截至发稿，隆平高科市值为143亿元。 每经头条（nbdtoutiao）——大鹏工业战略配售"肥"了自家人！认购价9元，上市首日涨到118元，实控 人和亲哥哥凭配售一天浮盈2492万元 （记者 曾健辉） 每经AI快讯，隆平高科（SZ 000998，收盘价：9.76元）11月24日晚间发布公告称，公司第九届第二十 四次董事会临时会议于2025年11月24日在湖南省长沙市合平路638号1楼会议室以现场与视频相结合的方 式召开。会议审议了《关于聘任公司特聘顾问的议案》等文件。 2025年1至6月份，隆平高科的营业收入构成为：农业占比100.0%。 ...

Core Insights - The city of Zouping in Shandong Province has rapidly transformed its economy and industrial structure, achieving significant milestones in industrial upgrading and innovation-driven development [1][17] - Zouping has been recognized as one of the top ten industrial counties in Shandong and is set to become a core area of the Jinan metropolitan area by 2024 [1][17] - The manufacturing sector in Zouping is undergoing a "three transformations" leap, focusing on digitalization, automation, and green development [2][5][17] Industrial Upgrading - Zouping's manufacturing industry has seen a production efficiency increase of over 38%, with labor requirements reduced by 80% compared to traditional models [2] - The Wei Qiao Textile Group has established a complete industrial chain in textiles, leveraging green and intelligent technologies to lead the industry [3][17] - The Shandong Innovation Group is a leader in the recycling of aluminum, implementing a full-process carbon footprint tracking system and collaborating with major automotive brands [6][17] - The Guangfu Group has launched the world's largest φ530 special steel pipe production line, expected to generate an annual output value of 5 billion yuan [7][17] Digital Transformation - Zouping's manufacturing enterprises are adopting digital and intelligent solutions to enhance efficiency, with automated systems in warehouses and production lines [4][17] - The integration of advanced technologies in production processes is enabling Zouping to transition from traditional manufacturing to high-end, green, and clustered production [7][17] Rural and Urban Integration - Zouping is exploring rural-urban integration through the development of unique local industries, such as traditional crafts and eco-tourism, to enhance economic collaboration [9][10][17] - The city is fostering new business models that combine online and offline sales, significantly boosting local entrepreneurship and income [8][10] Social Welfare and Community Services - Zouping is enhancing its social services, particularly in elderly care, through a smart elderly care platform that provides personalized services [12][13][17] - The city has implemented a one-stop service center in its hospital, reducing patient wait times by 62% and improving overall healthcare accessibility [14][15][17] - Community initiatives, such as volunteer programs and local engagement activities, are strengthening social bonds and enhancing the quality of life for residents [16][17]

Core Insights - The article highlights the significant uncertainty and volatility in the commodity market for 2025, driven by global economic slowdown and geopolitical tensions, leading to a complex scenario of "falling prices and increasing volatility" [2] - The year 2025 is identified as a critical period for market restructuring and for companies to redefine resilience and competitiveness, particularly with the upcoming launch of platinum and palladium futures [2] Event Details - The event organized by the London Stock Exchange Group (LSEG) will take place on December 4, 2025, in Hangzhou, Zhejiang, from 15:00 to 17:00 [3] - The agenda includes various thematic discussions, including the impact of the "14th Five-Year Plan" on the copper market and the outlook for the cotton market amid changing tariffs [4][5] Speaker Profiles - Kian Pang Tan, Head of Agriculture Research at LSEG, specializes in palm oil and sugar market analysis, with over ten years of experience in agricultural research [9] - Fu Xiaoyan, Senior Director at Nanhua Futures Research Institute, has extensive experience in the futures industry and focuses on copper market research [10] - Wang Yaoyao, Head of Commodity Sales at LSEG, has over ten years of experience in the commodity sector, providing data and analysis solutions to enhance research efficiency and trading decisions [14] Commodity Market Insights - The article emphasizes the importance of structured data utilization in commodity trading, highlighting that timely and accurate information is crucial for decision-making [18] - LSEG offers comprehensive solutions for energy, metals, and agricultural trading, leveraging a vast database and a strong analyst team to provide insights and competitive advantages [19][22][23][25]

2025年11月24日 星期一 商品期货早班车 招商期货 黄金市场 招商评论 贵 金 属 市场表现：周五贵金属价格震荡，伦敦金冲高回落依旧未能站稳 4100 美元。 基本面：美联储"三把手"纽约联储行长威廉姆斯称"近期"仍存在降息空间，市场预期 12 月降息概率盘中 突破 70%美国劳工统计局取消 10 月 CPI 发布，11 月 CPI 12 月 18 日发，不含环比涨幅；美国 11 月标普全 球综合 PMI 初值为 54.8，四个月来最高，服务业 PMI 增长加快，制造业 PMI 增长放缓。欧元区 11 月服务业 PMI 初值 53.1 创一年半新高，但制造业 PMI 初值 49.7，意外重回荣枯线下方，德法制造业双双恶化；日本 批准 21.3 万亿日元经济刺激计划，为疫情以来最大规模。国内黄金 ETF 持续流入，COMEX 黄金库存 1148.7 吨，减少 0.1 吨；上期所黄金库存 90.4 吨，维持不变；伦敦 10 月黄金库存 8926 吨，增加 18 吨；上期所白 银库存 519 吨，减少 16 吨；金交所白银库存上周库存 774 吨，减少 47 吨，COMEX 白银库存 14327 吨，减 少增 ...

Report Information - The report is written by the Agricultural Products Team of Fangzheng Futures, including Hou Zhifang, Song Congzhi, Wang Liangliang, and Tang Binghua, and was completed on November 22, 2025 [1] Industry Investment Rating - No investment rating information is provided in the report Core Views - **Sugar**: Indian sugar mills are increasing their production, and new sugar is being listed in China, causing sugar prices to decline. It is recommended to hold short positions and consider selling call options [3] - **Pulp**: The pulp market has shifted from rising to falling. Although the cost of warehouse receipts provides some support, the overall improvement in fundamentals is limited. It is advisable to reduce short positions when approaching the support level [4] - **Double - offset paper**: The spot price is stable, and the seasonal demand improvement is insufficient to significantly improve the fundamentals. It is recommended to take short positions on rebounds [5] - **Cotton**: Globally and in the US, there is an expectation of a slight inventory build - up. In the domestic market, production is increasing, and demand is weak. It is recommended to reduce short positions on dips [8] - **Apples**: The peak of apple storage is lower than expected, and the yield and high - quality fruit rate are decreasing year - on - year. It is recommended to hold long positions in the May contract cautiously [9] - **Jujubes**: In November, the futures - spot price difference has returned, and the supply - demand is shifting to a double - strong situation. Aggressive investors can consider reverse arbitrage or long positions with protective put options [10] Summary by Directory Part I: Sector Strategy Recommendations - **Fresh Fruit Futures**: For Apple 2605, hold long positions cautiously; for Jujube 2601, short on rebounds [18] - **Soft Commodity Futures**: For Sugar 2601, hold short positions; for Pulp 2601, wait and see; for Double - offset paper 2601, short on rebounds; for Cotton 2601, hold short positions cautiously [18] Part II: Sector Weekly Market Review I. Futures Market Review | Variety | Closing Price | Weekly Change | Weekly Change Rate | | --- | --- | --- | --- | | Apple 2601 | 9570 | 530 | 5.86% | | Jujube 2601 | 9190 | - 400 | - 4.17% | | Sugar 2601 | 5470 | 13 | 0.24% | | Pulp 2511 | 4900 | 28 | 0.57% | | Double - offset paper 2601 | 4264 | 8 | 0.19% | | Cotton 2601 | 13450 | - 130 | - 0.96% | [19] II. Spot Market Review | Variety | Spot Price | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple (yuan/jin) | 4.00 | 0.00 | - 0.25 | | Jujube (yuan/kg) | 9.40 | - 0.10 | - 5.30 | | Sugar (yuan/ton) | 5760 | 10 | - 560 | | Pulp (Shandong Yinxing) | 5550 | 0 | - 730 | | Cotton (yuan/ton) | 14371 | - 420 | - 912 | [23] Part III: Sector Basis Situation - The report provides basis data charts for Apple, Jujube, Sugar, Pulp, and Cotton, but does not provide specific numerical analysis [35] Part IV: Inter - month Spread Situation - The report provides inter - month spread data charts for Apple, Jujube, Sugar, and Cotton, but does not provide specific numerical analysis [41] Part V: Futures Warehouse Receipt Situation | Variety | Warehouse Receipt Quantity | Month - on - Month Change | Year - on - Year Change | | --- | --- | --- | --- | | Apple | 0 | 0 | 0 | | Jujube | 0 | 0 | 0 | | Sugar | 7971 | - 11 | - 3109 | | Pulp | 210549 | 991 | - 165471 | | Cotton | 2244 | - 1259 | 1964 | | Cotton Yarn | 17 | - 10 | 17 | [48] Part VI: Option - related Data | Variety | Market Logic | Option Strategy | | --- | --- | --- | | Apple 2605 | The peak of storage is lower than expected, and the futures price is supported | Sell out - of - the - money put options | | Jujube 2601 | New jujube production increases and is listed intensively | Sell deep out - of - the - money call options | | Sugar 2601 | Supply increases, and it is hard to rise | Sell out - of - the - money call options | | Cotton 2601 | There is still pressure from phased supply, and the price is expected to remain low | Sell out - of - the - money call options | | Pulp 2601 | Cost support exists, but the upward driving force of fundamentals is weak | Sell put options with an exercise price of 4900 and call options with an exercise price of 5300 | [50] Part VII: Sector Futures Fundamental Situation I. Apple - **Weather in Producing Areas**: Provide temperature and precipitation data charts for Shandong and Shaanxi [67] - **Export Situation**: Provide charts of monthly apple export volume [71] - **Inventory Situation**: Provide charts of weekly apple storage inventory in China, Shandong, and Shaanxi [73] II. Jujube - Provide charts of weekly jujube trading volume in Henan and Hebei, and daily jujube arrival volume in Guangdong Ruyifang Market [77] III. Sugar - Provide charts of national sugar industrial inventory, monthly sugar import volume, and sugar spot - futures spread [78] IV. Pulp - Provide charts of domestic pulp inventory in four ports, global pulp producer inventory days, and production volume of various paper products [83] V. Double - offset paper - Provide charts of double - offset paper capacity utilization, production volume, enterprise inventory, and apparent consumption [95] VI. Cotton - Provide charts of clothing retail sales and inventory data in the US, UK, and Japan, as well as domestic cotton industrial and commercial inventory, import volume, and textile industry data [100]

gtaxinstitute@essence.com.cn 综合晨报 上周国际油价回落，布伦特01合约跌2.77%。俄乌协议再现曙光，周日美乌双方就美国提出的结束 俄乌冲突28点新计划举行的会谈取得进展,特朗普提出本周四是乌克兰接收和平方案的最后期限, 美联储对12月降息的反复态度亦令原油等风险资产承压。供需方面四季度、明年一季度市场仍面临 更大的累库预期,油价下行驱动仍在,本周重点关注俄乌和平方案谈判进展及委内地缘风险。 2025年11月24日 (责金属) (原油) 周五贵金属震荡偏弱。美国补发部分经济数据具备韧性，美联储官员们表态存在较大分歧，周五组 约联储主席称利率仍有调整空间令市场再度提升对12月降息押注。美方提出俄乌和平计划遭到多方 反对,后续仍将持续博弈。短期市场多空消息繁杂,贵金属高位震荡,关注技术面的方向性突破。 【铜】 上周五伦铜收回盘中跌幅、尾盘走高，沪铜8.55万再显韧性。美联储票委言论将下月降息概率预期 再次提至五成以上，带动贵金属与铜价反弹回升。LME0-3月转微幅升水，库存15.5万吨，且注销仓 单占比低。沪铜上周减仓,价格震荡在短期均线间。国内沪粤现货交割后延续升水报价。前期空单 ...

策 略 研 究 策 3、 市场情绪走弱或难在短期扭转，建议控制仓位等待布局机会。 4、 财政发力或是未来支撑美国经济的主要手段。 5、泛能源的配置更多是应对美国 AI 投资预期过热，建议以中短 期交易为主。 6、 长期看好保险，反内卷行业，中概互联网，军贸。 2025 年 11 月 24 日 防御当先，静候良机——周观点 团队成员 投资要点： 近期观点 略 定 期 报 告 1、 强非农和联储放鸽的组合不合逻辑，交易降息致使美国下跌 或是未来一个季度的常态。 2、 科技革命进程或难免"泡沫破灭"时刻，重点是关注科技对 于需求是否构成正向作用。 分析师： 李浩(S0210524050003) lh30530@hfzq.com.cn 分析师： 李刘魁(S0210524050006) llk30550@hfzq.com.cn 相关报告 1、尝试寻找新合力——2025.11.17 2、美国政府最长停摆结束——2025.11.17 3、市场状态高频数据库——11 月第 2 周—— 2025.11.16 风险提示 全球制造业复苏受阻；中美关系改善不及预期；美国地产市场不 健康 证 券 研 究 报 告 华福证券 诚信专业发现 ...

投资咨询业务资格： 证监许可[2011]1771号 研 究 所 晨 会 观 点 精 萃 从业资格证号：F0256916 投资咨询证号：Z0000671 电话：021-68756925 邮箱：jialj@qh168.com.cn 明道雨 从业资格证号：F03092124 投资咨询证号：Z0018827 电话：021-68758786 邮箱：mingdy@qh168.com.cn 刘慧峰 从业资格证号：F3033924 投资咨询证号：Z0013026 电话：021-68751490 邮箱：Liuhf@qh168.com.cn 刘兵 从业资格证号：F03091165 投资咨询证号：Z0019876 联系电话：021-58731316 邮箱：liub@qh168.com.cn 王亦路 从业资格证号：F03089928 投资咨询证号：Z0019740 电话：021-68757092 邮箱：wangyil@qh168.com.cn 冯冰 从业资格证号：F3077183 投资咨询证号：Z0016121 电话：021-68757092 邮箱：fengb@qh168.com.cn 李卓雅 从业资格证号：F03144512 投资 ...

Investment Rating - The report indicates a positive investment outlook for sectors aligned with the "14th Five-Year Plan," highlighting a focus on emerging industries with significant policy support [1][5][6]. Core Insights - The report emphasizes that active investment strategies outperform passive ones, with the past decade's performance of the Chinese Embassy Index at an annualized return of only 2.2%, significantly lower than GDP growth [1][3]. - Emerging industries supported by the Five-Year Plan have yielded an average return of 40% over the past five years, surpassing the CSI 300 Index, which remained flat during the same period [3][5]. - The report identifies 35 sub-industries with a total market capitalization of $13 trillion as investment targets under the "14th Five-Year Plan," based on a detailed analysis of 400 policy-related statements [5][6]. Summary by Sections Investment Strategy - A flagship investment portfolio has been constructed, consisting of 50 stocks across 21 sectors, including artificial intelligence, advanced manufacturing, and clean energy, with a growth of 36% over the past year, outperforming the MSCI China Index by 13 percentage points [1][6][8]. - The selection criteria for stocks include growth expectations of over 20% in sales or earnings within two years, a PEG ratio below 2.5, and a focus on high-quality companies [6][7]. Market Opportunities - The report highlights that the Asian market is more susceptible to policy support, with a focus on small to medium-sized tech hardware and semiconductor companies in the onshore market, while offshore markets are directed towards large internet companies and undervalued firms [7][8]. - Domestic consumption is a key priority in the Five-Year Plan, with significant potential in sectors like tourism, entertainment, and new consumption themes, which are expected to benefit from policy backing [9][10]. Policy Impact - The inclusion of anti-pollution measures in the Five-Year Plan is projected to enhance corporate earnings by approximately 1.5% over the next five years, particularly benefiting heavily impacted sectors such as chemicals and metals [11][12]. - The report suggests that the next significant policy clarity will emerge during the March meetings, which will be crucial for adjusting investment strategies [12].

Core Insights - The labor shortage issue in Russia has eased, with the personnel supply rate dropping to -25.7 points in Q3, returning to 2023 levels [1] - The agricultural and water supply sectors continue to face the most severe labor shortages [1] - The Central Bank of Russia predicts that by the end of 2025, companies will tighten their hiring plans and be more cautious in assessing the need for new employees [1] - Employers are adopting a more cautious approach to salary increases, with plans to raise salaries by only 0.8% in Q4, primarily targeting specific skilled professionals [1] - Most companies are not considering adjustments to the salaries of all employees at this time [1] - The Russian labor market is expected to be overheated in 2024, with unemployment rates hitting historical lows [1] - As economic growth slows, the demand for labor is decreasing [1]