Core Viewpoint - Agricultural Products (SZ 000061) announced an investor research meeting scheduled for November 17-18, 2025, with participation from the company's board secretary and other officials [1] Summary by Category Financial Performance - For the first half of 2025, the revenue composition of Agricultural Products is as follows: Agricultural support services accounted for 55.52%, wholesale market business for 44.96%, production processing and breeding for 1.81%, and internal offsets at -2.29% [1]

Core Insights - The "Agricultural Product Wholesale Price 200 Index" decreased by 0.03 points to 125.41 on November 18, indicating a slight decline in wholesale prices of agricultural products [1] - The "Vegetable Basket" product wholesale price index also fell by 0.02 points to 127.51, reflecting a similar trend in vegetable prices [1] Price Changes in Key Products - The average price of pork is 17.89 yuan/kg, down 0.5% from the previous day - Beef prices increased by 0.5% to 66.90 yuan/kg - Lamb prices rose by 1.0% to 62.95 yuan/kg - Egg prices remained stable at 7.35 yuan/kg - The price of white strip chicken decreased by 1.2% to 17.57 yuan/kg [1] Vegetable and Fruit Price Trends - The average price of 28 monitored vegetables is 5.66 yuan/kg, down 1.0% - The average price of 6 monitored fruits is 7.14 yuan/kg, down 0.7% [1] - The price of crucian carp is 19.19 yuan/kg, down 0.4% - The price of carp is 13.71 yuan/kg, down 0.1% - The price of white catfish increased by 0.8% to 10.16 yuan/kg - The price of large hairtail decreased by 1.9% to 40.45 yuan/kg [1] Price Fluctuations in Specific Products - Among 46 monitored fresh agricultural products, the top five price increases were for carrots, garlic sprouts, pumpkins, green onions, and lamb, each rising by 1.1% or 1.0% - The top five price decreases were for asparagus lettuce, cabbage, mushrooms, large hairtail, and lotus root, with declines ranging from 1.7% to 3.9% [2]

Company Overview - Shenzhen Agricultural Products Group Co., Ltd. was established in 1989 and listed on the Shenzhen Stock Exchange in 1997, operating 35 logistics park projects across over 20 major cities in China, forming the largest wholesale market network in the country [1] - The average annual trading volume of the company's wholesale markets exceeds 33 million tons, with an average annual transaction value exceeding CNY 250 billion [1] Business Operations - The company focuses on the entire agricultural product circulation chain, including standardized planting, cold chain processing, wholesale market construction, urban ingredient distribution, brand development, and import-export services [1][2] - It leverages a "national network" strategy to establish high-quality planting bases and guides production based on market demand, promoting standardized and digitalized planting [2] Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 5.197 billion, a year-on-year increase of 36.11%, driven by business expansion and new product categories [4] - The net profit attributable to shareholders decreased due to competitive market strategies and a significant reduction in non-recurring gains compared to the previous year [5] Market Strategy - The company has developed a comprehensive service model for the agricultural product supply chain, offering one-stop services including wholesale trading venues, food safety testing, brand cultivation, and import-export facilitation [3] - Future plans include expanding the wholesale market layout, with ongoing projects in key areas such as Shanghai, Chengdu, and Guangzhou, while also upgrading older markets [5][6] Digital Transformation - The company is enhancing its digital operations through big data, IoT, and cloud computing, focusing on improving efficiency in wholesale markets and implementing various information management systems [6] - Initiatives include the launch of a price collection and release platform, providing merchants with price dynamics and trend analysis tools [6] Product Development - The company is actively expanding its "Deep Agricultural Selection" product matrix, ensuring quality through multiple rounds of testing and promoting products through events like "Fushi Market" [6] - Successful products include various high-quality items such as Sichuan Yaba Gan, Danzhou Beibei Pumpkin, and Cat Mountain King Durian Mooncake [6]

Group 1: Soybean Meal - CBOT soybean prices reached a one-year high due to strong demand outlook, with inspections totaling 1.176 million tons, meeting market expectations, and no inspections for China [1] - NOPA reported October soybean crush at 22.7647 million bushels, up 15% month-on-month and 14% year-on-year, marking a historical high [1] - Domestic soybean meal prices are expected to rise again, but the increase is anticipated to be lower than international markets due to a decrease in Brazilian premiums [1] Group 2: Oils - BMD palm oil prices increased due to production risks in Indonesia and a weak Malaysian ringgit, with exports from Malaysia down 10%-15.5% for the first half of November [2] - SPPOMA forecasts a 4.3% increase in palm oil production for the same period, while market pressure from inventory remains [2] - Domestic palm oil prices rose, while canola oil prices fell, with soybean oil showing little change; overall market volatility is decreasing [2] Group 3: Live Pigs - Live pig futures contracts are adjusting, with spot prices in Jiangsu province averaging 11.75 CNY/kg, indicating a downward trend in the market [3] - The supply-demand imbalance persists, leading to a bearish outlook for prices, with expectations of continued supply surplus [3] - Technical indicators suggest caution in trading strategies, with a recommendation to exit short positions and wait for stabilization [3] Group 4: Eggs - Egg futures experienced a slight decline, with the main contract closing at 3229 CNY/500kg, while spot prices remained stable across various regions [4] - The market is relatively balanced in terms of supply and demand, with trade activity primarily driven by immediate needs [4] - Future supply is expected to decrease gradually, leading to a wide fluctuation in egg futures prices, with attention on potential rebound opportunities [4] Group 5: Corn - Corn futures showed a near-term adjustment, with funds shifting towards longer-term contracts, indicating a near strong and far weak market dynamic [5] - Prices in the Northeast region remain strong, with increased enthusiasm among traders for grain collection [5] - The market is experiencing upward pressure on prices due to rising costs, with cautious bullish sentiment maintained for the long term [5]

Core Insights - The Jiangsu Provincial Department of Agriculture and Rural Affairs has launched a three-year action plan (2025-2027) to promote the optimization and upgrading of the agricultural product processing industry [1][2] - The action plan includes six major initiatives aimed at enhancing the agricultural product processing sector, focusing on innovation, quality, and integration with rural development [1][2] Group 1: Action Plan Initiatives - The action plan proposes the cultivation of "single champion" enterprises in agricultural product processing, the expansion of emerging industries, and the enhancement of processing parks and clusters [1] - It emphasizes the establishment of a matrix of leading agricultural enterprises and the classification of agricultural product processing enterprises for targeted development [1][2] - The plan aims to create a national advantage in characteristic industrial clusters and strong towns, along with the formation of industry technology innovation alliances [1] Group 2: Technological and Industry Development - The plan advocates for multi-level processing of agricultural products, focusing on diversified development, multi-level utilization, and value addition across various stages [2] - It supports the upgrading of processing facilities and equipment to enhance standardization, high-end, intelligent, and green processing levels [2] - The plan encourages the application of emerging technologies such as synthetic biology in agriculture, aiming for significant breakthroughs in functional substance extraction and other areas [2] Group 3: Industry Growth and Trends - Jiangsu has seen significant growth in its agricultural product processing industry, with over 9,000 large-scale processing enterprises expected by 2024 [2] - New industries and business models, particularly in functional substance extraction and marine biology, are emerging as important growth drivers [2]

每经AI快讯，当地时间11月17日，芝加哥期货交易所（CBOT）农产品期货主力合约收盘全线上涨，大 豆期货涨2.93%报1157.50美分/蒲式耳，玉米期货涨1.05%报434.75美分/蒲式耳，小麦期货涨3.19%报 558.75美分/蒲式耳。 （文章来源：每日经济新闻） ...

Core Viewpoint - The Intercontinental Exchange (ICE) agricultural futures showed mixed performance on November 17, with fluctuations in various commodity prices [1] Group 1: Sugar Market - Raw sugar futures decreased by 1.40%, closing at 14.75 cents per pound [1] Group 2: Cotton Market - Cotton futures experienced a slight increase of 0.12%, closing at 64.21 cents per pound [1] Group 3: Cocoa Market - Cocoa futures fell by 1.03%, ending at $5,401.00 per ton [1] Group 4: Coffee Market - Coffee futures rose by 1.03%, closing at 377.85 cents per pound [1]

《行动计划》提出，发展多层次农产品产地加工，围绕农产品多元化开发、多层次利用、多环节增值， 支持经营主体加工设施设备改造升级，提升农产品加工标准化、高端化、智能化、绿色化水平。推进新 兴产业培育壮大，加快生物、数字、信息等技术集成应用，推进新兴产业发展，不断创新农产品加工应 用场景。因地制宜发展未来产业，鼓励和引导合成生物等新兴技术在农业上的应用，力争在功能物提取 等方面取得一批自主原创价值高、重大突破明显、产业引领性强的成果。 近年来，江苏大力发展农产品加工业，拓展乡村产业增值新空间。规模以上农产品加工企业持续壮大， 2024年全省规模以上农产品加工企业超9000家。新产业（300832）新业态成为重要增长引擎，功能物提 取、海洋生物等新兴产业发展迅速。 本报讯(记者吴琼)为培育壮大乡村特色产业，省农业农村厅近日出台《江苏省促进农产品加工业优化升 级三年行动计划(2025—2027年)》。 《行动计划》提出，实施农产品加工"单项冠军"企业培育行动、农产品加工新兴产业壮大行动、农产品 加工园区提升行动、农产品加工集群建设行动、农产品加工融合发展行动、农产品加工联农带农提质增 效行动等六大行动。在功能布局方面， ...

Group 1 - The core point of the article is that the new tariff exemption policy from the United States allows over 100 types of Peruvian agricultural products to be exempt from reciprocal tariffs [1] Group 2 - The policy is expected to benefit the Peruvian agricultural sector significantly by enhancing export opportunities [1] - This exemption could lead to increased competitiveness of Peruvian products in the U.S. market [1] - The move reflects a strengthening of trade relations between Peru and the United States [1]

Core Insights - The article highlights the development of a cold chain logistics system in Xiangzhou County, Guangxi, which enables local agricultural products to efficiently reach the ASEAN market, enhancing trade opportunities and agricultural income [1][3]. Group 1: Cold Chain Logistics Development - Xiangzhou County views the construction of a cold chain system as essential for accessing the ASEAN market and revitalizing the local economy [1]. - The county has established two cross-border cold chain routes, facilitating direct exports of agricultural products to Vietnam and Thailand [2]. - The cold chain logistics has allowed local farmers to sell their products, such as vegetables, directly to ASEAN supermarkets within a day of harvest [1][2]. Group 2: Export Performance and Market Demand - The Guangxi Xiangtian Trading Company has exported over 5,000 tons of agricultural products to ASEAN countries this year, with expected sales exceeding 100 million RMB [1]. - There has been a 7% year-on-year increase in agricultural exports to ASEAN in the first three quarters of this year, indicating strong market demand [3]. - Local products like corn and baby pumpkins are in high demand in the ASEAN market, with cold chain logistics enabling local producers to capitalize on this opportunity [1][3]. Group 3: Quality and Strategic Partnerships - The cold chain logistics ensures that products maintain high quality during transport, with a shelf life extension of over 7 days through sterilization and vacuum packaging [2]. - Vietnamese companies have established long-term strategic partnerships with Xiangzhou, importing multiple batches of agricultural products weekly [2]. - The quality and timely delivery of Chinese agricultural products have been praised, with expectations for a broader range of products to be introduced to ASEAN consumers [2].