2025 年 6 月 4 日 商 品 研 究 棕榈油：印度降税及原油带动，短期情绪偏好 【宏观及行业新闻】 南部半岛棕榈油压榨商协会（SPPOMA）数据显示，2025年5月1-31日马来西亚棕榈油单产增加1.9%， 出油率增加 0.3%，产量增加 3.53%。 请务必阅读正文之后的免责条款部分 1 油脂基本面数据 | | 棕榈油主力 | 单 位 元/吨 | 收盘价 (日盘） 8,196 | 涨跌幅 1.69% | 收盘价 （夜盘） 8,198 | 涨跌幅 0.02% | | --- | --- | --- | --- | --- | --- | --- | | | 豆油主力 | 元/吨 | 7,692 | 0.71% | 7,716 | 0.31% | | | 菜油主力 | 元/吨 | 9,272 | -0.81% | 9,262 | -0.11% | | 期 货 | 马棕主力 | 林吉特/吨 | 3,934 | 1.44% | 3,948 | 0.36% | | | CBOT豆油主力 | 美分/磅 | 46.81 | 1.15% | | | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 | ...

Core Insights - The article highlights the innovative utilization of rice by-products, showcasing how a single grain of rice can transform into various high-value products, thus maximizing its value and contributing to resource recycling and carbon emission reduction [1][2]. Group 1: Rice Processing and By-products - The processing of rice leads to the production of high-quality rice oil, rice bran for cosmetics and pharmaceuticals, and the use of rice husks for battery materials and tire production [1][2]. - The rice bran oil, rich in natural components like vitamin E, is recognized as a healthy cooking oil recommended by the World Health Organization [1]. - The annual production of 200 million tons of rice in China can yield 16 million tons of rice bran, which could significantly enhance the self-sufficiency of edible oil in the country [1]. Group 2: Waste Utilization and Environmental Impact - The by-products of rice processing, previously considered waste, are now forming a billion-dollar industry, with applications in cosmetics, pharmaceuticals, and eco-friendly products [2]. - The company has developed a biomass gasification system that utilizes rice husks to provide 100% clean energy for its operations, significantly reducing pollution and enhancing resource utilization [2]. - The combustion of rice husks leads to the production of high-value white carbon black, which has superior reinforcement properties compared to traditional materials, making it ideal for green tire production [3]. Group 3: Industry Collaboration and Market Potential - The company has established partnerships with tire manufacturing giants to promote the use of rice-derived materials globally, indicating a strong market potential for these innovative products [3].

Group 1 - The core viewpoint is that Ukraine plans to adjust its agricultural export policy in response to the end of free access to the EU market [1] - Ukraine aims to expand domestic food processing to reduce raw material exports [1]

本月的重要变局： 1、小麦受旱情影响提前上市，早熟的质量问题遮蔽了减产的问题（后者待验证），小麦 上市的低开结合谷物的季节性消费淡季，玉米期货市场回落3%。 2、美国生物柴油政策摇摆，RVO的提升强度或落空，美豆油高位回落；4月马来棕榈油 环比产出相对超预期叠加原油下挫，植物油疲弱。 3、加工糖配额陆续下发，叠加进口加工利润维持相对高位，施压郑糖。 4、伴随着"虽迟但到"逻辑的逐步演进，鸡蛋和生猪均迎来给予供给增长的高确定性而引 发的价格回落。 右侧的顺势机会： A-国产大豆的油用方向消费受到压榨利润的制约，上半年表现出来的百万吨级的消费增 量难以线性外推，而供给的高确定性封杀其上边际空间，压力区间【4250，4300】； B-菜系供给在2025年Q3仍旧难以看到显著的到港增量，叠加现货紧张的共识传导，OI- P价差仍旧呈现强势运行，逢低试多，安全边际【900，1000】 左侧布局的方向： 文 | 田亚雄 来源 | CFC商品策略研究 编辑 | 杨兰 审核 | 浦电路交易员 A-监测蛋鸡苗的补栏&淘鸡情况，逐步把握蛋鸡利润周期的回升阶段。 B-前期供给确定性抑制价格，豆粕期货09盘面或显著强于现货，基差走弱形 ...

投资咨询号: Z0021658 从业资格号:F03110419 2025/6/3 | 指标 | | 5月30日 | 涨跌 | | | | 豆粕主力合约基差(张家港) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 43%豆粕现货基差 | 大连 日照 | 12 | -26 | 2500 1000 | | | ----- 19/20 ------ 20/21 ------ 21/22 ------ 22/23 | | | - 23/24 | - 24/25 | | | | | | 2000 | | | | | | | | | | 天津 | -18 | -16 | 1500 | | | | | | | | | | | -68 | -6 | 500 | | | | | | | | | | 张家港 | -38 | -6 | -500 | | | | | | | | | (对主力合约) | | | | 09/21 | 10/22 -11/22 | | 173 02/23 | 03/25 | 04/2 ...

投资咨询业务资格：证监许可【2012】669号 商品走势分化，黑色系及原油板块表现偏弱 ——中信期货晨报20250603 中信期货研究所 仲鼎 从业资格号F03107932 投资咨询号Z0021450 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 | | | | SE POR THE POLLINE PARTY | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 板块 | 品种 | 现价 | | | 日度涨跌幅周度涨跌幅月度涨跌幅季度涨跌幅今年涨跌幅 | | | | 股指 | 沪深300期货 | 3822.4 | -0.27% | -0.624 | 2.86% | -0.94% | -2.51% | | | 上证50期货 | 2667.2 | -0.24% | -0.96 | 222% | 0.05% | -0.40% | | | 中证500期货 | 5627.8 | -0.72% | 1.19% | ...

gtaxinstitute@essence.com.cn 综合晨报 2025年06月03日 端午节假期国际油价先抑后扬，布伦特08合约较上周五下午3点收盘价上涨3.25%。OPEC+自愿城产 8国决定7月延续41.1万桶/天的增产速度，略低于市场此前预期的更激进增产幅度，利空因素被提 前透支定价。在俄乌第二轮直接会谈之际乌克兰向俄罗斯发动大规模无人机袭击，欧盟也在酝酿第 18轮对俄制裁,伊朗对美国最新提出的核协议持偏否定态度,伊核谈判前景再次渺茫。此外,截至 周一加拿大野火已影响到该国7%的原油产量。OPEC+增产短期利空出尽后，地缘风险及意外供断再 次对油价构成支撑。 【贵金属】 假期期间责金属上涨。特朗普贸易政策反复,再度对钢铝关税加码。数据方面美国5月ISM制造业 PMI录得48.5不及预期，为2024年11月以来新低。贸易战阴霾下市场前景依然充满不确定性，后续 关注美国贸易法院禁止特朗普关税以及各方谈判进展,贵金属将测试前期高点位置阻力,维持回调 买入思路。 (铜) 节中伦铜先抑后扬，特朗普表示将钢铝关税上调到50%，虽未提及铜，但美铜短线拉涨，美伦价差再 次扩至一千美元上方。同时，美元指数下滑,金银 ...

萨尔瓦多经济增长的主要驱动力之一，是布克尔总统政府推行的安全治理模式。这一政策显著改善了国 内治安，提升了社会运行效率和生产效能，推动社会稳定与经济发展。得益于这些政策，萨尔瓦多在建 筑、能源、农产品加工等关键领域实现了投资增长，为国际合作创造了有利环境。 国内安全状况的改善也重塑了国际社会对萨尔瓦多的认知。标普等国际信用评级机构已将萨尔瓦多主权 信用评级上调至B-，这充分体现了国际社会对萨尔瓦多经济日益增强的信心。 国际社会的认可为萨尔瓦多经济注入了强劲活力，对塑料业、纺织业、能源业、旅游业、建筑业、制药 业及农产品加工等关键领域产生了积极影响。 在此进程中，与中国的合作始终是重要支柱。萨中携手打造的标志性项目——"日落"游乐园、拉利伯塔 德新码头、新国家图书馆，以及正在推进的伊洛潘戈湖供水项目和新国家体育场前期工程，都是双方共 同推动当地旅游业与基础设施发展的生动例证，这些成果正持续转化为国民经济增长的新动能。 在纳伊布·布克尔总统的领导下，萨尔瓦多秉持发展繁荣的愿景，迎来经济增长的新时期。 在这一背景下，萨尔瓦多驻华大使馆正不懈努力，致力于巩固和拓展与中国这一世界领先经济体的双边 关系。作为一个新兴经济 ...

南农晨读 | 荔乡 童梦_南方+_南 方plus 【今日关注】 兴农评丨龙舟竞 渡，照见广东人 独有的精气神 一进入5月，广东特有的咚咚咚声此起彼伏，各个村子都在为今天的端午节做准备，起龙、夜训、招景、趁景、赛事、龙舟 饭……各样安排满满当当，热闹非凡。今年，"央视boys"的参与更是将广东端午的热度带上新高度。 端午节是我国四大传统节日之一。如果给四大节日贴标签，春节是团圆，清明是传承，中秋是乡愁，端午则是精气神。 端午踏歌行，这些龙船调你听过吗？ 农历五月五，端午赛龙舟，岭南民俗与文化积淀深厚。而伴随龙舟竞渡产生的音乐，又为传统节日增添了几分浓墨重彩。以方 言为韵，船夫唱起龙船歌，将民俗记忆、家国情怀与水乡风情凝结成动人的音符。在端午节，广东民众会唱哪些龙船歌？ 广东着力探索长效运行机制，打通种养循环堵点 加强禽畜粪污资源化有效利用，打通种养循环堵点，促进粪肥就地就近还田利用，防控农业面源污染，广东自2021年以来，大 力推进绿色种养循环试点工作，集成创新了一批绿色种养循环典型技术模式，着力探索构建粪肥还田社会化服务机制。 凤凰单丛第四！2025全国茶叶区域公用品牌影响力指数报告发布 【乡村振兴】 探荔图 ...

Group 1 - The 2025 Copper Business Conference was held in Chongqing, focusing on promoting investment and talent attraction to boost the local economy [1][3] - The conference showcased the economic and social development of the Tongliang District, presenting a development opportunity list for 2025 with 74 quality projects and a total investment scale of 75.2 billion yuan [3] - A total of 23 projects were signed at the conference, covering various industries with a planned total investment of 10.915 billion yuan [4] Group 2 - The conference also announced the commencement of 14 projects and the completion of 10 projects, with a total investment of 5.1 billion yuan, significantly contributing to the local industrial chain [4] - Tongliang District appointed 25 investment consultants and recognized outstanding individuals and collectives for their contributions to the high-quality development of the private economy [8] - The district aims to achieve a GDP and industrial output value exceeding 100 billion yuan by 2030, focusing on creating a first-class business environment [11][12] Group 3 - The district has established a modern industrial system characterized by two leading industries and four specialty industries, with a focus on new energy storage and intelligent connected vehicles [11] - Notable companies, including major service providers and software firms, have signed agreements to establish their headquarters in Tongliang, aiming for significant revenue growth by 2025 [12] - The conference set a goal to create a positive atmosphere for investment, aiming to attract more entrepreneurs to invest and settle in Tongliang [12]