Group 1 - The core viewpoint of the report indicates that Pacific Basin Shipping's (02343) basic profit for the first half of the year was $20 million, which is below the expected $38 million [1] - The forecast for earnings per share for the next two years has been lowered by an average of 16%, while the prediction for 2027 has been raised [1] - The target price for the company has been adjusted from HKD 1.7 to HKD 2.4, maintaining a "neutral" rating, with the belief that the fundamental factors of the industry have bottomed out and valuations are roughly in line with historical averages [1] Group 2 - The market sentiment regarding the company's outlook is mixed, with some investors believing that demand recovery and port congestion will support recent bulk freight rates [1] - The company acknowledges that the pressure of oversupply will continue until next year, but holds a more optimistic view on the outlook beyond 2027 [1]

Group 1 - The Shanghai Composite Index increased by 0.34%, while the China Securities Hong Kong 100 Industrial Index (H100 Industrial) reported at 160.49 points [1] - The China Securities Hong Kong 100 Industrial Index has risen by 14.24% in the past month, 22.43% in the past three months, and 18.26% year-to-date [1] - The index classifies samples according to the China Securities industry classification standard, with a base date of December 31, 2004, and a base point of 1000.0 [1] Group 2 - The holdings of the China Securities Hong Kong 100 Industrial Index are entirely from the Hong Kong Stock Exchange, with a 100.00% allocation [1] - The industry composition of the index includes express delivery at 58.96%, comprehensive logistics at 10.74%, industrial group enterprises at 10.17%, commercial vehicles at 7.73%, shipping at 7.26%, and air transportation at 5.14% [1] - The index sample is adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [2]

中金维持太平洋航运2025至2026年盈利预测基本不变，当前股价对应2025/2026年预测市盈率分别为9.8 倍和8.8倍。基于行业风险偏好改善，该行将目标价上调14.3%至2.4港元(对应2025/2026年市盈率分别为 10.1倍和9.1倍)，潜在上行空间4.3%，维持"跑赢行业"评级。 中金发表报告指出，太平洋航运上半年营收按年下降20.5%至10.19亿美元，归属股东净利润2600万美 元。期内公司处置五艘老旧船舶，若剔除资产处置收益，上半年核心盈利为2200万美元，按年下降 50%。业绩低于该行预期，主要因平均期租租金(TCE)表现疲弱。 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content. 2. Core View - The spot price of shipping has peaked, and the subsequent focus is on the downward slope of prices until the end of October. The shipping companies are facing increasing pressure to secure cargo, and the current spot freight rates have entered a rapid downward phase. The freight rates on the European route are expected to break through the 2000 mark in September [8]. 3. Summary by Relevant Catalogs 3.1 Shipping Freight Index - **Current and Previous Values and Changes**: The Shanghai Export Container Freight Index (SCFI) has a current value of 1490, a previous value of 1551, and a decline of -3.94%. The China Export Container Freight Index (CCFI) has a current value of 1201, a previous value of 1233, and a decline of -2.59%. Other routes such as SCFI - West US, SCFI - East US, and SCFI - Northwest Europe also show varying degrees of decline [4]. 3.2 Shipping Contracts - **Contract Price Changes**: Contracts such as EC2506, EC2508, etc., show different price changes. For example, EC2506 has a price increase of 0.17% [5]. - **Contract Positions**: The positions of contracts like EC2606, EC2508 show different changes. For example, the position of EC2606 decreased by 8 [5]. - **Contract Month - to - Month Differences**: The month - to - month differences such as 10 - 12, 12 - 2, 12 - 4 also show changes. For example, the 10 - 12 month - to - month difference increased by 18.8 [5]. 3.3 Market News - **Tariff and Diplomatic News**: The US and China need to decide whether to extend the current tariff suspension agreement by August 12. Trump threatens to impose higher tariffs on countries buying Russian oil. Trump and Putin will meet in Alaska on August 15 [6]. - **Shipping Route News**: South Korea will start pilot operations on the "Northern Sea Route" in 2026. Three Chinese small - scale carriers will provide several voyages on this route in late summer 2025 [6]. - **US Import News**: The latest Global Port Tracker (GPT) report shows that US imports in the last four months of 2025 will decline significantly year - on - year, mainly due to pre - stocking in late 2024 and the pre - peak before the tariff takes effect this year [6]. 3.4 Market Analysis - **Market Trend**: The market is in a volatile state [7]. - **Spot Price Analysis**: The spot price has peaked and is in a downward phase. Shipping companies on the European route are under great pressure to secure cargo, and the spot freight rates are expected to decline further [8]. 3.5 Investment Strategy - **Strategy Suggestion**: Short the October contract on rallies (take profit gradually as the recent decline is large), and hold the long - December and short - April spread [9].

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - Due to the potential deterioration of the Middle - East situation, the market is strongly volatile with large recent fluctuations. It is not recommended to increase positions, and stop - loss should be set [1][3]. - Amid geopolitical conflicts and tariff turmoil, the trading difficulty is high. It is recommended to participate with light positions or stay on the sidelines [3]. - In the context of international situation turmoil, the forward - spread structure is dominant with large fluctuations. It is recommended to temporarily stay on the sidelines or try with light positions [3]. - For long - term strategies, it is recommended to take profits when the contracts reach high levels, wait for the correction to stabilize, and then judge the subsequent trend [3]. Summary by Related Catalogs Market Conditions and Price Indexes - On August 4, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2297.86 points, down 0.8% from the previous period; the SCFIS for the US - West route was 1130.12 points, down 12.0% from the previous period [1]. - On August 8, the Ningbo Export Container Freight Index (NCFI) (composite index) was 1053.86 points, down 3.11% from the previous period; the NCFI for the European route was 1257.71 points, down 8.37% from the previous period; the NCFI for the US - West route was 1042.91 points, down 6.42% from the previous period [1]. - On August 8, the Shanghai Export Container Freight Index (SCFI) was 1489.68 points, down 61.06 points from the previous period; the SCFI price for the European route was 1961 USD/TEU, down 4.39% from the previous period; the SCFI for the US - West route was 1823 USD/FEU, down 9.80% from the previous period [1]. - On August 8, the China Export Container Freight Index (CCFI) (composite index) was 1200.73 points, down 2.6% from the previous period; the CCFI for the European route was 1799.05 points, up 0.5% from the previous period; the CCFI for the US - West route was 827.84 points, down 5.6% from the previous period [1]. PMI Data - The eurozone's July manufacturing PMI preliminary value was 49.8, higher than the expected 49.7 and the previous value of 49.5; the services PMI preliminary value was 51.2, exceeding the expected 50.7 and the previous value of 50.5; the composite PMI preliminary value was 51, higher than the expected 50.8 and the previous value of 50.6; the SENTIX investor confidence index jumped to 4.5, significantly higher than 0.2 in June and the market - expected 1.1, reaching the highest level since April 2022 [1]. - China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month, indicating a decline in manufacturing prosperity [2]. - The US July S&P Global manufacturing PMI preliminary value was 49.5, with an expected 52.7 and a previous value of 52.9; the services PMI preliminary value was 55.2, with an expected 53 and a previous value of 52.9; the Markit composite PMI preliminary value was 54.6, reaching a new high since December 2024, better than the expected 52.8 and the previous value of 52.9 [2]. Market Strategies - Short - term strategy: The short - term market may mainly rebound. Risk - preferring investors have been recommended to try long positions with light positions below 1300 for the 2510 contract (which has made a profit of over 300 points). For the EC2512 contract, light - position short - selling has been recommended, and it is recommended to take profits. Pay attention to the subsequent market trend, do not hold losing positions, and set stop - losses [3]. - Arbitrage strategy: Against the backdrop of international situation turmoil, the forward - spread structure is dominant with large fluctuations. It is recommended to temporarily stay on the sidelines or try with light positions [3]. - Long - term strategy: It is recommended to take profits when the contracts reach high levels, wait for the correction to stabilize, and then judge the subsequent trend [3]. Contract Information - On August 8, the main contract 2510 closed at 1436.0, with a decline of 1.34%, a trading volume of 5.64 million lots, and an open interest of 5.66 million lots, an increase of 3006 lots from the previous day [3]. - The up - limit and down - limit for contracts 2508 - 2606 have been adjusted to 18%. The company's margin for contracts 2508 - 2606 has been adjusted to 28%. The intraday opening limit for all contracts 2508 - 2606 is 100 lots [3]. Geopolitical and Trade Situations - Trump has continued to impose tariffs on multiple countries, mainly in Southeast Asia, further hitting re - export trade. The Trump administration has postponed the tariff negotiation date to August 1. The spot market price range has been determined, with a small price increase to test the market, and the market has slightly rebounded [3]. - The Middle - East situation may deteriorate, and the current detour situation cannot be restored in the near future. Coupled with Maersk's upward adjustment of its annual profit, the market sentiment is relatively optimistic, and the market is strongly volatile [1][3]. - Israeli Prime Minister Netanyahu said that the Israeli military's next - stage military operations will focus on two locations still under Hamas control, and the Israeli military has controlled about 70% - 75% of the Gaza Strip. The Israeli security cabinet has instructed the military to clear the "last strongholds of Hamas" [3]. - The Israeli government's security cabinet has passed the so - called "five principles to end the war", including disarming Hamas, repatriating all Israeli detainees, demilitarizing the Gaza Strip, maintaining Israeli security control over the Gaza Strip, and establishing a civilian government that does not belong to Hamas or the Palestinian National Authority [3].

Merger Overview - Golden Ocean Group Limited is undergoing a stock-for-stock merger with CMB.TECH NV, with CMB.TECH Bermuda as the surviving entity [2] - The exchange ratio for the merger is set at 0.95 ordinary shares of CMB.TECH for each common share of Golden Ocean, resulting in the issuance of approximately 95,952,934 new ordinary shares by CMB.TECH [2] Special General Meeting - A special general meeting (SGM) for Golden Ocean shareholders is scheduled for 19 August 2025 to vote on the approval of the merger agreement and related transactions [3] - Shareholders of record as of 16 July 2025 are entitled to vote at the SGM [3] Timeline and Conditions - The merger is expected to close around 20 August 2025, contingent upon a positive outcome from the SGM and other closing conditions [4] - The day before the closing date will mark the last trading day for Golden Ocean's common shares on Nasdaq and Euronext Oslo Børs [4] Company Profiles - Golden Ocean is a Bermuda-based shipping company specializing in dry bulk cargo transportation, with a fleet of 89 vessels and a total capacity of approximately 13.5 million deadweight tonnes as of June 2025 [7] - CMB.TECH is a diversified maritime group operating over 160 vessels, including crude oil tankers and dry bulk vessels, and is involved in hydrogen and ammonia fuel production [8]

美银证券发表研究报告指，太平洋航运上半年的基本溢利为2000万美元，低于预期的3800万美元。该行 表示，市场对公司前景看法好坏参半。部分投资者相信，需求复苏及港口挤塞将支撑近期散货运费。另 外，公司承认供过于求的压力将持续至明年，惟对2027年以后的前景则较为乐观。 该行指出，由于太平洋航运上半年业绩逊于预期，将今明两年的每股盈测平均下调16%，但上调2027年 预测。该行将集团目标价由1.7港元上调至2.4港元，重申公司"中性"评级，相信行业基本因素已见底， 而估值与历史平均值大致相若。 ...

Report Summary 1. Investment Rating No specific investment rating for the industry is provided in the report. 2. Core View The report anticipates that the container shipping index (European route) will experience further pressure on its fundamentals in September, with a likely scenario of reduced supply and demand. It is recommended to hold short positions on the EC2510 contract and add positions on price increases, with an upper resistance level of 1500 - 1550 points. However, there are potential upward risks that may prevent a smooth downward trend in the EC2510 contract [12]. 3. Summary by Section 3.1 Market Performance - The container shipping index (European route) has been fluctuating in the past week. The EC2510 contract closed at 1436.0 points, down 12 points for the week; the EC2512 contract closed at 1760.0 points, up 67.6 points; and the EC2508 contract closed at 2071.0 points, down 55.5 points [9]. 3.2 Freight Rates - The market freight rate has dropped to around $2900/FEU. Different alliances have different freight rate trends, with the OA and MSC FAK centers still around $3000/FEU. It is expected that the market FAK freight rate center may be in the range of $2500 - $2600/FEU by the end of August [10]. 3.3 Supply and Demand Fundamentals - **Supply**: In August, the weekly average capacity decreased from 32.8 to 32.5 million TEU, mainly due to the cancellation of an independent overtime ship on the Evergreen CES route in week 35. In September, the weekly average capacity is expected to decrease from 31.8 to 30.8 million TEU, a 5.4% decrease from August and a 2.3% increase from July. In October, the weekly average capacity is 29.1 million TEU, but this figure has limited reference value [11]. - **Demand**: Since mid - August, the overall market cargo volume has shown a mild downward trend, and the booking rate has slowed down since week 34 [11]. 3.4 Strategy - Hold short positions on the EC2510 contract and add positions on price increases, with an upper resistance level of 1500 - 1550 points. Potential upward risks include the slowdown of cargo volume decline and the possible improvement of market sentiment due to the approaching delivery of the EC2508 contract [12].

Report Industry Investment Rating - No specific industry investment rating is provided in the report. Core Viewpoints - Amid geopolitical conflicts and tariff uncertainties, the game in the shipping market is challenging, and it is recommended to participate with light positions or stay on the sidelines [1][3]. - Given the potential deterioration of the Middle - East situation and the suspension of the detour situation, along with Maersk's profit increase, the market sentiment is optimistic, but the market is volatile, and risk control is necessary [1][3]. Summary by Relevant Content Shipping Market Conditions - On August 8, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 2297.86 points, down 0.8% from the previous period; for the US - West route, it was 1130.12 points, down 12.0% [1]. - The Ningbo Export Container Freight Index (NCFI) on August 8: the composite index was 1053.86 points, down 3.11%; the European route was 1257.71 points, down 8.37%; the US - West route was 1042.91 points, down 6.42% [1]. - The Shanghai Export Container Freight Index (SCFI) on August 8: the published price was 1489.68 points, down 61.06 points; the European line price was 1961 USD/TEU, down 4.39%; the US - West route was 1823 USD/FEU, down 9.80% [1]. - The China Export Container Freight Index (CCFI) on August 8: the composite index was 1200.73 points, down 2.6%; the European route was 1799.05 points, up 0.5%; the US - West route was 827.84 points, down 5.6% [1]. Economic Data - The eurozone's July manufacturing PMI preliminary value was 49.8, higher than the expected 49.7; the service PMI preliminary value was 51.2, exceeding the expected 50.7; the composite PMI preliminary value was 51, higher than the expected 50.8. The SENTIX investor confidence index jumped to 4.5, the highest since April 2022 [1]. - China's July manufacturing PMI was 49.3%, down 0.4 percentage points from the previous month [2]. - The US July S&P Global manufacturing PMI preliminary value was 49.5, lower than the expected 52.7; the service PMI preliminary value was 55.2, higher than the expected 53; the composite PMI preliminary value was 54.6, a new high since December 2024 [2]. Market Strategies - Short - term strategy: The short - term market may rebound. Risk - takers are advised to try long positions below 1300 for the 2510 contract (with a profit margin of over 300 points), and partially stop losses. For the EC2512 contract, a light - short position was recommended and profit - taking is advised [3]. - Arbitrage strategy: In the context of international turmoil, the market is mainly in a positive - spread structure with large fluctuations. It is recommended to stay on the sidelines or try with light positions [3]. - Long - term strategy: For each contract, it is recommended to take profits when the price rises, wait for the price to stabilize after a pull - back, and then judge the subsequent trend [3]. Market Trading Data - On August 8, the main contract 2510 closed at 1436.0, down 1.34%, with a trading volume of 5.64 million lots and an open interest of 5.66 million lots, an increase of 3006 lots from the previous day [3]. Geopolitical Events - Trump's administration has imposed additional tariffs on many countries, mainly in Southeast Asia, and postponed the tariff negotiation date to August 1. The spot market has a small price increase to test the market [3]. - The Israeli Prime Minister Netanyahu announced that the next - stage military operation will target two areas still under Hamas control, and about 70% - 75% of Gaza has been controlled by the Israeli army [3][4]. - The Israeli government's security cabinet passed the "five principles to end the war", including disarming Hamas and other contents [4].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - **Macro Outlook**: Overseas markets are in a risk - on mode despite a weak US economic fundamentals and escalating tariff threats. The effectiveness of the August tariff and the upcoming US CPI data along with Fed personnel changes will impact market sentiment. China's exports in July were strong but face risks of decline. For asset allocation, a defensive stance is recommended, focusing on the policy and data inflection points in late August [7]. - **Asset Allocation**: Domestically, reduce allocation to equities and maintain allocation to commodities (emphasizing infrastructure and export - related sectors) and gold. Overseas, reduce allocation to US stocks and maintain allocation to US bonds. Slightly increase allocation to RMB funds and reduce allocation to US dollar money - market funds [7]. 3. Summary by Related Catalogs 3.1 Macro Essentials - **Overseas Macro**: The overseas market is in a risk - on state, but the August tariff implementation and upcoming US CPI data, along with Fed personnel changes, will test market sentiment. Trump's nomination of a "trusted person" as a temporary director has raised concerns about the Fed's independence, and the expected difference in US CPI data will affect market risk appetite [7]. - **Domestic Macro**: China's exports in July increased by 7.2% year - on - year, mainly due to strong non - US market demand offsetting the decline in exports to the US. However, this may be due to pre - tariff rush shipments, and future exports face risks of decline and restricted re - export trade [7]. - **Asset Views**: Domestically, reduce allocation to equities, maintain allocation to commodities and gold. Overseas, reduce allocation to US stocks, maintain allocation to US bonds, slightly increase allocation to RMB funds, and reduce allocation to US dollar money - market funds. Overall, maintain a defensive layout and focus on the policy and data inflection points in late August [7]. 3.2 Viewpoint Highlights 3.2.1 Financial Sector - **Stock Index Futures**: After event resolution, the crowding of funds is released, but there is a lack of incremental funds [8]. - **Stock Index Options**: The collar strategy strengthens the volatility structure, and attention is paid to the upward movement of volatility [8]. - **Treasury Bond Futures**: The market continues to digest the information from the Politburo meeting, and attention is paid to factors such as unexpected tariffs, supply, and monetary easing [8]. 3.2.2 Precious Metals - **Gold/Silver**: Precious metals are oscillating and strengthening, and attention is paid to Trump's tariff policy and the Fed's monetary policy [8]. 3.2.3 Shipping - **Container Shipping to Europe**: Attention is paid to the game between peak - season expectations and the implementation of price increases, as well as tariff policies and shipping company pricing strategies [8]. 3.2.4 Black Building Materials - **Steel**: Inventory continues to accumulate, and the off - season characteristics persist. Attention is paid to the progress of special bond issuance, steel exports, and molten iron production [8]. - **Iron Ore**: Molten iron production slightly decreases, and port inventory slightly accumulates. Attention is paid to overseas mine production and shipping, domestic molten iron production, weather, port inventory changes, and policy dynamics [8]. - **Coke**: There is a renewed willingness to raise prices, and the market is oscillating. Attention is paid to steel mill production, coking costs, and macro sentiment [8]. - **Coking Coal**: Supply disruptions continue, and the market is oscillating at a high level. Attention is paid to steel mill production, coal mine safety inspections, and macro sentiment [8]. - **Silicon Iron**: The bullish sentiment is digested, and the market trend is weak. Attention is paid to raw material costs and steel procurement [8]. - **Manganese Silicon**: Market sentiment cools, and futures prices are oscillating weakly. Attention is paid to cost prices and overseas quotes [8]. - **Glass**: Speculation in small - sized glass in Shahe has led to a slight improvement in production and sales. Attention is paid to spot production and sales [8]. - **Soda Ash**: Production continues to increase, and the market is oscillating. Attention is paid to soda ash inventory [8]. 3.2.5 Non - ferrous Metals and New Materials - **Copper**: The risk of overseas recession has increased, and copper prices are under pressure. Attention is paid to supply disruptions, unexpected domestic policies, less - than - expected dovishness of the Fed, and less - than - expected domestic demand recovery [8]. - **Alumina**: Warehouse receipts have increased again, and alumina prices are oscillating under pressure. Attention is paid to unexpected delays in ore复产 and unexpected increases in electrolytic aluminum复产 [8]. - **Aluminum**: Market sentiment is fluctuating, and aluminum prices continue to rise. Attention is paid to macro risks, supply disruptions, and less - than - expected demand [8]. - **Zinc**: The prices of black series have rebounded again, and zinc prices are oscillating. Attention is paid to risks of macro - direction change and unexpected increases in zinc ore supply [8]. - **Lead**: Supply disruptions in recycled lead have led to a slight rebound in lead prices. Attention is paid to supply - side disruptions and slowdown in battery exports [8]. - **Nickel**: LME nickel inventories are high, and nickel prices are oscillating widely. Attention is paid to unexpected macro and geopolitical changes, Indonesian policies, and less - than - expected supply release [8]. - **Stainless Steel**: Nickel - iron prices continue to rise, and stainless steel futures are oscillating upwards. Attention is paid to Indonesian policies and unexpected increases in demand [8]. - **Tin**: The ore supply is still tight, and tin prices are oscillating. Attention is paid to the expected复产 in Wau and changes in demand improvement expectations [8]. - **Industrial Silicon**: Market sentiment is fluctuating, and silicon prices are oscillating. Attention is paid to unexpected supply - side production cuts and unexpected increases in photovoltaic installations [8]. - **Lithium Carbonate**: The market direction is unclear, and lithium carbonate prices are oscillating. Attention is paid to less - than - expected demand, supply disruptions, and new technological breakthroughs [8]. 3.2.6 Energy and Chemicals - **Crude Oil**: Geopolitical expectations are fluctuating, and attention is paid to the risk of Russian oil. OPEC + production policy and Middle - East geopolitical situation are the focus [10]. - **LPG**: Supply pressure continues, and the cost side dominates the rhythm. Attention is paid to the cost progress of crude oil and overseas propane [10]. - **Asphalt**: It has broken through the important support level of 3500, and futures prices are moving in the direction of least resistance. Attention is paid to unexpected demand [10]. - **High - Sulfur Fuel Oil**: The contradiction between strong cracking and weak premium persists. Attention is paid to crude oil and natural gas prices [10]. - **Low - Sulfur Fuel Oil**: Futures prices follow crude oil and oscillate weakly. Attention is paid to crude oil and natural gas prices [10]. - **Methanol**: Supported by coal but suppressed by olefins, methanol is oscillating. Attention is paid to macro - energy and upstream and downstream device dynamics [10]. - **Urea**: Domestic supply and demand cannot provide strong support, and export - driven is less than expected. Attention is paid to export policy trends and elimination of production capacity [10]. - **Ethylene Glycol**: Coal is strong and oil is weak, and supply pressure increases. Attention is paid to frequent changes in overseas devices affecting port arrivals [10]. - **PX**: Cost support is insufficient, confidence is under pressure, and its fundamental driving force is limited. Attention is paid to significant fluctuations in crude oil, macro - changes, and unexpected PTA device maintenance [10]. - **PTA**: Scheduled maintenance cannot boost processing fees, and prices are still suppressed by costs. Attention is paid to wide - range cost fluctuations, unexpected device maintenance, and unexpected polyester production reduction [10]. - **Short - Fiber**: Downstream demand has slightly improved, and attention is paid to the sustainability of inventory reduction. Attention is paid to the purchasing rhythm and production start - up of downstream yarn mills [10]. - **Bottle Chips**: Overall demand is sluggish, and the repair height of processing fees is limited. Attention is paid to unexpected production increase of bottle - chip enterprises and a surge in overseas export orders [10]. - **Propylene**: It mainly follows market fluctuations and oscillates in the short term. Attention is paid to oil prices and domestic macro - situation [10]. - **PP**: Fundamental support is limited, and PP oscillates weakly. Attention is paid to oil prices and domestic and overseas macro - situation [10]. - **Plastic**: Upstream and mid - stream inventories are accumulating, and plastic oscillates weakly. Attention is paid to oil prices and domestic and overseas macro - situation [10]. - **Styrene**: Commodity sentiment has improved, and attention is paid to the implementation of policy details. Attention is paid to oil prices, macro - policies, and device dynamics [10]. - **PVC**: There is cost support, and the futures market oscillates. Attention is paid to expectations, costs, and supply [10]. - **Caustic Soda**: Spot prices have stabilized, and caustic soda oscillates temporarily. Attention is paid to market sentiment, production start - up, and demand [10]. - **Oils and Fats**: It oscillated and adjusted yesterday, waiting for further information guidance. Attention is paid to US soybean weather and Malaysian palm oil production and demand data [10]. - **Protein Meal**: There is concern about the supply shortage in the fourth quarter. Attention is paid to US soybean weather, domestic demand, macro - situation, and China - US and China - Canada trade wars [10]. - **Corn/Starch**: The number of incoming vehicles has returned to a low level, and futures have stabilized and rebounded. Attention is paid to less - than - expected demand, macro - situation, and weather [10]. - **Pigs**: Spot prices are still weak, and expectations support the futures market. Attention is paid to breeding sentiment, epidemics, and policies [10]. 3.2.7 Agriculture - **Rubber**: Market sentiment is okay, and rubber prices are rising slowly. Attention is paid to production - area weather, raw material prices, and macro - changes [10]. - **Synthetic Rubber**: It oscillates within a range. Attention is paid to significant fluctuations in crude oil [10]. - **Pulp**: Futures are running stably, and attention is paid to low - buying opportunities in the far - month contracts. Attention is paid to macro - economic changes and fluctuations in US - dollar quotes [10]. - **Cotton**: Low inventory supports cotton prices, and attention is paid to marginal changes in demand. Attention is paid to demand and inventory [10]. - **Sugar**: Supply pressure is increasing marginally, and sugar prices are under pressure and weakening. Attention is paid to imports [10]. - **Logs**: It oscillates within a narrow range. Attention is paid to shipping volume and dispatch volume [10].