Summary of the Conference Call for Zhengbang Technology Company Overview - **Company**: Zhengbang Technology - **Industry**: Pig farming and feed production Key Points and Arguments Financial Performance and Market Conditions - In 2025, the company faced losses due to declining pig prices, with expectations of widespread losses in Q1 2026 across the industry [2][3] - The company’s operational focus has shifted to cost reduction and efficiency improvement due to unfavorable market conditions [2][3] - As of November 2025, the pig listing rate was approximately 93%, with a PSY (Pigs Sold per Sow) of about 27 and a feed-to-meat ratio of 2.7 [2][8] - The cost of production has decreased by approximately 5 yuan/kg compared to 2023, with further reduction potential [2][3] Production and Sales Strategy - The company aims to maintain stable sow inventory and production levels, with an expected average slaughter weight of around 130 kg in 2025 [2][6][7] - Feed sales are projected to grow nearly 70% in 2025, driven by a low-margin, high-volume sales strategy [2][5] - Despite ongoing losses in the feed business due to initial investments and asset amortization, there is a trend of continuous loss reduction [2][5] Financing and Capital Structure - The company’s main source of borrowing is from the controlling shareholder, as bank credit has not yet been restored due to past losses [2][8] - The debt ratio is approximately 50%, indicating a stable financial condition [15] Regulatory and Market Environment - Industry-wide production restrictions have led to increased approval processes and extended refinancing cycles, impacting operational efficiency [2][8] - The company is adapting to these changes by leasing pig farms to maintain utilization rates close to the promised threshold of 85% [2][8][23] Strategic Initiatives - The company is committed to the "Company + Farmer" model, which is seen as a light-asset operation that enhances risk resilience [17] - There are no new business developments planned due to the ongoing asset injection from the controlling shareholder, with a focus on core operations in feed and pig farming [18] Future Outlook - The company anticipates that the overall pig price performance in 2026 will remain pessimistic, with a focus on cost reduction and efficiency improvements as primary strategies [2][3][14] - The company is actively working on enhancing production efficiency and optimizing breeding programs to improve overall production levels [21][14] Asset Management and Impairment - The company follows strict accounting standards for asset impairment, with provisions made in response to market conditions [19][20] - The company has already made provisions for potential impairments due to declining pig prices in 2026 [20] Environmental and Health Management - The company has implemented strict physical isolation measures for African swine fever prevention, ensuring stable pig output [13] Competitive Positioning - The feed business strategy focuses on thin margins to capture market share, with plans to expand into various feed categories [22] International Operations - The company has established a presence in Southeast Asia and Egypt but is currently prioritizing domestic operations and revitalizing idle assets [23] This summary encapsulates the critical insights from the conference call, highlighting the company's current challenges, strategic responses, and future outlook within the pig farming and feed production industry.

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The current core contradiction in the oil and feed industry lies in the tug - of - war between macro "uncertainty" and industrial "certainty", the race between short - term supply chain "disturbance" and long - term "looseness", and the interweaving of demand "total ceiling" and "structural change" [6]. - The key to winning in the complex game is to build three abilities: identifying the main contradiction in the macro fog, managing inventory and procurement rhythm in supply chain disturbances, and transforming uncertainty into a deterministic business strategy through financial tools and innovative service models in the stock market [6]. - The overall profit space of the industry is compressed, but it provides opportunities for enterprises with professional and refined operation capabilities to build moats and achieve leap - forward development [6]. 3. Summary According to the Directory 3.1 Macro Narrative Dominates Pricing, and the Industrial Analysis Framework Needs Reconstruction - Traditional supply - demand fundamental analysis is temporarily "ineffective", and geopolitical conflicts and crude oil prices have become the core factors leading to short - term price fluctuations of oils and fats, especially palm oil and soybean oil, resulting in a "war premium" in market prices that deviates from industrial inventory and consumption data [2]. - Market sentiment has become extremely cautious, with both buyers and sellers adopting a wait - and - see attitude, leading to a decline in trading activity and a "stability - seeking" mindset. The analysis framework of physical operators needs to be upgraded to a new model of "macro trend judgment first, industrial fundamentals verification later" [2]. 3.2 Supply: Intense Game between Long - term Loose Expectations and Short - term Structural Disturbances - Although there is a consensus on the long - term supply loosening pattern brought by the bumper harvest of South American soybeans, short - term, policy - related supply chain disturbances have become the key to affecting market rhythm and profits [2]. - The normalization of customs quarantine has extended the clearance and quarantine time of Brazilian soybeans from about one week to 20 - 25 days, causing a regional and phased supply shortage in mid - early April. The market generally expects a "tight - first, loose - later" situation, with the core game point being the duration of the "tight" period rather than the adequacy of the total supply [3]. - The overall increase in logistics costs, including international sea freight, domestic road freight, and container freight, will be a new cost pressure throughout the year and may affect the efficiency of cargo turnover [3]. 3.3 Demand: Structural Opportunities and Rigid Support under the Total Ceiling - The demand side has entered the stock era, with the end of the total growth story, but internal structural changes have created new balances and opportunities [3]. - For oil consumption, domestic demand is saturated, and external demand and substitution have become new highlights. Soybean oil is squeezing the market share of other oil types, and the core growth point in the future is exports. Biodiesel policies are a long - term factor affecting global oil demand [3][4]. - Despite the continuous losses in pig farming, high inventory and slaughter weight provide rigid support for feed demand. The decline in soybean meal demand will be a slow and gradual process, providing price elasticity space for upstream supply disturbances [4]. 3.4 Industrial Evolution: Risk Management Advancement and Deep Differentiation of Business Models - The high - volatility and low - growth environment are accelerating the differentiation and evolution of each link in the industrial chain. The basis trading has become the mainstream in spot transactions, and the financialization of the industry has deepened [4]. - In the upstream crushing and trading links, the core is refined position management and arbitrage trading. In the mid - stream feed enterprises, the core strategy is to ensure stable supply and cost control. The downstream breeding industry is in a "slow bottom - grinding" stage, with slow capacity reduction and mainly quarterly rebounds driven by the fat pig slaughter rhythm [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Oilseeds**: The release of the US biodiesel policy and the firmness of Brazilian premiums support the cost of soybean imports in China. However, the increase in reserve releases has cooled the bullish sentiment for soybeans. For example, the 05 contract of soybeans is expected to be weak in the short - term, while the 09 contract of soybeans and soybean meal can be considered for long - position layout [3][5][12]. - **Oils**: The continuous tension in the Middle East situation, the implementation of the US biodiesel policy, and the restart of Indonesia's B50 policy have driven up the prices of oils. Palm oil can be treated with a cautious bullish attitude, and soybean oil and rapeseed oil may continue to fluctuate widely [3][4]. - **Feed**: The supply of feed grains such as corn and corn starch is under pressure in the short - term, but the low channel inventory limits the decline space. The price of rapeseed meal may continue to fluctuate and bottom out, waiting for a stable upward opportunity [6][7]. - **Livestock and Poultry**: The short - term supply - demand pattern of pigs is difficult to change fundamentally, and the far - month futures contracts of pigs may have a larger premium. The supply pressure of eggs has been alleviated to some extent, and the far - month peak - season contracts have a large premium over the current off - season spot [8][9]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis - **Oilseeds**: The 05 contract of soybeans is expected to be weak due to increased reserve releases. The 09 contract of soybeans and soybean meal can be considered for long - position layout due to cost - end support [12]. - **Oils**: Palm oil is expected to be bullish, while soybean oil and rapeseed oil may fluctuate widely. The 05 contract of palm oil can be treated with a cautious bullish attitude, and the 09 contract of soybean oil can be considered for long - position after stabilization [12]. - **Protein**: The 09 contract of soybean meal is expected to be stable, and the 05 contract of rapeseed meal may continue to fluctuate and adjust [12]. - **Energy and By - products**: Corn and corn starch may adjust in the short - term, and it is recommended to wait and see or look for long - position opportunities at low prices [12]. - **Livestock and Poultry**: The 05 contract of pigs and eggs may continue to search for the bottom, and it is recommended to wait and see [12]. 3.1.2 Commodity Arbitrage - **Inter - month Arbitrage**: For most varieties, it is recommended to wait and see. For the 5 - 9 spread of corn, it is recommended to short at high prices, and for the 5 - 7 spread of pigs, it is recommended to hold the reverse arbitrage [13][14]. - **Inter - commodity Arbitrage**: For most inter - commodity spreads, it is recommended to wait and see. For the 05 soybean oil - palm oil, 05 rapeseed oil - soybean oil, and 05 rapeseed oil - palm oil spreads, it is recommended to wait and see. For the 05 soybean oil - meal ratio and 05 rapeseed oil - meal ratio, it is recommended to take a bullish approach [14]. 3.1.3 Basis and Spot - Futures Strategies The report provides the spot prices, price changes, and basis changes of various varieties, which can be used as a reference for spot - futures operations [15]. 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Oilseeds - **Daily Data**: It includes the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping periods, which helps to understand the cost - end situation of oils and oilseeds [17][18]. - **Weekly Data**: It shows the inventory and operating rates of various oils and oilseeds, such as the inventory of soybeans, soybean meal, rapeseed, rapeseed meal, palm oil, peanuts, and peanut oil, as well as the operating rates of related processing plants [19][20]. 3.2.2 Feed - **Daily Data**: It provides the import cost data of corn from different countries and months, which is helpful for analyzing the cost of feed grains [20]. - **Weekly Data**: It includes the consumption, inventory, operating rate, and sales progress of corn and corn starch, which can reflect the supply - demand situation of the feed market [21]. 3.2.3 Livestock and Poultry - **Daily Data**: It shows the spot prices and price changes of pigs and eggs in different regions, which can reflect the short - term market situation [21][22]. - **Weekly Data**: It provides the key data of pigs and eggs, such as the price, cost, profit, slaughter volume, and inventory of pigs, as well as the supply, demand, and profit data of eggs [23][24]. 3.3 Third Part: Fundamental Tracking Charts The report provides a series of charts to track the fundamentals of the livestock and poultry, oils and oilseeds, and feed sectors, including the price, inventory, production, and consumption data of various varieties, which helps to visually understand the market situation [25][26][28]. 3.4 Fourth Part: Options Situation of Feed, Livestock, and Oils The report provides the option - related data of feed, livestock, and oils, such as the price difference between soybean meal and rapeseed meal, historical volatility, option trading volume, and open interest, which can be used as a reference for option trading [96][98][100]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock, and Oils The report provides the warehouse receipt data of various varieties, including rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, pigs, and eggs, which can reflect the supply - demand situation in the physical market [106][108][110].

Core Viewpoints - The pig prices have entered a bottom area, with a focus on the water product seedling situation in April [1] - The report maintains a "Buy" rating for the agricultural, forestry, animal husbandry, and fishery sector [2] Market Review - In March 2026, the agricultural, forestry, animal husbandry, and fishery sector outperformed the CSI 300 index by 0.04 percentage points, with the sector declining by 4.38% compared to a 4.42% decline in the CSI 300 [18][19] - The livestock breeding sector experienced a smaller decline of 1.4% in March [18][22] Livestock Breeding - In March 2026, the national average price of live pigs was 10.06 CNY/kg, down 12.2% month-on-month and down 30.7% year-on-year [28][29] - The average loss for self-bred pigs in March was approximately 291 CNY per head, a decrease of 192 CNY month-on-month [31] - The average price of piglets was 23.6 CNY/kg, down 7.4% month-on-month [32] - The pig-to-feed ratio was 4.18, down 0.65 month-on-month [32] Feed and Animal Health - In March, the prices of aquatic products fluctuated, with a notable increase in feed prices due to rising raw material costs [6] - The report anticipates significant growth in the feed industry sales in March, driven by the upcoming spring seedling investment [6] - Leading feed companies are expected to expand their market share domestically and internationally due to their cost advantages [6] Dairy Cattle - As of March 19, 2026, the price of fresh milk in major production areas was 3.03 CNY/kg, down 1.9% year-on-year [6] - The industry is entering a destocking phase, with supply and demand expected to balance in the future [6] Key Company Valuation and Financial Analysis - The report highlights several key companies with strong financial metrics, including: - Wen's Foodstuffs Group (300498.SZ) with a target price of 18.55 CNY and a PE ratio of 21.41 for 2025E [7] - Muyuan Foods (002714.SZ) with a target price of 63.40 CNY and a PE ratio of 16.20 for 2025E [7] - Lihua Agricultural (300761.SZ) with a target price of 28.72 CNY and a PE ratio of 29.67 for 2025E [7]

Group 1: Business Performance Overview - In 2025, the company's feed business achieved a sales volume of 2.89 million tons, with an export ratio of approximately 61% [4] - The pig farming business reported a total of 3.19 million pigs marketed, reflecting a year-on-year growth of 5.34% [2] - The veterinary biological products business maintained stable operations despite external market fluctuations [2] Group 2: Production Metrics - The company's pig farming production metrics include a PSY (pigs per sow per year) of around 27, with some facilities in Xinjiang reaching over 30 [5] - The survival rate for fattening pigs is approximately 97%, with an average market age of 185 days [5] - As of February, the company had 133,000 breeding sows, with a target of 4.75 million pigs to be marketed in 2026, including acquisitions [5] Group 3: Cost Management Strategies - The target for the total cost of pig farming in 2026 is set to be below 12 RMB/kg, focusing on reducing costs in key areas such as weaning and fattening [6] - Strategies include optimizing breeding costs through genetic improvements and batch production management [6] - The company aims to enhance operational efficiency and reduce labor costs through a small-unit contracting model [6] Group 4: Market Outlook and Pricing - The company anticipates a slow recovery in pig prices, with the first half of 2026 expected to experience low prices due to high production levels [7] - The second half of 2026 is projected to show a moderate recovery in prices as market supply decreases [7] Group 5: Financial Health and Future Plans - The company maintains a reasonable debt ratio, expected to rise slightly due to market conditions and acquisitions, but will remain within a stable range [9] - Cash reserves are sufficient to handle daily operations and potential market fluctuations, ensuring financial stability [9] - The company is currently in the process of preparing for an IPO on the Beijing Stock Exchange [10]

Group 1: Stock Market Movements - China Merchants Energy (01138) fell over 5%, currently down 4.09%, as the company assesses safety conditions regarding its vessels in the Strait of Hormuz [1] - Shenzhen Expressway (00548) dropped over 9%, currently down 7.86%, after reporting 2025 revenue of approximately 9.264 billion yuan, a 0.2% year-on-year increase, and a net profit of about 1.149 billion yuan, up 0.38% [1] - Television Broadcasts (00511) rose nearly 3% after announcing a 2025 revenue of 3.192 billion HKD, a 2.02% decrease, and a shareholder loss of 491 million HKD [2] - Chaoyun Group (06601) increased over 6%, currently up 4.07%, reporting a revenue of 1.988 billion yuan, a 9.24% year-on-year growth, and a net profit of 224 million yuan, up 9.98% [2] - Golden stocks fell again, with companies like Zijing Mining (02899) and Shandong Gold (01787) experiencing declines of 3.09% and 4.02% respectively, as spot gold prices dipped below 4500 USD [3] Group 2: Company Earnings and Forecasts - GSK Group (01285) surged over 40%, currently up 31.87%, after announcing an expected net profit of between 101.4 million and 111.1 million yuan for the year ending December 31, 2025, representing a year-on-year increase of approximately 210% to 230% [4] - Aoda Holdings (09929) fell over 12%, currently down 16.19%, reporting a revenue of 66.258 million HKD, a 27.75% decrease, and a net loss of 18.856 million HKD [5] - Peijia Medical (09996) rose nearly 4%, reporting a revenue of 713 million yuan, a 15.82% year-on-year increase, and a narrowed net loss [3] Group 3: Market Trends and Sector Performance - The pork concept stocks collectively declined, with COFCO Joycome (01610) down 3.57% as the average trading price of lean pigs fell below 10 yuan/kg, marking a 15-year low [3] - Semiconductor stocks saw a strong start, with Arm Holdings (ARM.US) rising 16.38% after announcing its entry into chip manufacturing, aiming for 15 billion USD in annual revenue within five years [8] - AI application software stocks collectively rose, with Braze (BRZE.US) increasing by 19.87% [8]

Core Viewpoint - The Chinese agricultural and animal husbandry industry is transitioning from domestic competition to global value chain restructuring, with leading companies leveraging cost efficiency and technological advantages to expand overseas, particularly in underdeveloped regions of Asia, Africa, and Latin America, creating a new growth opportunity [1]. Feed Industry - Domestic feed production growth is slowing, entering a phase of stock competition, with a projected CAGR of 2.4% from 2021 to 2024, and a decline in production expected in 2024 [2][4]. - The feed market is shifting focus from expanding production to enhancing quality, with specific segments like poultry and pig feed showing varied growth rates [4][6]. - The overseas feed market presents significant opportunities, with nearly 500 million tons of potential in Asia, Africa, and Latin America, where the concentration is low and profit margins are high [2][11]. Livestock Industry - The demand for pork is stabilizing, with a projected CAGR of 2% from 2022 to 2024, while poultry consumption is expected to grow at 3% during the same period, reflecting a recovery from previous declines [6][8]. - The scale of pig farming is stabilizing, with a projected 70.1% scale rate by 2024, indicating limited room for further expansion [8][10]. - Southeast Asia's pig slaughtering volume exceeds 100 million heads, with Vietnam's pig prices expected to be significantly higher than in China, creating opportunities for competitive advantages [26][34]. Competitive Advantages - Chinese agricultural leaders possess significant operational efficiency and technological capabilities, enabling them to compete effectively in global markets [10][40]. - The core competitive elements include advanced feed formulations, comprehensive service systems, and efficient operational frameworks that support rapid scaling and market penetration [35][39]. - The integration of feed, breeding, and veterinary services into a cohesive offering enhances customer loyalty and market presence [38][39]. Global Market Dynamics - The global feed market is characterized by low concentration, with leading companies primarily involved in integrated agricultural and food processing, presenting opportunities for specialized Chinese firms to capture market share [19][20]. - The poultry and aquaculture sectors are expected to see significant growth, with specific regions like Southeast Asia and Latin America offering substantial market potential due to rising incomes and changing consumption patterns [15][21]. - The competitive landscape in Southeast Asia is evolving, with local firms showing strong performance in specific segments, indicating a need for strategic positioning by Chinese companies [24][26].

Core Viewpoint - The research team led by Professor Fei Qiang from Xi'an Jiaotong University has made significant advancements in one-carbon biomanufacturing, successfully developing a technology to convert methane and nitrogen from the air into high-value products such as microbial protein and feed additives, addressing the low-carbon development needs of agriculture and ensuring the safety of the animal feed supply chain [2][3][6]. Group 1: Technological Breakthroughs - The team has achieved a key breakthrough in using methane and air-derived nitrogen to synthesize microbial protein and feed additives, providing a new technological solution for low-carbon agricultural development [3][6]. - The research results were published in the prestigious journal Nature Communications, highlighting the innovative approach to biological valorization of methane [3][4]. Group 2: Nutritional Value and Functionality - The microbial protein derived from methane contains nearly 50% essential amino acids, surpassing high-end fish meal, and has branched-chain amino acid content comparable to high-quality animal proteins like eggs and milk, meeting the core nutritional needs of livestock and aquaculture [5][6]. - The microbial biomass is rich in other bioactive substances that can effectively regulate gut microecology, aiding in the repair of intestinal mucosa and reducing inflammation in animal models [5][6]. Group 3: Industry Implications - This research aligns with the major demands of modern livestock development in China and supports the Ministry of Agriculture's policies on reducing antibiotic use [6]. - The methane-derived microbial protein and active substances are expected to become a new generation of functional feed materials, contributing to the green and low-carbon transformation of the livestock industry [6].

Market Trends - The domestic market indices showed positive performance with the Shanghai Composite Index closing at 3,881.28, up by 1.78% [4] - The Shenzhen Component Index and the CSI 300 also experienced gains of 1.43% and 1.28% respectively [4] Industry Commentary: Electronics - The electronics industry is entering a new hardware inflation phase driven by AI, with domestic computing power accelerating its breakthrough [5][6] - A super cycle in storage is anticipated due to the massive storage requirements for AI training and inference, with supply constraints leading to a projected supply-demand ratio decline to 7% by 2026 [6] - The semiconductor industry is experiencing increased demand driven by AI and electric vehicles, leading to a full-chain price increase cycle [6] - Domestic AI models are expected to drive significant growth in the server market, projected to exceed $140 billion by 2029, with a focus on advanced process capacity [6] - PCB materials and architecture are undergoing upgrades due to AI server demands, with a shift towards high-density interconnects and advanced materials [6] Industry Commentary: Agriculture - The agriculture sector is advised to focus on the logic of capacity reduction in livestock, with a notable decline in pig prices leading to increased losses for pig farming [9] - The feed industry is shifting from product competition to value chain competition, favoring companies with R&D and scale advantages [9] - The pig farming industry may face pressure in the first half of the year, but it also presents a good window for capacity reduction [9] - Companies with integrated supply chain advantages are expected to show stronger operational resilience, with specific recommendations for companies like Wen's Food Group and Shennong Group [9][10] Investment Recommendations - For storage chips, companies like Changxin Technology and Zhaoyi Innovation are recommended [8] - In the semiconductor sector, companies such as Cambricon, Yangjie Technology, and Jiejie Microelectronics are highlighted [8] - For wafer manufacturing and testing, focus on SMIC, Huahong, and Changdian Technology [8] - In the semiconductor equipment space, companies like Xinqi Micro, Weidao Nano, and Jingce Electronics are suggested [8] - For electronic components, attention is drawn to companies like Copper Crown Copper Foil and Fuhua [8]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Views of the Report - **Oilseeds and Oils**: The continuous tense situation in the Middle East and the firm operation of crude oil support the promotion of biodiesel in the US and Indonesia, driving up international oil prices. For domestic oils, there are positive drivers, but price fluctuations are intensifying. For example, soybean oil is expected to rise with caution for long - positions, and palm oil may continue to rise with a bullish sentiment, while rapeseed oil may follow the price trends of crude oil and Canadian rapeseed [3][4]. - **Protein Feedstuffs**: CBOT soybeans are expected to have limited downward adjustment space and are likely to rise in the future. The cost of soybean imports in China is increasing, and the basis of soybean meal is expected to strengthen. Both soybean meal and soybean No. 2 are recommended for long - positions after the market stabilizes [5]. - **Energy and By - products**: For corn, although there are short - term disturbances such as farmers' concentrated grain sales and wheat releases, the medium - term support from tight high - quality grain supply and low channel inventory remains. Corn starch is expected to continue to fluctuate strongly in the short term due to low inventory and strong raw material prices [6]. - **Livestock and Poultry**: For pigs, the current spot price is under pressure, and the futures market shows a pattern of near - term weakness and far - term strength. For eggs, the supply pressure has been alleviated to some extent, and the futures price of the far - term peak season contract has a large premium over the current off - season spot price [7][8]. 3. Summary According to the Directory 3.1 First Part: Sector Strategy Recommendations 3.1.1 Market Analysis | Sector | Variety | Market Logic (Supply - Demand) | Support Level | Resistance Level | Market Judgment | Reference Strategy | | --- | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No. 1 05 | Soybean sources are mainly concentrated in the middle stream, and downstream has restocking demand. The Middle East situation is tense, and US soybeans fluctuate widely. | 4650 - 4700 | 5000 - 5050 | Wide - range oscillation | Temporarily wait and see | | | Soybean No. 2 05 | The Middle East situation is tense, US soybeans fluctuate widely, and Brazilian premiums are firm. The cost - end support for China's soybean imports is expected to continue. | 3780 - 3800 | 4150 - 4200 | Wide - range oscillation | Temporarily wait and see | | Oils | Soybean Oil 05 | The Middle East situation is tense, the US biodiesel policy is continuously favorable, and China's soybean import cost may continue to rise, and the price center of soybean oil may move up. | 8450 - 8500 | 8950 - 9000 | Oscillatory rise | Hold long positions cautiously | | | Rapeseed Oil 05 | USDA has raised the annual output, the expectation of a bumper harvest has increased, and the price may fluctuate more after continuous upward movement. | 9450 - 9460 | 10000 - 10100 | Wide - range oscillation | Wait for the market to stabilize and then go long | | | Palm Oil 05 | Geopolitical and biodiesel expectations are favorable, and the export of Malaysian palm oil in March has improved significantly. | 9400 - 9410 | 10200 - 10220 | Oscillatory upward | Hold long positions cautiously | | Protein | Soybean Meal 05 | The Middle East situation is tense, US soybeans fluctuate widely, and Brazilian premiums are firm. The cost - end support for China's soybean imports is expected to continue, and the consumption of soybean meal still has resilience. | 2980 - 3000 | 3250 - 3300 | Oscillatory strength | Hold long positions cautiously | | | Rapeseed Meal 05 | The near - term supply - demand is still tight, but the far - term may turn to be loose. | 2400 - 2420 | 2740 - 2750 | Oscillatory strength | Be cautiously bullish | | Energy and By - products | Corn 05 | The supply of high - quality grain is tightened, and the low channel inventory provides medium - term support. However, there are short - term disturbances such as farmers' concentrated grain sales and increased wheat releases, and the futures price is expected to fluctuate within a range. | 2250 - 2280 | 2480 - 2500 | Oscillatory strength | Buy on dips | | | Corn Starch 05 | The spot inventory is low, the spot price has risen significantly, and combined with the strong cost, it has broken through and moved up in the short term. | 2670 - 2680 | 2880 - 2900 | Oscillatory strength | Buy on dips | | Livestock | Live Pigs 05 | Feed prices have stopped falling and rebounded, and there are policies to reduce production capacity. | 11000 - 11200 | 11800 - 12500 | Low - level oscillation | Buy on dips | | | Eggs 04 | Capacity pressure + marginal improvement in consumption | 3200 - 3300 | 3450 - 3500 | Oscillatory bottom - seeking | Buy on dips | [11] 3.1.2 Basis and Spot - Futures Strategies | Sector | Variety | Spot Price | Change | Basis of the Main Contract | Change | | --- | --- | --- | --- | --- | --- | | Oilseeds | Soybean No. 1 | 4580 | 4580 | - 230 | 94 | | | Soybean No. 2 | 3950 | 3950 | 107 | 16 | | | Peanut | 7400 | 7400 | - 342 | 80 | | Oils | Soybean Oil | 8940 | 8940 | 242 | 28 | | | Rapeseed Oil | 10430 | - 50 | 554 | - 35 | | | Palm Oil | 9750 | - 120 | 32 | - 42 | | Protein | Soybean Meal | 3330 | - 10 | 311 | 311 | | | Rapeseed Meal | 2670 | - 10 | 247 | 10 | | Energy and By - products | Corn | 2390 | 0 | - 7 | - 13 | | | Corn Starch | 2850 | 0 | 52 | - 79 | | Livestock | Live Pigs | 9.90 (yuan/kg) | - 0.09 (yuan/kg) | - 320 | 65 | | | Eggs | 3.07 (yuan/jin) | 0.09 (yuan/jin) | - 59 (yuan/500kg) | 58.00 (yuan/500kg) | [13] 3.2 Second Part: Key Data Tracking Table 3.2.1 Oils and Oilseeds - **Daily Data**: The table shows the import cost data of soybeans, rapeseeds, and palm oil from different origins and shipping dates, including arrival premiums, CBOT futures prices, CNF arrival prices, arrival duty - paid prices, and the cost of soybean meal when the crushing profit is zero [15][16]. - **Weekly Data**: It presents the inventory and operating rates of various oils and oilseeds, such as the port inventory of soybeans, the inventory of soy meal and soybean oil in oil mills, the inventory of rapeseeds in coastal oil mills, etc. [17] 3.2.2 Feed The table shows the weekly data of corn and corn starch, including the consumption of corn by deep - processing enterprises, the inventory of corn in deep - processing enterprises, the operating rate of starch enterprises, the inventory of starch enterprises, and the grain - selling progress of farmers [18]. 3.2.3 Livestock - **Live Pigs**: It includes the weekly data of the live pig market, such as the average weekly prices of二元 sows, 7 - kg outer - ternary piglets, and outer - ternary live pigs, as well as data on breeding costs, profits, slaughter volume, and inventory [19]. - **Eggs**: It shows the weekly data of the egg market, including the laying rate, the proportion of large, medium, and small eggs, the age of culled hens, the sales volume, inventory, and breeding profits [20]. 3.3 Third Part: Fundamental Tracking Charts - **Livestock (Live Pigs and Eggs)**: It includes charts of the closing prices of live pig and egg futures contracts, as well as the spot prices of live pigs, piglets, white - striped pigs, eggs, chicken seedlings, and culled hens [22][23][24][25][27][28][29]. - **Oils and Oilseeds**: - **Palm Oil**: It includes charts of Malaysia's palm oil monthly production, export volume, ending inventory, import profit, import volume, domestic inventory, daily trading volume, and price spreads [31][33][35][36]. - **Soybean Oil**: It includes charts of US soybean crushing volume, US soybean oil inventory, soybean crushing profit, domestic soybean oil mill operating rate, domestic soybean oil inventory, daily trading volume, and price spreads [38][39][40][42]. - **Peanuts**: It includes charts of the arrival and shipment volume of peanuts in domestic wholesale markets, peanut crushing profit, oil mill raw material procurement volume, peanut operating rate, peanut inventory, peanut oil inventory, peanut import volume, and price spreads [44][46]. - **Feed**: - **Corn**: It includes charts of corn spot prices, futures closing prices, basis, price spreads, port inventory, grain - selling progress, import volume, consumption by deep - processing enterprises, inventory of deep - processing enterprises, and processing profits [48][49][52][54][55]. - **Corn Starch**: It includes charts of corn starch spot prices, futures closing prices, basis, price spreads, operating rate, inventory, and processing profits [57][60][61][68]. - **Rapeseed**: It includes charts of rapeseed meal and rapeseed oil spot prices, basis, inventory, and processing profits [61][62][64][65][66]. - **Soybean Meal**: It includes charts of US soybean flowering and pod - setting rates, soybean and soybean meal inventory [68][70]. 3.4 Fourth Part: Options Situation of Feed, Livestock, and Oils It includes charts of the historical volatility of rapeseed meal, rapeseed oil, soybean oil, palm oil, and peanuts, as well as the trading volume, open interest, and the put - call ratio of corn options [74][76]. 3.5 Fifth Part: Warehouse Receipt Situation of Feed, Livestock, and Oils It includes charts of the warehouse receipt situation of rapeseed meal, rapeseed oil, soybean oil, palm oil, peanuts, corn, corn starch, live pigs, and eggs, as well as the open interest of the live pig and egg indexes [78][80][81].