1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The short - term weak reality suppresses the upward momentum of oils and fats. The market is in wide - range volatile operation, waiting for the US energy policy to boost the market and further news on Indonesia's B50. Due to the lack of trend drivers, short - term trading is recommended. The P05 contract may find support around 8300 yuan/ton. As the pressure in palm oil - producing areas gradually weakens, its cost - effectiveness increases, and we should wait for future improvement opportunities [2]. 3. Summary by Relevant Catalogs 3.1 Core Contradictions and Strategy Recommendations 3.1.1 Core Contradictions - There is a game between inventory pressure and demand growth in palm oil - producing areas. In November, Malaysian palm oil production decreased slightly, but the inventory reached the highest level in 6 years. The uncertainty of Indonesia's B50 plan persists, and there is a lack of upward momentum in quotes [1]. - The US biodiesel policy remains unclear. The final determination of US biofuel obligations, originally scheduled to be announced in November by the EPA, has been postponed, and the role of future policies in boosting the market is questionable [1]. - There is no positive trend in China - Canada talks, and there is an expectation of tight supply of rapeseed products in the future [1]. - Although the inventory of three major domestic oils and fats has declined, the overall supply is still sufficient, lacking upward momentum. Rapeseed oil continues to reduce inventory, with relatively limited pressure [1]. 3.1.2 Trading - Type Strategy Recommendations - **Trend Judgment**: Short - term wide - range volatile adjustment, with the possibility of the price center rising in the medium term [16]. - **Price Range**: The P2605 fluctuates in the range of 8300 - 8800 yuan/ton, Y2605 in the range of 7800 - 8150 yuan/ton, and OI2605 in the range of 9000 - 9500 yuan/ton [16]. - **Technical Analysis**: Adopt a short - term weak unilateral thinking. For arbitrage, observe the weakening trend of the rapeseed - palm and soybean - palm spreads [16]. - **Basis, Calendar Spread, and Hedge Arbitrage Strategy Recommendations**: The current basis is expected to be weak and volatile in the short term. The rapeseed - palm and soybean - palm spreads are expected to weaken [17]. 3.1.3 Industrial Customer Operation Recommendations - **Price Range Forecast**: The price of soybean oil is forecasted to be in the range of 7800 - 8150 yuan/ton, rapeseed oil 9000 - 9500 yuan/ton, and palm oil 8300 - 8800 yuan/ton [19][21]. - **Hedging Strategy**: Different hedging strategies are recommended for traders, refineries, and oil mills according to their inventory and procurement situations [21]. 3.1.4 Basic Data Overview - Provides the latest prices and price changes of palm oil, soybean oil, and rapeseed oil in both futures and spot markets, as well as various spreads [22][23]. 3.2 This Week's Important Information and Next Week's Attention Events 3.2.1 This Week's Important Information - **Positive Information**: On December 12, the domestic commercial inventory of soybean oil was 1140,000 tons, down 30,000 tons week - on - week, 50,000 tons month - on - month, and up 180,000 tons year - on - year; rapeseed oil was 340,000 tons, down 20,000 tons week - on - week, 50,000 tons month - on - month, and down 80,000 tons year - on - year; palm oil was 650,000 tons, down 30,000 tons week - on - week, 10,000 tons month - on - month, and up 110,000 tons year - on - year [24]. - **Negative Information**: The US EPA is expected to issue the final rule on the renewable fuel standard in the first quarter of 2026. The palm oil export volume of Malaysia from December 1 - 15 decreased compared with the same period last month [25]. - **Spot Transaction Information**: Recent oil and fat transactions have been stable, with soybean oil transactions increasing month - on - month, and rapeseed oil and palm oil transactions decreasing slightly month - on - month [26]. 3.2.2 Next Week's Important Events to Watch - Domestic high - frequency weekly inventory data, Malaysian palm oil high - frequency production and export data, progress on the re - allocation decision of US small refinery exemptions, progress in China - Canada trade negotiations, and weather information in producing areas [28][29]. 3.3 Disk Interpretation 3.3.1 Price - Volume and Fund Interpretation - **Domestic Market**: The overall oil and fat market was weak this week. There was a lack of upward driving force, and the US biodiesel policy was postponed again. The demand in the global oil and fat market was in doubt. The capital trends of palm oil, soybean oil, and rapeseed oil were all bearish [30]. - **Basis Structure**: The basis of the main oil and fat contracts continued to be weak this week [32]. - **Calendar Spread Structure**: The oil and fat market showed a near - strong and far - weak Back structure, which became shallower this week [32]. - **Spread Structure**: The spreads of soybean - palm, rapeseed - soybean, and rapeseed - palm all rebounded slightly this week [52]. 3.3.2 Overseas Market - The overseas market was weakly volatile this week. There was a lack of positive factors, and the MPOB report on palm oil was bearish. The US energy policy guidance was unclear, and the CBOT soybean oil management fund's position decreased slightly [54]. 3.4 Valuation and Profit Analysis 3.4.1 Upstream and Downstream Profit Tracking in the Industrial Chain - The POGO spread rebounded slightly this week, and the cost of producing biofuel from palm oil increased slightly. The BOHO spread also rebounded slightly, but the cost of producing biodiesel from US soybean oil remained at a recent low [60]. 3.4.2 Import and Export Profit Tracking - China is a net importer of palm oil. Recently, the import profit has changed slightly, and domestic buying has started after the basis turned positive [62]. 3.5 Supply - Demand and Inventory Deduction 3.5.1 Deduction of the Supply - Demand Balance Sheet in Producing Areas - In November, the production of Malaysian palm oil decreased month - on - month, but the inventory exceeded expectations, and the supply pressure was not alleviated [64]. 3.5.2 Supply - Side and Deduction - **Palm Oil**: With the basis turning positive, domestic buyers have started to place orders, but the transactions are difficult to improve in the off - season. In the year - end production - reduction stage in producing areas, the willingness to sell is limited, and domestic orders are not expected to increase [66]. - **Soybean Oil**: The arrival of raw materials in December will decline, and the crushing volume may decrease, but the overall supply is still relatively loose [66]. - **Rapeseed Oil**: The downstream demand is limited. Although Australian rapeseed has arrived, the quantity is limited. The inventory will continue to decrease. If the China - Canada relationship cannot be eased, the future supply will still be tight [66]. 3.5.3 Demand - Side and Deduction - The short - term inventory of the three major oils and fats is relatively high year - on - year, and the downstream demand is sluggish. Although the fourth quarter is the traditional consumption peak season for oils and fats, the overall terminal demand remains weak [68].

Report Industry Investment Ratings - Iron ore: Oscillating, with a weakening trend [2] - Coking coal and coke: Oscillating [2] - Rolled steel and rebar: Oscillating [2] - Glass: Weakening [2] - Soda ash: Weakening [2] - Shanghai Stock Exchange 50 Index Futures/Options: Oscillating [4] - CSI 300 Index Futures/Options: Oscillating [4] - CSI 500 Index Futures/Options: Rebounding [4] - CSI 1000 Index Futures/Options: Rebounding [4] - 2-year Treasury bonds: Oscillating [4] - 5-year Treasury bonds: Oscillating [4] - 10-year Treasury bonds: Consolidating [4] - Gold: Oscillating with an upward bias [6] - Silver: Oscillating with an upward bias [6] - Logs: Consolidating at the bottom [6] - Pulp: Oscillating with an upward bias [7] - Offset paper: Weakly oscillating [7] - Edible oils: Oscillating with a downward bias [7] - Soybean meal: Oscillating with a downward bias [7] - Rapeseed meal: Oscillating with a downward bias [7] - Soybeans No. 2: Oscillating with a downward bias [7] - Live pigs: Weakening [8] - Rubber: Oscillating with a downward bias [11] - PX: Widely oscillating [11] - PTA: Oscillating [11] - MEG: Weakly oscillating [11] - PR: On the sidelines [11] - PF: On the sidelines [11] Core Viewpoints - The iron ore market features a "loose supply, low demand, and port inventory accumulation" situation, with prices expected to oscillate weakly. The implementation of the steel export license management system is a definite negative for raw materials [2]. - The coal and coke market was affected by the lack of incremental policy information after the Central Economic Work Conference, and the change from supply - side policy expectation to demand - side negative expectation due to the steel export policy. However, some short - term factors provide support [2]. - The steel market, including rolled steel and rebar, is affected by the steel export policy and weak domestic demand, with prices expected to oscillate at a low level [2]. - The glass and soda ash markets are facing weak demand, and the future depends on cold - repair progress and macro factors [2]. - The financial market, including stock index futures/options and Treasury bonds, is influenced by economic data and policy signals. The market shows different trends such as oscillation, rebound, and consolidation [4]. - The precious metals market, with gold and silver, is supported by the central bank's gold - buying behavior, de - dollarization, and geopolitical risks in the long - term, but short - term factors like the Ukraine peace talks and economic data can cause fluctuations [6]. - The wood and pulp market, including logs, pulp, and offset paper, has different supply - demand situations. Logs are expected to consolidate at the bottom, pulp may normalize to a supply - demand - balanced situation, and offset paper is expected to oscillate weakly [6][7]. - The edible oils and meal market, including various oils and meals, is affected by factors such as US soybean policies, South American soybean production expectations, and domestic supply - demand relationships, with prices oscillating weakly [7]. - The live pig market has stable supply, some improvement in demand, but overall prices are expected to decline [8]. - The soft commodity and polyester market, including rubber and various polyester products, has different supply - demand and price trends. Rubber is expected to oscillate weakly, and polyester products show various trends such as wide - range oscillation, weak oscillation, and sidelining [11]. Summary by Related Catalogs Black Industry - Iron ore: In 2026, global mines will add 64 - 65 million tons, with a growth rate far exceeding that of crude steel. Current iron - making water production is decreasing quarterly, and steel mills' maintenance expectations are rising. The implementation of the steel export license management system is a negative for raw materials. Look for opportunities to short on rebounds [2]. - Coking coal and coke: After the Central Economic Work Conference, there was a lack of incremental policy information. The steel export policy shifted market expectations from supply - side policy benefits to demand - side negatives. However, pre - holiday downstream replenishment demand, year - end coal mine production reduction expectations, and the "anti - involution" strategy provide some support [2]. - Rolled steel and rebar: The steel export license management system requires a downward adjustment of next year's steel export expectations. Domestic demand, especially in the real estate sector, is weak. Prices are expected to oscillate at a low level [2]. - Glass and soda ash: Glass prices are weakening, with low processing orders and high inventory. The cold - repair plan of some glass factories is being delayed. Soda ash is also in a weak situation, and the future depends on cold - repair progress and macro factors [2]. Financial - Stock index futures/options: On the previous trading day, major stock indices showed declines. The publication of President Xi Jinping's article emphasizes the importance of expanding domestic demand. Economic data such as fixed - asset investment, industrial added value, and retail sales show the current economic situation [4]. - Treasury bonds: The yield of 10 - year Treasury bonds increased by 1bp, and the central bank conducted reverse - repurchase operations. The market trend shows a slight rebound [4]. Precious Metals - Gold and silver: The pricing mechanism of gold is shifting from being centered on real interest rates to central bank gold - buying. Gold has strong support from factors such as de - dollarization,避险需求, and central bank purchases in the long - term. Short - term factors like the Ukraine peace talks and economic data can cause price fluctuations [6]. Wood and Pulp - Logs: Port daily shipment volume and national daily delivery volume are decreasing. Import volumes from New Zealand and domestic imports are also decreasing. Port inventory is decreasing, and prices are running weakly. It is expected to consolidate at the bottom [6]. - Pulp: Spot market prices are weakening, but cost support is increasing. The paper industry has low profitability and high inventory, with poor demand. Under the influence of positive factors, prices are trending upward, but may return to a supply - demand - balanced situation [7]. - Offset paper: Spot market prices are stable. There is still supply pressure, and demand is weak overall. Prices are expected to oscillate weakly [7]. Edible Oils and Meal - Edible oils: US soybean crushing is at a high level, but the renewable energy blending obligation in 2026 is uncertain. Malaysian palm oil exports are decreasing, and domestic oil supply is abundant. Prices are expected to oscillate weakly [7]. - Meal: Global soybean inventory is relatively loose. US soybean has no export advantage, and the market has high expectations for South American soybean harvest. Domestic soybean meal supply is abundant, and prices are expected to oscillate weakly [7]. Agricultural Products - Live pigs: The average trading weight shows different trends in the north and south. The settlement price is falling, and terminal demand growth is limited. Although slaughtering rates are increasing, prices are expected to decline [8]. Soft Commodity and Polyester - Rubber: Different rubber - producing regions have different supply situations. Demand is affected by tire enterprise capacity utilization. Inventory is accumulating seasonally, and prices are expected to oscillate weakly [11]. - Polyester: PX prices are widely oscillating due to factors such as crude oil inventory and supply - demand relationships. PTA, MEG, PR, and PF show different price trends based on their respective supply - demand and cost situations [11].

（文章来源：新华财经） 船运调查机构ITS数据显示，马来西亚12月1-15日棕榈油出口量为613172吨，较上月同期出口的728995 吨减少15.89%。 ...

1. Report Industry Investment Rating - The report provides a table indicating the likelihood of a bullish or bearish outlook for various varieties, but it emphasizes that these are only possibilities, not definite judgments [5]. 2. Core Viewpoints of the Report - The social finance growth rate remains at a high level. The increase in RMB loans and social financing scale in the first 11 months of 2025 exceeded the full - year figure of the previous year. The growth rates of inclusive small and micro loans, medium - and long - term loans for the manufacturing industry, and technology loans continue to be higher than the overall loan growth rate [1]. - For precious metals, short - term fluctuations do not change the long - term upward trend. Factors such as the weakening of the US dollar's credit and central bank gold purchases provide solid support [2][18]. - The copper market is expected to shift to a supply - demand gap due to disruptions in ore supply. Attention should be paid to changes in the US dollar, copper smelting output, and downstream demand [2][19]. - The aluminum price has short - term weakening upward momentum, but a long - term optimistic outlook is still recommended, considering macro - level support and the situation of supply and demand [3][21]. 3. Summary by Relevant Catalog 3.1. Main News Concerns 3.1.1. International News - The Bank of Japan may maintain its commitment to continue raising interest rates next week, emphasizing that the subsequent pace of rate hikes will depend on the economy's response to each increase. The market has almost fully priced in the rate increase from 0.5% to 0.75% at the December 18 - 19 meeting [6]. 3.1.2. Domestic News - The Ministry of Finance will implement a more active fiscal policy next year to support the expansion of domestic demand, optimize supply, and promote high - quality economic development [7]. 3.1.3. Industry News - Beijing Guanghe Qiancheng Technology Co., Ltd., jointly invested by several leading silicon material enterprises, was established, regarded as an important step in the anti - involution of the photovoltaic industry. The planned annual silicon material production capacity of relevant enterprises in the future will not exceed 1.5 million tons [7]. 3.2. Daily Returns of Overseas Markets - The report provides the closing prices, price changes, and percentage changes of various overseas market varieties on December 11 and 12, 2025, including the S&P 500, FTSE China A50 Futures, ICE Brent Crude Oil Continuous, etc. [8]. 3.3. Morning Comments on Major Varieties 3.3.1. Financial Products - **Stock Index**: The long - term slow - bull pattern of the A - share market is expected to be consolidated. The Fed's interest rate cut in December and positive policy signals are expected to boost market risk appetite [9]. - **Treasury Bonds**: Loose policies are expected to increase, providing support for short - term treasury bond futures prices. The market funds are relatively loose [10][11]. 3.3.2. Energy and Chemical Products - **Crude Oil**: The overall downward trend is hard to change. The IEA has adjusted the forecast of world oil demand, and OPEC+ production has increased [12]. - **Methanol**: It may fluctuate weakly in the short term. The start - up rate of domestic coal - to - olefin plants has decreased, and the coastal methanol inventory has declined [13]. - **Rubber**: It is expected to maintain a wide - range shock in the short term. Overseas supply pressure exists, while domestic supply elasticity is weakening, and demand supports the stable start of all - steel tires [14]. - **Polyolefins**: Pay attention to whether the cost represented by crude oil can stop falling and the digestion rhythm of upstream supply and demand. The downstream demand is steadily releasing [15]. - **Glass and Soda Ash**: Both domestic glass and soda ash are in the process of inventory digestion. The inventory of glass is decreasing faster, while soda ash still needs time for supply - demand digestion [16][17]. 3.3.3. Metals - **Precious Metals**: Short - term fluctuations do not change the long - term upward trend. Interest rate cuts and balance - sheet expansion by the Fed support prices [18]. - **Copper**: The price dropped by more than 2% over the weekend. The concentrate supply is tight, and the global copper supply - demand is expected to turn into a gap [19]. - **Zinc**: The price dropped by more than 1% over the weekend. The supply of zinc concentrate is temporarily tight, and attention should be paid to the overall market sentiment of non - ferrous metals [20]. - **Aluminum**: The short - term upward momentum is weakening, but the long - term outlook is optimistic. The macro - level supports the price, and the supply and demand situation needs further attention [21]. - **Lithium Carbonate**: Be cautious about the upward height in the short term. The weekly social inventory is decreasing, but potential supply increments have not been released [22][23]. 3.3.4. Black Products - **Coking Coal and Coke**: The short - term trend is expected to be volatile. The rigid demand is weakening, but strong policy expectations in December provide upward momentum [24]. - **Steel**: The steel price has the power to rebound in the short term, but the upward space is limited. The medium - term outlook is weak [25]. 3.3.5. Agricultural Products - **Protein Meal**: The price is expected to be weak. Brazilian soybean sowing progress is slightly behind, US soybean exports are slow, and domestic long - term supply is sufficient [26]. - **Edible Oils**: Palm oil has significant inventory pressure, and rapeseed oil is expected to be strongly volatile in the short term due to positive news [27]. - **Sugar**: The Zhengzhou sugar is expected to maintain a low - level shock in the short term. International factors and domestic supply and cost factors need to be considered [28][29]. - **Cotton**: The price trend is strong, supported by factors such as fast sales progress, possible reduction in planting area, and improved Sino - US relations [30]. 3.3.6. Shipping Index - **Container Shipping to Europe**: The 02 contract may face adjustment pressure, and the 04 contract is expected to have further downward space due to supply surplus and potential Red Sea route resumption [31].

Core Insights - The brand image video "Taste" by COFCO's brand Fu Zhanggui won the "Annual Video Marketing Bronze Award" at the iDigital Annual Digital Marketing Awards, highlighting its innovative brand practices in the food service supply chain [1][4] - The recognition signifies a shift in brand storytelling from traditional product narratives to deeper human insights, aligning with the trend of upgrading to high-quality and high-value offerings in the food service supply chain [1][4] Group 1: Brand Recognition and Marketing Strategy - The iDigital Annual Digital Marketing Awards, organized by iDigital CHINA, aims to discover and recognize outstanding cases and strategies that drive innovation and sustainable growth for businesses [3] - Fu Zhanggui's award-winning video focuses on the real-life experiences of industry professionals, emphasizing the dedication and challenges faced by chefs, service staff, and entrepreneurs [4][6] Group 2: Brand Philosophy and Cultural Identity - The concept of "Chinese Guardians of Flavor" is introduced, representing various stakeholders in the food service industry who contribute to the culinary experience, from suppliers to chefs and service providers [6][7] - This brand philosophy reflects a commitment to honoring and supporting the individuals who create value in the food service sector, positioning Fu Zhanggui as a partner and protector of these "guardians" [6][9] Group 3: Emotional Connection and Future Direction - Fu Zhanggui's approach emphasizes emotional resonance over mere efficiency, focusing on the human elements that sustain the restaurant industry [9] - The brand aims to lead future high-quality development in the food service supply chain through humanistic care and product innovation, reinforcing its identity as a value guardian and emotional ally for industry professionals [9]

1. Report Industry Investment Ratings There is no information provided regarding the industry investment ratings in the reports. 2. Core Views of the Reports Oils and Fats - Palm oil: Malaysian palm oil futures may face downward pressure if they cannot hold above 4,100 ringgit, with support at 4,000 ringgit. In China, Dalian palm oil futures could break down due to bearish fundamentals, with support around 8,000 yuan. - Soybean oil: The US EIA has lowered its forecasts for renewable diesel production in 2025 and 2026. However, the Fed's potential rate cuts and the rebound of BMD palm oil support CBOT soybean oil. In China, the spot basis is shifting to the May contract, and the first - quarter soybean imports are expected to decrease, which may reduce factory soybean oil inventories [1]. Meals - US soybeans: Lack trading highlights, with slow - growing Chinese demand and high crushing demand. South American new crops are progressing well with strong harvest expectations. The market is not optimistic about medium - to - long - term US soybean prices. - Domestic soybean meal: The loose supply pattern continues, but the market is speculating on longer soybean customs clearance times, and the 1 - 5 positive spread has strengthened. The spot pressure remains, but the future supply is expected to tighten [2]. Pigs - The market has some reluctance to sell, and the spot price is stable. The southern curing demand is increasing, but there are uncertainties in the December - January market due to the potential impact of the epidemic and secondary fattening. The overall supply pressure is large, and the price is hard to improve. The futures market is struggling to rise and has fallen in the past two days [4]. Sugar - ICE raw sugar futures are under pressure below 15 cents per pound. Indian sugar production in Maharashtra is increasing. The overall raw sugar price is bearish. In China, the sugar price is weak due to the accelerated sugar - cane crushing in Guangxi and Yunnan, and the market is expected to remain in a weak - oscillating pattern [8][9]. Corn - North port corn prices rose slightly due to insufficient arrivals, while prices in the Northeast and North China were stable to weak. The demand side is cautious, with deep - processing and feed enterprises mainly making purchases based on rigid needs. The short - term corn futures are expected to oscillate, and the follow - up supply volume should be monitored [10]. Eggs - The supply of eggs is relatively sufficient, although the November national laying - hen inventory decreased slightly. The market has a normal sales speed, but the demand is weak. Egg prices are expected to oscillate weakly with limited downside [14]. Cotton - ICE cotton futures fell due to weak US export demand. In China, Zhengzhou cotton faces increasing hedging pressure during the price increase, but the downstream demand is relatively strong, and the price decline space may be limited. Attention should be paid to the 14,000 pressure level [16]. 3. Summary by Related Catalogs Oils and Fats - **Soybean Oil**: On December 11, the spot price in Jiangsu was 8,600 yuan, up 0.58% from the previous day. The futures price of Y2605 was 8,268 yuan, up 0.56%. The basis was 328 yuan, and the warehouse receipts remained unchanged at 25,964 [1]. - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong was 8,680 yuan on December 11, up 0.46%. The futures price of P2605 was 8,656 yuan, up 1.33%. The basis was - 75.51%. The import cost was 9,102.8 yuan, and the import profit was - 447 yuan [1]. - **Rapeseed Oil**: The spot price of third - grade rapeseed oil in Jiangsu was 10,000 yuan on December 11, up 3.09%. The futures price of OI601 was 9,443 yuan, up 1.65%. The basis was 401 yuan, and the warehouse receipts were 3,490 [1]. Meals - **Soybean Meal**: The spot price in Jiangsu was 3,060 yuan on December 11, up 0.66%. The futures price of M2605 was 2,750 yuan, down 0.15%. The basis was 310 yuan, and the warehouse receipts were 23,830 [2]. - **Rapeseed Meal**: The spot price in Jiangsu was 2,410 yuan on December 11, up 1.26%. The futures price of RM2605 was 2,323 yuan, down 0.26%. The basis was 87 yuan, and the warehouse receipts were 0 [2]. - **Soybeans**: The spot price of Harbin soybeans was 3,940 yuan, unchanged. The futures price of the main soybean contract was 4,173 yuan, up 0.29%. The basis was - 233 yuan [2]. Pigs - **Futures**: The futures price of LH2605 was 11,820 yuan on December 11, down 0.17%. The futures price of LH2603 was 11,220 yuan, down 0.80%. The 3 - 5 spread was - 600 yuan, down 13.21%. The main - contract positions increased by 3.54% to 154,716, and the warehouse receipts increased by 40.21% to 523 [4]. - **Spot**: The spot price in Henan was 11,360 yuan, up 60 yuan; in Shandong, it was 11,330 yuan, up 130 yuan; in Sichuan, it was 12,000 yuan, up 200 yuan; in Liaoning, it was 11,390 yuan, up 90 yuan; in Guangdong, it was 12,460 yuan, unchanged; in Hunan, it was 11,160 yuan, unchanged; in Hebei, it was 11,660 yuan, up 160 yuan [4]. Sugar - **Futures**: The futures price of SR2601 was 5,358 yuan on December 11, up 0.56%. The futures price of SR2605 was 5,245 yuan, up 0.38%. The ICE raw sugar main - contract price was 14.86 cents per pound, down 0.27%. The 1 - 5 spread was 113 yuan, up 9.71%. The main - contract positions increased by 62.10% to 391,467, and the warehouse receipts increased by 54.29% to 611 [8]. - **Spot**: The spot price in Nanning and Kunming was unchanged. The Nanning basis was 115 yuan, down 14.81%; the Kunming basis was 75 yuan, down 21.05%. The in - quota imported Brazilian sugar price was 4,100 yuan, up 2.07%, and the out - of - quota price was 5,195 yuan, up 2.12% [8]. Corn - **Corn**: The futures price of C2601 was 2,243 yuan on December 11, up 0.09%. The Jinzhou Port flat - hatch price was 2,290 yuan, up 0.44%. The basis was 57 yuan, up 16.33%. The 1 - 5 spread was - 24 yuan, unchanged [10]. - **Corn Starch**: The futures price of CS2601 was 2,523 yuan, down 0.36%. The Changchun and Weifang spot prices were unchanged. The basis was 67 yuan, up 15.52%. The 1 - 5 spread was - 53 yuan, down 1.92% [10]. Eggs - **Futures**: The futures price of JD01 was 3,144 yuan on December 11, down 0.29%. The futures price of JD02 was 2,968 yuan, down 0.40%. The 1 - 2 spread was 176 yuan, up 1.73%. - **Spot**: The egg - producing area price was 3.09 yuan per catty, up 0.64%. The basis was - 57 yuan, up 33.37% [14]. Cotton - **Futures**: The futures price of CF2605 was 13,850 yuan on December 11, up 0.65%. The futures price of CF2601 was 13,860 yuan, up 0.58%. The ICE US cotton main - contract price was 64.00 cents per pound, down 0.19%. The 5 - 1 spread was - 10 yuan, up 50.00%. The main - contract positions decreased by 3.02% to 460,016, and the warehouse receipts decreased by 0.10% to 2,967 [16]. - **Spot**: The Xinjiang arrival price of 3128B cotton was 14,835 yuan, up 0.03%. The CC Index 3128B was 15,013 yuan, up 0.06%. The FC Index M 1% was 12,898 yuan, up 0.40% [16].

行业 油脂 日期 2025 年 12 月 12 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 表1：行情回顾 每日报告 三、数据概览 | Fr 84 | 前结算价 : | 开盘价 : | 最高价 : | 最低价 | 收盘价 :涨跌:涨跌幅 | | | 成交量 : | | 持企量 持仓量变化 ...

行业 油脂 日期 2025 年 12 月 11 日 研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 表1：行情回顾 | 18 5 | 前结算价 | 开盘价 : | 或高价 | 最低价 | | 收盘价:涨跌:涨跌幅 | | 成交量: | 特企业 | 持企重变化: | | --- | --- | -- ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - Short - term, the oils and fats market lacks clear drivers and shows large intraday fluctuations, generally maintaining a volatile trend. It is recommended to consider low - buying, high - selling interval operations for unilateral trading, and adopt a wait - and - see approach for arbitrage and options trading [4][7][9] 3. Summary by Directory First Part: Data Analysis - **Spot Prices and Basis**: For soybeans, the 2601 closing price was 8190 with a decline of 40. In different regions, spot prices varied. The basis in Zhangjiagang, Guangdong, and Tianjin was 280, 260, and 160 respectively, with no change in the basis. For palm oil, the 2601 closing price was 8648 with a decline of 58. Spot prices and basis also had corresponding changes. For rapeseed oil, the 2601 closing price was 9393 with a decline of 109, and the basis in relevant regions had different values [2] - **Monthly Spread Closing Prices**: The 1 - 5 monthly spread of soybeans was 206 with a rise of 8, that of palm oil was 20 with a rise of 16, and that of rapeseed oil was 226 with a decline of 2 [2] - **Cross - Variety Spreads**: The 01 contract of Y - P was - 458 with a rise of 18, OI - Y was 1203 with a decline of 69, OI - P was 745 with a decline of 51, and the oil - meal ratio was 2.89 with a decline of 0.07 [2] - **Import Profits**: The CNF price of 24 - degree palm oil from Malaysia and Indonesia for the 1 - month shipment was 1039, and the on - disk profit was - 180. The FOB price of crude rapeseed oil from Rotterdam for the 1 - month shipment was 1073, and the on - disk profit was - 1130 [2] - **Weekly Commercial Oils and Fats Inventory**: In the 49th week of 2025, the soybean oil inventory was 116.3 tons (last week: 117.9 tons, same period last year: 96.4 tons), palm oil was 68.4 tons (last week: 65.4 tons, same period last year: 53.9 tons), and rapeseed oil was 35.3 tons (last week: 36.8 tons, same period last year: 46.1 tons) [2] Second Part: Fundamental Analysis - **International Market**: As of December 7, the soybean sowing rate in Brazil was 90.3%, compared with 86.0% last week, 94.1% in the same period last year, and a five - year average of 89.8% [4] - **Domestic Market (P/Y/OI)**: - **Palm Oil**: Futures prices fluctuated and closed slightly lower. As of December 5, the national key - area commercial inventory was 68.37 tons, a week - on - week increase of 3.02 tons (4.62%). The origin's quotation was stable, the import profit inversion narrowed to around - 200. There was a rumor of a near - month purchase. The basis was stable with a slight decline. It was recommended to adopt high - selling and low - buying operations and pay attention to the MPOB report [4] - **Soybean Oil**: Futures prices fluctuated and closed slightly lower. The soybean crushing volume last week was 205.58 tons, and the operating rate was 56.55%. As of December 5, the national key - area commercial inventory was 116.3 tons, a week - on - week decrease of 1.58 tons (1.34%). The inventory reached an inflection point. The basis was stable with a slight decline, and the market trading was light. It was expected to maintain a volatile trend, and one could consider light - position buying on dips [4][7] - **Rapeseed Oil**: Futures prices fluctuated and closed down by over 1%. The rapeseed crushing volume in coastal areas last week was 0 tons, and the operating rate was 0%. As of December 5, the coastal inventory was 35.3 tons, a week - on - week decrease of 1.5 tons. The European rapeseed oil FOB quotation was stable around 1100 dollars, and the import profit inversion widened to around - 1000. The domestic supply was expected to improve. The basis was stable with a slight decline, and the demand was lackluster. It was recommended to adopt high - selling and low - buying operations [7] Third Part: Trading Strategy - **Unilateral**: Consider short - term low - buying, high - selling interval operations due to the lack of drivers and large intraday fluctuations in the oils and fats market [9] - **Arbitrage**: Adopt a wait - and - see approach [10] - **Options**: Adopt a wait - and - see approach [11] Fourth Part: Relevant Attachments - The attachments include charts of the spot basis of East China's first - grade soybean oil, South China's 24 - degree palm oil, East China's third - grade rapeseed oil, as well as monthly spreads and cross - variety spreads of different oils and fats. The time span of the data is from 2016 - 2025, and the data sources are Galaxy Futures, Bangcheng, and WIND [14][16]

研究员：余兰兰 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 研究员：林贞磊 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 研究员：王海峰 021-60635727 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 行业 油脂 日期 2025 年 12 月 9 日 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 请阅读正文后的声明 每日报告 一、行情回顾与操作建议 表1：行情回顾 | 6 87 | 前结算价 | 开盘价 : | | | 最高价：最低价：收盘价：涨跌 深跌幅 | | | | 成交量:持企量 持企量变化 | | | --- | --- | --- | --- | --- ...