Core Insights - The oilseed industry is crucial for the production of edible oils and plant proteins, with major oilseeds including soybeans, rapeseed, sesame, peanuts, cottonseed, sunflower seeds, and others [1][2] - China is a significant producer and consumer of oilseeds, ranking second only to food crops, with a steady increase in oilseed planting area and production driven by national policies [3][5] - Despite the growth in oilseed production, China remains highly dependent on imports to meet domestic demand due to limited growth in planting area [3][6] Industry Definition and Categories - Oilseeds are defined as plant materials with an oil content greater than 10%, widely cultivated globally for edible oils and plant proteins [2] - Major oilseed types include soybeans, rapeseed, sesame, peanuts, cottonseed, sunflower seeds, and others [2] Current Industry Status - In 2024, China's oilseed planting area is projected to be 14,290 thousand hectares, an increase of 367.8 thousand hectares from 2023 [3] - The oilseed production for 2024 is expected to reach 39.79 million tons, an increase of 1.1534 million tons from 2023 [3] Industry Chain - The oilseed industry chain includes upstream planting, midstream processing, and downstream sales and consumption [5] - Upstream involves the cultivation of oilseed crops and related inputs like seeds, fertilizers, and pesticides [5] - Midstream processing includes the extraction and refining of oils, which is critical for adding value to the industry [5] - Downstream encompasses sales channels and applications in food, feed, bioenergy, and chemical industries [5] Development Environment and Policies - The stability of the oilseed industry is vital for national food security, with high import dependence for edible oils [6] - National policies have been implemented to enhance domestic oilseed production, including promoting crop rotation and developing high-yield varieties [6] - The Central Document No. 1 has focused on increasing soybean production since 2022, with a clear path for production enhancement outlined for 2025 [6] Competitive Landscape - The oilseed market is becoming increasingly competitive, with many small-scale enterprises lacking core competitiveness [6] - Major players like COFCO Group and Yihai Kerry are enhancing their competitiveness through technology and scale [6][8] - COFCO Group operates a comprehensive supply chain across multiple countries, with a revenue of 635 billion yuan in 2024 [8] - Yihai Kerry focuses on sustainable processing and reported a revenue of 91.639 billion yuan from feed and oil technology in 2024 [8][9] Industry Development Trends - The oilseed industry is positioned at the intersection of agriculture and industry, with significant potential for growth in production and consumption [9] - With rising living standards, consumer demand for high-quality oilseed products is diversifying, leading to a trend towards multi-functional and environmentally friendly production [9] - Technological advancements and policy support are expected to drive the stable development of the oilseed industry [9]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The commodity market shows different trends in various sectors. The bearish proportion has slightly increased this week, with significant changes in the black and agricultural sectors. The overall market signals are mainly bearish, with some exceptions like the iron ore market turning neutral [1]. Group 3: Summary by Related Content Commodity Market Sector Analysis - The agricultural sector's momentum is rising, while the energy sector is relatively weak. In the black sector, the momentum factor has decreased marginally, and the term - structure differentiation has narrowed. In the non - ferrous sector, the position - holding factor has decreased marginally, and the cross - sectional differentiation has widened. In the energy - chemical sector, there is cross - sectional momentum differentiation. In the agricultural sector, the position - holding of oilseeds and meals has increased, and the short - cycle momentum of palm oil has rebounded [1]. Performance of Different Commodities Methanol - Last week, the supply factor strengthened by 0.64%, the inventory factor declined by 0.66%, and the comprehensive signal this week is bearish. Fundamentally, the supply side remains bearish, the demand side is neutral to bearish, the inventory side turns bearish, and the spread side is neutral to bearish [1]. Float Glass - Last week, the inventory factor increased by 2.47%, the spread factor weakened by 0.17%, the profit factor decreased by 0.20%, and the synthetic factor declined by 0.13%, with a bearish comprehensive signal this week. Fundamentally, the supply side is neutral, the demand side is neutral to bearish, the inventory side is bearish, and the profit side is neutral to bullish [1]. Iron Ore - Last week, the supply factor strengthened by 0.38%, the synthetic factor increased by 0.08%, and the comprehensive signal this week turns neutral. Fundamentally, the supply side's bearish feedback weakens to neutral, the demand side turns to bullish feedback but remains neutral, the inventory side turns bearish, and the spread side turns bullish [3][4].

Group 1: Overall Market Conditions - The proportion of short positions in commodities increased this week, mainly due to the decline in the factor strength of the energy and chemical sector. Currently, the relatively strong sectors in the cross - section are precious metals and agricultural products, while the relatively weak sector is the energy sector [3]. - In the precious metals sector, the sequential momentum of gold has marginally recovered, and the differentiation within the sector has narrowed. In the non - ferrous sector, the position factor has continued to decline slightly, and the cross - sectional differentiation has expanded, with copper and zinc being on the weaker end [3]. - In the black sector, the short - term momentum factor has marginally decreased, but the long - term factor has gradually stabilized, and the term structure differentiation has narrowed. In the energy and chemical sector, the cross - sectional momentum has declined overall, and PTA, soda ash, and glass are on the weaker end of the sector's cross - section [3]. - In the agricultural products sector, the positions of oilseeds and meals have both decreased slightly, and the differentiation has narrowed [3]. Group 2: Factor Returns - Last week's returns and monthly returns for different factors: supply factor had a last - week return of 1.64% and a monthly return of 0.00%; demand factor had a last - week return of 1.51% and a monthly return of 0.00%; inventory factor had a last - week return of 1.20% and a monthly return of - 2.28%; spread factor had a last - week return of 3.90% and a monthly return of 2.50%; profit factor had a last - week return of 0.00% and a monthly return of 0.00%; the cumulative return of major categories last week was 1.64% and this month was - 0.04% [7]. Group 3: Methanol Analysis - In terms of strategy net value, last week, the supply factor strengthened by 0.21%, the demand factor increased by 0.13%, the inventory factor weakened by 0.19%, the spread factor increased by 0.09%, and the composite factor increased by 0.16%. This week, the comprehensive signal for short positions continues. On the fundamental factor side, the capacity utilization rate of domestic methanol plants has increased, and the import arrival volume has increased slightly, indicating a short position on the supply side; the operating rates of formaldehyde and chloride plants have increased, but the capacity utilization rates of acetic acid and MTBE plants have decreased, making the demand side neutral; the inventory of domestic methanol manufacturers has decreased, indicating a long position on the inventory side; the closing price of the main methanol futures contract and the 9 - 1 spread on the futures market have both released short - position signals, and the spread side has turned to a short position [4]. Group 4: Glass Analysis - In terms of strategy net value, last week, the inventory factor decreased by 2.28%, the spread factor increased by 2.50%, and the composite factor weakened by 0.04%. This week, the comprehensive signal is a short position. On the fundamental factor side, the capacity utilization rate of float glass has remained flat month - on - month, keeping the supply side neutral; the number of commercial housing transactions in 30 large - and medium - sized Chinese cities has increased slightly, making the demand side neutral; float glass enterprises have continued to reduce inventory, indicating a long position on the inventory side; the spot prices of the float glass markets in Central China, North China, and South China have all released short - position signals, indicating a short position on the spread side; the pre - tax gross profit of float glass made from steam coal has declined, indicating a short position on the profit side [7]. Group 5: Iron Ore Analysis - In terms of strategy net value, last week, each factor remained unchanged, and this week, the comprehensive signal remains neutral. The arrival volume at Qingdao Port has increased significantly, and the shipping volumes of BHP and Rio Tinto have increased, turning the supply side into a short - position feedback, but the overall signal remains neutral. The consumption of iron ore powder for sintering in steel mills and the proportion of sintered ore in the furnace have decreased, and the strength of the long - position feedback on the demand side has decreased slightly, but the signal is still neutral. The iron ore concentrate at ports and the domestic sintering iron ore powder in steel mills have both reduced inventory slightly, weakening the short - position feedback on the inventory side. The price center of PB powder has shifted down, further weakening the strength of the long - position feedback on the spread side [7]. Group 6: Lead Analysis - In terms of strategy net value, last week, the supply factor strengthened by 0.52%, the demand factor decreased by 0.51%, the spread factor increased by 0.46%, and the composite factor strengthened by 0.15%. This week, the comprehensive signal has changed from a short position to neutral. The price of domestic lead concentrates from SMM has decreased, and the profit of tax - free recycled lead has decreased, turning the supply - side signal to neutral. The LME lead inventory and registered warrants have increased, turning the inventory side into a short - position feedback, but the overall signal remains neutral. The spread between the near and far months of LME lead has widened, strengthening the short - position feedback on the spread side [7].

哈萨克斯坦BAQ通讯社记者古尔詹·拉曼库洛娃了解到，该项目为周边多个村子的村民提供了就业岗 位，还有人因在这里工作而特地从其他地区搬过来。她表示，哈萨克斯坦同样有振兴乡村的计划，该项 目有力促进了当地发展和人民生活水平的提高。 "中企投资正助力中亚现代化发展。"塔吉克斯坦"阿萨尔"中亚新闻网总编辑阿努谢尔冯·拉苏洛夫表 示，中亚与中国的合作有助于改善整个地区经济面貌。 （文章来源：人民日报） 6月3日，中国—中亚媒体高质量共建"一带一路"联合采访团深入哈萨克斯坦北哈州塔因莎县阿依马克 镇，采访中国西安爱菊集团哈萨克斯坦园区。 走进面粉生产车间，机器轰鸣，一袋袋面粉源源不断沿着传送带送入货车。在质检车间，联合采访团的 中亚记者们品尝了刚刚出锅、散发着麦香的面点。据园区总经理方龙飞介绍，除了让优质无添加的面 粉、油料走上中国消费者的餐桌，园区还生产牧业需要的饲料、油粕等，以供应哈萨克斯坦和其他中亚 国家市场。 2015年起，爱菊集团开始加强与中亚地区的贸易往来，粮油合作项目成为"中哈产能与投资合作重点项 目清单"中唯一的农业加工型粮食项目。目前，爱菊集团在哈萨克斯坦已建成油脂厂、面粉车间、饲料 车间、挂面车间等， ...