Investment Rating - The report initiates coverage with a "Buy" rating for the company [3] Core Insights - The company is a leading player in the agricultural wholesale market, with substantial asset value and a market share exceeding 10% in China, maintaining an annual transaction volume of over 360 billion yuan and a transaction weight of over 36 million tons [1][13] - The company has demonstrated strong growth potential, with a projected revenue CAGR of 16.07% and a net profit CAGR of 44.18% from 2018 to 2024 [1][14] - The company is expanding its integrated supply chain, enhancing its operational efficiency and exploring new growth opportunities through initiatives like "Deep Agricultural Kitchen" and import-export trade [2][3] Company Overview - The company operates 35 wholesale markets across more than 20 major cities, forming a nationwide layout and extending its reach to agricultural bases covering approximately 440,000 acres [2][42] - The company has a stable shareholder structure, with Shenzhen State-owned Assets Supervision and Administration Commission holding 38.67% and the second-largest shareholder, Life Insurance, holding 25.62% [1][32] Financial Performance - The company reported a revenue of 5.63 billion yuan in 2024, with a year-on-year growth rate of 2.5%, while the net profit was 384 million yuan, reflecting a decline of 14.4% [5][14] - The forecast for 2025 anticipates revenues of 7.68 billion yuan and a net profit of 415 million yuan, indicating a year-on-year growth of 36.5% and 8.1%, respectively [3][5] Market Position - The company has maintained a strong profitability status, with 72% of its subsidiaries and joint ventures achieving profitability in 2024 [2][43] - The company’s operational model includes a mix of rental income, commissions, and management fees, with the agricultural market operations contributing significantly to its revenue [18][19] Growth Strategy - The company is focusing on enhancing its supply chain capabilities and expanding its market presence through strategic projects and partnerships [41][42] - The introduction of employee stock ownership plans in 2024 aims to broaden the incentive structure, covering 260 key personnel compared to 44 in 2021 [37][39]

Core Viewpoint - The article highlights the successful marketing event "Guangdong Year Cuisine" held in Beijing, showcasing the agricultural brand "Guangfu Shouxin" from Fengkai County, which aims to promote local specialty products and expand their market presence in Northern China [8][9][11]. Group 1: Event Overview - The marketing event took place on January 26-27, featuring various specialty products from Fengkai County, aiming to add unique Cantonese flavors to the New Year shopping list of Beijing residents [8][9]. - "Guangfu Shouxin" was officially launched during the "Bai Qian Wan Project" investment promotion conference, integrating high-quality agricultural resources to enhance market competitiveness [15][16]. Group 2: Product Highlights - Key products included the award-winning "Xinghua Chicken Egg Phoenix Roll," made from antibiotic-free and bacteria-free eggs, and various mountain delicacies like oil chestnuts and bamboo fungus, which received positive consumer feedback [20][22][23]. - The "Xinghua Chicken" is positioned as the flagship product of "Guangfu Shouxin," known for its unique flavor due to free-range farming practices [27][29]. Group 3: Market Strategy - The event served as a crucial opportunity for "Guangfu Shouxin" to connect with the Beijing-Tianjin-Hebei market, aiming to expand its reach beyond the Guangdong-Hong Kong-Macau Greater Bay Area [34][36]. - The brand has established a comprehensive online and offline sales network, including an official mini-program and flagship store on JD.com, ensuring efficient access to consumers nationwide [41][42]. Group 4: Future Prospects - The initiative is seen as a significant step in the brand's development, aiming to enhance the recognition and reputation of Fengkai agricultural products in the Northern market [48][49]. - The county plans to continue leveraging "Guangfu Shouxin" as a core engine for agricultural brand development, focusing on deep processing of agricultural products to promote rural revitalization [50][51].

Group 1 - The core point of the article is that Xuechuan Liupan Mountain Food (Ningxia) Co., Ltd. has successfully obtained the "Approved Exporter" qualification, marking it as the third company in Ningxia to enjoy this policy benefit and the first in the agricultural processing sector [1][2] - The "Approved Exporter" qualification is an important trade facilitation system under free trade agreements like RCEP, allowing companies to issue their own certificates of origin, thus speeding up customs clearance and ensuring product freshness and supply chain stability [1][2] - The company plans to leverage this qualification to enhance its competitive edge in international markets, particularly for frozen French fries exported to ASEAN and Japan, benefiting from tariff reductions [1] Group 2 - The successful cultivation of this new enterprise exemplifies the Ningxia Yinchuan Customs' efforts to deepen the collaboration between AEO and Approved Exporter systems, empowering local specialty industries [2] - Since the implementation of RCEP, over 90% of goods trade within the region has gradually achieved zero tariffs, with expectations that by 2025, imports and exports to RCEP member countries will account for nearly 30% of Ningxia's total foreign trade value [2] - The Ningxia Yinchuan Customs plans to continue focusing on the "six new, six special, six superior + N" industrial layout, expanding the coverage of Approved Exporter cultivation and optimizing policy promotion and training services [2]

Group 1 - The core viewpoint of the articles highlights the active performance of the agricultural sector, particularly with the surge in agricultural stocks like Nongfa Seed Industry, which hit the daily limit, driven by a record grain production of 14,298 billion jin, an increase of 1.68 billion jin, marking a historical high and maintaining stability above 14 trillion jin for two consecutive years [1] - The agricultural and rural affairs department indicates that the new cycle of bulk commodities has begun, supported by a weakening dollar and a rebound in the BDI index, suggesting a foundation for price increases in commodities [1] - The demand for agricultural products is expected to grow due to increased industrial demand, although the supply has been relatively ample due to favorable weather conditions over the past two years, which could lead to competition for agricultural products if weather conditions change [1] Group 2 - As of January 28, 2026, the National Grain Industry Index (399365) rose by 3.01%, with significant increases in constituent stocks such as Kangsheng Biological (up 10.16%) and Nongfa Seed Industry (up 10.06%) [2] - The Grain ETF (159698) increased by 3.84%, with the latest price reported at 1.14 yuan, closely tracking the National Grain Industry Index, which reflects the price changes of listed companies in the grain industry [2] - The top ten weighted stocks in the National Grain Industry Index as of December 31, 2025, include major companies like Dabeinong and Longping High-Tech, collectively accounting for 51.88% of the index [2]

1月26日至27日，"广货行天下 粤味贺岁来"2026广东特色农产品进北京营销活动在北京举行。继1月26 日在北京广东大厦举行品鉴推介活动后，1月27日洽谈推介活动在新发地国际农产品会展中心举行。广 东企业组团走进新发地批发市场，现场对接80余家采购商，既丰富首都消费者的年货采购单，更与京津 冀市场展开深度对接，推动"广货行天下"春季行动之农产品促销系列活动落地见效。活动现场，"广货 行天下 好品亮京城"广东特色农产品进京（新发地）精准对接座谈交流会也同步举行。 "'广货行天下'，行的是品质，赢的是口碑，通的是民心。"广东省农业农村厅党组副书记黎明表示，期 待以此次活动为桥梁，让更多"粤字号"特色农产品走进北京的商超、餐桌、家庭。 广东农产品现场"圈粉" 化州橘红、新会陈皮、连州菜心……在新发地国际农产品会展中心一楼，广东年货大卖场集中展示了各 类广东特色农产品。三楼同步开展产销对接活动，广东企业与采购商面对面洽谈。现场还设置了试吃环 节，企业代表一边介绍产品，一边邀请采购商品尝体验，交流氛围热烈轻松。 "广东是鱼米之乡，这次我们带来了广东优质的丝苗米。"江门台山市国有粮食集团有限公司市场营销部 经理王海潮介 ...

农业农村部监测，截至1月28日14:00时，全国农产品批发市场猪肉平均价格为18.72元/公斤，较前一日 上升0.3%；鸡蛋平均价格为8.56元/公斤，较前一日上升0.6%。 （文章来源：新华财经） ...

Core Insights - Global commodity markets are experiencing significant capital inflows, with a focus on precious metals and agricultural products, leading to a record high in open interest value [1][4] - As of January 23, 2023, the total value of open interest in global commodity markets increased by nearly 6% week-over-week, reaching $1.83 trillion [1] - Precious metals, particularly gold, are attracting substantial investment, with gold alone seeing a net inflow of approximately $158 billion [4] Group 1: Precious Metals - Precious metals are the primary beneficiaries of recent capital inflows, with a net inflow of about $36 billion in the week, and gold's price increased by approximately 8% [4] - The total value of open interest in the precious metals market surged by 16% week-over-week, amounting to $433 billion, making it the largest contributing sector [4] - The structural logic for gold remains clear, with analysts favoring gold over silver due to potential volatility in silver prices [5] Group 2: Energy and Natural Gas - The energy market's open interest value grew by 4.8% week-over-week, reaching $700 billion, driven by geopolitical factors and supply disruptions [8] - Despite a net outflow of about $2.5 billion in natural gas contracts, prices surged by approximately 70% due to severe cold weather in North America and Europe [8] - European natural gas inventory levels are historically low, contributing to rising prices amid increased heating demand [8] Group 3: Agricultural Products - The agricultural sector also saw increased investment, with open interest value rising by 2.4% to approximately $337 billion, driven by net inflows of $8.9 billion [11] - Price increases in grains, oilseeds, and livestock markets offset declines in soft commodities, indicating a robust interest in agricultural products [11] Group 4: Base Metals - The base metals market's open interest value increased by 2% week-over-week to $258.4 billion, although the sector experienced a net outflow of $400 million [15] - Despite inflows in copper and lead, overall outflows in other base metals led to a cautious outlook on copper prices due to rising inventory levels [15] - Investor positions in base metals are stabilizing, but some commodities are nearing "overheated" conditions, suggesting potential for a slowdown in buying momentum [15]

Group 1: Protein Meal - CBOT soybeans rose due to a weaker dollar, while soybean meal fell and soybean oil increased [2][10] - Brazil's soybean export forecast for January is 3.23 million tons, lower than the previous estimate of 3.79 million tons [2][10] - Domestic protein meal shows strong fluctuations, supported by pre-holiday stocking demand, but limited by arbitrage funds [2][10] Group 2: Oils - BMD palm oil increased, following the upward trend in surrounding markets, supported by good export data and declining production [3][11] - January palm oil exports increased by 7.97%-9.97% month-on-month, while production decreased by 14.81% [3][11] - Domestic oil prices rose, with palm oil leading the increase, while soybean and rapeseed oil followed [3][11] Group 3: Live Pigs - Live pig futures showed weak fluctuations, with the main contract down 1.57% to 11,285 yuan/ton [5][12] - The average price of live pigs in China was 12.7 yuan/kg, down 0.12 yuan/kg week-on-week [5][12] - Increased supply and general demand led to a decline in pig prices, with a recommendation for short-term trading [5][12] Group 4: Eggs - Egg futures showed weak fluctuations, with the main contract down 0.72% to 3,047 yuan/500 kg [6][13] - The national average egg price was 3.94 yuan/lb, up 0.08 yuan/lb week-on-week [6][13] - Short-term pre-holiday stocking supports current prices, but long-term supply pressures may arise due to increased breeding intentions [6][13] Group 5: Corn - Corn futures decreased as funds shifted to the May contract, with near-term contracts leading the decline [7][14] - High purchase prices in the northern ports and strong processing prices support market prices [7][14] - The overall pace of grain sales is slower compared to last year, with stable prices in the sales regions [7][14]

本报讯 （记者孙愫 通讯员王淇）近日，九三学社科技二支社社员、市农科院研究员王永存为乐亭县基 层农技人员开展了一场以农产品质量安全为主题的专题培训。 培训过程中，王永存结合当前农产品质量安全形势和基层农业生产实际，系统讲解了农产品质量安全相 关法律法规的要求以及常见风险隐患防控措施，重点围绕农药、兽药合理使用，农产品生产过程质量管 控等内容进行讲解。此外，还通过典型案例分析，帮助参训人员更直观地了解农产品质量安全在实际工 作中的重要意义。 （来源：唐山劳动日报） 参训人员一致表示，专家的讲解实用性针对性都非常强，对大家今后工作帮助很大。感谢九三学社的专 家，将实用的农产品质量安全知识送到了基层，希望今后能多开展这样的活动。 ...

每经AI快讯，当地时间1月27日，芝加哥期货交易所（CBOT）农产品期货主力合约收盘多数上涨，大 豆期货涨0.54%报1067.50美分/蒲式耳，玉米期货跌0.41%报426.50美分/蒲式耳，小麦期货涨0.19%报 523.50美分/蒲式耳。 ...