping around 30,000 orders and 150,000 pounds daily, while facing financial pressures for operational upgrades [2] - Postal Savings Bank's Maoming branch has provided financial support that has increased Bojian Agriculture's revenue by over 1.5 million yuan and created over 300 jobs [2] - The bank has formed a specialized team to understand the financial needs of lychee farmers, offering comprehensive financial service packages and training programs for new farmers [2] Group 3 - The Yurun wholesale market in Northwest China is bustling with activity, where fresh lychee is sold within a day of harvest, thanks to financial support from Postal Savings Bank [3] - The bank's financial services team has increased visits to the wholesale market to provide tailored financial solutions, addressing the unique challenges of the lychee industry [3] - Postal Savings Bank has introduced innovative credit products like "Fruit Loan" to assist clients in overcoming funding challenges, with over 120 customers receiving financial support by mid-2025 [3]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The central bank has switched the primary goal of monetary policy to promoting a reasonable recovery of prices and stabilizing growth, with a "moderately loose" policy tone sending positive signals. Quasi - fiscal tools may be the core approach for the coordination of monetary and fiscal policies [2][16] - If the three - month average of new non - farm payrolls remains below 100,000 after the US Department of Labor releases August non - farm data in early September, a September interest rate cut is likely [28] 3. Summary by Related Catalogs 3.1 Macro Data Quick View - In Q2 2025, GDP at constant prices had a year - on - year quarterly growth of 5.2%, slightly lower than the previous quarter's 5.4% but higher than the 4.7% of the same period last year [1] - In July 2025, the Manufacturing PMI was 49.3%, down from 49.7% in the previous month; the Non - Manufacturing PMI: Business Activity was 50.1%, down from 50.5% in the previous month [1] - In June 2025, the year - on - year growth rates of M0, M1, and M2 were 12.0%, 4.6%, and 8.3% respectively, with M1 showing a significant increase compared to the previous month [1] - In June 2025, CPI had a year - on - year growth of 0.1%, up from - 0.1% in the previous month; PPI was - 3.6%, down from - 3.3% in the previous month [1] 3.2 Commodity Investment Reference 3.2.1 Comprehensive - In July, the central bank achieved a net liquidity injection of 236.5 billion yuan, 419.5 billion yuan less than the previous month [2][16] - The US President signed an executive order to impose an additional 25% tariff on Indian goods, bringing the total tariff rate to 50%, and may impose about 100% tariff on chips and semiconductors [2][19] - Fed officials have different views on interest rate adjustments. Daly believes policy adjustment may be needed in the coming months, while Kashkari expects two interest rate cuts by the end of this year [3][19] - The Baltic Dry Index rose 3.8% to 1994 points [4] 3.2.2 Metals - Gold inventory in Shanghai Futures Exchange warehouses reached a record high, mainly due to arbitrage trading driven by strong futures demand [5] - India and Russia will deepen cooperation in the aluminum and fertilizer sectors [6] - International precious metal futures closed mixed, with gold in a回调 shock and silver rising due to capital inflows [7] - Most London base metals rose, but tariff policy uncertainty still pressured market sentiment [7] 3.2.3 Coal, Coke, Steel, and Minerals - In late July, the steel inventory of key steel enterprises decreased compared to the previous ten - day period and the same period last year [8] - Due to frequent supply - side rumors in coal mines, the supply expectation has shrunk, and the coking coal futures market has been boosted [8] 3.2.4 Energy and Chemicals - The China Photovoltaic Industry Association is soliciting opinions on the "Draft Amendment to the Price Law (for Public Comment)" [9][10] - In July, the National Energy Group's power generation reached 123.7 billion kWh, a year - on - year increase of 8.4% [10] - US EIA crude oil inventory decreased by 3.029 million barrels last week, more than expected [10] - Russia plans to increase oil exports to the West to nearly 2 million barrels per day in August [10] 3.2.5 Agricultural Products - The National Food and Strategic Reserves Administration agreed to launch the 2025 wheat minimum purchase price implementation plan in eligible areas of Jiangsu Province from August 6 [13] - The investigation of beef safeguard measures is ongoing, and the investigation authority is evaluating whether it meets the conditions for implementing safeguard measures [14] - The Philippines will suspend rice imports for 60 days from September 1 to support local farmers, which may push up global rice prices [14] 3.3 Financial News Compilation 3.3.1 Open Market - On August 6, the central bank conducted 138.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 170.5 billion yuan on the day [15] 3.3.2 Key News - The central bank's monetary policy goal has shifted, and quasi - fiscal tools may be the core for policy coordination [2][16] - Fiscal policy will focus on implementing existing policies, accelerating government bond issuance, and optimizing expenditure structure [16][17] - The issuance of policy - based financial bonds reached a new high on August 6, and after August 8, VAT will be levied on the interest income of new bonds [17] - Brokerage bond issuance has been active this year, with the scale close to 770 billion yuan as of August 5, a year - on - year increase of over 32% [17] - Since the implementation of the science and technology innovation bond regulations, the primary and secondary markets have shown positive development [18] 3.3.3 Bond Market Summary - Bank - interbank bond yields mostly declined slightly, and the bond market is in a wait - and - see period with a high probability of short - term fluctuations [21] - Some bonds in the exchange bond market rose, while others fell [21] - The CSI Convertible Bond Index rose 0.58%, and the trading volume was 87.489 billion yuan [21] 3.3.4 Foreign Exchange Market - The on - shore RMB against the US dollar closed down 24 points, and the central parity rate was depreciated by 43 points [27] - The US dollar index fell 0.55%, and most non - US currencies rose [27] 3.3.5 Research Report Highlights - In July, employment growth in multiple US industries turned negative, and if the three - month average of new non - farm payrolls remains below 100,000 after the release of August data, a September interest rate cut is likely [28] 3.4 Stock Market Key News - On Wednesday, A - share major indices rose, with semiconductor and other sectors performing strongly, and the market turnover increased [30] - The Hong Kong Hang Seng Index rose slightly, and southbound funds had a net purchase of nearly HK$9.5 billion [30] - As of August 6, 258 stocks had doubled in price this year, with Shangwei New Materials leading with over 12 - fold growth [30] - In July, the number of private equity securities product filings reached 1298, a month - on - month increase of 18%, hitting a 27 - month high [31] 3.5 Today's Reminders - On August 7, 209 bonds will be listed, 179 bonds will be issued, 134 bonds will be paid, and 192 bonds will have principal and interest repaid [29]

投资咨询业务资格 沪证监许可[2015]84 号 商品日报 20250807 联系人 李婷、黄蕾、高慧、王工建、赵凯熙 电子邮箱 jytzzx@jyqh.com.cn 电话 021-68555105 主要品种观点 宏观：美联储官员经济担忧升温，美元指数承压走弱 海外方面，降息预期与关税主导市场，多位美联储官员转向担忧就业与经济放缓，卡什 卡利预计年内将降息两次，戴利认为劳动力市场走弱将迫使美联储尽快降息，库克称就业数 据"令人担忧"，市场目前定价 9 月降息概率为 94%、年内降息 3 次。特朗普宣布对进口半 导体征收约 100%关税，仅在美生产可豁免；对印度因持续进口俄油额外加征 25%关税，部 分商品税率将升至 50%，美印关系恶化中；美日贸易协议现分歧，美国拟在原税率基础上再 加征 15%关税，日方强调提高后总税率应为 15%。美元指数回落至 98.2，美债利率震荡上 行，美股上涨超 1%，金价震荡收跌、铜价收涨，特朗普称与俄会谈取得进展引发制裁不确 定性，油价跌至八周低点。 国内方面，A 股再度低开高走，上证指数站稳 3600 关口，中证 2000、北证 50 等小票 风格占优，军工、机器人板块领涨， ...

Group 1 - A new rural common prosperity supermarket has opened in Yucun, Anji County, Huzhou, Zhejiang Province, showcasing high-quality agricultural products from Qiqihar City, including specialty dried vegetables and cold-pressed soybean oil [1] - The establishment of a common prosperity alliance between Baichuan County and Yucun aims to enhance the sales and promotion of Baichuan's agricultural products through online and offline channels, benefiting local farmers [1] - Baichuan County organized six enterprises to showcase over 20 types of specialty agricultural products, including soda water, cold-pressed soybean oil, and ecological rice, to improve the recognition and reputation of its agricultural products [1] Group 2 - Baichuan County is located in one of the world's three major black soil distribution areas, providing a unique advantage for developing green and specialty industries [2] - The county has adopted the "Ten Thousand Projects" experience to pursue a development path that emphasizes production growth, improved living standards, and ecological sustainability, focusing on food safety and green, healthy, and efficient production [2] - Future plans for Baichuan County include leveraging ecological advantages to transform "green mountains and clear waters" into "golden mountains and silver mountains," enhancing agricultural productivity, and expanding income channels for farmers [2]

【油脂市场近期走势及展望】国际棕榈油市场上，马来西亚BMD毛棕榈油期货受产量增长打压，短线 在4250令吉年线附近震荡。需关注能否有效站稳4250令吉后向上走强，否则将跌破年线支撑，或趋弱至 4000令吉。近期应密切关注毛棕油期价能否站稳4250令吉。 国内棕榈油市场，大连棕榈油期货维持高 位震荡。受马棕震荡调整拖累，连棕油期货有望围绕9000元整理。关注能否有效站稳9000元，否则趋弱 下探压力大。近期需关注20日均线得失及马棕能否站稳4250令吉。 豆油方面，近几日工厂成交好转， 因部分市场人士看涨。现阶段工厂豆油库存继续增加，但终端需求将好转，高校开学和中秋备货将使下 半月库存有望减少。三大油脂中，豆油价格优势明显，易替代棕油与菜油，对基差报价有支撑，中长线 偏强。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 ...

证券之星消息，8月6日农产品加工板块较上一交易日下跌0.08%，华资实业领跌。当日上证指数报收于 3633.99，上涨0.45%。深证成指报收于11177.78，上涨0.64%。农产品加工板块个股涨跌见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 从资金流向上来看，当日农产品加工板块主力资金净流出6641.79万元，游资资金净流入3543.55万元，散 户资金净流入3098.23万元。农产品加工板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600962 国投中鲁 | | 1088.79万 | 7.86% | 140.67万 | 1.01% | -1229.46万 | -8.87% | | 300999 | 金龙鱼 | 839.73万 | 2.97% | 751.25万 | 2.66% | -1590.98万 ...

Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core Viewpoints of the Report - The prices of the three major oils oscillated yesterday. The CBOT soybean price was weak. There were some differences in the market regarding the results of the autumn negotiations between China and the United States. Coupled with the strong expectation of a bumper harvest of US soybeans and the record - high soybean production in Brazil, the overall soybean supply was unlikely to have a large gap, and the market was under pressure and oscillated [3] Group 3: Market Analysis Summary Futures - The closing price of the palm oil 2509 contract yesterday was 9064.00 yuan/ton, with a month - on - month change of +226 yuan and a change amplitude of +2.56%. The closing price of the soybean oil 2509 contract was 8344.00 yuan/ton, with a month - on - month change of +94.00 yuan and a change amplitude of +1.14%. The closing price of the rapeseed oil 2509 contract was 9615.00 yuan/ton, with a month - on - month change of +73.00 yuan and a change amplitude of +0.77% [1] Spot - The spot price of palm oil in Guangdong was 8970.00 yuan/ton, with a month - on - month change of +170.00 yuan and a change amplitude of +1.93%. The spot basis was P09 + - 94.00, with a month - on - month change of - 56.00 yuan. The spot price of first - grade soybean oil in Tianjin was 8440.00 yuan/ton, with a month - on - month change of +70.00 yuan/ton and a change amplitude of +0.84%. The spot basis was Y09 + 96.00, with a month - on - month change of - 24.00 yuan. The spot price of fourth - grade rapeseed oil in Jiangsu was 9730.00 yuan/ton, with a month - on - month change of +100.00 yuan and a change amplitude of +1.04%. The spot basis was OI09 + 115.00, with a month - on - month change of +27.00 yuan [1] Group 4: Recent Market Information Summary Soybean Oil Volume - On August 5th, the trading volume of soybean oil was 18,500 tons, a 41.27% decrease compared to the previous trading day. On August 4th, it was 31,500 tons, a 27.59% decrease. On August 1st, it was 43,500 tons, a 29.85% increase. On July 31st, it was 33,500 tons, a 67.32% decrease. On July 30th, it was 102,500 tons, a 113.54% increase. The average trading volume of soybean oil last week was 49,300 tons [2] Soybean Oil Inventory - As of August 5th, the national soybean oil port inventory was 1.055 million tons, an increase of 43,000 tons compared to the same period last week [2] Commodity Prices - The C&F price of Canadian rapeseed (October shipment) was 568 US dollars/ton, a decrease of 6 US dollars/ton compared to the previous trading day; the C&F price of Canadian rapeseed (December shipment) was 558 US dollars/ton, a decrease of 6 US dollars/ton. The C&F price of US Gulf soybeans (September shipment) was 446 US dollars/ton, an increase of 1 US dollar/ton; the C&F price of US West soybeans (September shipment) was 440 US dollars/ton, an increase of 1 US dollar/ton; the C&F price of Brazilian soybeans (September shipment) was 477 US dollars/ton, an increase of 9 US dollars/ton. The import soybean premium quotes: the Mexican Gulf (September shipment) was 220 cents/bushel, unchanged; the US West Coast (September shipment) was 193 cents/bushel, unchanged; the Brazilian port (September shipment) was 305 cents/bushel, an increase of 17 cents/bushel. The C&F price of Argentine soybean oil (August shipment) was 1149 US dollars/ton, a decrease of 6 US dollars/ton; the C&F price of Argentine soybean oil (October shipment) was 1127 US dollars/ton, a decrease of 2 US dollars/ton. The C&F quote of imported rapeseed oil: the Canadian rapeseed oil (August shipment) was 1035 US dollars/ton, unchanged; the Canadian rapeseed oil (October shipment) was 1015 US dollars/ton, unchanged [2]

"试试就试试"的大唐村建起了用于香榧加工的香榧工坊。如今走进小村，空气里都弥漫着一股巧克力的 香味。 "4号抹茶粉比5号做出来的茶味更浓，可以在此基础上调整抹茶粉和巧克力的比例。"日前，屋外热浪滚 滚，建德市三都镇大唐村香榧工坊内，95后周昊泽和研发合作团队正埋头做着研发。仅今年上半年，他 们创新推出的原味香榧巧克力销量就达5000余罐，销售额超80万元。这个海拔500米、常住人口仅170余 人，但每年香榧产量超10万斤的小山村，因这款"共富爆品"焕发了新生。 "要不是'镇聘村用'给我们村送来了小周，今年我们还得为香榧卖不上价发愁。"大唐村党支部书记何光 红说。"镇聘村用"是建德针对乡村发展人才不足的破题之举——2024年春天，建德市委组织部创新推出 这一人才引进机制：以乡镇（街道）为单位面向社会公开招聘有意愿、有能力的年轻人，再派驻到有需 要的村子，为村社发展注入年轻力量。 周昊泽就是最早一批参与"镇聘村用"的青年。除了研发新品，他每周还要作为村播直播一次，编导、主 播、技术"一肩挑"。"去年刚来的时候发现乡亲们辛辛苦苦种的香榧丰收了，却只能卖上100元3斤的低 价，心里确实着急"。后来周昊泽有次看直播，发 ...