Core Points - The establishment of the mutual recognition mechanism for food and agricultural product inspection between China and Japan has officially commenced, marked by the first shipment of garlic products from Shandong Jiangzao Agricultural Products Co., Ltd. [1] - The first mutual recognition inspection report was issued for garlic exported to Japan, involving 250 pesticide residue tests and four testing methods, highlighting the rigorous standards applied [1] - This initiative is a significant breakthrough in facilitating customs clearance for agricultural products, enhancing international trade rules participation, and providing a model for smoother entry of agricultural products into international markets [1] Company Summary - Shandong Jiangzao Agricultural Products Co., Ltd. successfully shipped garlic products with mutual recognition inspection labels, indicating compliance with Japanese standards [1] - The company has engaged in deep cooperation with the New Japan Testing Association (SK) to ensure "one-time testing, mutual recognition" for food and agricultural products destined for Japan [1] Industry Summary - The mutual recognition mechanism is expected to streamline the process for agricultural products entering the Japanese market, representing a key step in international agricultural trade [1] - The collaboration between Chinese and Japanese inspection agencies aims to enhance the internationalization of testing standards, benefiting the agricultural sector in Shandong and nationwide [1]

Core Viewpoint - *ST WanFang is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which adds to the company's existing challenges and risks of delisting [1][2]. Group 1: Regulatory Issues - On July 25, 2025, *ST WanFang received a notice from the CSRC regarding an investigation for information disclosure violations [1]. - This is not the first time the company has faced regulatory scrutiny; it previously received a warning from the Jilin Securities Regulatory Bureau in April 2024 for similar violations [2]. Group 2: Financial Performance - The company has reported consecutive losses for the years 2023 and 2024, with a projected loss of 5 to 7 million yuan in the first half of 2025, indicating a worsening financial situation [2]. - As of the first quarter of 2025, the company had 31,631 shareholders, and its stock has been marked with "*ST" due to financial indicators triggering delisting risk warnings [2]. Group 3: Shareholder Actions - The second-largest shareholder, Shuangyang Rural Commercial Bank, plans to reduce its stake by up to 3% between September 25 and December 23, 2025, due to funding needs [1]. - The first major shareholder's 90.86 million shares (29.18% of total shares) failed to sell at auction, raising concerns about potential changes in company control and further financial distress [3]. Group 4: Legal Recourse for Investors - Investors who purchased shares before July 25, 2025, and sold or held them after this date may have the right to claim compensation through legal channels [4]. - A legal team is currently gathering affected investors for potential claims, with fees only charged upon successful recovery [4].

Core Insights - Huarong County has developed its local specialty industries significantly, with modern agriculture and green food processing industries generating over 40 billion yuan in total output value [1] - The county has achieved a land transfer rate of 65% and an agricultural mechanization rate of 80.6%, indicating a strong shift towards modern agricultural practices [1] - The income gap between urban and rural residents in Huarong County has narrowed from a ratio of 2.48 in 2012 to 1.38 in 2024, reflecting economic development and improved living standards [1] Group 1: Agricultural Development - Huarong County has a cotton planting area that once reached 500,000 mu and has developed a concentrated area of mustard greens covering 200,000 mu [1] - The area for crayfish farming has reached 345,000 mu through a "shrimp-rice intercropping" model [1] - The county has established over 3,300 new types of operating entities to support agricultural development [2] Group 2: Industry Integration and Infrastructure - Huarong County has integrated its agricultural development goals into government work reports to enhance collaboration across different administrative levels [2] - The county has attracted and nurtured 32 leading enterprises in the mustard industry, with a total of 268 strong agricultural processing enterprises [2] - Nearly 1 billion yuan has been invested in infrastructure, including the establishment of a mustard industry park with standardized factories covering 200,000 square meters [3] Group 3: Ecological and Sustainable Practices - Huarong County prioritizes ecological protection, avoiding high-pollution projects and implementing strict environmental regulations [3] - The county aims to address issues such as urban-rural development imbalance and insufficient modern agricultural development [3] - The county's leadership emphasizes the importance of creating a new agricultural platform system that integrates government and enterprise efforts for sustainable development [4][5]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The ICE canola futures closed higher on September 10 but remained near the bottom of the downtrend since late June. The good weather and high excellent rate in the US soybean - producing areas bring supply - side pressure, but the unexpected reduction in planting area supports the price. The market focuses on the USDA report this month, which is expected to lower the US soybean yield per acre. [2] - For rapeseed meal, the shortage of near - month rapeseed arrivals in China reduces supply pressure, and the seasonal increase in aquaculture demand boosts its consumption. However, the good substitution advantage of soybean meal weakens the demand expectation. The temporary anti - dumping measures on Canadian rapeseed also affect the supply and price. [2] - For rapeseed oil, the terminal consumption boost from the start of school is limited, and the domestic vegetable oil supply - demand is still loose, which restricts short - term prices. But the low oil - mill operating rate and fewer near - month rapeseed purchases reduce supply pressure. The extension of the anti - dumping investigation on Canadian rapeseed also restricts purchases. The market is volatile due to international trade relations, and short - term participation is recommended. [2] 3. Summary by Related Catalogs 3.1 Futures Market - Futures prices: The closing price of the active contract of rapeseed oil was 9893 yuan/ton, up 123 yuan; that of rapeseed meal was 2567 yuan/ton, up 34 yuan. The closing price of the active ICE canola futures was 628.2 Canadian dollars/ton, up 9.8 Canadian dollars. [2] - Spreads: The rapeseed oil month - to - month spread (1 - 5) was 346 yuan/ton, up 57 yuan; the rapeseed meal month - to - month spread (1 - 5) was 147 yuan/ton, up 19 yuan. [2] - Positions: The main - contract positions of rapeseed oil were 286194 lots, up 31047 lots; those of rapeseed meal were 407316 lots, up 20610 lots. The net long positions of the top 20 futures holders for rapeseed oil were 18355 lots, up 12961 lots; for rapeseed meal, it was - 5220 lots, up 9 lots. [2] - Warehouse receipts: The number of rapeseed oil warehouse receipts was 6953; that of rapeseed meal was 9.8. [2] 3.2 Spot Market - Spot prices: The spot price of rapeseed oil in Jiangsu was 9940 yuan/ton, up 30 yuan; that of rapeseed meal in Nantong was 2630 yuan/ton, unchanged. The average price of rapeseed oil was 10005 yuan/ton, up 30 yuan. The import cost of rapeseed was 7810.05 yuan/ton, up 75.88 yuan. [2] - Price differences: The oil - meal ratio was 3.71, up 0.01. The basis of the rapeseed oil main contract was 47 yuan/ton, down 93 yuan; that of rapeseed meal was 63 yuan/ton, down 34 yuan. The spot price difference between rapeseed oil and soybean oil was 1410 yuan/ton, up 60 yuan; between rapeseed oil and palm oil was 720 yuan/ton, up 80 yuan; between soybean meal and rapeseed meal was 400 yuan/ton, unchanged. [2] 3.3 Upstream Situation - Production: The global rapeseed production forecast was 89.77 million tons, up 0.21 million tons; the annual forecast of rapeseed production was 12378 thousand tons, unchanged. [2] - Imports: The total rapeseed import volume in the current month was 17.6 million tons, down 0.85 million tons. The import volume of rapeseed oil and mustard oil in the current month was 15 million tons, up 4 million tons; that of rapeseed meal was 27.03 million tons, up 7.56 million tons. [2] - Inventory and operating rate: The total rapeseed inventory in oil mills was 10 million tons, unchanged. The weekly operating rate of imported rapeseed was 13.06%, up 1.07 percentage points. The import rapeseed crushing profit was 858 yuan/ton, up 19 yuan. [2] 3.4 Industry Situation - Inventory: The coastal rapeseed oil inventory was 9.7 million tons, down 0.7 million tons; the coastal rapeseed meal inventory was 1.8 million tons, down 0.7 million tons. The rapeseed oil inventory in East China was 53.2 million tons, down 2.2 million tons; the rapeseed meal inventory was 31.51 million tons, up 0.65 million tons. The rapeseed oil inventory in Guangxi was 4.55 million tons, down 0.3 million tons; the rapeseed meal inventory in South China was 21.3 million tons, up 1.3 million tons. [2] -提货量: The weekly rapeseed oil提货量 was 3.03 million tons, up 0.77 million tons; the weekly rapeseed meal提货量 was 2.74 million tons, down 0.15 million tons. [2] 3.5 Downstream Situation - Production: The monthly production of feed was 2827.3 million tons, down 110.4 million tons; the monthly production of edible vegetable oil was 476.9 million tons, up 41.8 million tons. [2] - Consumption: The monthly total retail sales of social consumer goods in the catering industry was 4504.1 billion yuan, down 203.5 billion yuan. [2] 3.6 Option Market - Implied volatility: The implied volatility of at - the - money call options for rapeseed meal was 18.18%, down 1.16 percentage points; that of put options was 18.19%, down 1.16 percentage points. The implied volatility of at - the - money call options for rapeseed oil was 13.01%, down 0.74 percentage points; that of put options was 13.03%, down 0.7 percentage points. [2] - Historical volatility: The 20 - day historical volatility of rapeseed meal was 18.15%, down 2.13 percentage points; the 60 - day historical volatility was 22.1%, up 0.12 percentage points. The 20 - day historical volatility of rapeseed oil was 8.26%, down 3.65 percentage points; the 60 - day historical volatility was 13.01%, unchanged. [2] 3.7 Industry News - ICE canola futures closed higher on September 10 but remained near the bottom of the downtrend since late June. The 11 - month contract rose 8.40 Canadian dollars to 628.10 Canadian dollars/ton, and the 1 - month contract rose 10.70 Canadian dollars to 640.70 Canadian dollars/ton. [2] - The good weather in the US soybean - producing areas and high excellent rate bring supply - side pressure, but the unexpected reduction in planting area supports the price. The market focuses on the USDA report this month, which is expected to lower the US soybean yield per acre. [2] - The US senator tried to stop the Trump administration from adjusting the renewable fuel obligation policy, which led to the decline of US soybean oil futures and affected the domestic vegetable oil market sentiment. [2]

Group 1: Report General Information - Report Name: Corn Starch Daily Report [2] - Date: September 11, 2025 [2] - Researcher: Liu Dayong [6] - Futures Practitioner Certificate Number: F03107370 [6] - Investment Consulting Certificate Number: Z0018389 [6] Group 2: Data Futures Disk - C2601: Closing price 2172, up 2 (0.09%), volume 112,026 (-43.81%), open interest 435,154 (3.08%) [3] - C2605: Closing price 2240, unchanged (0.00%), volume 16,051 (30.54%), open interest 81,333 (1.19%) [3] - C2509: Closing price 2302, up 17 (0.74%), volume 691 (DIV/0!), open interest 11,759 (0.68%) [3] - CS2601: Closing price 2497, down 5 (-0.20%), volume 17,752 (-24.92%), open interest 60,779 (4.53%) [3] - CS2605: Closing price 2584, down 4 (-0.15%), volume 346 (-53.18%), open interest 1,002 (0.40%) [3] - CS2509: Closing price 2502, unchanged (0.00%), volume 0 (DIV/0!), open interest 1,501 (0.00%) [3] Spot and Basis - Corn: Qinggang 2220 (unchanged), Jiajishenghua 2180 (unchanged), Zhucheng Xingmao 2420 (-6), Shouguang 2324 (-30), Jinzhou Port 2310 (unchanged), Nantong Port 2420 (unchanged), Guangdong Port 2450 (unchanged) [3] - Starch: Longfeng 2700 (unchanged), COFCO 2750 (unchanged), Cargill 2800 (unchanged), Yufeng 2990 (unchanged), Jinyumi 2850 (unchanged), Zhucheng Xingmao 2940 (unchanged), Hengren Gongmao 2810 (unchanged) [3] Spreads - Corn Inter - delivery: C01 - C05 -68 (up 2), C05 - C09 -62 (-17), C09 - C01 130 (up 15) [3] - Starch Inter - delivery: CS01 - CS05 -87 (-1), CS05 - CS09 82 (-4), CS09 - CS01 5 (up 5) [3] - Cross - variety: CS09 - C09 200 (-17), CS01 - C01 325 (-7), CS05 - C05 344 (-4) [3] Group 3: Market Judgment Corn - US corn prices have fallen, but there may be a rebound due to potential downward adjustment of US corn yield. China has imposed a 15% tariff on US corn, with a total of 26% tariff within the quota, and a 22% tariff on US sorghum. The import profit of foreign corn is relatively high, with the December Brazilian import price at 2116 yuan. The northern port closing price is stable at around 2310 yuan, and the spot price in the northeast corn - producing area is relatively strong. The supply in North China has increased, leading to a decline in the spot price, and the price difference between northeast and North China corn has narrowed. The wheat price in North China is weak, and the price difference between wheat and corn is small, so wheat continues to be a substitute. The domestic breeding demand is still weak, and the inventory of downstream feed enterprises is high. The corn spot price is relatively stable in the short term. Due to recent imports and domestic corn auctions, and the upcoming large - scale listing of new - season corn, the corn spot price is expected to decline. It is estimated that by the end of September, the North China corn price may reach 2200 yuan/ton, and the price in Heilongjiang may be below 2100 yuan/ton [5][7] Starch - The number of vehicles arriving at Shandong deep - processing plants has increased, and the Shandong corn spot price is stable. The starch price in Shandong is around 2750 yuan, and the northeast starch spot price is also weak. This week, the corn starch inventory has decreased to 122.6 million tons, a decrease of 3.9 million tons from last week, a monthly decrease of 6.98% and a year - on - year increase of 40.3%. The current starch price mainly depends on the corn price and downstream inventory - building. The average income from by - products in the past few years has been over 600 yuan, and today the by - product contribution in Shandong is 630 yuan (670 yuan in Heilongjiang). The by - product price is still strong, much higher than last year, and the spot price difference between corn and starch is low. The North China corn price is stable in the short term, while the northeast corn price is relatively weak. In the medium and long term, due to weak starch demand, enterprises will be in a long - term loss state. Today, the 01 starch contract has followed the corn price in a weak shock. The North China corn price still has room to fall by early October, and the corn starch spot price will also decline later. The loss of North China deep - processing plants will expand, and it is expected that the 01 starch contract on the short - term disk will continue to be in a weak shock [8] Group 4: Trading Strategies - For the US corn, there is support at 400 cents per bushel. It is recommended to mainly wait and see for the 01 corn contract. For arbitrage, it is recommended to wait and see [10][11] Group 5: Corn Option Strategies - Spot - holding enterprises can close out their short positions in corn call options, or they can try to gradually sell at high prices in the short term and conduct rolling operations [14] Group 6: Related Attachments - The report includes six figures, namely the spot price of corn in various regions, the basis of the corn 01 contract, the 1 - 5 spread of corn, the 1 - 5 spread of corn starch, the basis of the corn starch 01 contract, and the spread of the corn starch 01 contract [16][17][21]

证券之星消息，9月11日农产品加工板块较上一交易日上涨0.65%，国投中鲁领涨。当日上证指数报收于 3875.31，上涨1.65%。深证成指报收于12979.89，上涨3.36%。农产品加工板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600962 | 国投中鲁 | 22.10 | 2.13% | 6.39万 | | 1.41亿 | | 000930 | 中粮科技 | 6.31 | 2.10% | 22.54万 | | ● 1.41亿 | | 300999 | 金龙鱼 | 33.84 | 1.29% | 11.04万 | | 3.70亿 | | 603182 | 嘉华股份 | 14.43 | 1.19% | 2.81万 | | 4029.14万 | | 600737 | 中粮糖业 | 16.86 | 0.90% | 42.25万 | | 7.10亿 | | 002286 | 保龄宝 | 10.56 | 0.86% | 9.05万 | | 9462.78万 ...

Industry Overview - The food industry in China is entering a new golden development period, characterized by a layered consumer market with both affordable and high-end segments focusing on quality, health, and emotional value [1][3] - The snack sector, particularly in the wholesale supply chain, is becoming a battleground for numerous entrepreneurs and companies, driven by rapid channel changes, evolving consumer habits, and product diversification [1][3] Market Resilience - The food industry exhibits strong resilience, with food consumption maintaining rigid demand regardless of economic fluctuations, especially in the snack and agricultural product sectors [3] - Companies that can grasp consumer trends while balancing efficiency and quality are more likely to gain long-term market recognition [3] Supply Chain Importance - The value of the supply chain is increasingly recognized, with consumers now aware of the complexities behind transportation, storage, turnover, and quality control [3] - Stability and transparency in the supply chain have become core competitive advantages, particularly in the deep processing of agricultural products [3] Company Profile: Century Minsheng - Founded by Wang Jing in 2016, Wuhan Century Minsheng Trading Co., Ltd. has emerged as a key player in the food industry, focusing on supply chain and brand development [5][17] - The company emphasizes a dual development path of "supply chain + brand," injecting new vitality into the local economy [3][17] Brand Development - Century Minsheng operates two brands: "Panling," which focuses on agricultural products, and "Jianqian," which targets baked snacks, both reflecting the founder's commitment to quality and emotional connection with consumers [9][11] - "Panling" aims to create a closed-loop system from farming to processing to sales, enhancing product value while supporting rural revitalization [9][11] Operational Strategy - The company adopts a light asset operation model, prioritizing supply chain efficiency and strict quality control to maintain competitiveness in a crowded market [11][13] - Century Minsheng employs a multi-channel strategy, integrating e-commerce, community group buying, and offline wholesale to build a robust market network [13] Future Outlook - Century Minsheng plans to deepen its focus on the snack supply chain and increase investment in its own brands while promoting deep processing of agricultural products [17] - The company aims to explore international markets while ensuring that each expansion is grounded in responsibility and commitment to quality [17]

Core Points - The event titled "Autumn Harvest" will take place on September 20, showcasing agricultural achievements and local specialties [11] - The event features three main exhibition areas: Agricultural Harvest Exhibition, Specialty Product Sales Area, and Rural Food Market [15][19][21] - Various local agricultural products will be on display, including nine categories of specialties from Anzhou, with live explanations from business representatives [19] - A cultural performance will include local songs, traditional crafts, and dance performances, enhancing the cultural atmosphere [27] - The event will also include a health run, promoting physical activity in a scenic rural setting [32] Agricultural and Tourism Development - The Huacheng Guoxiang area in Anzhou is a comprehensive rural tourism destination, covering 41 square kilometers and featuring over 30 modern agricultural parks [32][33] - The area offers a variety of fruits and livestock, providing opportunities for visitors to engage in agricultural experiences [33] - Local delicacies and tourism products are highlighted, promoting the region's culinary offerings [36] - The area is designed to attract urban residents seeking a natural escape, with various recreational activities available [38] Recommendations for Visitors - Several recommended agritourism spots include Nongjiale, Heping Bieyuan, and Zhu Ying Qing Feng, each offering unique experiences and local cuisine [40][42][45] - These locations provide opportunities for fishing, traditional cooking, and enjoying the natural environment, enhancing the overall visitor experience [40][42][45]

据柬媒消息，2025年9月9日，中资公司 Kampu Nuts Agro Product 表示有意在柬埔寨投资建设现代化腰果加工厂，引进先进机械设备，并计划与本地企业合 作，共同推动腰果深加工产业发展。 柬埔寨工业、科技和创新部部长韩万迪9月8日会见了 Kampu Nuts Agro Product 及中国国机集团（SINOMACH）代表，双方就腰果加工及产业链合作展开深 入交流。 公司代表表示，柬埔寨出产的腰果颗粒大、品质优良，而中国市场需求旺盛，因此希望能在柬埔寨直接进行加工，以满足中国国内消费需求。 韩万迪部长对该计划表示欢迎，并介绍了政府推动柬埔寨成为"腰果帝国"的远景目标。他强调，政府高度重视腰果产业链延伸与价值提升，鼓励企业引入现 代技术和国际标准，确保食品安全与产品质量。工业部将提供实验室检测和标准服务等方面的支持，并推动跨部门协作，以提升产业竞争力。韩万迪同时呼 吁企业加强对农民的培训，推动价值链一体化，进一步提升整体生产力。 据农业部数据显示，2025年1月至8月，柬埔寨出口腰果617,692吨，同比增长9%，显示该产业在国际市场上持续扩张的潜力。 ...

金融期货早评 宏观：核心 CPI 增幅回升 【市场资讯】1）发改委郑栅洁：努力完成全年经济社会发展目标任务，下半年不断释放内 需潜力，进一步推动科技创新和产业创新深度融合。2）财政部长蓝佛安：把做强国内大循 环摆到更加突出的位置，持续发力、适时加力实施更加积极有为的宏观政策，全力支持稳 就业稳外贸。3）中国 8 月 CPI 同比转降 0.4%、核心 CPI 增幅回升至 0.9%，PPI 同比降幅收 窄至 2.9%。4）美国通胀意外下跌，8 月 PPI 环比-0.1%，四个月来首次转负，同比增速 2.6% 低于预期。PPI 公布后，特朗普：没有通胀，鲍威尔必须立即大幅降息。5）美联储理事库 克或将参与美联储下周决议投票，法官阻止特朗普罢免，美司法部迅速上诉。米兰出任美 联储理事的提名获得参议院委员会投票通过。 【核心逻辑】国内方面，国新办就《关于释放体育消费潜力进一步推进体育产业高质量发 展的意见》相关政策措施展开解读。我们判断，此举或标志着促进服务消费系列政策的启 动，后续预计将有更多政策逐步落地，需重点跟踪相关举措的实施进展。此类服务消费刺 激政策，将与"以旧换新"等商品消费提振措施形成协同效应，共同支撑社 ...