Market Overview - The agricultural processing sector increased by 0.15% on January 5, with Morning Glory Biological leading the gains [1] - The Shanghai Composite Index closed at 4023.42, up 1.38%, while the Shenzhen Component Index closed at 13828.63, up 2.24% [1] Stock Performance - Morning Glory Biological (300138) closed at 12.83, with a rise of 3.38% and a trading volume of 75,200 shares, amounting to 95.67 million yuan [1] - Other notable performers included: - ST Zhongji (000972) at 4.03, up 2.81% with a trading volume of 258,900 shares [1] - Jinlongyu (300999) at 29.37, up 2.19% with a trading volume of 123,900 shares [1] - Daodaoquan (002852) at 10.73, up 1.71% with a trading volume of 44,300 shares [1] Capital Flow - The agricultural processing sector saw a net inflow of 30.45 million yuan from main funds, while retail funds experienced a net outflow of 11.92 million yuan [2] - The main funds' net inflow and outflow for specific stocks included: - Huadao Industrial (600191) with a net inflow of 24.94 million yuan [3] - Guannong Co. (600251) with a net inflow of 17.58 million yuan [3] - Yongshuntai (001338) with a net inflow of 9.82 million yuan [3]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 行情回顾 2025年12月，受产地棕榈油超预期累库、全球菜籽丰产及国内"旺季不旺"需求拖累，国内外油脂市场全 线承压，价格重心下移。油脂板块的主导驱动逻辑依然在棕榈油，棕榈油在马来西亚12月公布的累库数 据打击下，盘面一度下挫，节前迎来一小波反弹，但产地并没有明显好转的出口和降幅较小的产量数据 使得阶段性反弹并未形成突破。豆油自身累库压力仍存，菜籽油中加关系走向不明的背景下，主产国丰 产预期以及澳菜籽到港均带来一定压力，因此整体板块共同承压运行为主。截至12月31日当月，豆油主 力合约月线收跌2.21%；棕榈油主力合约月线跌幅1.08%；菜籽油主力合约月线收跌4.36%。 二、国际市场重点事件及外围因素影响分析 （一）地缘事件支撑原油价格，或对油脂板块形成短暂带动 1月3日美国对委内瑞拉发动了军事打击，并控制了其总统马杜罗。美国总统特朗普随后宣布将"管理"委 内瑞拉，并推动美国石油公司进入该国开发其石油资源。委内瑞拉是全球最大的石油探明储量国，1月3 日军事袭击以来出口总体处于暂停状态，已装载原油或燃料油的船只停滞不前，此前计划装船的船只也 出 ...

Group 1 - The core viewpoint of the article indicates that corn protein powder has entered a seasonal demand lull following the New Year holiday, leading to a slight price adjustment [1] - The domestic market experienced a brief concentrated procurement period before the New Year, but post-holiday, downstream market demand has weakened, resulting in decreased purchasing enthusiasm [1] - Since mid-December, the concentrated export period for corn protein powder has also come to an end, while the operating rate of the domestic corn deep processing industry remains high, further increasing market supply pressure [1] Group 2 - As of January 5, the market transaction price for 60% corn protein powder in Shandong is between 3840-4080 yuan per ton, remaining stable compared to the previous trading day, although some factories have seen prices drop by 60 yuan per ton, a decrease of 1.47% [1] - Corn prices remain relatively high, providing some cost support for by-products, while the price fluctuations of soybean meal are limited, suggesting that corn by-product prices may experience slight weakness in the short term, with limited room for decline [1]

Core Viewpoint - The Chicago Board of Trade (CBOT) soybean oil futures prices experienced slight fluctuations, with a current price of 49.34 cents per pound, reflecting a 0.04% increase from the opening price [1] Group 1: Soybean Oil Futures Market Overview - On January 2, CBOT soybean oil futures opened at 48.48 cents, reached a high of 49.30 cents, a low of 48.26 cents, and closed at 49.24 cents, marking a 1.25% increase [1] - The highest price during the current trading session was 49.43 cents, while the lowest was 49.28 cents [1] Group 2: USDA Report Insights - The USDA's monthly oilseed report indicates that the U.S. soybean crush for November 2025 is projected at 6.62 million tons (221 million bushels), down from 7.09 million tons (236 million bushels) in October [1] - Notably, soybean oil stocks surged to 1.697 billion pounds, representing a 25% month-over-month increase [1] Group 3: Current Soybean Oil Prices - As of January 4, the spot price for first-grade soybean oil was reported at 8,340 yuan per ton, remaining unchanged from the previous day [1] - Over the past week, the price of first-grade soybean oil has increased by 20 yuan per ton, a rise of 0.24% [1] - However, in the last month, the price has decreased by 206.67 yuan per ton, reflecting a decline of 2.42% [1] Group 4: Agricultural Policy Developments - The Ministry of Agriculture and Rural Affairs has proposed a multi-oil strategy to enhance soybean oil production capacity and self-sufficiency, emphasizing the development of modern livestock and aquaculture industries [1]

元旦的恭城瑶族自治县，文庙的红墙下，深圳游客张先生牵着孩子的手，仰头细看大殿檐角琉璃脊 上斑驳的戏剧人物。"孩子课本里读'庙堂'，今天总算见了真的。"他笑道。不远处，武庙古戏台依稀传 来锣鼓声，仿佛穿越百年。3天小长假，这两座静静矗立600余年的古建筑，迎来了近万名游客。 热闹不只属于田间地头。在位于恭城的桂林聚鑫农业有限公司车间里，自动化生产线昼夜不停，新 鲜月柿经过加工、烘烤，变为柿饼、果干，日均处理超20吨。"订单排到年后了。"负责人指着繁忙的流 水线说。而在电商直播间，恭城森璐贸易的助农主播正热情介绍，月柿产品一小时便卖出近万单，发往 天南海北，甚至远至俄罗斯。 传承百年的油茶，也飘香出新的产业。在新欧记食品的洁净车间，浓缩油茶膏、速溶油茶等新产品 从流水线上鱼贯而出，设计日产能达2吨，仍供不应求。 据统计，元旦假期，全县接待游客超3万人次，同比增长近1/4。月柿系列产品销售额达8600万元， 其中超过1/3经由电商销往全国；油茶及相关制品销售额突破3200万元。随着灌平高速公路通车，来自 广东、湖南的游客占比显著提升，约占客流总量的六成。（施洋洋 韦六彬） 与古建的静雅相映成趣的，是莲花镇红岩村的生 ...

油脂油料早报 研究中心交营品团队 2026/01/05 隔夜市场信息 : 截至12月25日当周，美国大豆出口销售料净增70-195万吨 分析师预估显示,截至12月25日当周,美国大豆出口销售料净增70-195万吨。其中2025-26年度料净增70-180万 吨, 2026-27年度料净增0-15万吨。 ○○○ 鳳点资讯 据总资H 美国豆粕出口销售料净增15-50万吨。其中2025-26年度料净增15-50万吨,2026-27年度料净增0吨。美国豆油出口 销售料净增0-2万吨。其中2025-26年度料净增0-2万吨，2026-27年度料净增0吨。 OGO 000 OO 幅点赏H 美国11月大豆压榨量为662万短吨 USDA发布的月度油将压榨报告显示，美国2025年11月大豆压榨量为662万短吨(2.21亿蒲式耳）。2025年10月为709 万短吨(2.36亿蒲式耳),2024年11月为630万短吨(2.10亿蒲式耳）。 ○○○ 隔点资讯 美国11月毛豆油产量为25.3亿磅，较2025年10月下降8%，但较2024年11月上升2%。豆粕产量为4,880,779短吨。 国11月玉米干酒糟(DDGS)产量为175万短 ...

从业资格号：F0273729 交易咨询号：Z0002942 邮箱：wangja@wkqh.cn 五矿期货农产品早报 五矿期货农产品团队 农产品早报 2026-01-05 从业资格号：F03116327 交易咨询号：Z0019233 邮 王俊 组长、生鲜品研究员 元旦节前郑州白糖期货价格窄幅震荡，郑糖 5 月合约收盘价报 5251 元/吨，较前一交易日下跌元/吨，或 0.13%。现货方面，广西制糖集团新糖报价 5300-5400 元/吨，报价较上个交易日下跌 10 元/吨；云南制 糖集团新糖报价 5170-5240 元/吨，报价较上个交易日下跌 0-10 元/吨；加工糖厂主流报价区间 5780-5810 元/吨，报价较上个交易日下跌 0-10 元/吨。广西现货-郑糖主力合约基差 49 元/吨。 杨泽元 软商品、油脂油料研究员 据印度全国合作糖厂联合会有限公司(NFCSF)发布的数据显示，截至 2025 年 12 月 31 日，印度糖厂已压 榨甘蔗 1.33 亿吨，同比增加 0.23 亿吨。本榨季截至目前共有 499 家糖厂开榨。截至 2025 年 12 月 31 日 食糖产量达 1183 万吨，同比增加 227 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The bottom of import costs may have emerged, but upward potential requires greater production cuts. Currently, domestic soybean and soybean meal inventories are large, but near - month purchases are few. With expected low arrivals from February to March and pressured crushing margins, prices are expected to continue oscillating [9][10][11]. 3. Summary by Directory 3.1 Monthly Assessment and Strategy Recommendation - **Market Review**: In December, CBOT soybean prices dropped significantly. The March contract closed at 1047.25 cents/bushel, down 98 cents/bushel (8.56% decline). In China, December saw falling prices of soybean and rapeseed meal. The May soybean meal contract closed at 2749 yuan/ton, down 96 yuan/ton (3.37% decline), and the May rapeseed meal contract at 2365 yuan/ton, down 50 yuan/ton (2.07% decline) [10]. - **Industry Information**: According to USDA data, the estimated global soybean production in December was 422.54 million tons, up 79,000 tons from the previous month. As of December 18, US cumulative soybean exports for the current year were 26.52 million tons, a year - on - year decrease of 12.05 million tons. In November, Brazil exported 4.2 million tons of soybeans, a year - on - year increase of 1.64 million tons [10]. - **Fundamental Assessment**: The 5 - month contract basis of soybean meal was +290 yuan/ton, and the US soybean 3 - 5 spread was - 13.5 cents/bushel. The soybean import crushing margin was - 81 yuan/ton, and the soybean - rapeseed meal spread was 399 yuan/ton. Overall, the market is expected to continue oscillating [11]. - **Trading Strategy Recommendation**: Both unilateral and arbitrage strategies suggest waiting and seeing [12]. 3.2 Futures and Spot Markets - **Spot Prices**: The report presents historical data charts of soybean meal spot prices in Dongguan, Guangdong, and rapeseed meal spot prices in Huangpu, Guangdong [19][20]. - **Main Contract Basis**: Charts show the basis of the May soybean meal contract and the May rapeseed meal contract [22][23]. - **Inter - monthly Spreads**: The report provides charts of the 5 - 9 month spreads of soybean meal and rapeseed meal [25]. - **Soybean Meal - Rapeseed Meal Spread**: Charts show the spreads between the May and September contracts of soybean meal and rapeseed meal [26][28]. 3.3 Supply Side - **US Soybean Planting Progress**: Charts display the planting progress, emergence rate, leaf - falling rate, and good - quality rate of US soybeans [31][32][35]. - **Weather Conditions**: Charts show the precipitation observations of soybeans in Brazil, the US, and Argentina compared to the same period of the year [37][38][41]. - **US Soybean Export Progress**: Charts present the cumulative signing volume, next - year signing volume, exports to China, and monthly imports of soybeans in the US, as well as China's soybean and rapeseed monthly imports [46][48][51]. - **China's Oil Mill Crushing Situation**: Charts show the soybean and rapeseed crushing volumes of major oil mills in China [55][56]. - **Brazilian Soybean Export Situation**: Charts display Brazil's monthly soybean exports, exports to China, weekly and cumulative shipments to China, as well as Argentina's weekly and cumulative shipments to China [58][59][61]. 3.4 Profit and Inventory - **Oilseed Inventory**: Charts show the port inventory of soybeans and the inventory of rapeseed in major oil mills [69][70]. - **Protein Meal Inventory**: Charts present the inventory of soybean meal and rapeseed meal in major coastal oil mills [72][73]. - **Protein Meal Crushing Profit**: Charts show the crushing profits of imported soybeans in Guangdong and imported rapeseed in coastal areas [75][76]. 3.5 Demand Side - **Soybean Meal Demand**: Charts display the cumulative transactions and apparent consumption of soybean meal in major oil mills [79]. - **Breeding Profit**: Charts show the average profit per head of self - breeding and self - raising pigs and the breeding profit of white - feather broilers [81][82].

Core Insights - Inner Mongolia's agricultural transformation financial loans reached 288 million yuan by the end of 2025, with a loan balance of 138 million yuan, benefiting 10 agricultural entities across 9 leagues and cities [1] - The region is focusing on becoming a national key production base for agricultural and livestock products, implementing financial standards to support agricultural transformation projects [1] - A total of 13 projects have been included in the first batch of agricultural transformation financial projects in Inner Mongolia [1] Group 1 - Inner Mongolia's financial institutions are directing credit resources towards green planting, ecological breeding, and agricultural product processing to meet emission reduction needs [1] - The Agricultural Transformation Financial Loan of 9.9 million yuan was issued to a cooperative in Alxa League to support a comprehensive emission reduction system [1] Group 2 - Inner Mongolia is innovating a "transformation finance +" model tailored to agricultural industry characteristics, creating replicable financial service models [2] - The China Construction Bank provided a 150 million yuan carbon reduction-linked loan to a modern pastoral company, marking the first "carbon label" agricultural transformation financial loan in the region [2] - The Inner Mongolia Rural Commercial Bank issued a 12 million yuan sustainable development-linked loan to a beverage company, supporting the establishment of a full-cycle carbon footprint model [2] Group 3 - Financial institutions in Inner Mongolia are establishing incentive mechanisms to strengthen risk control and ensure effective financial support for agricultural transformation [2] - The Inner Mongolia Rural Commercial Bank provided 12.8 million yuan in loans for high-standard rice paddy construction, reducing loan interest rates by 30 basis points [2] - The bank also lowered the interest rate on sustainable development-linked loans by 98 basis points compared to previous non-agricultural transformation loans, significantly reducing financing costs for enterprises [2]

二 〇 二 六 年 度 报告导读： 上周观点及逻辑： 棕榈油：12 月减产幅度接近 10%，逐步兑现减产预期，高频出口数据良好，对棕榈油形成短期支撑， 同时技术买盘强劲，05 合约周涨 0.19%，但打到区间上沿后进一步突破力度不足，仍以震荡为主。 豆油：缺乏南美天气炒作，美豆上方驱动有限，区间震荡操作，豆油 05 合约周涨 0.33%。 2026 年 01 月 04 日 棕榈油：马盘偏弱运行，关注原油波动外溢 豆油：美豆走弱，豆油月差故事多于单边 李隽钰 投资咨询从业资格号：Z0021380 lijunyu@gtht.com 本周观点及逻辑： 棕榈油：MPOA 数据显示 12 月减产幅度 8%，逐步接近 175 万吨产量水平，同时 ITS 数据显示前 25 日 出口增 2%，12 月大概率将开启季节性去库进程，因此在 8200 的技术买点涌现大量买盘，重回逢低做多的 减产季常态化交易选择。虽然目前保守认为仍然需要更多月份的产量数据以验证市场现在关于棕榈高产的 种种猜测，究竟是园区管理及劳工增加带来的常态化产量抬升还是树龄及降雨导致的增产结果，但随着雨 季高强度降水的到来，如果 12 月顺利环比减产至 170 ...