1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - The global trade situation is stabilizing with positive progress in tariff negotiations between the US and its major trading partners, which has led to a decline in market risk - aversion sentiment. The market is waiting for the Fed's interest - rate decision and the progress of Sino - US trade negotiations. Different commodities are expected to show various trends based on their own fundamentals and macro - economic factors [2][5]. 3. Summary According to Related Catalogs 3.1 Macro - Overseas: Tariff negotiations have made progress. The US and China plan to extend reciprocal tariffs and counter - measures for 90 days. Trump advanced the Russia - Ukraine agreement deadline and threatened to raise taxes on Russia, causing oil prices to soar. India postponed concessions and aims to reach an agreement with the US in September - October. The US labor market is cooling but remains robust. The US 6 - month job openings dropped to 7.437 million, and the hiring rate fell to 3.3%. - Domestic: Market sentiment is positive, actively speculating on policy expectations. Commodity fluctuations have intensified. A - shares opened lower and closed higher with heavy trading volume. The bond market significantly adjusted under pressure. In the long - term, social security policies are expected to ease over - capacity and involution problems, and domestic demand policies may continue to strengthen. In the short - term, beware of market adjustments after the fading of sentiment and the realization of policy benefits [2][3]. 3.2 Precious Metals - On Wednesday, international precious metal futures prices showed mixed performance. COMEX gold futures rose 2.08% to $3383 per ounce, while COMEX silver futures fell 0.09% to $38.33 per ounce. The market is concerned about Sino - US economic and trade negotiations and the Fed meeting. The US and China will extend reciprocal tariffs and counter - measures for 90 days. The EU may purchase 40 billion euros of AI chips in the US - EU trade agreement. The US labor market data is weak, and the trade deficit has narrowed. The market expects the Fed to keep interest rates unchanged this week but is highly concerned about its policy outlook. If more Fed members support a rate cut in September, it may boost gold prices. Short - term gold and silver prices are expected to fluctuate [4][5][6]. 3.3 Copper - On Tuesday, SHFE copper was weakly volatile, and LME copper sought support at the $9700 level. The spot market trading of electrolytic copper improved slightly, and domestic trade copper rose to a premium of 110 yuan/ton. The Sino - US economic and trade talks made positive progress, and the IMF significantly raised China's economic growth forecast for this year to 4.8%. The market is concerned that the US may impose a 50% copper import tariff starting from Friday. Fundamentally, overseas concentrate supply is tight, and domestic social inventories are at a low level. It is expected that copper prices will stabilize and rebound in the short - term [7][8]. 3.4 Aluminum - On Tuesday, SHFE aluminum closed at 20,615 yuan/ton, down 0.65%, and LME aluminum closed at $2606 per ton, down 0.95%. The spot market supply has slightly increased, but consumer buying willingness is still low due to high - price concerns and the off - season. The market is waiting for the Fed's interest - rate decision and the progress of Sino - US trade negotiations. It is expected that aluminum prices will fluctuate and adjust in the short - term [9][10]. 3.5 Alumina - On Tuesday, the alumina futures main contract closed at 3307 yuan/ton, up 1.01%. The spot alumina national average price rose to 3267 yuan/ton. The Australian alumina FOB price increased to $379 per ton. A strike occurred at the Friguia alumina plant in Guinea, affecting production. The deliverable alumina supply is limited, and the warehouse receipt inventory has decreased to a new low. Alumina's downward trend has slowed, and it is expected to fluctuate at a high level [12][13]. 3.6 Zinc - On Tuesday, SHFE zinc showed narrow - range fluctuations, and LME zinc stabilized. The downstream buying willingness is low, and the spot market maintains a small premium. The Sino - US trade negotiations have not made a major breakthrough. The market is waiting for the Fed's interest - rate decision and domestic important meetings. Although heavy rain in the north has not affected galvanizing plant production, terminal demand is insufficient. It is expected that zinc prices will fluctuate narrowly in the short - term [14][15]. 3.7 Lead - On Tuesday, SHFE lead showed narrow - range fluctuations. Heavy rain in the Beijing - Tianjin - Hebei region has affected raw material transportation. The supply shortage in some areas has slightly improved. The supply is mixed with both positive and negative factors, and consumer demand has changed little. It is expected that lead prices will consolidate horizontally in the short - term [16][17]. 3.8 Tin - On Tuesday, SHFE tin was volatile. The rainy season in Myanmar may disrupt tin ore transportation, intensifying the shortage of raw material supply. Domestic refined tin smelter operations have marginally improved but remain at a low level. The off - season for downstream consumption continues, and high - price buying is insufficient. Domestic inventories have increased, but LME inventories are at a low level. It is expected that tin prices will adjust, but the adjustment range will be limited [18]. 3.9 Industrial Silicon - On Tuesday, the industrial silicon main contract continued to rebound. The spot price of East China oxygen - blowing 553 silicon has a premium over the 2509 contract. The warehouse receipt inventory has been continuously declining. The supply side is contracting, and the demand side is affected by various factors. It is expected that the futures price will continue to rebound in the short - term [19][20]. 3.10 Steel and Iron - **Screw and Coil**: On Tuesday, steel futures rebounded. The Sino - US trade negotiations reached a consensus to extend reciprocal tariffs and counter - measures for 90 days. The macro - situation is positive, and supply is expected to shrink in mid - August due to parade - related production restrictions. It is expected that steel prices will fluctuate strongly [21][22]. - **Iron Ore**: On Tuesday, iron ore futures rebounded. Port inventories decreased, mainly due to reduced arrivals and resilient steel mill purchases. Steel mills are profitable, and iron ore supply remains stable. It is expected that iron ore prices will fluctuate and rebound [23]. 3.11 Agricultural Products - **Soybean and Rapeseed Meal**: On Tuesday, soybean meal and rapeseed meal futures showed different trends. The weather in the US soybean - producing areas is favorable, increasing the expectation of high yields. The US and China will extend reciprocal tariffs and counter - measures for 90 days. China mainly purchases South American soybeans recently, and there is a concern about supply shortage in the fourth quarter. It is expected that domestic soybean meal futures will stop falling and fluctuate [24]. - **Palm Oil**: On Tuesday, palm oil futures rose. The EU and Indonesia reached an agreement on palm oil trade tariff quotas. India may increase imports due to low inventories and holiday demand. Crude oil prices have risen. It is expected that palm oil prices will fluctuate strongly in the short - term [25][26]. 3.12 Metal Trading Data - The report provides the closing prices, price changes, price change percentages, trading volumes, and open interest of various metal futures contracts such as SHFE copper, LME copper, SHFE aluminum, etc., on July 29 [27]. 3.13 Industrial Data - The report presents detailed industrial data for various metals including copper, nickel, zinc, lead, aluminum, alumina, tin, precious metals, steel, iron ore, etc., such as contract prices, warehouse receipt inventories, spot prices, and price differentials between different dates [28][31][33].

Core Viewpoint - The continuous improvement of farmers' digital skills is essential for the comprehensive revitalization of rural areas, supported by the recent guidelines from the Central Cyberspace Affairs Commission and other departments, which emphasize the need for digital inclusive services in rural education and talent cultivation [1][2]. Group 1: Agricultural Production - The application of technologies such as IoT and big data in agricultural production and circulation is driving the development of smart and precise agriculture, significantly enhancing production efficiency [1]. - Digital skills are enabling farmers to access broader markets, overcoming traditional sales channel limitations through e-commerce and live streaming, allowing them to sell products directly to national and global markets [1]. Group 2: Rural Industry Development - The enhancement of farmers' digital skills is facilitating the integration of rural industries, with digital technology fostering new business models such as rural tourism and agricultural product processing [2]. - Local governments are leveraging the internet to promote rural tourism resources and develop unique agricultural brands, attracting more visitors and consumers, thus invigorating rural economies [2]. Group 3: Public Services and Governance - Improved digital literacy among farmers allows for easier participation in rural affairs and access to quality public services, making governance and public service delivery more efficient and transparent [2]. - An increasing number of farmers are utilizing digital tools to obtain policy information and engage in village decision-making processes [2]. Group 4: Challenges and Support - There are challenges in enhancing digital skills, including the need for better digital training platforms and a shortage of professional digital talent [2]. - Emphasis is placed on strengthening support for professional teams and experts in villages, encouraging digital talent to serve rural areas, and enhancing training for various e-commerce professionals [2].

Core Insights - The article highlights the strategic development of the agricultural industry in Ziyang, Sichuan Province, focusing on building strong chains around characteristic agricultural products and enhancing the entire agricultural industry chain [1][2]. Group 1: Industry Development Strategy - Ziyang has established an agricultural industry system aligned with Sichuan Province's "1+1+8" plan, emphasizing the stability of key agricultural products such as livestock and grains, and promoting specific industries like pigs, sweet potatoes, shrimp, and citrus fruits [1]. - The city has identified 20 enterprises as chain leaders and chain-related companies under the provincial plan, with 95 enterprises recognized at the city level [1]. Group 2: Project Support and Investment - Ziyang has successfully included 27 projects in the provincial reserve project list, with a total investment of 29.743 billion yuan, focusing on key industries like sweet potatoes, pigs, lemons, and shrimp [1]. - The city aims to convert plans into actionable lists, goals, and responsibilities, ensuring early implementation and production of projects [1]. Group 3: Policy and Financial Support - Ziyang has introduced special policies to support deep processing of agricultural products and established a city-level agricultural development fund, allocating over 10 million yuan for incentives in the current and next year [2]. - The city encourages local agricultural processing enterprises to strengthen their capabilities and participate in brand building and exhibitions, providing interest subsidies and guarantees [2]. Group 4: Implementation and Results - Ziyang has established a leadership contact mechanism for key industries and formed expert service teams to guide local counties in developing advantageous industries [2]. - The agricultural production in Ziyang remains stable, with a total grain production of 117,000 tons and pig output of 665,400 heads in the first quarter, alongside the steady improvement of quality in key agricultural products [2].

Core Viewpoint - The development of the Xiaozhan rice industry in Tianjin's Jinnan District has transformed from traditional rice farming to a green agricultural product and a cultural tourism brand, significantly increasing the planting area and enhancing the value of traditional agricultural products [1][2]. Group 1: Industry Development - The planting area of Xiaozhan rice has expanded from less than 10,000 acres in 2015 to over 60,000 acres currently [1]. - The Jinnan District has initiated a revitalization plan for Xiaozhan rice, aiming to elevate it as one of the three major agricultural industry chains in the region by 2024 [2][3]. - The district has invested 2,166 million yuan to build 7,220 acres of high-standard farmland by 2025, which will account for over 50% of the arable land [4]. Group 2: Seed Quality and Innovation - The introduction of new rice varieties such as Jinyu 1875 and Jinyu 1992 is underway, with 16 new varieties being trialed in the district [2]. - The quality of rice seeds is being improved through a systematic approach of promoting, trialing, and breeding new varieties simultaneously [2][3]. - The Tianjin Agricultural Bank has provided nearly 22 million yuan in loans to support Xiaozhan rice planting enterprises and farmers [3]. Group 3: Brand and Market Positioning - Xiaozhan rice is distinguished by its unique quality derived from saline-alkali soil and organic fertilizers, but faces competition from other rice brands [4]. - The district is focusing on optimizing planting layouts and strengthening the supply chain to enhance the yield and quality of Xiaozhan rice [4][5]. - The upgrade of production lines has improved the quality and efficiency of Xiaozhan rice processing, reducing the broken rice rate by over 10% and increasing packaging capacity from 4 tons to 10 tons per hour [5]. Group 4: Cultural and Tourism Integration - The integration of agriculture and tourism has led to the establishment of 118 business entities related to Xiaozhan rice, enhancing its brand recognition [7]. - The district has developed cultural tourism experiences around rice farming, attracting 920,000 visitors in 2024 and generating a comprehensive income of 13.243 million yuan [7]. - The focus on transforming agricultural value through cultural tourism aims to create a sustainable cycle of "promoting agriculture through tourism and invigorating agriculture through tourism" [7][8].

Core Viewpoint - The stability of soybean and corn supply in Northeast China is crucial for food security, with key variables affecting farmers' planting benefits being land rent, yield, subsidies, and prices. While land rent and yield have improved, price fluctuations remain a significant concern for local farmers [4][5]. Group 1: Agricultural Economics - The decline in corn prices has led to reduced planting enthusiasm among farmers, impacting the overall planting area. In 2023, corn purchase prices fell from 0.89 yuan per jin to 0.82 yuan, and in 2024, from 0.79 yuan to 0.73 yuan, indicating a continuous downward trend over three years [6][7]. - Major agricultural companies are exploring the use of futures tools to stabilize planting income through order agriculture, where fixed purchase prices are agreed upon in advance to mitigate price volatility risks [6][7]. Group 2: Futures Market Utilization - The "惠民保价" project initiated by agricultural companies allows farmers to lock in prices for their crops, with examples showing increased income for farmers who participated. For instance, a farmer secured a price of 0.93 yuan per jin, resulting in an additional income of 200,000 yuan [7]. - The "夏季一口价" model, combined with the "增收宝" product, enables farmers to benefit from price increases while ensuring a minimum price for their crops, enhancing their income stability [7]. Group 3: Risk Management for Processing Enterprises - Downstream processing companies, such as维维股份, are also exposed to price volatility and are utilizing futures markets to lock in raw material costs. The company has been involved in futures since 2014 to stabilize procurement costs and manage inventory effectively [8][10]. -维维股份 reported that raw material costs, particularly for soybeans, account for over 40% of their production costs, making effective cost management essential for maintaining profit margins [9][10]. Group 4: Comprehensive Financial Support - The "银期保" project launched in 2023 aims to provide comprehensive financial support to farmers, addressing challenges such as financing difficulties and unstable sales channels. This project involves collaboration between planting entities, futures companies, insurance firms, grain purchasing companies, and banks [11][12]. - The project allows farmers to secure their income through insurance and futures contracts, with one cooperative increasing its planting area significantly after participating in the program, demonstrating its effectiveness in risk management [12].

加拿大油籽加工商协会（COPA）数据显示，2025年6月，加拿大大豆压榨量为104846.0吨，环比下降 33.8%；豆油产量为20120.0吨，环比下降31.52%；豆粕产量为81479.0吨，环比下降32.89%。 （文章来源：新华财经） ...

（文章来源：新华财经） 加拿大油籽加工商协会（COPA）数据显示，2025年6月，加拿大油菜籽压榨量为856096.0吨，环比上升 3.0%；菜籽油产量为364592.0吨，环比上升3.22%；菜籽粕产量为507038.0吨，环比上升3.47%。 ...

7月25日至27日，2025年鲁渝协作消费帮扶（聊城-彭水）产销对接展示展销活动在山东省聊城市东昌府区 万达广场举行。此次活动旨在进一步深化鲁渝两地协作，推动彭水特色农产品走进山东市场，促进两地消 费帮扶工作再上新台阶。 "我刚才在这儿逛了一圈，看到彭水的很多特色农产品，品种丰富多样，味道也不错。购买这些产品，不 仅能够满足自身消费需求，也能帮助彭水增收，我们都很愿意支持。"聊城市民吴子忠说道。 据了解，此次展示展销活动采取"线上线下消费相融合"的方式进行，还推出了"消费帮扶"优惠券活动，以 满减的形式共计发放30万元，单笔订单最多可减免100元，进一步激发了市民的购买热情。 "从现场情况看，市民的热情参与让我们更有信心，这不仅是对彭水农特产品的认可，更是对消费帮扶模 式的支持。"彭水苗族土家族自治县商务委员会商贸发展中心主任陈晓波介绍，接下来，将以此次活动为 契机，加强两地企业的对接合作，在供应链建设、品牌打造等方面深化协作，让消费帮扶既成为助力乡村 振兴的"助推器"，也成为连接渝鲁两地情谊的"连心桥"。 活动现场气氛热烈，30家彭水企业和30家聊城企业带来了琳琅满目的特色农产品，涵盖了调味品、肉制 品、休 ...

Core Viewpoint - *ST Wanfang (000638) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure, marking the second time the company has faced such scrutiny since July 2025 [1][2][9]. Financial Performance - The company has experienced a significant decline in gross profit margin, dropping from 29.24% in 2021 to 20.94% in 2022, and further plummeting to 3.15% in 2023, before a slight recovery to 5.59% in 2024 [4][5]. - For the first half of 2025, the company anticipates a net loss of between 4.5 million to 6.5 million yuan, indicating a shift from profit to loss year-on-year [4]. Business Structure and Revenue Sources - The company's revenue is heavily reliant on its agricultural processing and sales business, which contributed 323 million yuan in 2024, accounting for over 80% of total revenue. In contrast, the contributions from non-ferrous metals and military products were significantly lower at 35 million yuan and 22 million yuan, respectively [5][6]. - The agricultural processing business has a low gross profit margin of only 2.5% in 2024, while the military business, which has a gross margin close to 40%, represents a small portion of total revenue [6]. Regulatory Issues - The company has faced multiple disciplinary actions for failing to disclose accurate and complete performance forecasts, with the latest incident occurring in April 2025 when it revised its profit expectations downward significantly [10][11]. - The CSRC's investigation could lead to severe consequences, including the potential for mandatory delisting if major violations are confirmed [4].

Market Overview - The agricultural processing sector experienced a slight decline of 0.08% on July 29, with Huazi Industrial leading the drop [1] - The Shanghai Composite Index closed at 3609.71, up 0.33%, while the Shenzhen Component Index closed at 11289.41, up 0.64% [1] Individual Stock Performance - Andeli (605198) saw a significant increase of 4.78%, closing at 45.62 with a trading volume of 51,800 shares and a turnover of 231 million yuan [1] - Other notable performers included Oufu Egg Industry (839371) with a 1.30% increase, and ST Langyuan (300175) with a 1.00% increase [1] - Conversely, major declines were observed in stocks like Zhongliang Sugar Industry (600737) and Zhongliang Technology (000930), which fell by 0.10% and 0.33% respectively [1] Capital Flow Analysis - The agricultural processing sector experienced a net outflow of 140 million yuan from institutional investors, while retail investors saw a net inflow of 74.16 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors showed interest [2] Detailed Capital Flow for Selected Stocks - Andeli (605198) had a net inflow of 21.89 million yuan from institutional investors, but a net outflow of 28.22 million yuan from retail investors [3] - Other stocks like Double Tower Food (002481) and Deep Grain Holdings (000019) also showed varied capital flows, with institutional outflows and retail inflows [3] - Notably, ST Jiawo (300268) faced a significant net outflow of 1.46 million yuan from institutional investors, while retail investors contributed a net inflow of 1.47 million yuan [3]