油脂油料早报 研究中心农产品团队 2026/02/25 隔 夜 市 场 信 息 ： Anec:巴西2月大豆出口料为1,069万吨 Anec表示，巴西2月大豆出口料为1,069万吨，低于前一周预测的1,146万吨。 巴西2月豆粕出口料为173万吨，低于前一周预测的182万吨。 马来西亚维持3月毛棕榈油出口关税在9%不变 马来西亚维持3月船期毛棕榈油出口关税在9%不变，由于毛棕榈油价格疲软。 MPOB称，这一税率是基于3月份毛棕榈油每吨3,896.09马币(999.38美元的参考价。 马来西亚对毛棕榈油出口税实施分级制度，当毛棕榈油价格每吨超过2，250马币时，税率从3%起逐步递增至最高 10%。 Conab：截至2月21日当周，巴西2025/26年度大豆收割率为32.3% Conab公布的数据显示，截至2026年2月21日当周，巴西2025/26年度大豆收割率为32.3%，此前一周为24.7%，上年 同期为36.4%，五年均值为36.6%。 主 产 国 降 水 情 况 进 口 大 豆 盘 面 压 榨 利 润 油 脂 进 口 利 润 现 货 价 格 免责声明: 以上内容所依据的信息均来源于交易所、媒体及资讯公司等 ...

1. Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report 2. Core Viewpoints of the Report - S&P Global predicts that US farmers will plant 94.5 million acres of corn in 2026, a 4.3% year - on - year decrease, and 84 million acres of soybeans, a 3.6% year - on - year increase, due to supply abundance and tariff disputes making it hard to profit this year, with more uncertainty in the preliminary estimate because of ongoing trade negotiations [1] - In Brazil, the soybean planting in Mato Grosso state has made progress, with the 2025/26 planting rate reaching 0.55% of the estimated area, higher than 0.27% in the same period of 2024/25 and the historical average of 0.48% for this period; the overall Brazilian 2025/2026 soybean planting rate is 0.7%, higher than 0.25% in the same period last year, 0.4% in 2023, and the five - year average of 0.18%, and the initial planting is concentrated in Mato Grosso [1] - Malaysia has raised the reference price of crude palm oil for October while keeping the export tariff at 10%, with the October reference price at 4,268.68 Malaysian ringgit per ton (1,015.87 US dollars), up from 4,053.43 Malaysian ringgit in September [1] - The report also presents the spot prices of soybean meal, rapeseed meal, soybean oil, palm oil, and rapeseed oil from September 15 - 19, 2025 [2] 3. Summary by Related Catalogs Overnight Market Information - S&P Global predicts US corn and soybean planting area changes in 2026, with corn decreasing and soybeans increasing, and there are profit - making difficulties this year and more uncertainties in the estimate [1] - Imea reports that the soybean planting rate in Mato Grosso state, Brazil, is higher than the same period last year and the historical average [1] - Pátria AgroNegócios shows that the overall Brazilian soybean planting rate is higher than previous years, and the initial planting is concentrated in Mato Grosso [1] - Malaysia raises the October reference price of crude palm oil and keeps the export tariff at 10% [1] Spot Prices - The report provides the spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from September 15 - 19, 2025 [2] Protein Meal Basis, Oil Basis, and Oil and Oilseed Futures Spread - The report only lists these items without specific content [3][5]

Core Insights - The article highlights the potential of mid-sized companies as solid investment opportunities, despite their lack of coverage compared to blue-chip stocks [1][2] Company Summaries PC Partner (SGX: PCT) - PC Partner reported a revenue increase of 28.5% year on year to HK$6.4 billion for 1H 2025, with gross profit rising by 19.8% to HK$669.5 million and net profit up by 29% to HK$250.4 million [3] - The launch of Nvidia's RTX 50 Series VGA cards has driven demand for gaming PC upgrades, which is expected to continue into 2H 2025, although supply chain issues with semiconductor chips may hinder sales growth [4] Hiap Hoe (SGX: 5JK) - Hiap Hoe's revenue increased by 5.6% year on year to S$62 million for 1H 2025, while net profit surged by 451.8% to S$5.4 million, largely due to a fair value gain in financial instruments [5] - The company generated a positive free cash flow of S$11.5 million, with hotel revenue rising from S$37.8 million to S$42.4 million due to higher occupancy rates [6] - Despite the resilience of the hospitality industry, the company cautioned about rising costs that could impact profits [7] Frencken Group (SGX: E28) - Frencken Group's revenue rose by 15.7% year on year to S$431.4 million for 1H 2025, with gross profit increasing by 10.2% to S$60.9 million and net profit improving by nearly 10% to S$19.9 million [9] - Free cash flow surged by 558% year on year from S$2.3 million to S$14.9 million, with expectations for stable revenue in 2H 2025 [10] - A new manufacturing facility is set to enhance the Mechatronics division, expected to be completed in 1Q 2027 [11] Golden Agri-Resources (SGX: E5H) - Golden Agri-Resources reported a 20% year-on-year revenue increase to US$6.2 billion for 1H 2025, with gross profit up by 29% to US$869 million and underlying net profit improving by 23% to US$232 million [12] - The strong performance was attributed to higher plantation output and crude palm oil price appreciation, with a capital expenditure target of US$350 million for expansion and replanting [13] Banyan Tree Holdings (SGX: B58) - Banyan Tree's revenue increased by 15% year on year to S$206.1 million for 1H 2025, with core operating profit rising from S$33.2 million to S$39.4 million [14] - Net profit reached S$9 million, up 45% year on year, with the signing of 10 new management contracts across various countries [15]