1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Views of the Report - **Soft Commodity Sector - Sugar**: The production rhythm in Brazil has improved in the first half of August, with a significant year - on - year increase in sugar production, which is bearish for raw sugar. However, concerns about weather and domestic consumption improvement provide support. In China, import pressure is being realized, but the low inventory pressure of sugar - making enterprises and the warming up of transactions limit the downside space of the 2601 contract [3]. - **Soft Commodity Sector - Pulp**: The pulp industry chain shows few positive signs. Supply pressure remains, and demand improvement is limited. The price has no strong upward drive, but the low valuation provides some support [4]. - **Soft Commodity Sector - Cotton**: The external market is in a long - short game, and the domestic market is affected by rumors of state reserve sales. Short - term prices are expected to fluctuate and consolidate [6]. - **Fresh Fruit Sector - Apple**: The opening price of early - maturing apples has increased year - on - year, and concerns about the excellent fruit rate support the futures price [7]. - **Fresh Fruit Sector - Jujube**: The inventory of jujubes is being depleted, and the market is moving towards the peak season. The futures price of the 2601 contract is affected by multiple factors, and investors can adopt different strategies according to their risk preferences [8]. 3. Summary by Directory 3.1 First Part: Sector Strategy Recommendation - **Fresh Fruit Futures**: For Apple 2510, the recommended strategy is to wait and see or take a short - term long position due to the increase in the opening price of early - maturing apples and concerns about the excellent fruit rate. The support range is 7700 - 7800, and the pressure range is 8500 - 8600. For Jujube 2601, the recommended strategy is to reduce long positions as the commodity sentiment is strong and the third - quarter is the production - forming period, which is prone to weather premium. The support range is 11000 - 11200, and the pressure range is 11500 - 12000 [17]. - **Soft Commodity Futures**: For Sugar 2601, the recommended strategy is to reduce short positions as the estimated production in Brazil is lowered, and the downside space of the futures price is limited. The support range is 5530 - 5550, and the pressure range is 5630 - 5650. For Pulp 2511, the recommended strategy is to be bearish in the range because the coniferous pulp price is below the cost, but the supply pressure remains, and the price of finished paper is low. The support range is 4900 - 5000, and the pressure range is 5200 - 5300. For Cotton 2601, the recommended strategy is to return to a wait - and - see state as the Fed's interest - rate cut expectation and the rumor of state reserve sales lead to short - term price fluctuations [17]. 3.2 Second Part: Market News Changes 3.2.1 Apple Market - **Fundamental Information**: In July, China's fresh apple export volume was about 53,600 tons, a month - on - month increase of 44.59% and a year - on - year decrease of 18.39%. The estimated national apple production is expected to decrease by 2.03% according to one survey and increase by 2.35% according to another [18]. - **Spot Market Situation**: The mainstream transaction price in the Shandong production area is stable. In the northwest production area, the early - maturing Fuji is priced high, and the quality is good, with active procurement by merchants. In the sales area, the arrival of goods has increased significantly, and the price is stable [19][20]. 3.2.2 Jujube Market The temperature in the main jujube - producing areas in Xinjiang has decreased slightly, and some areas have experienced light rain. The daily arrival of goods in the sales area has decreased. The price of high - quality jujubes is strong, and the price of ordinary jujubes is stable. The sample - point physical inventory has decreased [21]. 3.2.3 Sugar Market The ISO reports that the 2025/26 sugar season will have a supply gap of only 23,100 tons. Brazil's sugar production in the first half of August has increased significantly year - on - year. In China, the spot price of sugar in different regions is reported [24][25]. 3.2.4 Pulp Market The price of imported radiata pine has been reduced by $20 per ton, while most suppliers keep the price of coniferous pulp unchanged. Suzano has increased the price of broad - leaf pulp for September orders [27]. 3.2.5 Cotton Market In July 2025, Vietnam's textile and clothing exports and yarn exports have increased. Argentina's cotton exports have decreased in July, and the cumulative exports in the 2024/25 season have decreased year - on - year [28]. 3.3 Third Part: Market Review 3.3.1 Futures Market Review The daily closing prices, price changes, and price change rates of Apple 2510, Jujube 2601, Sugar 2601, Pulp 2511, and Cotton 2601 are reported [29][30]. 3.3.2 Spot Market Review The spot prices, month - on - month changes, and year - on - year changes of apple, jujube, sugar, pulp, and cotton are reported [32]. 3.4 Fourth Part: Basis Situation There is no specific text description about the basis situation, only figure references are provided [43][44][46]. 3.5 Fifth Part: Inter - month Spread Situation The inter - month spreads of apple, jujube, sugar, and cotton are in a state of oscillation. The recommended strategy is to wait and see [49]. 3.6 Sixth Part: Futures Positioning Situation There is no specific text description, only figure references are provided [56][57][59]. 3.7 Seventh Part: Futures Warehouse Receipt Situation The warehouse receipt quantities, month - on - month changes, and year - on - year changes of apple, jujube, sugar, pulp, and cotton are reported [76]. 3.8 Eighth Part: Option - related Data There is no specific text description, only figure references are provided [78][80][81].

1. Sugar Industry Investment Rating Not mentioned Core Viewpoint The raw sugar is still suppressed by the expected increase in supply and has difficulty rising. However, there is a risk of downward revision of Brazil's sugar production. It is expected to consolidate in the range of 15 - 17 cents per pound in the short term. The domestic sugar futures showed strength last week, and the spot market improved, but there is still resistance to high prices. The supply is tending to be loose, and there is pressure for a significant upward price movement. It is expected that Zhengzhou sugar will remain weakly volatile [1]. Summary by Directory - **Futures Market:** The prices of "Sugar 2601" and "Sugar 2509" decreased by 0.21% and 0.83% respectively, the ICE raw sugar main contract increased by 0.12%, the "Sugar 1 - 9 spread" increased by 76.09%, the main contract positions decreased by 0.81%, the number of warehouse receipts decreased by 2.67%, and the effective forecasts remained unchanged [1]. - **Spot Market:** The prices in Nanning and Kunming decreased by 0.50% and 0.26% respectively, the Nanning basis increased by 6.25%, the Kunming basis increased by 17.58%, the price of imported Brazilian sugar (within the quota) increased by 0.02%, and the price of imported Brazilian sugar (outside the quota) increased by 0.03% [1]. - **Industry Situation:** The cumulative national sugar production increased by 12.03%, the cumulative national sugar sales increased by 15.76%, the cumulative sugar production in Guangxi increased by 4.59%, the monthly sugar sales in Guangxi decreased by 37.99%, the national cumulative sugar sales rate increased by 3.36%, the cumulative sugar sales rate in Guangxi increased by 3.04%, the national industrial sugar inventory decreased by 10.44%, the industrial sugar inventory in Guangxi decreased by 12.23%, the industrial sugar inventory in Yunnan increased by 0.29%, and sugar imports increased by 160.00% [1]. 2. Cotton Industry Investment Rating Not mentioned Core Viewpoint The situation of the upcoming new cotton purchase on the supply side remains to be verified, and the improvement on the demand side is not significant. Although the yarn inventory of textile enterprises has decreased, the profit has not improved significantly, and the situation of weaving factories is not as good as that of textile enterprises. The traditional peak season remains to be verified, and overall contradictions are not obvious. In the short term, domestic cotton prices may fluctuate within a range [2]. Summary by Directory - **Futures Market:** The prices of "Cotton 2509" and "Cotton 2601" decreased by 0.15% and 0.18% respectively, the ICE US cotton main contract decreased by 0.03%, the "Cotton 9 - 1 spread" increased by 1.56%, the main contract positions increased by 0.15%, the number of warehouse receipts decreased by 1.69%, and the effective forecasts decreased by 60.00% [2]. - **Spot Market:** The Xinjiang arrival price of "3128B" increased by 0.09%, the "CC Index: 3128B" increased by 0.05%, the "FC Index: M: 1%" decreased by 0.79%, the "3128B - 01 contract" increased by 2.34%, the "3128B - 05 contract" increased by 3.44%, and the "CC Index: 3128B - FC Index: M: 1%" increased by 6.24% [2]. - **Industry Situation:** Commercial inventory decreased by 16.9%, industrial inventory increased by 2.9%, imports increased by 66.7%, bonded area inventory decreased by 4.0%, textile industry inventory year - on - year decreased by 57.9%, yarn inventory days decreased by 1.6%, grey fabric inventory days decreased by 2.7%, cotton outbound shipping volume increased by 22.6%, textile enterprise C32s immediate processing profit decreased by 0.4%, clothing, footwear, and textile product retail sales decreased by 24.6%, clothing, footwear, and textile product monthly year - on - year decreased by 5.3%, textile yarn, fabric, and product export volume decreased by 3.7%, textile yarn, fabric, and product monthly year - on - year increased by 131.7%, clothing and clothing accessories export volume decreased by 0.7%, and clothing and clothing accessories export year - on - year decreased by 176.8% [2]. 3. Egg Industry Investment Rating Not mentioned Core Viewpoint The supply of eggs across the country is generally sufficient recently, and the release of cold - stored eggs will increase the supply pressure. The downstream market digestion is slow, and traders are cautious. Overall, egg prices will maintain a bearish trend [5]. Summary by Directory - **Futures Market:** The prices of the "Egg 09 contract" and the "Egg 10 contract" decreased by 0.69% and 1.26% respectively, the basis decreased by 70.64%, and the "9 - 10 spread" increased by 18.56% [5]. - **Spot Market:** The egg - producing area price increased by 2.83%, the price of egg chicks decreased by 11.11%, the price of culled chickens decreased by 7.68%, the egg - feed ratio increased by 2.88%, and the breeding profit increased by 20.84% [5]. 4. Oil Industry Investment Rating Not mentioned Core Viewpoint For palm oil, due to the potential positive effects of lower - than - expected production growth and a significant increase in exports, there is a chance for crude palm oil futures to return above 4,500 ringgit, and there may be a new high in the future. Domestically, after a short - term adjustment and stabilization, there is an opportunity for Dalian palm oil futures to start a rising trend. For soybean oil, it is uncertain whether the policy will increase the processing rate of large factories. The CBOT soybean oil main contract has fallen below the daily middle track, with strengthened support below, and is mainly in a short - term stop - falling adjustment. If the biodiesel policy is bearish, there is still room for the price to fall. Domestically, factory transactions have gradually decreased recently, and the purchase volume of traders' forward contracts is declining. There is a possibility that some factories in northern China will shut down due to environmental protection during the National Day parade, which will support the basis quotation. With the increase in later consumption, factory soybean oil inventory may decrease, and the basis may rise [8]. Summary by Directory - **Soybean Oil:** The spot price in Jiangsu decreased by 1.14%, the futures price of "Y2601" decreased by 0.84%, the basis decreased by 13.73%, the spot basis quotation decreased by 10, and the warehouse receipts remained unchanged [8]. - **Palm Oil:** The spot price in Guangdong remained unchanged, the futures price of "P2601" increased by 0.02%, the basis decreased by 4.35%, the spot basis quotation decreased by 10, the import cost decreased by 0.15%, the import profit increased by 3.95%, and the warehouse receipts increased by 439 [8]. - **Rapeseed Oil:** The spot price in Jiangsu decreased by 0.70%, the futures price of "OI601" increased by 0.31%, the basis decreased by 127.85%, the spot basis quotation increased by 10, and the warehouse receipts increased by 400 [8]. - **Spreads:** The "Three - oil inter - period spread" decreased by 7.50%, the "Palm oil inter - period spread" increased by 2.63%, the "Rapeseed oil inter - period spread" decreased by 0.83%, the "Soybean - palm oil spread" (spot) decreased by 13.70%, the "Soybean - palm oil spread" (2509) decreased by 8.33%, the "Rapeseed - soybean oil spread" (spot) increased by 2.34%, and the "Rapeseed - soybean oil spread" (2509) increased by 7.33% [8]. 5. Corn Industry Investment Rating Not mentioned Core Viewpoint In the short term, the futures price will stand firm at the 2,150 support level and rebound slightly, but overall it remains weak and will fluctuate at a low level. In the medium term, the cost of new - season corn will decrease, the current corn growth is good, the output may increase steadily, the supply pressure in the fourth quarter is obvious, and the futures price valuation may move towards the new - season level [9]. Summary by Directory - **Corn:** The price of "Corn 2511" at Jinzhou Port increased by 0.28%, the basis decreased by 5.88%, the "Corn 11 - 3 spread" decreased by 4.17%, the Shekou bulk grain price remained unchanged, the north - south trade profit remained unchanged, the CIF price decreased by 0.07%, the import profit increased by 0.30%, the number of remaining vehicles at Shandong deep - processing plants in the morning decreased by 4.63%, the positions decreased by 0.11%, and the warehouse receipts decreased by 6.49% [9]. - **Corn Starch:** The price of "Corn Starch 2511" decreased by 0.16%, the spot prices in Changchun and Weifang remained unchanged, the basis increased by 2.16%, the "Corn Starch 11 - 3 spread" decreased by 23.26%, the "Starch - Corn futures spread" decreased by 3.15%, the Shandong starch profit decreased by 5.32%, the positions increased by 3.92%, and the warehouse receipts remained unchanged [9]. 6. Meal Industry Investment Rating Not mentioned Core Viewpoint The expected yield of US soybeans is still at a high level, but the recent dry weather in some major producing areas provides some support. There is also a possibility of new progress in Sino - US trade talks regarding US soybean exports. Brazilian premiums have been adjusted, but overall support remains strong. Recently, US soybeans have been boosted by the rise in US soybean oil and the expected increase in China's potential to purchase US soybeans, but the domestic market is more worried about future import pressure, and combined with the loose spot market, the futures price has weakened again. However, with good cost support, the downward space for domestic meals is limited. In the fourth quarter, the global soybean supply is not loose, and the cost support for domestic meals is still strong [13]. Summary by Directory - **Soybean Meal:** The spot price in Jiangsu decreased by 0.33%, the basis of "M2601" increased by 83.87%, the futures price of "M2601" decreased by 1.17%, the spot basis quotation increased by 5, the Brazilian October shipment basis decreased by 64.2%, and the "Soybean Meal inter - period spread" (01 - 05) decreased by 11.48% [13]. - **Rapeseed Meal:** The spot price in Jiangsu decreased by 1.54%, the warehouse receipts decreased by 3.47%, the futures price of "RM2601" decreased by 0.99%, the basis decreased by 20.27%, and the "Rapeseed Meal inter - period spread" (01 - 05) decreased by 12.70% [13]. - **Soybeans:** The spot price of Harbin soybeans decreased by 1.45%, the futures price of the "Soybean No. 2 main contract" decreased by 0.09%, the basis of the "Soybean No. 1 main contract" increased by 650.00%, the price of imported soybeans in Jiangsu increased by 2.70%, the oil - meal ratio of the main contract increased by 0.39%, the "Soybean - Rapeseed Meal spread" (2601) decreased by 1.98%, the oil - meal ratio (spot) decreased by 0.82%, and the "Soybean - Rapeseed Meal spread" (spot) increased by 6.67% [13]. 7. Pig Industry Investment Rating Not mentioned Core Viewpoint The spot price of live pigs is weakly stable with small fluctuations. The slaughter volume of farmers is gradually recovering, and the downstream slaughter and purchase are relatively smooth. With the start of school and the cooling of the weather in the north, there is a certain boost to consumption. The market has confidence in future demand, and the sentiment of farmers to hold back sales at low prices has increased. However, there may still be a wave of concentrated slaughter before the Double Festival. Recently, the impact of the epidemic in some areas has intensified, and short - term fluctuations have increased. It is recommended to wait and see. If there is room to reduce the weight, there is support for the long - term price, and a small amount of long positions in the far - month "01 contract" can be established below 14,000 [14]. Summary by Directory - **Futures Market:** The basis of the main contract increased by 34.00%, the futures price of "Live Pig 2511" decreased by 0.83%, the futures price of "Live Pig 2601" decreased by 0.85%, the "11 - 1 spread" increased by 1.47%, the main contract positions increased by 1.88%, and the warehouse receipts remained unchanged [14]. - **Spot Market:** The spot prices in Henan, Shandong, Sichuan, Liaoning, Guangdong, and Hebei changed by 0.36%, 0.73%, - 1.11%, 0.38%, 0.00%, and 1.48% respectively [14]. - **Spot Indicators:** The daily sample - point slaughter volume increased by 1.03%, the weekly white - strip price decreased by 0.59%, the weekly piglet price remained unchanged, the weekly sow price decreased by 0.03%, the weekly slaughter weight increased by 0.13%, the weekly self - breeding profit increased by 17.68%, the weekly purchased - pig breeding profit increased by 3.34%, and the monthly number of fertile sows increased by 0.02% [14][15].

Summary of Conference Call Records Industry Overview - **Sugar Industry**: The records primarily discuss the sugar industry, focusing on Brazil, India, Thailand, and China, along with insights into the wood industry in New Zealand. Key Points Brazil Sugar Production - **Cane Crushing and Sugar Production**: Brazil's sugarcane crushing volume and sugar production decreased by 11.85% and 11.64% year-on-year as of May 2025 due to heavy rainfall in April and early May. However, production improved in late May as rainfall decreased, leading to a recovery in sugar production [3][5][6]. - **Total Sugar Production Forecast**: Despite lower yields, the sugar production ratio increased, with total sugar production expected to exceed 40 million tons for the 2025 season [5][6]. - **Ethanol Market**: Ethanol sales in Brazil remained stable year-on-year, with a high market share of hydrous ethanol in the fuel market, indicating a surplus supply of sugarcane [7]. International Sugar Market - **India's Sugar Production**: For the 2025/26 season, India's sugar production is expected to increase significantly to between 32.3 million and 35 million tons due to favorable rainfall and increased procurement prices [11][12]. - **Thailand's Sugar Production**: Thailand's sugar production is expected to remain stable or slightly increase due to good rainfall and an increase in planting area [13]. Domestic Sugar Market (China) - **Production and Sales**: China's sugar production and sales are expected to increase for the 2024/25 season, with a significant reduction in imports. Sugar syrup and premix powder imports have also decreased, positively impacting domestic sugar prices [14][15]. - **Weather Impact**: The weather in Guangxi during the third quarter is crucial for sugarcane yields, with historical data indicating that rainfall during this period significantly affects final yields [16][19]. Wood Industry (New Zealand) - **Current Market Conditions**: The New Zealand wood industry is in a downturn, with low international demand leading to reduced production and exports. The domestic wood futures and spot prices are weak, and a surplus supply is expected in the next two years, followed by a reduction cycle starting in 2027 [4][20][24]. Price Trends and Market Outlook - **Sugar Price Trends**: The sugar prices are expected to remain weak and volatile in the near term due to strong production forecasts in major producing countries. The market is closely monitoring weather conditions that could impact yields [2][19]. - **Wood Price Trends**: The wood market is expected to see a slight rebound in prices, but overall, the market remains in a downtrend due to weak demand [20][31]. Additional Insights - **Export and Inventory Levels**: Brazil's sugar exports from January to May 2025 totaled 9.5381 million tons, a significant decrease year-on-year, with inventories at a low level of 2.8 million tons, down 35.37% [9]. - **Weather Predictions**: Future weather patterns in Brazil indicate potential challenges for sugarcane harvesting in June but favorable conditions from July to September, which could benefit sugarcane growth [10]. This summary encapsulates the critical insights from the conference call records, focusing on the sugar and wood industries, their production forecasts, market conditions, and price trends.

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report The report analyzes various financial derivatives and commodity futures markets, including financial futures (stock index futures, treasury bond futures), precious metals (gold, silver), shipping index, and multiple commodity futures such as non - ferrous metals, black metals, agricultural products, energy chemicals, and special commodities. It provides market conditions, news, fundamentals, and operation suggestions for each category, highlighting the impact of factors like tariffs, economic data, and supply - demand relationships on prices [1][2][3]. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: The domestic economy had a good start in Q1. The A - share market showed mixed performance, with blue - chip indices rising in the afternoon. Four major stock index futures contracts had different trends, and all were at a discount. Given the current situation, it is recommended to sell put options on the CSI 300 and CSI 1000 at low levels to collect premiums [2][3][5]. - **Treasury Bond Futures**: The capital market remained stable, and the bond market closed higher. Although Q1 economic data exceeded expectations, the bond market priced more on the impact of declining external demand. It is suggested to go long on treasury bond futures on dips, participate in positive basis strategies, and consider steepening the yield curve [6][7][8]. Precious Metals - **Gold and Silver**: The sudden US tariffs on China caused market turmoil. Safe - haven funds pushed up the gold price to a new high. Gold has long - term upward drivers, and it is recommended to conduct intraday trading and sell out - of - the - money put options for profit protection. Silver is affected by economic downturn and high inventory, and its price is expected to fluctuate between 29 - 34 dollars [9][11][12]. Shipping Index (European Line) - The shipping index showed a downward trend. The current spot supply - demand pattern is cold, and it is recommended to consider going long on the over - sold contracts in June and August in the medium term [13][14][16]. Commodity Futures Non - Ferrous Metals - **Copper**: It presents a combination of "strong reality and weak expectation". Tariff policies increase price volatility. The short - term price is expected to fluctuate, and the main contract should focus on the 76000 - 77000 pressure level [17][20][22]. - **Zinc**: Tariff policies cause price fluctuations. The supply is strong, and the demand is relatively stable. In the long - term, a short - selling strategy is recommended, and the main contract should focus on the 20500 - 21500 support level [22][23][25]. - **Tin**: The macro situation is weak, and the supply side is gradually recovering. It is recommended to hold short positions and adopt a short - selling strategy on rebounds [25][26][28]. - **Nickel**: The Indonesian policy has been implemented, and the price is expected to oscillate and recover. The main contract is expected to operate between 120000 - 126000 [28][29][31]. - **Stainless Steel**: There is still macro uncertainty, and the supply - demand game continues. The price is expected to oscillate weakly, and the main contract is expected to operate between 12600 - 13000 [32][33][34]. - **Lithium Carbonate**: The macro sentiment has been digested, but the fundamentals are under pressure. The price is expected to oscillate weakly, and the main contract is expected to operate between 68000 - 72000 [36][37][38]. Black Metals - **Steel**: The de - stocking of five major steel products has slowed down, and the expectation of weakening long - term demand has increased. It is recommended to wait and see for single - side trading and consider a long - steel and short - ore arbitrage strategy [39][40]. - **Iron Ore**: The molten iron output is rising, and the port inventory is decreasing. It is expected to oscillate in the short term [41][42][43]. - **Coke**: The first round of price increase has been implemented, and the supply - demand situation has improved marginally. It is recommended to go long on coke and short on coking coal in the short term [44][45][46]. - **Coking Coal**: The market auction has improved slightly, but the inventory is high. It is also recommended to go long on coke and short on coking coal in the short term [46][47][49]. - **Silicon Iron**: The supply is decreasing rapidly, and the price is expected to oscillate weakly [50][51][52]. - **Manganese Silicon**: The mainstream steel procurement has shrunk, and the inventory pressure remains. The price is expected to oscillate weakly [53][54][55]. Agricultural Products - **Meal**: The low domestic开机 rate boosts the basis, and US soybeans lack upward drivers. The price may face a short - term correction [56][57][58]. - **Hogs**: The secondary fattening transactions have declined, and the consumption support is insufficient. The pig price lacks the power to rise continuously [59][60]. - **Corn**: The market trading is light, and the price is expected to oscillate in the short term and be strong in the long term [62][63]. - **Sugar**: The raw sugar price oscillates weakly, and the domestic price maintains a high - level oscillation. A short - selling strategy on rebounds is recommended in the long term [64][65].