Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The overall market shows a complex situation with various commodities having different trends. Some commodities are expected to be volatile, while others are influenced by factors such as supply - demand, geopolitical events, and policy changes. For example, oil prices are expected to be short - term volatile and weak, and the stock market shows a preference for technology growth on the basis of dividend asset allocation. [1][47] Summary by Commodity Categories Energy - **Crude Oil**: Last week, international oil prices fell from high levels. After the cooling of the Israel - Iran conflict, oil prices are back to being dominated by macro and supply - demand factors. OPEC+ may increase production in August. The oil market is expected to be short - term volatile and weak. [1] - **Fuel Oil & Low - Sulfur Fuel Oil**: Ship refueling and deep - processing demand are low. High - sulfur fuel oil demand boost from summer power generation in the Middle East and North Africa is limited. FU is volatile and weak, while LU's cracking has rebounded from a low level. [21] - **Liquefied Petroleum Gas**: After the geopolitical situation eases, the Middle East market has declined. Domestic chemical demand has increased, but supply pressure still exists, and the market is expected to be in a range - bound state. [23] - **Natural Gas**: No relevant content provided. Metals - **Precious Metals**: Gold prices have given back the war premium as the Israel - Iran conflict stopped. Market attention will shift to tariff negotiations and the Fed. [2] - **Base Metals** - **Copper**: Last Friday, copper prices were in a high - level shock. The market is concerned about the US trade negotiations and the Fed's interest - rate cut rhythm. Short - term, the upward trend of Shanghai copper may reach 81,000, while long - term, short - selling at high levels is recommended. [3] - **Aluminum**: Shanghai aluminum was in a high - level shock on Friday night. There is a large market divergence. There are opportunities for short - selling at high levels after the sentiment stabilizes. [4] - **Zinc**: The zinc market is affected by the strike at a Peruvian smelter, but the global zinc supply is still expected to be in surplus. Wait for the opportunity to short - sell at high levels. [7] - **Lead**: Shanghai lead rose and then fell. The supply side provides support, and the rebound height depends on consumption. [8] - **Nickel & Stainless Steel**: Shanghai nickel rebounded strongly. The pressure on the ore end has increased. Short - term, it is recommended to wait and see. [9] - **Tin**: Tin prices retraced last Friday. It is recommended to short - sell distant - month contracts at high levels. [10] - **Manganese Silicon**: Prices follow steel. In the short - term, it is temporarily bullish. [18] - **Silicon Iron**: Prices follow steel. Demand is okay, and it is temporarily bullish in the short - term. [19] - **Ferroalloys** - **Alumina**: Spot trading is scarce. The domestic production capacity is in an over - supply state, and it is recommended to short - sell on rebounds. [5] - **Cast Aluminum Alloy**: The futures follow Shanghai aluminum. Consider a long - AD and short - AL strategy if the spread widens. [6] Chemicals - **Carbonate Lithium**: The futures price has rebounded, but high positions indicate risk accumulation. It is expected to be in a short - term range - bound state. [11] - **Industrial Silicon**: The futures price has increased with positions. It is expected to be in a range - bound state. [12] - **Polysilicon**: The futures price has increased with reduced positions. It is expected to be in a low - level range - bound state. [13] - **Urea**: The supply - demand situation has marginally improved, but the market is in a range - bound adjustment. Export policies will be the key to the future trend. [24] - **Methanol**: The expected reduction in imports has not materialized. The market is expected to be in a short - term range - bound state. [25] - **Styrene**: The cost side lacks support, supply pressure has increased, and demand is weak. The price is expected to be weak. [26] - **Polypropylene & Plastic**: The cost side lacks support, and the supply - demand situation is weak. The price is expected to be in a range - bound state. [27] - **PVC & Caustic Soda**: PVC is relatively strong in the short - term but may be in a low - level range - bound state in the long - term. Caustic soda is expected to follow the cost fluctuation. [28] - **PX & PTA**: Prices rebounded last Friday night. The supply - demand pattern may become looser in the medium - term. [29] - **Ethylene Glycol**: The price decline has slowed down. It is expected to be in a bottom - range - bound state. [30] - **Short - Fiber & Bottle Chip**: Short - fiber prices follow raw materials. Bottle chips may have a chance to repair the processing margin, but it should be treated with caution. [31] Agricultural Products - **Soybeans & Soybean Meal**: The drought situation in the US soybean产区 has improved. The market is expected to be in a range - bound state for now. [35] - **Soybean Oil & Palm Oil**: The market is in a range - bound state. Long - term, a long - position strategy at low levels is recommended for vegetable oils. [36] - **Rapeseed Meal & Rapeseed Oil**: The rapeseed planting area in Canada is lower than expected, and the rapeseed market continues to have a bearish outlook. [37] - **Soybean No. 1**: The decline has slowed down. Wait for the US soybean planting area report. [38] - **Corn**: The futures market is expected to be in a range - bound state, affected by factors such as wheat policies and state - reserve auctions. [39] - **Hogs**: The short - term price has rebounded, but the long - term supply pressure is large. [40] - **Eggs**: The price is expected to be weak in the long - term. A short - position strategy is recommended. [41] - **Cotton**: US cotton is expected to be affected by the planting area report. Domestic cotton has a good inventory reduction, and long - positions should be held with caution. [42] - **Sugar**: US sugar is trending downward, and the domestic sugar market is expected to be in a range - bound state. [43] - **Apples**: The market is bearish on the new - season output, and a short - position strategy is recommended. [44] - **Wood**: The price is weak, and it is recommended to wait and see. [45] - **Pulp**: The price is in a low - level range - bound state, and it is recommended to wait and see. [46] Others - **Shipping**: The container shipping index (European line) is expected to face pressure on the upside. [20] - **Financial Products** - **Stock Index**: The A - share market shows a style preference for technology growth on the basis of dividend asset allocation. [47] - **Treasury Bonds**: Treasury bond futures are mostly volatile. The bond market may face increased volatility risk in the short - term. [48]

Core Viewpoint - The article discusses the transformation of rural areas in Beijing's Mentougou District through the "Hundred Thousand Project," focusing on the development of the "Poetic and Picturesque Countryside" initiative, which aims to modernize and revitalize ancient villages while preserving cultural heritage [1][11]. Group 1: Agricultural Development - The village of Weizishui has developed new industries, including the processing of wild vegetables like red-headed toon and bitter apricot, which are recognized as national geographical indication agricultural products [3][4]. - Since 2019, the village has collaborated with agricultural colleges to explore preservation methods for toon, leading to the development of a longer-lasting toon sauce, with a processing factory set to open in 2024 [4][11]. - The factory will not only serve Weizishui but also adopt a "shared factory" model to enhance the value of agricultural products across the region, thereby increasing farmers' income [4][11]. Group 2: Tourism and Cultural Heritage - The ancient villages and terraced fields in Weizishui attract tourists, contributing to new income sources for the community [5][11]. - The nearby village of Gaotai has developed a water reservoir into a recreational area, enhancing its appeal to visitors and supporting local tourism [6][11]. - The article highlights the historical significance of the ancient paths in Mentougou, which connect various cultural and natural attractions, fostering a unique tourism experience [8][12]. Group 3: Community and Infrastructure Development - The "Hundred Thousand Project" has led to the establishment of a party committee in the Tianzhuang Valley to promote collaborative development among local villages, focusing on integrated governance and resource sharing [11][12]. - The project has allocated 170 million yuan for the revitalization of the Tianzhuang Valley, leading to the restoration of ancient terraces and the transformation of traditional houses into modern accommodations [11][12]. - The article emphasizes the importance of combining agricultural, cultural, and tourism industries to modernize rural life and improve the living standards of local residents [12].

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The ICE canola futures closed lower on June 27 due to Trump's announcement of terminating all trade negotiations with Canada. The most actively traded November canola contract settled down 18.60 Canadian dollars at 692.90 Canadian dollars per ton [2]. - As of the week ending June 22, 2025, the good-to-excellent rate of U.S. soybeans was 66%, lower than the market - expected 67%. The good condition of U.S. soybeans and favorable weather continue to constrain the U.S. soybean market [2]. - The Canadian government's order to Hikvision Canada may tighten China - Canada economic and trade relations, potentially affecting canola exports to China. The 2025 canola planting area in Canada was revised down, and the current growth of Canadian canola is in the "weather - dominated" stage [2]. - In the domestic market, the arrival of imported soybeans has increased the oil mill operating rate, putting pressure on the meal market. For rapeseed meal, the aquaculture peak season has increased demand, but the substitution advantage of soybean meal weakens the demand expectation. The futures price rebounded due to short - covering [2]. - For rapeseed oil, the high inventory of oil mills continues to constrain the market price. Affected by the decline of Canadian canola, rapeseed oil fluctuated and closed lower, with increased short - term volatility [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of rapeseed oil futures (active contract) was 9415 yuan/ton, down 51 yuan; the closing price of rapeseed meal futures (active contract) was 2572 yuan/ton, up 13 yuan [2]. - The 9 - 1 spread of rapeseed oil was 56 yuan/ton, down 14 yuan; the 9 - 1 spread of rapeseed meal was 271 yuan/ton, up 2 yuan [2]. - The position of the main rapeseed oil contract was 299,277 lots, down 20,126 lots; the position of the main rapeseed meal contract was 577,028 lots, down 16,073 lots [2]. - The net long position of the top 20 futures holders for rapeseed oil was 27,227 lots, up 3997 lots; for rapeseed meal, it was - 23,547 lots, up 12,269 lots [2]. - The number of rapeseed oil warehouse receipts was 100, unchanged; the number of rapeseed meal warehouse receipts was 20,860, down 684 [2]. - The closing price of ICE canola futures (active) was 698.7 Canadian dollars/ton, down 11.5 Canadian dollars; the closing price of rapeseed futures (active contract) was 4949 yuan/ton, up 29 yuan [2]. 3.2 Spot Market - The spot price of rapeseed oil in Jiangsu was 9650 yuan/ton, up 20 yuan; the spot price of rapeseed meal in Nantong was 2470 yuan/ton, up 40 yuan [2]. - The average price of rapeseed oil was 9670 yuan/ton, up 20 yuan; the import cost of rapeseed was 5045.75 yuan/ton, down 106.45 yuan [2]. - The spot price of rapeseed in Yancheng, Jiangsu was 6000 yuan/ton, unchanged; the oil - meal ratio was 3.84, up 0.01 [2]. - The basis of the main rapeseed oil contract was 184 yuan/ton, up 36 yuan; the basis of the main rapeseed meal contract was - 102 yuan/ton, up 27 yuan [2]. - The spot price of fourth - grade soybean oil in Nanjing was 8210 yuan/ton, down 50 yuan; the spot price difference between rapeseed oil and soybean oil was 1390 yuan/ton, down 30 yuan [2]. 3.3 Substitute Spot Prices - The spot price of 24 - degree palm oil in Guangdong was 8400 yuan/ton, down 100 yuan; the spot price difference between rapeseed oil and palm oil was 1150 yuan/ton, up 10 yuan [2]. - The spot price of soybean meal in Zhangjiagang was 2840 yuan/ton, up 20 yuan; the spot price difference between soybean meal and rapeseed meal was 370 yuan/ton, down 20 yuan [2]. 3.4 Upstream Situation - The global canola production forecast was 89.77 million tons, up 0.21 million tons; the annual forecast of rapeseed production was 12,378 thousand tons, unchanged [2]. - The total rapeseed import volume was 33.55 million tons, down 15.37 million tons; the import rapeseed crushing profit was 202 yuan/ton, up 125 yuan [2]. - The total rapeseed inventory in oil mills was 15 million tons, down 5 million tons; the weekly operating rate of imported rapeseed was 11.46%, down 2.8% [2]. 3.5 Industry Situation - The import volume of rapeseed oil and mustard oil was 34 million tons, up 10 million tons; the import volume of rapeseed meal was 28.79 million tons, up 4.13 million tons [2]. - The rapeseed oil inventory in coastal areas was 11.15 million tons, down 1.05 million tons; the rapeseed meal inventory in coastal areas was 1.1 million tons, up 0.09 million tons [2]. - The rapeseed oil inventory in the East China region was 61.59 million tons, down 1.46 million tons; the rapeseed meal inventory in the East China region was 36.83 million tons, down 0.41 million tons [2]. - The rapeseed oil inventory in the Guangxi region was 6.9 million tons, down 0.3 million tons; the rapeseed meal inventory in the South China region was 30.8 million tons, down 0.7 million tons [2]. - The weekly提货量 of rapeseed oil was 2.81 million tons, down 0.73 million tons; the weekly提货量 of rapeseed meal was 2.87 million tons, down 0.56 million tons [2]. 3.6 Downstream Situation - The monthly output of feed was 2664 million tons, down 113.2 million tons; the monthly catering revenue in social consumer goods retail was 4167 billion yuan, down 68 billion yuan [2]. - The monthly output of edible vegetable oil was 440.4 million tons, down 87 million tons [2]. 3.7 Option Market - The implied volatility of at - the - money call options for rapeseed meal was 19.41%, down 0.51%; the implied volatility of at - the - money put options for rapeseed meal was 19.42%, down 0.51% [2]. - The 20 - day historical volatility of rapeseed meal was 18.94%, down 0.11%; the 60 - day historical volatility was 21.4%, down 0.16% [2]. - The implied volatility of at - the - money call options for rapeseed oil was 14.16%, down 0.57%; the implied volatility of at - the - money put options for rapeseed oil was 14.17%, down 0.57% [2]. - The 20 - day historical volatility of rapeseed oil was 15.17%, down 0.19%; the 60 - day historical volatility was 14.88%, down 0.09% [2].

Core Insights - Canadian canola oil prices remained stable on June 30, with July shipment priced at $1,050 per ton and September shipment at $1,030 per ton [1] - Domestic canola oil prices in China showed slight variations, with prices ranging from 9,480 to 9,620 yuan per ton across different regions [1] - The futures market indicated a slight decline in canola oil prices, with the main contract closing at 9,415 yuan per ton, down 0.50% [1] Group 1: Canadian Market Data - The Canadian Oilseed Processors Association reported a decrease in canola seed crushing volume to 831,193 tons in May 2025, down 9.59% month-on-month [2] - Canola oil production in Canada also fell to 353,218 tons, reflecting a 9.5% decrease compared to the previous month [2] - The C&F price for Canadian canola for July shipment increased by $1 to $595 per ton, while the August shipment also saw a $1 increase to $585 per ton [2] Group 2: Market Analysis - The analysis from Forward Futures indicated that the significant drop in crude oil prices negatively impacts the profit margins for blending canola oil with biodiesel [3] - Domestic supply and demand for canola oil remain relatively loose, with expectations of increased production for the new season and improved trade relations between China and Canada [3] - The demand for biodiesel in the U.S. and Brazil is rising, leading to increased consumption of vegetable oils, while the oil-meal ratio is favoring canola meal, which may exert further downward pressure on canola prices [3]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 13.5 CNY, based on a current price of 11.08 CNY [7]. Core Viewpoints - The company is positioned as a leader in the functional sugar sector, with a focus on optimizing management efficiency and strategies to return to a growth trajectory in 2024 [1][16]. - The company has set ambitious profit targets for 2025-2027, with a minimum net profit of 1.7 billion CNY in 2025 and cumulative targets of 3.82 billion CNY and 6.47 billion CNY for 2025-2026 and 2025-2027, respectively [1][25]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of functional ingredients such as prebiotics, sugar-reducing sweeteners, and dietary fibers, with an annual capacity exceeding 500,000 tons and over 2,000 active customers [1][16]. Industry Transformation - The functional sugar industry is experiencing rapid growth driven by demographic changes, consumer preferences, and policy guidance, leading to a shift from traditional sweeteners to healthier alternatives [2][54]. Product Focus - The company is the largest producer of isomalto-oligosaccharides globally and has seen a 52.58% increase in sales revenue from erythritol in 2024, capitalizing on opportunities in international markets [3][56]. Future Prospects - The company plans to launch new products utilizing synthetic biology technology and expand production capacity for erythritol and allulose, with significant projects set to commence in 2025 [4][56]. Financial Forecast & Investment Recommendations - Revenue projections for 2025-2027 are 2.57 billion CNY, 2.79 billion CNY, and 3.07 billion CNY, with corresponding net profits of 170 million CNY, 221 million CNY, and 274 million CNY [5][6]. The report highlights the company's strong growth potential and recommends a target price based on a 30x PE ratio for 2025 [5].

Group 1 - The event "Heilongjiang Quality Products: Hangzhou Towards the Future" showcased 219 high-quality agricultural products from 42 enterprises in Heilongjiang, successfully attracting attention in Zhejiang province [1][3] - The rice category, particularly varieties like Daqing's fragrant rice and ancient Longgong rice, received significant interest, with over 10 buyers expressing intent for future cooperation [3] - The event highlighted Heilongjiang's unique products such as wild berry juice, birch sap, and tiger forest linden honey, leading to multiple on-site agreements with Zhejiang enterprises [3][5] Group 2 - Customized agriculture was promoted as a new business model, catering to consumer demands for high-end, personalized products while enhancing producer profits [5] - Heilongjiang has accelerated the development of high-end customized agriculture, supported by a three-year action plan and provincial financial backing [5] - The "Heilongjiang Quality Products" brand has become a prominent representation of the province, aiming to integrate into the Yangtze River Delta market through e-commerce partnerships with platforms like Alibaba [5]

Core Viewpoint - The financial performance of Jin Jian Rice Industry Co., Ltd. has shown significant declines in revenue and net profit for the year 2024, primarily due to the impact of asset restructuring and market conditions affecting its core business segments [1][2][3]. Financial Performance Summary - The company reported a total operating revenue of 462.716 million yuan for 2024, a year-on-year decrease of 115.22% [1]. - The grain and oil food processing segment generated revenue of 277.739 million yuan, down 6.66% year-on-year, while the agricultural product trading segment saw revenue drop by 13.53% to 125.496 million yuan [1][2]. - The net profit for the company decreased significantly, with the agricultural product trading segment reporting a loss of 160.93 million yuan, a decline of 1,238.15 million yuan compared to the previous year [8][9]. Business Segment Analysis - The grain and oil food processing segment's net profit increased by 1,161.88 million yuan, despite a revenue decline, due to improved gross margins from lower raw material prices [4][8]. - The agricultural product trading segment's performance was adversely affected by market conditions, leading to a significant drop in revenue and profitability [4][8]. - The dairy and leisure food segments also faced challenges, with the dairy segment's revenue declining by 11.15% and the leisure food segment reporting a net loss [8][9]. Asset Restructuring Impact - The company completed an asset restructuring in November 2024, which involved divesting three subsidiaries engaged in feed trading, impacting the overall revenue and profit structure [1][4]. - The restructuring aimed to focus on core business areas, but it resulted in short-term financial setbacks as the company adjusted to the new operational framework [4][9]. Future Outlook - The company is expected to see a reduction in the impact of the agricultural product trading segment on its overall performance due to the recent divestitures, which may stabilize future earnings [9]. - The focus on technological innovation and internal restructuring is anticipated to enhance operational efficiency and profitability in the long run [4][8].

Core Viewpoint - China Southern Airlines Group is actively participating in rural revitalization efforts through the "Wings Spread Rural · Taste Mountains and Rivers" product exhibition and sales event, aiming to leverage small products to stimulate large industries and support poverty alleviation and rural development [1][6]. Group 1: Event Overview - The exhibition features a combination of product promotion, cultural tourism display, tasting experiences, and live interaction, creating a fast track for rural products from farms to markets, attracting over a thousand participants including employees and partners [3]. - The event showcases over 400 products from 14 supported regions, highlighting unique local specialties such as Xinjiang's maren candy and various regional delicacies from Guangdong, Guizhou, and more [4]. Group 2: Business and Cultural Impact - The exhibition serves as a platform for cultural display and industry collaboration, featuring product introductions, cultural presentations, and stories from supported regions, effectively showcasing their natural beauty and development potential [5]. - Agreements were signed for significant procurement contracts and intentions for ongoing sales, establishing a foundation for continuous market access and brand building for rural products [5]. Group 3: Strategic Goals - China Southern Airlines aims to not only sell products but also to help rural areas build brands and expand markets, leveraging its global network and customer base to enhance the visibility and sales of rural specialties [5]. - The company has already facilitated over 1 billion yuan in sales through various channels, significantly benefiting thousands of farmers and marking a deepening of its "aviation + consumption assistance" model [5].

Core Viewpoint - The event in Guangxi showcased the debut of "Ningming Star Oil Vine" products in the Guangdong-Hong Kong-Macao Greater Bay Area, emphasizing the collaboration between Guangxi and Guangdong to promote local agricultural products and enhance economic development [2][26][48]. Group 1: Event Overview - The event was held on June 28 in Guangzhou, marking the first appearance of the "Ningming Star Oil Vine + Xinhui Chenpi" series products in the Bay Area [2][3]. - Activities included product exhibitions, discussions on production and sales, and a recruitment campaign for 100 "Star Oil Vine Experience Officers" [6][7][80]. - The event aimed to leverage the cooperation mechanism between Guangdong and Guangxi to enhance market access and support local farmers [7][88]. Group 2: Product and Market Potential - The "Star Oil Vine" is a high-yield oil plant known for its easy maintenance and rapid growth, primarily used for oil extraction, skincare products, and pharmaceuticals [10][12]. - The cultivation area of Star Oil Vine in Ningming County has reached 46,000 acres, benefiting over 10,000 households with an average income increase of 15,000 to 40,000 yuan per household [36][38]. - The products launched include various teas made from Star Oil Vine, which are noted for their health benefits, including lowering uric acid levels by 20% within seven days [55][56]. Group 3: Economic Impact and Collaboration - The collaboration between Xinhui District and Ningming County aims to create a comprehensive health industry park, integrating planting, processing, and marketing [22][23]. - The initiative is expected to transform the economic model from "blood transfusion-style assistance" to "blood-making-style win-win" [23]. - The event facilitated multiple cooperation agreements between local companies and marketing platforms, enhancing the distribution network for Star Oil Vine products [73][76]. Group 4: Health Benefits and Innovations - Star Oil Vine is recognized for its high nutritional value and is referred to as the "world's plant nutrition longevity fruit" [42]. - The products are designed to address various health issues, including lowering blood lipids, improving cognitive function, and regulating blood sugar levels [52][60]. - The introduction of new products has generated significant market interest, with some items ranking highly on popular e-commerce platforms [54][64].

Core Viewpoint - The China Council for the Promotion of International Trade (CCPIT) will host the Shanghai Cooperation Organization (SCO) Business Forum during the third Chain Expo, emphasizing regional cooperation and dialogue among businesses [1][2]. Group 1: Forum Details - The forum will take place on July 17 and is themed "Promoting the Shanghai Spirit: Business Community in Action," focusing on actionable outcomes and local development concerns [1]. - Activities will include a series of "SCO Entrepreneurs' Local Tours" in regions such as Xinjiang, Hunan, and Chongqing, aimed at enhancing cooperation in arbitration, cultural tourism, and economic investment [1]. Group 2: Research and Collaboration - The forum will release the "SCO Supply Chain Development Research Report," providing policy recommendations to enhance cooperation in industrial and supply chains among member countries [1]. - Three enterprise matchmaking events will be organized in agriculture, energy, and logistics, alongside exhibition activities to help businesses find optimal partners for resource allocation [1]. Group 3: Current Economic Climate - The current environment for China-Central Asia business cooperation is robust, with a growing willingness for collaboration despite challenges posed by unilateralism and protectionism [2]. - The year marks the "China Year" for the SCO, with significant activities planned to strengthen ties, including multiple delegations of Chinese entrepreneurs visiting SCO member states [2]. Group 4: Recent Achievements - During the second China-Central Asia Summit, 32 contracts and intention agreements were signed between Chinese and Central Asian enterprises, amounting to $11 billion, covering sectors like energy, logistics, and agricultural trade [3].