Commodity Index - The article discusses the performance of various commodity indices, highlighting their recent trends and movements [36][40]. Stock Indices - The Shanghai Composite Index closed at 3889.35 points, up 16.03 points or 0.41% on December 12 [40]. - The Shenzhen Component Index closed at 13252.50 points, up 105.12 points or 0.80% on the same day [40]. - The CSI 300 Index closed at 4580.95 points, up 28.77 points or 0.63% [40]. - The ChiNext Index closed at 3189.65 points, up 25.98 points or 0.82% [40]. - The STAR Market 50 Index closed at 1348.88 points, up 23.05 points or 1.74% [41].

Group 1: Commodity Index - The article discusses the performance of various commodity indices, indicating a focus on market trends and price movements [1][33]. Group 2: Stock Indices - The Shanghai Composite Index closed at 3873.32 points, down 27.18 points or 0.70% on December 11 [4][38]. - The Shenzhen Component Index closed at 13147.39 points, down 169.04 points or 1.27% on December 11 [4][38]. - The CSI 300 Index closed at 4552.18 points, down 39.64 points or 0.86% on December 11 [4][38]. - The ChiNext Index closed at 3163.67 points, down 45.33 points or 1.41% on December 11 [4][38]. - The STAR Market 50 Index closed at 1325.83 points, down 20.87 points or 1.55% on December 11 [4][39].

Group 1: Commodity Index - The article provides an analysis of various commodity indices, indicating fluctuations in prices and market trends [33][36]. Group 2: Stock Indices - The Shanghai Composite Index closed at 3900.50 points on December 10, down by 9.03 points, a decrease of 0.23% [4][37]. - The Shenzhen Component Index closed at 13316.42 points, up by 36.06 points, an increase of 0.29% [4][37]. - The CSI 300 Index closed at 4591.83 points, down by 6.40 points, a decrease of 0.14% [4][37]. - The ChiNext Index closed at 3209.00 points, down by 0.60 points, a decrease of 0.02% [4][37]. - The STAR Market 50 Index closed at 1346.70 points, down by 0.40 points, a decrease of 0.03% [4][37].

Commodity Index - The article discusses the performance of various commodity indices, indicating a focus on market trends and price movements [38]. Stock Indices - The Shanghai Composite Index closed at 3924.08 points, up by 21.27 points or 0.54% on December 8 [43]. - The Shenzhen Component Index closed at 13329.99 points, increasing by 182.31 points or 1.39% on the same day [43]. - The CSI 300 Index closed at 4621.75 points, rising by 37.22 points or 0.81% [43]. - The ChiNext Index closed at 3190.27 points, up by 80.97 points or 2.60% [43]. - The STAR 50 Index closed at 1350.80 points, increasing by 24.69 points or 1.86% [43].

Group 1: Stock Indices - The Shanghai Composite Index closed on December 5, rising by 27.01 points, an increase of 0.70%, to a total of 3902.81 points [5] - The Shenzhen Component Index closed on December 5, increasing by 140.96 points, a rise of 1.08%, to a total of 13147.68 points [5] - The CSI 300 Index closed on December 5, up by 37.97 points, an increase of 0.84%, reaching 4584.54 points [5] - The ChiNext Index closed on December 5, rising by 41.81 points, a gain of 1.36%, to a total of 3109.30 points [5] - The STAR 50 Index closed on December 5, down by 0.06 points, remaining flat at 1326.10 points [5] Group 2: Commodity Indices - The document includes various commodity indices such as live pigs, lithium carbonate, glass, soybean meal, red dates, crude oil, rebar, silver, cotton, palm oil, soda ash, coking coal, white sugar, PVC, PTA, and rubber, but specific data for these commodities is not provided in the excerpts [7][9][12][14][17][20][22][24][26][28][30][31][33]

Commodity Index - The article discusses the performance of various commodity indices, indicating a focus on market trends and price movements [1][40]. Stock Indices - The Shanghai Composite Index closed at 3875.79 points, down 2.21 points or 0.06% on December 4 [5][45]. - The Shenzhen Component Index increased by 51.46 points, a rise of 0.40%, closing at 13006.72 points [5][45]. - The CSI 300 Index rose by 15.52 points, up 0.34%, ending at 4546.57 points [5][45]. - The ChiNext Index saw an increase of 30.70 points, up 1.01%, closing at 3067.48 points [5][45]. - The STAR 50 Index closed at 1326.16 points, up 17.80 points or 1.36% [5][46].

Commodity Index - The article discusses the performance of various commodity indices, indicating a focus on market trends and price movements [1]. Stock Indices - The Shanghai Composite Index closed at 3878.00 points, down 19.71 points or 0.51% on December 3 [5]. - The Shenzhen Component Index closed at 12955.25 points, down 101.45 points or 0.78% on the same day [5]. - The CSI 300 Index closed at 4531.05 points, down 23.29 points or 0.51% [5]. - The ChiNext Index closed at 3036.79 points, down 34.36 points or 1.12% [5]. - The STAR Market 50 Index closed at 1308.37 points, down 11.79 points or 0.89% [5].

Group 1: Stock Indices - The Shanghai Composite Index closed down by 16.29 points, a decrease of 0.42%, ending at 3897.71 points on December 2 [4] - The Shenzhen Component Index fell by 90.01 points, down 0.68%, closing at 13056.70 points [4] - The CSI 300 Index decreased by 22.15 points, a drop of 0.48%, finishing at 4554.33 points [4] - The ChiNext Index declined by 21.35 points, down 0.69%, closing at 3071.15 points [4] - The STAR Market 50 Index fell by 16.60 points, a decrease of 1.24%, ending at 1320.16 points [4] Group 2: Commodity Indices - The document includes various commodity indices such as lithium carbonate, soybean meal, and crude oil, but specific data points are not provided in the excerpts [5][7][10]

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Report's Core View - The prices of major agricultural commodity futures, including soybean meal, palm oil, and soybean oil, are expected to be weak and fluctuate in the short, medium, and intraday terms [5][6][7]. 3. Summary by Related Catalogs 3.1 Soybean Meal (M) - **Price Trend**: Short - term, medium - term, and intraday views are all "oscillating weakly." The reference view is also "oscillating weakly" [5][6]. - **Core Logic**: U.S. soybean futures prices are oscillating at 1100 cents. The incremental Chinese purchases are lower than expected, offsetting the bullish impact of South American drought. Domestic oil mills' operating rate remains at a high of 65%, with high soybean meal inventory forcing traders to sell goods, pressuring spot prices. Feed mills only maintain an 8 - day rigid inventory, and pig losses suppress restocking willingness. The spot basis remains negative. The key psychological and technical support level for short - term soybean meal futures prices is 3000 yuan/ton [5]. - **Attention Points**: The realization of precipitation in South America in December and the adjustment of oil mills' operating rhythm [5]. 3.2 Palm Oil (P) - **Price Trend**: Short - term, medium - term, and intraday views are all "oscillating weakly." The reference view is also "oscillating weakly" [6][7]. - **Core Logic**: The inventory pressure of Malaysian palm oil continues to accumulate as production recovers. The spot price of palm oil continues to decline slightly. The biodiesel policy of U.S. soybean oil is uncertain, and positive signals are released in China - Canada relations. The pressure on the palm oil industry chain continues to increase, and short - term palm oil futures prices continue to fluctuate weakly. The trend of palm oil is closely linked to U.S. soybean oil and the international oil and fat sector, and the biodiesel policy is a key variable [7]. 3.3 Soybean Oil (Y) - **Price Trend**: Short - term, medium - term, and intraday views are all "oscillating weakly." The reference view is also "oscillating weakly" [6]. - **Core Logic**: Influenced by U.S. soybean cost support, U.S. biodiesel policy, U.S. soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mills' inventory [6].

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - The market is in a stage of game between cost - driven factors and industrial chain pressure. For soybean meal, there is a divergence between domestic and foreign markets, with a pattern of strong foreign and weak domestic prices. For soybean oil, it is affected by raw material costs and external market prices, and the high inventory is the main resistance to price increases. For palm oil, it is in a stage of bottom - building with limited rebound space [5][7][8] Group 3: Summary by Variety Soybean Meal (M) - **Viewpoints**: Short - term: oscillating; Medium - term: oscillating; Intraday: weakly oscillating; Reference view: weakly oscillating [5][6] - **Core Logic**: The US soybean futures price is supported by strong crushing and good export expectations, providing cost support for domestic imported soybeans. However, the abundant domestic soybean arrivals and high inventory of soybean meal in oil mills suppress the basis to be continuously negative. Short - term attention should be paid to South American weather and domestic inventory reduction rhythm [5] Soybean Oil (Y) - **Viewpoints**: Short - term: oscillating; Medium - term: oscillating; Intraday: strongly oscillating; Reference view: strongly oscillating [6][7] - **Core Logic**: The soybean oil market is affected by the cost change of raw material soybeans and the price of US soybean oil in the external market. The domestic supply is very loose, with high inventory (up to nearly 1.2 million tons) and weak terminal consumption, resulting in light spot market transactions. Before there are obvious signals of supply - demand change, the price is expected to oscillate strongly within the current range [7] Palm Oil (P) - **Viewpoints**: Short - term: oscillating; Medium - term: oscillating; Intraday: strongly oscillating; Reference view: strongly oscillating [6][8] - **Core Logic**: The BMD crude palm oil rebounds from a low level, but the increase in Malaysian production and sluggish exports in November are the main drags. The domestic palm oil inventory continues to accumulate, and the futures price is in a stage of bottom - building, with limited rebound space [8]