李冈峰 欧洲天然资源基金 Commodity Discovery 特约分析师 这是一个主要从美国每周的CFTC数据公布基金(Managed Positions)在当地期货市场的各种部署，继而反映 现时市场对贵金属的情绪和对短/中期的一个价格判断。美国每周五收市后公布的CFTC数据，记录日为刚过 去的周二(如果过去一周原本工作日是假日的话数据出炉会延期)。 概要 早前美国7月份PPI环比急跳0.9%（市场预期升0.2%），反映美国关税对当地通胀的影响开始浮 现。加上7月份联储内部会议记录出炉，当中只有两位会员认为美国需要降息，而其他表示息率应 继续按兵不动（因为他们觉得控通胀比救就业更重要），股市和商品市场曾一度出现反应和较大 幅度回调。 不过从期货市场上反映，主流意见一直都是认为9月会降息，而笔者已追从此指标多年，虽然中长 线此工具去猜未来利率走势是很不靠谱，但短期（一个月）还是相对靠谱的。原因可能是联储局 为了维持自己的公信力，他们都会比较愿意增加透明度令市场对息率有正确的预期。 上周五，鲍威尔便表示， 美国正经历上升中的通胀及下跌中的经济增长 （其实再恶化下去，不就 是滞胀吗？）， 但联储局或许是时候开始 ...

清远："五大百 亿"领航，千亿 集群扬帆_南方 +_南方plus 广阔的田野中丝 苗米稻香四溢， 山林中脆嫩的麻 竹笋与泥土交织 出清新香气，果 园里清甜的连州 水晶梨压弯枝 头，清远各地硕 果盈枝，沉甸甸 的枝头勾勒出农 户们收获的喜 悦。 作为清远市的支 柱产业，农业产 业正处于产业优 化升级的关键 期，如何借力、 借势加快提档升 级、做优做强， 在新一轮产业竞 争中增创优势、 抢占先机，是一 个十分重大、十 分重要的课题。 3年，综合产值翻一番 2022年，广东农 产品"12221"市 北江潮涌风正 劲，一场以五大 百亿领航，千亿 集群扬帆的清远 现代农业产业新 征程集结再出 发。 场体系建设首次 被写入广东省政 府工作报告、广 东省党代会报 告。省级农业市 场体系让清远打 开了农业发展的 新视野。立足城 市定位，着眼县 域现代农业，清 远提出打造清远 鸡、英德红茶、 连州菜心、丝苗 米、麻竹笋五大 百亿级产业，计 划通过3年左右 的时间，将五大 农业产业打造成 为百亿级产业。 三年来，清远全 市上下锚定目 标，戮力前行。 围绕规模化、集 聚化、标准化、 品牌化、市场 化"五化"发展， 制定推动五大产 ...

● 本报记者 董添 近期，上市公司2025年半年报进入密集披露期。Wind数据显示，截至8月22日19时，A股共有1526家上 市公司对外披露2025年半年报，921家上市公司实现净利润同比增长，占比约为60.35%。电子、交通运 输、农林牧渔、汽车、机械设备、有色金属、家用电器、社会服务等行业上市公司业绩表现亮眼。 此外，Wind数据显示，截至8月22日19时，A股共有265家上市公司对外发布2025年中期分红方案。 逾1500份半年报亮相 上述披露2025年半年报的1526家上市公司中，净利润同比增幅超过10%的有761家，超过30%的有501 家，超过50%的有359家，超过100%的有210家，超过300%的有66家。数码视讯、先达股份、智明达、 容知日新、仕佳光子、索通发展等公司2025年上半年归属于上市公司股东的净利润增幅居前。 财报显示，数码视讯2025年上半年共实现营业收入约2.65亿元，同比增长24.7%；实现归属于上市公司 股东的净利润约1670万元，同比增长2747.64%。公司专注于视频、安全、人工智能及通信服务等前沿 技术的创新研发。报告期内，公司持续进行产品和服务的创新与迭代，以满 ...

J P M O R G A N Global Commodities Research 18 August 2025 Commodity Market Positioning & Flows Global commodity market open interest value dips below 10-year seasonal high Global Commodities Research Tracey Allen (44-20) 7134-6732 tracey.l.allen@jpmorgan.com J.P. Morgan Securities plc Gregory C. Shearer (44-20) 7134-8161 gregory.c.shearer@jpmorgan.com J.P. Morgan Securities plc Natasha Kaneva (1-212) 834-3175 natasha.kaneva@jpmorgan.com JPMorgan Chase Bank NA Ananyashree Gupta (91-22) 6157 3627 ananyashree ...

About The Andersons, Inc. The Andersons, Inc., is a North American agriculture company that conducts business in the agribusiness and renewables sectors. Guided by its Statement of Principles, The Andersons is committed to providing extraordinary service to its customers, helping its employees improve, supporting its communities, and increasing the value of the company. For more information, please visit www.andersonsinc.com. SOURCE The Andersons, Inc. MAUMEE, Ohio, Aug. 21, 2025 /PRNewswire/ -- The Anderso ...

Market Overview - The market is experiencing structural differentiation, with AI and innovative pharmaceutical sectors showing volatility, while agriculture, beauty care, and retail sectors are leading in gains [1] - Defensive assets characterized by high dividends and stable cash flows continue to rise steadily [1] ETF Performance - The Hong Kong Dividend ETF (博时 513690) increased by 0.64%, with a turnover rate of 2.22% and a trading volume of 106 million [1] - The Low Volatility Dividend 100 ETF (红利低波100ETF 159307) rose by 0.55%, with a turnover rate of 0.57% and a trading volume of 7.022 million, showing a net inflow of 24 million over the past five days [3] - The All-Index Cash Flow ETF (全指现金流ETF基金 563830) increased by 0.36%, with a turnover rate of 17.20% and a trading volume of 3.987 million [3] Investment Insights - Recent market volatility has led to profit-taking in some popular sectors, indicating a potential internal market switch towards dividend and cash flow sectors that have seen sufficient pullbacks and increased attractiveness [5] - The logic favoring dividend sectors is reinforced by a low-interest-rate environment, which enhances the relative value of dividend stocks compared to other asset classes [3] - Historical data shows that when the dividend yield premium (股息率-10年国债收益率) is high, the CSI Dividend Total Return Index significantly outperforms the CSI All Share Total Return Index, particularly since 2021 [3] Sector Analysis - The Low Volatility Dividend 100 ETF currently has a dividend yield of 4.31%, with the top five sectors being banking (20.6%), transportation (13.3%), coal (7.4%), pharmaceuticals (6.2%), and basic chemicals (5.6%) [5] - The Hong Kong Dividend ETF has a dividend yield of 5.71%, with the leading sectors being real estate (17.6%), banking (15.3%), coal (10.8%), transportation (8.7%), and oil & petrochemicals (6.9%) [5] - The All-Index Cash Flow ETF has a dividend yield of 4.14%, with the top sectors being non-ferrous metals (15.2%), transportation (13.6%), food & beverage (10.8%), and oil & petrochemicals (9.5%) [5] Strategic Recommendations - Investors are encouraged to consider differentiated allocations between traditional dividend products and free cash flow products to enhance portfolio stability and return potential [4]

Group 1 - The core mechanisms in enterprise succession are the investor mechanism and the management trustee mechanism, which must be evaluated based on actual scenarios [1] - The investor mechanism emphasizes centralized ownership and profit rights, leading to high decision-making efficiency but may suffer from personal experience limitations [1][12] - The management trustee mechanism provides stability and neutrality, especially during succession crises, ensuring basic operational logic and value preservation [1][13] Group 2 - A significant number of private enterprises are facing a generational transition, with an average chairman age of 57 years, and nearly 40% over 60 years old [2] - Only 15% of family businesses globally survive beyond three generations, with less than 40% of Chinese family businesses successfully passing to the second generation [2] - Wealth transfer involves complex factors beyond simple asset division, impacting enterprise continuity and investor interests [2] Group 3 - The imbalance between wealth structure and risk management poses challenges for private enterprises, as many lack proactive wealth planning and risk prevention [3] - Traditional reliance on family trust can obscure core issues like equity distribution and decision-making authority, leading to management conflicts [5][6] - Family businesses face increasing complexity in asset distribution and management rights, which can lead to internal conflicts affecting stability [7] Group 4 - The primary goal of wealth transfer is asset preservation and growth through professional management, as demonstrated by New Hope Group's 8.3% annual asset growth [8] - Risk isolation mechanisms are essential, including internal dispute separation and generational responsibility delineation, as seen in Fotile Group's "entrepreneurial inheritance" model [9] - Sustainable transfer requires balancing control and specialization, as well as aligning family interests with social responsibilities [10] Group 5 - The governance structure of listed companies is crucial for wealth transfer, as changes in ownership can disrupt governance stability [11] - Wealth transfer must adhere to governance rules, with shareholder meetings and compliance checks being necessary for equity inheritance [11] - The management trustee mechanism is essential for maintaining operational stability during crises, acting as a buffer against conflicts [14][15] Group 6 - Balancing trust and capability in management is vital, with mechanisms like equity incentives needed to align interests [16] - Establishing a detailed framework for rights and responsibilities can help ensure effective management and prevent conflicts [16] - The transition from individual-driven to system-driven governance is essential for sustainable enterprise succession [17][18]

Core Viewpoint - Maui Land & Pineapple Company, Inc. has experienced a decline in share price despite significant revenue growth, indicating investor caution regarding its financial performance and outlook [1] Financial Performance Overview - For Q2 2025, operating revenues reached $4.6 million, a 74% increase from $2.6 million in Q2 2024 [2] - Year-to-date revenues for the first half of 2025 surged 103% to $10.4 million from $5.1 million [2] - Leasing revenues increased by 46% in the first half of 2025, driven by higher occupancy and rental rates [2] Net Loss Analysis - The net loss for Q2 2025 was narrowed to $1 million, or 5 cents per share, compared to a loss of $1.9 million, or 10 cents per share, in the same quarter last year [3] - For the first half of 2025, the net loss widened to $9.6 million, or 49 cents per share, from a loss of $3.2 million, or 16 cents per share, in the prior year [4] - The increase in losses was primarily attributed to a $7.5 million pension settlement expense recognized in H1 2025 [4] Key Business Metrics - Commercial leasing occupancy improved from 86% at the end of 2024 to 89% by June 2025 [5] - Industrial properties had 89% occupancy, retail at 94%, and office space achieved 100% occupancy [5] - The Honokeana Homes Relief Housing Project generated $3.1 million in contracting revenues in the first half of 2025 [6] Management Commentary - The CEO emphasized the validation of the company's strategy to maximize land and commercial asset productivity [7] - The CFO noted that pension annuitization created significant non-cash GAAP expenses but will lead to a comprehensive gain in the next quarter [7] Factors Influencing Results - Pension settlement costs accounted for $7.5 million in expenses in the first half of 2025 [8] - General and administrative expenses increased due to new hires, while leasing costs rose by over 50% year over year [8] Other Income and Cash Flow - The company recognized $0.5 million in other income from a COVID-era Employee Retention Credit [9] - Distributions from its BRE2 joint venture contributed an additional $0.7 million to cash flow [9] Guidance - Management reiterated a focus on asset optimization and capital deployment towards development and diversification initiatives [10] - A non-cash gain related to pension plan termination is expected in Q3 2025, which will offset second-quarter expenses [10] Other Developments - The company advanced its agave venture by planting over 12,000 blue weber agave plants, supporting diversification into agriculture [11] - Asset recycling continued with the sale of non-strategic parcels, anticipated to fund development and conservation projects [11]

Core Insights - Maui Land & Pineapple Company, Inc. reported strong financial performance with a 103% increase in operating revenues for the first half of 2025 compared to the same period in 2024, totaling $10,406,000 [3][9] - The company is focusing on maximizing land productivity and diversifying revenue streams, including launching an agave venture and improving leasing revenues, which increased by 46% year-over-year [2][3] Financial Performance - Operating revenues for the six months ended June 30, 2025, were $10,406,000, up from $5,128,000 in the same period in 2024, marking an increase of $5,278,000 [3][9] - Land development and sales revenues rose to $3,442,000 from $200,000, primarily due to contracting revenues from the Honokeana Homes Relief Housing Project [3][9] - Leasing revenues increased to $6,421,000 from $4,388,000, attributed to improved occupancy and updated leases [3][9] Costs and Expenses - Total operating costs and expenses for the first half of 2025 were $12,897,000, compared to $8,409,000 in 2024, an increase of $4,488,000 [3][9] - The increase in operating costs was mainly due to land development and sales costs of $3,157,000 related to the Honokeana Homes project [3][9] - Water and conservation costs rose to $1,253,000 from $709,000, reflecting increased operations and maintenance costs [3][9] Net Loss and Adjusted EBITDA - The net GAAP loss for the first half of 2025 was ($9,639,000), or ($0.49) per share, compared to a loss of ($3,247,000) or ($0.16) per share in 2024 [3][9] - Adjusted EBITDA for the six months ended June 30, 2025, was ($192,000), an improvement of $55,000 from ($247,000) in the same period in 2024 [3][9] Cash and Investments - Cash and Investments Convertible to Cash totaled $7,028,000 on June 30, 2025, down from $9,522,000 at the end of 2024, primarily due to pension termination contributions and development expenditures [3][9]

Group 1 - Cresud (NASDAQ: CRESY) is granted a Buy rating, indicating a positive outlook for the company in the coming years [1] - The Argentinian Government has reduced export taxes on agricultural products, which is expected to benefit Cresud [1] Group 2 - The analyst, Daniel Mellado, has a background in economics and statistics, with experience in analyzing agricultural commodities and managing trading and data analysis teams [1] - Mellado's expertise includes developing strategies for algorithmic trading and providing analysis and valuation for sectors such as commodities, banking, technology, and pharmaceuticals [1]