Core Insights - The company is actively supporting the development of private enterprises by enhancing its financing coordination mechanisms for small and micro enterprises, with a focus on high-quality growth [1][2] - As of the end of April, 86.03% of the company's corporate clients are private enterprises, with a total support of 660 private enterprises amounting to 3.445 billion yuan [1] - The company has implemented a three-tiered service model combining "list visits + precise matching + financial empowerment" to extend its service reach [1] Financing Support - The company has provided 5 million yuan in credit support to Xu Zhou Hanlan Machinery Technology Co., Ltd. to address raw material procurement funding shortages [1] - The "Specialized, Refined, Characteristic, and Innovative Loan" product has been issued to six enterprises, totaling over 40 million yuan [1] - The company has simplified its approval processes and introduced a dual-channel service model (online and offline) to enhance customer satisfaction and credit efficiency [2] Innovative Products - The "Tax-Enterprise Integration" product allows enterprises to apply for loans based on their tax records, with a maximum limit of 500,000 yuan, and the entire process from application to fund disbursement takes only 3 hours [3] - Xu Zhou Heyao Wood Industry Co., Ltd. received a 2 million yuan credit limit and funding on the same day through the company's efficient service [3] - The company aims to meet diverse financing needs across different stages of enterprise development, contributing to the growth of private enterprises [3]

1. Report Industry Investment Ratings - Oils and Fats: Oscillating with a bullish bias [4] - Protein Meal: Oscillating [4] - Corn and Starch: Oscillating [4] - Live Pigs: Oscillating with a bullish bias [5] - Natural Rubber: Oscillating [6] - Synthetic Rubber: Oscillating [9] - Cotton: Oscillating [10] - Sugar: Oscillating [11] - Pulp: Oscillating with a bearish bias [12] - Logs: Oscillating with a bearish bias [13] 2. Core Viewpoints of the Report - The report analyzes the market conditions of multiple agricultural products. In the short - term, the prices of live pigs and oils and fats may show a bullish trend, while protein meal, corn, and other products will oscillate. In the long - term, the supply of live pigs may face pressure, and the sugar market may decline due to expected supply increases [2][4][5]. 3. Summaries According to Relevant Catalogs 3.1 Market Views 3.1.1 Oils and Fats - Yesterday, the market oscillated and showed differentiation. The market should continue to monitor changes in the US biodiesel policy. Due to technical buying and optimistic demand expectations for soybean oil in the US biofuel industry, US soybeans rose on Wednesday, and domestic oils oscillated and showed differentiation yesterday, with palm oil being relatively strong. In the future, oils may continue to oscillate with a bullish bias, but the sustainability of the upward trend should be noted [4]. 3.1.2 Protein Meal - The price rose first and then fell, continuing to oscillate. Internationally, the US "Big and Beautiful" Act was passed, and US soybeans rebounded from the lower limit of the range. Domestically, soybean meal inventories continued to accumulate, and supply pressure may lead to a weakening of spot prices. In the long - term, protein meal may be supported by cost and oscillate in the short - term [4]. 3.1.3 Corn and Starch - The futures market remained weak, and the spot market stabilized. The current fundamentals of the corn market are affected by factors such as rainfall, changes in supply rhythm, and wheat substitution. The short - term trend is oscillating [4][5]. 3.1.4 Live Pigs - Affected by the expected supply - side reform in the industry, the live pig futures market rebounded. In the short - term, pig prices have temporarily changed from weak to strong, but in the long - term, there is still supply pressure [2][5]. 3.1.5 Natural Rubber - Rubber prices continued to fluctuate with commodities. The current fundamentals of natural rubber are relatively stable, with limited price changes, and the market is waiting for new variables [6][8]. 3.1.6 Synthetic Rubber - The weak raw materials dragged the market down. The current fundamentals of synthetic rubber are not significant, and the market mainly follows the fluctuations of natural rubber and overall commodities. The market may continue to decline, and attention should be paid to the previous low support [9]. 3.1.7 Cotton - Low inventory supports cotton prices. Although there are expectations of increased production in the new season, the current low inventory structure is expected to be beneficial to cotton prices, and the short - term price may be relatively resistant to decline [10]. 3.1.8 Sugar - The external market continued to weaken, and the domestic - foreign price difference widened. Domestically, there is an expectation of concentrated arrivals of imported sugar, and the sugar price is expected to be under pressure [11]. 3.1.9 Pulp - The futures market continued to rebound, but the spot market did not follow. The supply - demand situation of pulp is weak, and the futures market is expected to oscillate with a bearish bias [12]. 3.1.10 Logs - The fundamentals changed little, and the market oscillated. The log market is in a traditional off - season, and the medium - term supply - demand pattern is expected to be weak on both sides [13]. 3.2 Variety Data Monitoring - The report lists the data monitoring of multiple varieties, including the prices of live pigs, oils and fats, cotton, etc., but does not provide detailed analysis in this part [16][47][66][105][118][133][152]. 3.3 Rating Standards - The report provides rating standards such as "bullish", "oscillating with a bullish bias", "oscillating", "oscillating with a bearish bias", and "bearish", and the time period is the next 2 - 12 weeks [165].

Core Insights - The forestry sector, which includes timber processing and furniture manufacturing, was a significant economic pillar in certain regions of Ukraine, despite only accounting for 1.2% of the national GDP before the conflict [1] Group 1: Economic Impact of the Conflict - The Ukrainian economy suffered a severe contraction of nearly one-third following the outbreak of the conflict in 2022 [3] - The destruction of energy infrastructure led to a sharp increase in domestic demand for firewood [3] - The Ukrainian government decided to increase timber harvesting in controlled areas to alleviate economic pressure, with plans to strengthen the timber processing industry in the western controlled regions [3] Group 2: Export Performance - In the first five months of 2025, Ukraine's timber and wood products exports reached 1.42 million tons, a year-on-year increase of 6.55%, with export value around $671 million, up 13.2% from the previous year [3] - The EU's ban on Russian timber and the introduction of Autonomous Trade Measures (ATM) in 2022 allowed Ukrainian forestry products to enter the EU market significantly, making Ukraine the second-largest furniture supplier in Europe after China [5] Group 3: Challenges and Opportunities - The EU's increasing demands for transparency and sustainability in forestry products necessitate urgent reforms in Ukraine's forestry sector to meet market standards [5] - The termination of the ATM by the EU does not affect Ukraine's classification as a "low-risk" country under the EU Deforestation Regulation (EUDR), which still facilitates access to the EU market [5] - Despite a drastic decline in timber exports to China, where imports fell by 80.2% in 2022, Ukraine maintains a strong bilateral trade relationship, with imports from China increasing by 37.2% in 2024 [7] Group 4: Market Outlook - Overall, Ukraine's forestry trade faces both opportunities and challenges in the current international landscape, with stable demand from the EU but significant hurdles in restoring exports to China [9]

Core Viewpoint - ST Jinggu (600265) announced that its subsidiary, Huiyin Wood Industry, has had its finished goods warehouse and all finished board goods within the warehouse seized, along with the freezing of its main bank accounts, which will adversely affect normal shipments and sales [1] Group 1 - The seized inventory accounts for approximately 70% of the company's total inventory, indicating a significant operational impact [1] - The company has not yet received any legal documents or court notifications regarding the case, leading to uncertainty about the impact on current and future profits [1] - If Huiyin Wood Industry is ultimately found liable, there is a risk of judicial disposal of related assets, which would negatively affect its operations [1]

x产业期现目报 投资咨询业务资格:证监许可【2011】1292号 2025年6月27日 现货价格及基差 品种 6月26日 6月25日 涨跌 涨跌幅 单位 云南国营全乳胶(SCRWF):上海 13850 13750 100 0.73% 全乳基差(切换至2509合约) -190 -20 -170 -850.00% 元/吨 泰标混合胶报价 13700 13600 100 0.74% 非标价差 -340 -170 -170 -100.00% 杯胶:国际市场:FOB中间价 46.95 47.20 -0.25 -0.53% 泰铢/公斤 胶水：国际市场：FOB中间价 57.50 -0.25 57.25 -0.43% 天然橡胶:胶块:西双版纳州 12600 12600 0 0.00% 13200 0 天然橡胶：胶水：西双版纳州 13200 0.00% 元/吨 原料：市场主流价：海南 12400 12400 0 0.00% 外胶原料：市场主流价：海南 9000 9000 0.00 0.00% 合约 6月26日 6月25日 涨跌 涨跌幅 单位 9-1价差 -845 -850 5 0.59% 1-5价差 -25 -5 -20.00 ...

x产业期现目报 投资咨询业务资格:证监许可【2011】1292号 2025年6月27日 现货价格及基差 品种 6月26日 6月25日 涨跌 涨跌幅 单位 云南国营全乳胶(SCRWF):上海 13850 13750 100 0.73% 全乳基差(切换至2509合约) -190 -20 -170 -850.00% 元/吨 泰标混合胶报价 13700 13600 100 0.74% 非标价差 -340 -170 -170 -100.00% 杯胶:国际市场:FOB中间价 46.95 47.20 -0.25 -0.53% 泰铢/公斤 胶水：国际市场：FOB中间价 57.50 -0.25 57.25 -0.43% 天然橡胶:胶块:西双版纳州 12600 12600 0 0.00% 13200 0 天然橡胶：胶水：西双版纳州 13200 0.00% 元/吨 原料：市场主流价：海南 12400 12400 0 0.00% 外胶原料：市场主流价：海南 9000 9000 0.00 0.00% 合约 6月26日 6月25日 涨跌 涨跌幅 单位 9-1价差 -845 -850 5 0.59% 1-5价差 -25 -5 -20.00 ...

Group 1 - The first contract for log futures, LG2507, is approaching physical delivery, with market participants showing increased understanding and preparation for the delivery process [1] - Multiple enterprises have expressed willingness to participate in the LG2507 contract delivery, despite a seasonal downturn in the real estate market affecting demand [2][3] - The Dalian Commodity Exchange has organized several mock deliveries in key log delivery regions to ensure a smooth delivery process, increasing the maximum delivery capacity and enhancing inspection capabilities [3] Group 2 - Companies like Shandong Longsheng Import and Export Co., Ltd. have actively engaged in mock deliveries to familiarize themselves with the delivery process and ensure readiness for the upcoming physical delivery [4] - Training sessions for industry clients on log delivery rules and processes have been conducted, indicating a proactive approach to educating market participants [5] - The introduction of standardized measurement methods for logs, such as the "national standard measurement," is gaining acceptance among downstream processing enterprises, promoting transparency and reducing transaction friction [8][9] Group 3 - The log futures market is seen as a tool for risk management, with companies increasingly adopting hedging strategies to mitigate price volatility [11] - The integration of futures and spot markets is viewed as a future direction for the industry, with calls for companies to embrace futures trading and enhance their understanding of risk management tools [12] - The overall sentiment in the industry is positive, with expectations that log futures will contribute to the healthy development of the log industry and improve operational efficiency [10][11]

交产业期现日报 投资咨询业务资格:证监许可【2011】1292号 2025年6月26日 现货价格及基差 品种 6月25日 6月24日 涨跌 涨跌幅 单位 云南国营全乳胶(SCRWF):上海 13750 13850 -100 -0.72% 全乳基差(切换至2509合约) -20 185 -205 -110.81% 元/吨 泰标混合胶报价 13700 13600 100 0.74% 非标价差 -70 -୧୧ -5 -7.69% 杯胶:国际市场:FOB中间价 47.20 47.15 0.05 0.11% 泰铢/公斤 57.75 57.50 -0.25 -0.43% 胶水：国际市场：FOB中间价 天然橡胶:胶块:西双版纳州 12600 12600 0 0.00% 13200 天然橡胶:胶水:西双版纳州 13200 0 0.00% 元/吨 原料：市场主流价：海南 12400 12400 0.00% 0 外胶原料：市场主流价：海南 9000 9000 0.00 0.00% 月间价差 单位 合约 6月25日 6月24日 涨跌 涨跌幅 9-1价差 -850 -870 20 2.30% 1-5价差 -20 -5 -25 -25 ...

在成武县木材产业从传统加工迈向全链条发展的过程中，成武农商银行提供了金融助力。该行通过创新 金融服务体系，加大支持力度，推动了实体经济的发展。 从板材加工到家具制造，从传统生产到绿色转型，该行始终支持企业发展，以多元化的金融产品和服 务，为木材产业发展提供动力。下一步，该行将继续深化金融创新，加大金融支持力度，促进木材产业 发展，为实体经济高质量发展贡献金融力量。 助力板材企业升级蝶变。朱先生的板材加工厂位于成武县孙寺镇，是当地建筑模板和家具基材的重要生 产基地。创业初期，朱先生依靠杨木旋皮积累了资金，建立了板材加工厂，并拥有了稳定的客户群体。 然而，老旧的单面压机限制了产能提升。此时，该行秉持"以客户为中心"的服务理念，主动上门，根据 朱先生的经营情况和交易流水，开启绿色审批通道，仅用3天时间就完成了100万元"流水易贷"的审批， 为企业提供了资金支持。同时，该行开展"首贷培植行动"，为企业配备专属客户经理，提供"贷款+结算 +代发工资"的一揽子金融服务，降低了企业融资成本。有了资金，企业购置了新型压机，实现了产量 和质量的提升。该行针对木材加工行业客户资金需求急、周转快的特点，开通绿色通道，实行限时办结 ...

1. Report Industry Investment Ratings - The report does not explicitly provide an overall industry investment rating. However, it gives individual ratings for each commodity: - **Oils and Fats**: Oscillating [9] - **Protein Meal**: Oscillating [10] - **Corn and Starch**: Oscillating [11] - **Hogs**: Oscillating, with a long - term downward trend [12] - **Natural Rubber**: Oscillating [13] - **Synthetic Rubber**: Oscillating [15] - **Cotton**: Oscillating weakly in the short - term [16] - **Sugar**: Oscillating weakly in the long - term, with a short - term rebound [18] - **Pulp**: Oscillating [19] - **Logs**: Oscillating weakly [20] 2. Core Views of the Report - The report analyzes multiple agricultural commodities, including their current market conditions, supply - demand relationships, and future outlooks. Overall, most commodities are expected to show oscillating trends, with some facing supply pressures and others influenced by seasonal factors and policy changes. For example, hogs are expected to face increasing supply pressure in the second half of the year, while oils and fats may return to range - bound trading [12][9]. 3. Summary by Commodity Oils and Fats - **Industry Information**: SPPOMA data shows that from June 1 - 20, Malaysian palm oil production increased by 2.5% month - on - month, and from June 1 - 15, it decreased by 4% month - on - month. Shipping agencies expect Malaysian palm oil exports from June 1 - 20 to increase by 10% - 17% month - on - month [9]. - **Logic**: Due to profit - taking and favorable weather in the US soybean growing areas, US soybeans and soybean oil fell last Friday. Domestically, oils and fats trended weakly. The EPA proposal's bullish sentiment may have been released, and there are still uncertainties. US soybean planting is progressing well, and domestic soybean imports are large, with rising soybean oil inventories. Malaysian palm oil production growth in June is limited, and the export outlook is optimistic. Domestic rapeseed oil inventories are high but slowly declining [9]. - **Outlook**: The bullish impact of the EPA's biodiesel proposal may have been priced in. Given the good growth of US soybeans, normal weather, and the palm oil production season, oils and fats are likely to return to range - bound trading, with increased downward pressure recently [9]. Protein Meal - **Industry Information**: On June 23, 2025, the average import soybean crushing profit in China was 76.65 yuan/ton, a week - on - week decrease of 24.87 yuan/ton or 24.5%, and a year - on - year increase of 155.24 yuan/ton or 288.98% [10]. - **Logic**: Internationally, the Rosario Grain Exchange raised Argentina's soybean production forecast by 3 million tons. The bullish sentiment from crude oil and the EPA has been released. US soybean planting and emergence are going well, with normal to slightly above - normal precipitation expected in the next two weeks. Freight costs are rising, and South American soybean premiums are increasing. Domestically, trading sentiment has declined, and the basis in East China has weakened. Soybean arrivals will increase in the next two months, and soybean meal inventories are seasonally rising, but there is no immediate pressure. The demand for soybean meal is expected to be stable or increase slightly, but there may be a supply shortage in the fourth quarter [10]. - **Outlook**: US soybeans are expected to trade in a range due to bullish factors and lower - than - expected good - quality rates. Domestically, soybean meal supply and demand are both increasing, and the price is expected to have a short - term correction. Oil mills can sell on rallies, and downstream enterprises can buy basis contracts or fix prices at low levels [10]. Corn and Starch - **Industry Information**: According to Mysteel, the FOB price at Jinzhou Port is 2380 yuan/ton, unchanged from the previous period. The domestic average corn price is 2422 yuan/ton, an increase of 7 yuan/ton [11]. - **Logic**: Domestic corn prices are stable with a slight increase. In North China, some deep - processing enterprises lowered their purchase prices due to increased arrivals, while other regions were stable to strong. Wheat harvesting is over, and traders are selling more corn. Corn feed inventories are decreasing, indicating weak replenishment demand. South Port inventories are temporarily increasing due to weather but are expected to decline. Imported grains are tightening, and inventory reduction is expected in the 24/25 season [11]. - **Outlook**: Driven by the expected supply - demand gap, the price is expected to oscillate, but attention should be paid to the potential negative impact of import auctions [11]. Hogs - **Industry Information**: On June 23, the price of Henan's externally - bred hogs was 14.72 yuan/kg, a 1.1% increase from the previous day. The closing price of the active hog futures contract was 13980 yuan/ton, a 0.6% increase [12]. - **Logic**: In the short term, the proportion of large hogs for sale is increasing, and the average weight is decreasing. In the medium term, based on the increase in new - born piglets from January to May 2025, the number of hogs for sale is expected to increase in the second half of the year. In the long term, the production capacity remains high, and the inventory of breeding sows is increasing. The profit of self - breeding and self - raising is close to the break - even point. Demand is weak due to high temperatures, and hog weights are decreasing. In June, hog farmers started to reduce inventory, but there is resistance to low prices, and the selling rhythm is inconsistent. In the third quarter, there are expectations for peak consumption seasons. In the long term, the hog price is in a downward cycle [12]. - **Outlook**: As hog farmers reduce inventory and it is the off - season for consumption, the supply - demand balance is loose. If inventory reduction is sufficient, the supply pressure may ease, but the number of hogs for sale is expected to increase in the second half of the year [12]. Natural Rubber - **Industry Information**: On June 23, the price of RMB - denominated Thai mixed rubber in Qingdao Free Trade Zone was 13820 yuan/ton, an increase of 40 yuan. The price of domestic whole - milk old rubber was 13950 yuan/ton, an increase of 50 yuan [13]. - **Logic**: Rubber prices oscillated within a range of about 200 yuan. Although the overall commodity market corrected, rubber prices were supported by raw materials. Most Asian rubber - producing areas are in the rainy season, and raw material prices have rebounded slightly. Supply is limited due to rain and the early stage of tapping. Some tire enterprises' production has recovered, and inventory pressure has eased slightly, but the demand outlook is still weak [13]. - **Outlook**: External events are currently the main factor affecting the market, and the duration is uncertain. Rubber prices may maintain a strong - side oscillation due to the low non - standard basis [13]. Synthetic Rubber - **Industry Information**: The spot price of butadiene rubber from two major suppliers in Shandong was 11750 yuan/ton, a decrease of 50 yuan [15]. - **Logic**: With the decline in oil prices and butadiene prices, the market trended weakly. The market is mainly influenced by crude oil and the chemical sector. The overall operating rate has dropped to the lowest level since May, but inventories have increased slightly, indicating weak downstream demand. Butadiene prices oscillated in a small range last week, with a slight increase in the average weekly price. Domestic production has increased slightly, and port inventories have risen, but downstream buying is cautious [15]. - **Outlook**: Geopolitical conflicts may last at least one week, and the market may be affected. Although the fundamental downward trend remains, the market may oscillate strongly in the short term [15]. Cotton - **Industry Information**: As of June 23, the number of registered cotton warehouse receipts in the 24/25 season was 10493. The closing price of Zhengzhou Cotton 09 was 13465 yuan/ton, a decrease of 30 yuan/ton [16]. - **Logic**: In the 25/26 season, China's cotton production is expected to increase, and other major producing countries such as India and Brazil also have production growth expectations. The US cotton production depends on the third - quarter weather. The downstream market has entered the off - season, with increasing textile inventories and slower production. Cotton commercial inventories have decreased faster than in previous years, and there are concerns about tight inventories at the end of the season, supporting the basis. However, the upward momentum is weak due to weak demand and new - crop production expectations [16]. - **Outlook**: In the short term, cotton prices are expected to oscillate between 13000 - 13800 yuan/ton. There may be opportunities for reverse spreads [16]. Sugar - **Industry Information**: As of June 23, the closing price of Zhengzhou Sugar 09 was 5721 yuan/ton, an increase of 1 yuan/ton [18]. - **Logic**: The sugar market fundamentals have not changed much. The external market has priced in the expected oversupply in the new season, and the prices of domestic and foreign futures have declined. The Brazilian real has strengthened against the US dollar, and strong crude oil prices support the sugar price. Domestically, the 24/25 sugar production season has ended, and the sales rate is high, with lower inventories than last year. However, there are expectations of concentrated sugar imports. Internationally, Brazil, India, and Thailand are expected to increase production in the new season [18]. - **Outlook**: In the long term, due to the expected oversupply in the new season, sugar prices are expected to decline. In the short term, there may be a rebound [18]. Pulp - **Industry Information**: According to Longzhong Information, the previous trading day, the price of Russian softwood pulp in Shandong was 5300 yuan/ton, an increase of 50 yuan; the price of Marubeni was 5700 yuan/ton, an increase of 50 yuan; and the price of Arauco was 6050 yuan/ton, unchanged [19]. - **Logic**: Pulp futures prices rose significantly yesterday, especially for far - month contracts, mainly due to the suspension of new warehouse receipts for bleached needle - leaf pulp. However, the spot market followed the increase only slightly. Fundamentally, pulp imports remain high, and prices are still falling. Demand is in the off - season, and downstream paper enterprises' inventories are increasing, with weak procurement demand. The US dollar price is decreasing, and the current price is not attractive for large - scale inventory building. Although the reduction in deliverable varieties may support the futures price, the supply - demand situation is still loose [19]. - **Outlook**: Due to weak supply - demand fundamentals and the impact of changes in deliverable rules, pulp futures are expected to oscillate. The reasonable valuation range for the 09 contract is 5200 - 5500 yuan/ton [19]. Logs - **Industry Information**: The spot price of 4 - meter medium - grade A radiata pine logs in Jiangsu is 760 yuan/cubic meter, and in Shandong, it is 750 yuan/cubic meter [20]. - **Logic**: The log futures market has provided risk - free arbitrage opportunities, leading to increased purchases by arbitrageurs and stronger reluctance to sell among traders, driving up spot prices. The market is currently focused on the delivery logic. Near - month contracts are stable due to delivery support, while far - month contracts are returning to fundamentals. The trading volume of the 2507 contract is increasing, and the ratio of virtual to real positions is high, leading to increased volatility [20]. - **Outlook**: The supply pressure of logs is expected to ease at the end of June or early July. The demand is in the off - season from June to August. Although the spot price is supported by the clearance of old stocks, the market is expected to oscillate weakly in the short term [20].