Core Viewpoint - The article highlights the significance of agricultural cooperation between China and Pacific Island countries, emphasizing how such partnerships foster long-term development and strengthen bilateral relations [1][2][3]. Group 1: Agricultural Cooperation - Agricultural cooperation is a recurring theme among attendees of the China-Pacific Island Countries Political Party Dialogue, with Chinese agricultural technology assistance being a key focus [1]. - In countries like Kiribati and the Solomon Islands, Chinese agricultural projects have helped improve crop yields and employment opportunities, addressing local food supply issues [1][2]. - The training provided by China on crop preservation and processing has proven invaluable, especially in the aftermath of natural disasters like the 2024 earthquake in Vanuatu [2]. Group 2: Long-term Development Focus - China's agricultural aid is not merely reactive but aims at sustainable long-term development, with training programs on coconut cultivation and processing enhancing product quality and market access [3]. - The China International Import Expo has opened up global market opportunities for local agricultural products from the Solomon Islands, highlighting the importance of connecting these regions to larger markets [3]. Group 3: Emotional and Cultural Impact - The introduction of Chinese mushroom grass in Fiji has not only improved livelihoods but also fostered a deep cultural connection, with some families naming their children after the grass as a tribute to its benefits [4]. - The narrative of agricultural cooperation is framed as a story of friendship and mutual growth, symbolizing the broader relationship between China and Pacific Island nations [4].

1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints The report offers a snapshot of the overnight market performance across multiple sectors, including significant price movements in commodities, macroeconomic developments, and corporate news. It also presents forecasts and outlooks for various industries, highlighting potential opportunities and challenges. 3. Summary by Directory 3.1 Overnight Night - Market Trends - International precious metal futures generally rose, with COMEX gold futures up 0.29% at $4078.30 per ounce and COMEX silver futures up 1.08% at $51.07 per ounce [4]. - The U.S. oil main contract was at $59.41 per barrel; the Brent crude main contract fell 1.88% to $63.67 per barrel [5]. - Most London base metals rose, while LME lead fell 0.40% to $2015.50 per ton [5]. - Domestic futures main contracts mostly declined, with fuel oil and LU fuel down over 3%, and cotton and cotton yarn slightly up [6]. 3.2 Important News 3.2.1 Macroeconomic News - The Ministry of Finance advanced the budget for some central - fiscal urban affordable housing project subsidies in 2026 [9]. - The EU plans to establish a central agency for key mineral procurement and reserves [9]. - From November 1 - 16, the new - energy retail penetration rate of the national passenger - car market was 62.5%, and the wholesale penetration rate was 60.6% [10]. - The Dutch economic minister suspended the intervention in Nexperia [10]. - The White House hopes to reach a framework to end the Russia - Ukraine conflict by the end of this month [10]. - The U.S. trade deficit in August narrowed significantly, but trade may still drag down economic growth in Q3 [12]. - Details of the Russia - Ukraine peace plan were exposed, with Ukraine possibly "leasing" part of its territory to Russia [12]. - Most Fed officials think policy will be further relaxed over time, but some are not sure about a December rate cut [13]. - Traders expect the Fed to pause rate cuts in December after the U.S. Bureau of Labor Statistics decided not to release the October employment report [14]. 3.2.2 Energy and Chemical Futures - As of November 15, Japan's commercial crude oil inventory increased, while gasoline and kerosene inventories decreased, and the refinery's average operating rate was 89.9% [16]. - Germany's natural gas storage capacity at the start of the heating season was 75%, lower than expected [17]. - As of November 18, domestic asphalt shipments increased by 2.2% week - on - week [19]. - As of November 17, the total refined - oil inventory in the UAE's Fujairah Port decreased [19]. - As of November 19, China's methanol port inventory decreased [19]. - Ukraine obtained support and gas supply guarantees during President Zelensky's visits [19]. - Russia's 2025 oil production forecast remains at 510 million tons, and it will adhere to the OPEC+ agreement [20]. - Saudi Arabia's crude oil exports in September reached a seven - month high [20]. - U.S. distillate and gasoline inventories increased, and strategic petroleum reserves also rose, while demand decreased [20]. 3.2.3 Metal Futures - An Indonesian aluminum plant plans to start trial operation in mid - December [23]. - The non - ferrous metal industry maintained reasonable growth, with a 4.0% year - on - year increase in added value in October [23]. - The platinum market may balance in 2026, with a deficit in 2025 [23]. - A regenerative lead smelter in East China failed to renew its hazardous - waste business license [24]. - Chile raised its copper - price forecasts for 2025 and 2026 [24]. 3.2.4 Black - Series Futures - As of November 19, national building - material and hot - roll production increased, while inventories decreased and apparent demand increased [27]. - An Anjia Mining in Guizhou resumed production [28]. - Brazil's steel production and sales in October decreased year - on - year [29]. 3.2.5 Agricultural Product Futures - As of November 14, CBOT soybean and corn deliverable inventories changed compared to the previous week and the same period last year [31]. - Ukraine will not restrict wheat exports in the 2025/26 season, with an expected export volume of 17 million tons [32]. - In Kashgar, the jujube harvest progressed, and prices were in a certain range [32]. - Malaysian companies' palm - related production data for October were reported [34]. - Brazil's November soybean, bean - meal, and corn export volume forecasts were raised [34]. - Brazil's 2025/26 soybean production forecast was lowered [34]. - S&P Global Energy expects U.S. corn planting area to decrease and soybean planting area to increase in 2026 [35]. 3.3 Financial Market 3.3.1 Financial - A - shares fluctuated with reduced volume, with the Shanghai Composite Index up 0.18%, and bank stocks strengthened [37]. - The Hong Kong Hang Seng Index fell 0.38%, and southbound funds had net purchases [38]. - The CSRC optimized the ETF registration and listing review process [39]. - Foreign institutions are optimistic about the long - term value of the Chinese stock market and have increased research and positions [39]. - A - share company major shareholders' cumulative share - increasing amount this year reached a three - year high [40]. - CICC plans to absorb and merge Dongxing Securities and Cinda Securities [40]. - Kuaishou's Q3 revenue and profit increased, and its e - commerce GMV rose [40]. 3.3.2 Industry - The second - hand housing market in key cities may see a volume recovery in November but face pressure year - on - year [42]. - The organic - silicon industry may implement production cuts in early December [42]. - The Chinese vaccine industry association proposed an anti - "involution" competition initiative [42]. - The photovoltaic and energy - storage industry advocated capacity optimization and industry self - governance [43]. - Memory prices are expected to rise about 50% by Q2 2026 [43]. 3.3.3 Overseas - The Fed had a serious divergence on rate cuts in October, and some officials thought a December rate cut might be appropriate [44]. - The U.S. Bureau of Labor Statistics will not release the October employment report and will include the data in the November report [46]. - The U.S. and Saudi Arabia signed an AI strategic partnership agreement with $270 billion in deals [46]. - The U.S. trade deficit in August narrowed by 24% [46]. - The UK's October CPI rose 3.6%, and the market expects a pre - Christmas rate cut [47]. - The EU plans to establish a central agency for key - mineral procurement and reserves [48]. 3.3.4 International Stock Markets - U.S. major stock indexes rose slightly, and most Chinese concept stocks fell [49]. - European stock markets had mixed performance, with investors awaiting the Russia - Ukraine peace agreement and Nvidia's earnings [50]. - South Korea will introduce incentives for small and medium - sized investors and prevent exchange - rate fluctuations [51]. 3.3.5 Commodities - International precious metal futures rose, supported by central - bank gold purchases and Fed policy uncertainty [52]. - Oil prices fell due to increased U.S. refined - oil inventories and geopolitical risk mitigation [52]. - Most London base metals rose [52]. - Russia's oil production is not affected by sanctions, and its 2025 production forecast remains unchanged [53]. - The platinum market is expected to have a shortage in 2025 and a slight surplus in 2026 [53]. 3.3.6 Bonds - The domestic bond market weakened, and the central bank conducted reverse - repurchase operations [55]. - The Ministry of Finance issued 4 billion euros of sovereign bonds in Luxembourg [55]. - The Ministry of Finance and the central bank will conduct treasury - cash fixed - deposit tenders [56]. - Hong Kong will optimize the "Swap Connect" and explore the south - bound "Swap Connect" [56]. - U.S. Treasury yields rose, and Japanese government bonds faced a selling wave [56]. 3.3.7 Foreign Exchange - The on - shore RMB against the U.S. dollar rose during the day and fell at night, and the dollar index rose [58].

Core Viewpoint - A young entrepreneur from Shandong, Tang Jingrun, aims to promote and establish the brand value of Pu Bei Chen Pi (dried tangerine peel) to overcome the challenges faced by the industry and make it popular nationwide [9][12][30]. Group 1: Background and Personal Journey - Tang Jingrun, born in 2001, moved to Pu Bei, Guangxi, nearly 3000 kilometers from his hometown, to promote Chen Pi after graduating in 2024 [13][20]. - Initially seeking a job in new media, he found a deep connection with the local community and the potential of Pu Bei Chen Pi [22][30]. - The region is known for its rich agricultural resources, with over 87% of the soil containing selenium, and a total planting area of 190,500 acres for Dahuanggan [16][27]. Group 2: Industry Challenges - Despite the high production of Dahuanggan, with a total output of 160,000 tons of fresh fruit and 9,000 tons of dried peel in 2024, the Chen Pi industry struggles with branding issues [26][27]. - The industry faces intense price competition and a lack of brand recognition, leading to reduced profit margins and long-term value [28][30]. Group 3: Branding and Promotion Efforts - In June, Tang Jingrun co-founded the video account "Guangxi Chen Pi Luffy" to promote Pu Bei Chen Pi through short videos, achieving over 42 posts and 5,000 followers [32][33]. - The duo aims to create engaging content by studying successful videos in related fields and has already reached various cities to promote the product [36][37]. Group 4: Community Engagement and Future Plans - Tang Jingrun emphasizes the importance of community support and aims to empower local farmers by sharing knowledge and strategies for promoting Pu Bei Chen Pi [74][80]. - The strategy includes engaging directly with local markets and creating authentic interactions to build trust and brand recognition [72][73].

Report Industry Investment Rating No relevant information provided. Core Viewpoints of the Report - The performance of NVIDIA is expected to drive a rebound in technology stocks, and the market may rebound due to the influence of US stocks and brokerage mergers [18][23]. - The risk appetite in the bond market has recovered, and the bond market remains weakly stable, but caution is needed regarding potential short - term trading opportunities [24][25]. - For various commodities, different trends are presented. For example, protein meal prices are gradually falling due to supply pressure, while sugar prices are expected to be range - bound both internationally and domestically [28][35]. Summary by Related Catalogs Financial Derivatives - **Stock Index Futures**: NVIDIA's strong performance may drive a rebound in technology stocks. The market showed support on Wednesday, with significant sector differentiation. The strategy is to go long on dips in the short - term, conduct IM/IC 2512 long + ETF short cash - and - carry arbitrage, and use bull spreads on dips [18][21][23]. - **Treasury Futures**: The risk appetite has recovered, and the bond market is weakly stable. The strategy is to stay on the sidelines for single - side trading, take profit on previous (TL - 3T) positions, and try to go long on the T - contract current - quarter to next - quarter inter - delivery spread [24][25][27]. Agricultural Products - **Protein Meal**: Supply pressure is evident, and the price is gradually falling. In the US, soybean export sales are expected to be within a certain range, and Brazil's soybean production is expected to be high. The domestic supply pressure is large, and the price is expected to be supported, while rapeseed meal is expected to fluctuate [28][29][30]. - **Sugar**: International sugar prices are oscillating lower, and domestic sugar prices are oscillating. Globally, there will be a supply surplus in the 2025/26 season. In the short - term, international sugar prices may oscillate slightly stronger, and domestic sugar prices are expected to be range - bound. The strategy is to go long on dips for single - side trading, stay on the sidelines for arbitrage, and sell out - of - the - money put options [31][34][35]. - **Oilseeds and Oils**: The oscillating market continues. External factors have led to short - term price fluctuations, and different oils have different supply - demand situations. The strategy is to go long on dips or conduct high - selling and low - buying band operations for single - side trading, and stay on the sidelines for arbitrage and options [36][37][39]. - **Corn/Corn Starch**: Spot prices are starting to correct, and the futures price is falling. The US corn futures are expected to be strongly oscillating in the short - term, while domestic corn prices in the Northeast are falling, and those in the North China are relatively strong. The strategy is to go long on dips for the outer - market December corn, short on rallies for the January corn, wait for corrections for the May and July corn, and conduct spread - narrowing operations for the January corn - starch spread [40][41][43]. - **Hogs**: The slaughter pressure persists, and the spot price is oscillating. The overall supply pressure remains, and the strategy is to stay on the sidelines for single - side trading, arbitrage, and sell wide - straddle strategies for options [44][45][46]. - **Peanuts**: The spot price is weak, and peanuts are oscillating at the bottom in the short - term. The price is affected by factors such as supply, demand, and quality. The strategy is to short on rallies for the January peanuts, go long on dips for the May peanuts with a stop - loss at 7800, conduct 1 - 5 peanut reverse spreads, and sell pk601 - P - 7600 options [46][47][48]. - **Eggs**: Demand is average, and egg prices are stable with a slight decline. The supply pressure is gradually easing, but the upside space is limited. The strategy is to stay on the sidelines for single - side trading, arbitrage, and options [49][50][52]. - **Apples**: Demand is average, and fruit prices are mainly stable. The cold - storage inventory is lower than last year, and the fundamentals are relatively strong, but it is recommended to stay on the sidelines due to recent large fluctuations [53][54][55]. - **Cotton - Cotton Yarn**: The fundamental contradictions are not significant, and cotton prices are mainly oscillating. External factors and supply - demand situations at home and abroad affect the price. The strategy is to expect range - bound oscillations for US cotton and short - term oscillations for Zhengzhou cotton, and stay on the sidelines for arbitrage and options [56][57][59]. Ferrous Metals - **Steel**: Steel prices are oscillating within a range, and there is still room to reduce hot - metal production. The industry is affected by policies, costs, and demand. The strategy is to expect a weakly oscillating downward trend for single - side trading, go long on the coil - to - rebar spread on dips, and stay on the sidelines for options [62][63][64]. - **Coking Coal and Coke**: Spot prices are correcting from high levels, and the futures market is weakly operating. After short - term replenishment, the market sentiment has changed. The strategy is to expect a weakly oscillating short - term trend without chasing short positions, consider going long on dips near previous lows in the medium - term, continue to hold the coking coal 1/5 reverse spread, and stay on the sidelines for options [64][65][66]. - **Iron Ore**: A bearish approach is recommended. The supply is increasing, and the domestic demand is weakening. The strategy is to expect a high - level bearish trend for single - side trading, enter a 1/5 inter - delivery high - level reverse spread, and stay on the sidelines for options [67][68][69]. - **Ferroalloys**: Supply and demand are both weak, and prices are oscillating within a cost - supported range. Different ferroalloys have different supply - demand and cost situations. The strategy is to expect bottom - oscillating trends for single - side trading, stay on the sidelines for arbitrage, and sell out - of - the - money straddle option combinations [69][70][71]. Non - ferrous Metals - **Precious Metals**: NVIDIA boosts market sentiment, but the hawkish stance of the Federal Reserve suppresses gold and silver prices. The price is expected to oscillate at a high level in the short - term. The strategy is to hold long positions cautiously near the support level of the 18th, and stay on the sidelines for arbitrage and options [72][74][76]. - **Copper**: Short - term attention should be paid to the lower support. Supply and demand and macro - factors affect the price. The strategy is to go long on dips, pay attention to the 85000 yuan/ton support level, and stay on the sidelines for arbitrage and options [76][77][80]. - **Alumina**: Substantial production cuts have not been realized, and the price is weakly operating. The market is affected by factors such as production, supply, and long - term contracts. The strategy is to expect a short - term weak trend until the warehouse receipts are circulated, and stay on the sidelines for arbitrage and options [80][81][83]. - **Electrolytic Aluminum**: Overseas economic data are unexpectedly absent, and Shanghai aluminum moves with the sector. The macro - environment and supply - demand fundamentals affect the price. The strategy is to stay on the sidelines in the short - term, pay attention to the narrowing of the spread between East China and Central China in the spot market, and go long on Shanghai aluminum and short on LME aluminum to narrow the spread, and stay on the sidelines for options [83][84]. - **Cast Aluminum Alloy**: Aluminum alloy moves with the aluminum price. The macro - environment and supply - demand fundamentals affect the price. The strategy is to stay on the sidelines in the short - term, wait for the market sentiment to digest, and stay on the sidelines for arbitrage and options [85][86][87]. - **Zinc**: It shows a wide - range oscillation. Supply and demand and macro - factors affect the price. The strategy is to continue to hold profitable long positions, and stay on the sidelines for arbitrage and options [87][88][90]. - **Lead**: It oscillates within a range. Supply and demand and macro - factors affect the price. The strategy is to close profitable short positions and stay on the sidelines, and stay on the sidelines for arbitrage and options [90][91][94]. - **Nickel**: The cost is loosening, and the nickel price is oscillating downward. The oversupply of deliverable products and the macro - environment affect the price. The strategy is to short on rallies, stay on the sidelines for arbitrage, and sell out - of - the - money call options [94][95][96]. - **Stainless Steel**: Supply and demand are both weak, and raw materials are under pressure. The industry is affected by factors such as investment plans and carbon taxes. The strategy is to short on rallies and stay on the sidelines for arbitrage [96][97][98]. - **Industrial Silicon**: Short - term partial profits can be realized, and new strategies can involve going long on dips near the support level. The price is affected by production capacity and market demand. [98]

2025年11月20日 国泰君安期货商品研究晨报-农产品 观点与策略 | 棕榈油：反弹高度有限，关注产地去库进程 | 2 | | --- | --- | | 豆油：暂无突破驱动，区间震荡为主 | 2 | | 豆粕：调整震荡 | 4 | | 豆一：现货稳定，盘面调整震荡 | 4 | | 玉米：震荡运行 | 6 | | 白糖：偏弱运行 | 8 | | 棉花：期价维持震荡走势 | 9 | | 鸡蛋：近弱远强，反套格局 | 11 | | 生猪：降温预期落地，压力逐步释放 | 12 | | 花生：关注油厂动向 | 13 | 国 泰 君 安 期 货 研 究 所 油脂基本面数据 请务必阅读正文之后的免责条款部分 1 期货研究 商 品 研 究 2025 年 11 月 20 日 商 品 研 究 棕榈油：反弹高度有限，关注产地去库进程 豆油：暂无突破驱动，区间震荡为主 | | | 【基本面跟踪】 | | 棕榈油主力 | 单 位 元/吨 | 收盘价 (日盘） | 涨跌幅 | 收盘价 （夜盘） | 涨跌幅 -0.66% | | --- | --- | --- | --- | --- | --- | --- | | | 豆油主力 | ...

Core Insights - The article emphasizes the importance of agricultural modernization in Henan province as a key component of the broader goal of building a strong province, highlighting the strategic focus on agricultural strength as foundational to national strength [2][8]. Agricultural Strength and Modernization - Henan province has maintained a stable grain production of over 130 billion jin for eight consecutive years, leading the nation in various agricultural outputs, including oilseeds, edible fungi, and pork [2]. - The province has cultivated 11 national seed industry enterprises and established 15 national seed production bases, achieving over 97% coverage of quality seeds for major crops [3]. Technological Innovation - The integration of smart agricultural data management systems has transformed traditional farming practices, allowing for better monitoring and management of large-scale wheat fields [5]. - The establishment of 14 national agricultural innovation platforms has enhanced the resilience of Henan's agriculture through the deep integration of technology and farming practices [5]. Industrial Upgrading - The article discusses the need for industrial upgrading to enhance the economic benefits of high agricultural production, citing the example of the mushroom industry in Xixia County, which has significantly increased product value through processing [6]. - The formation of agricultural product processing clusters is underway, driven by the establishment of the Henan Agricultural Product Processing Industry Alliance [6]. Rural Development and Tourism - The integration of agriculture with cultural and ecological tourism is highlighted, with villages transforming into tourist destinations that attract significant visitor numbers and generate economic benefits [7]. - The implementation of the "Henan Province Rural Prosperity Industry Development Action Plan (2025-2027)" aims to promote diverse agricultural development, including the integration of agriculture with culture and tourism [7]. Open Cooperation - The article underscores the importance of open cooperation in agricultural development, with Henan actively engaging in partnerships with research institutions and international markets to enhance agricultural practices and expand market reach [8]. - Initiatives such as the signing of cooperation agreements with various agricultural research institutions and the establishment of export service platforms are part of Henan's strategy to integrate into the global agricultural landscape [8].

Core Insights - Shanghai Dunxiang Industrial Co., Ltd. has been established with a registered capital of 1 million RMB, indicating a new player in the market [1] Company Overview - The legal representative of the company is Zhu Dehong, which may suggest a leadership structure that could influence company operations and strategic direction [1] - The company’s business scope includes a variety of activities such as wood processing, manufacturing of daily wooden products, and sales of agricultural products, indicating a diversified operational focus [1] Industry Implications - The establishment of the company in the wood processing and agricultural sectors reflects ongoing trends in resource utilization and sustainability, particularly in the context of non-metal waste processing and organic fertilizer development [1] - The inclusion of technology services and software development in the business scope suggests a potential for innovation and modernization within traditional industries [1]

Core Viewpoint - The company has developed a comprehensive action plan for 2025 aimed at enhancing quality, efficiency, and returns, focusing on its core business of soybean protein and responding to regulatory initiatives to improve the quality of listed companies [1] Group 1: Business Strategy - The company aims to solidify its foundation for high-quality development by focusing on its core business of soybean protein, enhancing operational quality, and optimizing cost control [1][2] - The company is implementing a full-system collaboration model from raw material procurement to sales, ensuring coordinated operations across the supply chain [2] - The company plans to continue enhancing its professional advantages in the soybean protein sector and expand into the plant protein market through technological innovation and product upgrades [2][3] Group 2: Innovation and R&D - The company is committed to an innovation-driven development strategy, focusing on technological advancements and sustainable practices to enhance production efficiency [3][4] - The company has made breakthroughs in key technologies related to soybean protein and is actively collaborating with academic institutions to advance research and development [4] - A systematic intellectual property management system has been established to create technological barriers and enhance overall innovation capabilities [4] Group 3: Investor Relations - The company emphasizes the importance of investor relations management, ensuring timely and accurate information disclosure to protect investor rights [5][6] - Various communication channels have been established to facilitate interaction with investors, including investor meetings and dedicated consultation lines [5][6] - The company has organized investor performance briefings to discuss operational results and financial conditions, maintaining a high response rate to investor inquiries [5][6] Group 4: Corporate Governance - The company is enhancing its internal management controls and decision-making processes to protect the rights of minority shareholders [6][9] - A streamlined and efficient corporate governance structure has been established, ensuring compliance with relevant laws and regulations [6][9] - The company is focused on improving the capabilities of key personnel and enhancing compliance awareness through ongoing training [9] Group 5: Shareholder Returns - The company has a consistent cash dividend policy, having distributed a total of 181.005 million yuan in cash dividends since its listing, representing 41.70% of the total raised funds [7][8] - For the 2024 fiscal year, the company plans to distribute a cash dividend of 0.10 yuan per share, totaling 16.455 million yuan, which is 15.08% of the net profit attributable to shareholders [7][8] - The company aims to maintain a sustainable cash dividend mechanism while balancing operational needs and shareholder returns [8]

Core Insights - The article highlights the transformation of the wild fruit "刺梨" (thorn pear) into a valuable product through digital and intelligent technology in Guizhou, China, showcasing the successful implementation of a 5G smart factory model [1][7]. Group 1: Company Overview - Guizhou Mountain King Fruit Health Industry Co., Ltd. has established a 5G smart factory that integrates advanced technologies such as IoT and AI to enhance production efficiency and reduce costs [3][4]. - The company has invested significantly in digital transformation, starting its smart factory construction in 2021, and has achieved a production value exceeding 400 million yuan [6][7]. Group 2: Technological Implementation - The smart factory employs nearly 10,000 IoT devices across various production processes, allowing for real-time monitoring and predictive maintenance, which has improved production efficiency by 20% and reduced energy consumption by 25% [4][6]. - The integration of blockchain technology ensures product traceability, enhancing consumer trust and allowing for transparent supply chain management [6][7]. Group 3: Industry Impact - The digital transformation in the thorn pear industry is not isolated; other companies in Guizhou are also adopting smart factory models, with several entering the Ministry of Industry and Information Technology's 5G factory directory [7]. - The overall planting area for thorn pears in Guizhou has reached 1.52 million acres, with a combined output value of approximately 10 billion yuan, indicating significant growth in the industry [7].

Core Viewpoint - China Starch (03838) has announced a construction contract for a thermal power plant with a total value of RMB 70 million, aimed at supporting its corn starch production facilities by providing stable steam supply [1] Group 1: Contract Details - The contract was signed on November 19, 2025, between the company's indirect non-wholly owned subsidiary, Deneng Jinyu Corn, and contractor Juneng Construction [1] - The construction services include building various structures and facilities for the thermal power plant located in Linqing City, Shandong Province, including the installation of a dual boiler system and high-efficiency steam turbine generator sets [1] Group 2: Strategic Importance - The thermal power plant is designed to meet the growing energy demand and reduce reliance on external suppliers, as indicated in a previous announcement dated February 20, 2025 [1] - The facility is expected to enhance operational efficiency and lower operating costs for Deneng Jinyu as the corn starch production facilities expand [1] Group 3: Regulatory Approval - Deneng Jinyu obtained the construction approval from the Shandong Provincial Development and Reform Commission in January 2025 [1] - The project aligns with the "14th Five-Year Plan" for electricity development issued by the Shandong Provincial Development and Reform Commission and the Shandong Provincial Energy Bureau in November 2023 [1]