1. General Information - The reports cover multiple industries including oils and fats, sugar, cotton, eggs, corn, pigs, and meal products, dated September 15, 2025 [1][4][5][8][11][14][17] 2. Industry - Specific Investment Ratings - No industry investment ratings are provided in the reports 3. Core Views Oils and Fats - CBOT soybean oil may fall again due to seasonal decline in consumption and potential high - throughput of factories. The basis of spot soybean oil will have limited short - term fluctuations. Malaysian palm oil futures are in a consolidation phase, facing potential downward pressure from increasing production and weak export data. The Dalian palm oil futures may follow suit and face a risk of downward break - through. The September 13 USDA report on soybeans is neutral to bearish, and the industrial demand for US soybean oil decreases after summer [1] Sugar - The raw sugar price is expected to maintain a bottom - side oscillation between 15 - 17 cents per pound. Domestic sugar has high inventory pressure, and the short - term futures may stabilize around 5500, but the rebound space is limited. A short - selling strategy on rallies is recommended [4] Cotton - In the short term, domestic cotton prices may fluctuate within a range. As new cotton is expected to be listed in the future, prices may face downward pressure [5] Eggs - Egg prices may rise to the annual high due to increased demand from traders, but the high inventory and cold - storage egg release may limit the increase. After traders finish restocking next week, egg prices in some areas may decline slightly [8][9] Corn - In the short term, the corn market will gradually shift to a supply - demand loosening situation, with the futures oscillating weakly. In the medium term, the bearish situation remains, and a short - selling strategy on rallies is advisable [11] Pigs - The spot pig prices have limited room for further decline due to farmers' reluctance to sell at low prices and secondary fattening. However, considering the supply recovery and uncertain demand, the prices may continue to bottom - out after a short - term rebound [15] Meal Products - The global soybean supply - demand situation has some changes, with US soybean production increasing and the global stocks - to - use ratio slightly decreasing. In China, the concern about future supply is alleviated, and the spot market is loose. However, due to cost support, the decline space of domestic meal products is limited [17] 4. Industry - Specific Summaries Oils and Fats - **Soybean Oil**: The spot price in Jiangsu is 8610 yuan, up 70 yuan (0.82%) from September 11. The Y2601 futures price is 8018 yuan, down 8 yuan (- 0.10%). The basis of Y2601 is 592 yuan, up 78 yuan (15.18%) [1] - **Palm Oil**: The spot price of 24 - degree palm oil in Guangdong is 9320 yuan, up 100 yuan (1.08%). The P2601 futures price is 9062 yuan, down 52 yuan (- 0.57%). The basis of P2601 is 258 yuan, up 152 yuan (143.40%). The September import cost in Guangzhou Port is 9679.8 yuan, up 39.2 yuan (0.41%), and the import profit is - 618 yuan, down 91 yuan (- 17.31%) [1] - **Rapeseed Oil**: The spot price of Grade 4 rapeseed oil in Jiangsu is 10040 yuan, up 100 yuan (1.01%). The OI601 futures price is 9547 yuan, down 21 yuan (- 0.53%) [1] Sugar - **Futures Market**: The price of Sugar 2601 is 5540 yuan, down 16 yuan (- 0.29%); Sugar 2605 is 5517 yuan, down 7 yuan (- 0.13%); ICE raw sugar is 15.81 cents per pound, up 0.01 cent (0.06%). The 1 - 5 spread is 23 yuan, down 9 yuan (- 28.13%) [4] - **Spot Market**: The price in Nanning is 5890 yuan, unchanged; in Kunming is 5855 yuan, up 5 yuan (0.09%). The import price of Brazilian sugar within the quota is 4418 yuan, up 20 yuan (0.45%); outside the quota is 5611 yuan, up 26 yuan (0.47%) [4] - **Industry Situation**: The national cumulative sugar production is 1116.21 million tons, up 119.89 million tons (12.03%); sales are 1000.00 million tons, up 114.00 million tons (12.87%). The cumulative sales ratio in the country is 89.60%, up 0.66 percentage points (0.74%); in Guangxi is 89.04%, up 0.62 percentage points (0.70%) [4] Cotton - **Futures Market**: The price of Cotton 2605 is 13820 yuan, up 25 yuan (0.18%); Cotton 2601 is 13860 yuan, up 25 yuan (0.18%); ICE US cotton is 66.76 cents per pound, up 0.02 cent (0.03%). The 5 - 1 spread is - 40 yuan, unchanged [5] - **Spot Market**: The Xinjiang arrival price of 3128B cotton is 15182 yuan, down 4 yuan (- 0.03%); CC Index 3128B is 15248 yuan, down 1 yuan (- 0.01%); FC Index M 1% is 13371 yuan, up 18 yuan (0.13%) [5] - **Industry Situation**: The commercial inventory is 148.17 million tons, down 33.85 million tons (- 18.6%); industrial inventory is 89.23 million tons, down 3.19 million tons (- 3.5%). The import volume is 5.00 million tons, up 2.00 million tons (66.7%) [5] Eggs - **Futures Market**: The price of Egg 11 contract is 3040 yuan per 500KG, down 4 yuan (- 0.13%); Egg 10 contract is 3023 yuan per 500KG, down 20 yuan (- 0.66%). The 11 - 10 spread is 17 yuan, up 16 yuan (1600.00%) [8] - **Spot Market**: The egg - producing area price is 3.54 yuan per jin, up 0.07 yuan (1.92%); the basis is 496 yuan per 500KG, up 70 yuan (16.56%) [8] - **Industry Situation**: The price of egg - laying chicken chicks is 2.60 yuan per chick, down 0.40 yuan (- 13.33%); the price of culled chickens is 4.61 yuan per jin, down 0.01 yuan (- 0.22%); the egg - feed ratio is 2.50, up 0.07 (2.88%); the breeding profit is - 17.89 yuan per chick, up 4.71 yuan (20.84%) [8] Corn - **Corn**: The price of Corn 2511 is 2197 yuan, down 5 yuan (- 0.23%); the Jinzhou Port flat - hatch price is 2310 yuan, unchanged. The basis is 113 yuan, up 5 yuan (4.63%); the 11 - 3 spread is 14 yuan, down 2 yuan (- 12.50%) [11] - **Corn Starch**: The price of Corn Starch 2511 is 2474 yuan, down 3 yuan (- 0.12%); the Changchun spot price is 2560 yuan, unchanged; the Weifang spot price is 2800 yuan, unchanged. The basis is 86 yuan, up 3 yuan (3.61%); the 11 - 3 spread is - 23 yuan, up 4 yuan (14.81%) [11] Pigs - **Futures Market**: The price of Live Pig 2511 is 13255 yuan, down 65 yuan (- 0.49%); Live Pig 2601 is 13690 yuan, down 40 yuan (- 0.29%). The 11 - 1 spread is - 435 yuan, down 25 yuan (- 6.10%) [15] - **Spot Market**: The price in Henan is 13450 yuan, down 50 yuan; in Shandong is 13550 yuan, up 50 yuan; in Sichuan is 13350 yuan, unchanged; in Liaoning is 13100 yuan, unchanged; in Guangdong is 14390 yuan, up 100 yuan; in Hunan is 13210 yuan, unchanged; in Hebei is 13400 yuan, unchanged [15] - **Industry Situation**: The daily slaughter volume of sample points is 148973, up 965 (0.65%); the weekly white - strip price is 0.00 yuan, down 20.1 yuan (- 100.00%); the weekly piglet price is 26.00 yuan, unchanged; the weekly sow price is 32.51 yuan, unchanged; the weekly slaughter weight is 128.32 kg, up 0.1 kg (0.07%); the weekly self - breeding profit is 17 yuan, down 35.8 yuan (- 68.02%); the weekly purchased - pig breeding profit is - 162 yuan, down 35.7 yuan (- 28.27%); the monthly fertile sow inventory is 40420000 heads, down 10000 heads (- 0.02%) [15] Meal Products - **Soybean Meal**: The price of Jiangsu soybean meal is 3050 yuan, up 20 yuan (0.66%); M2601 futures price is 3079 yuan, down 9 yuan (- 0.29%); the basis of M2601 is - 29 yuan, up 29 yuan (50.00%). The import crushing profit for US Gulf shipments is not given; for Brazilian November shipments is 60, down 18 (- 30.0%) [17] - **Rapeseed Meal**: The price of Jiangsu rapeseed meal is 2650 yuan, up 20 yuan (0.76%); RM2601 futures price is 2531 yuan, down 36 yuan (- 1.40%); the basis of RM2601 is 119, up 56 (88.89%). The import crushing profit for Canadian November shipments is 815, down 66 (- 7.49%) [17] - **Soybeans**: The price of Harbin soybeans is 3980 yuan, unchanged; the futures price of the main soybean contract is 3959 yuan, up 14 yuan (0.35%); the basis is 21, down 14 (- 40.00%). The price of imported soybeans in Jiangsu is 3900 yuan, up 100 yuan (2.63%); the futures price of the main soybean - two contract is 3759 yuan, up 4 yuan (0.11%); the basis is 141, up 96 (213.33%) [17] - **Spreads**: The 01 - 05 spread of soybean meal is 259, down 20 (- 7.17%); the 01 - 05 spread of rapeseed meal is 125, down 22 (- 14.97%); the oil - meal ratio of the spot is 2.82, up 0.004 (0.16%); the oil - meal ratio of the main contract is 2.70, up 0.003 (0.12%); the spot soybean - rapeseed meal spread is 400, unchanged; the 2601 spread is 548, up 27 (5.18%) [17]

Report Industry Investment Ratings The provided reports do not mention industry investment ratings. Core Views of the Reports Oils and Fats Industry - Palm oil: The Malaysian palm oil market is under downward pressure due to the sharp decline in crude oil and the recovery of production. The domestic Dalian palm oil futures market is expected to fall further to the range of 8,150 - 8,250 yuan [1]. - Soybean oil: International soybean oil prices are under pressure due to the expected decline in Indian imports and favorable crop weather in the US. Domestic soybean oil inventory is increasing, but the factory sell - pressure is not strong, and the basis quote is supported [1]. Meal Industry - The bullish sentiment of US soybeans has been fully traded. With the improvement of weather expectations and the decline in oil prices, the market is weak. Domestic soybean inventory pressure is acceptable, and soybean meal inventory is still low. The short - term disk may follow the US soybeans to correct, but the decline is expected to be limited [3]. Corn Industry - The current corn supply varies with traders' strategies. In the short term, corn prices may correct due to increased arrivals and auction expectations, but in the medium - to - long - term, the supply - demand gap supports an upward trend. It is advisable to go long on dips [5]. Pig Industry - The current pig breeding still has profits, but the market is cautious about capacity expansion. The short - term disk may be strong, but there is a risk of a decline in the 09 contract near delivery if the live inventory continues to be postponed [9][10]. Cotton Industry - The market driving force is still weak, with the downstream textile industry's开机 rate decreasing and finished product inventory increasing. However, the supply - side basis of old crops is still relatively strong. The short - term domestic cotton price is expected to fluctuate within a range [13]. Sugar Industry - Global sugar supply is becoming more abundant, putting pressure on raw sugar. It is expected to maintain a weak and volatile pattern. If there are no new negative factors, the possibility of a significant decline in sugar prices is small. This week, it is expected to maintain bottom - range fluctuations between 5,650 - 5,800 [15]. Egg Industry - The national egg supply is still sufficient. It is expected that the national egg price may rise slightly this week and then stabilize, and may experience a slight decline later [20]. Summary by Related Catalogs Oils and Fats Industry - **Soybean Oil**: On June 24, the futures price of Y2509 was 7,606 yuan, down 1.60% from the previous day. The basis was 654 yuan, down 26 yuan. The inventory of factories increased by 30,000 tons last weekend, and the estimated soybean arrival in July is about 11 million tons [1]. - **Palm Oil**: On June 24, the futures price of P2509 was 8,208 yuan, down 2.05%. The basis was 282 yuan, down 138 yuan. The import cost in Guangzhou Port in September was 8,737.7 yuan, down 1.80% [1]. - **Rapeseed Oil**: On June 24, the futures price of OI2509 was 9,310 yuan, down 1.55%. The basis was 470 yuan, up 7 yuan [1]. Meal Industry - **Soybean Meal**: On June 24, the spot price in Jiangsu was 2,920 yuan, down 0.68%. The futures price of M2509 was 3,037 yuan, down 0.98%. The basis was - 117 yuan, up 10 yuan [3]. - **Rapeseed Meal**: The spot price in Jiangsu was 2,550 yuan, down 1.20%. The futures price of RM2509 was 2,657 yuan, down 0.82%. The basis was - 107 yuan, down 9 yuan [3]. Corn Industry - **Corn**: On June 24, the futures price of Corn 2509 was 2,389 yuan, down 0.79%. The basis was - 9 yuan, up 19 yuan. The 9 - 1 spread was 108 yuan, down 9 yuan [5]. - **Corn Starch**: The futures price of Corn Starch 2509 was 2,744 yuan, down 1.51%. The basis was - 24 yuan, up 42 yuan. The 9 - 1 spread was 64 yuan, down 24 yuan [5]. Pig Industry - **Futures**: On June 24, the price of the main contract was 13,550 yuan for the 2507 contract, up 0.74%, and 13,940 yuan for the 2509 contract, down 0.29%. The 7 - 9 spread was 390 yuan, down 140 yuan [9]. - **Spot**: The spot price in Henan was 14,550 yuan, down 50 yuan; in Shandong, it was 14,900 yuan, up 100 yuan [9]. Cotton Industry - **Futures**: On June 24, the futures price of Cotton 2509 was 13,610 yuan, up 1.08%; the 2601 contract was 13,585 yuan, up 0.63%. The 9 - 1 spread was 25 yuan, up 60 yuan [13]. - **Spot**: The Xinjiang arrival price of 3128B was 14,767 yuan, down 0.09%; the CC Index of 3128B was 14,883 yuan, down 0.07% [13]. Sugar Industry - **Futures**: On June 24, the futures price of Sugar 2509 was 5,710 yuan, down 0.19%; the 2601 contract was 5,555 yuan, down 0.36%. The 1 - 9 spread was - 155 yuan, down 9 yuan [15]. - **Spot**: The spot price in Nanning was 6,040 yuan, down 0.17%; in Kunming, it was 5,860 yuan, down 0.09% [15]. Egg Industry - **Futures**: On June 24, the price of the Egg 09 contract was 3,642 yuan, up 0.33%; the 07 contract was 2,819 yuan, down 1.33%. The 9 - 7 spread was 823 yuan, up 50 yuan [17]. - **Spot**: The egg - producing area price was 2.92 yuan per catty, down 0.24% [17].