Group 1 - The successful launch of the direct flight route from Enshi to Ho Chi Minh City marks the second international route to Vietnam, enhancing tourism and economic ties between the Enshi region and ASEAN [1][2] - The new route, operated by VietJet Air, offers three flights per week, catering to the summer tourism demand, with a flight time of just over three hours [2] - Local tourism packages have been developed to attract Vietnamese tourists, with an expected increase of over 50% in inbound visitors during the summer [2] Group 2 - The direct flights create a triangular air network between Enshi, Hanoi, and Ho Chi Minh City, facilitating both tourism and trade [3] - The new air route significantly reduces logistics costs for businesses, with a reported 30% decrease in shipping costs for tea exports to Ho Chi Minh City [3] - The trade volume between Enshi and Vietnam has been growing at an annual rate of 22%, with the new air route expected to enhance connections in agricultural processing and electronic components [3]

市场消息显示，近日澳大利亚与中国正接近达成一项协议，允许澳大利亚出口五批试验性油菜籽至中 国，数量在15~25万吨。 中储粮网电子商务平台定于7月24日组织菜籽油竞价采购专场，竞价采购菜籽油500吨。 分析观点： 瑞达期货（002961）研报：国内方面，油脂消费淡季，国内植物油供给较为宽松，且菜油油厂库存压力 持续偏高，继续牵制市场价格。不过，油厂开机率下滑，菜油产出压力明显减弱。同时，三季度菜籽买 船较少，远期压力或下滑。盘面来看，受中澳贸易有望恢复影响，近日菜油表现弱于豆棕，短期波动加 剧。 7月21日，加拿大菜油(8月船期)1030美元/吨，与上个交易日相比下调10美元/吨；加拿大菜油(10月船 期)1010美元/吨，与上个交易日相比下调10美元/吨。 （7月21日）今日全国菜籽油价格一览表 | 规格 | 品牌/产地 | 报价 | 报价类型 | 交货地 | 交易商 | | --- | --- | --- | --- | --- | --- | | 等级:三级 ; | 福建厦门 | 9630元/吨 | 市场价 | 福建省/厦门市 | 福建厦门市场 | | 等级:三级 ; | 安徽六安 | 9690元/吨 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report analyzes the market trends of various commodities and financial products, including energy, metals, agricultural products, and financial derivatives, and provides corresponding investment suggestions based on the current market situation and future expectations [2][3][4] - The market is influenced by multiple factors such as international policies, economic data, supply and demand relationships, and seasonal patterns, and the trends of different products vary [15][16][20] Summary by Category Energy - **Crude Oil**: Last week, international oil prices declined, with Brent 09 contract down 1.98% and SC09 contract up 2.3%. After the EU's 18th round of sanctions against Russia, oil prices first rose and then fell. The upward drive of strong real - world factors on oil prices has weakened, and the oil price trend has shifted from strong to volatile [2] - **Fuel Oil & Low - sulfur Fuel Oil**: Under the OPEC+ production increase path, there is an expected increase in the supply of high - sulfur heavy resources. The impact of sanctions on major high - sulfur fuel oil producing areas is limited, and demand lacks drive. FU cracking continues to decline. LU's unilateral trend follows crude oil, but its increase has been less than that of SC since mid - July, and its cracking has also declined [21] - **Asphalt**: In August, refinery production is expected to decline significantly compared to July. Social inventory has slightly increased, while factory inventory has decreased significantly. Overall, supply increase resilience needs to be observed, demand remains weak but has recovery expectations, and low inventory supports prices, with the BU price showing an upward trend [22] - **Liquefied Petroleum Gas**: Middle - East production pressure persists, and overseas prices continue to fluctuate weakly. Import costs have declined, but PDH margins remain stable. Domestic supply and demand are both weak, and the domestic gas price is under pressure at the top. The market is in a summer off - season pattern, and the futures price fluctuates weakly [23] Metals - **Precious Metals**: The recent macro - sentiment is positive, and precious metals are relatively stable. Due to high uncertainty in US tariff policies, precious metals are mainly in a volatile state, and the gold - silver ratio still has room to decline [3] - **Base Metals** - **Copper**: Last Friday, LME copper rose close to $9,800, and SHFE copper's main contract shifted to 2509. The domestic copper industry's capacity regulation space is limited. The previous 2508 option portfolio expired this week [4] - **Aluminum**: Affected by the news of the upcoming ten - key - industry growth - stabilization plan, non - ferrous metals are generally strong. Aluminum ingot and billet inventory accumulation is not smooth, and SHFE aluminum may maintain a high - level volatile trend in the short term [5] - **Zinc**: Black prices have rebounded, and the market sentiment has improved. The import window is closed, and the external market drives the internal market up. However, downstream acceptance of high - priced zinc is low, and supply is expected to increase. The SHFE zinc term structure has flattened, and it is still considered a rebound - under - pressure situation [8] - **Lead**: Both domestic and foreign inventories have increased, and the export of lead - acid batteries is affected by tariffs. The price has declined. However, the cost support is strong. The price has stopped falling at 16,800 yuan/ton and may face resistance at the previous high of 17,800 yuan/ton [9] - **Nickel and Stainless Steel**: SHFE nickel has rebounded, and the market trading is active. The stainless - steel market is in the off - season, and inventory has increased. Technically, SHFE nickel still has room to rebound, and short - selling opportunities are awaited [10] - **Tin**: LME tin has been volatile, and SHFE tin is supported at 260,000 yuan. The main contract has shifted to 2509. Social inventory has increased. High - level short positions from the previous period are held [11] - **Other Metal - related Products** - **Cast Aluminum Alloy**: It follows SHFE aluminum and is in a strong - volatile state, but trading is inactive. Despite weak industrial demand, scrap aluminum supply is tight, and it may be more resilient than aluminum prices [6] - **Alumina**: On Friday night, alumina prices rose sharply. Supply - side policy expectations have strengthened, but domestic operating capacity has reached a historical high, and there is a possibility of mine restart in Guinea. After the sharp rise driven by expectations, there is a risk of correction [7] Agricultural Products - **Soybeans and Soybean Meal**: As of July 15, about 7% of US soybean - producing areas were affected by drought. The US - India trade agreement and Indonesia's potential B50 biodiesel plan have boosted US agricultural product prices. In China, oil - mill operating rates are high, and soybean - meal inventory is increasing. The price of soybean meal is mainly guided by US soybean - producing area weather [36] - **Edible Oils (Soybean Oil and Palm Oil)**: Palm oil has risen strongly, and soybean oil has followed. Indonesia's potential increase in biodiesel blending ratio and the competitiveness of its palm oil in the export market have pushed up prices. Long - term, a long - at - low strategy is recommended for vegetable oils [37] - **Rapeseed and Rapeseed Oil**: Canadian rapeseed exports may be affected by Sino - Canadian economic and trade relations. Domestic rapeseed products are expected to be volatile in the short term, and factors such as weather, policies, and biodiesel should be monitored [38] - **Corn**: Dalian corn rose on Friday night. Cofco's increased auctions have affected market expectations, and the auction success rate of US - imported corn was low. Dalian corn futures may continue to bottom - oscillate [40] - **Livestock and Poultry Products** - **Pigs**: Pig prices have rebounded slightly. However, the overall supply is abundant in the medium - term, and the industry can participate in short - hedging at high prices [41] - **Eggs**: Large - sized egg prices have strengthened slightly, while small - sized egg prices have weakened. Cold - storage eggs are being released, suppressing price increases. Long - term, the egg - price cycle has not bottomed out [42] - **Cotton**: Zhengzhou cotton has risen continuously, but there are concerns about a potential short - squeeze. Pure - cotton yarn prices have increased, but downstream procurement is still cautious. Attention should be paid to the impact of the textile - industry growth - stabilization plan [43] - **Sugar**: US sugar is in a downward trend, and the Brazilian production outlook is negative. In China, sugar imports are low, and domestic sugar sales are fast. The uncertainty of Guangxi's sugar production in the 25/26 season has increased, and sugar prices are expected to be volatile [44] - **Apples**: Apple futures are volatile. New - season early - maturing apples are on the market, and prices have increased year - on - year. The market is focused on new - season yield estimates, and a short - biased strategy is recommended [45] - **Wood and Pulp** - **Wood**: Wood futures have rebounded significantly. Spot prices are stable, and due to low inventory and historical - low prices, there is an expectation of price increase. However, domestic demand is in the off - season, and the upward momentum is insufficient [46] - **Pulp**: Pulp futures have continued to rise. Port inventory has decreased, but domestic imports are still high. Demand is in the traditional off - season, and a wait - and - see or short - term trading strategy is recommended [47] Financial Derivatives - **Stock Index**: A - shares have increased in volume and oscillated higher. US economic data has been positive, and policies have boosted market risk appetite. Foreign institutions are optimistic about the Chinese economy, and a strategy of increasing technology - growth stocks on the basis of dividend - asset allocation is recommended [48] - **Treasury Bonds**: Treasury - bond futures have oscillated. The market has fully priced in the expectation of monetary easing. In the short - term, there is a risk of increased volatility [49] Shipping - **Container Freight Index (European Line)**: The spot market is still strong, and most airlines may raise prices in early August. The market is in a game between strong reality and weak expectations. The short - term trend is expected to be volatile, and attention should be paid to the progress of Sino - US tariff negotiations [20] Chemicals - **Methanol**: Methanol imports have increased significantly, and port inventory has accumulated rapidly. Domestic producers are planning autumn maintenance, but some may postpone it due to good profits. Demand is in the off - season, and attention should be paid to macro and downstream - device changes [25] - **Pure Benzene**: Domestic pure - benzene production has increased slightly, and port supply is abundant. There is an expectation of seasonal improvement in the third - quarter mid - to - late stage, but pressure in the fourth quarter. A month - spread band - trading strategy is recommended [26] - **Styrene**: Styrene futures are in a consolidation pattern. Main - port inventory has increased significantly, and the basis has weakened, dragging down the futures market [27] - **Polypropylene and Polyethylene**: The cost - side oil price is volatile. Polyethylene supply is expected to increase, and demand is weak. Polypropylene has some support from ongoing maintenance, but downstream demand is still sluggish [28] - **PVC and Caustic Soda**: Affected by the news of backward - capacity elimination, PVC has shown a strong trend. Caustic soda is also strong, but there are concerns about long - term supply increases and weak downstream acceptance [29] - **PX and PTA**: PTA's processing margin is low, and demand is weak, which drags down PX. There are expectations of PTA processing - margin repair [30] - **Ethylene Glycol**: Domestic production has declined, and port inventory has decreased. The price has strengthened, and a short - term long - position strategy is recommended [31] - **Short - fiber and Bottle - grade Chips**: Short - fiber production has increased, and inventory has decreased slightly. Bottle - grade chips production has decreased, and inventory has increased slightly. The short - fiber spot processing margin has repaired, while the bottle - grade chips processing margin has oscillated [32]

Core Viewpoint - The "Dadi Liucai - 2025 Northeast Four Provinces (Regions) and Beautiful Countryside Basketball League (Village BA) and Heilongjiang Division Finals" event is expected to significantly boost the local economy of Baoqing County through increased tourism and community engagement [1][11]. Economic Impact - The event is projected to attract 27,000 tourists and generate over 5 million yuan in tourism revenue during its duration in 2024 [10][11]. - The "Cultural Tourism +" initiative in Baoqing County aims to integrate various cultural and tourism events, contributing to a total tourism revenue of 510 million yuan [11]. Community Engagement - The Village BA event encourages participation from local teams, fostering a sense of pride and community spirit among residents [3][5]. - The majority of the events are free for local citizens, enhancing community involvement and support for the teams [3][5]. Product Promotion - The "Village BA Cloud" market features 140 booths showcasing local agricultural products, cultural items, and food, promoting regional specialties [9][10]. - Local businesses are leveraging the event to expand their market reach, with products like high-protein beans and health-oriented processed foods gaining attention [10]. Tourism Development - Baoqing County is promoting tourism through themed routes that highlight local attractions alongside the Village BA event, encouraging visitors to explore the area's natural beauty and cultural heritage [15]. - The integration of sports events with tourism initiatives is seen as a strategy to enhance the county's visibility and attractiveness as a travel destination [11][15].

7月16日，第三届中国国际供应链促进博览会(链博会)在北京隆重开幕，全球100余个国家、地区及国际 组织齐聚一堂，共话产业链协同发展。期间，百胜中国正式发布 "百胜和羹发展计划"，并联合供应链 核心合作伙伴举办 "和羹之友分享会"，深度探讨供应链协同共生路径。雪川农业集团董事长王登社受 邀出席发布会及分享会，代表国产马铃薯产业力量参与这一行业盛事。 和羹之美 ：共筑互信生态 "百胜和羹发展计划" 将 "共筑互信生态" 列为核心维度，旨在突破传统采供关系的壁垒，打造以信任为 基石的产业协同网络。这一战略方向与雪川 18 年来坚守的发展理念高度契合。在百胜中国严苛的高品 质标准牵引下，雪川持续精进国产马铃薯的品质管控体系，依托百胜中国覆盖广泛的市场渠道与自身深 耕多年的种植加工优势，双方共同搭建起高效稳定的产销闭环，实现了需求端与供给端的精准对接。 在活动现场，王登社详细介绍了雪川的发展实践：通过构建覆盖种植、加工、仓储、物流全链条的质量 管控体系，雪川已连续多年稳居 "亚洲品牌 500 强"和"中国品牌 500 强" 榜单，品牌价值实现跨越式增 长。 在产业协同层面，双方以西北马铃薯主产区为核心阵地，创新采用 ...

Core Viewpoint - Supply chain finance provides diverse funding solutions such as accounts receivable financing, inventory financing, and prepayment financing, allowing companies to optimize cash flow and enhance competitiveness based on their specific circumstances and industry needs [1] Group 1: Financing Modes Based on Supply Chain Stages - In the sales stage, accounts receivable financing can quickly recover funds due to long collection cycles [2] - In the production stage, inventory financing helps convert excess inventory into cash, facilitating normal operations [2] - In the procurement stage, prepayment financing addresses funding gaps to ensure the supply of raw materials or goods [2] Group 2: Industry-Specific Financing Applications - Accounts receivable financing is suitable for industries with long payment cycles, such as manufacturing, construction, IT services, and apparel [6] - Inventory financing is applicable in industries facing seasonal sales fluctuations, such as apparel and electronics, where excess inventory can be converted into cash [6] - Prepayment financing is essential in industries like raw material procurement and electronics, where large upfront payments are necessary to secure supplies [5][10] Group 3: Addressing Company Pain Points - Companies facing slow accounts receivable recovery can utilize accounts receivable financing to maintain operations [9] - Businesses with inventory buildup due to market demand fluctuations can opt for inventory financing to alleviate cash pressure [9] - Firms under pressure to make large prepayments can leverage prepayment financing to ensure supply continuity [9] - Companies experiencing short-term cash flow issues can consider a combination of the three financing modes based on their asset status and business characteristics [9]

Group 1 - The core viewpoint of the article highlights the implementation of the U.S. stablecoin regulatory framework and the resilience of China's industrial economy [1] - The U.S. House of Representatives passed the "Genius Act" with a vote of 308 to 122, establishing a regulatory framework for stablecoins pegged to the U.S. dollar [1] - In China, the industrial and information sectors showed steady growth in the first half of the year, with industrial added value increasing by 6.4% year-on-year, and manufacturing's share of GDP remaining stable at 25.7% [1] Group 2 - Steel mills are currently maintaining profit margins, with iron water production slowly declining, leading to increasing supply pressure in the steel market [2] - Steel inventory continues to decrease, and while exports face tariffs and anti-dumping measures, billet exports remain strong, indicating a balanced supply-demand situation in the short term [2] - The overall steel market is expected to experience a strong and volatile price trend due to rising raw material costs and positive macroeconomic expectations [2] Group 3 - The U.S. stock market is primarily in a correction phase, with significant movements in the non-ferrous metals sector and a market turnover of 1.59 trillion yuan [3] - The financing balance increased by 7.073 billion yuan to 1.891157 trillion yuan, indicating a growing interest in capital allocation within the market [3] - A-shares are considered to have high investment value, particularly the CSI 500 and CSI 1000 indices, which are expected to benefit from supportive technology policies [3] Group 4 - Gold prices are experiencing fluctuations, while silver shows stronger performance, influenced by recent economic data and potential changes in U.S. monetary policy [4] - U.S. retail sales increased by 0.6%, significantly exceeding expectations, while the June CPI rose by 0.3% month-on-month, leading to a cooling of interest rate cut expectations [4] - The ongoing fiscal deficit in the U.S. and the People's Bank of China’s continued gold purchases provide long-term support for gold prices, despite short-term price hesitance [4] Group 5 - Domestic GDP data for the first half of the year shows that several provinces outperformed the national average, with Hubei province achieving a GDP growth of 6.2% [6] - The China Iron and Steel Association is advocating for strict control of capacity increases and the establishment of new mechanisms to prevent overcapacity in the steel industry [7]

Core Viewpoint - Agricultural enterprises are redefining food industry standards through a comprehensive transformation towards smart and green practices, utilizing technologies such as energy management, digitalization, and artificial intelligence to reduce carbon footprints and ensure traceability of raw materials [1][3]. Group 1: Initiatives by Major Companies - McDonald's China, along with 11 suppliers, launched the "McChain" initiative aimed at achieving 100% traceability of ingredients by 2026 and establishing a smart industrial park by 2027 [1]. - Starbucks is collaborating with Envision Technology to create a carbon management platform that will cover all direct and significant indirect suppliers, measuring the carbon footprint of thousands of items [2]. - Cargill is enhancing the efficiency and quality of agricultural and food production through technological innovations and sustainable practices [3]. Group 2: Technological Innovations in Agriculture - Smart logistics systems are being implemented by suppliers like Shunxin Hui to reduce carbon emissions, with automated operations and solar power integration [4]. - Real-time monitoring of environmental conditions during transportation is being utilized by Charoen Pokphand Group to ensure optimal conditions for durian shipments [4]. - The use of sensors and cloud platforms in agriculture is helping to monitor soil and pest conditions, thereby reducing chemical inputs [6]. Group 3: Global Market Influence - Chinese suppliers are increasingly exporting products to international markets, with McDonald's suppliers exporting approximately 8,000 tons of fries annually to Japan and South Korea [6]. - The demand for high-quality chicken in Europe is driving companies like Jiulian Group to enhance their management and quality control processes [6]. - Innovations in seed technology by companies like Longping High-Tech are contributing to increased local food production, reducing transportation costs and emissions [7]. Group 4: Sustainable Practices and Environmental Impact - Companies are adopting renewable energy sources, with Yum China establishing a distributed solar power alliance to encourage suppliers to use green energy [3]. - The integration of wind sails on Cargill's cargo ships has resulted in significant fuel savings during ocean transport [5]. - The use of electric vehicles in cold chain logistics is being promoted by companies like Teling Technology to enhance energy efficiency [5].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - In the protein meal market, international soybean prices rebounded after a decline this week. Domestic soybean meal followed the upward trend of US soybeans, showing a strong and volatile pattern. In the short - term, domestic soybean meal is expected to continue its strong and volatile performance, with the M2509 contract facing resistance at the previous high of 3089. - In the oil market, international oils rose significantly this week. Domestic oils followed the international trend, with palm oil leading the increase. In the future, international palm oil may continue to rise if Indonesian production is lower than expected, and US soybean oil remains bullish. Domestic oils are likely to have a rotation effect, and there may be a catch - up increase in soybean oil and rapeseed oil [65][131]. Summary by Relevant Catalogs Part 1: Protein Meal Market Analysis 1. Market Review - This week, CBOT soybeans first declined and then rebounded. USDA report was bearish at the beginning, but later factors such as higher - than - expected June crushing data, increased exports, and rising soybean oil prices drove the rebound. Domestic soybean meal fluctuated upwards, with the main contract breaking through key integer levels [6]. 2. US Market Information - As of July 10, 2025, the weekly US soybean export inspection volume was 147,045 tons. From 2024/25 to date, the total US soybean export inspection volume reached 46,411,264 tons, a year - on - year increase of 10.4%. As of July 13, the US soybean good - to - excellent rate was 70%, higher than expected, with a flowering rate of 47% and a pod - setting rate of 15% [10][18]. 3. North American Weather - In the US, some areas in Texas had continuous heavy rain, while the western part was dry. In Canada, the prairie region was affected by drought, which had an impact on crop growth [22][29]. 4. Domestic and International Oilseed Markets - US soybean crushing capacity has increased, but the oversupply of soybean meal restricts full utilization. In June 2025, China imported 12.26 million tons of soybeans, a year - on - year increase of 10.35%. Brazil was the main supplier. Various institutions adjusted their forecasts for global soybean production, consumption, and trade [31]. 5. Global Trade Pattern Changes - The US and Indonesia reached a trade agreement, including Indonesia's purchase of US agricultural products, energy products, and aircraft, which may affect the global trade pattern [36]. 6. Domestic Market Indicators - Domestic spot and futures crushing margins improved. As of the end of the week, port soybean inventory was about 6.5215 million tons, and the theoretical crushable days were 19 days. The soybean oil mill opening rate was high, and the soybean meal inventory increased [42][48]. Part 2: Oil Market Analysis 1. Market Review - International oils rose significantly this week. US soybean oil and Malaysian palm oil reached new highs. Domestic oils followed the international trend, with palm oil leading the increase [65]. 2. International Oil Information - In June, India's palm oil imports reached an 11 - month high. In June 2025, China imported 696,000 tons of edible vegetable oils, a month - on - month increase of 50.65%. From July 1 - 15, Malaysian palm oil exports decreased. US soybean oil inventory at the end of June was lower than expected. Malaysia raised the export tax rate for August palm oil. Indonesia's biodiesel policy had a positive impact on the market [69][70]. 3. Southeast Asian Weather - Thailand and surrounding areas had seasonal monsoon rainfall, and Malaysia and Indonesia also had beneficial rainfall [77]. 4. Domestic Market Indicators - As of the 28th week of 2025, the total inventory of three major domestic edible oils increased. The inventory of soybean oil increased, palm oil increased slightly, and rapeseed oil decreased [87]. Part 3: Market Outlook 1. Seasonal Analysis - Seasonal index charts of various products such as US soybeans, soybean meal, and domestic oils were provided, but no specific analysis content was given. 2. Next - Week Market Outlook - **Technical Level**: For soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil, different short - term, medium - term, and long - term indicators showed different trends [130]. - **Fundamentals** - **Protein Meal**: Internationally, US soybeans may be affected by weather and tariff policies, and are expected to fluctuate between 1000 - 1100. Domestically, soybean meal inventory is increasing, and short - term soybean meal is expected to be strong and volatile. - **Oils**: Internationally, Malaysian palm oil may continue to rise if Indonesian production is lower than expected, and US soybean oil remains bullish. Domestically, oils follow the international trend, and there may be a catch - up increase in soybean oil and rapeseed oil [131].

Core Viewpoint - The third China International (Foshan) Prepared Dishes Industry Conference was held in Shunde, Foshan, showcasing the agricultural products from Motuo County, Tibet, emphasizing their unique qualities and market potential [1][3][9]. Group 1: Event Overview - The conference served as a platform for Motuo County to present its highland specialty products, including Motuo red tea, single bush tea, yam noodles, stone pots, and white meat ganoderma, to buyers and consumers in the Greater Bay Area [3][9]. - The event highlighted the natural advantages of Motuo as an ecological protection zone, with products free from pesticide residues, thus ensuring high quality [6]. Group 2: Market Opportunities - The conference opened new market opportunities for Motuo's agricultural products, aiming to break geographical limitations and expand their reach to a broader market [6][9]. - The collaboration between Foshan and Motuo is seen as a bridge to help promote the pure products from the Himalayan region to a global audience [6][9]. Group 3: Product Quality and Promotion - The tea from the Himalayas is presented as a truly organic and healthy beverage, with a focus on standardized processing to ensure its sweet and pure taste [6]. - The local government’s support is acknowledged as crucial in facilitating the introduction of Motuo's tea and other products into the market, aiming for widespread consumer access [6].