Report Industry Investment Rating No relevant content provided. Core Views - The overall market shows a complex situation with different trends in various sectors. For example, the stock index is strong due to the improved macro - situation, while the bond market is affected by the stock - bond seesaw and capital interest rates. Precious metals are influenced by geopolitical events and Fed's attitude towards interest rates. Different commodities in the futures market also have their own supply - demand and price trends [2][6][10]. Summary by Directory Financial Derivatives - Financial Futures Stock Index Futures - **Market Situation**: On Tuesday, A - shares opened higher and rose throughout the day. The Shanghai Composite Index rose 1.15%, the Shenzhen Component Index rose 1.68%, and the ChiNext Index rose 2.30%. The four major stock index futures contracts all rose with the index, but the basis was deeply discounted [2][3]. - **News**: Domestically, important meetings were held, and a grand celebration for the 80th anniversary of the victory of the Chinese People's War of Resistance against Japanese Aggression and the World Anti - Fascist War was announced. Overseas, Trump criticized the Fed's interest - rate policy, and Iran and Israel declared a cease - fire [3][4]. - **Funding**: On June 24, A - share trading volume increased significantly. The central bank conducted 4065 billion yuan of 7 - day reverse repurchase operations, with a net investment of 2092 billion yuan [5]. - **Operation Suggestion**: Given the current basis rate of the main contracts, with relatively stable support below the index and the need for a driving force for upward breakthrough, it is recommended to try a covered combination strategy on the CSI 1000 variety [5]. Treasury Bond Futures - **Market Performance**: Treasury bond futures closed down across the board, and the yields of major interest - rate bonds in the inter - bank market rose [6]. - **Funding**: The central bank's reverse repurchase operation volume increased, and MLF was incrementally renewed. The market sentiment was relatively stable, and the end - of - quarter capital fluctuations were expected to be controllable [8]. - **Operation Suggestion**: Although the bond market is under short - term pressure, the overall pattern may remain strong. It is recommended to appropriately allocate long positions on dips, pay attention to economic data and capital trends, and consider positive arbitrage and curve - steepening strategies [8][9]. Financial Derivatives - Precious Metals - **Market Performance**: Due to the cease - fire between Iran and Israel, the risk - aversion sentiment subsided, and Fed Chairman Powell was cautious about interest - rate cuts. Precious metals tumbled during the session but recovered some losses at the end of the session [10][13]. - **Future Outlook**: Gold has a long - term upward trend, but in the short term, it lacks a clear driving force and faces risks. Silver is supported by factors such as the recovery of the photovoltaic and semiconductor industries, but the upward drive is weakened. It is recommended to continue selling out - of - the - money call options on gold and try the double - selling strategy of out - of - the - money options on silver [13][14]. Financial Derivatives - Container Shipping Futures - **Spot Price**: As of June 24, shipping companies' prices varied. The SCFIS and SCFI indices showed different trends [15]. - **Fundamentals**: Global container shipping capacity increased year - on - year, and the PMI data of major economies reflected the demand situation [15]. - **Logic and Suggestion**: The futures price is expected to be weak and volatile. It is necessary to closely observe the shipping company's quotes in late July [16]. Commodity Futures - Non - Ferrous Metals Copper - **Spot**: On June 24, the average price of electrolytic copper increased slightly, but the premium decreased, and the overall trading was average [17]. - **Macro**: The COMEX - LME premium is controversial, and the Fed's economic outlook is moving towards "stagflation", which restricts the upward and downward space of copper prices [18][21]. - **Supply and Demand**: The supply of copper concentrate is tight, the production of refined copper increases, and the "rush - to - export" demand continues, but it may overdraw future demand. The inventory situation is complex, with COMEX inventory accumulating and domestic inventory slightly decreasing [19][20]. - **Operation Suggestion**: The main contract is expected to fluctuate between 77000 - 80000 [21]. Alumina - **Spot**: On June 24, the spot price of alumina in various regions decreased [21][22]. - **Supply and Inventory**: The production increased in May, and the inventory situation is complex. The market is in a state of oversupply in the medium - to - long - term, and it is recommended to short on rallies [22][23]. Aluminum - **Spot**: On June 24, the average price of A00 aluminum decreased, and the premium decreased [23]. - **Supply and Demand**: The production of electrolytic aluminum is stable, the downstream start - up rate is under pressure, and the inventory decline rate slows down. The aluminum price is expected to fluctuate widely at a high level [24][25]. Aluminum Alloy - **Spot**: On June 24, the spot price of aluminum alloy remained unchanged [25]. - **Supply and Demand**: The supply and demand of the recycled aluminum alloy market are both weak, but the demand side is more prominent. The price is expected to be weak and volatile [26][27]. Zinc - **Spot**: On June 24, the average price of zinc ingots increased, but the market trading was dull [27]. - **Supply and Demand**: The supply of zinc ore is expected to be loose, the demand is weakening, and the low inventory provides support. It is recommended to pay attention to the support level of 21000 - 21500 [28][30]. Tin - **Spot**: On June 24, the price of tin increased, but the trading was cold. The supply of tin ore is tight, and the demand is in a seasonal off - peak. The price is expected to fluctuate at a high level, and it is recommended to short on rallies [30][31][33]. Nickel - **Spot**: On June 24, the price of electrolytic nickel decreased [33]. - **Supply and Demand**: The production of refined nickel is at a high level, the demand is stable but with limited growth, and the inventory situation is complex. The price is expected to be weak and fluctuate in a range [34][35]. Stainless Steel - **Spot**: On June 24, the price of stainless steel decreased [36]. - **Supply and Demand**: The supply is at a high level, the demand is weak, and the inventory situation is complex. The price is expected to be weak and run in a range [37][39]. Lithium Carbonate - **Spot**: On June 24, the price of lithium carbonate decreased, and the trading did not improve significantly [40]. - **Supply and Demand**: The supply is relatively high, the demand is stable but difficult to boost in the off - peak season, and the inventory is at a high level. The price is expected to be weak and run in a range, and it is recommended to short on rallies [41][43]. Commodity Futures - Black Metals Steel - **Spot**: The spot price is stable, and the basis has weakened. The price is expected to weaken again in the off - peak season, and it is recommended to try short positions or sell out - of - the - money call options [44][45][46]. Iron Ore - **Spot and Futures**: The spot price of mainstream iron ore powder has changed slightly, and the futures price has fluctuated. The demand for iron water is high, but there is a risk of weakening in the off - peak season. The supply is expected to increase, and the price is expected to be in the range of 670 - 720 [47][48]. Coking Coal - **Spot and Futures**: The spot price is weakly stable, and the futures price fluctuates. The supply is affected by environmental protection and other factors, the demand has some resilience, and the inventory is at a medium level. It is recommended to short - term buy on dips and consider the long - coking coal and short - coke strategy [49][52]. Coke - **Spot and Futures**: The fourth round of price cuts by mainstream steel mills has been implemented, and the price is close to the bottom. The supply is tightening marginally, the demand has rigid support, and the inventory is at a medium level. It is recommended to short on rallies and consider the long - coking coal and short - coke strategy [53][56]. Ferrosilicon - **Spot and Futures**: The spot price is weak, and the futures price fluctuates. The supply increases slightly, the demand has some changes, and the cost is expected to decline. The price is expected to oscillate at the bottom, and it is recommended to short on rallies [57][58]. Manganese Silicon - **Spot and Futures**: The spot price is stable, and the futures price fluctuates. The supply increases slightly, the demand has some changes, and the cost is difficult to stabilize. The price is expected to oscillate at the bottom, and it is recommended to short on rallies [60][62].

2025 年 6 月 25 日星期三 重庆市江北区金沙门路 32 号 23 层； 023-67070250 上海市浦东新区世纪大道 210 号 10 楼 1001； 021-50591197 地址： 电话： 1 市场有风险 投资需谨慎 | | 日 水 | | | --- | --- | --- | | 国债: | | 4 | | 股指: | | 4 | | 贵金属: | . | C ST | | 螺纹、热卷: | | C ST | | 铁矿石: | | ( | | | 焦煤焦炭: | | | 铁合金: | | ا ے | | 原油: | | 8 | | 燃料油: | .. | | | 合成橡胶: | | C | | 天然橡胶: | | C | | PVC: | .. | | | 尿素: | .. | 10 | | 对二甲苯 PX: | ... 11 | | | PTA: | .. | | | 乙二醇: | .. | | | 短纤: | .. | | | 瓶片: | .. | | | 纯碱: | .. | | | 玻璃: | .. | | | 烧碱: | .. | | | 纸浆: | .. | | | 碳酸锂· ...

Group 1 - The event "Fresh Vegetables Enter Beijing" and "Weifang Good Products" achieved over 50 cooperation intentions with a total intended cooperation amount of nearly 500 million yuan [1][2] - Weifang, as a major agricultural city, focuses on high-quality agricultural development through technological innovation and brand building, with a total agricultural output value of 135.87 billion yuan, ranking first in Shandong Province [1] - Weifang's vegetable production and sales rank first in the country, and it has nearly 100 companies in the fresh vegetable industry [1] Group 2 - The event involved over 40 agricultural processing companies from Weifang, showcasing more than 200 categories of agricultural products, including fresh vegetables, meat, and prepared dishes [2] - Weifang supplies approximately 500 tons of vegetables daily to Beijing, making it a key supplier [2] - A partnership was signed between the China Renmin University Catering Industry Alliance and Weifang Prepared Dish Association to enhance the prepared dish industry in the university catering market [2]

Group 1 - The core viewpoint is that the Jinxing Food Industrial Park is leveraging full-chain innovation to establish an industrial ecosystem from planting to market, aiming for an industrial output value of 4.438 billion yuan in 2024, representing a year-on-year growth of 21.81%, with foreign trade import and export volume reaching 3 billion yuan, becoming a key driver for rural revitalization in the county [1][2] Group 2 - The park has created four major industrial clusters: garlic and condiments, health foods, baked snacks, and prepared dishes, successfully cultivating 24 national high-tech enterprises and 13 provincial-level agricultural industrialization leading enterprises, with a processing conversion rate of agricultural products rising to 82% [1] - The establishment of a "one enterprise, one institute" mechanism and collaboration with China Pharmaceutical University to develop garlic health products has led to the creation of a provincial-level academician workstation and the introduction of over 60 high-level talents, resulting in 120 patents and participation in 15 national and industry standards [1] - The park has launched the "Jinxing Garlic Index" big data platform and a cold chain train service, with over 4,000 cross-border e-commerce entities, achieving an annual export value of 5.625 billion yuan, accounting for over 70% of the national export volume of garlic, maintaining the top position in the national single agricultural product export ranking for several years [1] Group 3 - The implementation of a "one-on-one enterprise support" system and mechanisms like "conditional acceptance" has reduced project landing cycles to three months, while a partnership with Shandong Foreign Affairs University has led to the establishment of an industrial college and training for over 2,600 individuals in 2024 [2] - The dual-driven strategy of "regional brand + enterprise brand" has positioned "Jinxing Garlic" as a recognized product in the China-Europe geographical indication mutual recognition, with significant sales of garlic products on platforms like JD.com and the establishment of national standards for black garlic production [2]

广发早知道-汇总版 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 金融衍生品： 金融期货： 股指期货、国债期货 贵金属： 黄金、白银 商品期货： 有色金属： 铜、氧化铝、铝、锌、镍、不锈钢、锡、碳酸锂 黑色金属： 钢材、铁矿石、焦煤、焦炭、铁合金 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、花生、红枣、苹果 能源化工： 原油、PTA、乙二醇、苯乙烯、短纤、尿素、瓶片、烧碱、PVC、LLDPE、 PP 特殊商品： 橡胶、玻璃纯碱、工业硅、多晶硅 2025 年 6 月 24 日星期二 投资咨询业务资格： 证监许可【2011】1292 号 组长联系信息： 张晓珍（投资咨询资格：Z0003135） 电话：020- 88818009 邮箱：zhangxiaozhen@gf.com.cn 刘珂（投资咨询资格：Z0016336） 电话：020-88818026 邮箱：qhliuke@gf.com.cn 叶倩宁（投资咨询资格：Z0016628） 电话：020- 88818017 邮箱：yeqianning@gf.com.cn 股指期货：A 股低开高走， ...

Core Insights - Shanxi Tianchi Agricultural Development Co., Ltd. has successfully exported 100 kilograms of oat flour to Japan, marking a significant step for the Ningwu oat industry in entering the high-end East Asian market [1] - The company has made substantial progress in product development and marketing, establishing a robust online and offline sales network [2] - The company aims to enhance its production capacity and ensure product quality through investments and collaborations with research institutions [2][3] Group 1: Product Development - The Ningwu county has leveraged its unique geographical conditions and innovative processing techniques to enhance the nutritional value and marketability of oats [1] - The company achieved a technological breakthrough in January 2025, successfully producing noodles and steamed buns from oat flour, which gained recognition in both domestic and international markets [1] - The company has partnered with the Chinese Academy of Agricultural Sciences to improve oat yield and quality through the cultivation of superior varieties [2] Group 2: Marketing and Sales - The company has actively participated in various exhibitions and promotional activities, including a successful sales event on May 24 that resulted in 120,000 orders [2] - Collaborations with well-known chain enterprises and online brands have been established to enhance product solutions and sales strategies [2] - The company has invested over 10 million yuan in upgrading its production line to meet increasing market demand [2] Group 3: Company Overview - Established in January 2018, Shanxi Tianchi Agricultural Development Co., Ltd. has developed into a comprehensive organic whole grain health industry chain enterprise, with an annual processing capacity of 15,000 tons [3] - The company is focused on integrating the upstream and downstream industry chains and increasing investment in research and development to build a nationally recognized brand [3]

Core Viewpoint - Shaanxi province is focusing on enhancing the agricultural industry by extending the industrial chain, improving the supply chain, and increasing the value chain to boost agricultural quality, efficiency, and competitiveness, aiming to add 8 national-level and 120 provincial-level leading enterprises this year [1][2] Group 1: Key Industry Initiatives - The livestock sector aims to stabilize production capacity, particularly focusing on the pig industry with a target to maintain the breeding sow stock at around 750,000 heads [1] - Vegetable supply will be prioritized, with efforts to increase production in 8 supply guarantee base counties and improve quality in 11 high-altitude vegetable base counties, alongside the construction of 100,000 acres of new agricultural facilities [1] - The fruit industry will focus on quality enhancement by establishing 100 high-quality and efficient demonstration orchards [1] Group 2: Project and Enterprise Development - Shaanxi is implementing lifecycle management for 200 key industrial chain projects to ensure early completion, production, and effectiveness [1] - The province is actively engaging in招商 (investment attraction) activities in regions like Beijing-Tianjin-Hebei and the Yangtze River Delta, progressing with 31 signed project constructions [1] - A three-year action plan for the gradient cultivation of agricultural enterprises has been launched, aiming to build a database of quality enterprises and foster a range of specialized, high-tech, and "chain master" enterprises [1] Group 3: Support Services - The province is enhancing support for agricultural business financing through mechanisms like the "Shaanong Loan" risk compensation product to address financing challenges [2] - Efforts are underway to establish a provincial-level agricultural product processing technology service system and promote new agricultural productivity in the Yangling arid region [2] - Future plans include strengthening demand matching and improving service quality to build a modern agricultural high-quality development system unique to Shaanxi [2]

Core Insights - The article highlights the agricultural transformation and economic development in Yucheng County, Henan Province, showcasing successful local initiatives in crop diversification and rural revitalization [1][10]. Group 1: Agricultural Development - Yucheng County has developed a unique agricultural model by mapping soil characteristics to optimize crop production, resulting in a diversified industry structure of "Southern vegetables, Northern fruits, and mushrooms" [2]. - The county has implemented a "grain-mushroom rotation" technique, enhancing soil fertility and achieving a sustainable agricultural cycle, which has led to significant economic benefits [2][5]. - The area has seen a substantial increase in the cultivation of oil peaches and pears, with the introduction of fruit processing and rural tourism to enhance product value [3]. Group 2: Industry Chain Enhancement - The integration of primary, secondary, and tertiary industries around the local specialty product, shepherd's purse, has created a robust economic ecosystem, benefiting farmers through order-based planting and processing [4][5]. - Yucheng County has established a comprehensive logistics system for agricultural products, facilitating efficient distribution and market access for local farmers [4][5]. Group 3: Rural Revitalization - The county has made significant strides in improving rural living conditions, with successful environmental initiatives leading to cleaner and more attractive villages, contributing to the overall quality of life for residents [7][8]. - The "Bamboo Sea" tourism project in Guotoulou Village has transformed a previously impoverished area into a vibrant tourist destination, enhancing local employment and income opportunities [8]. Group 4: Talent and Innovation - Yucheng County is focusing on talent development to support agricultural innovation, with over 40 professional cooperatives established to drive local industry growth [9]. - The county has attracted approximately 20,000 talents to participate in the development of its agricultural sector, fostering a dynamic and innovative workforce [9].

Group 1 - The 2025 Northeast Asia International Consumer Goods Expo concluded in Shenyang, Liaoning Province, showcasing 33 representative enterprises from Ningxia, resulting in nearly 6 million yuan in cooperation intentions [1][3] - The expo covered an exhibition area of 100,000 square meters, themed "New Situation, New Scene, New Consumption," featuring various sectors including low-altitude economy, health care, new energy vehicles, and imported goods [3] - Ningxia's products, such as goji berries and Helan Mountain red wine, received significant attention for their health benefits and unique qualities, leading to strong interest from various buyers [3] Group 2 - Ningxia's participation included a 144-square-meter "Brand Ningxia Chinese Tour" exhibition area, emphasizing the concepts of "green, high-end, and brand" [3] - During the expo, Ningxia enterprises received multiple awards, enhancing their influence and brand recognition [3] - Ningxia Trade Promotion Association established extensive connections with trade promotion associations from other provinces and regions, facilitating new channels for Ningxia products in the Northeast Asia consumer market [3]

Core Points - The company announced a cash dividend of 0.30 RMB per share for A shares, totaling 57,437,731.50 RMB based on a total share capital of 191,459,105 shares [1][2] - The profit distribution plan was approved at the annual general meeting held on May 15, 2025 [1] - The key dates for the dividend distribution include the record date on June 27, 2025, and the ex-dividend date on June 30, 2025 [1] Distribution Plan - The cash dividend will be distributed to all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, after the market closes on the record date [1] - For shareholders with unrestricted circulating shares, the dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation [1] - Shareholders who have not completed designated transactions will have their dividends held by the China Securities Depository and Clearing Corporation until the designated transaction is completed [1] Taxation Information - Individual shareholders holding shares for more than one year will not be subject to personal income tax on the dividend, receiving the full 0.30 RMB per share [3] - For shares held for one year or less, the company will not withhold personal income tax at the time of distribution, but tax will be calculated and withheld upon the transfer of shares [3] - For shareholders holding restricted shares, a 10% withholding tax will apply, resulting in a net dividend of 0.27 RMB per share [4][6]