Report Information - Report Title: Oilseeds and Oils Industry Daily Report - Report Date: August 15, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Industry Investment Rating - Not provided in the report. Core Views Oils - **Palm Oil**: Internationally, Malaysian BMD crude palm oil futures are strongly supported by favorable export data, with expectations to break through the 4500 ringgit resistance level. However, concerns about increasing production in the second half of the month and potential inventory growth at the end of the month may lead to a slowdown in the 4500 - 4580 ringgit range. Domestically, Dalian palm oil futures are also on a strong, volatile trend, testing the 9500 yuan mark. If it can hold above this level, it may reach 9700 yuan by the end of the month. Otherwise, it could retreat to the 9000 - 9200 yuan range. Both international and domestic markets are expected to maintain a near - strong, far - weak pattern [3]. - **Soybean Oil**: Spot prices fluctuate with the market, and basis quotes remain mostly stable. Some regions have seen good contract sales for October and later due to uncertainty about soybean arrivals in the fourth quarter. With the start of school in August and Mid - Autumn Festival preparations, market demand is increasing, and short - term futures consolidation may support a slight increase in basis quotes [3]. Oilseeds - **Soybean Meal**: South American soybean premiums have declined, and the sharp drop in rapeseed meal futures has led some institutions to take profits. The main contract of Dalian soybean meal has filled the previous gap and may strengthen again after stabilizing in the 3100 - 3120 range. Spot prices have decreased by 30 - 60 yuan/ton, but due to narrowing crushing margins and a lag in spot price increases, the downward adjustment space for traders is limited. Short - term domestic soybean meal inventories are slowly decreasing, and the price trend is upward [14]. Summary by Directory Oils Month - to - Month and Variety Spreads - **Palm Oil**: P 1 - 5 spread is 282 yuan/ton, down 38; P 5 - 9 is - 208 yuan/ton, up 46; P 9 - 1 is - 74 yuan/ton, down 8. - **Soybean Oil**: Y 1 - 5 spread is 442 yuan/ton, down 16; Y 5 - 9 is - 462 yuan/ton, up 12; Y 9 - 1 is 20 yuan/ton, up 4. - **Variety Spreads**: Y - P 01 is - 848 yuan/ton, up 66; Y - P 05 is - 1008 yuan/ton, up 44; Y - P 09 is - 754 yuan/ton, up 78. Y/M and OI/RM spreads also show various changes [4]. Palm Oil Spot and Futures Prices - Futures prices: Palm oil 01 is 9460 yuan/ton, up 0.98%; Palm oil 05 is 9180 yuan/ton, up 1.03%; Palm oil 09 is 9394 yuan/ton, up 1.08%. - International price: BMD palm oil main contract is 4412 ringgit/ton, up 0.2%. - Spot price: 24 - degree palm oil in Guangzhou is 9320 yuan/ton, up 10. The basis is - 58 yuan/ton, down 104 [5]. Soybean Oil Spot and Futures Prices - Futures prices: Soybean oil 01 is 8534 yuan/ton, down 0.63%; Soybean oil 05 is 8098 yuan/ton, down 0.81%; Soybean oil 09 is 8562 yuan/ton, down 0.55%. - International price: CBOT soybean oil main contract is 52.11 cents/pound, down 2.42%. - Spot price: Shandong first - grade soybean oil is 8580 yuan/ton, down 60. The basis is 120 yuan/ton, up 56 [11]. Oilseeds Futures Prices - **Soybean Meal**: Bean meal 01 is 3137, down 20 (- 0.63%); Bean meal 05 is 2822, down 23 (- 0.81%); Bean meal 09 is 3083, down 17 (- 0.55%). - **Rapeseed Meal**: Rapeseed meal 01 is 2546, down 60 (- 2.3%); Rapeseed meal 05 is 2487, down 36 (- 1.43%); Rapeseed meal 09 is 2649, down 37 (- 1.38%). - **CBOT Soybeans**: 1031, unchanged. - **Offshore RMB**: 7.1812, up 0.0011 (0.02%) [15]. Soybean and Rapeseed Meal Spreads - **Soybean Meal**: M01 - 05 spread is 312, down 1; M05 - 09 is - 255, up 1; M09 - 01 is - 57, unchanged. - **Rapeseed Meal**: RM01 - 05 spread is 83, down 29; RM05 - 09 is - 163, down 16; RM09 - 01 is 80, up 45. - **Spot and Futures Spreads**: The spot spread between soybean and rapeseed meal is 484, up 10; the futures spread is 471, up 31 [16][18].

中证报中证网讯(记者马爽)8月19日至20日，由郑州商品交易所、芝加哥商业交易所集团联合主办的 2025中国(郑州)国际期货论坛将在郑州举行。其中，8月20日下午将同时举行农产品(油脂油料)分论坛和 工业品(聚酯)分论坛，两场主题分别为"期货市场助力油脂油料行业应对贸易变局"和"期货市场助力聚酯 产业走向国际"，活动将邀请中国植物油行业协会、中国化学（601117）纤维工业协会相关负责人以及 产业企业、金融机构专家，共同探讨新型贸易格局下油脂油料、聚酯产业的热点话题。 刘德伟表示，期待以今年工业品(聚酯)分论坛为契机，进一步深化与聚酯产业链国际客商的合作，也期 待推动我国聚酯产业链期货品种在主要出口目的地设立境外交割库的进程。 对于聚酯行业，厦门国贸（600755）石化有限公司总经理刘德伟表示："生产型企业可利用期货及衍生 品工具高效管理生产、加工成本波动风险，减少原料采购和产品库存因价格波动而带来的损失。以PTA 期货这样的国际化品种为例，境内企业可以与境外客户共同利用该工具锁定产业链加工利润，提升全球 贸易链的整体竞争力。" 益海嘉里粮食业务部花生业务总监郭立君表示，今年农产品(油脂油料)分论坛所设的议题 ...

8月15日，国内期市油脂油料板块全线飘绿，菜籽粕主力跌逾3%。截至目前，菜籽粕主力下跌3.34%， 报2550.00元/吨；菜籽油主力下跌1.79%，报9746.00元/吨；豆粕主力下跌1.17%，报3127.00元/吨；花生 主力下跌1.16%，报7840.00元/吨。 8月15日油脂油料期货价格行情 8月14日，仓单日报数据显示： 豆二期货仓单2900手，环比上个交易日持平。 花生期货仓单0张，环比上个交易日持平； | 合约名称 | 开盘价 | 昨收价 | 昨结价 | | --- | --- | --- | --- | | 豆油 | 8500.00 | 8520.00 | 8550.00 | | 棕榈油 | 9382.00 | 9368.00 | 9450.00 | | 菜籽油 | 9820.00 | 9840.00 | 9924.00 | | 豆粕 | 3150.00 | 3157.00 | 3164.00 | | 菜籽粕 | 2599.00 | 2606.00 | 2638.00 | | 豆一 | 4041.00 | 4041.00 | 4071.00 | | 豆二 | 3800.00 | 3807. ...

Report Industry Investment Rating No relevant content provided. Core Views - Palm oil: With both supply and demand booming in the producing areas, a low - buying strategy is recommended [2]. - Soybean oil: Bullish factors have been fully priced in, and there may be a correction at high levels [2]. - Soybean meal: US soybeans have risen and then fallen, and the Dalian soybean meal futures will adjust and fluctuate [2]. - Soybean No.1: The futures price will fluctuate [2]. - Corn: It will move in a fluctuating manner [2]. - Sugar: It will consolidate within a range [2]. - Eggs: The price will adjust in a fluctuating way [2]. - Live pigs: Second - fattening has entered the market, but the spot performance is below expectations [2]. - Peanuts: The near - term contracts are stronger than the far - term ones [2]. Summary by Related Catalogs 1. Palm Oil and Soybean Oil - **Fundamental Data**: Palm oil's daytime closing price was 9,294 yuan/ton with a decline of 1.38%, and the night - session closing price was 9,386 yuan/ton with an increase of 0.99%. Soybean oil's daytime closing price was 8,540 yuan/ton with a decline of 0.61%, and the night - session closing price was 8,512 yuan/ton with a decline of 0.33% [5]. - **Macro and Industry News**: India's palm oil imports in July were 855,695 tons, down from 955,683 tons in June. The total vegetable oil imports in July were 1,579,041 tons, up from 1,549,825 tons in June. ICE Canadian canola futures closed down 0.8%, and CBOT soybean futures fell 1.5% due to profit - taking and export concerns. CONAB and ABIOVE both raised their forecasts for Brazil's 2024/25 soybean production and exports [6][8]. - **Trend Intensity**: The trend intensity of palm oil and soybean oil is 0 [9]. 2. Soybean Meal and Soybean No.1 - **Fundamental Data**: DCE soybean No.1 2511's daytime closing price was 4,041 yuan/ton with a decline of 1.13%, and the night - session closing price was 4,049 yuan/ton with a decline of 0.54%. DCE soybean meal 2601's daytime closing price was 3,157 yuan/ton with an increase of 0.38%, and the night - session closing price was 3,140 yuan/ton with a decline of 0.76% [10]. - **Macro and Industry News**: On August 14, CBOT soybean futures fell from a six - week high due to profit - taking and export concerns. The US Department of Agriculture's weekly export sales report showed a significant reduction in 2024/25 US soybean net sales [10][12]. - **Trend Intensity**: The trend intensity of soybean meal and soybean No.1 is 0 [12]. 3. Corn - **Fundamental Data**: The closing price of C2509 was 2,281 yuan/ton with a 0.35% increase during the day and 2,279 yuan/ton with a 0.09% decline at night. The closing price of C2511 was 2,202 yuan/ton with a 0.05% decline during the day and 2,197 yuan/ton with a 0.23% decline at night [13]. - **Macro and Industry News**: Northern corn port collection prices were stable, while prices in Northeast and North China were weak. Imported sorghum and barley had different price quotes for different shipment periods [14]. - **Trend Intensity**: The trend intensity of corn is 0 [15]. 4. Sugar - **Fundamental Data**: The raw sugar price was 16.58 cents/pound with a 0.27 - cent decline. The mainstream spot price was 5,990 yuan/ton with a 10 - yuan increase. The futures主力 price was 5,659 yuan/ton with a 2 - yuan increase [16]. - **Macro and Industry News**: Brazil's sugar production needs to be re - estimated, and India's monsoon rainfall has weakened. China imported 420,000 tons of sugar in June. CAOC made production, consumption, and import forecasts for the 24/25 and 25/26 domestic sugar seasons. ISO estimated a global sugar supply shortage of 547 million tons in the 24/25 season [16][17][18]. - **Trend Intensity**: The trend intensity of sugar is 0 [19]. 5. Eggs - **Fundamental Data**: The closing price of egg 2509 was 3,191 yuan/500 kilograms with a 3.01% decline, and the closing price of egg 2601 was 3,578 yuan/500 kilograms with a 0.11% decline [20]. - **Trend Intensity**: The trend intensity of eggs is 0 [20]. 6. Live Pigs - **Fundamental Data**: The Henan spot price was 13,930 yuan/ton, the Sichuan spot price was 13,550 yuan/ton, and the Guangdong spot price was 15,190 yuan/ton. The prices of futures contracts such as live pig 2509, 2511, and 2601 all showed year - on - year declines [23]. - **Trend Intensity**: The trend intensity of live pigs is - 1 [24]. - **Market Logic**: In August, the planned slaughter volume of group farms increased, while散户 were forced to hold back pigs. Demand growth was limited, and market pressure was high. The September contract is approaching the delivery month, and the industrial willingness to deliver is increasing. There is a pattern of weak reality and strong expectation, and the spread structure maintains an inverse spread [25]. 7. Peanuts - **Fundamental Data**: The prices of important spot peanuts such as Liaoning 308 common peanuts remained unchanged. The closing price of PK510 was 8,058 yuan/ton with a 1.03% decline, and the closing price of PK511 was 7,884 yuan/ton with a 1.40% decline [27]. - **Spot Market Focus**: New peanuts have been gradually coming onto the market in small quantities in some areas, with uneven quality and small supply. Most areas' prices are stable or slightly weak [28]. - **Trend Intensity**: The trend intensity of peanuts is 0 [31].

Core Viewpoint - The 2025 China (Zhengzhou) International Futures Forum will focus on key industry issues, providing a platform for experts to discuss solutions and explore new development paths for stable operations in the face of market changes [1] Group 1: Forum Overview - The forum will feature two sub-forums: one on agricultural products (oilseeds) and another on industrial products (polyester), addressing themes related to trade changes and international competitiveness [1] - Experts from various associations and companies will present on topics such as global supply and demand analysis, market risks, and the role of futures markets in enhancing industry resilience [2] Group 2: Agricultural Products Forum Insights - The agricultural forum will cover critical topics including global vegetable oil supply and demand, the biodiesel market, and the domestic peanut market's risks and responses [2][3] - The futures market is seen as a tool for precise pricing and risk management, helping companies navigate challenges posed by geopolitical factors and supply chain disruptions [3] Group 3: Industrial Products Forum Insights - The industrial forum will discuss the evolution of the global aromatics supply chain and the outlook for polyester supply and demand [2] - The use of futures and derivative tools is emphasized for managing production costs and enhancing competitiveness in global trade [3]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - **Palm Oil**: Internationally, Malaysian BMD crude palm oil futures are expected to continue to rise in the short - term, potentially approaching 4500 ringgit, with a chance of briefly breaking through and reaching 4580 - 4600 ringgit. However, due to potential production growth and export slowdown in the second half of the month, there is a risk of a pull - back. The overall view is near - term strength and long - term weakness. Domestically, Dalian palm oil futures have the potential to continue rising after breaking through 9500 yuan, possibly reaching 10,000 yuan. It is crucial to monitor whether they can effectively stay above 9500 yuan [3]. - **Soybean Oil**: China's decision to impose a 75.8% anti - dumping tariff on Canadian rapeseed from August 15 will increase the demand for other oilseeds and vegetable oils. The USDA monthly report has lowered the forecast for US soybean production and ending stocks, which will boost the prices of CBOT soybeans and soybean oil in the short term, and also support the price of Dalian soybean oil. The continuation of Sino - US tariffs until early November makes the fourth - quarter soybean import volume uncertain. The main January contract may face resistance at 8700 yuan, and if it fails to break through, a technical correction may occur [4]. - **Oilseeds (Bean and Rapeseed Meal)**: The US Department of Agriculture's report unexpectedly lowered the US soybean planting area, reducing the new - season production forecast and benefiting South American soybean exports. The preliminary anti - dumping ruling on Canadian rapeseed has led to a limit - up in rapeseed meal futures, also boosting the price of soybean meal futures. Short - term attention should be paid to whether the main contract of Dalian soybean meal can reach the resistance range of 3180 - 3200 yuan/ton [16]. 3. Summary by Relevant Catalogs 3.1 Oil Price Spreads - **Inter - monthly and Inter - variety Spreads of Oils**: The report provides price spreads and their daily changes for various oil contracts, such as P 1 - 5, Y - P 01, etc. For example, P 1 - 5 is 318 yuan/ton with a daily increase of 66 yuan, and Y - P 01 is - 920 yuan/ton with a daily decrease of 122 yuan [5]. 3.2 Palm Oil Spot and Futures Prices - **Palm Oil Futures and Spot Prices**: Palm oil futures prices for different contracts (01, 05, 09) have increased, with the 01 contract at 9490 yuan/ton (up 1%), the 05 contract at 9170 yuan/ton (up 1.01%), and the 09 contract at 9424 yuan/ton (up 0.66%). The BMD palm oil main contract is at 4459 ringgit/ton (up 1.29%). The spot price of 24 - degree palm oil in Guangzhou is 9470 yuan/ton, and the basis is - 42 yuan/ton [7]. 3.3 Soybean Oil Spot and Futures Prices - **Soybean Oil Futures and Spot Prices**: Soybean oil futures prices for different contracts (01, 05, 09) have also increased, with the 01 contract at 8576 yuan/ton (up 2.33%), the 05 contract at 8118 yuan/ton (up 1.89%), and the 09 contract at 8592 yuan/ton (up 2.24%). The CBOT soybean oil main contract is at 53.07 cents/pound (up 0.11%). The spot price of first - grade soybean oil in Shandong is 8640 yuan/ton, and the basis is - 6 yuan/ton [13]. 3.4 Oilseed Futures Prices - **Bean and Rapeseed Meal Futures Prices**: Futures prices of bean and rapeseed meal have generally increased. For example, the bean meal 01 contract is at 3163 yuan/ton (up 2.33%), and the rapeseed meal 01 contract is at 2688 yuan/ton (up 4.92%). The price of CBOT yellow soybeans remains unchanged at 1032.25, and the offshore RMB exchange rate is 7.1852 (down 0.12%) [16]. 3.5 Bean and Rapeseed Meal Spreads - **Bean and Rapeseed Meal Price Spreads**: The report provides price spreads and their daily changes for different contracts of bean and rapeseed meal, such as M01 - 05, RM01 - 05, etc. For example, M01 - 05 is 294 yuan with a daily increase of 4 yuan, and RM01 - 05 is 100 yuan with a daily increase of 52 yuan [17].

Report Information - Report Title: Oilseeds and Oils Industry Daily Report - Report Date: August 11, 2025 - Author: Xu Liang (Z0002220) - Reviewer: Tang Yun (Z0002422) Industry Investment Rating - No industry investment rating is provided in the report. Core Views Fats and Oils - **Palm Oil**: Internationally, Malaysian BMD crude palm oil futures are oscillating around 4,250 ringgit, awaiting the MPOB report on Monday and August export data. If it effectively holds above 4,250 ringgit and export data is positive, there's an upward trend; otherwise, it may decline to around 4,000 ringgit in the long - term. Domestically, Dalian palm oil futures are oscillating between 8,900 - 9,000 yuan, waiting for Malaysian palm oil trends. If it gets support, it may stabilize; otherwise, it could fall to 8,500 - 8,600 yuan. If Malaysian palm oil holds above 4,250 ringgit and export data is positive, Dalian palm oil may rise [3]. - **Soybean Oil**: Last weekend, the total domestic factory soybean oil inventory increased by 13,000 tons. According to historical data, inventory is nearing its peak and will soon decrease due to increased demand. Spot basis quotes will fluctuate narrowly in the short - term and are expected to rise in the long - term [4]. Oilseeds - **Soybean Meal**: Spot prices from oil mills are mostly stable, while traders' quotes fluctuated. Domestic soybean meal inventory has been declining, reaching 1.04 million tons in Week 32, a decrease of 31,000 tons from the previous week, a 2.87% drop. In the short - term, near - month contracts are restricted by supply pressure, with prices ranging from 2,900 - 3,150 yuan/ton [16]. Data Summaries Fats and Oils - **Inter - month and Inter - variety Spreads**: Various spreads such as P 1 - 5, Y - P 01 are provided, with price changes detailed in the table [5]. - **Palm Oil Spot and Futures Prices**: Palm oil futures prices for different contracts (01, 05, 09) have different price levels and percentage changes. BMD palm oil and Guangzhou 24 - degree palm oil prices are also given, along with relevant basis and spreads [7]. - **Soybean Oil Spot and Futures Prices**: Soybean oil futures prices for different contracts (01, 05, 09) and CBOT soybean oil prices are provided, along with Shandong first - grade soybean oil spot price and basis [13]. Oilseeds - **Oilseed Futures Prices**: Futures prices of soybean meal (01, 05, 09), rapeseed meal (01, 05, 09), CBOT soybeans, and the offshore RMB exchange rate are presented, along with their price changes and percentage changes [17]. - **Soybean Meal and Rapeseed Meal Spreads**: Inter - month spreads of soybean meal and rapeseed meal, as well as spot and futures spreads between soybean meal and rapeseed meal, are given [18][20].

Q&A 近期大宗商品市场的表现如何，尤其是能源、金属和农产品方面？ 大宗商品市场近期表现有所改善。能源价格承压，但双胶和金属类价格表现较 好。农产品方面，油脂油料品种出现分化。在关税影响下，铜市场下行空间有 限，COMEX 和 LME 库存压力导致两地价差消除的可能性增加。石油和黄金价 格处于低波动状态，这在历史上不常见。未来，大宗商品在外部冲击下可能会 有交易机会。 关税变数下的油脂油料市场 20250811 摘要 COMEX 和 LME 库存压力增加，可能导致两地价差消除，石油和黄金价 格低波动率预示大宗商品外部冲击下的交易机会。 中美关税谈判后，极端风险虽未升级，但反制政策持续影响全球农产品 市场，北美大豆供应减少与海外豆油棕榈油上涨并存，四季度国内大豆 供需平衡成关键。 海外美豆丰产预期压制价格，国内豆粕面临突破库存压力与四季度偏紧 预期博弈，企业库存突破百万吨，连粕价格震荡上行空间受限。 新季美豆单产创纪录，但受中美关税政策影响，出口明显放缓，中国尚 未采购，出口预测下调，供给端压力增加。 中国大豆进口量增加，5 月至 9 月预计进口约 5,980 万吨，为四季度提 供库存缓冲，若四季度不进口美豆， ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The strong pattern of oils is difficult to change in the short - term due to factors such as the low inventory of oils in the same period over the years, the expected increase in US biodiesel demand, and the potential insufficiency of palm oil production increase in Southeast Asia. However, the upside space is limited by factors like the annual - level oil production increase expectation, high near - term palm oil production, and uncertain RVO rules. Palm oil is expected to be range - bound, with a possible upward trend in the fourth quarter due to Indonesia's B50 policy [11]. Summary by Directory 1. Monthly Assessment and Strategy Recommendation - **Market Review**: In July, rapeseed oil fluctuated, while palm oil and soybean oil rose. The net long positions of foreign capital in the three major oils oscillated near historical highs. Malaysian palm oil may have slightly increased its inventory in July due to rising production and declining exports. Ex - market rapeseed prices entered a range - bound pattern after a high - level correction. The spread between soybean oil and palm oil widened [11]. - **International Oils**: The USDA July report estimated an increase of about 1.5 million tons in US industrial demand for soybean oil in the 2025/2026 season. Canadian rapeseed farmers' shipments decreased, and the contact between China and Australia on rapeseed trade pressured rapeseed prices. India may start a replenishment process, supporting palm oil export demand [11]. - **Domestic Oils**: In July, soybean oil had good sales, while palm oil sales were weak. The total domestic oil inventory was about 400,000 tons higher than last year. In the next two months, soybean crushing volume will decline slightly, palm oil export willingness will increase, and rapeseed oil will gradually reduce its inventory [11]. - **Viewpoint Summary**: Fundamentally, factors such as the US biodiesel policy draft, low inventory of vegetable oils in India and Southeast Asia, and the expectation of Indonesia's B50 policy support the oil price center. Palm oil prices are expected to be range - bound in the short - term and may rise in the fourth quarter, but the upside is limited [11]. - **Trading Strategy**: For single - side trading, the market is expected to be range - bound. No specific arbitrage strategy is recommended [13]. 2. Futures and Spot Market - Multiple charts are provided to show the basis of palm oil, soybean oil, and rapeseed oil futures contracts, including the basis of different contracts and the seasonal basis, which helps analyze the relationship between futures and spot prices [18][21][24][27] 3. Supply Side - **Palm Oil Production and Export**: Charts show the monthly production and export of Malaysian and Indonesian palm oil, as well as the weekly arrival and port inventory of soybeans, and the monthly import of rapeseed and rapeseed oil [30][31][32][33] - **Palm - growing Region Weather**: Charts display the weighted precipitation in Indonesian and Malaysian palm - growing regions, as well as the NINO 3.4 index and the impact of La Nina on global climate, which may affect palm oil production [35][37] 4. Profit and Inventory - **Overall Inventory**: Charts show the total inventory of the three major domestic oils and the inventory of Indian imported vegetable oils [43] - **Individual Oil Inventory and Profit**: Charts present the import profit and commercial inventory of palm oil, the spot crushing profit and main oil mill inventory of soybean oil, the spot average crushing profit of rapeseed and the commercial inventory of rapeseed oil in East China, and the inventory of Malaysian and Indonesian palm oil [46][48][49][51] 5. Cost Side - **Palm Oil Cost**: Charts show the reference price of Malaysian palm fresh fruit bunches and the import cost price of Malaysian palm oil [54] - **Rapeseed and Rapeseed Oil Cost**: Charts display the CNF import price of rapeseed oil and the import cost price of rapeseed [57] 6. Demand Side - **Oils Transaction**: Charts show the cumulative transaction volume of palm oil and soybean oil in the crop year [60] - **Biodiesel Profit**: Charts present the POGO spread (Malaysian palm oil - Singapore low - sulfur diesel) and the BOHO spread (soybean oil - heating oil), which reflect the profit situation of biodiesel [62]

油脂油料产业日报 2025/08/08 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论 和建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情 形下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行 使独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究 ...