2025 年 11 月 24 日 出口需求疲软 棕榈油震荡偏弱 棕榈油周报 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 从业资格号：F0297587 投资咨询号：Z0011509 黄蕾 从业资格号：F0307990 投资咨询号：Z0011692 高慧 从业资格号：F03099478 投资咨询号：Z0017785 王工建 从业资格号：F3084165 投资咨询号：Z0016301 赵凯熙 从业资格号：F03112296 投资咨询号：Z0021040 何天 从业资格号：F03120615 投资咨询号：Z0022965 焦鹏飞 从业资格号：F03122184 投资咨询号：Z0023260 敬请参阅最后一页免责声明 1 / 9 ⚫ 上周，BMD马棕油主连跌57收于4068林吉特/吨，跌幅 1.38%；棕榈油01合约跌94收于8550元/吨，跌幅1.09%； 豆油01合约跌66收于8190元/吨，跌幅0.8%；菜油01合 约跌107收于9816元/吨，跌幅1.08%；CBOT豆油主连涨 0.13收于50.61美分/磅，涨幅0.26%；ICE油菜籽活跃合 约跌3.9收于641.8加元/吨，跌幅 ...

South Korea’s Posco To Buy Indonesian Tycoon Putera Sampoerna’s Palm Oil Business For $885 Million https://t.co/2TztJfpOaD ...

Indonesia’s Sampoerna family has agreed to sell its 65.7% stake in palm oil unit Sampoerna Agro to AGPA for an undisclosed sum https://t.co/W9mXV6q9SQ ...

Palm oil producers are looking to capitalize on Malaysia's data center boom by turning plantations into industrial parks and solar farms https://t.co/YgAkVK5fGW ...

Company Insights - AMD is projecting annual revenue growth exceeding 35% and approximately 80% growth in data-center AI over the next three to five years, with a target of earnings per share greater than $20 and a focus on competing in the $1 trillion AI chip market [2][11] - Bill Holdings is exploring various strategic alternatives, including a potential sale, amid pressure from activist investor Starboard [4][11] Industry Trends - The global commodities market is anticipating significant shifts in palm oil supply due to Indonesia's planned increase of its biodiesel blend to B50 next year, which is expected to tighten global supply and potentially drive prices towards 5,000 Ringgit a ton [3][11] - The industrial metals sector is experiencing strong performance, with aluminum prices reaching a one-year high in Shanghai, driven by record trading volumes and supply curbs, as well as demand from the renewables sector and AI-driven power infrastructure [5][11] - LG Energy Solution and South8 have partnered to develop advanced aerospace batteries, indicating ongoing innovation in high-performance energy storage technologies [6][11] Economic Indicators - Japan's manufacturers' sentiment has surged to its highest level in nearly four years, signaling potential strengthening in the manufacturing sector, alongside government support for companies pursuing rare earth interests [7]

Core Insights - The financial sector has provided over $425 billion in financing to companies contributing to deforestation over the past decade, with $72 billion allocated in the last 18 months alone [1][2] - The increase in lending to forest-risk commodity companies has coincided with significant deforestation, with a record loss of 6.7 million hectares of tropical and boreal forests last year [3] - Major banks, particularly Banco do Brasil, are leading in financing these sectors, with nearly $8 billion provided in the first nine months of this year [4] - Asset managers have increased their investments in forest-risk commodities by $7.8 billion over the past decade, totaling approximately $33 billion by the end of September [5][6] - The report calls for regulatory changes to prevent banks and investors from profiting from deforestation and human rights violations [7][8]

Core Insights - Golden Agri-Resources Limited is a leading global producer of palm oil, operating large-scale plantations and mills across Indonesia [1] - The company has a market capitalization of US$3,254 million [1] Company Performance - The company's Profitable Growth rank improved to 7 from the previous period's 8, indicating a positive trend but still below average compared to 540 large Consumer Staples companies globally [5] - The Profitability rank is 7, which is worse than its Growth rank of 5, showing that while growth is improving, profitability remains a concern [5] - The Growth rank improved to 5 from the prior period's 6, reflecting average performance compared to peers [5]

Asian food titan Wilmar said the Indonesian Supreme Court quashed the acquittals of three major palm oil groups in an export case, months after the company was forced to hand over 11.9 trillion rupiah (about $729 million at the time) as a security deposit https://t.co/U2uUe1Usf1 ...

Core Points - The EU and Indonesia have finalized a free-trade agreement that includes zero tariffs on palm oil exports from Indonesia, which is seen as a significant development for both economies [1][3] - The agreement also removes duties on certain EU agri-food products, receiving support from EU farming lobby groups Copa and Cogeca [1] Trade Agreement Details - The Comprehensive Economic Partnership Agreement (CEPA) includes a protocol aimed at promoting sustainable palm oil trade [3] - The agreement establishes a dialogue platform for regulatory developments relevant to the palm oil sector and aims to enhance cooperation on sustainability issues [4] Criticism and Concerns - The zero-tariff rate on Indonesian palm oil has faced criticism, particularly regarding the defined quota under which it applies, as EU tariffs on palm oil can reach up to 12.8% [2] - Eddy Martono, chairman of the Indonesian Palm Oil Association, expressed concerns that the EU's planned deforestation regulations (EUDR) could undermine the benefits of the zero tariffs if not fulfilled [4][5] EUDR Implementation Delays - The EUDR, which requires companies to prove their supply chains are free from deforestation-related impacts, has faced delays, with the latest implementation date pushed back by another year [6][7] - The European Commission's decision to delay the EUDR has drawn criticism from NGOs focused on forest protection, highlighting potential negative implications for the agreement with Indonesia [7]

Once an IPO star backed by some of the world's biggest banks, Malaysia's palm oil giant FGV is now set to delist after going through 10 CEOs and years of bad bets https://t.co/dKDMxvJ6xk ...