在省两会现场， 打开"广货"藏宝 图｜广货行天下 _南方+_南方 plus 在广东"两会期 间" ， "广货"的 藏宝图，正在省 两会的各个角落 被悄然打开。从 会场大堂的装 饰，到"代表建 议提办对接"的 活动现场，到代 表通道的"故事 现场"，到各地 市的组团"会议 现场"，再到餐 厅里的"品尝现 场"，广东各地 的风味与风物， 正跟着省人大代 表的脚步以生动 的方式走入聚光 灯下。 地点一：会场大 堂 一盆年桔，让吉 祥文化行天下 步入会场大堂， 两侧金灿灿的年 桔为庄严的会场 添上一缕暖意。 在岭南，年桔承 载着"金玉满 堂、大吉大 利"的千年寓 意，是春节不可 或缺的情感符 号。来自"中国 年桔之乡"惠州 龙门的省人大代 表、龙华镇双东 村党总支部书记 梁榕贵，今年着 力推动将年桔打 造为中国春节的 文化符号。在他 看来，新时代 的"广货"应有温 度、会说话 ——"年桔就是 岭南水土滋养出 的'文化广货'" 。 从会场出发，他 期待借助"媒体 +"的力量，让这 株"中国吉树"香 飘世界，以一颗 果子传递中国年 的情感认同，让 蕴含吉祥寓意 的"文化广货"真 正行天下。 梁榕贵代表现场推荐广东年桔闯世 ...

Core Viewpoint - The article discusses how Henan province is focusing on becoming an "agricultural strong province" by enhancing its agricultural capabilities through technology and modernization, with specific initiatives aimed at increasing grain production, modernizing agricultural practices, and improving rural construction quality [2][4][6]. Group 1: Enhancing Grain Production Capacity - Henan has prioritized "agricultural strong province" in its development goals, maintaining a grain output of over 130 billion jin for nine consecutive years, with a target of reaching 140 billion jin during the 14th Five-Year Plan [2][3]. - The province plans to implement a 10 billion jin grain production capacity enhancement project, including the construction and renovation of over 4 million mu of high-standard farmland [3]. - There are concerns regarding the mechanization quality and efficiency in peanut production, with a current mechanization rate of approximately 87.1%, and recommendations for improving disease resistance and technology platforms [3]. Group 2: Modernizing Agricultural Capabilities - Henan aims to develop smart agriculture by integrating technology, green practices, quality control, and branding, with a focus on creating an innovative agricultural ecosystem [6]. - The introduction of domestically developed agricultural machinery, such as a bundling machine that doubles efficiency and is 30% cheaper than imports, highlights the shift towards high-end smart farming [6]. - There are calls to strengthen the grassroots agricultural technology promotion system to build a skilled workforce capable of supporting modern agricultural practices [6]. Group 3: Improving Rural Construction Quality - The provincial government emphasizes enhancing rural construction quality, leveraging successful experiences from the "Ten Thousand Projects" initiative, and aims to establish 35 pilot areas and 1,000 harmonious villages [6][7]. - While infrastructure improvements have been made, there is a need for qualitative enhancements in environmental quality and architectural features, with suggestions to incorporate local cultural elements into rural development [7]. - The agricultural processing industry in Henan, with over 6,000 large-scale enterprises, presents significant market potential, and there are recommendations to strengthen policies that support employment and income stability in this sector [7].

Summary of Conference Call on Corn Market Outlook Industry Overview - The conference call focuses on the corn market, particularly in the context of global and Chinese supply and demand dynamics, pricing trends, and investment opportunities within the corn industry [1][3][5]. Key Points and Arguments Global Corn Supply and Demand - The USDA forecasts global corn production for 2024-2025 at 1.23 billion tons, with an increase of approximately 6 million tons expected for 2025-2026. Despite this increase, demand is also rising significantly, leading to a decrease in the global stock-to-use ratio from 24.8% to 22.38%, indicating tighter supply which may support corn prices [1][3][4]. - The demand for corn is expected to remain robust, particularly due to industrial consumption, including ethanol production, which is anticipated to drive prices higher [3][8]. Chinese Corn Market Dynamics - China's corn market is relatively closed, with major production areas in Northeast and Huang-Huai-Hai regions, contributing approximately 70%-80% of national output. Extreme weather in the Huang-Huai-Hai region in 2025 is expected to severely impact yields, while the Northeast region is expected to maintain sufficient supply [5][6]. - Import policies in China have tightened, reducing imports from historical levels of over 20 million tons to a few million tons, aimed at protecting farmers' interests and ensuring food security [5]. Corn Processing Industry - The profitability of China's corn deep processing industry has been poor in recent years but is expected to improve starting in the second half of 2025. This improvement is attributed to the increased use of lower-quality corn for processing, which enhances operational rates and profit margins for processing companies [6][8]. Wheat and Corn Relationship - There exists a substitution relationship between wheat and corn, where high corn prices may lead to increased use of wheat as a feed alternative. Current weather conditions affecting wheat sowing in the Huang-Huai-Hai region may elevate wheat prices, indirectly influencing corn price trends [7][9]. Future Demand for Feed Grains - Global demand for feed grains is expected to steadily increase, supported by the recovery of pig stocks and expansion in poultry farming. This trend is mirrored in China, where the recovery in pig inventory and growth in poultry farming will bolster feed grain demand, particularly for corn [8]. Investment Opportunities Notable Companies in the Corn Industry 1. **Beidahuang**: Benefits from rising land rental expectations due to increased grain prices. The company has over 10 million acres of land, with 10%-20% allocated for corn cultivation. The dividend rate is close to 4%, with strong backing from the major shareholder [10][11]. 2. **COFCO Technology**: Focuses on corn deep processing, primarily producing corn ethanol. Although profitability has been low before 2025, it is expected to improve with rising corn ethanol prices [10][13]. 3. **Kangnong Seed Industry**: Noted for its high-yield and dense variety, Kangnong 8,009, which has received positive reviews. The company reported a more than 60% year-on-year increase in advance payments in the first three quarters of 2025, indicating strong demand from distributors [10][13]. Impact of Rising Corn Prices - Rising corn prices are expected to enhance farmers' income, which may lead to increased land rental prices and a greater willingness to invest in high-quality seeds and agricultural inputs. Companies that maintain a strategy of selling high-quality, high-priced products are likely to perform well in terms of sales and pricing [11]. Additional Insights - The agricultural team at Guotai Junan holds an optimistic view on the agricultural market for 2026 and plans to continue organizing events to share insights on various agricultural products, including rubber [12].

务农重本，国之大纲。1月26日，省委农村工作会议召开，强调坚持把农业农村发展放在"三地一区"实 现新突破和取得"三个新的更大进展"的目标中来谋划和推进，锚定农业农村现代化，扎实推进乡村全面 振兴，为谱写中国式现代化安徽篇章提供基础支撑。 现代化越是向前推进，越要夯实"三农"底座。今年是"十五五"开局之年，对我省来说，更应坚持把稳住 农业基本盘、守好"三农"基础作为应对各种冲击挑战的"压舱石"，以"三农"向好赢得全局主动。 （来源：安徽新闻网） 转自：安徽新闻网 守牢底线 去年，我省连续克服冬春连旱、盛夏高温、"三秋"阴雨等多重考验，全年粮食总产838.6亿斤，连续9年 站稳800亿斤台阶、再创历史新高。 粮食安全是"国之大者"。在今年"三农"工作的多项任务中，排在首位的还是稳住"饭碗"。省委农村工作 会议强调，要坚持强基固本，高水平建设江淮粮仓，构建多元化食物供给体系，提升农业综合生产能力 和质量效益。 对于粮食生产工作，今年我省将深入实施"四良两优"工程，确保粮食播种面积稳定在1.1亿亩以上、产 量稳定在830亿斤以上。 如何实现？"首先要大面积提单产，扎实推进粮油作物大面积单产提升行动，分作物、分区域制定 ...

Core Insights - The government work report addresses concerns and expectations regarding the development of Hainan Free Trade Port after its closure, emphasizing strategic, guiding, and actionable elements. Healthcare - The proposal encourages the introduction of policies to attract medical talent to grassroots levels, enhancing financial performance subsidies for local medical institutions and promoting a transparent performance distribution system [1] Energy - A focus on transforming Hainan's energy structure is suggested, with an emphasis on developing clean energy and optimizing industrial structures to meet the demands of the Free Trade Port [2] Digital Economy - The establishment of a core platform for the digital economy is recommended, aiming to enhance data flow and compliance, and support the construction of high-performance computing centers [3] Consumer Economy - The development of a "first store economy" is encouraged to enhance consumer experience and promote zero-tariff policies for daily necessities, along with the establishment of a "duty-free account" for residents [4] Electric Vehicle Management - Suggestions include the promotion of smart charging stations with integrated management platforms and regular inspections of electric vehicle sales and repair shops to combat illegal activities [5] Digital Product Passport - A unified digital product passport information platform is proposed to facilitate data sharing and support pilot projects in specific regions [6][7] Agricultural Products - The establishment of a special group for deep processing of agricultural products is recommended to support high-value product development and innovative farming models [8] Ecological Protection - Emphasis is placed on leveraging local resources to develop unique industries in central ecological areas, transforming natural resources into economic benefits [9] Farmer Income Increase - The creation of a provincial agricultural product information platform is suggested to connect farmers with enterprises, addressing sales concerns [10] Transportation - The proposal includes planning for a new high-speed train station to enhance transportation accessibility and support local economic development [11] Traditional Chinese Medicine - The integration of traditional Chinese medicine into the tourism industry is recommended to leverage local resources and promote health tourism [12] Cultural Promotion - Increased efforts to promote local cultural heritage through various platforms are suggested to attract tourists and enhance community engagement [13] Culinary Brand Development - The creation of a public brand for "Hainan Li Family Banquet" is proposed, focusing on talent cultivation and industry integration [15] Education - A proposal for a seamless talent cultivation program across different educational levels is suggested to enhance educational quality and international project implementation [16] Cross-Regional Industry Chain - The establishment of a cross-border venture capital fund is recommended to support strategic emerging industries and optimize investment ecosystems [17] Intangible Cultural Heritage - The integration of intangible cultural heritage into the education system is proposed, promoting cultural activities within school curricula [18]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5][8]. Core Viewpoints - The company is a leader in China's egg product processing industry, with strong B-end customer relationships and significant technological barriers. The C-end market is expected to open up new growth opportunities [5][10]. - The Chinese egg product processing market is projected to exceed 50 billion yuan in 2024, with steady growth in downstream demand [7][33]. - The company has established long-term partnerships with major clients such as Unilever and Yum, driving growth through capacity expansion and innovation [10][57]. Summary by Sections 1. Business Overview - The company focuses on the development, production, and sales of liquid eggs, egg powder, and various egg-based prepared products, being a key player in agricultural industrialization [15][18]. - The company has four production bases in China and has been a pioneer in the egg product processing industry, ensuring product quality and safety [15][18]. 2. Industry Analysis - The Chinese egg product processing market is expected to grow significantly, with a market size surpassing 50 billion yuan in 2024 and a year-on-year growth rate of 7% [33][52]. - The processing rate of eggs in China is currently only 5%-7%, indicating substantial room for growth compared to developed countries [44][52]. 3. Customer Relationships and Innovation - The company has established strong ties with major clients, including Unilever and Yum, and is focused on expanding its capacity and enhancing its R&D capabilities [10][57]. - The company has launched innovative products such as egg white functional drinks, targeting both fitness enthusiasts and specific demographics like the elderly [66][68]. 4. Financial Forecast and Valuation - The company is expected to achieve a net profit of 0.89 billion yuan in 2025, with corresponding P/E ratios of 25.8, 22.9, and 20.5 for 2025-2027 [6][8]. - Revenue from liquid eggs is projected to grow steadily, while egg powder and prepared products are also expected to see recovery and growth [9].

【冠通期货研究报告】 油粕日报：美国 45Z 生物燃料政策加快落地 近月供应仍然存在一定缺口，但是相对去年缺货的极端情况预估发生概率偏 小，对于春节前后现货节奏仍然不清晰，近月豆粕预估震荡偏强运行，而远月合 约因为美国生物燃料政策加快落地而略微走强，美国生物燃料政策可能某种程度 弱化美豆的过剩，但是无法提供长期的向上驱动，南美大豆丰产带来的压力仍然 较大。建议现货头寸较多的考虑利用价格反复洗基差，盘面宽幅震荡看待。 油脂：消息人士：在加拿大总理卡尼本月初访问北京后，中国进口商已签约 采购多达 10 船加拿大油菜籽。贸易商表示，此次采购的加拿大油菜籽将于 2 月 至 4 月之间发货。每船约 6.5 万吨，共计约 65 万吨，相当于中国 2024 年油菜籽 进口量的 10%以上，约占 2025 年进口总量的 26%。 南部半岛棕榈油压榨商协会（SPPOMA）数据显示，2026 年 1 月 1-25 日马来 西亚棕榈油单产环比上月同期减少 15.28%，出油率环比上月同期增加 0.11%，产 量环比上月同期减少 14.81%。 美生物燃料政策加快落地为美豆油带来显著支撑，而从马棕的产量和出口数 据看仍然在去库存周期 ...

Group 1 - The core viewpoint of the news is that Guannong Co., Ltd. expects a significant increase in net profit for 2025, driven by the recovery in cotton and cottonseed deep processing product markets [1] - Guannong Co., Ltd. anticipates a net profit attributable to shareholders of the parent company between 330 million to 340 million yuan, representing a year-on-year increase of 61.29% to 66.18% [1] - The company also projects a net profit excluding non-recurring gains and losses between 324 million to 334 million yuan, reflecting a year-on-year increase of 51.20% to 55.87% [1] Group 2 - Guannong Co., Ltd.'s main business includes tomato products, cotton processing, and sugar beet processing, with cotton business revenue accounting for over 70% [2] - The company's performance has historically relied on investment income from Guotou Luokai and Kaidu River Hydropower, with significant fluctuations in the profitability of its main business [2] - Since November of the previous year, cotton prices have been rising due to various factors, with the main contract price for Zheng cotton increasing by over 1300 yuan per ton, a rise of more than 10% [2]

（记者 王瀚黎） 每经头条（nbdtoutiao）——从极寒测试到万套装车！半固态电池今年有望搭载多款新车：各大厂商摩 拳擦掌，动力电池技术迎来迭代年 每经AI快讯，冠农股份1月28日晚间发布业绩预告，预计2025年度实现归属于母公司所有者的净利润3.3 亿元至3.4亿元，与上年同期相比，将增加约1.25亿元至约1.35亿元，同比增加61.29%~66.18%。业绩变 动主要原因是，本期库存商品端，棉花及棉籽深加工产品价格回暖，大包装番茄制品产量及单位成本较 上年同期均有所下降，致本期存货跌价准备计提金额较上年同期大幅减少。本期棉花及棉籽深加工业务 受益于市场行情回暖，经营业绩实现扭亏为盈，相关业务利润较上年同期明显增长。 ...

Group 1 - The core point of the article is that Xuechuan Liupan Mountain Food (Ningxia) Co., Ltd. has successfully obtained the "Approved Exporter" qualification, marking it as the third company in Ningxia to enjoy this policy benefit and the first in the agricultural processing sector [1][2] - The "Approved Exporter" qualification is an important trade facilitation system under free trade agreements like RCEP, allowing companies to issue their own certificates of origin, thus speeding up customs clearance and ensuring product freshness and supply chain stability [1][2] - The company plans to leverage this qualification to enhance its competitive edge in international markets, particularly for frozen French fries exported to ASEAN and Japan, benefiting from tariff reductions [1] Group 2 - The successful cultivation of this new enterprise exemplifies the Ningxia Yinchuan Customs' efforts to deepen the collaboration between AEO and Approved Exporter systems, empowering local specialty industries [2] - Since the implementation of RCEP, over 90% of goods trade within the region has gradually achieved zero tariffs, with expectations that by 2025, imports and exports to RCEP member countries will account for nearly 30% of Ningxia's total foreign trade value [2] - The Ningxia Yinchuan Customs plans to continue focusing on the "six new, six special, six superior + N" industrial layout, expanding the coverage of Approved Exporter cultivation and optimizing policy promotion and training services [2]