1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Views of the Report - Palm oil has no upward or downward drivers, and the inventory pressure needs to be released [2][4]. - For soybean oil, Argentina has cancelled the export tax on soybeans, leading to a weak and volatile trend in US soybeans [2][4]. - Due to the US soybean's lower - than - expected good - to - excellent rate, soybean meal may rebound [2][13]. - Affected by the sentiment in the soybean market, soybean No.1 is oscillating at a low level [2][13]. - Attention should be paid to the listing of new corn [2][16]. - Monitor the impact of typhoon "Huajiaisha" on sugarcane areas [2][21]. - The pressure of new cotton listing is weighing on the futures price [2][26]. - The peak season for eggs is coming to an end [2][32]. - It is the stage of concentrated release of contradictions in the pig market before the festival [2][34]. - Peanut prices have declined [2][39]. 3. Summary by Related Catalogs Palm Oil and Soybean Oil Fundamental Tracking - Palm oil's daytime closing price was 9,360 yuan/ton with a 0.47% increase, and the night - time closing price was 9,152 yuan/ton with a 2.22% - 2.32% decrease. Its trading volume was 561,707 lots, an increase of 7,050 lots, and the open interest was 403,883 lots, a decrease of 7,931 lots. The spot price in Guangdong was 9,270 yuan/ton, a decrease of 30 yuan/ton, and the basis was - 90 yuan/ton [5]. - Soybean oil's daytime closing price was 8,366 yuan/ton with a 0.46% increase, and the night - time closing price was 8,172 yuan/ton. Its trading volume was 290,066 lots, a decrease of 41,585 lots, and the open interest was 569,350 lots, a decrease of 2,076 lots. The spot price in Guangdong was 8,710 yuan/ton, unchanged, and the basis was 344 yuan/ton [5]. Macro and Industry News - From September 1 - 20, 2025, Malaysia's palm oil yield per unit area decreased by 6.57% month - on - month, the oil extraction rate decreased by 0.25% month - on - month, and the output decreased by 7.89% month - on - month [6]. - Malaysia's palm oil product exports from September 1 - 20, 2025, showed different trends according to different institutions' data. ITS data indicated an increase compared to the same period last month, AmSpec showed an 8.3% increase, while SGS predicted a 16.1% decrease [7][8][9]. - As of September 21, the US soybean good - to - excellent rate was 61%, lower than the market expectation of 62%, and the harvest rate was 9%, lower than the expected 12% [9]. - Argentina has temporarily cancelled the export tax on soybeans, soybean meal, soybean oil, corn, and wheat until October 31 or until the total export reaches 7 billion US dollars [10]. Trend Intensity The trend intensity of palm oil and soybean oil is - 1 [12]. Soybean Meal and Soybean No.1 Fundamental Tracking - DCE soybean No.1 2511's daytime closing price was 3,912 yuan/ton with a 0.15% increase, and the night - time closing price was 3,884 yuan/ton with a 0.69% decrease. DCE soybean meal 2601's daytime closing price was 3,034 yuan/ton with a 1.00% increase, and the night - time closing price was 2,983 yuan/ton with a 1.55% decrease [13]. Macro and Industry News - On September 22, CBOT soybean futures closed lower, hitting a six - week low due to insufficient Chinese purchases and Argentina's cancellation of the export tax on grains [13][15]. Trend Intensity The trend intensity of soybean meal and soybean No.1 is 0 [15]. Corn Fundamental Tracking - The daytime closing price of C2511 was 2,147 yuan/ton with a 1.11% decrease, and the night - time closing price was 2,151 yuan/ton with a 0.19% increase. The daytime closing price of C2601 was 2,136 yuan/ton with a 1.16% decrease, and the night - time closing price was 2,137 yuan/ton with a 0.05% increase [16]. Macro and Industry News - The northern corn collection price at ports decreased by 20 yuan/ton compared to last week, and the price in Guangdong Shekou remained flat. The purchase price of deep - processing enterprises in the Northeast and North China has declined [17]. Trend Intensity The trend intensity of corn is 0 [20]. Sugar Fundamental Tracking - The raw sugar price was 15.85 cents/pound, a year - on - year decrease of 0.33 cents/pound. The mainstream spot price was 5,850 yuan/ton, a year - on - year decrease of 60 yuan/ton, and the futures main contract price was 5,452 yuan/ton, a year - on - year decrease of 9 yuan/ton [21]. Macro and Industry News - Pay attention to the impact of typhoon "Huajiaisha" on sugarcane production areas. Brazil's sugar production in the second half of August increased by 18% year - on - year, but its exports in August and July decreased by 5% year - on - year. Conab has lowered Brazil's sugar production forecast for the 25/26 season to 44.5 million tons [21]. Trend Intensity The trend intensity of sugar is 0 [24]. Cotton Fundamental Tracking - The daytime closing price of CF2601 was 13,610 yuan/ton with a 0.80% decrease, and the night - time closing price was 13,575 yuan/ton with a 0.26% - 0.05% decrease. The daytime closing price of CY2511 was 19,675 yuan/ton with a 0.30% decrease [26]. Macro and Industry News - The spot trading of cotton was sluggish, and the purchase price of seed cotton was slightly weak. The sentiment in the cotton yarn market has weakened, and the sales of cotton grey cloth have partially declined [27]. Trend Intensity The trend intensity of cotton is 0 [29]. Eggs Fundamental Tracking - The price of eggs 2510 was 2,982 yuan/500 kg, a 1.84% decrease, and the price of eggs 2601 was 3,366 yuan/500 kg, a 1.67% decrease [32]. Trend Intensity The trend intensity of eggs is 0 [32]. Pigs Fundamental Tracking - The Henan spot price was 12,730 yuan/ton, a decrease of 200 yuan/ton. The futures prices of pigs 2511, 2601, and 2603 all decreased year - on - year [35]. Market Logic - Group farms have significantly reduced supply, but the pig weight has increased again, and the price difference between fat and lean pigs has weakened, indicating a serious passive inventory accumulation. The probability of concentrated pressure release in the spot market before the double festivals has increased, and the spot price center will further decline [37]. Trend Intensity The trend intensity of pigs is - 1 [36]. Peanuts Fundamental Tracking - The price of Liaoning 308 common peanuts was 8,600 yuan/ton, an increase of 140 yuan/ton. The trading volume and open interest of peanut futures decreased [39]. Spot Market Focus - In most peanut - producing areas, the supply has slightly increased due to improved weather, but the remaining spring peanuts are limited. The harvest of wheat - stubble peanuts has been postponed due to rain [40]. Trend Intensity The trend intensity of peanuts is 0 [42].

Core Viewpoint - Agricultural Bank of China Beijing Branch is actively supporting rural revitalization through innovative financial products and services tailored to the specific needs of rural industries, thereby enhancing agricultural productivity and improving the livelihoods of local farmers [1][2][8]. Group 1: Financial Support for Rural Industries - The bank has developed specialized financial products to address the unique needs of rural industries, ensuring that farmers can access loans that are easy to obtain, beneficial to use, and manageable to repay [2][3]. - A notable example includes the "Rural Revitalization e-loan," which provided funding between 500,000 to 1 million yuan to a cooperative in Dawo Village, enabling them to expand their mushroom production and processing capabilities [3]. - The cooperative's annual output value has reached 3 million yuan, significantly increasing the average income of villagers from 16,000 yuan in 2016 to 28,000 yuan by 2025 [3]. Group 2: Diverse Financial Products - Agricultural Bank of China Beijing Branch has introduced various financial products such as merchant loans, rural tourism loans, order loans, facility loans, and agricultural insurance loans to strengthen rural industries [5]. - The bank has also supported the Beijing Jingchun Beekeeping Cooperative with loans ranging from 1 million to 2 million yuan to help expand their operations, demonstrating a commitment to addressing the specific challenges faced by different agricultural sectors [4]. Group 3: Infrastructure and Community Development - The bank has invested nearly 2 million yuan in "rural tourism loans" to enhance local tourism infrastructure in Huangshandian Village, contributing to the overall economic development of the area [6]. - Additionally, over 2.4 million yuan has been allocated for public welfare projects in various villages, focusing on road construction, waste management, and cultural facilities [6][7]. Group 4: Talent and Knowledge Support - The bank has initiated programs to pair rural revitalization demonstration villages with better-developed administrative villages, fostering knowledge transfer and resource sharing [7]. - A team of five skilled personnel has been deployed to provide on-the-ground financial services and guidance, ensuring that local communities receive comprehensive support [7]. Group 5: Future Commitment - The bank plans to continue enhancing its financial support for key agricultural sectors, with a focus on food security, rural industries, and agricultural technology, having already issued nearly 9 billion yuan in loans to agricultural enterprises [8]. - The ongoing efforts aim to create a sustainable model for rural revitalization, ensuring that financial services are closely aligned with the needs of the agricultural sector and rural communities [8].

Monetary Policy - The central bank emphasizes a supportive monetary policy stance, implementing moderate easing without immediate adjustments to short-term policies [1] - As of the end of August, various long-term funds held approximately 21.4 trillion yuan in A-share market, reflecting a 32% increase compared to the end of the 13th Five-Year Plan [1] - The LPR remained unchanged in September, while the Federal Reserve's anticipated rate cuts have influenced market risk appetite positively [1] Key Commodities Oil - Oil prices are under pressure due to recent weather impacts in Malaysia, with palm oil production expected to decrease by 8.05% for the period of September 1-15, 2025 [2][27] - Exports of Malaysian palm oil are projected to decline by 24.7% during the same period, contributing to the bearish sentiment in the oil sector [2][27] Gold - Following the Federal Reserve's decision to cut rates by 25 basis points, gold prices have rebounded, reaching new highs [3][18] - Strong retail sales data from the U.S. and ongoing expectations for further rate cuts have sustained bullish sentiment in the gold market [3][18] Stock Indices - U.S. stock indices have risen, with significant trading volumes, indicating a phase of consolidation after prolonged gains [4][10] - The financing balance decreased by 4.15 billion yuan to 23.816 trillion yuan, reflecting a divergence in market sentiment [4][10] Domestic News - The implementation of the "9.24" policy package has strengthened the foundation for stability in China's capital markets, with significant increases in trading volumes and new account openings [6] - As of September 18, the financing and securities balance reached 24.024 trillion yuan, with daily trading volumes in the A-share market exceeding 3 trillion yuan multiple times this year [6] Industry News - The State Council is prioritizing the establishment of national standards for pre-prepared dishes, aiming to enhance consumer rights and choices [8] Shipping Index - The European shipping index has shown fluctuations, with current freight rates declining significantly, indicating a competitive pricing environment among shipping companies [30]

Core Insights - The article highlights the cultural significance and economic impact of "Dapanji," a traditional dish from Xinjiang, which has become a symbol of local cuisine and heritage [1][2]. Industry Overview - Dapanji is a popular dish in Shawan City, Xinjiang, where nearly every household prepares it, creating a vibrant culinary atmosphere [2]. - The dish's ingredients, including locally sourced chicken, potatoes, and special red peppers known as "lapi zi," reflect the agricultural development in Xinjiang [4][5]. Agricultural Development - The chicken used in Dapanji is sourced from standardized free-range farms, which allows for traceability of its production process, enhancing food safety and quality [5]. - The peppers, a key ingredient, have evolved from scattered farming to a complete industry chain, including breeding, planting, processing, and sales, meeting both domestic and international demand [7]. Economic Impact - The Dapanji industry in Shawan has established a full industrial chain from breeding to e-commerce, generating an annual output value exceeding ten million yuan [9]. - The growth of this industry has led to the establishment of over 1,000 Dapanji businesses and provided employment for more than 10,000 people, significantly boosting local economic development [9]. Cultural Significance - The cooking techniques for Dapanji have been recognized as a regional intangible cultural heritage, showcasing the blend of culinary art and local traditions [9]. - The dish not only represents the flavors of Xinjiang but also embodies the hard work and wisdom of its diverse population, contributing to a sense of community and cultural pride [9].

Core Viewpoint - The celebration of the "Chinese Farmers' Harvest Festival" and the greetings from General Secretary Xi Jinping have inspired local agricultural officials and farmers to actively engage in modernizing agriculture and rural areas, aiming for a beautiful future of Chinese-style modernization [1][2]. Group 1: Agricultural Modernization Initiatives - Local agricultural departments are organizing diverse harvest celebration activities to promote urban-rural consumption and enhance community collaboration, focusing on connecting production and sales [1]. - There is a commitment to improving agricultural production capacity through the promotion of advanced technologies and equipment, as well as enhancing the employment stability of farmers [1][2]. - The emphasis on agricultural modernization is seen as crucial for overall national development, with frontline agricultural technicians pledging to improve production capabilities and farmer incomes [1][2]. Group 2: Specific Agricultural Practices and Innovations - A cooperative in Weinan has managed 28,900 acres of land, expecting an average yield of over 1,050 kilograms per acre, marking a significant achievement in grain production [2][3]. - The tea industry in Hanzhong is focusing on standardizing tea production and integrating it with tourism and cultural experiences to enhance product value and attract visitors [3].

大宗商品研究所 农产品研发报告 品 种 合 约 收盘价 涨 跌 地 区 今 日 昨 日 涨 跌 0 1 3034 2 0 天津 -30 1 0 -40 0 5 2782 - 4 东莞 -70 -70 0 0 9 2891 - 8 张家港 -100 -90 -10 日照 -70 -60 -10 0 1 2528 6 南通 4 2 2 8 1 4 0 5 2373 -14 广东 9 2 7 8 1 4 0 9 2447 - 7 广西 8 2 6 8 1 4 今日 昨日 涨跌 今日 昨日 涨跌 15价差 252 228 2 4 15价差 155 135 2 0 59价差 -109 -113 4 59价差 -74 -67 - 7 91价差 -143 -115 -28 91价差 -81 -68 -13 今日 昨日 今日 昨日 今日 昨日 506 492 444 445 2.757 2.763 今日 昨日 涨跌 今日 昨日 涨跌 豆粕-菜粕 221 259 -38 菜粕-葵粕 290 290 0 豆粕-葵粕 491 519 -28 粕类价格日报 2025/9/22 期 货 现货基差 月 差 跨品种期货价差 现货价差 豆 ...

证券日报网讯美农生物（301156）9月22日发布公告，在公司回答调研者提问时表示，公司全资子公司 乐陵美农于去年8月底注册成立，以实施公司10万吨玉米蛋白精加工项目。为尽早实现投产目标，公司 全面统筹资源，周密制定计划，积极协调各方力量，顺利完成了项目用地、立项核准、环评审批及施工 许可等关键手续。项目团队坚持高标准、快节奏推进建设工作，目前一期工程进展顺利，有望在今年内 建成并进入试生产阶段。 ...

Group 1 - Xinxiang Chemical Fiber will suspend production for approximately 90 days starting October 1, 2025, affecting an annual capacity of 31,200 tons, resulting in a revenue decrease of approximately 185 million yuan and a profit reduction of about 48 million yuan [1] - Bozhong Precision plans to transfer 18.29% of its stake in Suzhou Linghou Robot for 64 million yuan, retaining a 21.61% ownership post-transaction [1] - Haixing Electric is a recommended candidate for a State Grid procurement project, with an expected bid amount of approximately 128 million yuan [2] Group 2 - Samsung Medical is a recommended candidate for multiple State Grid procurement projects, with a total expected bid amount of approximately 193 million yuan [2][3] - Youxunda is a recommended candidate for a State Grid procurement project, with a bid amount of approximately 107 million yuan, representing 10.55% of its 2024 revenue [3] - Tiancheng Self-Control has received a notification for a seat assembly project from a well-known domestic new energy vehicle company, expected to start mass production in June 2026 [4] Group 3 - YKYY013 injection has received FDA approval for clinical trials to treat chronic hepatitis B virus infection [4] - Pulaide has signed a strategic cooperation agreement with an international electric tool brand, with a total procurement amount exceeding 700 million yuan over five years [4] - Sichuan Shuangma's subsidiary has obtained GMP certification from Russia, covering core aspects of drug quality and production systems [6] Group 4 - Boshi Co. has signed an industrial service contract worth approximately 96.99 million yuan with Guoneng Baotou Coal Chemical [7] - Wansheng Intelligent is a recommended candidate for a State Grid project, with an expected bid amount of approximately 67.98 million yuan, representing 7.25% of its 2024 revenue [9][10] - Huazi Industrial plans to sell its dairy farm assets for 38.5 million yuan, expecting a positive impact of approximately 11.7 million yuan on its current profits [10] Group 5 - Jinguang Electric has won a State Grid project with a total bid amount of approximately 28.4 million yuan, accounting for 3.82% of its 2024 revenue [11] - Nanjiao Food reported a net profit of 10,410 yuan for August, a year-on-year decrease of 98.31% [13] - Dongfang Bio's subsidiary has obtained registration certificates for two medical device products [15] Group 6 - Lanhua Kecai has signed a strategic cooperation agreement with Shanghai Pangu Power to promote intelligent and efficient transformation in the coal mining industry [17] - Yabao Pharmaceutical has decided to terminate the SY-009 research project, with a total investment of approximately 87.87 million yuan to be fully impaired [18] - Tian Shili's subsidiary has received approval for a new indication for its recombinant human urokinase injection for acute ischemic stroke treatment [20] Group 7 - Su Yan Jingshen's executives plan to increase their shareholding in the company, with a total investment of between 1.9 million and 2.66 million yuan [22] - Baiyun Electric and its subsidiary have won a State Grid project with a total bid amount of approximately 162 million yuan, covering multiple equipment types [23] - China West Electric's director has resigned due to work reasons, effective September 19, 2025 [25] Group 8 - Jianan Intelligent is a recommended candidate for a State Grid project with a total expected bid amount of approximately 73.12 million yuan [26] - Juhua Technology is a recommended candidate for a State Grid project with a total expected bid amount of approximately 142 million yuan [27] - Tengyuan Cobalt's actual controller has committed not to reduce holdings for the next 12 months, holding 37.89% of the total shares [28] Group 9 - Changfei Optical Fiber announced that Draka Comteq B.V. no longer holds H shares in the company after selling 37.59 million shares [28] - Mongcao Ecological's subsidiary has signed a contract for an ecological restoration project worth 225.2 million yuan [29] - Weiao Co. plans to distribute a cash dividend of 0.1 yuan per share, totaling approximately 39.29 million yuan [30]

证券之星消息，9月22日农产品加工板块较上一交易日下跌0.47%，*ST中基领跌。当日上证指数报收于 3828.58，上涨0.22%。深证成指报收于13157.97，上涨0.67%。农产品加工板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 839273 | 一致魔手 | 39.39 | 1.97% | 1.75万 | 6789.28万 | | 600737 | 中粮糖业 | 17.14 | 1.48% | 72.52万 | 12.69ZZ | | 600962 | 国投中鲁 | 21.00 | 1.06% | 3.26万 | 6801.28万 | | 000911 | 广农糖业 | 7.38 | 0.41% | 4.55万 | 3350.57万 | | 603182 | 草束股份 | 14.06 | 0.14% | 2.19万 | 3104.10万 | | 300175 | ST朗源 | 6.26 | -0.48% | 3.54万 | 2210.94万 | | 003030 ...

Quantitative Models and Construction Methods 1. Model Name: Convertible Bond Random Forest Strategy - **Model Construction Idea**: Utilizes the Random Forest machine learning method to identify convertible bonds with potential for excess returns by leveraging decision trees[16][17] - **Model Construction Process**: 1. Data preprocessing and feature engineering to prepare convertible bond datasets 2. Training a Random Forest model with historical data to identify patterns of excess return potential 3. Selecting bonds with the highest predicted scores for portfolio construction 4. Weekly rebalancing of the portfolio based on updated predictions[17] - **Model Evaluation**: Demonstrated strong performance in generating excess returns, indicating high predictive accuracy[16] 2. Model Name: Multi-Dimensional Timing Model - **Model Construction Idea**: Combines macro, meso, micro, and derivative signals to create a four-dimensional non-linear timing model for market positioning[18][19] - **Model Construction Process**: 1. Macro signals: Derived from liquidity, interest rates, credit, economic growth, and exchange rates 2. Meso signals: Based on industry-level business cycle indicators 3. Micro signals: Captures structural risks using valuation, risk premium, volatility, and liquidity factors 4. Derivative signals: Generated from the basis of stock index futures 5. Aggregation: Signals are synthesized into a composite timing signal[18][19][24] - **Model Evaluation**: Effective in identifying market trends and providing actionable signals, with the latest signal indicating a bullish stance[19][24] 3. Model Name: Industry Rotation Strategy 2.0 - **Model Construction Idea**: Constructs an industry rotation strategy based on economic quadrants and multi-dimensional industry style factors[69] - **Model Construction Process**: 1. Define economic quadrants using corporate earnings and credit conditions 2. Develop industry style factors such as expected business climate, earnings surprises, momentum, valuation bubbles, and inflation beta 3. Test factor effectiveness within each quadrant 4. Allocate to high-expected-return industries based on factor signals[69][71] - **Model Evaluation**: Demonstrates strong adaptability to the A-share market, with annualized excess returns of 9.44% (non-exclusion version) and 10.14% (double-exclusion version)[71] 4. Model Name: Genetic Programming Index Enhancement Models - **Model Construction Idea**: Uses genetic programming to discover and optimize stock selection factors for index enhancement strategies[88][93][97] - **Model Construction Process**: 1. Stock pools: Defined for CSI 300, CSI 500, CSI 1000, and CSI All Share indices 2. Training: Genetic programming generates initial factor populations and iteratively evolves them through multiple generations 3. Factor selection: Top-performing factors are combined into a composite score 4. Portfolio construction: Selects top 10% of stocks within each industry based on scores, with weekly rebalancing[88][93][97][102] - **Model Evaluation**: - CSI 300: Annualized excess return of 17.91%, Sharpe ratio of 1.05[91] - CSI 500: Annualized excess return of 11.78%, Sharpe ratio of 0.85[95] - CSI 1000: Annualized excess return of 17.97%, Sharpe ratio of 0.93[98] - CSI All Share: Annualized excess return of 24.84%, Sharpe ratio of 1.33[103] --- Model Backtest Results 1. Convertible Bond Random Forest Strategy - Weekly excess return: 0.64%[16] 2. Multi-Dimensional Timing Model - Latest composite signal: Bullish (1)[19][24] 3. Industry Rotation Strategy 2.0 - Annualized excess return (non-exclusion version): 9.44% - Annualized excess return (double-exclusion version): 10.14%[71] 4. Genetic Programming Index Enhancement Models - CSI 300: - Annualized excess return: 17.91% - Sharpe ratio: 1.05[91] - CSI 500: - Annualized excess return: 11.78% - Sharpe ratio: 0.85[95] - CSI 1000: - Annualized excess return: 17.97% - Sharpe ratio: 0.93[98] - CSI All Share: - Annualized excess return: 24.84% - Sharpe ratio: 1.33[103] --- Quantitative Factors and Construction Methods 1. Factor Name: Industry Business Climate Index 2.0 - **Factor Construction Idea**: Tracks industry fundamentals by analyzing revenue, pricing, and cost dynamics[27] - **Factor Construction Process**: 1. Analyze industry revenue and cost structures 2. Calculate daily market-cap-weighted industry indices 3. Aggregate indices into a composite business climate index[27][30] - **Factor Evaluation**: Demonstrates predictive power for A-share earnings expansion cycles[28] 2. Factor Name: Barra CNE6 Style Factors - **Factor Construction Idea**: Evaluates market performance using 9 primary and 20 secondary style factors, including size, volatility, momentum, quality, value, and growth[45] - **Factor Construction Process**: 1. Calculate factor returns for each style factor 2. Aggregate factor performance to assess market trends[45][46] - **Factor Evaluation**: Size factor performed well during the week, while volatility factor underperformed[46] 3. Factor Name: Industry Rotation Factors - **Factor Construction Idea**: Captures industry rotation dynamics using factors like expected business climate, earnings surprises, momentum, and valuation bubbles[69] - **Factor Construction Process**: 1. Define and calculate individual factors 2. Test factor effectiveness within economic quadrants 3. Combine factors for industry allocation[69] - **Factor Evaluation**: Demonstrates strong historical performance, with factors like expected business climate and momentum showing significant returns[57][59] --- Factor Backtest Results 1. Industry Business Climate Index 2.0 - Current value: 0.913 - Excluding financials: 1.288[28] 2. Barra CNE6 Style Factors - Size factor: Strong performance during the week[46] 3. Industry Rotation Factors - Historical annualized returns: - Expected business climate: 0.40% - Momentum: -0.95% - Valuation beta: 2.37%[57]