Group 1 - Prit's announcement to establish a subsidiary in Nansha, Guangzhou, with a total investment of 1 billion yuan and an expected annual production capacity of 400,000 tons [1] - The number of A-share companies mentioning Nansha in their 2024 annual reports has increased to 216, with over 10 billion yuan of funds flowing into the area [1][2] - The "Nansha Plan" aims to develop Nansha into a strategic platform for cooperation among the Guangdong-Hong Kong-Macao Greater Bay Area, attracting significant investments from various sectors [1] Group 2 - Guangzhou Port's fixed asset scale increased from 193.65 billion yuan in 2022 to 290.67 billion yuan in 2024, with a total increase of 9.7 billion yuan [2] - In 2022, Guangzhou Port raised 4 billion yuan through stock issuance and recorded a cash inflow of 13.022 billion yuan, both reaching a ten-year high [2] - The international general terminal project at Nansha Port is set to enhance the logistics system, with an investment of 7.472 billion yuan and a designed annual throughput capacity of 15.5 million tons of general cargo [3] Group 3 - COSCO Shipping's subsidiary in Nansha has invested 600 million yuan, with total assets of 2.377 billion yuan and a net profit of 327 million yuan in 2024 [4] - The logistics sector in Nansha is supported by the establishment of a wholly-owned subsidiary by COSCO Shipping, focusing on international shipping and logistics [3][4] Group 4 - Fuan Energy has increased its stake in Nansha Storage to 70% and invested in a comprehensive energy petrochemical storage base with a capacity of 918,300 cubic meters [6] - The petrochemical park in Xiaohu Island is recognized as a specialized chemical park, with a planned area of 9.7 square kilometers [7] - The food and agricultural products import-export center project by Agricultural Products Co. is set to establish a hub in Nansha, covering an area of 200,000 square meters [8] Group 5 - Watson Bio has established a production base in Nansha with a focus on mRNA technology and set up a 1.2 billion yuan investment fund [9] - The company has seen its operating profits decrease from 84 million yuan in 2022 to 38 million yuan in 2024, benefiting from a preferential tax rate starting in 2024 [9] - Tianrunxin has established a subsidiary in Nansha, aiming to develop a security technology industry hub in the Greater Bay Area [10][11]

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Group 1: Report Industry Investment Rating - The investment rating for the industry is neutral [4] Group 2: Core View of the Report - The prices of the three major oils oscillated yesterday. The significant increase in Brazilian soybean exports led to a loose domestic soybean supply. Coupled with the weak MPOB export data and the accumulation of Malaysian palm oil inventory, the oil prices were under pressure and oscillated [3] Group 3: Market Analysis Futures - The closing price of the palm oil 2509 contract yesterday was 8,638.00 yuan/ton, with a环比 change of -40 yuan and a decline of -0.46% - The closing price of the soybean oil 2509 contract yesterday was 7,944.00 yuan/ton, with a环比 change of +24.00 yuan and an increase of +0.30% - The closing price of the rapeseed oil 2509 contract yesterday was 9,468.00 yuan/ton, with a环比 change of -42.00 yuan and a decline of -0.44% [1] Spot - The spot price of palm oil in Guangdong was 8,720.00 yuan/ton, with a环比 change of -10.00 yuan and a decline of -0.11%. The spot basis was P09 + 82.00, with a环比 change of +30.00 yuan - The spot price of first-grade soybean oil in Tianjin was 8,120.00 yuan/ton, with a环比 change of +20.00 yuan/ton and an increase of +0.25%. The spot basis was Y09 + 176.00, with a环比 change of -4.00 yuan - The spot price of fourth-grade rapeseed oil in Jiangsu was 9,600.00 yuan/ton, with a环比 change of -40.00 yuan and a decline of -0.41%. The spot basis was OI09 + 132.00, with a环比 change of +2.00 yuan [1] Group 4: Recent Market Consultation Summary Brazilian Exports - ANEC expects Brazilian soybean exports in July to reach 11.93 million tons, a 24.27% increase from 9.6 million tons in the same period last year - It expects soybean meal exports to be 2.19 million tons, an 8.96% increase from 2.01 million tons last year - It expects corn exports to be 4.34 million tons, a 7.66% decrease from 4.7 million tons last year [2] US Drought Report - As of the week ending July 8, about 9% of US soybean growing areas were affected by drought, up from 8% the previous week and the same as last year - About 12% of US corn growing areas were affected by drought, the same as the previous week and up from 7% last year - About 3% of US cotton growing areas were affected by drought, the same as the previous week and down from 22% last year [2] Brazilian Soybean Production Forecast - The 2024/25 Brazilian soybean production is expected to reach 169.4879 million tons, a 14.7% increase of 21.7666 million tons year-on-year and a 0.1% decrease of 0.1179 million tons环比 - The sown area is expected to reach 47.6149 million hectares, a 3.2% increase of 1.4653 million hectares year-on-year and a decrease of 0.0049 million hectares环比 - The yield per unit area is expected to be 3.56 tons per hectare, an 11.2% increase of 358.638 kg per hectare year-on-year and a 0.1% decrease of 2.108 kg per hectare环比 [2] MPOB Monthly Report - Malaysian palm oil exports in June were 1,259,354 tons, a 10.52% decrease环比 - Production was 1,692,310 tons, a 4.48% decrease环比 - Imports were 70,015 tons, a 1.51% increase环比 - Inventory was 2,030,580 tons, a 2.41% increase环比 [2]

Core Viewpoint - The company aims to utilize futures and derivatives trading to hedge against significant fluctuations in raw material prices, specifically soybeans, to ensure stable operations and development [1][2][3]. Group 1: Trading Purpose and Instruments - The primary purpose of the trading is to leverage the hedging functions of the futures market to mitigate adverse impacts from raw material price volatility on the company's operations [1][2]. - The trading instruments include futures, options, forwards, swaps, and combinations of these financial tools [1][4]. - The company plans to use its idle self-owned funds for the hedging activities, with a maximum investment of RMB 50 million [2][3]. Group 2: Trading Amount and Sources - The expected maximum balance for margin and premiums related to futures and derivatives trading is set at RMB 50 million, which can be used cyclically within the approval period [2][3]. - The funding for these trading activities will come from the company's own funds, without involving raised capital [3][4]. Group 3: Trading Procedures and Risk Management - The board of directors approved the adjustment of the hedging business on July 10, 2025, which does not require shareholder approval [2][4]. - The company will engage in trading at recognized domestic and foreign exchanges, including the Shanghai Futures Exchange and Dalian Commodity Exchange [3][4]. - A comprehensive risk management system is in place to address potential market, liquidity, operational, and credit risks associated with the trading activities [5][6]. Group 4: Impact on Company Operations - The trading activities are expected to enhance the company's ability to manage raw material price risks effectively, thereby supporting stable operational performance [5][6]. - The accounting treatment for the futures and derivatives trading will comply with relevant financial reporting standards [6].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The US corn planting is completed, and the price is weak but bottom - oscillating. The tariff between China and the US has decreased, and the import profit of foreign corn is high. The northern port's flat - closing price in China has declined, and the Northeast corn spot price has also dropped. The supply in North China has decreased, and the corn spot price is stable. The domestic breeding demand is still weak, and the downstream feed enterprise inventory is high. The corn spot price is relatively stable in the short term but may continue to decline due to upcoming auctions. It is expected to oscillate, with strong support at around 2450 yuan/ton in North China and 2220 yuan/ton in Heilongjiang [3][5]. - The number of vehicles arriving at Shandong's deep - processing plants has decreased, and the corn spot price in Shandong is stable. The starch price in Shandong is around 2900 yuan, and the Northeast starch spot price is also stable. The corn starch inventory has increased this week. The starch price mainly depends on the corn price and downstream stocking. In the long - term, due to weak demand, enterprises will be in a long - term loss state. The short - term decline space of the 09 starch futures is limited [6]. Summary by Directory First Part: Data - **Futures Data**: The closing prices, price changes, price change rates, trading volumes, trading volume change rates, open interests, and open interest change rates of multiple corn and starch futures contracts are provided. For example, the closing price of a certain contract is 2235 yuan, with a price increase of 1 yuan and a price change rate of 0.04%, a trading volume of 24,744, a trading volume decrease rate of 11.06%, an open interest of 131,680, and an open interest increase rate of 2.56% [2]. - **Spot Price Data**: The spot prices and price changes of corn in various regions such as Qinggang, Jiajisheng Chemical, Zhucheng Xingmao, etc., and the spot prices and price changes of starch in enterprises like Longfeng, COFCO, etc. are given. For example, the spot price of corn in Qinggang is 2265 yuan, with a price decrease of 5 yuan [2]. - **Spread Data**: The spreads and spread changes of corn inter - period, starch inter - period, and cross - variety are presented. For example, the C01 - C05 spread of corn is - 33 yuan, with a spread change of - 3 yuan [4]. Second Part: Market Judgment - **Corn**: The US corn price is bottom - oscillating, and the Chinese northern port's flat - closing price and Northeast corn spot price have declined. The supply in North China has decreased, and the price is stable. The domestic breeding demand is weak, and the downstream feed enterprise inventory is high. The corn spot price is relatively stable in the short term but may decline due to upcoming auctions. It is expected to oscillate, with strong support at around 2450 yuan/ton in North China and 2220 yuan/ton in Heilongjiang [3][5]. - **Starch**: The number of vehicles arriving at Shandong's deep - processing plants has decreased, and the corn spot price in Shandong is stable. The starch price in Shandong is around 2900 yuan, and the Northeast starch spot price is also stable. The corn starch inventory has increased this week. The starch price mainly depends on the corn price and downstream stocking. In the long - term, due to weak demand, enterprises will be in a long - term loss state. The short - term decline space of the 09 starch futures is limited [6]. Third Part: Corn Options - The option strategy is that enterprises with spot goods can sell corn call options and hold them. The prices, price change rates, and other data of some corn option contracts are provided [11]. Fourth Part: Related Drawings - Multiple graphs are provided, including the spot price of corn in various regions, the basis of corn 09 contract, the 9 - 1 spread of corn, the 9 - 1 spread of starch, the basis of corn starch 09 contract, and the spread of corn starch 09 contract. These graphs show the price trends and relationships of different periods and varieties [13][15][20].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Overseas, Trump's second - round tariffs added eight countries, with a 50% tariff on Brazil, causing the Brazilian real to fall nearly 3%. The EU is negotiating with the US to cut tariffs and set quotas. The Fed's June minutes eased market concerns, and the "US Treasury issuance wave" risk eased, leading to a decline in the 10Y US Treasury yield and a weakening of the US dollar index [1]. - Domestically, in June, CPI turned positive year - on - year to 0.1%, and core CPI rebounded. PPI's decline widened to - 3.6%. The State Council issued a document to strengthen "stable employment". The economy is in a stage of mild and narrow - range fluctuations and policy expectation fermentation. A - shares opened higher and closed lower, and the stock - bond seesaw effect was significant [2]. - For precious metals, the second wave of tariff letters affected the market. Gold prices were supported by trade tensions but restricted by the high - level US dollar index. The precious metals market is currently lack of strong driving forces and is expected to fluctuate in the short term [3][4]. - In the copper market, Trump's plan to impose a 50% tariff on imported copper boosted US copper prices but pressured Shanghai copper. The Fed's decision on interest rate cuts is still uncertain, and the short - term volatility of US copper is expected to increase [5][6]. - Aluminum prices are expected to have limited upside space due to the increase in supply and the start of the consumption off - season. Alumina shows a short - term strength, but its long - term upside is restricted by the expected oversupply [7][8][9]. - Zinc prices are supported by the weakening US dollar, but the fundamentals are weak with stable supply and weak demand. Lead prices lack strong upward momentum due to limited demand improvement. Tin prices are expected to fluctuate sideways in the short term due to weak fundamentals [10][11][13]. - Industrial silicon prices are expected to fluctuate in the short term under the influence of supply contraction and new policies. Steel prices are expected to rebound with a warm market sentiment, while iron ore prices are expected to fluctuate at a high level [14][16][18]. - For agricultural products, soybean meal and rapeseed meal are expected to fluctuate in the short term. Palm oil is expected to fluctuate strongly in the short term, waiting for the MPOB report [19][20][21]. 3. Summary According to Related Catalogs 3.1 Macro - Overseas: Trump's new tariff policy added eight countries, with a 50% tariff on Brazil. The EU is negotiating with the US. The Fed's June minutes eased market concerns, and the 10Y US Treasury yield fell to 4.33%, the US dollar index weakened, and gold prices rose [1]. - Domestic: In June, CPI turned positive year - on - year to 0.1%, core CPI rebounded, and PPI's decline widened to - 3.6%. The State Council strengthened "stable employment" policies. A - shares opened higher and closed lower, and the stock - bond seesaw effect was obvious [2]. 3.2 Precious Metals - International precious metal futures prices closed mixed on Wednesday. COMEX gold futures rose 0.17% to $3322.50 per ounce, and COMEX silver futures fell 0.39% to $36.61 per ounce. The market is focused on trade negotiations, and the precious metals market is expected to fluctuate in the short term [3]. 3.3 Copper - On Wednesday, Shanghai copper's main contract fell sharply, while London copper remained volatile at a high level. Trump's plan to impose a 50% tariff on imported copper boosted US copper prices but may harm the US economy. The short - term volatility of US copper is expected to increase [5]. 3.4 Aluminum - On Wednesday, Shanghai aluminum's main contract closed at 20515 yuan/ton, up 0.1%. London aluminum closed at $2602 per ton, up 0.97%. Aluminum prices are expected to have limited upside space due to supply increase and consumption off - season [7]. 3.5 Alumina - On Wednesday, the main contract of alumina futures closed at 3130 yuan/ton, up 2.15%. The spot market is currently favorable, but the long - term upside is restricted by the expected oversupply [9]. 3.6 Zinc - On Wednesday, Shanghai zinc's main contract fluctuated narrowly during the day and strongly at night. Zinc prices are supported by the weakening US dollar, but the fundamentals are weak [10]. 3.7 Lead - On Wednesday, Shanghai lead's main contract recovered part of its gains during the day and closed higher at night. Lead prices lack strong upward momentum due to limited demand improvement [11]. 3.8 Tin - On Wednesday, Shanghai tin's main contract recovered after hitting the bottom during the day and fluctuated narrowly at night. Tin prices are expected to fluctuate sideways in the short term due to weak fundamentals [13]. 3.9 Industrial Silicon - On Wednesday, the main contract of industrial silicon fluctuated narrowly. The supply is weak, and the demand is improving slowly. The price is expected to fluctuate in the short term [14]. 3.10 Steel (Screw and Coil) - On Wednesday, steel futures fluctuated strongly. The market sentiment is warm, but the supply - demand contradiction is slowly accumulating. Steel prices are expected to rebound with fluctuations [16]. 3.11 Iron Ore - On Wednesday, iron ore futures fluctuated strongly. The market sentiment is boosted by policies, and the supply pressure is reduced. Iron ore prices are expected to fluctuate at a high level [18]. 3.12 Agricultural Products (Soybean Meal, Rapeseed Meal, Palm Oil) - For soybean meal and rapeseed meal, CBOT soybeans fell, and the short - term trend is expected to fluctuate. Palm oil is expected to fluctuate strongly in the short term, waiting for the MPOB report [19][20][21]. 3.13 Metal Trading Data - The report provides the closing prices, price changes, price change percentages, trading volumes, and open interests of various metal futures contracts on July 9, including copper, aluminum, zinc, lead, nickel, tin, gold, and silver [22]. 3.14 Industrial Data Perspective - The report shows the price changes and inventory data of various metals from July 8 to July 9, including copper, nickel, zinc, lead, aluminum, alumina, and precious metals [23][24][25].

Core Viewpoint - The company, Morning Bio (300138.SZ), anticipates significant growth in its financial performance for the first half of 2025, driven primarily by the recovery in its cottonseed business and steady growth in its plant extraction segment [1][2]. Financial Performance Summary - The company expects to achieve revenue between 3.46 billion to 3.76 billion yuan, reflecting a year-on-year change of -0.89% to 7.71% [1]. - The projected net profit attributable to shareholders is estimated to be between 202 million to 232 million yuan, indicating a substantial year-on-year increase of 102.33% to 132.38% [1]. - The expected non-recurring net profit ranges from 174 million to 204 million yuan, with a remarkable growth rate of 117.40% to 154.88% compared to the previous year [1]. Business Segment Performance - The recovery in the cottonseed business is identified as the main factor influencing the company's performance, transitioning from losses to profitability due to improved market conditions [1]. - The plant extraction business, including products like chili red, chili essence, and steviol glycosides, has also contributed to the overall profit growth, with significant year-on-year increases in gross profit [1]. Strategic Insights - The company has committed to a locked-in operating model, which has effectively mitigated risks associated with price fluctuations in the cottonseed market, leading to a turnaround in profitability [1][2]. - The company anticipates that high prices for cottonseed protein and the implementation of new standards for lutein will provide ongoing growth momentum in the second half of the year [2].

1. Report Industry Investment Ratings No investment ratings were provided in the reports. 2. Core Views Fats and Oils - Palm oil futures may face a new round of decline after the end of the current rally, with long - term risks of falling below 4000 ringgit. Domestically, Dalian palm oil futures may encounter short - term resistance around 8650 yuan and should be watched for effective support around 8500 yuan. - CBOT soybean oil is mainly affected by the price trend of new - crop US soybeans and trade relations. Domestically, the spot basis is dragged down by the oil mill's full inventory, but the possibility of a large - scale reduction in the basis is low due to the expected limited soybean imports in the fourth quarter [1]. Corn - In the short term, the market sentiment is gradually digested. Corn's decline is limited due to the tight supply of remaining grain, and the futures price will fluctuate narrowly. It is recommended to wait and see the subsequent policy release [3]. Sugar - The global sugar supply is becoming more abundant, putting pressure on raw sugar prices. Although the low inventory in Guangxi supports the spot price, considering the expected increase in imports, the domestic sugar market is expected to be bearish after a rebound [8]. Cotton - The downstream cotton industry remains weak, and the overall demand is insufficient. The short - term domestic cotton price may oscillate in a higher range than in mid - June. However, if the downstream situation continues to deteriorate, there is a risk of price decline [10]. Meal - The domestic soybean and soybean meal inventories are rising, and the soybean meal basis is stable. However, with a high volume of arrivals expected, attention should be paid to the sustainability of demand. The soybean meal futures price is currently in the bottom - grinding stage [12]. Livestock (Pigs) - The current pig farming profit has returned to a low level, and the market is cautious about expanding production capacity. Although there is short - term bullish sentiment for a potential market improvement in July and August, the 09 contract is facing increasing upward pressure [16]. Eggs - The supply of eggs in the market is sufficient, but the price has reached a phased low. Traders may replenish their stocks at low prices, and the demand is expected to improve. Egg prices in most regions are expected to stabilize and then rise slightly, while a few regions may see a slight decline [18]. 3. Summary by Related Catalogs Fats and Oils - **Price Changes**: On July 9, 2025, compared with July 8, the spot price of Jiangsu first - grade soybean oil increased by 40 yuan to 8170 yuan, a 0.49% increase; the futures price of Y2509 decreased by 26 yuan to 7920 yuan, a 0.33% decrease. The spot price of Guangdong 24 - degree palm oil increased by 120 yuan to 8700 yuan, a 1.75% increase; the futures price of P2509 increased by 34 yuan to 8678 yuan, a 0.39% increase. The spot price of Jiangsu fourth - grade rapeseed oil increased by 50 yuan to 9680 yuan, a 0.52% increase; the futures price of OI509 decreased by 88 yuan to 9510 yuan, a 0.92% decrease [1]. Corn - **Price and Market Data**: On July 10, 2025, compared with the previous value, the futures price of corn 2509 decreased by 2 yuan to 2319 yuan/ton, a 0.09% decrease; the basis increased by 2 yuan to 41 yuan, a 5.13% increase. The futures price of corn starch 2509 increased by 1 yuan to 2677 yuan/ton, a 0.04% increase; the basis decreased by 1 yuan to 23 yuan, a 4.17% decrease [3]. Sugar - **Price and Market Data**: On July 10, 2025, compared with the previous value, the futures price of sugar 2601 increased by 17 yuan to 5606 yuan/ton, a 0.30% increase; the futures price of sugar 2509 increased by 32 yuan to 5779 yuan/ton, a 0.56% increase. The spot price in Nanning increased by 20 yuan to 6040 yuan, a 0.33% increase; the spot price in Kunming increased by 485 yuan to 6365 yuan, an 8.25% increase [7]. Cotton - **Price and Market Data**: On July 10, 2025, compared with the previous value, the futures price of cotton 2509 increased by 45 yuan to 13830 yuan/ton, a 0.33% increase; the futures price of cotton 2601 increased by 25 yuan to 13785 yuan/ton, a 0.18% increase. The commercial inventory decreased by 29.71 tons to 282.98 tons, a 9.5% decrease; the industrial inventory decreased by 2.71 tons to 90.30 tons, a 2.9% decrease [10]. Meal - **Price and Market Data**: On July 10, 2025, compared with the previous value, the spot price of Jiangsu soybean meal remained unchanged at 2800 yuan; the futures price of M2509 increased by 12 yuan to 2947 yuan, a 0.41% increase. The spot price of Jiangsu rapeseed meal remained unchanged at 2480 yuan; the futures price of RM2509 increased by 10 yuan to 2586 yuan, a 0.39% increase [12]. Livestock (Pigs) - **Price and Market Data**: On July 10, 2025, compared with the previous value, the futures price of live - hog 2511 decreased by 85 yuan to 13600 yuan/ton, a 0.62% decrease; the futures price of live - hog 2509 decreased by 10 yuan to 14265 yuan/ton, a 0.07% decrease. The spot price in Henan decreased by 970 yuan to 14080 yuan; the spot price in Shandong decreased by 1030 yuan to 14170 yuan [15]. Eggs - **Price and Market Data**: On July 10, 2025, compared with the previous value, the futures price of egg 09 contract increased by 17 yuan to 3596 yuan/500KG, a 0.47% increase; the futures price of egg 08 contract increased by 39 yuan to 3484 yuan/500KG, a 1.13% increase. The egg - to - feed ratio decreased by 0.10 to 2.19, a 4.37% decrease; the farming profit decreased by 6.27 yuan/feather to - 36.71 yuan/feather, a 20.60% decrease [18].

国投期货研究院 gtaxinstitute@essence.com.cn 综合晨报 2025年07月10日 (原油) 隔夜国际油价小幅收涨，布伦特09合约涨0.21%。上周美国EIA原油库存超预期增加707万桶，与 API库存表现类似,但汽油表需单周表现强劲对市场构成支撑。OPEC+增产政策下全球石油累库趋势 延续，但三季度油品旺季需求对现实端供需构成支撑，宏观面关税冲击力度或最终小于4月初版本， 近期胡赛在红海袭船频率增加亦带来地缘溢价支撑,我们暂时维持三季度原油震荡偏强判断,但布 伦特突破70美元/桶的空间亦受限。 (责金属) 隔夜贵金属震荡，黄金相对偏强。美联储6月会议纪要显示官员对降息看法分化，多数官员倾向于保 持观望。特朗普继续对多国发出贸易信函,其中巴西面临50%的高额关税。关税执行截止日前不确定 性仍强，风险情绪可能反复，责金属或延续震荡。 （铜） 隔夜伦铜在MA60日均线暂寻支撑，联储会议纪要显示经济前景的不确定性有所减弱但仍居高不下， 月底是否采取行动以实体指标为本。特朗普继续释放关税消息，市场整体反映偏冷，暂倾向 "TACO"交易情绪。美国关税落地意味着物流迁移结束，美国铜市区域化特点将更 ...

Group 1 - The report emphasizes the need to regulate low-price disorderly competition among enterprises and promote the orderly exit of backward production capacity, aiming to address the issue of "involution" in market competition [2][8] - Historical cases show that supply-side clearance driven by policy typically begins with market expectations, while the main upward trend requires improvements in industry structure to support cash flow and balance sheet recovery [8][10] - The current round of overcapacity is primarily concentrated in mid- and downstream industries, unlike the previous cycle which was focused on upstream resource sectors [9][10] Group 2 - The report suggests focusing on two main strategies: industries that have experienced prolonged supply-side clearance and are likely to see improvements in supply-demand dynamics, and industries that may benefit from policy-driven accelerated clearance [10][11] - For natural clearance, the report recommends monitoring demand-side indicators for upstream industries and supply-side indicators for mid- and downstream sectors, highlighting sectors such as agricultural chemicals, general machinery, pharmaceuticals, and components [10] - For policy-driven clearance, attention should be given to industries mentioned in recent policies aimed at addressing "involution," including photovoltaic, lithium batteries, automobiles, and cement [10][17]