说干就干。田凯到柳河、盖州等地取经，最终确定了发展食用葫芦深加工产业的方向。村里去年试种了 30亩，葫芦的品质和售价俱佳。今年，村里积极带动村民，将种植规模扩大至150亩。 想要把食用葫芦卖出好价钱，离不开好工艺。在红星村合作社加工厂，新鲜采摘的葫芦被精准切割成宽 4厘米、厚3.5毫米的匀称长条。"这活儿可不简单！原料要韧、机器要精、刀工要稳，缺一不可。"田凯 嗓门响亮，"别小看这4厘米的宽度，这可是我们的秘诀之一。为保证条形完美、外观品质一流，对切好 的鲜条，筛选标准极高。成本高、损耗大，成品价格自然就上去了。" 本报记者 张铭哲 "这片地终于找到对路的宝贝了！"夏末秋初，在阜新市彰武县东六家子镇红星村的田地里，村民刘国印 拨开层叠的叶片，手腕轻转，摘下一个圆润的葫芦，丢进身后的箩筐。随着他手上的动作加快，筐内青 翠的果实越堆越高，它们将在24小时内经过清洗、去皮、切条、晾晒烘干，成为优质的葫芦条，最终端 上海外消费者的餐桌。 "咱也算种地的老把式了，过去几十年一直跟苞米打交道，今年头回种葫芦，没想到就成了！"刘国印的 声音里带着几分欣喜，"过去种苞米，刨掉本钱，一亩地就剩三四百块。现在不同喽！咱专心把葫芦 ...

在鱼泉榨菜公司生产车间，多条自动化生产线正开足马力生产。"从订单生成到生产加工、仓储管 理、出库配送都进行数据化、可追溯管理，推动生产效能实现质的飞跃。"刘心发说，近年来，公司自 主研发出高效生物发酵装置、榨菜加工用脱水装置等自动化设备，建成数字化信息管控系统，改造升级 3条自动化生产流水线，生产周期缩短20%，成本降低10%以上。 重庆市鱼泉榨菜(集团)有限公司加工车间内，一颗颗腌制好的青菜头经过切分、脱盐、拌料、装 袋、杀菌等工序，加工成不同口味和规格的榨菜成品，工人们有条不紊地打包封箱。"今年一季度，公 司海外订单同比增长8.72%，每月都有30多个集装箱货物发往全球各地。"鱼泉榨菜公司常务副总经理 陈文碧说。 鱼泉榨菜公司位于重庆市万州区，是一家主营榨菜生产销售的农业产业化国家重点龙头企业。自成 立以来，公司始终把产品质量放在发展的重要位置，树立"质量是企业的生命"管理理念，通过技术创 新、产品创新和品牌建设，持续提升市场竞争力。2024年，公司生产各类榨菜产品4万多吨，营业收入 超3亿元。 见到鱼泉榨菜公司总经理助理、技术中心主任刘心发时，他正在实验室里忙着调配一款新产品配 方。"技术创新推动产品层 ...

Core Viewpoint - The company, Yiquan Pickled Vegetable Co., Ltd., has experienced growth in overseas orders and is focusing on product innovation and quality control to enhance its market competitiveness [1][2]. Group 1: Company Overview - Yiquan Pickled Vegetable Co., Ltd. is located in Wanzhou District, Chongqing, and specializes in the production and sale of pickled vegetables, recognized as a key agricultural enterprise [1]. - The company aims to produce over 40,000 tons of various pickled vegetable products in 2024, with projected revenue exceeding 300 million yuan [1]. Group 2: Innovation and Technology - The company allocates 3% of its annual sales revenue for R&D, collaborating with universities and research institutions to develop new technologies and products [2]. - It has developed key technologies such as low-temperature rapid fermentation and probiotic secondary fermentation, resulting in 3 invention patents and 5 utility model patents [2]. - Over the past three years, the company has innovated more than 140 processes and launched over 90 new products to meet diverse consumer demands [2]. Group 3: Production and Efficiency - The company has implemented automated production lines and a digital information management system, reducing production cycles by 20% and costs by over 10% [2]. - The entire production process, from order generation to delivery, is managed through data-driven and traceable systems, significantly improving production efficiency [2]. Group 4: Market Strategy and Expansion - The company has diversified its product offerings into six major series with over 200 varieties, leveraging new marketing strategies such as live streaming to expand its market reach [3]. - Since the 1990s, the company has actively pursued international markets, ensuring compliance with various quality standards across 52 countries and regions [3]. - The company emphasizes quality control throughout the supply chain, from raw material cultivation to processing, establishing a high-quality management system [3]. Group 5: Community Engagement - The company supports local farmers by providing training and guaranteed purchase prices, creating a mutually beneficial relationship that enhances both farmer income and company efficiency [3]. - It has established partnerships with over 100,000 pickled vegetable farmers and initial processing households in more than 10 towns in Wanzhou District [3].

Core Points - The establishment of the "Media + Chenpi Star Oil Vine Collaboration 'Four Sharing' Center" marks a significant initiative to enhance cooperation between the Chenpi and Star Oil Vine industries in Guangdong and Guangxi [5][14][42] - This center aims to leverage media as a tool for promoting shared resources in research, production, market systems, and storage, thereby fostering industry integration and development [6][8][32] Group 1 - The center was inaugurated on August 18 and is a collaboration between the Xinhui-Ningming Guangdong-Guangxi cooperation working group and Southern Media Group [4][5] - The initiative is expected to enhance the quality and market presence of the Chenpi and Star Oil Vine products through a comprehensive approach that includes media, branding, culture, and market integration [8][32][36] - The collaboration will utilize the resources of 325 Chenpi distributors to promote the "Chenpi Star Oil Vine Healthy China Tour" and enhance the local specialty products [10][11][34] Group 2 - The project is part of a broader strategy in Guangdong to utilize media to support rural revitalization and improve the quality of local industries [15][16] - The partnership between Xinhui and Ningming has been ongoing for eight years, focusing on integrating the Chenpi and Star Oil Vine industries to create a comprehensive health industry chain [17][18][20] - The "Four Sharing" mechanism includes shared research and development, production facilities, sales channels, and storage solutions, significantly reducing product circulation costs [26][30][41]

Market Overview - On August 18, the agricultural processing sector rose by 3.39% compared to the previous trading day, with COFCO Sugar leading the gains [1] - The Shanghai Composite Index closed at 3728.03, up 0.85%, while the Shenzhen Component Index closed at 11835.57, up 1.73% [1] Key Stocks Performance - COFCO Sugar (600737) closed at 15.27, with a significant increase of 10.01% and a trading volume of 596,400 shares, amounting to a transaction value of 894 million [1] - Other notable performers included *ST Jiawo (300268) with a 5.64% increase, closing at 11.61, and *ST Zhongji (000972) with a 5.07% increase, closing at 3.73 [1] - The overall trading volume and transaction values for various stocks in the agricultural processing sector were highlighted, indicating active market participation [1] Capital Flow Analysis - The agricultural processing sector saw a net inflow of 46.7851 million in main funds, while retail funds experienced a net outflow of 8.5223 million [2] - COFCO Sugar had a main fund net inflow of 87.5286 million, representing 9.79% of its total trading volume, despite a net outflow of retail funds [3] - Other stocks like COFCO Technology (000930) and *ST Jiawo (300268) also showed varying levels of net inflow and outflow, indicating diverse investor sentiment across the sector [3]

1. Report Industry Investment Ratings No relevant content provided. 2. Core Views of the Report - The international oil price is volatile, and the SC09 contract is relatively weak. The risk of Russian oil sanctions is weakening, and the oil price is facing a breakthrough in the volatile pattern. It is recommended to continue holding the long - straddle strategy of out - of - the - money options on crude oil [2]. - The precious metals market is in a volatile adjustment due to the suppression of risk - aversion sentiment [3]. - For various metals, non - ferrous metals such as copper, aluminum, zinc, etc., and ferrous metals such as iron ore, coke, etc., have different market trends and investment suggestions based on supply - demand, inventory, and policy factors [4][15][16]. - In the energy and chemical sector, fuel oil, asphalt, etc., face different market pressures and opportunities, and investment decisions should be made according to specific fundamentals [22][23]. - In the agricultural products sector, soybeans, corn, etc., are affected by factors such as weather, supply - demand, and policy, showing different price trends and investment outlooks [37][41]. - In the livestock and poultry sector, the prices of pigs and eggs are affected by supply - demand and policy factors, with corresponding investment strategies [42][43]. - In the financial market, the stock index shows a certain market trend and style preference, while the bond market has a differentiated structure [49][50]. 3. Summary by Categories Energy - **Crude Oil**: Last week, the international oil price fluctuated. The SC09 contract fell 0.71% due to position - shifting. After the US - Russia presidential meeting, the risk of Russian oil sanctions weakened, and the oil price further declined on Monday. Attention should be paid to the results of the Zelensky - Trump meeting. It is recommended to hold the long - straddle strategy of out - of - the - money options on crude oil [2]. - **Fuel Oil & Low - Sulfur Fuel Oil**: In August, the Asian fuel oil market has sufficient arrivals, with weak shipping and power generation demand. The Singapore fuel oil inventory is high, and the low - sulfur fuel oil market is under pressure. The high - sulfur fuel oil is affected by the weakening of geopolitical support and the bearish fundamentals [22]. - **Liquefied Petroleum Gas**: The overseas export market is loose, but the increase in East Asian chemical procurement provides support. The import volume has increased at the beginning of August. The refinery gas price may still decline. The chemical profit and the price - to - naphtha ratio are good, and the market is in a low - level oscillation [24]. Metals - **Precious Metals**: The US retail sales month - on - month rate was 0.5% on Friday, in line with expectations, and the precious metals had limited fluctuations. The positive signals from the US - Russia meeting over the weekend suppressed the risk - aversion sentiment, and the precious metals may continue to oscillate and adjust [3]. - **Base Metals** - **Copper**: The copper price fluctuated narrowly last Friday. The market expects a high probability of a rate cut in September. The 2508 contract entered delivery with a spot premium. It is recommended to hold short positions at high levels [4]. - **Aluminum**: The Shanghai aluminum price fell slightly on Friday. The downstream start - up rate is stable, and the de - stocking is slowing down. The inventory may be at a low level this year. The short - term trend is oscillatory, with resistance at 21,000 yuan [5]. - **Zinc**: The low inventory supports the LME zinc price. The short - position of funds is continuously reduced. The import window is closed, and the outer market drives the inner market. The short - term direction is not clear, and the medium - term strategy is to short on rebounds [8]. - **Lead**: The SMM aluminum social inventory has increased. The spot - futures price difference has narrowed, and the domestic aluminum ingot inventory may be hidden. The downstream procurement has improved, and it is recommended to hold long positions near 16,600 yuan [9]. - **Nickel & Stainless Steel**: The Shanghai nickel price rebounded, and the market trading was active. The upstream price support has weakened, and the inventory is at a high level. The nickel price is in a rebound and oscillatory trend [10]. - **Tin**: The domestic and foreign tin prices rebounded last Friday. The LME tin inventory decreased, and the domestic social inventory also decreased. It is recommended to hold short - term long positions based on the MA60 moving average [11]. - **Ferrous Metals** - **Iron Ore**: The global iron ore shipment is strong year - on - year, and the domestic port inventory has stabilized and increased. The steel apparent demand has declined, but the iron water production is still high, and the short - term demand is supported. The future iron water production may decrease, and the market is expected to oscillate at a high level [16]. - **Coke**: The price oscillated during the day. The coking plants in East China may have production restrictions. The coking profit has improved, and the inventory is decreasing. The price is affected by policy expectations and has high volatility [17]. - **Coking Coal**: The price oscillated during the day. The coking coal production has decreased, and the inventory is decreasing. The price is affected by policy expectations and has high volatility [18]. Chemicals - **Polypropylene & Plastic & Propylene**: The propylene supply has increased, and the market sentiment is bearish. The polyethylene production enterprises have a strong intention to support the price, and the polypropylene market is weak due to insufficient demand and increasing supply pressure [29]. - **PVC & Caustic Soda**: The PVC price is weak, with stable supply and general demand, and the inventory has been accumulating. The caustic soda price is strong, with increased downstream replenishment and reduced supply. The short - term price is oscillatory and strong, but the long - term supply pressure is large [30]. - **PX & PTA**: The PX and PTA prices rebounded slightly last week and then declined. The terminal demand is expected to recover, and attention should be paid to the oil price direction and the demand recovery rhythm [31]. Agricultural Products - **Grains and Oils** - **Soybeans & Soybean Meal**: The USDA August report was bullish for US soybeans, which are currently in a callback. The new - season US soybean production may be affected by weather. The domestic soybean arrival volume is expected to be about 10 million tons from August to October. The soybean meal market is cautiously bullish [37]. - **Corn**: The Dalian corn futures continued to decline last Friday. The USDA August report was bearish for US corn, and the domestic corn supply is sufficient without policy guidance, so it may continue to be weak at the bottom [41]. - **Livestock and Poultry** - **Pigs**: The weekend pig spot price declined. The pig supply is expected to be high in the second half of the year, and the price may continue to fall. It is recommended that the industry conduct hedging at high prices [42]. - **Eggs**: The weekend egg spot price rose, and the futures market is still under the pressure of high production capacity. Attention should be paid to the peak - season demand and cold - storage egg delivery [43]. Financial Products - **Stock Index**: Most broad - based indexes rose in the previous trading day, and the trading volume has exceeded 2 trillion for three consecutive days. The policy focus has shifted from quantity to structure, and the market is pricing in the policy support expectation. It is recommended to increase the allocation of technology - growth sectors and pay attention to consumption and cyclical sectors [49]. - **Treasury Bonds**: Most treasury bond futures closed down, and the 30 - year main contract fell 0.29%. The short - term Shibor rates rose. The bond market may face more negative factors in the second half of August, and the yield curve may become steeper [50].

Report Industry Investment Ratings There is no information provided regarding the report industry investment ratings in the given content. Core Viewpoints - The market sentiment is gradually turning rational, and the disk trends are starting to weaken. If the subsequent demand cannot be effectively repaired, commodity prices may be difficult to maintain the current level, and the disk prices may gradually return to the supply - demand logic [25]. - Policy - related emotional disturbances will continue to interfere with the disk, but ultimately, prices will move closer to the fundamentals after the emotions fade, which will take some time [31]. Summary by Categories Macro - Financial Index Futures - The central bank will focus on the supply - side in its financial policies, aiming to create effective demand with high - quality supply and promote a reasonable recovery of prices. Southbound funds had a record - high net purchase of HK$358.76 billion [2]. - The current policy is favorable to the capital market. After recent continuous increases, the market may experience intensified short - term fluctuations, but the general strategy is to go long on dips [3]. Treasury Bonds - In July, industrial added - value and social consumption showed growth, while real estate investment and new housing sales declined. The central bank will implement a moderately loose monetary policy [4]. - The economy showed resilience in the first half of the year, and the central bank is maintaining a loose attitude towards funds. Interest rates are expected to decline in the long - term, but the bond market may return to a volatile pattern in the short - term [6]. Precious Metals - US inflation data rebounded, and there are differences among Fed officials regarding inflation. The market is highly expecting a Fed rate cut. The speech of Fed Chairman Powell at the Jackson Hole symposium will significantly affect precious metal prices [7][8]. Non - Ferrous Metals Copper - Although US inflation data rebounded, the market has strong rate - cut expectations. The supply of copper raw materials remains tight, and the overall copper price may consolidate and wait for further macro - level drivers [10]. Aluminum - The domestic aluminum ingot inventory is at a relatively low level, and the export data is strong, which supports the aluminum price. However, weak downstream consumption and fluctuating trade situations may cause the aluminum price to fluctuate and decline in the short - term [11]. Zinc - The zinc market is in an oversupply situation, with domestic social inventories increasing rapidly and overseas registered warehouse receipts at a low level. Zinc prices still face significant downward risks [13]. Lead - The lead market has a situation of weak supply and demand, with slow inventory accumulation. Lead prices are expected to be weak [14]. Nickel - The short - term macro - environment is positive, driving nickel prices to rebound slightly, but weak downstream demand may cause prices to correct [15]. Tin - The supply of tin is currently tight, and demand is weak during the off - season. As Myanmar's production resumes, tin prices are expected to fluctuate [17]. Carbonate Lithium - The market expects a significant supply shortage of domestic carbonate lithium in the second half of the year, but the actual reduction in supply depends on the mining end. The current price increase may attract more supply, and investors are advised to be cautious [18]. Alumina - There are continuous disturbances in the supply of domestic and foreign ores, but the over - capacity pattern of alumina remains unchanged. It is recommended to short at high prices [19]. Stainless Steel - The stainless - steel market is in a state of weak demand and may continue to consolidate in the short - term [21]. Casting Aluminum Alloy - The downstream of casting aluminum alloy is in the off - season, with weak supply and demand. Although the cost side provides some support, the upward resistance of prices is increasing [22]. Black Building Materials Steel - The steel market has weak demand and insufficient demand support. If demand cannot be effectively repaired, steel prices may decline. It is necessary to pay attention to the recovery of terminal demand and the support of the cost side [25]. Iron Ore - Currently, the supply pressure of iron ore is not significant, but the profitability of steel mills is declining, and terminal demand is weakening. Iron ore prices may adjust slightly in the short - term [27]. Glass and Soda Ash - Glass production is increasing, inventory pressure is rising, and demand is weak. In the short - term, glass prices are expected to fluctuate, and in the long - term, they will follow macro - level emotions. Soda ash production is increasing, and inventory pressure is rising, but the price center may gradually rise in the long - term [28][29]. Manganese Silicon and Ferrosilicon - The over - capacity pattern of manganese silicon remains unchanged, and the supply pressure is increasing. The demand for ferrosilicon and manganese silicon may weaken in the future. It is recommended that speculative funds wait and see, while hedging funds can seize opportunities [30][32]. Industrial Silicon and Polysilicon - The over - capacity and high - inventory problems of industrial silicon remain unresolved. Although demand provides some support in August, prices are expected to fluctuate weakly. The polysilicon market has a situation of weak supply and demand, and prices are expected to fluctuate widely [35][36]. Energy and Chemicals Rubber - The rubber market has different views from bulls and bears. The short - term increase in rubber prices is large, and it is recommended to wait and see neutrally and consider band - trading strategies [38][41]. Crude Oil - Although geopolitical premiums have disappeared and the macro - environment is bearish, the current oil price is undervalued, and there is an opportunity for left - hand side layout [42]. Methanol - The supply pressure of methanol is increasing, and demand is weak. It is recommended to wait and see [43]. Urea - The supply of urea is relatively loose, and demand is average. The price is in a narrow - range fluctuation, and it is recommended to focus on long - position opportunities at low prices [44]. Styrene - The BZN spread of styrene is expected to repair, and port inventories are decreasing. Styrene prices may rise with the cost side [45]. PVC - The PVC market has strong supply, weak demand, and high valuations. It is recommended to wait and see [47]. Ethylene Glycol - The supply of ethylene glycol is decreasing, and demand is gradually recovering, but the inventory is increasing. The fundamentals are weakening, and the short - term valuation may decline [49]. PTA - The supply of PTA is expected to increase, and demand needs improvement. It is recommended to consider long - position opportunities with PX at low prices during the peak season [50]. p - Xylene - The load of PX is high, and downstream PTA has many short - term maintenance operations. PX is expected to continue to reduce inventory, and the valuation has support but limited upward space [51]. Polyethylene (PE) - The price of PE may be determined by the game between the cost side and the supply side in the short - term. It is recommended to hold short positions [53]. Polypropylene (PP) - The supply and demand of PP are weak, and the cost side may dominate the market. The price is expected to fluctuate strongly with the oil price [54]. Agricultural Products Live Pigs - The supply and demand of live pigs are expected to increase in the third quarter. The market may fluctuate within a range. It is recommended to buy at low prices in the short - term, pay attention to upper - level pressure in the medium - term, and use reverse - spread strategies for far - month contracts [56]. Eggs - The supply of eggs is sufficient, but it is currently the peak season, and egg prices are expected to rise slightly after stabilizing. In the medium - term, it is recommended to sell on rebounds [57]. Soybean and Rapeseed Meal - The USDA has reduced the soybean planting area, which is bullish for CBOT soybeans in the short - term. The import cost of soybeans is stable and slightly rising. It is recommended to go long on dips in the cost range of soybean meal [58][59]. Edible Oils - The fundamentals of edible oils are supported, but the upward space is limited. The market is expected to fluctuate strongly [62]. Sugar - The international sugar production is expected to increase, and the domestic import supply is increasing. Zhengzhou sugar prices are likely to continue to decline [64]. Cotton - The cotton price is affected by positive news but has weak downstream consumption. In the short - term, cotton prices are expected to fluctuate at a high level [65].

Report Industry Investment Ratings No relevant content provided. Core Viewpoints of the Report - The overall market shows a complex situation with various commodities and financial products presenting different trends. Commodities are affected by factors such as supply - demand relationships, geopolitical situations, and policy expectations. Financial products are influenced by macro - economic data and policy orientations. - Investors should adopt different strategies according to the characteristics of different products, including holding options, going long or short, and paying attention to price resistance levels and inventory changes. Summary by Related Catalogs Energy and Commodities - **Crude Oil**: Last week, international oil prices fluctuated. The SC09 contract was relatively weak, falling 0.71% due to position - shifting. After the US - Russia presidential meeting, the risk of Russian oil sanctions weakened, and oil prices further declined. Continue to hold the long - straddle strategy of out - of - the - money crude oil options [2]. - **Precious Metals**: The US retail sales monthly rate announced on Friday was in line with expectations, and precious metals had limited fluctuations. After the positive signals from the US - Russia meeting over the weekend, the adjustment of precious metals may continue [3]. - **Base Metals** - **Copper**: Copper prices fluctuated narrowly last Friday. The market expects a high probability of a September interest rate cut. The 2508 contract entered delivery with a spot premium. It is advisable to hold short positions at high levels [4]. - **Aluminum**: Shanghai aluminum declined slightly on Friday. The downstream start - up is stable, and the inventory reduction is slowing down. The short - term trend is mainly oscillatory, with resistance at 21,000 yuan [5]. - **Zinc**: Low inventory supports the LME zinc price. The SHFE zinc has priced in the weak reality and expectations. The short - term directional signal is weak, and the medium - term strategy is to short on rebounds [8]. - **Lead**: The SMM aluminum social inventory increased. The lead price has limited downward space. It is advisable to hold long positions based on 16,600 yuan/ton and pay attention to the end - of - life call option opportunities [9]. - **Nickel and Stainless Steel**: Shanghai nickel rebounded. The market is expected to return to fundamentals. Pay attention to inventory changes [10]. - **Tin**: Both domestic and international tin prices rebounded last Friday. Hold short - term long positions based on the MA60 moving average [11]. - **Non - Ferrous Metal Products** - **Cast Aluminum Alloy**: It fluctuates with Shanghai aluminum. The spot - to - AL cross - variety spread may gradually narrow [6]. - **Alumina**: The operating capacity is at a historical high, and there is adjustment pressure on the alumina futures [7]. - **Energy - Related Products** - **Fuel Oil & Low - Sulfur Fuel Oil**: The Asian fuel oil market has sufficient arrivals, and both LU and FU are under pressure [22]. - **Asphalt**: The asphalt futures fluctuated narrowly. The 8 - month production plan decreased, and the cost - side weakness puts pressure on BU [23]. - **Liquefied Petroleum Gas**: Overseas exports are loose, and the price is stabilizing. The futures are in a low - level oscillation [24]. - **Chemical Products** - **Urea**: The agricultural demand is in the off - season, and the supply - demand is loose. The market may oscillate within a range [25]. - **Methanol**: The import volume is high, and the port inventory is increasing. The downstream "Golden September and Silver October" demand is approaching [26]. - **Pure Benzene**: The price is falling, and the fundamentals are improving. It is recommended to operate on the monthly spread [27]. - **Benzene Ethylene**: The futures are in a consolidation pattern. The supply increases, and the demand lacks upward drive [28]. - **Polypropylene, Plastic & Propylene**: Propylene sales are weak, polyethylene production enterprises are inclined to raise prices, and polypropylene is under supply pressure [29]. - **PVC & Caustic Soda**: PVC is in a weak operation, and caustic soda is strong in the short - term but may face supply pressure in the long - term [30]. - **PX & PTA**: The prices rebounded and then declined. Pay attention to the oil price direction and demand recovery [31]. - **Ethylene Glycol**: The price is oscillating at 4400 yuan/ton. The short - term trend is low - level oscillation [32]. - **Short - Fiber & Bottle Chip**: Short - fiber may be considered for long - position allocation in the medium - term, and bottle - chip has long - term over - capacity pressure [33]. - **Glass**: The industry may accumulate inventory. Consider a low - long strategy near the cost [34]. - **20 - Number Rubber, Natural Rubber & Butadiene Rubber**: The supply of natural rubber is increasing, and the inventory is decreasing. Adopt a wait - and - see strategy for RU and a bullish strategy for NR and BR [35]. - **Soda Ash**: The supply is increasing, and the short - term news is disturbing. The long - term supply pressure exists [36]. Agricultural Products - **Soybeans and Related Products** - **Soybeans & Bean Meal**: The USDA August report is bullish for US soybeans. Domestic soybean imports are expected, and bean meal is cautiously bullish [37]. - **Soybean Oil & Palm Oil**: Pay attention to the crop inspection results of US soybeans and policy changes in Indonesia. Increase the expected price fluctuation range [38]. - **Rapeseed & Rapeseed Oil**: The Canadian rapeseed weather impact is small. The mid - term strategy is to be bullish, and the short - term trend is expected to be stable and oscillatory [39]. - **Domestic Soybeans**: The recent auctions may drag down the price. Pay attention to the price difference with imported soybeans [40]. - **Other Agricultural Products** - **Corn**: The US corn price is falling, and the domestic corn may continue to be weak at the bottom [41]. - **Pigs**: The supply is expected to increase in the second half of the year. The spot price may decline, and the futures can be hedged at high prices [42]. - **Eggs**: The spot price is rising seasonally. The futures still face over - capacity pressure [43]. - **Cotton**: US cotton and Zhengzhou cotton are both oscillating strongly. Consider a low - buying strategy [44]. - **Sugar**: US sugar is under pressure, and the domestic sugar price may oscillate [45]. - **Apples**: The market focuses on the new - season output estimate. Adopt a wait - and - see strategy [46]. - **Timber**: The supply - demand situation is improving. Pay attention to whether the futures price can stop falling and stabilize [47]. - **Pulp**: The pulp is oscillating strongly. Consider a low - buying strategy [48]. Financial Products - **Stock Index**: Most broad - based indexes rose, and the policy focus is shifting to the structure. Increase the allocation of technology - growth sectors and pay attention to consumption and cyclical sectors [49]. - **Treasury Bonds**: Treasury futures mostly fell. The yield curve may steepen in the future [50].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - The A - share market is expected to maintain a relatively strong trend, but may experience increased volatility and consolidation when the index is at a high level and trying to break through previous highs. It is recommended to focus on sectors such as AI, innovative drugs, non - ferrous metals, military industry, and large - scale finance. During the peak period of interim report disclosure, allocation opportunities in industries like machinery, power equipment, non - bank finance, and electronics are also worthy of attention [9]. - For Hong Kong, if it can transform the tension between traditional and emerging economic models into a driving force for economic upgrading and transformation, it can create new growth points. The integration of the supply chain and the reshaping of trade forms will bring new development opportunities to Hong Kong's trade, shipping, finance, and professional services [10]. - The central government's fiscal policy still has significant room for improvement, and in the fourth quarter, there may be a new round of policy layout. Further measures to improve residents' social security are expected [10]. - The EU's "Savings and Investment Alliance" plan may encourage more countries to adopt the Swedish - style bank account model, promoting more people to invest their savings in stocks [11]. - It is recommended to maintain the view of a slow - bull market in the A - share market. For investors, it is important to grasp the rotation rhythm of sectors. For less - experienced investors, it is advisable to reduce trading frequency. Opportunities for low - buying in IF, IM, and IC are still worthy of attention [24][25]. 3. Summary by Relevant Catalogs 3.1 Chemical Industry - **Price Changes**: On August 18, 2025, among chemical products, PVC had the largest increase with a 3.290% rise, while 20 - day rubber had the largest decline with a 0.551% drop [6]. 3.2 Agricultural Products - **Price Changes**: On August 18, 2025, among agricultural products, palm oil had the largest increase with a 2.093% rise, while cotton had a 0.106% decline [6]. - **Market Analysis**: - **Peanuts**: The peanut market is in a situation of weak supply and demand, with prices in a narrow - range shock. In the short term, it is expected to be in a strong - shock trend but will not change the downward trend [13]. - **Sugar**: The sugar market has a mixed fundamental situation. It is recommended to operate with a shock mindset in the 5600 - 5700 yuan range, and focus on Brazil's production progress and domestic import data [13]. - **Corn**: The corn market is also in a weak supply - demand situation. It is recommended to sell short on rallies in the short term and pay attention to the start time of policy - based purchases and the rhythm of new grain listings [13]. - **Pigs**: The national pig price is stable with a slight decline, and the market is expected to remain range - bound [13]. - **Eggs**: The national egg spot price is stable, and the spot price is expected to rise steadily. It is recommended to avoid going long on the futures market [14]. - **Cotton**: The international cotton market has good export and shipment performance, but the upward momentum is insufficient. The domestic cotton market is expected to be in a slightly strong shock trend, and attention should be paid to the resistance level of 14,300 yuan/ton [14]. 3.3 Energy and Chemical Industry - **Urea**: The domestic urea market price is weakly stable. Although it is facing weak supply - demand pressure, the release of news such as the Indian tender may boost market sentiment. The disk should focus on the 1680 - 1800 yuan/ton range [14]. - **Caustic Soda**: The price of caustic soda in Shandong may rise steadily in the short term, and the price in the East China region is expected to be in a narrow - range adjustment. It is recommended to pay attention to the 9 - 11 reverse spread [14]. - **Coking Coal**: The overall supply of coking coal recovers slowly, and downstream demand is weak. However, the six - round price increase of coke has been implemented, which provides some support. It is expected that the price of coking coal will remain firm in the short term and show a high - level shock [14][16]. 3.4 Industrial Metals - **Copper and Aluminum**: The copper price continues to oscillate and consolidate, and the aluminum price is expected to continue high - level adjustment [18]. - **Alumina**: The supply of alumina increases, and the demand is relatively stable. The spot price has limited upward momentum, and it is expected to continue range - bound consolidation [18]. - **Rebar and Hot - Rolled Coil**: The steel price is facing adjustment pressure, but the overall decline space is limited, and there is still upward driving force. It is recommended to pay attention to the opportunity of low - buying in the medium term [19]. - **Ferroalloys**: The output of ferroalloys increases, and the demand is weak in the off - season. The price is expected to be in an interval shock with a rising center of gravity [19][20]. - **Lithium Carbonate**: There is a short - term supply - demand mismatch in the lithium carbonate market. It is recommended to go long on dips based on the new support level of 85,000 yuan, but be vigilant against technical corrections [20]. 3.5 Option Finance - **Options**: On August 15, the A - share market was strong. The trading volume of stock index options increased, and the implied volatility rose. Trend investors can pay attention to the strength - weakness arbitrage opportunities between varieties, and volatility investors can buy straddles to bet on increased volatility [22]. - **Stock Index**: The A - share market maintains a slow - bull trend. The trading volume has increased significantly, and high - net - worth investors are accelerating their entry into the market. It is recommended to invest in broad - based ETFs for ordinary investors, and focus on the financial sector represented by securities in September [23][24][25].

2025 年 8 月 18 日 请务必阅读正文之后的免责条款部分 1 国 泰 君 安 期 货 研 究 所 棕榈油：产地供需两旺，低多为主 豆油：利多交易充分，高位震荡 | | | 【基本面跟踪】 油脂基本面数据 | | 棕榈油主力 | 单 位 元/吨 | 收盘价 (日盘） | 涨跌幅 1.08% | 收盘价 （夜盘） | 涨跌幅 2.81% | | --- | --- | --- | --- | --- | --- | --- | | | 豆油主力 | 元/吨 | 9,394 8,562 | 0.26% | 9,658 8,594 | 0.37% | | | 菜油主力 | 元/吨 | 9,807 | -0.46% | 9,851 | 0.45% | | 期 货 | 马棕主力 | 林吉特/吨 | 4,478 | 1.70% | | | | | CBOT豆油主力 | 美分/磅 | 53.22 | 2.09% | | | | | | 单 位 | 昨日成交 | 成交变动 | 昨日持仓 | 持仓变动 | | | 棕榈油主力 | 手 | 117,866 | -94645 | 172,605 | -15,653 | | | ...