Report Summary 1. Report Industry Investment Rating No information provided on the industry investment rating. 2. Report's Core View - The short - term, medium - term, and intraday views of soybean meal 2601, soybean oil 2601, and palm oil 2601 are all "oscillating weakly" [6]. - The market sentiment of the soybean meal, soybean oil, and palm oil futures is unstable, and the prices are expected to oscillate weakly in the short - term [5][6][7]. 3. Summary by Variety Soybean Meal (M) - **View**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [5][6]. - **Core Logic**: Uncertainties in Sino - US trade relations, including potential tariff increases and negotiation uncertainties, combined with the contradiction between high near - month inventory and expected far - month supply gaps in the domestic market, have weakened the support for the futures price of the soybean meal 2601 contract. The market sentiment is volatile, leading to a short - term weakly oscillating price [5]. - **Key Factors**: Sino - US relations, import arrival rhythm, oil mill operation rhythm, and inventory pressure [6]. Palm Oil (P) - **View**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [6][7]. - **Core Logic**: The continuous downward pressure on international oil prices has an overflow effect on the oil market. Meanwhile, the weakening of the palm oil industry chain exerts significant pressure on the market. The possible increase in Indonesia's palm oil export tax may affect market sentiment. Until the market sentiment recovers, the palm oil futures price will oscillate weakly [7]. - **Key Factors**: Biodiesel properties, Malaysian palm production and exports, Indonesian exports, main producing countries' tariff policies, domestic arrival and inventory, and substitution demand [6]. Soybean Oil (not separately detailed in the text but included in the table) - **View**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating weakly; Reference view: oscillating weakly [6]. - **Key Factors**: Sino - US relations, US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [6].

Report Summary 1. Report Industry Investment Rating No information provided on the report industry investment rating. 2. Core Viewpoints - The prices of soybean meal and palm oil futures are expected to be oscillating strongly in the short - term and oscillating in the medium - term [5][7]. - For soybean meal, due to the escalation of Sino - US trade frictions, the domestic soybean futures price is stronger than the foreign market. The expected tightening of long - term soybean supply supports the price of the 2601 contract [5]. - For palm oil, after the release of market risks, the price may stop falling and rebound despite the short - term fluctuations caused by factors such as the decline in international oil prices and the weakening of the industrial chain [7]. 3. Summary by Related Catalogs Soybean Meal (M) - **Viewpoints**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating strongly; Reference view: oscillating strongly [5][6]. - **Core Logic**: Affected by Sino - US trade frictions, the domestic soybean futures price is stronger than the foreign market. There is a procurement gap for the 12 - 1 January shipment, and the expected tightening of long - term soybean supply supports the 2601 contract [5]. - **Key Factors**: Sino - US relations, import arrival rhythm, oil mill operation rhythm, and inventory pressure [6]. Palm Oil (P) - **Viewpoints**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating strongly; Reference view: oscillating strongly [7][6]. - **Core Logic**: With the decline in international oil prices and the weakening of the industrial chain, the decline of palm oil futures prices has widened. After the release of market risks, the price may stop falling and rebound [7]. - **Key Factors**: Biodiesel attributes, Malaysian palm oil production and exports, Indonesian exports, tariff policies of major producing countries, domestic arrival and inventory, and substitution demand [6]. Soybean Oil (Not in detailed description but in overview) - **Viewpoints**: Short - term: oscillating; Medium - term: oscillating; Intraday: oscillating strongly; Reference view: oscillating strongly [6]. - **Key Factors**: Sino - US relations, US biofuel policy, US soybean oil inventory, domestic soybean cost support, supply rhythm, and oil mill inventory [6].

Group 1: Glass Market - The glass market experienced a significant price increase driven by rumors of industry meetings advocating for price hikes and reducing competition, with prices rising by over 100 yuan per ton in some regions [3] - A technical analysis indicated a bullish trend with a support level at 1180, suggesting potential for further price increases despite a short-term adjustment [3] Group 2: Rebar Market - The rebar market is influenced by ongoing capacity control and environmental policies, with government initiatives aimed at stabilizing growth in the steel industry, which positively affects market sentiment [4] - A technical analysis suggests a trading range with resistance at 3180 and support at 3145, recommending a buying strategy on dips [5] Group 3: Coking Coal Market - The coking coal sector has seen significant effects from anti-competition policies, with production cuts in major regions like Shanxi and Inner Mongolia, aimed at stabilizing prices and improving steel mill profits [7] - A technical outlook indicates a bullish sentiment with a support level at 1190 and a potential breakout above 1225 [7] Group 4: Soybean Meal Market - The soybean meal market is facing weak demand due to losses in pig farming, leading to reduced purchasing by feed companies, and seasonal stocking demands falling short of expectations [9] - A technical analysis shows a bearish trend with a support level at 2880 and a resistance level at 3190, suggesting a strategy of shorting on rebounds [9] Group 5: General Futures Investment - Successful futures investment requires continuous learning and in-depth market research to make informed decisions and enhance profitability [11]