然而，这种"交易"背后有一个重要前提，那就是美国必须放弃当前的关税政策。一方面对中国实施高额关税，另一方面又希望中国加大对美农产品的进口， 这显然是不现实的。中国的立场非常明确，只有当中美双方都能以理性的态度对待贸易差异时，才能实现互利共赢。在特朗普的第一个任期内，中美曾经交 锋过一次，现阶段中国不太可能再做出让步。特朗普需要意识到，关税政策对美国农业造成的短期痛苦与长期结构性损害是极为严峻的。尽管政府通过补贴 方式缓解了部分压力，但成本上涨、出口萎缩、市场份额流失以及国际反制等问题依然存在，难以根治。 在美国当地时间8月10日，特朗普在自己创立的社交媒体"真相社交"上发布了相关信息，他提到："中国对大豆的短缺问题表示担忧。我们的农民生产出了最 优质的大豆。"特朗普还呼吁中国迅速将大豆的采购订单增加三倍，他认为这是减少中美贸易逆差的有效方式。为显示他的诚意，特朗普强调美国农民的高 效生产能力，保证能够快速满足订单需求。 这一声明深刻反映了当前美国农民的困境，他们的农产品因关税政策而面临滞销，难以寻找到合适的买家。印 度不愿意对美国开放市场，根本原因在于印度总理莫迪不敢得罪当地农民，因为这可能会使他面临下台的风 ...

本周二（8月12日），粳稻期货主力合约保持不变，截止发稿，粳稻主力报2758.00元/吨。 据外媒报道，农业咨询公司AgRural周一表示，截至上周四，巴西中南部农民已收获2025年第二茬玉米 的88%，比前一周增加7个百分点，但低于去年同期的97%。 巴西2025年8月第1周，共计6个工作日，累计装出玉米176.35万吨，去年8月为606.32万吨。日均装运量 为29.39万吨/日，较去年8月的27.56万吨/日增加6.65%。 美国农业部（USDA）周二凌晨公布的每周作物生长报告显示，截至8月10日当周，美国玉米优良率为 72%，一如市场预期，前一周为73%，上年同期为67%；吐丝率为94%，上一周为88%，上年同期为 93%，五年均值为95%；蜡熟率为58%，上一周为42%，上年同期为58%，五年均值为58%；凹损率为 14%，上一周为6%，上年同期为16%，五年均值为13%。 市场资讯： 韩国媒体11日报道，该国即将进入新米收获期，而市场供应趋紧引发米价上涨。韩国政府决定首次 以"出借"方式向市场投放储备米，以平抑米价。一项最新统计数据显示，截至8月，韩国一袋20公斤装 大米平均零售价为5.8万韩元（ ...

天目山镇横塘村 在之后的十多年时间里，由于土壤疲劳、板结等原因，天目小香薯口感、产量和市场认可度一度萎 缩。为重振天目小香薯，近年来，临安从种苗处置、土壤改良、优化种植技术和模式等入手，集成应 用"集中繁育脱毒种苗、微生物菌剂改良土壤、微蓄微灌肥水一体化"等高效技术，推广"稻-薯轮作、薯- 薯-菜三茬轮作"等高效种植模式，显著提高了天目小香薯的生产效率、产品质量和口感：小香薯单季亩 产值逾万元，每亩比常规种植增产600公斤、增效3000元。今年起，小香薯集成应用新技术已在临安全 面推广。 除了技术改良，临安还从政策上激发薯农的种植积极性。推出天目小香薯价格指数保险，对原产地 天目小香薯收益进行保险"兜底"。当小香薯的市场价格低于5元/公斤保险"兜底价"时，保险公司即对种 植户进行"赔补"，确保贱卖不减收、丰收不歉收。 天目小香薯之所以能够走进京东超市直播间，"俘获"数十万粉丝的芳心，源于临安天目小香薯与京 东超市的一次"邂逅"——临安区供销社主任郭军波介绍，为打开天目小香薯的"北方市场"，今年7月， 临安供销社与天津京东超市达成线下销售合作，将天目小香薯"北上"京东商超进行销售。没想到，凭借 软糯香甜的口感， ...

福建万辰生物科技集团股份有限公司（以下简称"上市公司"或"公 司"）拟以支付现金的方式购买淮南市盛裕企业管理有限公司和淮南市会想 企业管理有限公司合计持有的南京万优商业管理有限公司49.00%股权（以下 简称"本次交易"）。根据《上市公司重大资产重组管理办法》相关规定， 本次交易构成重大资产重组。同时，根据《深圳证券交易所创业板股票上市 规则》的相关规定，本次交易构成关联交易。为本次交易之目的，公司聘请 了中联资产评估咨询（上海）有限公司（以下简称"中联评估"）作为本次交 易的评估机构。 公司董事会就评估机构独立性、评估假设前提合理性、评估方法与评估目 的相关性及交易定价公允性进行了审慎分析，具体如下： 一、评估机构的独立性 公司聘请中联资产评估作为本次交易的评估机构，承担本次交易的评估工 作。中联评估具有法定评估资格，中联评估及其经办评估师与公司、交易对方、 标的公司之间除本次交易正常业务往来之外，不存在其他关联关系，也不存在 除专业收费外的现实或可预期的利益关系或冲突，评估机构具有独立性。 二、评估假设前提的合理性 评估机构和评估人员所设定的评估假设前提和限制条件按照国家有关法规 和规定执行、遵循了市场通 ...

国浩律师（北京）事务所 关于 福建万辰生物科技集团股份有限公司 本次重大资产重组内幕信息知情人登记制度的 制定和执行情况 之 专项核查意见 北京市朝阳区东三环北路 38 号泰康金融大厦 9 层 邮编：100026 电话/Tel: 010-65890699 传真/Fax: 010-65176800 网址/Website: http://www.grandall.com.cn 二〇二五年八月 国浩律师（北京）事务所 专项核查意见 国浩律师（北京）事务所 关于福建万辰生物科技集团股份有限公司 本次重大资产重组内幕信息知情人登记制度的制定和执行情况 之专项核查意见 国浩京证字【2025】第 0428 号 （一）除非另有说明或根据上下文文意另有所指，《法律意见书》的释义适用于本 专项核查意见。 （二）本所律师在《法律意见书》中所作出的声明同时适用于本专项核查意见。 国浩律师（北京）事务所 专项核查意见 第二节 正 文 上市公司拟以支付现金的方式购买淮南市盛裕企业管理有限公司和淮南市会 想企业管理有限公司合计持有的南京万优商业管理有限公司 49.00%股权（以下简 称"本次交易"）。根据《上市公司重大资产重组管理办法》（ ...

记管理制度》等相关规定，控制内幕信息知情人范围，及时记录商议筹划、 论证咨询等阶段的内幕信息知情人及筹划过程，制作内幕信息知情人登记表、 交易进程备忘录，并及时报送深圳证券交易所。 华兴证券有限公司 关于福建万辰生物科技集团股份有限公司 本次重大资产重组内幕信息知情人登记制度的 制定和执行情况的核查意见 福建万辰生物科技集团 股份有限公司（以下简称"公司" 或"上市公 司"）拟以支付现金的方式购买淮南市盛裕企业管理有限公司和淮南市会想 企业管理有限公司合计持有的南京万优商业管理有限公司49.00%股权（以下 简称"本次交易"）。根据《上市公司重大资产重组管理办法》（以下简称 "《重组管理办法》"）相关规定，本次交易构成重大资产重组。同时，根 据《深圳证券交易所创业板股票上市规则》的相关规定，本次交易构成关联 交易。 华兴证券有限公司（以下简称"独立财务顾问"）作为上市公司本次交 易的独立财务顾问， 对上市公司内幕知情人登记制度的制定和执行情况进行 了核查，具体情况如下： 一、内幕信息知情人登记制度的制定和执行情况 上市公司已按照《中华人民共和国证券法》《上市公司信息披露管理办 法》《重组管理办法》《上市公司监 ...

Financial Data and Key Metrics Changes - Consolidated net sales increased by 12% year over year to $59.9 million, driven by growth in the Canadian cannabis segment and the first full quarter of sales from recreational cannabis in the Netherlands [20][9] - Consolidated net income from continuing operations improved to $19.9 million or $0.09 per share, compared to a net loss of $16.6 million or $0.15 per share in Q2 of the previous year [20][21] - Adjusted EBITDA from continuing operations was $17.1 million, significantly up from $2.9 million in Q2 of last year, with an adjusted EBITDA margin of 28.6% [21][9] Business Line Data and Key Metrics Changes - Canadian cannabis segment total net sales were $61.4 million, a 10% increase year over year, primarily due to strong growth in international sales [22] - Export sales to international medicinal markets surged by 690% year over year to $16.6 million, now representing about half the size of retail branded sales [23] - Canadian cannabis gross margin improved to 39%, up from 26% in Q2 of last year, reflecting successful margin improvement initiatives [23][10] Market Data and Key Metrics Changes - International exports increased almost 700% year over year and were up over 120% sequentially from the first quarter, demonstrating the effectiveness of the international growth strategy [11] - The Netherlands saw its first full quarter of sales contributing $2.5 million, with expectations for similar performance in the upcoming quarters [25] - The company reported strong demand from Germany and the UK, with continued growth expected in these markets [12][47] Company Strategy and Development Direction - The company has transformed into a significant platform for revenue growth and margin expansion in the global cannabis industry, focusing on operational capabilities and international opportunities [6][5] - A recent transaction generated $40 million in cash proceeds, strengthening the balance sheet and supporting future growth investments [6][5] - The company plans to convert the remaining 550,000 square feet of its Delta 2 greenhouse in British Columbia to cannabis cultivation, expected to add 40 metric tons of annual production capacity [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the improving performance of the business, driven by increasing demand in Canada and from international partners [16] - The company is optimistic about sustaining gross margins at the upper end of the target range of 30% to 40% for the foreseeable future [10] - Management highlighted the importance of matching supply with demand and indicated that they are not concerned about oversupply issues affecting their operations [41][42] Other Important Information - The company has passed inspections for GACP and certification against revised Israeli medical cannabis good agricultural practice requirements, enhancing its international operational integrity [13] - The company is focused on organic growth and has not pursued acquisitions to achieve its current international market position, although M&A remains a consideration for strategic opportunities [70][71] Q&A Session Summary Question: What drove the decision to expand the Delta 2 facility? - Management indicated that the low investment cost and existing asset conversion were key factors, along with the need to meet customer demand and manage supply effectively [39][40][42] Question: What were the strong drivers for international growth in Q2? - Management noted that growth was driven by strong demand in Germany and the UK, as well as onboarding new customers [43][47] Question: What are the expectations for Canadian cannabis market dynamics? - Management acknowledged that while pricing has stabilized in wholesale markets, retail pricing has not yet reflected this, indicating ongoing supply dynamics [65][66] Question: Are there any M&A opportunities being considered? - Management stated that while they are primarily focused on organic growth, M&A could be considered if it is strategic and accretive [70][71] Question: What are the implications of potential US federal rescheduling? - Management expressed optimism about the US market, indicating that they are prepared for future opportunities and that Texas would need to follow federal guidelines [75][76]

Core Viewpoint - The news highlights the achievements of Weifang City in local legislation over the past decade, particularly focusing on the implementation of the "Regulations on the Prohibition and Limitation of Highly Toxic Pesticides" which aims to ensure food safety and regulate pesticide use in agriculture [1] Group 1: Legislative Achievements - Weifang has enacted the "Regulations on the Prohibition and Limitation of Highly Toxic Pesticides," which includes 430,000 monitored agricultural entities and targets eight key crops for stringent management [1] - The city has maintained a stable agricultural product quality safety inspection pass rate of over 98% and has been recognized as a national agricultural product quality safety city [1] Group 2: Implementation and Public Awareness - The city has conducted extensive legal education campaigns to enhance awareness of safe pesticide use, implementing a "whoever enforces the law is responsible for legal education" policy [3] - Various promotional activities, including training sessions and direct outreach to farmers, have been conducted to ensure comprehensive understanding of the regulations among agricultural stakeholders [3] Group 3: Regulatory Oversight and Collaboration - A multi-departmental regulatory framework has been established to oversee the management of highly toxic pesticides, involving collaboration between agricultural, market regulation, public security, and environmental departments [4] - The city has implemented a three-tiered regulatory system to ensure effective oversight at the municipal, county, and township levels, promoting a coordinated approach to pesticide management [4] Group 4: Green Production Practices - Weifang is actively promoting reduced pesticide usage and green production methods, focusing on biological and physical pest control techniques [4] - The area has achieved 9.52 million acres of green pest control and 14.67 million acres of professional pest management, significantly reducing the frequency and intensity of chemical pesticide use [4]

Report Summary 1. Investment Rating The report does not provide an overall industry investment rating. 2. Core Views - For corn, the market is bearish. International factors such as high US corn good - rate and favorable weather for growth are pressuring prices. Domestically, multiple factors like import reserve auctions, falling international grain prices, and lower new - season corn costs lead to a pessimistic outlook. Spot prices are weak, and futures prices are trending down [8]. - For corn starch, the market is also bearish. With increasing industry operating rates and weak downstream demand, there is an obvious oversupply situation. Inventory is rising, and futures prices are oscillating weakly at a low level [12]. 3. Summary by Catalog 3.1 Week - to - Week Summary - **Corn**: - Strategy: Trade bearishly [7]. - Market review: The main 2509 contract closed at 2255 yuan/ton, down 42 yuan/ton from the previous week [8]. - Outlook: US corn good - rate is high, and domestic factors lead to a pessimistic outlook. Spot prices are weak, and futures prices are trending down [8]. - **Corn Starch**: - Strategy: Participate bearishly [11]. - Market review: The main 2509 contract closed at 2642 yuan/ton, down 26 yuan/ton from the previous week [12]. - Outlook: Operating rates are rising, demand is weak, and inventory is increasing. Futures prices are oscillating weakly at a low level [12]. 3.2 Futures and Spot Market - **Futures Price and Position Changes**: - Corn: The September contract closed down with oscillations. Total positions were 659,407 lots, down 87,309 lots from the previous week [18]. - Corn Starch: The September contract closed down with narrow - range oscillations. Total positions were 145,811 lots, down 12,545 lots from the previous week [18]. - **Top 20 Net Position Changes**: - Corn: The top 20 net position was - 28,678, compared to - 20,885 last week, an increase in net short positions [24]. - Corn Starch: The top 20 net position was - 5,893, compared to - 18,086 last week, a decrease in net short positions [24]. - **Futures Warehouse Receipts**: - Corn: Registered warehouse receipts were 144,037 [30]. - Corn Starch: Registered warehouse receipts were 7,450 [30]. - **Spot Price and Basis**: - Corn: As of August 7, 2025, the average spot price was 2395.49 yuan/ton, and the basis between the active September contract and the spot average was + 140 yuan/ton [35]. - Corn Starch: The spot price in Jilin was 2850 yuan/ton, and in Shandong was 2950 yuan/ton, remaining stable this week. The basis between the September contract and the Jilin Changchun spot was 208 yuan/ton [39]. - **Futures Inter - month Spread**: - Corn: The 9 - 1 spread was 84 yuan/ton, at a medium level in the same period [45]. - Corn Starch: The 9 - 1 spread was 90 yuan/ton, at a medium level in the same period [45]. - **Futures Spread between Starch and Corn**: - The September contract spread was 387 yuan/ton. As of Thursday, the spread between Shandong corn and corn starch was 400 yuan/ton, the same as last week [55]. - **Substitute Spread**: - As of July 31, 2025, the wheat - corn spread was 36.48 yuan/ton. In the 32nd week of 2025, the average spread between tapioca starch and corn starch continued to narrow to 117 yuan/ton, a contraction of 23 yuan/ton from last week [60]. 3.3 Industry Chain - **Corn - Supply**: - Port Inventory: As of August 1, 2025, Guangdong Port's domestic corn inventory was 89.2 tons, up 1.00 tons from last week; foreign trade inventory was 0.4 tons, down 0.30 tons. Northern four - port inventory was 190.5 tons, down 20.1 tons week - on - week, and the shipping volume was 24 tons, down 15.30 tons week - on - week [49]. - Import Volume: In June 2025, ordinary corn imports were 160,000 tons, a decrease of 760,000 tons (82.61%) from the same period last year and 30,000 tons from the previous month [68]. - Feed Company Inventory: As of August 7, the average inventory of national feed companies was 30.44 days, down 0.14 days from last week, a 0.46% week - on - week decrease and a 3.40% year - on - year increase [72]. - **Corn - Demand**: - Livestock Inventory: As of the end of Q2 2025, the national pig inventory was 424.47 million, a 2.2% year - on - year increase, and the breeding sow inventory was 40.43 million, an increase of 10,000 from the previous period, 103.7% of the normal level [76]. - Breeding Profit: As of August 1, 2025, self - breeding and self - raising pig profit was 43.85 yuan/head, and the profit of purchasing piglets was - 116.78 yuan/head [80]. - Processing Profit: As of August 7, 2025, the corn starch processing profit in Jilin was - 64 yuan/ton. As of August 8, 2025, the corn alcohol processing profit in Henan was - 615 yuan/ton, in Jilin was - 594 yuan/ton, and in Heilongjiang was - 225 yuan/ton [85]. - **Corn Starch - Supply**: - Enterprise Inventory: As of August 6, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 3.643 million tons, a 4.06% decrease [89]. - Operating Rate and Inventory: From July 31 to August 6, 2025, the national corn processing volume was 560,500 tons, up 15,400 tons from last week; the national corn starch output was 278,500 tons, up 10,700 tons; the operating rate was 53.83%, up 2.07%. As of August 6, the total corn starch inventory was 1.32 million tons, up 27,000 tons from last week, a 2.09% week - on - week increase, a 0.69% month - on - month increase, and a 14.48% year - on - year increase [93]. 3.4 Option Market As of August 8, the implied volatility of the corn main 2509 contract was 9.68%, down 0.08% from the previous week. The implied volatility oscillated narrowly and was at a relatively high level compared to the 20 - day, 40 - day, and 60 - day historical volatilities [96].

2025/8/8 10:46 【国富期货早间看点】USDA美⾖当周出⼝净增101.29万吨⾼于预期 Anec巴西⼤⾖8⽉出⼝料为815万吨 20250808 | 期货 | 现货 | 现货价格 | 基差 | 基差隔日变化 | | --- | --- | --- | --- | --- | | DCE棕榈油2509 | 华北 | 9060 | 120 | 0 | | | 华东 | 8920 | -20 | -40 | | | 华南 | 8920 | -20 | 0 | | DCE豆油2509 | 山东 | 8500 | 110 | 90 | | | 江苏 | 8670 | 280 | 0 | | | 广东 | 8570 | 180 | -20 | | | 天津 | 8530 | 140 | 20 | | DCE豆粕2509 | 山东 | 2890 | -127 | 5 | | | 江苏 | 2910 | -107 | 5 | | | 广东 | 2910 | -107 | 5 | | | 天津 | 2970 | -47 | -5 | | | 地区 | CNF升贴水 (美分/蒲式耳) | CNF升贴水变化 | CNF ...