关注" 新华网财经 "视频号 更多财经资讯等你来看 往期推荐 据中央纪委国家监委驻中粮集团纪检监察组、甘肃省纪委监委消息：日前，中央纪委国家监委驻中粮集团纪检监察组、甘肃省张掖市监委对中粮集团质量 安全管理部原副总监邵芳严重违纪违法问题进行立案审查调查。 经查，邵芳丧失理想信念，背弃初心使命，违反中央八项规定精神，违规接受可能影响公正执行公务的礼金和宴请，违规组织使用公款支付的聚餐；违反 组织纪律，违规招聘录用人员；违反群众纪律，侵害员工利益；利用职务便利为他人在项目承揽、供货入围等方面谋利，并非法收受巨额财物。 邵芳身为国有企业领导干部，严重违反中央八项规定精神、党的组织纪律和群众纪律，构成严重职务违法并涉嫌受贿犯罪，且在党的十八大后不收敛、不 收手，性质严重，影响恶劣，应予严肃处理。依据《中国共产党纪律处分条例》《中华人民共和国监察法》《中华人民共和国公职人员政务处分法》等有 关规定，经中粮集团有限公司党组研究，决定给予邵芳开除党籍处分；经中央纪委国家监委驻中粮集团纪检监察组研究，决定给予其开除处分；收缴其违 纪违法所得。甘肃省张掖市监委将其涉嫌犯罪问题移送检察机关依法审查起诉，所涉财物一并移送。（中央纪 ...

Core Insights - The brand image video "Taste" by COFCO's brand Fu Zhanggui won the "Annual Video Marketing Bronze Award" at the iDigital Annual Digital Marketing Awards, highlighting its innovative brand practices in the food service supply chain [1][4] - The recognition signifies a shift in brand storytelling from traditional product narratives to deeper human insights, aligning with the trend of upgrading to high-quality and high-value offerings in the food service supply chain [1][4] Group 1: Brand Recognition and Marketing Strategy - The iDigital Annual Digital Marketing Awards, organized by iDigital CHINA, aims to discover and recognize outstanding cases and strategies that drive innovation and sustainable growth for businesses [3] - Fu Zhanggui's award-winning video focuses on the real-life experiences of industry professionals, emphasizing the dedication and challenges faced by chefs, service staff, and entrepreneurs [4][6] Group 2: Brand Philosophy and Cultural Identity - The concept of "Chinese Guardians of Flavor" is introduced, representing various stakeholders in the food service industry who contribute to the culinary experience, from suppliers to chefs and service providers [6][7] - This brand philosophy reflects a commitment to honoring and supporting the individuals who create value in the food service sector, positioning Fu Zhanggui as a partner and protector of these "guardians" [6][9] Group 3: Emotional Connection and Future Direction - Fu Zhanggui's approach emphasizes emotional resonance over mere efficiency, focusing on the human elements that sustain the restaurant industry [9] - The brand aims to lead future high-quality development in the food service supply chain through humanistic care and product innovation, reinforcing its identity as a value guardian and emotional ally for industry professionals [9]

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The external market of US soybeans focuses on whether the 53 bushels per acre yield in the December supply and demand report has a continued downward trend. The US claims that China will purchase 12 million tons of soybeans, but as of now, China has only completed less than 40% of the purchase, and the completion date may be postponed. It's necessary to consider whether the annual balance sheet of US soybeans can maintain stable export demand. If the inventory remains at around 300 million bushels, the annual price of US soybeans will continue to fluctuate around the cost line. The domestic soybean meal lacks a clear unilateral driving force and will follow the US market in the short - term. In the medium - term, the shipping schedule of China's US soybean purchases and the scale of state reserve releases will determine the domestic supply in the first quarter [1]. - Rapeseed meal is in a state of both weak supply and demand. The current rapeseed inventory and crushing have been exhausted, and the rapeseed meal inventory is also declining rapidly. However, due to the arrival of Australian rapeseed and the expectation of supply recovery, the rapeseed meal market is weak. Moreover, it is currently the off - season for aquatic consumption, so the demand growth is limited, and the rapeseed meal inventory is expected to increase in the future [1]. Summary by Relevant Catalogs Chapter 1: Core Contradictions and Strategy Recommendations 1.1 Core Contradictions - **Soybean Meal**: The external market of US soybeans has uncertainties in supply (potential yield reduction) and demand (China's slow purchase pace). The domestic soybean meal market lacks a clear driving force and is affected by China's purchase of US soybeans and state reserve releases [1]. - **Rapeseed Meal**: It is currently in a state of weak supply and demand. Although the current inventory is low, the expected supply recovery and weak demand in the off - season lead to an expected increase in inventory [1]. 1.2 Trading - Type Strategy Recommendations - **Trend Judgment**: The market trend is weak and declining [19]. - **Price Range**: The M2601 contract is expected to fluctuate between 2800 - 3200. After the contract switch, M2603 and M2605 may reach previous low levels [19]. - **Strategy Suggestions**: Reduce or exit the previously sold 3300 call options on M2601; reduce the position of the previously sold 2600 call options on rapeseed meal 2601 as the option approaches expiration; consider short - selling M2603 and M2605 [19]. 1.2.1 Basis, Spread, and Hedging Arbitrage Strategy Recommendations - **Basis Strategy**: In the previous period, the basis operation could be considered around 170 - 150 for M1 - 5. In the absence of a basis purchase, consider one - time price purchases during the downward cycle [20]. - **Spread Strategy**: Previously, the M1 - 5 spread was considered to stop falling around 170, and a positive spread trading idea should be maintained before downstream contract roll - over [20]. - **Hedging Arbitrage Strategy**: Short the spread between soybean meal 2601 and rapeseed meal 2601 when the spread is around (650, 700) [20]. 1.3 Industry Customer Operation Suggestions - **Price Range Forecast**: The price range of soybean meal is predicted to be 2800 - 3300, with a current volatility of 8.5% and a historical percentile of 3.1% in the past 3 years. The price range of rapeseed meal is predicted to be 2250 - 2750, with a current volatility of 9.8% and a historical percentile of 0.9% in the past 3 years [22]. - **Hedging Strategy**: - **Traders**: Short 25% of the M2605 contract at 2850 - 2900 to hedge the risk of inventory value decline [22]. - **Feed Mills**: Long 50% of the M2605 contract at 2700 - 2750 to lock in the purchase cost [22]. - **Oil Mills**: Short 50% of the M2605 contract at 2850 - 2950 to lock in profits and offset production costs [22]. 1.4 Basic Data Overview - **Futures Prices**: The closing prices of soybean meal and rapeseed meal futures contracts showed different degrees of decline. The price of CBOT soybeans remained unchanged, and the offshore RMB exchange rate increased slightly [23]. - **Spreads**: The spreads between different futures contracts of soybean meal and rapeseed meal also showed various changes. The basis of soybean meal in Rizhao and rapeseed meal in Fujian showed different trends [23]. - **Import Costs and Pressing Profits**: The import costs of US and Brazilian soybeans decreased, and the pressing profits of US and Brazilian soybeans also changed. The pressing profits of Canadian rapeseed also showed certain fluctuations [24]. Chapter 2: This Week's Important Information and Next Week's Attention Events 2.1 This Week's Important Information - **Positive Information**: The US government will announce a $12 billion agricultural assistance plan. As of December 4, the sowing of 2025/26 Brazilian soybeans was 94% complete. China's state - owned grain reserve company COFCO will auction 512,500 metric tons of imported soybeans [26][27]. - **Negative Information**: The US soybean exports to China decreased compared with the same period in previous years. The net sales volume of US soybeans in the 2025/26 season decreased [29]. - **Spot Transaction Information**: Downstream customers continue to purchase on a short - term basis [30]. 2.2 Next Week's Important Events - Monday: Domestic weekly inventory data, USDA export sales report. - Tuesday: USDA export inspection report, Brazil Secex weekly report. - Wednesday: CFTC agricultural product position report, USDA monthly supply and demand report. - Thursday: USDA export sales report. - Saturday: CFTC agricultural product position [35]. Chapter 3: Market Analysis 3.1 Price - Volume and Capital Analysis - **Domestic Market**: - **Unilateral Trend**: The domestic soybean meal market followed the external market and declined. The rapeseed meal market also declined due to the news of Australian rapeseed imports [34]. - **Capital Flow**: Key profitable seats in soybean meal and rapeseed meal reduced long positions and increased short positions. The market sentiment index was average according to the soybean meal option PCR [34]. - **Spread Structure**: The spread between different futures contracts of soybean meal and rapeseed meal is mainly related to the seasonal supply. This week, the spread between January and May contracts of soybean meal and rapeseed meal strengthened due to the decline of the May contract [40]. - **Basis Structure**: The basis of soybean meal remained stable, while the basis of rapeseed meal declined. The spot price difference between soybean meal and rapeseed meal increased. The far - month basis is expected to remain stable, and the spread is expected to maintain a positive spread [45]. - **External Market**: - **External Trend**: The external market declined due to China's slow purchase pace, the US crop subsidy policy, and the exit of long - position funds before the USDA report [56]. - **Capital Position**: The CFTC data is lagging and has no reference value. It is expected to return to normal progress in January [62]. Chapter 4: Valuation and Profit Analysis 4.1 Regional Profit Tracking - The pressing profit in the US soybean - producing area decreased slightly, while the profit in the Brazilian and Argentine producing areas increased. The domestic pressing profit of Canadian rapeseed increased due to the decline in rapeseed prices [68]. 4.2 Import - Export and Pressing Profit Tracking - Recently, US soybeans declined, and the domestic market followed suit. The news of state reserve releases led to a greater decline in the domestic market, and the profit of purchasing ships decreased [72]. - Regarding supply and ship - purchasing, the sentiment for purchasing Brazilian soybeans is average, and the far - month US soybean purchases will be carried out through state reserve rotation. The purchase of rapeseed is expected to remain cautious due to the import margin factor [74]. Chapter 5: Supply - Demand and Inventory Projection 5.1 International Supply - Demand Balance Sheet Projection - **US**: The US soybean production in November is expected to be 4.3 billion bushels, a decrease of 48 million bushels from the September forecast, mainly due to the decline in yield. The export volume is expected to be 1.64 billion bushels, a decrease of 50 million bushels from the previous forecast. The pressing volume remains unchanged, and the ending inventory is expected to decline slightly. The average seasonal price is expected to increase by $0.50 to $10.50 per bushel [95][96][97]. - **Global**: In the 2025/26 global soybean supply - demand forecast for November, the beginning inventory and production decreased, the pressing volume decreased by 1.7 million tons, the export volume increased by 200,000 tons, and the ending inventory decreased by 2 million tons [98][99][100]. 5.2 Domestic Supply and Projection - **Soybean Import**: The purchase sentiment of Brazilian soybeans is average, and the far - month US soybean purchases are mainly through state reserve rotation. The expected arrival volume of soybeans in December is 7.5 million tons, 6 million tons in January, and 5 million tons in February. The rapeseed import remains at a low level [101]. 5.3 Domestic Demand and Projection - The domestic soybean pressing volume is expected to remain high, but the domestic soybean meal consumption is difficult to increase significantly after the previous high - level stocking [103]. 5.4 Domestic Inventory and Projection - The domestic soybean inventory is at a seasonal high but is expected to decline in the fourth quarter and stabilize and rebound in the first quarter of next year. The domestic soybean meal inventory is also expected to remain at around 600,000 tons in the first quarter of next year [105].

本月底法定/註冊股本總額： HKD 50,000,000 致：香港交易及結算所有限公司 公司名稱: 中駿商管智慧服務控股有限公司 截至月份: 2025年11月30日 狀態: 新提交 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00606 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.01 | HKD | | 50,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.01 | HKD | | 50,000,000 | 股份發行人及根據《上市規則》第 ...

Core Viewpoint - The New Jin District in Chengdu is emerging as a significant hub for the green food industry, with a focus on ecological protection, rural revitalization, and agricultural efficiency [2][5] Group 1: Industry Development - The green food industry in New Jin has ranked first in Chengdu for two consecutive years, with over 100 health food enterprises expected to generate an output value exceeding 20 billion yuan by the end of the year [2] - The district has established a spatial development pattern of "one core and three zones" for the green food industry, which includes an innovation core and three specialized areas for product innovation and project aggregation [2] - A complete industrial chain has been developed, with local sourcing rates for products like farmhouse crispy meat reaching 90% [3] Group 2: Collaboration and Innovation - Companies like Shen Shifu Food are collaborating with local agricultural firms to optimize production processes, significantly reducing logistics costs [4] - Shen Shifu Food is also working with Sichuan Agricultural University to enhance production techniques and set industry standards [6] - The establishment of the Sichuan Health Food Industrial Park aims to elevate the number and quality of enterprises, enhancing the overall scale and innovation capacity of the health food industry in the region [6] Group 3: Government Support - The New Jin District has prioritized improving the business environment, holding 16 government-business forums since 2024 to address over 190 enterprise requests and disbursing 160 million yuan in various subsidies [7]

Core Insights - The Chinese catering industry is transitioning from scale expansion to high-quality development, with brandization of the catering supply chain becoming a significant trend [1] - COFCO Catering has initiated a comprehensive packaging renewal for its product brand Fu Zhangui, symbolizing a new brand identity and product information through a "golden curve" [1][2] - The new packaging not only upgrades the visual system but also reflects COFCO Catering's commitment to high-quality supply chain development [1][6] Company Strategy - COFCO Catering has established a diverse product system covering edible oils, condiments, detergents, and alcoholic beverages, with Fu Zhangui as a key brand [1][6] - The brand culture of "Chinese Guardian of Taste" is built on the philosophy of integrating commercial value with humanistic care, emphasizing product quality and service capabilities [2][3] - The new packaging design draws inspiration from agricultural civilization and traditional Chinese culture, embodying the essence of harmony and the rhythm of time and space [2][6] Market Positioning - The new packaging serves as a vital carrier of the "Chinese Guardian of Taste" brand culture, enhancing brand trust and translating it into sales growth [6] - COFCO Catering has developed a three-tier product system (basic, specialty, and premium) to meet diverse market demands, focusing on quality stability, differentiation, and high-end taste [7] - The company aims to empower chefs and industry practitioners through innovative products and services, addressing specific market needs with targeted offerings [6][7] Future Outlook - COFCO Catering is committed to continuous innovation and cultural empowerment in the catering industry, aiming to create a complete ecosystem that enhances product value and cultural recognition [7] - The focus on customized research and development to meet segmented market demands is seen as a key capability for supply chain enterprises to achieve differentiated competition and drive industry upgrades [7]

Core Insights - COFCO's decision to purchase 180,000 tons of U.S. soybeans on October 29, just before the U.S.-China summit, signals a strategic maneuver rather than a mere trade transaction [1][8][19] - The purchase comes after a five-month period where China imported no U.S. soybeans, indicating a shift in the dynamics of U.S.-China trade relations [1][6][19] Group 1: Market Reactions - The announcement led to a significant increase in soybean futures prices on the Chicago Mercantile Exchange, with November contracts rising by 11 cents and January contracts surpassing $11, reaching the highest level since July 2024 [3] - The market interprets this purchase as a signal of ongoing negotiations rather than a simple trade agreement, suggesting that both parties are still engaged in discussions [3][16] Group 2: U.S. Farmers' Situation - U.S. soybean farmers have faced financial difficulties due to rising costs and oversupply, with last year's exports to China amounting to 16.8 million tons, making the recent purchase seem minor in comparison [5][19] - The loss of the Chinese market for five months has been critical for U.S. farmers, highlighting the importance of restoring trade relations [5][19] Group 3: China's Supply Chain Strategy - China has diversified its soybean supply sources, with Brazilian exports exceeding 100 million tons in 2025, of which 79.9% were imported by China [6][14] - The shift towards Latin American suppliers indicates that China is no longer solely dependent on U.S. soybeans, giving it leverage in negotiations [6][11][14] Group 4: Negotiation Dynamics - The upcoming U.S.-China summit will address various critical issues, including fentanyl, tariffs, and trade barriers, which are interconnected with soybean purchases [9][19] - The purchase of soybeans is seen as a gesture of goodwill, but it does not imply concessions from China, which is focused on maintaining its core interests [11][21] Group 5: Future Outlook - Speculation exists that if the summit goes well, China may increase its soybean purchases by 5 to 10 million tons in the coming weeks, although this optimism may be overly ambitious given existing tensions [13][21] - The dynamics of U.S.-China trade relations are evolving, with the need for genuine trade commitments from the U.S. to regain China's market [17][19]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中駿商管智慧服務控股有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00606 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.01 | HKD | | 50,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.01 | HKD | | 50,000,000 | 本月底法 ...

Core Points - The completion of the last sunken box installation at the COFCO oil and grain terminal project in Lianyungang marks the end of all "super hazardous major sub-items," laying a solid foundation for subsequent superstructure construction [1] - The project involves the installation of 30 sunken boxes, with the heaviest weighing up to 2,799 tons, utilizing high-pressure airbag lifting and precise measurement systems for centimeter-level accuracy [3] - The terminal being constructed is a 100,000-ton grain and oil terminal, occupying a planned coastline length of 531 meters, with an annual designed throughput of 5 million tons [7] Industry Impact - The completion of the sunken box installation allows the project to transition to the construction phase of the terminal's superstructure and supporting facilities, which will effectively meet the grain transportation needs of enterprises in the hinterland of Ganyu [7] - The project supports Lianyungang's goal of establishing an international hub port with a "one body and two wings" structure [7]

Group 1 - Recent US-China trade talks in Kuala Lumpur show a more relaxed atmosphere, with US farmers expressing a desire for cooperation rather than confrontation [1] - US soybean prices have plummeted nearly 60% compared to two years ago, leading to over 200 farm bankruptcies this year, with some farmers expecting losses exceeding $400,000 [3] - The majority of US farmers, traditionally Republican supporters, are now openly questioning Trump's tariff policies, indicating a shift in sentiment due to the economic impact of the trade war [5] Group 2 - China has become a crucial market for US agricultural products, with Brazilian soybeans now accounting for over 70% of China's imports, leaving US farmers with dwindling market share [3] - Recent purchases of 180,000 tons of US soybeans by COFCO signal a potential shift in trade dynamics, possibly leading to larger-scale purchases if an agreement is reached [7] - The upcoming US-China meeting on October 30 is seen as a critical moment for addressing agricultural trade issues, with soybean purchases being a key topic [9]