Group 1 - The company TianKang Biological (SZ 002100) announced that its 26th temporary board meeting of the 8th session was held on August 1, 2025, via communication voting [1] - The meeting reviewed documents including the proposal for the estimated financing guarantee amount for the year 2025 [1] - For the year 2024, the company's revenue composition is as follows: pig farming accounts for 35.84%, feed accounts for 31.12%, corn storage industry accounts for 12.48%, agricultural product processing accounts for 9.73%, and veterinary drugs account for 5.81% [1]

2025 年 8 月 4 日 美豆出口需求疲软 连粕或震荡运行 豆粕周报 wang.gj@jyqh.com.cn 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 zhao.kx@jyqh.com.cn 从业资格号：F03112296 投资咨询号：Z0021040 核心观点及策略 投资咨询业务资格 沪证监许可【2015】84 号 李婷 021-68555105 li.t@jyqh.com.cn 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 huang.lei@jyqh.com.cn 从业资格号：F0307990 投资咨询号：Z0011692 高慧 gao.h@jyqh.com.cn 从业资格号：F03099478 王工建 敬请参阅最后一页免责声明 1 / 11 投资咨询号：Z0017785 ⚫ 上周，CBOT美豆11月合约跌33.75收于988美分/蒲式耳，跌 幅3.30%；豆粕09合约跌11收于3010元/吨，跌幅0.36%；华 南豆粕现货跌10收于2870元/吨，跌幅0.35%；菜粕09合约 收于2675元/吨，持平于上一周；广西菜粕现货跌30收于 2530元/吨，跌 ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The overall market is influenced by various factors such as policies, economic data, and international events. In the short - term, market sentiment may fluctuate, but in the long - run, different sectors will be affected by their own fundamentals. For instance, the capital market is supported by policies, but the real economy's recovery pace and demand are key factors affecting the prices of different commodities [3][5]. - The policy's attitude towards the capital market is positive, but the market may still face adjustments due to external factors and short - term over - valuation. For the bond market, interest rates are expected to decline in the long - term under the background of weak domestic demand and loose funds, but may be in a short - term shock pattern [3][5]. - Different commodity sectors have different supply - demand situations. Some sectors are facing supply - side challenges, while others are affected by demand - side weakness. For example, the copper and aluminum markets are affected by supply and demand, and the price trends are expected to be weak in the short - term [9][10]. Summary by Relevant Catalogs Macro - Financial Category Index Futures - **News**: The restoration of VAT on bond interest income, media comments on NVIDIA, stock market supervision, and weak US non - farm employment data [2]. - **Base Ratio**: The base ratios of IF, IC, IM, and IH contracts show different trends. The trading logic is to buy on dips based on the policy's support for the capital market [3]. Treasury Bonds - **Market**: TL, T, TF, and TS contracts showed declines on Friday. There were changes in bond tax policies, and the central bank had a large - scale net withdrawal of funds [4]. - **Strategy**: The economic data in the first half of the year was resilient, but the PMI in July was lower than expected. The interest rate is expected to decline in the long - term, and the bond market may be in a short - term shock pattern [5]. Precious Metals - **Market**: Both domestic and international gold and silver prices rose. The weak non - farm data in the US reversed the market's expectation of the US economy, increasing the expectation of the Fed's loose monetary policy [6]. - **Strategy**: It is recommended to buy on dips. The reference operating ranges for Shanghai gold and silver are provided [7]. Non - Ferrous Metals Category Copper - **Market**: The copper price oscillated weakly last week. The inventory of the three major exchanges increased, and the import of spot copper was in a loss. The price is expected to continue to oscillate weakly in the short - term [9]. Aluminum - **Market**: The aluminum price oscillated weakly. The domestic aluminum ingot inventory increased, and the downstream demand was in the off - season. The price is expected to continue to oscillate weakly in the short - term [10]. Zinc - **Market**: The zinc price declined slightly. The zinc ore inventory continued to accumulate, and the downstream consumption weakened. The risk of zinc price decline is expected to increase [11][12]. Lead - **Market**: The lead price rose slightly. The supply of lead ingots was relatively loose, and the price is expected to oscillate weakly [13]. Nickel - **Market**: The nickel price oscillated weakly. The stainless steel and nickel - iron market was in an oversupply situation, and it is recommended to sell on rallies [14]. Tin - **Market**: The tin price oscillated and declined. The supply was low, and the demand was weak. The supply is expected to increase in the fourth quarter, and the price is expected to oscillate weakly in the short - term [15]. Carbonate Lithium - **Market**: The carbonate lithium price declined. The supply reduction is expected to support the price, but the sustainability of supply reduction needs to be observed. It is recommended that speculative funds wait and see [17]. Alumina - **Market**: The alumina price declined. The supply - side contraction policy needs to be observed, and it is recommended to short on rallies [18]. Stainless Steel - **Market**: The stainless steel price oscillated. The social inventory was still at a high level, and the price is expected to maintain an oscillating pattern [19]. Cast Aluminum Alloy - **Market**: The cast aluminum alloy price oscillated and declined. The downstream was in the off - season, and the price rebound space is expected to be limited [21]. Black Building Materials Category Steel - **Market**: The prices of rebar and hot - rolled coils showed a weak oscillating trend. The export competitiveness decreased, and the inventory of rebar and hot - rolled coils was at a low level in the past five years. The price is expected to return to the real - trading logic [23]. Iron Ore - **Market**: The iron ore price rose slightly. The supply increased slightly, and the demand was supported. The price is expected to oscillate following the downstream prices [24][25]. Glass and Soda Ash - **Glass**: The glass price declined. The inventory decreased, but the downstream demand did not improve significantly. The price is expected to oscillate widely in the short - term [26]. - **Soda Ash**: The soda ash price was stable. The supply was high, and the demand was weak. The price is expected to oscillate in the short - term [27]. Manganese Silicon and Ferrosilicon - **Market**: The prices of manganese silicon and ferrosilicon showed wide - range fluctuations. It is recommended that investment positions wait and see, and hedging positions can participate opportunistically [28][29]. Industrial Silicon - **Market**: The industrial silicon price oscillated and declined. The supply was excessive, and the demand was insufficient. The price is expected to be weak in the short - term [32]. Polysilicon - **Market**: The polysilicon price showed a high - level oscillation. The price is expected to oscillate widely in the short - term, and it is recommended to participate cautiously [33][34]. Energy - Chemical Category Rubber - **Market**: NR and RU declined significantly. The tire factory's operating rate decreased, and the inventory increased. It is recommended to wait and see and conduct band - trading operations [36][37][39]. Crude Oil - **Market**: The prices of WTI, Brent, and INE crude oil futures declined. The gasoline, diesel, and fuel oil inventories decreased, while the naphtha and aviation kerosene inventories increased. It is recommended to take profits and wait and see [40]. Methanol - **Market**: The methanol price declined. The supply pressure is expected to increase, and the demand is weak. The price is under pressure [41]. Urea - **Market**: The urea price declined. The supply is expected to increase, and the demand is weak. The price decline space is limited [42]. Styrene - **Market**: The styrene spot price was stable, and the futures price declined. The BZN spread is expected to repair, and the price is expected to oscillate upward following the cost side [43]. PVC - **Market**: The PVC price declined. The supply was strong, the demand was weak, and the valuation was high. The price is expected to decline in the short - term [45]. Ethylene Glycol - **Market**: The EG price declined. The supply decreased slightly, and the demand was weak. The inventory decreased. The price is under downward pressure [46]. PTA - **Market**: The PTA price declined. The supply is expected to increase, and the demand is weak. The inventory increased. The price is expected to oscillate, and it is recommended to buy on dips following PX [47]. Paraxylene - **Market**: The PX price declined. The supply was high, and the demand was affected by PTA maintenance. The inventory decreased. The price is expected to oscillate, and it is recommended to buy on dips following crude oil [48]. Polyethylene (PE) - **Market**: The PE price declined. The cost support existed, and the demand was weak. The price is expected to be determined by the game between the cost and supply sides in the short - term [49]. Polypropylene (PP) - **Market**: The PP price declined. The supply and demand were weak, and the price is expected to oscillate strongly following crude oil [51]. Agricultural Products Category Live Pigs - **Market**: The pig price declined over the weekend. The supply was abundant, and the demand was weak. The market is paying attention to the policy's intervention in capacity reduction, and it is recommended to focus on the spread opportunities [53]. Eggs - **Market**: The egg price declined over the weekend. The supply was large, and the demand was weak. The price is expected to be stable first and then rise, and it is recommended to short on rallies in the medium - term [54]. Soybean and Rapeseed Meal - **Market**: The US soybean price oscillated weakly, and the domestic soybean meal price was supported. The supply and demand of soybean meal were in a complex situation, and it is recommended to buy on dips at low - cost intervals and expand the spread between soybean meal and rapeseed meal [55][56]. Oils and Fats - **Market**: The domestic palm oil price declined slightly. The export and production data of Southeast Asian palm oil showed different trends. The price is expected to oscillate [57][58][59]. Sugar - **Market**: The sugar price declined. The sugar production in Brazil and India increased, and the import supply increased. The price is expected to continue to decline [60][61]. Cotton - **Market**: The cotton price declined. The downstream consumption was weak, and the de - stocking speed slowed down. The price is expected to be short - term bearish [62].

Core Viewpoint - The monitoring of market prices for 50 important production materials across nine categories indicates a general upward trend, with 36 products experiencing price increases, while 8 saw declines, and 6 remained stable in late July 2025 compared to mid-July 2025 [1]. Price Changes Summary 1. Black Metals - Rebar (Φ20mm, HRB400E) increased by 143.5 CNY to 3304.1 CNY, a rise of 4.5% - Wire rod (Φ8-10mm, HPB300) rose by 141.5 CNY to 3469.0 CNY, an increase of 4.3% - Ordinary medium plate (20mm, Q235) increased by 123.6 CNY to 3526.3 CNY, a rise of 3.6% - Hot-rolled ordinary plate (4.75-11.5mm, Q235) increased by 175.2 CNY to 3474.3 CNY, a rise of 5.3% [3]. 2. Non-ferrous Metals - Electrolytic copper (1) rose by 1161.1 CNY to 79474.4 CNY, an increase of 1.5% - Aluminum ingot (A00) increased by 175.8 CNY to 20767.5 CNY, a rise of 0.9% - Lead ingot (1) decreased by 53.1 CNY to 16734.4 CNY, a decline of 0.3% - Zinc ingot (0) increased by 528.0 CNY to 22746.3 CNY, a rise of 2.4% [3]. 3. Chemical Products - Sulfuric acid (98%) increased by 10.2 CNY to 704.3 CNY, a rise of 1.5% - Caustic soda (liquid, 32%) decreased by 0.8 CNY to 871.7 CNY, a decline of 0.1% - Methanol (first grade) increased by 34.1 CNY to 2255.5 CNY, a rise of 1.5% - Polyvinyl chloride (SG5) increased by 197.7 CNY to 5056.7 CNY, a rise of 4.1% [3]. 4. Oil and Natural Gas - Liquefied natural gas (LNG) decreased by 1.8 CNY to 4323.7 CNY, remaining stable - Gasoline (95 National VI) increased by 20.7 CNY to 8590.4 CNY, a rise of 0.2% - Diesel (0 National VI) decreased by 2.1 CNY to 7182.9 CNY, remaining stable [3]. 5. Coal - Anthracite (washed lump) decreased by 29.6 CNY to 835.8 CNY, a decline of 3.4% - Ordinary mixed coal (4500 kcal) increased by 16.7 CNY to 518.1 CNY, a rise of 3.3% - Coking coal (main coking coal) increased by 225.0 CNY to 1375.0 CNY, a rise of 19.6% [3]. 6. Non-metallic Building Materials - Ordinary Portland cement (P.O 42.5 bagged) decreased by 6.7 CNY to 355.7 CNY, a decline of 1.8% - Float glass (4.8/5mm) increased by 56.5 CNY to 1268.9 CNY, a rise of 4.7% [3]. 7. Agricultural Products - Rice (glutinous rice) decreased by 1.7 CNY to 4042.3 CNY, remaining stable - Wheat (national standard grade three) remained stable at 2422.9 CNY [4]. 8. Agricultural Production Materials - Urea (medium and small particles) decreased by 10.6 CNY to 1811.8 CNY, a decline of 0.6% - Compound fertilizer (sulfur potassium compound fertilizer) increased by 28.5 CNY to 3177.9 CNY, a rise of 0.9% [4]. 9. Forest Products - Natural rubber (standard rubber SCRWF) increased by 548.0 CNY to 14906.3 CNY, a rise of 3.8% - Pulp (imported needle pulp) increased by 32.4 CNY to 5869.0 CNY, a rise of 0.6% [4].

Core Points - The focus of the Zhengzhou Municipal Commission for Discipline Inspection and Supervision is on supervising and ensuring the comprehensive revitalization of rural areas, particularly in the areas of industrial development and policy implementation [2][3][4] - The integration of digital tools for supervision has enhanced the transparency and efficiency of monitoring rural collective assets, allowing for real-time feedback and issue reporting by the community [5][6] - The establishment of a joint supervision mechanism involving various departments aims to strengthen the oversight of rural revitalization funds and projects, addressing issues of mismanagement and corruption [10][12] Group 1: Supervision and Governance - The Zhengzhou Municipal Commission has prioritized the supervision of rural revitalization, focusing on key areas such as project management and fund allocation [3][4] - A digital platform has been implemented to enhance the transparency of rural financial management, allowing residents to access information and report issues easily [5][6] - The commission has adopted a collaborative approach, integrating supervision with party-led governance to address bureaucratic inefficiencies and improve service delivery [6][10] Group 2: Financial Oversight and Accountability - The commission has established a "discipline-inspection, audit, and inspection" linkage mechanism to oversee the allocation and use of rural revitalization funds, ensuring accountability [6][10] - In 2024, the commission reported handling 911 cases related to rural revitalization, resulting in 467 disciplinary actions and the exposure of 54 typical cases of misconduct [10][12] - The commission has identified and rectified issues related to the management of collective assets, recovering significant amounts of misallocated funds [10][12] Group 3: Industrial Development and Community Engagement - The commission emphasizes the importance of industrial revitalization as a key component of rural development, focusing on creating sustainable economic opportunities for local communities [12][14] - Initiatives have been launched to enhance agricultural productivity and support local enterprises, leading to increased income for farmers and community members [12][14] - The integration of technology and community involvement in agricultural practices has resulted in improved efficiency and profitability for local agricultural projects [12][14]

Core Insights - Pierre Andurand, a renowned oil trader, has faced significant losses in the cocoa market, with his flagship fund down 57% year-to-date as of June 30 [2][3][4] - Cocoa futures prices have dropped over 29% this year, with a notable decline of more than 3% on August 1, reaching $8,227 per ton [5][13] - Weak global demand, particularly in Europe where cocoa bean processing fell 7.2% year-on-year in Q2, is a primary factor for the price drop [4][13] Fund Performance - Andurand's fund, "Andurand Commodity Enhanced Fund," experienced a stark contrast in performance compared to 2024, when it achieved a 50% annual return due to successful cocoa price bets [4][5] - The fund suffered substantial losses in early 2025, with a drop of approximately 17% in January and nearly 25% in February [8] - Despite acknowledging the disappointing performance, Andurand remains optimistic about future cocoa prices, maintaining a bullish stance on the market [11] Market Dynamics - The decline in cocoa prices is attributed to concerns over demand, with significant reductions in processing volumes reported in both Europe and Asia [13][14] - The high cocoa prices from the previous year have started to suppress consumer demand, particularly in the chocolate market, amid ongoing global inflation pressures [13][14] - The global chocolate market is experiencing its most severe decline in a decade, with forecasts indicating a cocoa surplus in the upcoming years [14]

Group 1 - The U.S. government announced new tariffs ranging from 10% to 41% on goods from 69 trade partners, effective seven days after the announcement [1] - 40 countries or regions will face a 15% tariff, while 10 countries or regions will face tariffs of 19% or 20% [1] - Goods from countries not listed will incur an additional 10% tariff, while products from China are unaffected by this order [1] Group 2 - The tariff measures have sparked widespread criticism from both domestic and international entities, with U.S. senators expressing concerns over economic uncertainty and inflation [2] - South Africa's trade minister highlighted that higher tariffs threaten key industries such as automotive and agriculture, prompting urgent protective measures [2] - The Swiss government expressed regret over the U.S. tariff policy, despite progress in bilateral negotiations [2]

特朗普政府加征关税举措在美国国内和海外引发广泛反对和质疑。美国多名民主党籍参议员7月31日举 行新闻发布会，抨击特朗普政府加征关税和对贸易协议夸大其词等做法。国会参议院少数党领袖舒默 说，美国企业需要确定性，但得到的是混乱和通胀，"特朗普的关税贸易战是对美国人民的一场贸易 战"。参议院金融委员会主席罗恩·怀登表示，关税的真正代价将在未来数月得到充分体现。 南非贸易、工业和竞争部长帕克斯·陶当天在一份声明中说，更高的关税对南非出口能力构成威胁，特 别是在汽车、农产品加工、钢铁、化工等关键行业。"我们正紧急并坚决地采取切实可行的干预措施来 保护就业，使南非在变化的全球格局中处于有利竞争地位。" 瑞士政府在社交媒体X上发文，对美方关税政策"深表遗憾"。贴文说，尽管双边谈判取得进展且瑞士方 面始终秉持建设性立场，但美方仍寻求对瑞士输美商品征收单边额外关税。 "对于世界其他地区来说，这是一次严重的需求冲击，"印度央行前行长、芝加哥大学布思商学院教授拉 古拉姆·拉詹1日告诉彭博电视台。"你会看到很多央行考虑降息，因为世界其他地区的经济在这些关税 影响下放缓。" 新华社消息，美国白宫7月31日晚发布公告称，美国总统特朗普当 ...

Group 1 - The U.S. government has announced new tariffs ranging from 10% to 41% on goods from 69 trade partners, effective seven days after the announcement [1] - 40 countries or regions will face a 15% tariff, while 10 countries or regions will be subject to tariffs of 19% or 20% [1] - Goods from countries not included in the 69 trade partners list will incur an additional 10% tariff, while products from China are unaffected by this order [1] Group 2 - The tariff measures have sparked widespread criticism both domestically and internationally, with U.S. senators expressing concerns over the impact on American businesses and inflation [2] - South Africa's trade minister highlighted that higher tariffs threaten key industries such as automotive and agriculture, prompting urgent protective measures [2] - The Swiss government expressed regret over the U.S. tariff policy, despite progress in bilateral negotiations [2]

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - For rapeseed oil, short - term trading is recommended. This week, rapeseed oil futures fluctuated and closed higher. The 09 - contract closed at 9524 yuan/ton, up 67 yuan/ton from the previous week. The current growth of Canadian rapeseed is still in the "weather - dominated" stage. The recent weather in Canada is favorable, and the resumption of rapeseed trade between China and Australia adds long - term supply pressure. High - frequency data shows that palm oil production in Malaysia increased in July while exports declined, and palm oil stocks are expected to continue to accumulate. However, Indonesia's exports have increased significantly, and its inventory is at a low level. News from the biodiesel sectors in the US and Indonesia is positive for the oil market. In China, it is the off - season for oil consumption, the supply of vegetable oil is relatively abundant, and the inventory pressure of rapeseed oil mills remains high. But the oil mill's operating rate has decreased, and the supply pressure in the third quarter has reduced [8][9]. - For rapeseed meal, short - term trading is recommended, and attention should be paid to China - US and China - Canada economic and trade relations. This week, rapeseed meal futures fluctuated widely. The 09 - contract closed at 2675 yuan/ton, unchanged from the previous week. The US soybean's good rate is at a high level in the same period, and the weather in the US soybean - producing areas is good, with a strong expectation of a bumper harvest. The new round of China - US economic and trade talks has no major breakthrough. In China, the operating rate of oil mills is relatively high, and soybean meal stocks continue to accumulate, suppressing the price of the meal market. There is an expectation of a decline in pig inventory, and the government emphasizes the reduction of soybean meal substitution, reducing demand expectations. However, the uncertainty of purchases in the fourth quarter supports the long - term market. For rapeseed meal itself, the arrival of rapeseed in the near - term is less, reducing supply pressure, and the demand for rapeseed meal in aquaculture is seasonally increasing. But the substitution advantage of soybean meal weakens the demand expectation for rapeseed meal [11][12]. 3. Summary by Relevant Catalogs 3.1 Week - to - Week Summary - **Rapeseed Oil**: The 09 - contract of rapeseed oil futures closed at 9524 yuan/ton, up 67 yuan/ton from the previous week. Short - term trading is recommended. The weather in Canada is favorable for rapeseed growth, and the resumption of China - Australia trade adds supply pressure. High - frequency data on palm oil is mixed, and in China, the off - season consumption and high inventory pressure are countered by reduced production pressure and fewer third - quarter purchases [8][9]. - **Rapeseed Meal**: The 09 - contract of rapeseed meal futures closed at 2675 yuan/ton, unchanged from the previous week. Short - term trading is recommended, and attention should be paid to China - US and China - Canada economic and trade relations. The US soybean situation is good, and in China, high oil - mill operating rates, expected pig - inventory decline, and substitution policies reduce demand, but fourth - quarter purchase uncertainty and seasonal demand support the market [11][12]. 3.2 Futures and Spot Market - **Futures Price and Position**: This week, rapeseed oil futures fluctuated and closed down, with a total position of 189,113 lots, down 21,670 lots from last week. Rapeseed meal futures fluctuated widely, with a total position of 419,679 lots, down 63,829 lots from the previous week [17]. - **Top 20 Net Positions**: The top 20 net positions of rapeseed oil futures increased, and those of rapeseed meal futures decreased [24]. - **Futures Warehouse Receipts**: The registered warehouse receipts of rapeseed oil are 3,487 lots, and those of rapeseed meal are 1,200 lots [29]. - **Spot Price and Basis**: The spot price of rapeseed oil in Jiangsu is 9,680 yuan/ton, up from last week, and the basis is + 66 yuan/ton. The spot price of rapeseed meal in Nantong, Jiangsu is 2,600 yuan/ton, slightly up from last week, and the basis is - 75 yuan/ton [37][43]. - **Futures Inter - month Spread**: The 9 - 1 spread of rapeseed oil is + 58 yuan/ton, and that of rapeseed meal is + 266 yuan/ton, both at medium levels in recent years [49]. - **Futures - Spot Ratio**: The 09 - contract ratio of rapeseed oil to rapeseed meal is 3.56, and the average spot price ratio is 3.688 [53]. - **Price Spread between Oils and Meals**: The 09 - contract spread of rapeseed oil to soybean oil is 1,250 yuan/ton and has narrowed this week. The 09 - contract spread of rapeseed oil to palm oil is 614 yuan/ton and has widened this week. The 09 - contract spread of soybean meal to rapeseed meal is 335 yuan/ton, and the spot spread is 280 yuan/ton [62][68]. 3.3 Industry Chain Situation 3.3.1 Rapeseed - **Supply - Side Inventory and Import**: As of July 25, 2025, the total inventory of rapeseed in oil mills is 150,000 tons. The estimated arrival volumes of rapeseed in August, September, and October 2025 are 490,000 tons, 530,000 tons, and 395,000 tons respectively [74]. - **Import and Pressing Profit**: As of July 31, the spot pressing profit of imported rapeseed is + 475 yuan/ton [78]. - **Oil Mill Pressing Volume**: As of the 30th week of 2025, the rapeseed pressing volume of major coastal oil mills is 72,000 tons, an increase of 19,000 tons from last week, and the operating rate this week is 17.61% [82]. - **Monthly Import Volume**: In June 2025, the total import volume of rapeseed is 184,500 tons, a year - on - year decrease of 69.69% and a month - on - month decrease of 150,900 tons [86]. 3.3.2 Rapeseed Oil - **Supply - Side Inventory and Import**: As of the end of the 30th week of 2025, the inventory of imported and pressed rapeseed oil in China is 786,000 tons, a month - on - month decrease of 3.21%. In June 2025, the total import volume of rapeseed oil is 150,300 tons, a year - on - year increase of 23.67% and a month - on - month increase of 39,100 tons [90]. - **Demand - Side Consumption and Production**: As of June 30, 2025, the monthly output of edible vegetable oil is 476,900 tons, and the catering revenue is 470.76 billion yuan [94]. - **Demand - Side Contract Volume**: As of the end of the 30th week of 2025, the contract volume of imported and pressed rapeseed oil in China is 116,000 tons, a month - on - month decrease of 9.24% [98]. 3.3.3 Rapeseed Meal - **Supply - Side Inventory**: As of the end of the 30th week of 2025, the inventory of imported and pressed rapeseed meal in China is 17,000 tons, a month - on - month increase of 54.55% [102]. - **Supply - Side Import Volume**: In June 2025, the total import volume of rapeseed meal is 270,300 tons, a year - on - year increase of 15.17% and a month - on - month increase of 75,600 tons [106]. - **Demand - Side Feed Production**: As of May 31, 2025, the monthly output of feed is 2,762,100 tons [110]. 3.4 Options Market Analysis As of August 1, the implied volatility of rapeseed meal options is 21.37%, a decrease of 1.95% from the previous week, and it is at a slightly high level compared to the 20 - day, 40 - day, and 60 - day historical volatility of the underlying asset [114].