Core Viewpoint - The Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guiding Fund has been established with a target size of 50.45 billion yuan, aiming to support early-stage technology enterprises and promote technological innovation [1] Group 1: Fund Overview - The fund has a maximum duration of 20 years and is managed by Shenzhen Capital Group, with joint general partners being Shenzhen Capital and China Resources Capital [1] - The fund's investment strategy focuses on "early, small, long-term, and hard technology" through a dual approach of "sub-funds + direct investment" [1] Group 2: Investment Focus - The fund primarily targets seed and early-stage technology companies in strategic emerging industries and future industries [1] - It aims to support original and disruptive technological innovations and key core technology breakthroughs, facilitating the transformation of major scientific and technological achievements into productive forces [1] Group 3: Strategic Role - Shenzhen Capital Group emphasizes the role of Shenzhen as a "bridgehead" for reform and opening up, encouraging diverse market participants to engage [1] - The fund aims to leverage professional and market-oriented fund management advantages to cultivate new productive forces tailored to local conditions [1]

（文章来源：新华财经） 据农业农村部监测，截至12月26日14:00时，全国农产品批发市场猪肉平均价格为17.43元/公斤，较前一 日下降0.1%；鸡蛋平均价格为7.43元/公斤，较前一日上升1.5%。 ...

Group 1 - The national market price of edible agricultural products increased by 0.2% from December 15 to 21 compared to the previous week [1] - The average wholesale prices of six types of fruits saw a slight increase, with watermelon, grapes, and bananas rising by 3.5%, 2.6%, and 1.6% respectively [1] Group 2 - Wholesale prices of poultry products experienced a slight increase, with both eggs and broiler chickens rising by 0.1% [2] Group 3 - The wholesale price of pork was 18.08 yuan per kilogram, increasing by 0.4%, while beef and lamb prices remained stable compared to the previous week [3] - Grain and oil wholesale prices showed slight fluctuations, with flour increasing by 0.2%, while canola oil and rice remained stable; peanut oil and soybean oil decreased by 0.2% and 0.1% respectively [3] - Wholesale prices of aquatic products saw a slight decline, with grass carp, crucian carp, and large yellow croaker decreasing by 0.4%, 0.4%, and 0.1% respectively [3] - The average wholesale price of 30 types of vegetables was 5.99 yuan per kilogram, decreasing by 0.7%, with cauliflower, broccoli, and lettuce dropping by 13.4%, 11.6%, and 10.2% respectively [3]

Core Viewpoint - The report provides a detailed analysis of retail prices for various food items, highlighting both month-on-month and year-on-year changes in prices, indicating trends in the food market [1] Group 1: Grain Prices - Rice is priced at 6.53 yuan/kg, showing a slight decrease of 0.2% month-on-month and 0.3% year-on-year [1] - Flour remains stable at 6.13 yuan/kg, with no change month-on-month but a decrease of 2.1% year-on-year [1] Group 2: Cooking Oil Prices - Soybean oil is priced at 12.82 yuan/kg, down 0.2% from the previous month and 1.5% from the same period last year [1] - Peanut oil is at 28.57 yuan/kg, with a minor decrease of 0.1% month-on-month and 0.9% year-on-year [1] - Canola oil is priced at 16.67 yuan/kg, showing a decrease of 0.1% month-on-month and 1.9% year-on-year [1] - Blended oil is at 15.52 yuan/kg, down 0.1% month-on-month and 1.4% year-on-year [1] Group 3: Meat Prices - Pork, specifically hind leg meat, is priced at 26.24 yuan/kg, remaining unchanged month-on-month but down 13.6% year-on-year [1] - White-feathered chicken is priced at 24.70 yuan/kg, with a decrease of 0.2% month-on-month and 2.5% year-on-year [1] - Fresh eggs are priced at 10.07 yuan/kg, down 0.5% month-on-month and significantly down 15.1% year-on-year [1] Group 4: Seafood Prices - Carp is priced at 21.78 yuan/kg, with a slight increase of 0.2% month-on-month but a decrease of 1.1% year-on-year [1] - Silver carp is at 22.07 yuan/kg, showing a minor increase of 0.1% month-on-month and a rise of 2.6% year-on-year [1] - Grass carp is priced at 22.79 yuan/kg, down 0.2% month-on-month but up 5.6% year-on-year [1] - Crucian carp is at 29.54 yuan/kg, with a decrease of 0.1% month-on-month and an increase of 2.9% year-on-year [1] - Large hairtail is priced at 48.10 yuan/kg, down 0.4% month-on-month and up 0.7% year-on-year [1] - Large yellow croaker is at 53.83 yuan/kg, remaining stable month-on-month and up 7.1% year-on-year [1] Group 5: Vegetable Prices - The average price of vegetables is 8.60 yuan/kg, with a slight increase of 0.2% month-on-month and a significant increase of 10.7% year-on-year [1] - Notable month-on-month price increases include green onions at 7.56 yuan/kg (up 5.9%) and pumpkins at 4.94 yuan/kg (up 5.3%) [1] - Significant year-on-year price increases include tomatoes at 10.55 yuan/kg (up 36.7%) [1] - Notable month-on-month price decreases include broccoli at 10.80 yuan/kg (down 6.0%) and spinach at 10.70 yuan/kg (down 3.9%) [1]

Agricultural Products Market - The national market price of edible agricultural products increased by 0.2% from the previous week [1] - Average wholesale prices of six types of fruits rose slightly, with watermelon, grapes, and bananas increasing by 3.5%, 2.6%, and 1.6% respectively [1] - Poultry product wholesale prices saw a slight increase, with eggs and white-cut chicken both rising by 0.1% [1] - Meat wholesale prices remained stable with pork priced at 18.08 yuan per kilogram, up by 0.4%, while beef and lamb prices remained unchanged [1] - Grain and oil wholesale prices experienced slight fluctuations, with flour increasing by 0.2%, while peanut oil and soybean oil decreased by 0.2% and 0.1% respectively [1] - Wholesale prices of aquatic products slightly decreased, with grass carp, crucian carp, and large yellow croaker dropping by 0.4%, 0.4%, and 0.1% respectively [1] - Average wholesale price of 30 types of vegetables was 5.99 yuan per kilogram, down by 0.7%, with cauliflower, broccoli, and lettuce decreasing by 13.4%, 11.6%, and 10.2% respectively [1] Production Materials Market - Wholesale prices of refined oil slightly decreased, with 0 diesel, 95 gasoline, and 92 gasoline dropping by 0.6%, 0.2%, and 0.1% respectively [2] - Coal prices saw a slight decline, with coking coal, smokeless lump coal, and thermal coal priced at 1055 yuan, 1159 yuan, and 781 yuan per ton, decreasing by 0.6%, 0.4%, and 0.3% respectively [2] - Prices of non-ferrous metals mainly fell, with aluminum and copper decreasing by 0.4% and 0.1%, while zinc increased by 0.1% [2] - Fertilizer prices experienced slight fluctuations, with compound fertilizer rising by 0.2% and urea decreasing by 0.1% [2] - Steel prices remained stable, with rebar, high-speed wire rod, and hot-rolled strip steel priced at 3358 yuan, 3547 yuan, and 3508 yuan per ton, all increasing by 0.1%, while ordinary medium plate, welded steel pipe, and channel steel decreased by 0.1% [2] - Basic chemical raw material prices showed slight fluctuations, with sulfuric acid and methanol increasing by 2.9% and 0.1%, while polypropylene and soda ash decreased by 1.2% and 0.5% respectively [2] - Rubber prices saw a slight increase, with natural rubber and synthetic rubber rising by 0.5% and 0.1% respectively [2]

Group 1: Core Insights - The new La Niña phenomenon is forming, marking the fifth occurrence in six years, which is expected to disrupt global weather systems and pose significant risks to agriculture, energy markets, and supply chains [1] - Historical data indicates that global economic losses from La Niña events have ranged from $258 billion to $329 billion, highlighting the increasing impact of extreme weather on economic losses and decision-making in insurance, agriculture, and energy sectors [1] - The current La Niña is predicted to have a weaker intensity but is expected to last for several months, adding uncertainty to commodity price trends [1] Group 2: Regional Impacts - In Southeast Asia, recent floods in Vietnam and Thailand have resulted in over 500 deaths and economic losses exceeding $16 billion, with La Niña contributing to extreme rainfall patterns [2] - La Niña is associated with colder winters in North America and East Asia, which may increase heating fuel demand, particularly in regions like the Pacific Northwest and the Great Lakes [4] - Brazil, as the world's largest soybean exporter, is cautious about potential rainfall reductions in its southern planting areas due to La Niña, while China may face threats to winter wheat production from below-average temperatures [5] Group 3: Agricultural Market Uncertainty - The global agricultural market is on high alert, as La Niña is typically linked to decreased yields of corn, rice, and wheat [3] - In Southeast Asia, strong rainfall may disrupt palm oil harvesting and transportation, although increased moisture could benefit crop recovery in the following months [5] Group 4: Climate Change Context - The occurrence of five La Niña events in six years reflects a broader trend over the past 25 years, where La Niña has become more prevalent than El Niño, with ongoing research into the influence of climate change on this cycle [6] - Experts suggest that while La Niña is a natural phenomenon, its effects are being altered and amplified by global warming, leading to more extreme weather events [6] - The current La Niña is expected to peak in the coming weeks, but its impact on global weather patterns will likely persist for several months [6]

生猪： 周四，生猪主力2603合约震荡收十字星，生猪期价在长期均线支撑处企稳，期价呈现偏强表现。全国生 猪现货报价稳定为主，黑龙江市场生猪主流成交价格11.14元/公斤，较昨日价格持平；吉林市场主流成 交价格11.21元/公斤，较昨日价格持平；辽宁地区生猪出栏主流价格11.39元/公斤，较昨日价格下跌0.01 元/公斤；内蒙古市场主流成交价格为11.17元/公斤，较昨日价格下跌0.01元/公斤。现东北地区中大猪挺 价心理持续，价格暂无明显波动，今日中大猪价格低价11.2元/公斤，高价11.80元/公斤，标肥价差震荡 走扩。广东市场生猪出栏均价为11.98元/公斤 ，较昨日价格稳定，与赣桂湘均价价差0.78元/公斤， 规 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 蛋白粕： 周四，CBOT大豆因节日休市，今日恢复交易。之前美豆小幅上涨，因空头获利平仓。市场谨慎看待中 国采购步伐。之前美国农业部周二发布的出口销售报告显示，截至12月11日，美豆单周净销售239.62万 吨，其中对中国净销售138.3万吨。国内方面，两粕震荡走高。豆粕现货成交环比减少，但依然高于上 周同期。成交集中在远期合约， ...

Core Viewpoint - The Ministry of Agriculture and Rural Affairs has released the third batch of national high-quality agricultural products and specialty products for 2025, highlighting a significant increase in recognized products, which will enhance product quality and market competitiveness [1][2]. Group 1: National Recognition of Agricultural Products - A total of 790 high-quality agricultural products and 152 specialty products have been recognized, with 61 products from a specific province, including Wafangdian Huangyuanshuai apples and Liaoyang salted duck eggs [1]. - The province now has a total of 193 nationally recognized high-quality agricultural products and 15 specialty products [1]. Group 2: Impact on Agricultural Development - The certification of high-quality and specialty agricultural products is expected to improve product quality, promote standardized agricultural production, and enhance the effective supply of high-quality agricultural products [1]. - The focus is shifting from mere certification to strengthening brands and broadening promotion, aiming for a transformation from "good products" to "strong brands" and "successful sales" [2].

Group 1: Commodity Market Overview - By the end of 2025, the global commodity market is expected to experience a strong upward trend due to factors such as climate anomalies, escalating geopolitical conflicts, and mismatched supply-demand dynamics [1] - Precious metals are continuing their bull market, with COMEX gold futures surpassing $4550 per ounce and COMEX silver exceeding $72 per ounce, both poised for their strongest annual performance since 1979 [1] - Copper prices have reached a historical high of $11,952 per ton, while platinum prices are also rising due to three consecutive years of supply shortages [1] Group 2: Agricultural Products - Agricultural futures prices are showing mixed trends due to dynamic structural supply-demand contradictions, with corn prices continuing to rise while wheat, soybeans, soybean oil, and soybean meal have shown signs of recovery after a phase of decline [1] - Recent geopolitical tensions and extreme weather have contributed to a rebound in U.S. wheat prices, which have risen for five consecutive days as of December 24 [6] - The ongoing Russia-Ukraine conflict has raised concerns about grain and edible oil supply disruptions, particularly affecting the Black Sea region [7] Group 3: Precious Metals Performance - At the beginning of the year, international gold prices fluctuated between $2600 and $2700 per ounce, but have now surpassed $4550, marking an increase of over 60% for the year [3] - Silver has outperformed gold with a year-to-date price increase of approximately 140%, narrowing the gold-silver ratio from 85:1 at the beginning of the year to below 70 [3] - The rise in precious metal prices is driven by two main factors: increased expectations for Federal Reserve interest rate cuts and heightened geopolitical risks that boost market demand for safe-haven assets [4][5] Group 4: Future Market Outlook - Looking ahead to 2026, there are differing opinions on whether the commodity market will continue its bull run or shift direction, with some analysts predicting a decrease in macro volatility that could weaken gold's safe-haven demand [10] - Other analysts believe that the establishment of a Federal Reserve rate-cutting cycle and weakening dollar credit will support precious metals, with ongoing strong demand from central banks and industrial consumption [10] - In the agricultural sector, short-term support for U.S. soybean prices is expected from China's purchases, but uncertainties remain regarding the volume of these purchases and the overall favorable planting conditions in South America [10]

Core Insights - China, as the world's largest agricultural product importer, has reported impressive export figures, with nearly 600 billion yuan in agricultural exports over the first ten months of the year, covering 838 product categories and reaching 223 countries and regions [1] Group 1: Export Growth and Quality Improvement - The increase in export categories and the enhancement of product quality indicate that China's agricultural exports are moving beyond the "large quantity, low price" phase, demonstrating strong market competitiveness [1] - By aligning with international high standards and integrating into the global market, China's agricultural products are gaining higher recognition and added value [1] Group 2: Efficiency in Logistics and Customs - The introduction of innovative customs and logistics mechanisms, such as the "batch inspection" model in Huzhou and the "green channel time+" rapid release mode in Yunnan, has significantly improved efficiency in the export process [2] - Infrastructure connectivity and regulatory improvements have collectively enhanced the competitiveness of Chinese agricultural products [2] Group 3: Balancing Export and Food Security - High-quality agricultural exports do not conflict with food security; instead, they can support it by optimizing the use of domestic and international markets [2] - The export of specialty products like fruits and vegetables, which often utilize non-arable resources, contributes to a balanced agricultural structure [2] Group 4: Economic Benefits for Farmers - Agricultural exports can lead to higher premiums, incentivizing farmers and creating a positive cycle of industry development and rural revitalization [3] - Examples include the high prices of Nanfeng honey oranges in South Africa and the value-added processing of Yantai apples, which significantly increase farmers' incomes [3] Group 5: China's Role in Global Agricultural Trade - China has become the world's second-largest agricultural trading nation, with a balanced approach to imports and exports that supports food security [3] - The future of Chinese agriculture lies not only in domestic production but also in its ability to compete in global markets [3]