Report Overview - The report provides overnight market information on oilseeds and oils, including data from USDA reports, export figures, and news on biodiesel projects [1]. - It also presents spot prices of various oilseeds and oils from September 8 - 12, 2025 [2]. USDA Oilseed Report Highlights Rapeseed - Global 2025/26 rapeseed production is expected to reach 9096.1 million tons, a year - on - year increase of 523.5 million tons; ending stocks are expected to be 1137.4 million tons, up 101 million tons [1]. - Global 2025/26 rapeseed oil production is expected to be 3469.9 million tons, up 59.8 million tons; ending stocks are expected to be 312.2 million tons, down 8.8 million tons [1]. - Global 2025/26 rapeseed meal production is expected to be 4958.2 million tons, up 57.3 million tons; ending stocks are expected to be 157.9 million tons, up 19.8 million tons [1]. - Canada's 2025/26 rapeseed exports are expected to be 670 million tons, down 263.5 million tons; rapeseed oil exports are expected to be 337.5 million tons, up 3.5 million tons; rapeseed meal exports are expected to be 550 million tons, down 29.9 million tons [1]. Palm Oil - Global 2025/26 palm oil production is expected to be 8081.6 million tons, an increase of 8 million tons from last month's estimate [1]. - Global 2025/26 palm oil ending stocks are expected to be 1524 million tons, up 20.6 million tons from last month's estimate [1]. - Global 2025/26 palm oil exports are expected to be 4570.8 million tons, a downward revision of 45.5 million tons from last month's estimate [1]. - Indonesia's palm oil exports are expected to be 2400 million tons, unchanged from last month's estimate; Malaysia's palm oil exports are expected to be 1610 million tons, also unchanged [1]. Soybean - Brazil's 2025/26 soybean production is estimated at 175 million tons, the same as the August estimate; exports are estimated at 112 million tons, unchanged from August [1]. - Argentina's 2025/26 soybean production is estimated at 48.5 million tons, the same as in August; exports are estimated at 6 million tons, up from 5.8 million tons in August [1]. - China's 2025/26 soybean imports are estimated at 112 million tons, the same as the August estimate [1]. - Global 2025/26 soybean production is estimated at 425.87 million tons, down from 426.39 million tons in August; ending stocks are estimated at 123.99 million tons, down from 124.9 million tons in August [1]. Other Market Information - Malaysia's palm oil exports from September 1 - 10, 2025, were 244,940 tons, a 27.8% decline from the same period last month [1]. - Indonesia may increase the mandatory palm oil content in biodiesel to 45% (B45) before reaching B50, currently at 40% [1]. Spot Prices - Spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from September 8 - 12, 2025, are presented in a table [2].

Group 1 - The establishment of Hanyuan County Luo Heng Agricultural Products Processing Plant, a sole proprietorship, has been registered with a capital of 100,000 RMB [1] - The legal representative of the company is Luo Heng, and its business scope includes food sales, internet food sales, catering services, accommodation services, and alcoholic beverage operations [1] - The company is authorized to engage in various activities such as wholesale and retail of edible agricultural products, fresh fruit and vegetable sales, and health food sales [1] Group 2 - The company is also involved in labor services (excluding labor dispatch), traditional spice product operations, and internet live streaming services [1] - The business operations are subject to approval from relevant authorities, and specific activities will be conducted based on the necessary permits [1] - The company aims to operate in a diverse range of sectors within the agricultural and food industry, indicating a broad market approach [1]

Core Viewpoint - The 2025 Guangdong Rural Singer Competition for the Yunfu-Jiangmen division successfully concluded, showcasing local talent and promoting cultural heritage through music [6][82]. Group 1: Event Overview - The competition took place on September 12-13 at the cultural square in Xinxing County, featuring 30 contestants performing various genres including Cantonese classics, Hakka songs, and original folk music [3][4][6]. - The event attracted significant attention, with over a hundred rural music enthusiasts participating [18][19]. Group 2: Winners and Prizes - The top three contestants were Yang Xiuhun (champion), Su Weihua (runner-up), and Liang Jie (third place), winning cash prizes of 9,800 yuan, 6,800 yuan, and 3,800 yuan respectively, and advancing to the provincial semi-finals [7][70][119]. Group 3: Cultural Significance - The competition aimed to use music as a means to discover rural musical talent and support the "Hundred Million Project" for rural revitalization, providing cultural backing for development [82][83]. - The event featured a variety of performances that highlighted local culture and traditions, fostering community engagement and pride [34][66]. Group 4: Sponsorship and Support - The event was organized by several entities including the Southern Media Group, Guangdong Provincial Office of Spiritual Civilization Construction, and the Guangdong Provincial Department of Agriculture and Rural Affairs, with sponsorship from Wens Food Group [84][86][110]. - Wens Food Group, a leading enterprise in the region, has been instrumental in promoting rural development and agricultural modernization [108][112]. Group 5: Community Engagement - The event included local product stalls, allowing attendees to experience regional specialties while enjoying the performances, thus enhancing community interaction and support for local businesses [88][90]. - The competition not only entertained but also educated the audience about local culture and industries, contributing to a sense of belonging and community pride [66][104].

李隽钰 投资咨询从业资格号：Z0021380 lijunyu@gtht.com 报告导读： 二 〇 二 五 年 度 2025 年 9 月 14 日 棕榈油：产地累库预期，回调压力逐步消化 豆油：美豆暂获支撑，区间震荡 上周观点及逻辑： 棕榈油：基本面驱动暂时充分，盘面正在逐步消化产地累库预期导致的回调压力。本周跟随美豆油及 国内商品情绪波动为主，棕榈油 01 合约周跌 1.69%。 豆油：市场交易四季度缺豆情形暂缓，油脂板块高位震荡整理，豆油上涨动能不足，01 合约周跌 0.93%。 本周观点及逻辑： 棕榈油：本周欧美汽柴油裂解持续处于同比高位，欧洲 SAF 及对中国 UCO 的采购价格还在持续飙升中， 马来 UCO FOB 与 CPO FOB 价差继续扩大，欧洲需求支撑暂未有结束迹象。产地基本面上，8 月马来需求结 构与市场预估存在差别，但是库存符合预估范围，报告总体中性。9 月降雨增加或使全月产量持平或转降， 仍预估在 180-185 万吨区间，8 月有可能成为今年产量高点，全年维持 1940 万吨产量判断。9 月马来出 口量几乎肯定会从印尼夺回更多份额，但印度的采购放缓，其它地区自 7 月开始表现出一定 ...

从种植户的精心耕耘，到企业的现代化精深加工，屯留小米正以其卓越的品质赢得越来越多消费者的青 睐，产品销往全国各地，主要以北京为核心市场。 (乡村行·看振兴)山西长治屯留：小米熬出"黄金油" 香飘万家促增收 中新网长治9月14日电(高雨晴 杜佳敏)初秋时节，在山西省长治市屯留区河神庙乡，谷子地一片金黄， 沉甸甸的谷穗压弯了腰。这里出产的小米，正以其"米油浓厚、软糯香甜"的独特品质，声名远扬，成为 带动当地农户增收致富的"黄金产业"。 "我今年承包了10多亩地，全都种的是屯留小米，亩产在600多斤，预计收入非常可观。"种植大户姚尧 说。 屯留小米的优良品质得益于当地独特的土壤成分和气候条件。自西向东贯穿全境的母亲河——绛河流域 植被茂密、沃野良田，生态环境极好。当地水资源丰富，土壤又是富含矿物质的红土，故而所产小米色 泽金黄、米质绵软、米香浓郁。 如今，这份来自大自然的馈赠，正通过现代化的生产经营方式，被更好地挖掘和提升，走向更广阔的市 场。 作为当地龙头企业的屯留县西山农业综合开发有限公司正是这一过程的推动者。"我们引入国内先进的 加工设备，确保每一粒出厂的小米都颗粒均匀、品质纯净。"企业负责人李书玲介绍，这套 ...

Group 1 - The China-Europe Railway Express (Warsaw-Zhengzhou) launch ceremony took place in Warsaw, Poland, on September 8, marking a significant step in enhancing trade and cooperation between China and Poland [3][4] - The visit by the Henan delegation, led by Liu Ning, aims to deepen practical cooperation and cultural exchanges, contributing to the high-quality development of the Belt and Road Initiative [3][4] - Liu Ning emphasized the potential for collaboration in logistics, advanced manufacturing, and cultural exchanges between Henan and Mazovia Province, highlighting the strong industrial foundation of Mazovia [4] Group 2 - A three-year cooperation action plan (2025-2028) was signed between Henan Province and Lublin Province, focusing on agricultural cooperation and international logistics [5] - The agreement includes collaborations between Henan Agricultural Academy and Lublin University of Life Sciences, as well as Henan Agricultural University and Lublin University of Life Sciences [5] - Liu Ning expressed the intention to enhance cooperation in agricultural product trade, air freight, high-tech industries, and cultural education [5] Group 3 - Liu Ning met with officials from the Carpathian Voivodeship to explore new cooperation channels, focusing on agricultural processing, technology research, and cultural tourism [6][7] - The discussions included organizing food exhibitions, investment trade fairs, and cultural promotion events to strengthen business ties [7] - The Carpathian region is recognized for its growth potential and natural resources, presenting opportunities for collaboration [7] Group 4 - Liu Ning held discussions with the Deputy Governor of Silesia Province, focusing on economic, investment, and technological cooperation [8] - The meeting highlighted the potential for collaboration in energy, mining, high-end equipment manufacturing, and digital economy [8] - Silesia Province expressed interest in participating in the 15th China Henan International Investment and Trade Fair, aiming to enhance cooperation in green development and healthcare [8]

证券日报网讯 9月12日晚间，金健米业发布公告称，湖南农发金健国际贸易股份有限公司（简称"金健 国贸公司""标的公司"），其系公司直接及间接合计持有100%股份的子公司。为充分优化标的公司财务 结构、提升资信评级和融资能力，从而提高运营效率，保障其服务公司工贸结合的产业链稳定性及供应 链韧性，提升市场竞争力与战略支撑能力，充分发挥国有企业稳价保供"压舱石"的作用，公司决定对金 健国贸公司增资。本次增资完成后，金健国贸公司的注册资本将由人民币1，000万元增加至人民币10， 000万元，公司将直接持有金健国贸公司99%股份，并通过全资子公司湖南金健米业营销有限公司间接 持有金健国贸公司1%股份，合计持有金健国贸公司100%股份。 （文章来源：证券日报） ...

Core Viewpoint - The article highlights the successful collaboration between the local agricultural industry, specifically the chili pepper production, and the power supply company, which ensures stable electricity for processing, thereby supporting rural revitalization and economic growth in the region [1][3][5]. Group 1: Agricultural Development - The chili pepper industry in Gaocun Village, known as "the first chili village in North China," has become a pillar of the local economy, significantly contributing to farmers' income [3]. - The area is expected to have over 80,000 acres of chili pepper planted by 2025, with a substantial increase in production and processing demand [3]. Group 2: Power Supply Support - The State Grid Xinfeng District Power Supply Company provides essential electricity support for the chili processing industry, which is crucial for operations from sorting to packaging [3][5]. - The company implements a tailored power supply plan for processing enterprises, ensuring a 24-hour emergency response mechanism to maintain uninterrupted electricity during the peak processing season [3][5]. Group 3: Economic Impact - The stable power supply not only facilitates the production of high-quality chili sauce but also embodies the hope for rural revitalization, allowing farmers to realize the value of their harvest [5]. - The collaboration between the power supply company and agricultural enterprises is seen as a model for driving industrial growth and enhancing farmers' prosperity [5].

1. Report Industry Investment Rating - No relevant information provided 2. Core Views of the Report - For rapeseed oil, it is recommended to take a bullish approach and pay attention to the China - Canada talks. The market will be affected by factors such as the harvest of Canadian rapeseed, the anti - dumping measures of China, the policy adjustment of US renewable fuels, and the domestic supply - demand situation [8][9]. - For rapeseed meal, a bullish mindset is recommended, focusing on China - US and China - Canada economic and trade relations. The market is influenced by factors like the weather in the US soybean - producing areas, the USDA report, domestic supply and demand, and trade relations [12][13]. 3. Summary According to the Directory 3.1. Weekly Key Points Summary Rapeseed Oil - Strategy: Participate with a bullish bias and monitor China - Canada talks [8]. - Market review: This week, rapeseed oil futures fluctuated slightly up. The closing price of the 01 contract was 9,857 yuan/ton, an increase of 39 yuan/ton compared with the previous week [9]. - Market outlook: Canadian rapeseed is in the harvest period with a bumper harvest. China's anti - dumping measures may pressure Canadian rapeseed prices. The US policy on renewable fuels affects the domestic vegetable oil market. Domestically, consumption is weakly boosted, but low refinery operation rates and limited near - month purchases reduce supply pressure [9]. Rapeseed Meal - Strategy: Adopt a bullish mindset and focus on China - US and China - Canada economic and trade relations [12]. - Market review: This week, rapeseed meal futures fluctuated slightly down. The closing price of the 01 contract was 2,531 yuan/ton, a decrease of 19 yuan/ton compared with the previous week [13]. - Market outlook: Good weather in the US soybean - producing areas ensures high yields, but a decrease in planting area supports prices. Domestically, near - month rapeseed arrivals are low, and aquaculture boosts demand, but soybean meal substitution weakens the demand for rapeseed meal [13]. 3.2. Futures and Spot Market Futures Price Movement - Rapeseed oil futures fluctuated slightly up this week, with a total open interest of 291,134 lots, an increase of 41,874 lots compared with last week. Rapeseed meal futures closed lower with a total open interest of 402,900 lots, an increase of 6,326 lots compared with the previous week [19]. Top 20 Net Positions - The top 20 net positions of rapeseed oil futures changed from net short to net long this week, reaching +19,239. The top 20 net positions of rapeseed meal futures changed from net long to net short, reaching - 16,117 [25]. Futures Warehouse Receipts - The registered warehouse receipts of rapeseed oil were 8,302 lots, and those of rapeseed meal were 10,383 lots [31]. Spot Price and Basis - The spot price of rapeseed oil in Jiangsu was 10,130 yuan/ton, slightly rebounding from last week. The basis between the active contract and the Jiangsu spot price was +273 yuan/ton. The rapeseed meal price in Nantong, Jiangsu was 2,570 yuan/ton, with little change from last week, and the basis was +39 yuan/ton [37][43]. Futures Inter - monthly Spread - The 1 - 5 spread of rapeseed oil was +361 yuan/ton, at a medium level in recent years. The 1 - 5 spread of rapeseed meal was +125 yuan/ton, also at a medium level in recent years [51]. Futures - Spot Ratio - The ratio of rapeseed oil to rapeseed meal for the 01 contract was 3.89, and the average spot price ratio was 3.94 [55]. Spread between Rapeseed Oil and Other Oils/Meals - The 01 contract spread between rapeseed oil and soybean oil was 1,535 yuan/ton, and the spread between rapeseed oil and palm oil was 561 yuan/ton, both expanding this week. The 01 contract spread between soybean meal and rapeseed meal was 548 yuan/ton, and the spot spread was 400 yuan/ton as of Thursday [64][70]. 3.3. Industrial Chain Situation Rapeseed - Supply: As of September 5, 2025, the total rapeseed inventory in refineries was 100,000 tons. The estimated rapeseed arrivals in September, October, and November 2025 were 195,000 tons, 130,000 tons, and 450,000 tons respectively. The spot crushing profit of imported rapeseed was +1,203 yuan/ton as of September 11. The rapeseed crushing volume in coastal refineries in the 36th week of 2025 was 49,000 tons, an increase of 1,000 tons from last week, with an operation rate of 11.99%. In July 2025, China's rapeseed imports were 176,000 tons, a year - on - year decrease of 56.63% and a month - on - month decrease of 0.85 tons [76][80][84][88]. Rapeseed Oil - Supply: As of the end of the 36th week of 2025, the domestic imported and crushed rapeseed oil inventory was 708,000 tons, a month - on - month decrease of 4.01%. In July 2025, rapeseed oil imports were 133,600 tons, a year - on - year increase of 16.86% and a month - on - month decrease of 16,700 tons [93]. - Demand: As of June 30, 2025, the monthly output of edible vegetable oil was 476,900 tons. As of July 31, 2025, the monthly catering revenue was 450.41 billion yuan. As of the end of the 36th week of 2025, the domestic imported and crushed rapeseed oil contract volume was 77,000 tons, a month - on - month decrease of 44.65% [97][101]. Rapeseed Meal - Supply: As of the end of the 36th week of 2025, the domestic imported and crushed rapeseed meal inventory was 19,000 tons, remaining flat compared with last week. In July 2025, rapeseed meal imports were 183,100 tons, a year - on - year decrease of 3.00% and a month - on - month decrease of 87,200 tons [105][109]. - Demand: As of July 31, 2025, the monthly output of feed was 2,827,300 tons [113]. 3.4. Options Market Analysis - As of September 12, this week, rapeseed meal closed lower, and the corresponding option implied volatility was 21.39%, a decrease of 0.14% compared with the previous week, at a slightly high level compared with the 20 - day, 40 - day, and 60 - day historical volatility of the underlying [117].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 605198 | 安德利 | 42.38 | -7.16% | 4.41万 | 2006"F | | 000972 | *ST中基 | 4.75 | -5.00% | 6.13万 | 2911.99万 | | 300138 | 晨光生物 | 13.09 | -2.53% | 10.69万 | 1.41亿 | | 300999 | 金龙鱼 | 33.19 | -1.92% | 10.30万 | 3.44亿 | | 603231 | 索宝蛋白 | 18.97 | -1.66% | 3.68万 | 7000.00万 | | 003030 | 祖名股份 | 19.47 | -1.57% | 1.09万 | 2125.63万 | | 000930 | 中粮科技 | 6.23 | -1.27% | 11.35万 | 7080.19万 | | 002286 | 保龄宝 | 10.44 | -1.14% | 6.01万 | 6280.49万 | | 832023 ...