1. Report Industry Investment Rating - There is no information about the industry investment rating in the report. 2. Core Viewpoints - The US corn rebounded after the November report lowered the yield, but the production remained high, and it was in a narrow - range oscillation. The import profit of foreign corn declined, and the price of Brazilian imports in December was 2138 yuan. The domestic corn spot was relatively strong in the short - term, with stable demand from the breeding industry and low inventory of downstream feed enterprises. The 01 corn futures had room to fall later. The starch spot was strong due to the corn rebound, but the 01 starch futures on the disk also had room to fall in the short - term [4][6][7]. 3. Summary by Directory 3.1 Data - **Futures Disk**: For corn futures, C2601 closed at 2175 with a 0.32% increase, C2605 at 2245 with a 0.18% increase, and C2509 at 2272 with a 0.22% increase. For starch futures, CS2601 closed at 2480 with a 0.52% increase, CS2605 at 2560 with a 0.23% increase, and CS2509 at 2612 with a 0.23% increase. The trading volume and open interest of each contract had different changes [2]. - **Spot and Basis**: The spot prices of corn in different regions such as Qinggang, Songyuan Jiji, etc., and the spot prices of starch in different enterprises such as Longfeng, COFCO, etc., were reported. The basis of corn and starch in different regions and enterprises was also provided [2]. - **Spreads**: Corn inter - delivery spreads (e.g., C01 - C05 was - 70 with a 3 increase), starch inter - delivery spreads (e.g., CS01 - CS05 was - 80 with a 7 increase), and cross - variety spreads (e.g., CS09 - C09 was 340 with a 1 increase) were presented [2]. 3.2 Market Judgment - **Corn**: The US corn was in a narrow - range oscillation. The import profit of foreign corn declined. The northern port's flat - hatch price in the north dropped, while the northeast and north China corn spots were stable. The price difference between northeast and north China corn was large. Corn had cost - effectiveness compared to wheat. The domestic breeding demand was stable, and the downstream feed enterprises' inventory was low. The 01 corn futures were strongly oscillating, and the spot basis strengthened. The market was concerned about the seasonal selling pressure of northeast corn and downstream inventory building [4][6]. - **Starch**: The number of vehicles arriving at Shandong deep - processing plants decreased, and the Shandong corn spot was stable. The starch inventory decreased this week, with the manufacturer's inventory at 110.9 million tons, a 2.4 - million - ton decrease from last week, a 1.7% monthly decrease, and a 25.6% year - on - year increase. The starch price depended on corn price and downstream stocking. The by - product price was strong, and the enterprise's profit was good. The 01 starch futures followed the corn to oscillate strongly, but the north China corn price might fall in December, and the starch spot would also decline later [7]. 3.3 Corn Options - The option strategy was a short - term cumulative put strategy with rolling operations. Information about two option contracts (C2605 - P - 2160.DCE and C2601 - P - 2080.DCE) including the underlying price, closing price, and price change was provided [11]. 3.4 Related Attachments - Six figures were provided, including the spot price of corn in different regions, the basis of corn 01 contract, the 1 - 5 spread of corn, the 1 - 5 spread of corn starch, the basis of corn starch 01 contract, and the spread of corn starch 01 contract [13][15][19].

Core Insights - Changchun's industrial investment proportion is projected to increase from 28% in 2020 to 37.5% by 2024, indicating a significant shift towards industrial development [1] - The city's GDP is expected to exceed 800 billion yuan by the end of this year, representing an increase of approximately 120 billion yuan compared to 2020 [3] - The city aims to enhance its modern industrial system, focusing on traditional industries like automotive and equipment manufacturing, with a notable increase in the production of new energy vehicles [3][4] Industrial Development - The traditional industries of automotive, equipment manufacturing, and agricultural product processing are undergoing transformation, with the share of new energy vehicles expected to rise by 10.1 percentage points by 2025 [3] - The production of domestic Hongqi brand vehicles is anticipated to reach 500,000 units by the end of this year, a 2.4-fold increase from 2020 [3] - Agricultural product processing output is projected to reach 78.7 billion yuan by 2024, more than a 50% increase from 2020 [3] Emerging Industries - The biopharmaceutical and life health industry has seen an average annual growth of 13.1% over the past four years, while the optical information industry is expected to grow by 35.8% by 2024 compared to 2020 [4] - The total tourism expenditure is projected to reach 302.6 billion yuan in 2024, which is 2.2 times that of 2020 [4] - The digital economy's added value has been growing at an annual rate of over 10% [4] Economic Reforms and Environment - The total assets of state-owned enterprises in the city are expected to reach 521.8 billion yuan by 2024, a 36% increase from 2020 [5] - The online processing rate for government services is nearing 80%, with 95% of services available through a single entry point [6] - The number of newly registered private enterprises has grown from 213,000 in 2020 to 252,000 in 2024 [7] Agricultural and Urban Development - Grain production is projected to reach nearly 26 billion jin in 2024, making it the highest in the country [8] - The city's transportation network has expanded significantly, with expressway mileage reaching 122.4 kilometers, 1.4 times that of 2020 [9] - Urban public services have improved, with over 420,000 new urban jobs created and 28 new compulsory education schools established [10]

Market Overview - The agricultural processing sector experienced a decline of 0.5% on November 19, with *ST Zhongji leading the drop [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, down 0.0% [1] Stock Performance - Notable gainers in the agricultural processing sector included: - Guan Yi Co., Ltd. (600251) with a closing price of 9.34, up 3.32% and a trading volume of 235,500 shares [1] - Jin Jian Rice Industry (600127) closed at 7.08, up 1.29% with a trading volume of 363,800 shares [1] - Deep Root Holdings (000019) closed at 7.30, up 1.25% with a trading volume of 167,600 shares [1] - Conversely, *ST Zhongji (000972) led the declines with a closing price of 4.03, down 3.82% and a trading volume of 199,400 shares [2] Capital Flow - The agricultural processing sector saw a net inflow of 4.6752 million yuan from institutional investors, while retail investors experienced a net outflow of 39.3694 million yuan [2][3] - The main capital inflow was observed in: - Zhongliang Sugar Industry (600737) with a net inflow of 19.2216 million yuan [3] - Guan Yi Co., Ltd. (600251) with a net inflow of 25.7593 million yuan [3] - Jin Jian Rice Industry (600127) with a net inflow of 24.8628 million yuan [3]

Core Viewpoint - Ningxia Guyuan is implementing innovative mechanisms to promote rural revitalization, focusing on connecting farmers and enhancing their income through a multi-faceted development approach [1][2]. Group 1: Mechanisms and Strategies - The city has established four key mechanisms: benefit connection, production and sales docking, resource allocation, and market entity cultivation, forming a comprehensive industrial development ecosystem [2]. - Guyuan's strategy includes a unique "1+N" model, where "1" represents the foundational platform supported by the four mechanisms, and "N" includes seven differentiated income-generating paths [3]. Group 2: Economic Impact and Growth - The agricultural processing conversion rate has increased from 59% in 2023 to 67%, indicating a strengthening of the industrial backbone [2]. - In 2024, the average disposable income of rural residents in Guyuan is projected to grow by 7.6%, with a year-on-year increase of 6.4% in the first three quarters, leading the region in economic growth [4]. Group 3: Case Studies and Success Stories - Xuechuan Agriculture in Yuanzhou District has established four intelligent deep processing lines for potatoes, processing 220,000 tons annually and creating over 6,000 jobs, with an average annual income exceeding 35,000 yuan per person [3]. - The village of Xiaoshigou in Pengyang County has implemented a "trust management + surplus return" model, achieving an average net income of over 1,000 yuan per mu for farmers [4]. - The village of Yejia in Jingyuan County has developed rural tourism, attracting nearly 200,000 visitors in 2024, with sales of cultural and agricultural products exceeding 2 million yuan [4].

News Summary Core Viewpoint - The domestic soybean meal inventory has increased, while the EU's soybean meal imports have decreased compared to the previous year. Brazil's soybean production is expected to reach a record high despite a slight downward adjustment in forecasts. Group 1: Inventory and Production Data - As of the end of week 46 in 2025, domestic soybean meal inventory stands at 999,000 tons, an increase of 30,000 tons from the previous week, reflecting a 3.05% week-on-week rise [1] - The European Commission reported that soybean meal imports for the 2025/26 season reached 6.74 million tons, down from 7.37 million tons in the same period last year [1] - The Brazilian Soybean Industry Association (Abiove) forecasts a soybean production of 177.7 million tons in 2026, despite a downward revision of 800,000 tons from the October forecast, marking a historical record [1] Group 2: Market Analysis and Forecasts - Zhengxin Futures noted that U.S. soybean prices have fluctuated, with domestic soybean procurement for the near term nearly complete and long-term procurement gradually advancing. The short-term supply of imported soybeans is sufficient, leading to ample domestic soybean and soybean meal inventories [2] - Guodu Futures highlighted that the USDA's November supply and demand report lowered the U.S. soybean yield forecast to 53 bushels per acre, down from 53.5 bushels per acre in September, aligning with market expectations. Domestic soybean imports have consistently exceeded historical levels since May, resulting in a high inventory [3] - The report also indicated that weather conditions in the new season's South American soybean regions are stable, putting pressure on both domestic and international prices, although cost support remains, suggesting a continuation of wide-ranging fluctuations in the market [3]

朱凤莲称，在经贸交流方面，11月10日至14日，第21届桂台经贸文化合作论坛在广西自治区南宁市举 办。论坛以"共享AI时代新机遇，推进桂台合作新发展"为主题，深化桂台人工智能产业赋能与行业场景 应用融合发展。 11月17日至20日，"谋发展·促融合——知名台企龙岩行"活动在福建龙岩举行，近80家台资企业汇聚龙 岩，聚焦机械制造、电子信息、农产品加工等多个领域进行产业对接，分享经贸合作新机遇。 在文化交流方面，11月4日，2025年"迁台记忆"台胞祖地行活动在福建漳州举行，两岸乡亲100余人齐聚 一堂，以寻根为纽带、以记忆为桥梁，共叙血脉亲情，共溯民族根脉。《"迁台记忆"背后的故事》一书 在活动中首发。 11月18日至27日，海外台胞江苏行活动在江苏举办，数十名旅美台胞赴南京等地进行经贸考察和文化交 流，拜谒中山陵、参观孙中山纪念馆，向侵华日军南京大屠杀遇难同胞纪念馆捐赠美籍华人尹集钧所著 《南京大屠杀》一书，以推动海内外同胞共同铭记历史、缅怀先烈、珍爱和平、开创未来。 来源：中国新闻网 国台办介绍近期两岸经贸、文化交流活动情况 中新网11月19日电 国务院台办19日举行例行新闻发布会，发言人就近期两岸热点问题 ...

隔夜国际油价反弹，布伦特01合约涨1.25%。WTI在美国页岩油边际开采成本50美元/桶之上对地缘 犹动相对敏感，随着美国对俄两油制裁生效日11月21日的临近,主要印度买家已表示暂停购买俄罗 斯12月交付的原油，特朗普亦表示共和党正在起草对俄罗斯、伊朗贸易往来国的制裁立法。但是我 们认为供给端收缩引发的油价周期性拐点尚未见到,上周美国API库存超预期增加44.8万桶,油价 反弹空间依然受限。 (责金属) 隔夜贵金属震荡。美国官方数据缺失阶段，ADP发布最新数据显示截至11月1日的四周内，美国企业 平均每周减少约2500个就业岗位。近期美联储多位官员发言偏鹰压制降息预期,市场继续权衡经济 和货币政策前景。贵金属高位震荡，耐心等待新驱动以及技术面的方向性指引。 【铜】 隔夜伦铜盘中反复震荡，收跌在MA40日均线。美国滞后经济数据逐步公布，就业与通胀压力提升12 月降息概率预期的波动性。自由港认为26年其印尼分公司金铜产出量持平于2025年，基本符合且略 高于笔者预期。跟踪需求强弱。短线关注沪铜MA40日均线表现，空单背靠点位下调到8.7万。 【铝】 隔夜沪铝窄幅波动。周初铝锭铝棒社库较上周四分别增加2.5万吨和0 ...

11月14日至16日，第七届华侨进口商品博览会暨青田进口葡萄酒交易会(简称"侨博会")在侨乡浙江青田 举行，来自全球各地的参展商、采购商齐聚，共探进出口贸易新机遇。其间特设的"中国好物 青田出海 展"主题展区，汇聚超90家浙江省内外企业，为跨境贸易搭建起高效对接桥梁。 展台上，一款翼展达6.4米的"青田智造"电动无人机格外吸睛，这是浙江凯步威航天科技有限公司的核 心展品。据了解，该机型起飞重量达600公斤，载重能力可达300公斤，能广泛应用于农业植保、工程建 设、景区运维、应急抢险等多个领域。 周 健 舒旭影 饶晓咪 11月14日，浙江青田侨博会，客商在展区咨 询商品。 主办方供图 "今天我们带来了金平湖品牌的系列农特产，包括平湖糟蛋、老顶丰酱油等优质农产品。"11月14日，浙 江省嘉兴市平湖市东联供销发展有限公司工作人员宋颖表示，希望借助侨博会这个平台，让平湖好物走 出国门、走向世界。 "这款机型从设计、研发到生产销售，全流程都由我们团队自主完成。"浙江凯步威航天科技有限公司董 事长孙聪军言语间充满自豪，"通过侨博会，我们让更多人了解了'青田制造'的无人机，还吸引不少国 际友人的目光，希望产品能够依托华侨资 ...

Core Insights - The Ministry of Agriculture and Rural Affairs announced significant advancements in the construction of 400 modern agricultural industrial parks during the 14th Five-Year Plan, leading to a total output value exceeding 3 trillion yuan [1] - The parks have established a modern agricultural industry system, enhancing the scale and quality of leading industries [1] Group 1: Modern Agricultural Industrial Parks - The modern agricultural industrial parks are based on production and breeding bases, leveraging leading enterprises to integrate production factors such as technology, capital, and information [1] - By 2024, the average ratio of agricultural processing value to total agricultural output in these parks is expected to reach 3.2:1, surpassing the national average by 0.59 [1] - Nearly 60 agricultural brands with a value exceeding 10 billion yuan have been cultivated, doubling since 2021 [1] Group 2: Agricultural Innovation and Technology - The parks have established research and development platforms with over 1,800 provincial-level research institutions, forming expert teams of more than 3,700 [3] - Innovative agricultural scenarios such as unmanned farms and smart pig farming have been developed, leading to significant technological advancements [3] Group 3: Economic Impact on Rural Communities - The average total output value of the parks exceeds 9 billion yuan, with 98 parks generating over 10 billion yuan [5] - Over 70% of farmers in the parks have established benefit-sharing relationships with new agricultural management entities, with an average disposable income of 33,000 yuan, higher than the national rural average [5] Group 4: Case Study - Jiaxing Xiuzhou District - The modern agricultural industrial park in Jiaxing Xiuzhou District has recently completed a rice breeding laboratory, attracting enterprises for new rice variety selection [6][8] - The laboratory features over 60 advanced breeding instruments, significantly reducing the breeding cycle from 8-10 years to approximately 3-5 years through molecular breeding technology [10][12] - The park has developed two industrial chains with a value exceeding 1 billion yuan, integrating 28 leading agricultural enterprises [14]

研究所 农产品研发报告 粕类日报 2025 年 11 月 18 日 【粕类日报】需求改善明显 美豆盘面大幅上涨 研究员：陈界正 期货从业证号： F3045719 投资咨询证号： Z0015458 联系方式： chenjiezheng_qh@chinastock.c om.cn | 粕类价格日报 | | | | | | 2025/11/18 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 期 货 | | | | | | 现货基差 | | | 品 种 | 合 约 | 收盘价 | 涨 跌 | 地 区 | 今 日 | 昨 日 | 涨 跌 | | 豆粕 | 0 1 | 3041 | - 2 | 天津 | 2 0 | 1 0 | 1 0 | | 0 5 | | 2832 | 1 8 | 东莞 | -40 | -40 | 0 | | 张家港 | 0 9 | 2947 | 1 7 | | -50 | -40 | -10 | | | | | | 日照 | -30 | -30 | 0 | | 0 1 | | 2431 | -18 | 南通 | 1 9 | - 9 | ...