Group 1 - The report indicates that US stocks are under pressure, showing a volatile adjustment trend influenced by Federal Reserve policy expectations, delayed economic data releases, and earnings reports from major tech companies [1][7] - The non-farm payroll data for September was significantly higher than expected, with an increase of 119,000 jobs, compared to a previous value of -4,000 and an expectation of 50,000 [2][8] - The unemployment rate in the US rose to 4.4% in September, exceeding both the previous value and the expectation of 4.3% [2][8] Group 2 - The report highlights that the market anticipates a 71% probability of a 25 basis point rate cut by the Federal Reserve in December, as indicated by comments from various Fed officials [1][9] - The report notes that the short-term outlook for US stocks is challenged by high valuations and economic data uncertainty, while AI and technological innovation remain long-term growth drivers [1][7] Group 3 - In the global asset market, major asset classes showed mixed performance, with CBOT soybean oil rising by 1.22% and the Shenzhen Component Index falling by 5.13%, marking the largest decline [2][26] - The report details that the major equity markets primarily exhibited a downward trend, with the Shenzhen Component Index and Hang Seng Index experiencing significant declines [2][29] Group 4 - The report provides updates on key economic data, including a rebound in the Eurozone economic sentiment index and a decline in the UK consumer confidence index [3][45][49] - Japan's Consumer Price Index (CPI) showed a month-on-month increase, indicating inflationary pressures [3][59]

Group 1 - The core viewpoint of the report indicates that the US stock market has experienced a decline due to multiple factors, including concerns over high valuations in the artificial intelligence sector, a record-length government shutdown, and the absence of key economic data leading to confusion in expectations [2][8] - The report highlights that the current market expectation for a 25 basis point rate cut by the Federal Reserve in December is at 66.5% [2][8] - Key economic data for October shows that the ISM Manufacturing PMI is at 48.7, below expectations of 49.5, while the ADP employment number is at 42,000, exceeding expectations of 28,000 [2][8] Group 2 - The report tracks global major asset performance, noting that CBOT soybean oil has the highest increase at +2.08%, while the Nikkei 225 has the largest decline at -4.07% [3][34] - In the equity market, the Hang Seng Index shows the largest gain at +1.29%, while the Nasdaq Composite Index has the largest drop at -3.04% [3][37] - Sector performance indicates that the energy sector in the US has the highest increase at +1.49%, while the information technology sector has the largest decline at -4.43% [3][43] Group 3 - The report provides updates on global economic data, noting a rebound in the Eurozone industrial confidence index and an increase in the UK PMI [59][63] - The report also tracks important upcoming data releases, including the US October CPI and employment figures, which are expected to influence market expectations [68][71]

Report Summary Investment Rating No investment rating is provided in the report. Core View The report focuses on the fundamentals of palm oil, soybean oil, and rapeseed oil. It presents price, trading volume, and position data for these oils in both the futures and spot markets. Additionally, it includes macro and industry news that may impact the market, such as palm oil export data, Indonesia's palm oil reference price and export tax, USDA report schedules, and soybean crushing and inventory forecasts. Detailed Summary Futures and Spot Market Data - **Futures Prices**: Palm oil, soybean oil, rapeseed oil, Malaysian palm oil, and CBOT soybean oil futures all showed declines, with palm oil down 0.72% (day session) and 1.26% (night session), soybean oil down 0.49% (day session) and 0.44% (night session), and rapeseed oil down 1.12% (day session) and 1.19% (night session) [1]. - **Trading Volume and Open Interest**: Palm oil and soybean oil trading volumes decreased, while rapeseed oil trading volume increased. Palm oil and soybean oil open interest increased, while rapeseed oil open interest decreased [1]. - **Spot Prices**: Palm oil and rapeseed oil spot prices decreased, while soybean oil spot prices remained unchanged [1]. - **Basis**: The basis for palm oil, soybean oil, and rapeseed oil in the Guangdong and Guangxi regions are -64 yuan/ton, 372 yuan/ton, and 428 yuan/ton, respectively [1]. - **Price Spreads**: The spreads between rapeseed oil and palm oil, soybean oil and palm oil, and the 1 - 5 spreads for each oil all showed changes [1]. Macro and Industry News - **Palm Oil Exports**: AmSpec reported that Malaysia's palm oil exports from October 1 - 31 increased by 4.31% month - on - month to 1,501,945 tons, and ITS reported an increase of 5.19% to 1,639,089 tons [2][3]. - **Indonesia's Palm Oil Policy**: Indonesia set the November reference price for crude palm oil at $963.75 per ton, slightly higher than October, with an unchanged export tax of $124 per ton and a 10% special tax [5]. - **USDA Reports**: Due to the government shutdown, the USDA's October reports were not released. The crop production report and global agricultural supply - demand forecast report are now scheduled for November 14 [5]. - **US Soybean Crushing and Inventory**: Analysts expect US soybean crushing in September to reach 6.163 million short tons (205.4 million bushels), a 10.1% increase from September 2024. The estimated soybean oil inventory as of September 30 is 1.681 billion pounds, an 8.4% increase from September 2024 [6]. - **US Biodiesel Production**: US biodiesel production using soybean oil decreased to 1.041 billion pounds in August from 1.108 billion pounds in July [7]. - **Soybean and Rapeseed Planting and Harvesting**: In Brazil, the soybean planting progress in Mato Grosso is 76.13%, slightly lower than the historical average. In Canada, the rapeseed harvesting progress in Saskatchewan, Manitoba, and Alberta is high, and the export volume in the week ending October 26 increased by 25.4% [7][8]. Trend Intensity The trend intensity for palm oil and soybean oil is 0, indicating a neutral outlook [9].

Core Viewpoint - The ongoing "shutdown" crisis in the U.S. government has heightened expectations for interest rate cuts, leading to increased risk aversion in the market, as evidenced by the surge in gold prices and strong performance in major overseas stock markets, including Chinese concept stocks [1]. Market Performance Summary - **Gold Prices**: COMEX gold rose from $3883.9 to $4039.9, marking a 4.02% increase during the holiday period [1]. - **Copper Prices**: COMEX copper increased from $4.8810 to $5.0670, reflecting a 3.81% rise [1]. - **Aluminum Prices**: LME aluminum prices went up from $2664.5 to $2750.5, a 3.23% increase [1]. - **Stock Indices**: The DAX 30 index rose from 23775.12 to 24597.13, a 3.46% increase, while the Nasdaq increased from 22591.154 to 23043.379, a 2.00% rise [1]. - **Oil Prices**: Brent crude oil decreased slightly from $66.78 to $66.08, a 1.05% drop, while U.S. crude oil fell from $63.18 to $62.19, a 1.57% decrease [2]. Commodity Performance Summary - **Palm Oil**: Palm oil prices increased from 4369 to 4546, a 4.05% rise [1]. - **Soybean Oil**: CBOT soybean oil rose from 49.67 to 51.34, a 3.36% increase [1]. - **Natural Gas**: U.S. natural gas prices increased from $3.253 to $3.341, a 2.71% rise [1]. - **Zinc Prices**: LME zinc prices rose from $2917.5 to $2995.0, a 2.66% increase [1].

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - Palm oil is expected to have a limited short - term rebound, and it is advisable to hold a light position during the holiday [1]. - Soybean oil is likely to fluctuate weakly due to the weak performance of US soybeans, and the upside space is difficult to open up [1]. - Global palm oil and soybean oil prices are projected to rise by $100 - 150 per ton from January to June 2026 due to supply tightness [3]. - India's edible oil imports in the 2025/26 fiscal year are expected to increase by 4.6% to a record 17.1 million tons, driven by an increase in palm oil purchases [5]. 3. Summary by Relevant Catalogs 3.1 Fundamental Tracking - **Futures Prices and Changes**: - Palm oil主力: Closing price (day session) is 9,236 yuan/ton with a 0.15% increase; closing price (night session) is 9,278 yuan/ton with a 0.45% increase [2]. - Soybean oil主力: Closing price (day session) is 8,162 yuan/ton with a 0.37% decrease; closing price (night session) is 8,178 yuan/ton [2]. - Rapeseed oil主力: Closing price (day session) is 10,162 yuan/ton with a 0.20% increase; closing price (night session) is 10,150 yuan/ton with a 0.12% decrease [2]. - **Trading Volume and Open Interest**: - Palm oil主力: Yesterday's trading volume was 590,776 lots, a decrease of 97,580 lots; open interest was 363,269 lots, an increase of 5,880 lots [2]. - Soybean oil主力: Yesterday's trading volume was 278,742 lots, a decrease of 83,105 lots; open interest was 535,857 lots, an increase of 8,413 lots [2]. - Rapeseed oil主力: Yesterday's trading volume was 302,857 lots, a decrease of 98,379 lots; open interest was 354,265 lots, an increase of 6,553 lots [2]. - **Spot Prices and Changes**: - Palm oil (24 - degree, Guangdong): Spot price is 9,230 yuan/ton, with a price change of 60 yuan/ton [2]. - First - grade soybean oil (Guangdong): Spot price is 8,550 yuan/ton, with a price change of 30 yuan/ton [2]. - Fourth - grade imported rapeseed oil (Guangxi): Spot price is 10,170 yuan/ton, with a price change of 200 yuan/ton [2]. - **Basis**: - Palm oil (Guangdong): Spot basis is - 6 yuan/ton [2]. - Soybean oil (Guangdong): Spot basis is 388 yuan/ton [2]. - Rapeseed oil (Guangxi): Spot basis is 8 yuan/ton [2]. - **Price Spreads**: - Rapeseed - palm oil futures主力 spread: 926 yuan/ton (previous trading day), 920 yuan/ton (two trading days ago) [2]. - Soybean - palm oil futures主力 spread: - 1,074 yuan/ton (previous trading day), - 1,030 yuan/ton (two trading days ago) [2]. - Palm oil 1 - 5 spread: 184 yuan/ton (previous trading day), 192 yuan/ton (two trading days ago) [2]. - Soybean oil 1 - 5 spread: 236 yuan/ton (previous trading day), 262 yuan/ton (two trading days ago) [2]. - Rapeseed oil 1 - 5 spread: 520 yuan/ton (previous trading day), 484 yuan/ton (two trading days ago) [2]. 3.2 Macro and Industry News - Global palm oil and soybean oil prices are expected to rise by $100 - 150 per ton from January to June 2026 due to potential increased biodiesel consumption in the US, Brazil, and Indonesia and limited production growth [3]. - India's edible oil imports in the 2025/26 fiscal year are expected to reach a record 17.1 million tons, with palm oil imports likely to surge by 13.4% to 9.3 million tons [5]. - India may increase sunflower oil imports from January to March [6]. - From September 1 - 25, 2025, Malaysia's palm oil yield decreased by 3.19% month - on - month, oil extraction rate decreased by 0.18% month - on - month, and production decreased by 4.14% month - on - month [6]. - Malaysia's palm oil exports from September 1 - 25, 2025 are estimated to be 795,947 tons, a 14.73% decrease compared to the same period last month [6]. 3.3 Trend Intensity - Palm oil trend intensity is 0, and soybean oil trend intensity is 0, both indicating a neutral trend [7].

Report Summary 1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints - The report presents the average and median price changes of various commodities and indices during the National Day holidays over the past ten years and the past five years, including NYMEX crude oil, NYMEX natural gas, COMEX gold, COMEX silver, LME copper, LME zinc, LME nickel, LME aluminum, LME tin, LME lead, CBOT soybeans, CBOT corn, CBOT soybean oil, CBOT soybean meal, CBOT wheat, CBOT rice, ICE 11 - sugar, ICE 2 - cotton, S&P 500, US Dollar Index, CRB Commodity Index, and BDI [1][3] 3. Summary by Relevant Catalogs 3.1 NYMEX Crude Oil - Over the past ten years, the average price change during the National Day holiday was 3.18%, with a median of 3.33%. In the past five years, the average was 5.75%, and the median was 4.97% [1] 3.2 NYMEX Natural Gas - The ten - year average price change was 0.97%, and the median was - 1.57%. In the past five years, the average was 0.73%, and the median was - 3.19% [1] 3.3 COMEX Gold - The ten - year average price change was 0.08%, and the median was 0.30%. In the past five years, the average was 0.14%, and the median was 0.21% [1] 3.4 COMEX Silver - The ten - year average price change was 1.33%, and the median was 1.82%. In the past five years, the average was 1.54%, and the median was 2.01% [1] 3.5 LME Copper - The ten - year average price change was 0.26%, and the median was - 0.16%. In the past five years, the average was 0.44%, and the median was - 0.25% [1] 3.6 LME Zinc - The ten - year average price change was - 0.21%, and the median was 0.09%. In the past five years, the average was - 0.21%, and the median was - 0.29% [1] 3.7 LME Nickel - The ten - year average price change was 0.88%, and the median was 1.06%. In the past five years, the average was 1.67%, and the median was 2.20% [1] 3.8 LME Aluminum - The ten - year average price change was 1.87%, and the median was 1.91%. In the past five years, the average was 2.38%, and the median was 2.04% [1] 3.9 LME Tin - The ten - year average price change was 0.98%, and the median was 1.07%. In the past five years, the average was 0.58%, and the median was 1.47% [1] 3.10 LME Lead - The ten - year average price change was 0.92%, and the median was 1.02%. In the past five years, the average was 1.84%, and the median was 2.11% [1] 3.11 CBOT Soybeans - The ten - year average price change was 0.21%, and the median was 0.20%. In the past five years, the average was - 0.61%, and the median was - 0.82% [1] 3.12 CBOT Corn - The ten - year average price change was 0.78%, and the median was 0.73%. In the past five years, the average was 0.75%, and the median was 0.72% [1] 3.13 CBOT Soybean Oil - The ten - year average price change was 2.32%, and the median was 2.29%. In the past five years, the average was 2.74%, and the median was 2.96% [1] 3.14 CBOT Soybean Meal - The ten - year average price change was - 0.40%, and the median was - 0.24%. In the past five years, the average was - 1.73%, and the median was - 2.92% [1] 3.15 CBOT Wheat - The ten - year average price change was 0.09%, and the median was - 0.24%. In the past five years, the average was 0.34%, and the median was 1.71% [1] 3.16 CBOT Rice - The ten - year average price change was 1.03%, and the median was 0.34%. In the past five years, the average was 0.02%, and the median was - 0.53% [1] 3.17 ICE 11 - Sugar - The ten - year average price change was 3.04%, and the median was 1.12%. In the past five years, the average was 1.58%, and the median was - 0.31% [1] 3.18 ICE 2 - Cotton - The ten - year average price change was 0.78%, and the median was 0.14%. In the past five years, the average was 0.96%, and the median was 0.05% [1] 3.19 S&P 500 - The ten - year average price change was 0.74%, and the median was 0.70%. In the past five years, the average was 1.04%, and the median was 1.51% [1] 3.20 US Dollar Index - The ten - year average price change was 0.32%, and the median was 0.23%. In the past five years, the average was 0.38%, and the median was - 0.03% [1] 3.21 CRB Commodity Index - The ten - year average price change was 1.46%, and the median was 1.91%. In the past five years, the average was 2.03%, and the median was 2.37% [1][3] 3.22 BDI - The ten - year average price change was 3.82%, and the median was 4.44%. In the past five years, the average was 7.82%, and the median was 11.61% [1][3]

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the given content. 2) Core View of the Report - The report presents the price change statistics of various commodities and indices during the National Day holidays in the past ten and five years, including NYMEX crude oil, NYMEX natural gas, COMEX gold, etc., to show their historical performance during the holidays [1][2][4]. 3) Summary by Related Catalog a. Ten - year Average and Median Statistics - The ten - year average price changes during the National Day holidays are as follows: NYMEX crude oil 3.18%, NYMEX natural gas 0.97%, COMEX gold 0.08%, etc. The ten - year median price changes are: NYMEX crude oil 3.33%, NYMEX natural gas - 1.57%, COMEX gold 0.30%, etc [1][4]. b. Five - year Average and Median Statistics - The five - year average price changes during the National Day holidays are: NYMEX crude oil 5.75%, NYMEX natural gas 0.73%, COMEX gold 0.14%, etc. The five - year median price changes are: NYMEX crude oil 4.97%, NYMEX natural gas - 3.19%, COMEX gold 0.21%, etc [2][4]. c. Annual Price Changes from 2015 - 2024 - The report details the price changes of each commodity and index during the National Day holidays from 2015 to 2024. For example, NYMEX crude oil had a 6.15% change in 2015, 3.12% in 2016, and - 4.63% in 2017 [4].

1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints of the Report - The report notes that most commodity futures rose, and small - and mid - cap stock index futures had good gains. In the overseas market, the US labor market shows a clear slowdown trend, and the weak non - farm data increases the probability of a September interest rate cut. In the domestic market, the PPI is expected to see a slight increase in the central value, while the CPI may be slightly lower than the first - half level. Short - term domestic assets present mainly structural opportunities, with a higher probability of incremental policies in the fourth quarter. Overseas, the situation is generally favorable for gold. Long - term US fundamentals are fair, and a weak US dollar pattern continues [6]. 3. Summary by Related Catalogs 3.1 Market Performance - **Stock Index Futures**: The CSI 300 futures closed at 4562, up 2.92% daily, 2.37% weekly, 1.24% monthly, 17.40% quarterly, and 16.35% year - to - date. The SSE 50 futures closed at 2990.2, up 1.78% daily, 1.68% weekly, 0.34% monthly, 11.20% quarterly, and 11.66% year - to - date. The CSI 500 futures closed at 7124.6, up 3.81% daily, 3.28% weekly, 1.83% monthly, 21.52% quarterly, and 25.11% year - to - date. The CSI 1000 futures closed at 7387.8, up 3.31% daily, 2.24% weekly, 0.29% monthly, 20.15% quarterly, and 26.32% year - to - date [3]. - **Treasury Bond Futures**: The 2 - year Treasury bond futures closed at 102.41, up 0.06% daily, 0.02% weekly, - 0.01% monthly, - 0.22% quarterly, and - 0.55% year - to - date. The 5 - year Treasury bond futures closed at 105.59, up 0.16% daily, 0.00% weekly, 0.07% monthly, - 0.63% quarterly, and - 0.89% year - to - date. The 10 - year Treasury bond futures closed at 107.58, up 0.08% daily, - 0.34% weekly, - 0.21% monthly, - 1.24% quarterly, and - 1.23% year - to - date. The 30 - year Treasury bond futures closed at 114.74, down 0.02% daily, - 1.38% weekly, - 1.55% monthly, - 4.61% quarterly, and - 3.44% year - to - date [3]. - **Foreign Exchange**: The US dollar index was at 97.8433, unchanged daily, up 0.11% weekly, unchanged monthly, up 1.11% quarterly, and down 9.81% year - to - date. The euro - US dollar exchange rate was 1.1695, with 0 pips change daily, - 24 pips weekly, 9 pips monthly, - 93 pips quarterly, and 1342 pips year - to - date. The US dollar - yen exchange rate was 147.46, with 0 pips change daily, up 0.03% weekly, up 0.28% monthly, up 2.40% quarterly, and down 6.20% year - to - date [3]. - **Overseas Commodities**: NYMEX WTI crude oil was at $63.75, up 1.56% daily, 2.87% weekly, - 0.41% monthly, - 1.88% quarterly, and - 11.30% year - to - date. ICE Brent crude oil was at $67.6, up 1.61% daily, 2.94% weekly, 0.21% monthly, 1.46% quarterly, and - 9.66% year - to - date. COMEX gold was at $3680.4, up 0.45% daily, 1.12% weekly, 4.67% monthly, 11.02% quarterly, and 39.45% year - to - date [3]. 3.2 Macro Situation - **Overseas Macro**: The US released August non - farm data, with only 22,000 new jobs, lower than the previous value and expectations. The labor market's downward risk has increased, and wage growth has slowed. The number of initial and continued unemployment claims shows that the labor market slowdown is becoming more obvious [6]. - **Domestic Macro**: In August, the PPI rebounded from - 3.6% to - 2.9% year - on - year, while the CPI dropped from 0% to - 0.4% year - on - year. The tail - wagging effect had a large impact, and food prices dragged down the CPI. The PPI's month - on - month rebound to 0 and the core CPI's rise to 0.9% indicate that domestic policies are starting to take effect. The PPI central value is expected to rise slightly, and the CPI may be slightly lower than the first - half level [6]. 3.3 Asset Views - **Short - term**: Domestic assets mainly present structural opportunities. The market sentiment has cooled down after important domestic events this week. In the overseas market, the weak US non - farm data increases the probability of a September interest rate cut, which is favorable for gold. - **Long - term**: The US fundamentals are fair, and interest rate cuts are expected to boost the fundamentals. The weak US dollar pattern continues, and investors should be vigilant about volatility spikes and focus on non - US dollar assets [6]. 3.4 Viewpoint Highlights - **Financial Sector**: Stock index futures should adopt a dumbbell structure to deal with market differences; stock index options should continue the hedging and defensive strategy; the stock - bond seesaw may continue in the short term for Treasury bond futures. All are expected to be in a volatile state [7]. - **Precious Metals**: Driven by dovish expectations, the prices of gold and silver are expected to rise in a volatile manner, as the probability of a September interest rate cut in the US increases, and the risk of the Fed's loss of independence expands [7]. - **Shipping Sector**: For the container shipping to Europe route, attention should be paid to the game between peak - season expectations and price - increase implementation. Steel and iron ore are expected to be volatile, with the impact of production restrictions on steel weakening and iron ore showing an unexpected decline in molten iron production and a slight increase in port inventories [7]. - **Black Building Materials**: Despite the "anti - involution" impact, the prices of varieties in this sector are still supported during the peak season. However, most varieties are expected to be in a volatile state, such as coke starting the first - round price cut after the end of military parade - related production restrictions, and the supply of coking coal significantly decreasing [7]. - **Non - ferrous Metals and New Materials**: Affected by the better - than - expected July China's import and export data, non - ferrous metals were initially boosted. However, most varieties are expected to be volatile, with some facing downward pressure, such as copper due to the rising risk of overseas recession [7]. - **Energy and Chemicals**: The supply - demand situation of crude oil has weakened significantly, and coking coal's decline has dragged down the chemical industry. Most varieties in this sector are expected to be volatile, with some facing downward pressure, such as PP due to the increasing pressure of new production capacity [9]. - **Agricultural Sector**: The agricultural market is in a narrow - range volatile state, waiting for the results of field inspections. Most agricultural products are expected to be volatile, such as livestock products facing a supply - demand imbalance and rubber facing pressure from previous highs [9].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - Palm oil: There is no new fundamental driver, waiting for a pullback [1] - Soybean oil: The trading of soybean shortage in the fourth quarter has been suspended, undergoing a pullback and consolidation [1] 3. Section Summaries 3.1 Fundamental Tracking - **Futures Prices**: Palm oil主力 closed at 9,344 yuan/ton (down 0.87% during the day, up 0.11% at night), soybean oil主力 at 8,442 yuan/ton (down 0.26% during the day, down 1.07% at night), and other futures prices also showed different changes [2] - **Trading Volume and Open Interest**: The trading volume and open interest of palm oil, soybean oil, and rapeseed oil futures all decreased [2] - **Spot Prices**: The spot price of palm oil in Guangdong remained unchanged, soybean oil increased by 10 yuan/ton, and rapeseed oil in Guangxi decreased by 30 yuan/ton [2] - **Basis**: The basis of palm oil in Guangdong was 126 yuan/ton, soybean oil was 318 yuan/ton, and rapeseed oil in Guangxi was -104 yuan/ton [2] - **Price Spreads**: The spreads between different futures contracts of various oils showed different changes [2] 3.2 Macro and Industry News - **USDA Drought Monitoring Report**: As of the week ending August 26, about 11% of the US soybean - growing areas were affected by drought, up from 9% the previous week and the same as last year [3] - **USDA Monthly Crushing Forecast**: The estimated soybean crushing volume in the US in July is expected to increase to 621.8 million short tons (2072 million bushels), a 5.1% increase from June and a 7.2% increase from July 2024. The estimated soybean oil inventory at the end of July is 1903 million pounds, a 0.5% increase from the end of June and a 5.2% decrease from July 2024 [4][6] - **Deral**: The rural economic department of Brazil's Paraná state expects the soybean planting area in the 2025/26 season to increase by 1% to about 5.8 million hectares, and the output may increase by 4% to about 22 million tons [6] - **South Mato Grosso, Brazil**: The sowing of the 2025/26 soybean crop will start on September 16 and may last until December 31 [6] - **SAGyP**: As of the week ending August 20, Argentine farmers sold 394,200 tons of 2024/25 soybeans and 118,900 tons of 2025/26 soybeans, with cumulative sales reaching 29.8956 million tons and 789,600 tons respectively [7] - **Canada Statistics**: The estimated rapeseed output in Canada in 2025 will increase by 3.6% to 19.9 million tons, with different changes in yield per acre and harvested area in different provinces [8] 3.3 Trend Intensity - The trend intensity of palm oil and soybean oil is 0, indicating a neutral outlook [9]

Group 1 - In July, the profits of industrial enterprises above designated size decreased by 1.5% year-on-year, with the decline narrowing by 2.8 percentage points compared to June, marking two consecutive months of narrowing [1][6] - High-tech manufacturing profits shifted from a 0.9% decline in June to an 18.9% increase in July, significantly boosting the overall profit growth rate of industrial enterprises [1][6] - From August 1 to 24, the retail sales of new energy vehicles in the passenger car market reached 727,000 units, a year-on-year increase of 6% and a month-on-month increase of 7%, with a cumulative retail of 7.182 million units in 2023, up 27% year-on-year [1] Group 2 - The 10-year government bond yield rose to 1.7625%, with a net withdrawal of 236.1 billion yuan in the central bank's open market operations [2][9] - The manufacturing PMI for August in both the US and Eurozone rebounded above the critical point, indicating a potential for interest rate cuts by the Federal Reserve in September [2][9] - The real estate market continues to adjust, with second-hand housing prices in first-tier cities declining month-on-month, prompting the government to enhance macro policy effectiveness [2][9] Group 3 - The palm oil production in Malaysia is expected to increase by 3.03% from the same period last month, while exports are projected to rise significantly [3][25] - The dual-fuel market is experiencing a mixed trend, with iron and coke prices showing fluctuations amid stable demand and increasing inventory levels [3][23] Group 4 - The upcoming Shanghai Cooperation Organization summit will take place from August 31 to September 1, 2025, in Tianjin, where member states will sign the "Tianjin Declaration" and approve the "10-Year Development Strategy of the SCO" [5]