Core Points - The 28th China (Hainan) International Tropical Agricultural Winter Trade Fair opened on December 4, 2025, in Haikou, featuring over 2,000 enterprises from 16 countries and regions [1][3][5] - The theme of this year's fair is "Gathering Agricultural Excellence, Enjoying Free Trade Opportunities," with an exhibition area of 75,000 square meters and nine major exhibition zones [1][3] Group 1: Exhibition Highlights - The fair showcased 24 new products, including "Yuxiang Fubao" mini taro winter melon, powder fruit tomatoes, and DJI agricultural drone T100S, in the debut area [3] - The industry chain exhibition area featured domestic durians, Hainan mangoes, and honey melons, while the agricultural technology area displayed smart agriculture platforms and drone applications [3][7] Group 2: Special Features - Thailand and Pakistan were designated as the dual guest countries, with unique products such as Thai latex pillows, Pakistani rice, Cambodian mangoes, and Malaysian Musang King durians prominently displayed [3][5] - The "Hainan Fresh Products" tasting event highlighted local ingredients like Hainan beef, Tunchang black pigs, and Hainan snapper, allowing attendees to experience the high quality of Hainan's agricultural products [7] Group 3: Supporting Activities - The "Hainan Agricultural Brand Directory (2025)" was officially released, including five regional public brands, 20 "Hainan Fresh Products" brands, 10 enterprise brands, and 20 agricultural product brands [5] - A trade promotion meeting facilitated in-depth discussions between government and enterprises on agricultural industry chain cooperation, resulting in preliminary agreements on several projects [5][7]

从田间到餐桌，每一颗蔬菜、每一粒粮食的旅程都承载着消费者对食品安全的期待。如今，区块链技术正为这份期待筑起一道 坚实的屏障，让农产品溯源变得透明而可靠。 传统的农产品溯源体系往往依赖中心化数据库，信息容易被篡改，消费者难以真正信任。而区块链技术的去中心化特性，恰好 解决了这一痛点。它就像一个分布式的数字账本，将农产品从种植、加工到运输的全生命周期数据记录在多个节点上，任何单 一机构都无法随意修改，确保了信息的真实性和不可篡改性。 消费者只需扫描产品包装上的二维码，就能查看这颗番茄完整的"成长日记"。从田间到餐桌的每一个环节都清晰可见，真正实 现了来源可查、去向可追。这种透明度不仅增强了消费者的信任，也为优质农产品提供了价值背书。 对于生产者而言，区块链技术同样意义重大。它能够有效防止假冒伪劣产品，保护品牌声誉。一旦出现质量问题，可以快速定 位问题环节，及时召回产品，降低损失。同时，完整的生产数据也为农业标准化生产提供了依据，帮助农户优化种植流程，提 升产品质量。 在技术实现上，区块链通常与物联网、大数据等技术结合使用。传感器可以自动采集温湿度、光照等环境数据，智能合约则能 自动执行某些预设规则，减少人为干预。 ...

海南农垦馆一角。 海垦集团党委书记、董事长包洪文出席开幕式并致辞。他指出，当前，海垦集团正认真贯彻落实党的二十届四中全会和省委八届八次全会精神，抢抓自贸 港封关运作机遇，立足天然橡胶国家战略物资的提供者、农业现代化的引领者、深化国有企业改革的探路者定位，加快构建具有海垦特色和优势的现代化 产业体系。今年，海垦集团从冬交会首席合作伙伴再次升级为联合主办方，充分体现了省委、省政府和社会各界对海垦的信任。真诚邀请全国专家、各地 企业、客商到海垦洽谈合作，共同推动热带特色高效农业发展，为高质量建设海南自由贸易港、加快建设农业强国作出更大贡献。 包洪文致辞。 作为中国企业500强、海南农业主力军，海垦集团在本次冬交会期间还首次作为主办单位之一参加第二届中国国际热作产业大会，大会设置了天然橡胶产 业高质量发展分论坛、咖啡全产业链暨热带农业高质量发展之路分论坛、国际农产品加工与贸易分论坛。同时，还举办2025年企业家海南自贸港峰 会、"海垦集团|海南鲜品"品牌高铁专列启动仪式等多场活动，让平台"流量"变发展"增量"，将海垦优质品牌和产品推向更广阔的市场。 12月4日，以"聚农业精品·享自贸商机"为主题的2025年第28届中 ...

新华财经悉尼12月4日电（记者李晓渝）澳大利亚统计局6日公布的数据显示，2025年9月该国对外货物 商品贸易顺差达到约43.85亿澳元（约合人民币204.31亿元），相比经调整后的9月顺差增加约6.78亿澳 元。 从出口各项目来看，农村商品出口10月环比增加约0.9%，达到大约64.96亿澳元；非农村商品出口环比 增长约2.1%，达到大约332.9亿澳元；未经季节性因素调整的商贸货物净出口（Net exports of goods under merchanting）环比增长3.5%，达到约8900万澳元；非货币黄金出口环比增长约14.2%，达到大约 61.02亿澳元。 非农村商品出口各分项目中，金属矿石与矿物出口环比增长约2.3%，达到大约152.9亿澳元；煤、焦炭 与煤球出口环比减少约4.4%，达到大约53.27亿澳元；其他矿物燃料出口环比增长约4.9%，达到大约 55.51亿澳元；非货币黄金以外金属出口环比减少约4%，达到大约15.7亿澳元。 （文章来源：新华财经） 具体来说，经季节性因素调整，10月澳大利亚货物商品出口额环比增长约3.4%，达到约459.77亿澳元； 进口额环比增加约2%，达到约415 ...

Report Summary 1) Report Industry Investment Rating No investment rating for the industry is provided in the report. 2) Core Viewpoints - The short - term trading opportunities for A - share index futures are limited due to low trading volume and volatility [2]. - The current interest rate is approaching the high level before the end of September, and the allocation value of bonds within 10 years is relatively improved. The 30 - year bonds may be oversold under emotional drive. It is recommended to wait and see for the unilateral strategy and focus on the Politburo meeting and the new regulations on bond fund redemption fees [2]. - Gold is in a consolidation phase near $4200, and it is advisable to be cautious about chasing long positions unilaterally. Silver is oscillating strongly and may reach $60. Investors are advised to lock in profits after accumulating floating profits [2]. - The container shipping index is expected to fluctuate in the short - term [2]. - For steel, it is recommended to focus on the long - rebar and short - iron ore arbitrage. Iron ore is in high - level consolidation, and coking coal and coke are also in a consolidation state [2]. - Copper prices are rising again, and aluminum prices are rising with increased positions. Different trading strategies are recommended for various non - ferrous metals [2][3]. - For new energy and chemical products, different products have different market trends and corresponding trading suggestions, such as PX having strong support in the medium - term, while PTA's rebound space is limited [3]. - In the energy and chemical industry, different products have different market situations, such as LLDPE's trading volume weakening significantly and PP's supply having an upward expectation [3]. - In the agricultural products market, different products have different trends, such as palm oil falling due to potential inventory growth and sugar oscillating weakly [3]. 3) Summary by Related Catalogs Financial Sector - **Stock Index Futures**: A - share index futures have low trading volume and volatility, and the short - term trading space is limited. The dividend sector is firm, and the index futures are trading weakly [2]. - **Treasury Bonds**: The current interest rate is approaching the high level before the end of September. The 30 - year bonds are relatively weak, and the short - term market driver may come from the policy expectation difference. It is recommended to wait and see for the unilateral strategy and focus on the Politburo meeting and the new regulations on bond fund redemption fees. The positive arbitrage strategy for the 2603 contract is recommended for the spot - futures strategy [2]. - **Precious Metals**: Gold is in a consolidation phase near $4200, and it is advisable to sell out - of - the - money put options to earn time value. Silver is oscillating strongly and may reach $60. Investors are advised to lock in profits after accumulating floating profits. Platinum and palladium should be traded with a short - term high - selling and low - buying strategy, and the long - platinum and short - palladium hedge should take profits at high levels [2]. Black Sector - **Steel**: Steel mills are reducing production. It is recommended to focus on the long - rebar and short - iron ore arbitrage and narrow the spread between hot - rolled coil and rebar [2]. - **Iron Ore**: The shipment is increasing, the arrival is decreasing, and the port inventory is increasing. It is in high - level consolidation, with the range from 750 to 820 [2]. - **Coking Coal**: The price reduction range of coal in the production area is expanding, and the price of Mongolian coal is stable. The futures price is falling again, with the range from 1050 to 1150, and the 1 - 5 reverse spread is recommended [2]. - **Coke**: The first round of price cuts in December has been implemented, and the port trading price is falling. It is in a consolidation state, with the range from 1550 to 1700, and the 1 - 5 reverse spread is recommended [2]. Non - Ferrous Sector - **Copper**: The LME cancelled warehouse receipts are increasing significantly, and copper prices are rising again. The short - term decline space is limited [2]. - **Aluminum**: Aluminum prices are rising with increased positions. Different trading strategies are recommended for aluminum, waste aluminum, and aluminum alloy, with corresponding price ranges [2][3]. - **Other Non - Ferrous Metals**: For zinc, supply reduction and interest - rate cut expectations provide support, but the spot trading is dull [4]. For other non - ferrous metals such as tin, nickel, and stainless steel, different market trends and trading suggestions are provided [3]. New Energy and Chemical Sector - **New Energy**: Different new energy products such as polysilicon and lithium carbonate have different market trends and corresponding trading suggestions, such as polysilicon futures rising while the spot price is stable [3]. - **Chemical Products**: Different chemical products have different market situations, such as PX having strong support in the medium - term, while PTA's rebound space is limited. Different trading strategies are recommended for each product [3]. Energy and Chemical Sector - Different energy and chemical products such as LLDPE, PP, and methanol have different market trends and corresponding trading suggestions, such as LLDPE's trading volume weakening significantly and PP's supply having an upward expectation [3]. Agricultural Products Sector - Different agricultural products such as palm oil, sugar, and cotton have different market trends and corresponding trading suggestions, such as palm oil falling due to potential inventory growth and sugar oscillating weakly [3].

去年11月到今年10月 海南农产品累计销售出岛超823万吨 十二月三日，在海南国际会展中心，冬交会布展进入收尾阶段，工作人员在摆放水果。海南日报全媒体 记者 袁琛 摄 海南日报海口12月3日讯(海南日报全媒体记者 王晓曈 王晖琛)12月3日，2025年第28届中国(海南)国际热 带农产品冬季交易会农产品产销对接会暨"一镇一品"推介活动在海口举行。据介绍，从去年11月到今年10 月，海南农产品累计销售出岛超823万吨。 活动现场，来自海口、五指山等8个市县的数十家供应商，带来了热带水果、冬季瓜菜、特色加工品等近 百种产品，集中展示了"一镇一品"的特色与成果。省外大型农批市场的采购商代表现场发布需求，供应商们 则通过产品品鉴、专场推介甚至与种植基地实时连线的方式，直观展示产品品质。洽谈环节气氛热烈，供需 双方围绕产品规格、物流配送等深入沟通，现场达成多项采购意向。 ...

本届冬交会展览面积超7.5万平方米，设有七个展馆、九大展区，新增"热带特色食材品鉴与赛事展 区"，涵盖多品类业态。国际展商踊跃参展，泰国、巴基斯坦任双主宾国，多国团组携特色产品参展。 国内各省市团组积极响应，主宾省四川及多个省区市组团亮相。重点企业阵容强大，众多农业龙头企业 齐聚。海南热带特色高效农业全产业链与区域公用品牌也将集中展示。 本届冬交会将搭建"展示+洽谈+签约"一体化平台，助力国际展商布局自贸港市场，国内企业对接 全球资源。多渠道邀约全球采购商，与多家行业协会、大型企业链接采购，展会期间还组织产地行、产 销对接、采购商巡馆等多种活动，提高采购效率。 展会期间将举办50余场活动，构建"专业交流"与"市民互动"双线并行矩阵。同时，深耕市场需求， 与海南本土品牌联名推出创新产品，特设"首发首秀展示区"展现农业升级成果。聚焦海南热带食材，设 立新展区，举办烹饪赛事，展现特色优势。 2025年第28届冬交会今日开幕 展示全球热带农业成果，聚焦国际交易与自贸港合作机遇 海南日报海口12月3日讯(海南日报全媒体记者 孙慧)12月4日至7日，2025年第28届中国(海南)国际 热带农产品冬季交易会(以下简称冬交会 ...

021-60635740 linzhenlei@ccb.ccbfutures.co m期货从业资格号：F3055047 021-60635727 wanghaifeng@ccb.ccbfutures.c om期货从业资格号：F0230741 行业 鸡蛋 日期 2025 年 12 月 4 日 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635572 hongchenliang@ccb.ccbfutures .com 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：余兰兰 研究员：林贞磊 研究员：王海峰 研究员：洪辰亮 期货从业资格号：F3076808 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：行情回顾 | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

Industry Investment Ratings No investment ratings for the entire industry are provided in the report. Core Views The report provides a comprehensive analysis of various commodity futures markets, including precious metals, base metals, black industries, agricultural products, and energy chemicals. It assesses the market performance, fundamentals, and offers trading strategies for each sector, highlighting the complex interplay of supply, demand, economic indicators, and geopolitical factors [1][2][3]. Summary by Category Precious Metals - **Gold**: Prices were in high - level oscillations on Tuesday. Fundamentals include statements from the US Treasury Secretary, ADP employment data, and various inventory changes. The strategy is to take partial profits on gold in the short - term and wait for buying opportunities at lower support levels [1]. - **Silver**: Overseas market tightness re - emerged, and short - term long positions are recommended [1]. Base Metals - **Copper**: Prices hit a new high. The proportion of cancelled warehouse receipts in London copper increased significantly, indicating a seller's market. The strategy is to wait and see [2]. - **Aluminum**: The price of the main electrolytic aluminum contract rose slightly. With increased production capacity and improved demand, it is expected to oscillate upward [2]. - **Alumina**: The price of the main contract declined. With increased supply and stable demand, it is expected to oscillate weakly [2][3]. - **Industrial Silicon**: The price of the main contract declined slightly. Supply may decrease in December, and demand is relatively stable. The price is expected to move within the range of 8600 - 9400 yuan/ton, and a wait - and - see approach is recommended [3]. - **Lithium Carbonate**: The price of the main contract declined. Supply is increasing, and demand is expected to decrease in December. The short - term upward drive is limited, and attention should be paid to short - selling opportunities [3]. - **Polycrystalline Silicon**: The price of the main contract rose. Production is stable, and demand is weakening. In the short - term, the price center has moved up due to a short - squeeze, and in the long - term, it depends on the progress of the storage platform [3]. - **Tin**: Prices rose significantly. Supply is tight, and there are concerns about short - squeeze risks. A wait - and - see strategy is recommended [3]. Black Industry - **Rebar**: The price of the main contract declined slightly. Supply and demand are weak, and the futures are at a large discount. It is recommended to short the 2605 contract and short the steel mill's profit [4]. - **Iron Ore**: The price of the main contract declined slightly. Supply and demand are weakening, and the futures are at a slight discount. It is recommended to exit and wait, and short the steel mill's profit [4]. - **Coking Coal**: The price of the main contract declined slightly. Supply and demand are weakening, and the futures are at a premium. It is recommended to short the 2605 contract and short the steel mill's profit [4]. Agricultural Products - **Soybean Meal**: CBOT soybeans continued to decline. Supply is mixed, and demand is in a game. The US soybeans are in oscillation, and the domestic market depends on tariff policies and production [5]. - **Corn**: Futures prices fluctuated, and spot prices varied regionally. Supply and demand are temporarily tight, but new production is expected to increase. The futures price is expected to oscillate upward [5][6]. - **Edible Oils**: The Malaysian palm oil market declined slightly. Supply is high in some areas and affected by floods in others, and demand is weakening. The price is expected to be strong in the short - term but oscillate overall [6]. - **Cotton**: US cotton prices oscillated weakly, and domestic cotton prices rebounded. International supply and demand are affected by planting area changes, and domestic demand is mixed. It is recommended to buy at low prices [6]. - **Eggs**: Futures prices declined, and spot prices decreased slightly. Supply pressure is decreasing, and demand is stable. The price is expected to oscillate [6]. - **Pigs**: Futures and spot prices declined. Supply is abundant, and demand is seasonally increasing, but prices are expected to weaken seasonally [6]. Energy Chemicals - **LLDPE**: The price of the main contract declined slightly. Supply pressure is rising but slowing, and demand is weakening. In the short - term, it is expected to oscillate weakly, and in the long - term, it is recommended to buy far - month contracts at low prices [7]. - **PVC**: The price continued to oscillate at the bottom. Supply is increasing, and demand is seasonally weakening. It is recommended to short [8]. - **Glass**: The price rebounded from the bottom. Supply is affected by cold - repair, and demand is weak. It is recommended to wait and see [8]. - **PP**: The price of the main contract declined slightly. Supply is increasing, and demand is weakening. In the short - term, it is expected to oscillate weakly, and in the long - term, it is recommended to buy far - month contracts at low prices [8]. - **Crude Oil**: Prices rose and then fell. Supply is affected by sanctions and production plans, and demand is in the off - season. The price is expected to oscillate [8]. - **Styrene**: The price of the main contract oscillated slightly. Supply and demand are improving marginally, and in the short - term, it is expected to oscillate, and in the long - term, it is recommended to buy styrene profit at low prices [9]. - **Soda Ash**: The price of the main contract declined. Supply and demand are balanced, and the price is affected by coal prices. It is recommended to wait and see [9].

广发早知道-汇总版 广发期货研究所 电 话：020-88818009 E-Mail：zhangxiaozhen@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、铂、钯 集运欧线 商品期货： 有色金属： 铜、氧化铝、铝、铝合金、锌、锡、镍、不锈钢、碳酸锂、工业硅、多 晶硅 黑色金属： 钢材、铁矿石、焦煤、焦炭 农产品： 油脂、粕类、玉米、生猪、白糖、棉花、鸡蛋、红枣、苹果 能源化工： PTA、乙二醇、苯乙烯、纯苯、短纤、瓶片、烧碱、PVC、LLDPE、PP、 甲醇、合成橡胶、橡胶、玻璃纯碱 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 周敏波（投资咨询资格：Z0010559） 电话：020-81868743 邮箱：zhoumingbo@gf.com.cn 朱迪（投资咨询资格：Z0015979） 电话：020-88818008 邮箱：zhudi@gf.com.cn 陈尚宇（投资咨询资格：Z0022532） 电话：0 ...