1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The soft - commodity and fresh - produce sectors have different market logics and trading strategies. For example, Zheng sugar has limited downside space and is recommended for light - position short - term long positions; pulp has limited upside space and is advised to go short on rallies [3]. - In the fresh - produce sector, apples are expected to have a slow upward trend in the overall price center, and long positions can be held cautiously; jujubes are in a situation of supply and demand both being strong, and different trading strategies are proposed according to different positions [7][9]. 3. Summary by Relevant Catalogs 3.1 First Part: Sector Strategy Recommendation - **Fresh - produce Futures**: For Apple 2605, it is recommended to hold long positions cautiously, with a support range of 8800 - 8900 and a pressure range of 11000 - 11500. For Jujube 2605, short - term buying on dips is recommended, with a support range of 8700 - 9000 and a pressure range of 9500 - 9800 [17]. - **Soft - commodity Futures**: For Sugar 2605, light - position short - term long positions are recommended, with a support range of 5200 - 5230 and a pressure range of 5350 - 5380. For Pulp 2605, short - position operations within the range are recommended, with a support range of 5300 - 5350 and a pressure range of 5550 - 5700. For Double - offset Paper 2605, range operations are recommended, with a support range of 4000 - 4100 and a pressure range of 4300 - 4350. For Cotton 2605, long positions can be held cautiously, with a support range of 13500 - 13600 and a pressure range of 15400 - 15500 [17]. 3.2 Second Part: Market News Changes - **Apple Market**: In November 2025, the export volume of fresh apples increased. As of January 8, 2026, the inventory in the main producing areas decreased year - on - year. The spot price in Shandong and Shaanxi remained stable, and the sales area was also stable [18]. - **Jujube Market**: As of January 11, the sample - point inventory decreased month - on - month. The acquisition in the producing areas was basically over, and the market was expected to enter a peak sales period with the approach of the festival [21]. - **Sugar Market**: India, Thailand, and Brazil have different production and export situations. The global sugar supply is relatively sufficient, and the international sugar price is expected to be weak [22]. - **Pulp Market**: The price of needle and broad - leaf pulp increased, and the supply pressure gradually eased, but the upward space was limited due to the weak downstream market [3]. - **Double - offset Paper Market**: The operating rate of double - offset paper enterprises increased, the inventory decreased, but the overall demand was still under pressure [4]. - **Cotton Market**: In December 2025, the export volume of Bangladeshi clothing and Chinese textiles and clothing had different year - on - year and month - on - month changes [30]. 3.3 Third Part: Market Review - **Futures Market Review**: The closing prices, daily changes, and daily change rates of Apple 2605, Jujube 2605, Sugar 2605, Pulp 2605, and Cotton 2605 are provided [31]. - **Spot Market Review**: The spot prices, month - on - month changes, and year - on - year changes of apples, jujubes, sugar, pulp, double - offset paper, and cotton are presented [36]. 3.4 Fourth Part: Basis Situation No specific content summary provided in the given text, only relevant figure references. 3.5 Fifth Part: Inter - month Spread Situation - Apple 5 - 10 spread is expected to be oscillating strongly, and buying on dips is recommended. - Jujube 9 - 1 spread is expected to be range - oscillating, and it is recommended to wait and see. - Sugar 5 - 9 spread is expected to be oscillating, and it is recommended to wait and see. - Cotton 5 - 9 spread is expected to be oscillating weakly, and selling on rallies is recommended [55]. 3.6 Sixth Part: Futures Position Situation No specific content summary provided in the given text, only relevant figure references. 3.7 Seventh Part: Futures Warehouse Receipt Situation - The warehouse receipt quantities, month - on - month changes, and year - on - year changes of apples, jujubes, sugar, pulp, and cotton are given [84]. 3.8 Eighth Part: Option - related Data No specific content summary provided in the given text, only relevant figure references.

Group 1 - The core viewpoint of the articles highlights that Nanning City has proactively allocated over 1 billion yuan in agricultural transfer payment funds for 2026, representing a 14% increase compared to the same period last year, which supports early initiation and implementation of agricultural production projects for high-quality development [1] Group 2 - In terms of food security, Nanning has allocated 498 million yuan for central farmland construction and utilization funds, which includes subsidies for farmland quality protection, directly increasing farmers' income and reducing costs [1] - The funds will also support the construction of high-standard farmland, improving infrastructure and enhancing the overall quality and production capacity of farmland [1] - Additionally, 62 million yuan has been allocated for grain and oil subsidies, promoting diverse planting strategies to ensure the completion of annual grain and oil production targets [1] Group 3 - To enhance industrial quality and efficiency, Nanning has allocated 275 million yuan for the promotion of sugarcane varieties and mechanization, supporting the entire sugar industry chain [2] - Other allocations include 19 million yuan for agricultural industry development, 42 million yuan for related transfer payments, and 21 million yuan for agricultural machinery purchase subsidies, all aimed at improving agricultural mechanization [2] - Funds totaling 36 million yuan have been designated for enhancing agricultural operational capabilities, focusing on increasing grain and oil yields and fostering high-quality farmers [2] Group 4 - Nanning City is strengthening fund management to ensure effective policy implementation, with the finance bureau enforcing strict fund management and performance monitoring [3] - The city is guiding local counties in budget execution and ensuring compliance with approval processes to maximize the effectiveness of subsidy funds [3] - This approach aims to provide solid financial support for the modernization of agriculture in Nanning [3]

Core Viewpoint - The market is experiencing fluctuations, with the ChiNext Index dropping over 1% and the Shanghai Composite Index down 0.07%, while the Hongli Low Volatility ETF (512890) has seen a decline of 0.77% [1][11]. Fund Performance - The Hongli Low Volatility ETF (512890) is currently priced at 1.161 CNY, with a trading volume of 7.57 billion CNY and a turnover rate of 2.86% [1][11]. - Over the past five trading days, the fund has seen a net inflow of 297 million CNY, with a total net inflow of 1.808 billion CNY over the last 20 days and 5.172 billion CNY over the last 60 days [4][10]. - The fund's total return as of January 7, 2026, is 133.70%, outperforming its benchmark, ranking 98th among 502 funds [6][13]. Market Context - Morgan Stanley predicts that the CSI 300 Index will reach a target of 5200 points in 2026, indicating a potential increase of approximately 13.5% [6][13]. - The current market phase is transitioning from liquidity-driven growth to profit improvement-driven growth, suggesting a favorable environment for cyclical stocks [6][13]. - New regulations are expected to benefit sectors such as banking, public utilities, and coal, which are part of the dividend sector [6][13]. Top Holdings - The top ten holdings of the Hongli Low Volatility ETF include companies like COFCO Sugar, Nanjing Bank, and Agricultural Bank of China, with varying performance among these stocks [3][8].

Core Insights - The article highlights the transformation of rural assets in Guangxi, China, through innovative financial practices that awaken dormant resources and stimulate economic growth [1] Group 1: Challenges Faced by Rural Industries - Rural industries in Guangxi face multiple challenges, including the difficulty of asset realization and the lack of standardized valuation systems for livestock, which limits access to financing [2][3] - Natural disasters and market volatility pose significant risks to agricultural production, making it difficult for farmers to sustain their livelihoods [4] Group 2: Financial Innovations and Solutions - Innovative financial practices, such as the issuance of property rights certificates for aquaculture, have enabled farmers to secure loans by transforming previously unrecognized assets into collateral [5][6] - The introduction of technology, such as AI-based identification systems for livestock, has improved the efficiency of insurance and financing processes, allowing for better risk management [6][12] Group 3: Integration of Financial Services - The development of supply chain finance and tailored credit products has facilitated better access to funding for rural enterprises, addressing issues of weak collateral and fragmented supply chains [7][8] - Collaborative efforts between banks, insurance companies, and local governments have created a supportive ecosystem for agricultural financing, enhancing the resilience and sustainability of rural economies [10][11] Group 4: Systematic Approach to Rural Development - Guangxi has shifted from targeted assistance to a more systematic approach in promoting rural development, with policies that encourage financial resources to flow into agriculture [10][12] - The establishment of digital credit profiles for farmers has enabled the provision of unsecured loans, fostering financial inclusion and supporting agricultural growth [11][13]

Core Viewpoint - The article discusses the transformation of rural assets in Guangxi, China, through financial innovation and technology, addressing the challenges faced by the agricultural sector and enhancing the connection between finance and rural industries [1][6][12]. Group 1: Challenges in Rural Development - Rural industries in Guangxi face multiple challenges, including dormant assets that are difficult to monetize and a lack of standardized valuation systems for livestock and aquaculture [3][5]. - Natural and market risks significantly impact agricultural production, making it vulnerable to environmental changes and price fluctuations, which complicates traditional financing models [4][5]. - The local sugar industry, despite being a major contributor to national production, struggles with financing issues that hinder its competitiveness and growth [5]. Group 2: Financial Innovations and Solutions - To address these challenges, Guangxi has implemented innovative financial practices, such as issuing property rights certificates for aquaculture, which allows farmers to secure loans based on clearly defined assets [6][7]. - Advanced technologies, like AI facial recognition for livestock, have been introduced to create unique digital identities for animals, facilitating better insurance and financing options [7][12]. - A collaborative financial model has been developed, combining insurance, credit, and government support to provide comprehensive financial services to farmers, resulting in significant loan amounts being disbursed [8][11]. Group 3: Economic Growth and Sustainability - The integration of supply chain finance and the development of specialized credit products have been emphasized to support local agricultural sectors, ensuring timely payments and reducing financing costs for farmers [8][12]. - E-commerce initiatives have been established to enhance the marketing of local agricultural products, providing training for villagers to improve their sales techniques and increase income [9]. - The overall financial ecosystem in Guangxi is evolving towards a more systematic approach, focusing on long-term sustainability and resilience in rural economic development [10][12].

Core Viewpoint - During the "14th Five-Year Plan" period, Guangxi's capital market has achieved significant development, with 5 new listed companies, direct financing exceeding 300 billion yuan, and private equity fund net asset growth surpassing 100 billion yuan, reflecting a deep integration of capital markets with the real economy and supporting the construction of a modern industrial system in Guangxi [1][2]. Group 1: Direct Financing and Market Expansion - Guangxi's direct financing reached 300.8 billion yuan from 2021 to September 2025, marking a 21% increase compared to the "13th Five-Year Plan" period, with equity financing at 24.5 billion yuan and bond financing at 276.3 billion yuan, the latter seeing a growth of 38.87% [2]. - The number of listed companies in Guangxi increased by 5 during the "14th Five-Year Plan," including 2 on the ChiNext and 3 on the Beijing Stock Exchange, establishing a positive cycle of nurturing, applying, and listing companies [2]. - By the end of Q3 2025, Guangxi's listed companies had total assets of 601.48 billion yuan and net assets of 233.09 billion yuan, both showing over 20% growth compared to the end of the "13th Five-Year Plan" [2]. Group 2: Private Equity Fund Development - The private equity fund sector in Guangxi saw a net asset growth of 112.44 billion yuan during the "14th Five-Year Plan," with 60 private equity institutions managing a total of 163.12 billion yuan, a 215.37% increase from the end of the "13th Five-Year Plan" [3]. Group 3: Industry Empowerment and Innovation - Guangxi's capital market has tailored financing solutions to support high-quality industrial development, including the issuance of the first sugar warehouse CMBS in China, raising 201 million yuan to revitalize sugar industry assets [6]. - Companies like LiuGong and Beibu Gulf Port have utilized capital to drive digital transformation and smart manufacturing, with LiuGong raising 7.428 billion yuan for mergers and smart factory upgrades [5]. Group 4: Market Regulation and Risk Management - The Guangxi Securities Regulatory Bureau has emphasized a balance between regulation and development, effectively mitigating risks associated with high pledge stocks and illegal guarantees, leading to the delisting of 5 companies and the restructuring of 2 others [8]. - The bond market has seen robust risk management, with nearly 260 billion yuan in bond repayments and a zero-default rate for local financing platforms during the "14th Five-Year Plan" [8]. Group 5: Investor Protection and Market Growth - The overall market capitalization of Guangxi's listed companies increased from 291.6 billion yuan to 357.1 billion yuan, a growth of 22.46%, with 11 companies surpassing a market cap of 10 billion yuan [9]. - Cash dividends have become a significant method for companies to return value to investors, with 29 companies distributing a total of 23.581 billion yuan in cash dividends [10].

Core Viewpoint - During the "14th Five-Year Plan" period, Guangxi's capital market has achieved significant development, with a focus on integrating capital markets with the real economy to support the modernization of its industrial system [1] Group 1: Direct Financing and Market Expansion - Guangxi's direct financing reached 3008 billion yuan from 2021 to September 2025, marking a 21% increase compared to the "13th Five-Year Plan" period, with equity financing at 245 billion yuan and bond financing at 2763 billion yuan, the latter seeing a growth of 38.87% [2] - The number of listed companies in Guangxi increased by 5 during the "14th Five-Year Plan," including 2 on the Growth Enterprise Market and 3 on the Beijing Stock Exchange, establishing a positive cycle of nurturing, applying, and listing companies [2] Group 2: Financial Performance of Listed Companies - By the end of Q3 2025, Guangxi's listed companies had total assets of 6014.83 billion yuan and net assets of 2330.93 billion yuan, both showing over 20% growth since the end of the "13th Five-Year Plan" [3] - The cumulative operating revenue of listed companies during the "14th Five-Year Plan" reached 1.65 trillion yuan, a 62.81% increase compared to the "13th Five-Year Plan," with nearly half of the companies achieving a compound annual growth rate of over 5% in revenue [3] Group 3: Private Equity and Fund Growth - The net asset value of private equity funds in Guangxi increased by 1124.38 billion yuan during the "14th Five-Year Plan," with 60 private equity institutions managing a total of 1631.18 billion yuan, a growth of 215.37% compared to the end of the "13th Five-Year Plan" [3] Group 4: Industry Empowerment and Innovation - Guangxi's capital market has facilitated the transformation of traditional industries through innovative financing solutions, such as the issuance of the first sugar warehouse CMBS in China, raising 201 million yuan to support the sugar industry [4] - Companies like LiuGong and Beibu Gulf Port have utilized capital to enhance their digital transformation and smart manufacturing capabilities, showcasing successful case studies in advanced manufacturing [4][5] Group 5: Market Regulation and Risk Management - The Guangxi Securities Regulatory Bureau has implemented strict regulations to ensure market safety, successfully resolving risks associated with high pledge ratios and illegal guarantees, with 5 companies delisted and 2 undergoing bankruptcy restructuring [6][7] - The overall market capitalization of listed companies in Guangxi increased from 291.6 billion yuan to 357.1 billion yuan, a growth of 22.46%, with 11 companies surpassing a market value of 10 billion yuan [7] Group 6: Investor Returns and Market Practices - A total of 29 listed companies in Guangxi distributed cash dividends amounting to 235.81 billion yuan, with 16 companies maintaining a consistent dividend payout over three years [8] - Share buybacks and increases in holdings by major shareholders have also been significant, with 15 companies engaging in buybacks totaling 4.351 billion yuan since 2024 [8] Group 7: Futures Market Development - The futures market in Guangxi has expanded its service capabilities, successfully launching futures products for local industries such as live pigs and alumina, providing essential risk management tools [9] Group 8: Future Directions - The Guangxi Securities Regulatory Bureau plans to enhance the multi-level capital market's functions, focusing on supporting major projects in artificial intelligence and key metals, while also improving the quality of listed companies and managing risks effectively [10]

Core Insights - During the "14th Five-Year Plan" period, Guangxi's capital market has achieved significant growth, with 5 new listed companies and direct financing exceeding 300 billion yuan, reflecting a deep integration of capital markets with the real economy [2][3] Financing and Market Expansion - Direct financing in Guangxi reached 300.8 billion yuan from 2021 to September 2025, a 21% increase compared to the "13th Five-Year Plan" period, with equity financing at 24.5 billion yuan and bond financing at 276.3 billion yuan, the latter seeing a 38.87% increase [2] - The number of listed companies in Guangxi grew by 5 during the "14th Five-Year Plan," including 2 on the ChiNext and 3 on the Beijing Stock Exchange, establishing a positive cycle of nurturing, applying, and listing companies [3] - By the end of Q3 2025, total assets and net assets of listed companies in Guangxi reached 601.48 billion yuan and 233.09 billion yuan, respectively, both showing over 20% growth from the end of the "13th Five-Year Plan" [3] Private Equity and Fund Growth - The private equity sector in Guangxi saw a net value increase of 112.44 billion yuan during the "14th Five-Year Plan," with 60 private equity institutions managing funds totaling 163.12 billion yuan, a 215.37% increase from the end of the "13th Five-Year Plan" [3] Industry Empowerment and Innovation - Guangxi's capital market has tailored financing solutions to support local industries, with notable cases in advanced manufacturing and green transformation, such as Liugong's financing for smart factory upgrades and the North Bay Port's digital transformation [4][5] - The issuance of the first sugar warehouse CMBS in March 2025 raised 201 million yuan, facilitating the upgrade and sustainable development of the sugar industry [4] Market Regulation and Risk Management - The Guangxi Securities Regulatory Bureau has implemented strict regulations to ensure market safety, successfully resolving risks associated with high pledge ratios and illegal guarantees, with 5 companies delisted and 2 undergoing bankruptcy restructuring [6][7] - The bond market maintained a "zero default" status for local financing platforms, with nearly 260 billion yuan in bond repayments during the "14th Five-Year Plan" [6] Investor Protection and Market Growth - The overall market capitalization of listed companies in Guangxi increased from 291.6 billion yuan to 357.1 billion yuan, a 22.46% rise, with 11 companies surpassing a market cap of 10 billion yuan [7] - Cash dividends became a significant method for companies to return value to investors, with 29 companies distributing a total of 23.58 billion yuan in cash dividends [8] Futures Market Development - The futures market in Guangxi expanded its services to industries, successfully launching futures products for local advantages such as live pigs and alumina, providing precise risk management tools [9] Future Outlook - The Guangxi Securities Regulatory Bureau plans to enhance the multi-level capital market's functions, support major projects in artificial intelligence and key metals, and continue improving the quality of listed companies while managing risks effectively [10]

Group 1 - The core message of the news is the dissemination of the spirit of the 20th Central Committee's Fourth Plenary Session, focusing on the "14th Five-Year Plan" for economic and social development in Guangxi [1][2][3] - The Guangxi government emphasizes the importance of integrating the spirit of the plenary session into the planning and promotion of high-quality economic and social development [1] - The reports highlight the significance of strengthening new emerging industries and the necessity of advancing artificial intelligence and digital technology innovation as part of the industrial structure upgrade [2] Group 2 - The reports stress the importance of the "14th Five-Year Plan" in achieving socialist modernization and the need for strong party leadership to drive modernization efforts [2][3] - Local resources and industries, such as sugar and cultural tourism, are identified as key areas for development in Laibin, with a focus on leveraging advantages in hydropower and fostering new productive forces like artificial intelligence [3] - The engagement of over 350 party members and officials in the discussions indicates a strong commitment to understanding and implementing the directives from the plenary session [1]

Core Viewpoint - Guangxi aims to establish a high-quality industrial data ecosystem by 2028, focusing on competitive industries and enhancing collaboration with ASEAN countries [1][2]. Group 1: Industrial Data Development - Guangxi plans to build 100 high-quality industrial data sets and over 100 benchmark application scenarios by 2028 [1]. - The initiative will prioritize industries such as sugar, non-ferrous metals, automotive, machinery, and petrochemicals [1]. - The region will compile a directory of key industrial data labeling enterprises to attract leading data companies from both domestic and international markets [1]. Group 2: Data Resource Sharing and Collaboration - Support will be provided for state-owned enterprises, large industrial firms, and industrial internet platform companies to open data resources and technical capabilities [1]. - Local universities will collaborate with domestic data labeling companies and research institutions to establish multilingual industrial data labeling bases [1]. Group 3: ASEAN Cooperation - Guangxi will strengthen cooperation with ASEAN countries, focusing on industrial data standards, privacy protection rules, and cross-border data flow security certification [1]. - The region will support local data service companies in developing AI models and solutions based on local data sets for the ASEAN market [1]. Group 4: Infrastructure Development - The construction of the Nanning International Communication Business Entry and Exit Bureau will serve as a catalyst for exploring cross-border industrial data circulation [2]. - Guangxi aims to create a China-ASEAN industrial data cooperation hub [2].