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[car home Hengyang Preferential Promotion Channel] At present, a large preferential activity is being carried out in Hengyang area, with the highest preferential amount reaching 89,300 yuan. Now the minimum starting price has dropped to 380,600 yuan. If you are interested in this model, you may wish to click "Check the car price" in the quotation form to get a higher discount.

The exterior design of BMW i4 inherits the consistent sports style of BMW brand, and the body lines are smooth and powerful. In the front part, BMW’s latest family-style design language is adopted. The iconic kidney-shaped air intake grille is not only large in size, but also closed to meet the needs of electric vehicles. On both sides of the grille, sharp LED headlights are integrated with the air intake grille, which enhances the visual impact of the front face. On the whole, BMW i4, with its unique and dynamic design, shows the innovation and enterprising spirit of BMW brand in the transformation of electrification.

The body size of the BMW i4 is 4785mm*1852mm*1455mm, the wheelbase is 2856mm, the front tread is 1601mm and the rear tread is 1630mm. The side lines of the car body are smooth and dynamic. The front wheels are equipped with 245/45 R18 tires, while the rear wheels are equipped with 255/45 R18 tires. The rim is designed in a unique style, which further enhances the sports atmosphere of the whole vehicle.

The interior design of BMW i4 is luxurious and modern, and high-quality materials and exquisite craftsmanship are used in the car. The steering wheel is made of leather, which feels comfortable and supports manual adjustment up and down and back and forth. The center console is equipped with a 14.9-inch central control screen, which supports multimedia system, navigation, telephone and air conditioning voice recognition control system. There are also USB and Type-C interfaces at the bottom of the screen, which is convenient for passengers to charge electronic devices. The front seats can be made of imitation leather, genuine leather or leather /Alcantara mixed materials. The front and rear seats, backrest, height, leg rest and waist support can be adjusted, and they are equipped with heating function to improve the riding comfort. In addition, the driver’s seat also has an electric memory function, which is convenient for the driver to adjust the seat position according to his personal preference. The rear seats can be laid down in proportion to increase storage space.

The BMW i4 is equipped with a powerful motor with a maximum power of 210kW and a maximum torque of 400 Nm, which provides excellent power performance and driving pleasure for the vehicle.

The BMW i4 is highly praised, especially its excellent sound insulation effect and strong power performance. He thinks the appearance of i4 is excellent, especially the volcanic red interior, and he thinks this design is as good as Mercedes-Benz.

　　The weather in the main producing areas has always been one of the important factors affecting the oil plate. Since the end of May, under the influence of the increasing demand in the main selling countries and the slow increase in production in the producing areas, the accumulation of palm oil in the producing areas was less than expected, which boosted the domestic palm oil performance. However, the precipitation in the main soybean and rapeseed producing areas in North America has been abundant, and the weather transaction has been delayed, which makes the performance of domestic soybean oil and vegetable oil weak. At present, the contract price difference between bean brown and vegetable brown 2409 is at the lowest level in the past five years, with the difference of 540 yuan/ton and 831 yuan/ton from the second lowest level in the same period, which also has the need for upward repair. However, it is still necessary to be vigilant that the crop situation in North America continues to be good, which makes the prices of soybean oil and vegetable oil lack the possibility of upward drive.

The spread between bean brown and vegetable brown is expected to widen again in the third quarter.

Tony

　　Palm oil: tight supply pattern may improve

　　Since the end of May, under the influence of the increasing demand in the main selling countries and the slow increase in production in the producing areas, the accumulation of palm oil in the producing areas was less than expected, which boosted the domestic palm oil performance. However, the precipitation in the main soybean and rapeseed producing areas in North America has been abundant, and the weather transaction has been delayed, which makes the performance of domestic soybean oil and vegetable oil weak. After the transformation of the relationship between oil strength and oil strength, the spread between bean brown and vegetable brown, which had been greatly expanded in the previous period, shrank again. As of the close of July 8th, the contract spreads of bean brown and vegetable brown 2409 closed at -12 yuan/ton and 820 yuan/ton respectively. However, the tight supply of palm oil at home and abroad has improved marginally, and soybean oil and vegetable oil may be traded in North America. Therefore, the price difference between soybean palm and vegetable palm is expected to widen again in the third quarter.

　　With regard to palm oil, we believe that after entering the third quarter, with the continuous growth of production in the producing areas and the peak of domestic arrivals, the tight supply pattern of palm oil at home and abroad will be eased, and the support for prices will be weakened.

　　On the supply side of producing area, the traditional growth period of Malaysian palm oil is from March to October every year, and the growth rate of palm oil from June to October is faster than that from March to May. Palm oil production in Malaysia has recovered well this year: from January to May, palm oil production totaled 7.26 million tons, up 9.44% year-on-year, which boosted the market’s confidence in its performance in the subsequent production increase season. Last year, the El Ni? o phenomenon had little impact on Malaysia, and only a few months had obvious drought. This year, the country’s output is not expected to be seriously affected, so the subsequent increase in palm oil production in Malaysia from July to October can still be expected. According to the data of the Southern Peninsula Palm Oil Crusher Association (SPPOMA), from July 1 to 5, the palm oil yield in Malaysia increased by 59.39%, the oil yield decreased by 0.12%, and the output increased by 58.36%.

　　The uncertainty of palm oil supply in the future is mainly in Indonesia. During the El Ni? o phenomenon last year, the precipitation in the country was seriously lacking, and the delay effect began to appear in the second quarter of this year. In the follow-up, there was the possibility that the output increased less than expected or even decreased year-on-year.

　　On the demand side of producing area, although palm oil stocks in major selling countries such as India and China are low, there will be import demand for replenishment in the future. However, Argentina has set a high soybean yield in 2023/2024, which will flow into the international market in large quantities after being crushed in the factory, crowding out India’s palm oil import demand. Due to the continuous growth of supply and the uncertainty of demand, we believe that the general trend of palm oil inventory in the producing area will remain unchanged in the third quarter, mainly because the accumulation rate will slow down and the supply and demand tension will decrease marginally.

　　There is a similar situation in the supply and demand of palm oil in China. From June to September, the amount of palm oil arriving in Hong Kong is expected to be 330,000 tons, 380,000 tons, 360,000 tons and 430,000 tons, which is a significant increase compared with the monthly average of less than 200,000 tons from January to May. Although summer is the traditional peak season for palm oil consumption, it is expected that the downstream consumption will also increase after the temperature rises. However, under the impact of huge arrivals, the general trend of palm oil accumulation in China will remain unchanged, but the speed will slow down. The strong position of palm oil will be weakened in the future under the decreasing marginal tension of production area and domestic supply and demand.

　　The picture shows the domestic palm oil inventory (unit: 10,000 tons)

　　Soybean oil and vegetable oil: paying attention to the influence of extreme weather

　　In terms of soybean oil and vegetable oil, the environment and growth of American soybean and Canadian rapeseed in 2024/2025 are good.

　　In terms of American beans, the latest excellent and good rate as of July 7 was 68%, higher than 51% in the same period last year and 67% predicted by the market. The proportion of areas affected by drought in the main producing areas of American soybeans rose to 9%, but it was still far lower than 60% in the same period last year. In terms of Canadian rapeseed, as of the week of July 2, the latest excellent rate in Alberta was 66.8%, much higher than 42.90% in the same period last year; 75.3% of the regional soil moisture in this province is in the good to good range, which is higher than the five-year average of 61.5% and the ten-year average of 61.6%. The good growth of crops in the two countries has suppressed the domestic soybean oil and vegetable oil prices, which is one of the important reasons for the continuous decline in the price difference between soybean brown and vegetable brown in the early stage.

　　However, after entering the third quarter, with the new crop in North America gradually entering the critical growth period, the impact of extreme weather such as La Nina phenomenon and global warming will become more and more prominent this year, and subsequent weather transactions are expected to bring opportunities for soybean oil and vegetable oil to strengthen in stages. The short-term weather forecast shows that in the next 1-2 weeks, the main producing areas of soybean and rapeseed will be covered by high temperature, and the precipitation in the main producing areas of rapeseed will be less. The long-term weather forecast from July to September is even more pessimistic, which shows that there are high-temperature disasters in the United States and Canada during this period, and there are large precipitation-missing areas in Alberta, Saskatchewan and northern Manitoba, Canada, which are not conducive to the growth and development of crops that have entered the flowering and pod-setting stage.

　　In order to further analyze the impact of extreme weather on crops in North America this year, we counted the changes in the yield of American beans and Canadian rapeseed during La Nina phenomenon. Statistics show that there have been four La Nina phenomena covering the growing season of American beans and Canadian rapeseed since 2000, which has affected the crop growth for seven years. Among them, the yield of American soybean and rapeseed decreased by 54% year-on-year, with a decrease rate of 1.14%~4.06% (American soybean) and 0.43%~32.05% (Canadian rapeseed). It can be seen that under the La Ni? a phenomenon environment, the yield reduction probability of the two crops has improved to some extent.

　　In addition, the recent resurgence of rapeseed frost news in Europe is also expected to further tighten the rapeseed supply in 2024/2025, which was tightened year-on-year, and support the domestic vegetable oil price. The latest local survey shows that the rapeseed in the EU in 2024/2025 was seriously affected by the frost at the end of April. With the subsequent harvest to verify the yield reduction, there is a possibility that the yield will be lowered beyond expectations. And consulting organizations such as Council of Europe and Oil World also lowered the EU rapeseed production in 2024/2025, further aggravating the atmosphere of doing more. The further tightening of rapeseed supply in the EU has also boosted the international vegetable oil price and transmitted it to China.

　　There is an upward repair demand for the spread between bean brown and vegetable brown.

　　To sum up, on the one hand, the production area and domestic palm oil will continue to accumulate in the third quarter of this year, and the tight supply and demand trend in the second quarter will decrease marginally, weakening the price support. On the other hand, the probability of weather trading increases after North American crops enter the critical growth period, and the unexpected reduction of rapeseed production in the European Union may further tighten the global rapeseed supply and demand, which will help soybean oil and vegetable oil to get out of the staged strong market and drive the spread between soybean brown and vegetable brown.

　　At present, the contract price difference between bean brown and vegetable brown 2409 is at the lowest level in the past five years, which is 568 yuan/ton and 987 yuan/ton lower than the second lowest level in the same period, and it also has the need for upward repair. However, it is still necessary to be vigilant that the crop situation in North America continues to be good, which makes the prices of soybean oil and vegetable oil lack the possibility of upward drive. In operation, it is suggested that the spread between bean brown and vegetable brown 2409 should be expanded on dips. (Author: Changjiang Futures)

　　The above contents are for reference only, so you should enter the market at your own risk.

Analyst: It is difficult for vegetable oil to have a big independent trend in the second half of the year.

Zheng quan

　　Recently, the sentiment of the oil and fat market has continued to weaken, and the disk has collectively declined. Among them, vegetable oil closed down by 1.88%, and rapeseed meal plunged by 3.3%. So, how will vegetable oil be interpreted in the second half of the year?

　　"In the report released on June 24, the EU Crop Monitoring Service (MARS) continued to reduce the EU rapeseed yield by 0.05 tons/hectare, corresponding to a reduction of about 300,000 tons. EU rapeseed was harvested from mid-to-late June to August, and the reduction in production has become a reality. " Liu Ruijie, an oil and fat analyst at Shandong Qisheng Futures, told the Futures Daily that Ukrainian rapeseed exports were exhausted in 2023/2024, and the exportable supply to the EU in July was very low, which will continue to support the price of vegetable oil in the EU. In 2024/2025, EU rapeseed production decreased, and Ukraine rapeseed production decreased. At present, both of them are in the early stage of harvest. With the advance of harvest, EU rapeseed supply will increase in August. However, in view of the bright prospect of rapeseed production reduction in 2024/2025, the pressure will be lighter than in previous years, even in the harvest market period. Therefore, only Canada rapeseed is the main consumer and exporter in the world, and Canada rapeseed will be the only window to increase exports.

　　Tao Zhaohui, an oil and fat analyst, said that from the current situation, the overall supply of world oil in 2024/2025 is expected to be sufficient. The weather of rapeseed in American soybean producing areas and Canada is generally good. Although the strategic grain company slightly lowered the EU rapeseed production a little earlier, the downward adjustment was limited, and the expected decline in the world rapeseed production was limited.

　　According to Jia Hui, an oil and fat analyst at Zhonghui Futures, the overall supply pressure of domestic vegetable oil in the first half of the year was not great, and after the domestic sunflower oil price rose in the second quarter, it was conducive to the increase of vegetable oil consumption demand, and the upward pressure on prices was also alleviated. Because the rapeseed crushing capacity of coastal oil plants in the first half of the year was lower than that of the same period last year, the supply of rapeseed oil crushing decreased. The data shows that as of June 28th, the pressed amount of rapeseed was 2.272 million tons, which was lower than 2.9375 million tons in the same period last year.

　　On the import side, from January to May, China imported 807,500 tons of low erucic rapeseed oil, which was lower than 963,700 tons in the same period last year. As of June 28th, Mysteel statistics show that the vegetable oil inventory of coastal oil plants is 101,500 tons, which is lower than that of 110,500 tons in the same period last year, but the inventory data is still significantly higher than that of the same period in 2021 and 2022. Jia Hui said that from the perspective of crushing imports and inventory, the domestic supply pressure this year is relatively small.

　　"In fact, China’s vegetable oil import in 2024/2025 is expected to drop to 1.7 million tons, down 450,000 tons from 2.15 million tons in 2023/2024, while the rapeseed import is also expected to drop slightly to 3.2 million tons (3.4 million tons in 2023/2024), and the ending inventory of vegetable oil will be reduced from 1.588 million tons in 2023/2024. The declining inventory will bring some support to the vegetable oil. " Tao Chaohui said.

　　In addition, the related oils and fats are also mixed. Tao Zhaohui said: First, soybean oil, because the world soybean supply is expected to increase to 422.26 million tons in 2024/2025, and the ending inventory is expected to increase to 127.9 million tons, coupled with the growth of soybean imports in China, the soybean oil inventory of oil plants is at the second highest level in five years, which is unfavorable for the upward price; Second, palm oil, mainly due to the long-term support of biodiesel policy and a slight decline in the inventory at the end of the world, is relatively strong, or brings corresponding support to vegetable oil.

　　Looking forward to the market outlook, Liu Ruijie thinks that, considering the global rapeseed supply and demand, the export of Canadian rapeseed in 2023/2024 and 2024/2025 is likely to be increased, and it is estimated that the stock-to-sales ratio of Canadian rapeseed in 2024/2025 may drop below 8%. In the fourth quarter and the second quarter of next year, faced with the competition of import demand from other countries, the import and supply of rapeseed has great variables. It is estimated that domestic vegetable oil will start to go to the warehouse in August, and unilaterally focus on the cost-side logic and the subsequent transmission of supply and demand logic.

　　"Looking forward to the market in the second half of the year, from the data of the June report released by USDA, the global rapeseed production and ending inventory in 2024/2025 decreased year-on-year, and the annual supply performance tightened. However, due to the global climate change, from the current and future weather outlook, rapeseed planting in Canada and Australia is expected to be smooth. Judging from the short-term and medium-term weather forecast, the weather in Canada’s rapeseed producing areas is normal, which is conducive to rapeseed growth. From June to August, only a small number of rapeseed producing areas in Australia are dry, but at present, the impact will not be great. If the international rapeseed planting lacks the theme of weather premium trading, it is expected that the price of vegetable oil in the third quarter will be difficult to have a more obvious trend to see more markets. " Jia Hui said that domestically, due to the decline in rapeseed crushing in the second half of the year, coupled with the stocking demand of "Golden September and Silver 10" and the consumption demand after the weather turns cold, the price center of gravity is expected to move up gradually in the shock, but the overall market is mainly based on soybean oil and palm oil. If the weather is good and there are no major changes in national and industrial policies, it is expected that vegetable oil will not have a large independent trend.

　　() The Record Form of Investor Relations Activities was released on April 13th, and the company was investigated by 34 institutions on April 13th, 2022. The types of institutions are insurance companies, others, fund companies, securities companies and sunshine private equity institutions.

　　The main contents of investor relations activities are introduced:

　　Q: What is the company’s layout of biodiesel in the next three years?

　　A: From the current open channels, many listed companies have proposed to expand their biodiesel business and planning. After investigation, they found that although many capacity plans have been made, many places are idle. The main reason is that the front-end source cannot be guaranteed, and the pretreatment needs oil raw materials as a stable source. If the raw materials are unstable, it is very likely to lead to overcapacity and idleness. The company believes that the stable sales of biodiesel can only be achieved if the upstream raw materials are stable, and the gross profit margin of all outsourcing fluctuates greatly. Biodiesel planning hopes to reach a scale of more than 300,000 tons in 2023.

　　Q: What is the plan of self-produced oil this year, next year and the year after, and what is the gross profit margin level?

　　A: Recently, due to the epidemic prevention and control in the project location, the collection, transportation and disposal of kitchen waste and oil production have been affected to some extent. Later, with the easing of the epidemic situation and the relaxation of prevention and control measures, the amount of self-produced oil will increase. According to the annual consolidated daily processing capacity of 3,000 tons and the conservative oil extraction rate of 4%, the annual self-produced oil is at the level of 40,000 to 50,000 tons, and the self-produced oil next year and the year after can be calculated according to the daily processing capacity and oil extraction rate of the company’s kitchen waste.

　　Based on the background that the current price of UCO exceeds 9,000 yuan/ton, government subsidies can basically cover the variable cost of collection, transportation and disposal, and the gross profit margin of self-produced oil can reach over 80%.

　　Q: Is there a specific source for the company’s planned daily handling capacity of 10,000 tons?

　　A: The company has disclosed that the daily processing scale of locked projects is above 4,500 tons, and it is expected that the daily processing scale will be above 6,000 tons by the end of this year. According to public data, the company’s scale has been in the first place, and it is basically dominated by provincial capitals and large and medium-sized cities. The daily processing capacity of 10,000 tons is the company’s three-year development plan. According to the pace of subsequent mergers and acquisitions, the layout of heavy assets will slow down when it reaches this volume, and the total number of high-quality projects is limited. The company will not ignore quality for the sake of scale, and the scale will be controlled as a whole.

　　Q: What is the cooperation between the company and Luke Company? Have you expanded other overseas customers?

　　A: At present, the export of UCO products is in short supply. Luke is the company’s first overseas contracted customer, and the goods handover and payment are normal at present.

　　The company is also further expanding overseas high-quality customers. Now it has signed an April oil sales contract with Argent Energy (Swire Group) and plans to cooperate with Kolmar Group AG (Koma Group) in oil sales.

　　Q: At present, the prices of UCO and biodiesel are at a high level. Is the price of biodiesel linked to the price of petroleum? What is the trend and tracking situation? If the UCO price falls, how will it affect the company’s profitability?

　　A: Biodiesel is based on the cost of raw materials, such as rapeseed oil, soybean oil and palm oil. At present, the prices of the above raw materials are at historical highs, and the correlation with the oil prices of gasoline and diesel raw materials is weak.

　　The high price of waste oil is mainly due to the short supply in Europe. Biodiesel processed from UCO has the largest carbon reduction value recognized in the world, and it can be processed into ester-based biodiesel and bio-aviation kerosene, which is favored by the market because of its low price. The European Union has enacted laws. After 2023, biomass diesel based on palm oil will be gradually restricted. At present, palm oil exports to the European Union account for a large proportion. In addition, the Russian-Ukrainian war has further pushed up the price of food crops. If this part is restricted, the waste oil with excellent carbon reduction effect is a good supplementary substitute. The main source of waste oils and fats is East Asia. It is estimated that the output of waste oils and fats in China will be more than 10 million tons, and even less can be recycled and processed into UCO and biomass diesel. So UCO is very scarce from the source. At present, the demand in Europe is rigid, so the company is cautiously optimistic about the UCO price.

　　Historically, the price of UCO is relatively high, and now it does not include 13% export tax rebate. The export price is about 1400 US dollars, and the domestic price is more than 9000 yuan/ton. When it exceeds the company’s M&A project, the boundary condition of internal investment calculation is that the UCO price is not more than 7,000 yuan/ton, which can meet the requirement that the total return on investment is not less than 8%. At present, the UCO shipping price is nearly 10,000 yuan/ton, which has a certain margin of safety and has little impact on the company’s profit.

　　Q: It is rumored that due to the Russian-Ukrainian war, the European biodiesel addition plan has been relaxed, which may bring about fluctuations in biodiesel prices. Does it affect the company?

　　A: Europe mainly uses rapeseed oil as raw material to produce biodiesel. Due to the Russian-Ukrainian war, the price of grain crops is at a high level at present. The increase in vegetable oil prices has led to an increase in biodiesel prices, because this part is mandatory to be added. The increase in biodiesel prices has also widened the price space for biodiesel produced from waste oils. Recently, the price of UCO is still rising, and the price of biodiesel has been rising. In April, the price including tax rebate was nearly 10,000 yuan/ton.

　　At present, the production of biodiesel with edible oil as raw material has a certain impact on food security. The waste oil that does not compete with human beings for food resources and has a very good carbon reduction effect is a good supplementary substitute. In the future, Europe may be more inclined to add biodiesel with waste oil as raw material in policy formulation or adjustment, which is very positive for the overall direction of the industry and has a positive impact on the company’s profit.

　　Q: I am concerned about the company’s acquisition of Tianjin Bihai and Chengdu projects. Due to the high purchase price of Tianjin Bihai, will the follow-up company have equity financing plans?

　　A: First, regarding M&A, in addition to Tianjin and Chengdu, several other transactions have been locked in, and the follow-up will come one after another. The company’s goal is to become a leader in the industry, and we need to occupy enough market share. Projects to acquire provincial capitals and large and medium-sized cities are still in progress, and there will be other projects in the future. We are confident to achieve the goal of locking in more than 6,000 tons by the end of this year;

　　Second, as for financing, how to choose the right way to pay the cash consideration at the right time, the current cash flow of the project is good in all aspects, and it is also in line with the direction of national credit. The funds focus on some arrangements in this industry, and the company will use multiple channels, such as bank financing, trust financing, off-balance sheet funds and other means. Equity financing is not the only choice, and the company will use various methods to solve the M&A funds;

　　The main business of Beiqing Huaneng Group Co., Ltd. is the harmless treatment and resource utilization of organic waste in urban and rural areas and the clean heating business in cities. The main services are harmless treatment and resource utilization in the field of organic solid waste, deep resource utilization of kitchen waste oil, and urban clean heating. The company is a leading enterprise in the field of investment and operation of organic solid waste in China, and it is also the only listed company in China that focuses on the resource utilization of kitchen waste.

　　Details of participating institutions are as follows:

At present, the domestic luxury series with relatively high popularity, the large car Hongqi Guoya, the overall price level, the 3.0t series model that appeared in the entry version, is expected to be sold at a price level of 1.1 million, which is on the high side among the large cars in the domestic market. Therefore, this model is called the most luxurious domestic car. You should know that this price is about 200,000 more expensive than the Mercedes-Benz S-Class, and this new generation of Hongqi Guoya series model, It is expected to be officially listed in the second half of the year. From the current heat, the overall competitiveness of the model is full, at least recognized by high-end consumers. In recent years, the recognition of domestic high-end consumers for domestic luxury series models has gradually increased, which can be seen from a series of new brands such as Ideal and Weilai Automobile.

Hongqi Guoya

At present, the 200,000-class household series vehicles have been greatly impacted by the new energy pure electric vehicles, but the top luxury vehicles are still the world of fuel vehicles. At present, the overall competitiveness of the top new energy pure electric series vehicles is much different from that of the fuel series vehicles, which can be seen from the performance of many new forces, luxury series and new energy vehicles.

Although many millions of new energy vehicles have been launched in the domestic market, the overall brand power and competitiveness are not ideal. They just need families, and the car performance is not bad. Because they just need family cars, the new energy series models have great advantages, and the overall car economy is relatively strong, and they are full of science and technology, but the top commercial models do not pay attention to the cost performance of the models.

At present, Hongqi not only owns Hongqi Guoya, a large luxury car, but also will soon launch Hongqi Guoli series. Hongqi Guoli series will be a niche luxury car, and the overall price level will be higher than Hongqi Guoya series, which is closer to the mainstream series of mass production series for most consumers, so this model will represent the top luxury series in China.