Report Industry Investment Ratings - Apple: Neutral [3] - Red dates: Neutral to bullish [7] Core Views - Apple: The overall apple market remains sluggish, but the remaining inventory is at a historical low, which provides some support for prices. The market will focus on the game between merchants' price - pressing and fruit farmers' acceptance, as well as the price performance of early - maturing apples in the west after their concentrated listing [2][3]. - Red dates: The futures price of red dates rose significantly yesterday. The arrival of goods in the sales area is less, and the downstream replenishment has increased, supporting the price of high - quality goods. The new - season red date output is estimated to decline, but due to many influencing factors, continuous attention is needed [6][7]. Summary by Related Catalogs Apple Market News and Important Data - Futures: The closing price of the apple 2510 contract yesterday was 8052 yuan/ton, a change of +47 yuan/ton from the previous day, an increase of +0.59% [1]. - Spot: The price of 80 first - and second - grade late Fuji in Shandong Qixia was 3.80 yuan/jin, a change of - 0.15 yuan/jin from the previous day; the price of more than 70 semi - commercial late Fuji in Shaanxi Luochuan was 4.80 yuan/jin, a change of +0.00 yuan/jin from the previous day [1]. Market Analysis - Inventory: The remaining inventory in the warehouse is small, and the de - stocking progress has slowed down. The inventory of stored Fuji in the production and sales areas last week was still slow to move [2]. - New - season early - maturing apples: Paper - bag Qinyang has been gradually listed for trading. Currently, the volume of red fruits is limited, and the price is firm [2]. - Sales area: The sales of apples in the wholesale market in the sales area are still slow, and seasonal fruits continue to divert apple sales, with no obvious improvement in terminal demand [2]. Strategy - The apple market is expected to maintain stable prices in the short term due to low remaining inventory and little change in the expected new - season output compared to last year. Attention should be paid to the listing and trading of new - season early - maturing apples [3]. Red Dates Market News and Important Data - Futures: The closing price of the red date 2601 contract yesterday was 10695 yuan/ton, a change of +250 yuan/ton from the previous day, an increase of +2.39% [4]. - Spot: The spot price of first - grade grey dates in Hebei was 8.90 yuan/kg, a change of +0.20 yuan/kg from the previous day [4]. Market Analysis - New - season red dates: The jujube trees in the main production areas are in the physiological fruit - dropping stage. The fruit - setting of the first - crop flowers in some orchards is average, but the fruit - setting of the second - and third - crop flowers is good. The new - season output is estimated to be 56 - 62 million tons, a decrease of 5 - 10% compared to 2022 and 20 - 25% compared to 2024 [6]. - Sales area: The total inventory in the sales area is at a high level in recent years. It is currently the traditional off - season, with an increasing supply of seasonal fruits and weakening tonic demand. The downstream purchasing enthusiasm in the Hebei Cuierzhuang market has increased recently, and the spot market transactions are good [6]. Strategy - Due to the high sensitivity of funds to the growth of new - season red dates and the significant impact of production - area news on the futures market, the market may fluctuate strongly in the future. Close attention should be paid to the growth of new - season red dates [7].

Group 1 - The core viewpoint highlights the significance of Tongling's white ginger as a key agricultural heritage and a vital component of rural revitalization, supported by financial initiatives from the People's Bank of China [1][5] - Tongling's white ginger industry has been recognized as a national geographical indication product, enhancing its marketability and brand value [1] - The "Rural Industry Revitalization Joint Development Plan" has been instrumental in providing financial support to local agricultural enterprises, ensuring their operational sustainability and growth [2][3] Group 2 - A local agricultural development company benefited from the "Rural Industry Revitalization Joint Development Plan," receiving a loan of 1.5 million yuan with favorable interest rates, which alleviated their funding challenges [3][4] - The innovative financing model, including the "Ginger Chain Loan," has improved cash flow for agricultural cooperatives, enabling them to pay farmers promptly and enhancing trust within the supply chain [4] - The white ginger industry in Tongling has expanded significantly, with a planting area of 6,800 acres and a total output value of 1 billion yuan, contributing to local employment and economic development [4]

Core Viewpoint - The "Bamboo Shoot King" competition highlights the significance of the Xiniu Mazu Bamboo Shoot industry in Qingyuan, showcasing its growth and impact on local agriculture and economy [13][30]. Industry Overview - The Xiniu Mazu Bamboo Shoot is one of the five major billion-dollar modern agricultural industries in Qingyuan, serving as a crucial pillar for agricultural efficiency and farmer income [13]. - In 2024, the comprehensive output value of the Xiniu Mazu Bamboo Shoot industry reached 10.965 billion yuan, marking it as one of the first agricultural industries in Qingyuan to surpass a hundred billion yuan in value [31][32]. - The industry supports over 170,000 workers and involves 91,000 farming households, with 789 new agricultural operating entities engaged in the Xiniu Mazu Bamboo Shoot sector [36][37]. Event Highlights - The "Bamboo Shoot King" competition took place on July 27, 2025, at Yuegui Lake Square in Yingde City, attracting a large audience and participants from various regions [4][5][30]. - The winner, a bamboo shoot from Yingde's Boluo Town, measured 173 cm in height and weighed 43.7 pounds, scoring 92.67 points [2][27]. - The competition utilized a rigorous scoring system based on appearance, weight, height, and diameter, with audience participation in the judging process [17][18]. Future Plans - Qingyuan plans to launch the 2025 Xiniu Mazu Bamboo Shoot market tasting initiative, collaborating with well-known restaurants to develop a range of dishes featuring the bamboo shoot [39][40]. - The initiative aims to enhance brand influence and expand market reach, particularly in the Guangdong-Hong Kong-Macao Greater Bay Area [41][42].

Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core View of the Report - The downstream demand for red dates remains in the seasonal consumption off - season, with a slow terminal sales pace, low purchasing willingness of traders, and a light market trading atmosphere. The supply of old red dates is sufficient, and the high temperature in the producing areas has not significantly affected the growth, showing no significant downward trend in production. The current second - crop fruit - setting situation is better than expected, and the third - crop is still in the critical fruit - setting period. It is expected that the red date price will mainly fluctuate within a range in the short term [8][40] 3. Summary by Relevant Catalogs 3.1走势回顾 (Trend Review) - **Futures Price**: Last week, the red date futures market showed a range - bound pattern. As of last Friday's close, the CJ601 contract was reported at 10,445 yuan/ton, down 0.29%. The trading volume was 775,747 lots, and the open interest was 125,910 lots. The number of red date futures warehouse receipts on the Zhengzhou Commodity Exchange was 8,813, a decrease of 80 from the previous trading day. The warehouse receipts decreased by 158 last week, a decline of 1.76% [5][13] - **Spot Price**: In the Xinjiang producing area, the temperature was 20℃ - 33℃ last week with sporadic precipitation. The first - crop flower fruit - setting was average, but the temperature drop and rainfall in early July significantly increased the fruit - setting rate of the second and third - crop flowers. The prices of common - grade grey dates in Aksu, Alar, and Kashgar were 4.8, 5.2, and 6 yuan/kg respectively. In the sales areas, the arrival volume in Hebei Cuierzhuang exceeded 40 trucks, with the average price of first - grade grey dates at 8.7 yuan/kg, and the downstream showed strong purchasing enthusiasm. The price in the Henan market remained stable, with the average price of first - grade grey dates at 8.7 yuan/kg, and the downstream purchased as needed. In Guangdong Ruyifang, the average daily arrival was 3 trucks, with the average price of first - grade grey dates at 9.80 yuan/kg, and the average daily trading volume was about 1 truck [7][17][20] 3.2库存情况 (Inventory Situation) - According to Mysteel Agricultural Products data, the physical inventory of 36 sample points last week was 10,090 tons, a month - on - month decrease of 2.23% and a year - on - year increase of 73.07%, indicating a decline in inventory. The arrival volume in the Hebei market rebounded. Although it is in the traditional consumption off - season, the downstream has phased replenishment needs, driving up the price of high - quality goods and significantly increasing the circulation rate. The price in the Guangdong market remained stable, and the goods circulation rhythm was relatively slow [24] 3.3利润分析 (Profit Analysis) - According to Mysteel Agricultural Products data, the average purchase price of grey dates in the Xinjiang main producing area last week was 5.33 yuan/kg. The reference price of first - grade finished products in the Hebei sales area market was 8.60 - 8.90 yuan/kg, and the freight from Aksu to Cangzhou was 380 - 400 yuan/ton. The gross profit was equivalent to 1.92 yuan/kg, an increase of 0.06 yuan/kg from the previous week [28] 3.4产量分析 (Yield Analysis) - According to Mysteel Agricultural Products data, the estimated new - season yield is 56 - 620,000 tons, a decrease of 5 - 10% compared to the 2022 season and a decrease of 20 - 25% compared to the 2024 season, showing no significant downward trend in production [33] 3.5产区天气情况 (Weather Conditions in the Producing Areas) - In 2025, the accumulated temperature in the Xinjiang red date main producing area was higher than the same period in previous years. Taking Aksu as an example, although there was a low temperature of - 18℃ in January, the dormant period of jujube trees was not affected by freezing damage, and the budding period in mid - April was earlier than usual. After the girdling operation of red dates, the high - temperature weather in the producing area gradually subsided, and there was no large - scale physiological fruit drop. In terms of precipitation, the precipitation in Aksu was 6mm, a decrease of 49.19mm compared to the same period last year, and the precipitation in Kashgar was 17mm, at a low level in recent years. The quality of jujube fruits is likely to be higher than that of the previous season. After mid - August, jujube fruits will gradually start to gain sugar. Continuous attention should be paid to the weather changes in the producing area [39] 3.6后市展望 (Market Outlook) - The downstream demand for red dates remains in the seasonal consumption off - season, with a slow terminal sales pace, low purchasing willingness of traders, and a light market trading atmosphere. The supply of old red dates is sufficient, and the high temperature in the producing areas has not significantly affected the growth, showing no significant downward trend in production. The current second - crop fruit - setting situation is better than expected, and the third - crop is still in the critical fruit - setting period. It is expected that the red date price will mainly fluctuate within a range in the short term [8][40] 3.7操作策略 (Operation Strategy) - Mainly conduct range trading and continuously monitor the impact of recent high temperatures on the third - crop fruit - setting [9][41]

Core Viewpoint - The article emphasizes the importance of industrial revitalization as a key component of rural revitalization in Sichuan Province, highlighting the unique paths taken by various ethnic villages to integrate primary, secondary, and tertiary industries [6][7]. Group 1: Infrastructure Development - Infrastructure is identified as a critical foundation for industrial development, with examples of villages overcoming transportation challenges through community efforts to build roads and irrigation systems [8][11][12]. - In Xiaoguxi Village, a 3-kilometer cement road was constructed through the collaboration of local residents, leading to increased tea cultivation and diversified agricultural activities [11]. - In Yantang Village, government support has led to the construction of irrigation facilities, significantly improving agricultural productivity, particularly in orange farming [12]. Group 2: Agricultural Innovation - Villages are leveraging local resources to develop unique agricultural products, such as the bamboo shoots in Xianfeng Miao Township, which have become a significant market commodity [14][18]. - The transformation from coal mining to bamboo cultivation in Xianfeng Miao Township has resulted in a substantial increase in bamboo shoot production, reaching 8,300 tons last year [17][18]. - The establishment of processing facilities and the promotion of organic farming practices have enhanced the value of agricultural products, as seen in the tea industry in Mabi County [19][20]. Group 3: Tourism and Service Enhancement - The rise of rural tourism is noted, with villages developing unique cultural and ecological tourism experiences to attract visitors and avoid market saturation [20][21]. - Efforts to improve service quality in rural hospitality, such as training programs for local entrepreneurs, have led to increased profitability and customer satisfaction in agritourism [22][23]. - The integration of local culture and modern service standards is crucial for sustaining tourism growth and enhancing visitor experiences [21][24]. Group 4: Government Support and Investment - The Sichuan government has invested 1.5 billion yuan to support the development of 235 ethnic villages, resulting in significant income growth for local communities [24]. - The focus on tailored industrial development strategies has enabled various ethnic groups to achieve economic progress and move towards common prosperity [24].

瑞达期货研究院 「2025.07.25」 玉米类市场周报 拍卖影响预期下滑 期货盘面窄幅震荡 研究员：许方莉 期货从业资格号F3073708 期货投资咨询从业证书号 Z0017638 取 更 多 资 讯 联系电话：0595-86778969 业 务 咨 询 添 加 客 服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场分析 「 周度要点小结」 总结及策略建议 Ø 策略建议：短线交易为主。 3 Ø 玉米： Ø 行情回顾：本周玉米期货窄幅震荡。主力2509合约收盘价为2311元/吨，较前一周+8元/吨。 Ø 行情展望：美国农业部(USDA)在每周作物生长报告中公布称，截至25年7月20日当周，美国玉米 优良率为74%,符合市场预期，前一周为74%,上年同期为67%。生长初期优良率保持良好，产出前 景较高，国际玉米价格持续承压。国内方面，贸易商经过一轮出粮后库存趋紧，贸易商挺价心态 仍偏重，本周进口粮拍卖成交率略有回升，但实际成交量有限，出库速度不如预期，未能形成大 规模的有效供给。不过，深加工利润承压企业开机率偏低，且饲企库存相对安全，价格续涨动力 相对不足，总体维持窄幅调整。盘面来看，上周低位 ...

Core Viewpoint - The collaboration between Dongguan's Chang'an Town and the Xinjiang Production and Construction Corps' Third Division aims to deepen support for Xinjiang through industrial cooperation, talent exchange, and improvement of living standards, achieving significant results since the partnership began in 2023 [24][25]. Group 1: Industrial Cooperation - The delegation from Chang'an Town visited various local industries, including a facility agricultural park and garment processing demonstration units, to understand production operations and development needs [5][6][10]. - The delegation recognized the achievements in smart greenhouse planting and water-saving irrigation technologies, discussing their benefits for market stability and price control [9][10]. - A focus was placed on the Tangwang Gourd planting demonstration area, where the delegation engaged with local farmers to discuss standardization, branding, and market expansion strategies [12][14]. Group 2: Economic Impact - The partnership facilitated the purchase of over 7,500 boxes of Tangwang Gourd, valued at over 500,000 yuan, which effectively increased income for local workers [15]. - Since the establishment of the partnership, Chang'an Town has invested a total of 1.49 million yuan in support, conducted 60 mutual visits by party and government leaders, and facilitated 13 exchanges of personnel [26][28]. Group 3: Community Welfare - The delegation assessed various community welfare projects, including electric bike charging stations and fitness facility upgrades, to enhance residents' quality of life [17][19]. - Inquiries were made regarding the operation and service quality of local nursing homes, with commitments to improve facilities for the elderly [21][23].

Core Points - The article highlights the continuous progress in poverty alleviation and rural revitalization in Sichuan, with a focus on agricultural modernization and infrastructure development [1][2] - It emphasizes the importance of maintaining food security while increasing the income of rural residents, showcasing various initiatives and projects aimed at achieving these goals [1][2] Agricultural Development - The first industry value added is projected to grow by 2.5%, with rural residents' per capita disposable income increasing by 6.8% [1] - Sichuan has established 19 national modern agricultural industrial parks and built 1,000 high-yield demonstration plots for grain and oil [1] - The province aims to ensure stable grain planting area above 96 million acres and increase the comprehensive mechanization rate of major crops to 73% [1] Infrastructure Improvement - Sichuan plans to construct and renovate 11,000 kilometers of rural roads and add 6,192 natural villages with hardened roads [1] - The "Hundred-Thousand-Thousand Project" aims to enhance rural infrastructure and living conditions, with a total investment of 171.75 billion yuan for 8,448 projects [2] Poverty Alleviation and Employment - In the first half of 2023, 2.459 million people in Sichuan found employment, achieving 111.5% of the national target [1] - The province has implemented various support measures for 39 key poverty alleviation counties, including financial assistance and resource allocation [1] Industry Growth and Specialization - Sichuan's vegetable and edible fungus production increased by 3.4%, while fruit and tea production grew by 6.4% and 5.2%, respectively [2] - The province is focusing on developing specialty agricultural industries, with plans to cultivate 100 "Tianfu Granary" premium brands and support 30 export-oriented enterprises [2] Community and Cultural Development - The article discusses the "Village BA" basketball tournament and other community activities that enhance rural vitality and showcase development achievements [2] - Efforts are being made to improve public services and governance in rural areas, fostering a more civilized and prosperous community [2]

1. Report Industry Investment Rating - No investment rating provided in the report 2. Report's Core View - Summer seasonal fresh fruits replace red dates, leading to a seasonal off - peak in red date demand, slow inventory digestion, and high old - crop inventory. The new - season crop is at a critical fruiting stage, and the market focuses on the weather in producing areas. Some Xinjiang producing areas have relatively good growth of jujube trees, and the production reduction may be less than expected, but high - temperature weather in Xinjiang in the next few days requires attention to the second - crop flowers and fruits. It is recommended to wait and see [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - The closing price of the main futures contract for red dates is 10595 yuan/ton, with a change of 105, and the main contract position is 132685 hands, an increase of 377 hands. The net long position of the top 20 futures is - 3443 hands, and the number of warehouse receipts is 8912, with no change. The effective warehouse receipt forecast is 1448 [2] 3.2 Spot Market - The wholesale price of first - grade grey dates in Hebei is 4.35 yuan/jin, and in Henan is also 4.35 yuan/jin, with no change. The wholesale price of red dates in different regions such as Kashgar, Alar, and Aksu has no change, and the prices of special - grade and first - grade red dates in different regions also remain stable [2] 3.3 Upstream Market - The annual output of red dates is 318.7 million tons, and the planting area is 199.3 million hectares, a decrease of 4.1 million hectares [2] 3.4 Industry Situation - The national red date inventory is 10320 tons, a decrease of 110 tons compared to last week, a 1.05% decrease, and a 74.89% increase year - on - year. The monthly export volume of red dates is 1765107 kg, a decrease of 464120 kg, and the cumulative monthly export volume is 17115674 kg [2] 3.5 Downstream Situation - The wholesale price of red dates in the Hexi Agricultural and Sideline Products Market in Taiyuan, Shanxi is 1.47 yuan/kg, a decrease of 8. The cumulative quarterly sales volume of red dates of好想你is 36480.43 tons, a decrease of 2981.06 tons, and the cumulative quarterly production year - on - year is - 34.59% [2] 3.6 Industry News - On July 23, the temperature in Aksu was 24 - 37°C, and jujube farmers were actively managing the fields. The jujube trees were in the physiological fruit - dropping stage. The main red date 2601 contract rose 1.48% on Wednesday. The physical inventory of 36 sample points last week was 10320 tons, a 1.05% decrease compared to the previous week and a 74.89% increase year - on - year [2]

Core Insights - Extreme weather events have significantly impacted global food prices, with notable increases such as a 300% rise in Australian lettuce prices and an 80% increase in U.S. vegetable prices [1][2] - The report warns that unprecedented extreme weather conditions will become more common, surpassing the adaptability of current agricultural and economic systems [1] Food Price Increases - California has experienced its driest three years on record, leading to nearly 1 million acres of farmland left uncultivated, resulting in initial revenue losses of nearly $2 billion for vegetable crops [1] - Arizona faced water shortages due to drought in the Colorado River basin, contributing to significant vegetable price increases in the U.S. [1] - In South Korea, vegetable prices surged nearly 70% due to widespread high temperatures, prompting the government to utilize national reserves [2] - Australia experienced record floods, leading to lettuce prices soaring to approximately 12 AUD (about 7.81 USD) from around 2.80 AUD, marking a rise of over 300% [2] Climate Change and Agricultural Sensitivity - Not all agricultural products are equally sensitive to climate risks; coffee and beef prices have been rising due to specific production conditions, while more adaptable crops like corn have not seen similar price increases [3] - New U.S. tariffs may further squeeze foreign farmers' profit margins, complicating producers' decisions [3] Political and Economic Implications - High inflation rates linked to food price surges can alter election outcomes, as evidenced by studies from 18 countries [4] - Rising staple food prices exert pressure on economies and public health, particularly affecting low-income households [4] - The volatility in food prices poses challenges for macroeconomic management, complicating efforts to control overall inflation rates [4][5] - The rising cost of living has played a significant role in recent elections, with warnings that these impacts will worsen without achieving net-zero emissions [5] - The upcoming United Nations Food Systems Summit will address the threats posed by climate change to global food systems, with food price inflation as a central topic [5]