Group 1 - The company Xin Nong Development expects a net loss attributable to shareholders of the parent company for the fiscal year 2025, ranging from -8.55 million to -5.7 million yuan, indicating a decline compared to the same period last year [1] - The primary reason for the performance change is intensified market competition affecting core business segments such as cotton and licorice products, leading to a year-on-year decrease in sales volume [1] - To adapt to the competitive environment, the company has adopted a strategy of lowering sales prices, which has resulted in a decline in product gross margins [1] Group 2 - The company is facing challenges due to falling domestic beef prices and increased competition in the licorice product market, which has led to a decrease in the net realizable value of inventories such as beef cattle and licorice extract [1] - As a result, the company has conducted impairment testing on related inventories in accordance with accounting standards and has recognized inventory write-down provisions [1]

Core Insights - Agricultural Bank of China (ABC) has significantly increased its loan offerings to farmers, with the scale of loans rising from 550 million yuan to 6.09 billion yuan during the 14th Five-Year Plan period, averaging an annual growth of over 1.1 billion yuan, thus providing strong support for rural revitalization in Zibo [1] Group 1: Product Innovation - ABC Zibo Branch has developed a comprehensive product system to address the pain points of agricultural loans, such as lack of collateral and small loan amounts, introducing products like "Grain Farmer e-loan" with credit support up to 3 million yuan for grain producers [2] - Specialized products like "Huinong Merchant Loan" and "Smart Animal Husbandry Loan" have been created to match loan amounts and terms with local industry characteristics, such as offering up to 3-year loans for apple growers in Yiyuan [2] Group 2: Service Upgrades - The bank has implemented a digital transformation strategy, allowing farmers to complete the entire loan process online, reducing the loan processing time from several days to as fast as one day [3] - ABC Zibo Branch has established "Three Rural Financial Lectures" in 217 villages to provide financial education and services, ensuring that financial services reach every village [3] Group 3: Customer Expansion - The bank has adopted a "one project, one plan" approach to tailor financial services to specific agricultural projects, resulting in the approval of 27 projects with a total credit of 2 billion yuan and loan disbursement of 974 million yuan [4] - A special initiative called "Visit Thousands of Villages, Meet Ten Thousand Households" has been launched to identify financing needs among agricultural producers, creating a database of 82,000 agricultural entities [5] Group 4: Financial Empowerment - During the 14th Five-Year Plan period, ABC Zibo Branch has effectively utilized product innovation, service upgrades, and customer expansion to provide 6 billion yuan in financial support to rural areas, contributing to the overall agricultural development in Zibo [6]

本期业绩预亏的主要原因：1.公司棉花制品、甘草制品等核心业务板块受市场竞争加剧影响，产品销售 量同比减少，为适应竞争环境采取下调销售价格的策略，导致产品毛利率有所下降。2.受国内肉牛价格 下行、甘草制品市场竞争加剧等因素影响，存栏肉牛、甘草浸膏等存货的可变现净值降低，公司依据企 业会计准则对相关存货进行减值测试，计提存货跌价准备。 格隆汇1月26日丨新农开发(600359.SH)公布，经财务部门初步测算，预计2025年度实现归属于母公司所 有者的净利润-855.00万元到-570.00万元，与上年同期相比，将出现亏损。预计2025年度实现归属于母 公司所有者的扣除非经常性损益后的净利润-1,335.00万元到-890.00万元。 ...

南财智讯1月26日电，新农开发发布业绩预亏公告，预计2025年实现归属于上市公司股东的净利 润-855.00万元到-570.00万元，与上年同期相比，将出现亏损。公司棉花制品、甘草制品等核心业务板 块受市场竞争加剧影响，产品销售量同比减少，为适应竞争环境采取下调销售价格的策略，导致产品毛 利率有所下降。受国内肉牛价格下行、甘草制品市场竞争加剧等因素影响，存栏肉牛、甘草浸膏等存货 的可变现净值降低，公司依据企业会计准则对相关存货进行减值测试，计提存货跌价准备。 ...

新农开发公告，预计2025年度实现归属于母公司所有者的净利润为-855万元到-570万元，与上年同期相 比将出现亏损。上年同期归属于母公司所有者的净利润为3183.15万元。 ...

Group 1 - The event "Guangdong Specialty Agricultural Products Marketing Activity" is set to take place in Beijing, showcasing a variety of high-quality agricultural products from Guangdong, including preserved meats, seasonal fruits, and rice [1][2] - Guangdong's "Year Fish Economy" is highlighted, promoting traditional fish varieties like white grouper and golden pomfret, which are transported north using cold chain technology to ensure freshness [1] - The essence of Cantonese cuisine is captured in claypot rice made with silky rice and various preserved meats, creating a rich and aromatic dish that symbolizes the flavors of the New Year [1] Group 2 - The popularity of Guangdong's New Year dishes is increasing in northern markets, particularly in the Beijing-Tianjin-Hebei region and Northeast China, with sales showing a year-on-year growth trend through supermarkets, e-commerce platforms, and dining channels [2] - The export of Guangdong agricultural products reached 214 countries and regions in the first 11 months of 2025, with products for Hong Kong and Macau accounting for over 60% of the national total, ranking first in the country [3] - The event features participation from various enterprises across the agricultural supply chain, including traditional planting and processing companies as well as modern agricultural processing leaders [3][4]

Group 1: Oil and Related Products - The US Treasury imposed new sanctions on Iran, increasing concerns about Middle East crude supply disruptions. The Tengiz oil field's extended shutdown and US cold wave also affected the market. Despite a recent price rebound, the high inventory pressure in Q1 2026 may limit the price increase [2]. - Low - sulfur fuel oil followed crude oil in a callback due to the end of cold - wave speculation and EIA's unexpected inventory build - up. High - sulfur fuel oil remained strong, supported by geopolitical tensions and the strengthening of Asian spot spreads [22]. - Kpler data shows sufficient Venezuelan crude arrivals in January, but a significant reduction in shipments since January may lead to supply shortages in February and subsequent months. Cost support and weak terminal demand suggest a short - term bullish but volatile outlook for asphalt [23]. Group 2: Precious Metals - Geopolitical risks have raised the price center of precious metals. However, after gold and silver broke through key price levels, there may be short - term fluctuations due to profit - taking and overbought technical indicators. It is advisable to wait for a stable period before re - entering the market [3]. Group 3: Base Metals - Copper prices were pushed up by the trading sentiment of precious metals and a weak US dollar. Supply - side factors such as strikes in Chilean small mines and roadblocks affecting large mines are being monitored [4]. - Aluminum prices rebounded on Friday. Geopolitical factors caused market sentiment to fluctuate. The price is expected to oscillate at a high level, and attention should be paid to the price direction of gold and silver after breaking through key levels [5]. - Zinc prices are expected to oscillate between 24,000 - 25,000 yuan/ton in the short term. There is an opportunity for short - selling at the 25,000 yuan/ton level due to the expected supply surplus [8]. - Lead prices are expected to oscillate between 17,000 - 17,800 yuan/ton. The production of recycled lead is restricted by high costs and low prices, and environmental protection policies may affect future production [9]. - Nickel prices rose significantly with active trading. However, there is a risk of negative feedback from downstream due to high prices. Short - term sentiment is positive, and a long - position strategy is recommended [10]. - Tin prices continued to rise, driven by investment funds and the expected long - term demand from AI - related investments [11]. Group 4: Industrial Metals and Alloys - Cast aluminum alloy prices follow the trend of Shanghai aluminum. The market is inactive, and the supply surplus is difficult to change. The price difference with Shanghai aluminum is weaker than in previous years [6]. - Alumina production capacity is still high, and the supply surplus persists. With falling ore prices, the cost has decreased, but the price is under pressure, and the upside of the futures price is limited [7]. - Industrial silicon's supply is expected to be affected if major enterprises cut production. Demand is weakening, and inventory is increasing. The price is expected to be strong in the short term, and attention should be paid to whether it can break through the 9,000 yuan/ton level [14]. Group 5: Steel and Iron - related Products - Steel prices rebounded slightly. Rebar demand decreased slightly, production increased, and inventory accumulated again. Hot - rolled coil demand and production both decreased slightly, and inventory continued to decline [15]. - Iron ore prices oscillated last week. Global shipments decreased seasonally but remained high year - on - year. Domestic port inventory increased significantly. Demand is weak, but there is still an expectation of winter stockpiling [16]. - Coke prices rebounded. The first price increase was postponed, production decreased slightly, and inventory increased slightly. The market is expected to oscillate in a range [17]. - Coking coal prices rebounded slightly. Production increased slightly, inventory increased, and winter stockpiling demand continued. The price is expected to oscillate in a range [18]. - Manganese ore prices increased slightly. There are structural problems in port inventory. Silicon - manganese production decreased slightly, and inventory decreased slightly. A short - selling strategy on price rebounds is recommended [19]. - Silicon - iron prices increased slightly. Affected by policies, the price is relatively strong. Supply decreased significantly, inventory decreased slightly. A short - selling strategy on price rebounds is recommended [20]. Group 6: Chemical Products - Polycrystalline silicon's overseas orders increased, but the spot trading is weak. The futures price may face pressure in the future, waiting for the official guidance from the exchange [13]. - Urea prices were stable over the weekend. Downstream demand increased, and production enterprises continued to reduce inventory. The price is expected to oscillate strongly in the medium - to - long term [24]. - Methanol prices fluctuated due to geopolitical factors. Overseas production is low, and domestic port inventory is high. However, the expected reduction in imports in Q1 provides support, and the short - term price is expected to be strong [25]. - Pure benzene's upward momentum weakened. Supply decreased, demand increased slightly, and inventory in East China ports decreased significantly. The short - term price is expected to oscillate strongly, and slow inventory reduction is expected in the long term [26]. - Styrene prices increased significantly, but downstream resistance to high prices may limit the upside. Supply - demand competition may intensify [27]. - Propylene supply has no obvious pressure, and downstream demand is weak. Polyethylene supply will increase, and demand is weakening. Polypropylene supply pressure is not large, but demand is weak [28]. - PVC prices are strong. Factory inventory decreased, but social inventory increased. There is a possibility of capacity reduction and increased exports this year. Caustic soda prices are oscillating, with high inventory and high production. The profit of chlor - alkali integration may continue to be compressed [29]. - PX and PTA prices increased. There is a risk of inventory accumulation around the Spring Festival. In Q2, there may be opportunities for long - positions in PX processing margins and positive spreads, subject to downstream demand [30]. - Ethylene glycol production decreased slightly, and polyester load is expected to decline. There is an expectation of inventory accumulation around the Spring Festival. In Q2, supply - demand conditions may improve, but the long - term price is under pressure [31]. - Short - fiber production is high, and inventory is low. Downstream orders are weak, but sales increased due to raw material price increases. Bottle - chip production decreased, and processing margins improved slightly. Long - term capacity pressure remains [32]. Group 7: Building Materials - Glass inventory increased slightly, and there is a risk of further accumulation during the downstream holiday season. Production is currently unprofitable, and the price may fluctuate with the macro - environment. Attention should be paid to future capacity changes [33]. - Soda ash inventory decreased slightly but remains under pressure. Some enterprises cut production. The short - term price is expected to follow the macro - trend, and a short - selling strategy on price rebounds is recommended in the long term [34]. Group 8: Agricultural Products - Soybean meal prices oscillated. South American soybean harvest is affected by weather, and Chinese soybean purchases are progressing. Attention should be paid to the Brazilian harvest and potential imports from Canada [35]. - Palm oil and soybean oil prices are strong. US biomass diesel policies are favorable, and the supply - demand situation in Indonesia and Malaysia needs to be monitored [36]. - Rapeseed and rapeseed oil prices are expected to oscillate at the bottom. Rapeseed supply in Canada is sufficient but exports are weak. The supply of rapeseed oil may be slightly tighter than that of rapeseed meal [37]. - Domestic soybean prices rebounded from a low level. Attention should be paid to policy and spot market guidance [38]. - Corn prices are relatively strong due to reduced available supply and pre - holiday restocking demand. Future price trends depend on the sales progress in Northeast China and auction results [39]. - Pig prices are expected to be strong before the Spring Festival but weak after the holiday. The industry still needs to reduce production capacity, but the current price recovery may slow down this process [40]. - Egg prices are strong due to pre - festival stocking and reduced supply. In the long - term, the fundamental situation is improving, and a long - position strategy on price dips is recommended [41]. - Cotton prices are oscillating. US cotton exports increased significantly. Domestic cotton inventory is high, but demand is stable. The impact of the reduction in Xinjiang's planting area is uncertain [42]. - Sugar prices are oscillating. Indian sugar production is progressing rapidly, while Thai production is slow. In China, the focus is on the expected difference in production. The short - term price faces pressure [43]. - Apple prices are oscillating. Cold - storage sales increased for the Spring Festival, but poor fruit quality and high prices may affect inventory reduction [44]. - Wood prices are at a low level. Supply is expected to decrease, demand has increased slightly, and low inventory provides some support. Temporarily hold off on trading [45]. - Pulp prices are oscillating. Downstream demand is weak, and inventory has been increasing for three consecutive weeks. Paper mills' purchases are mainly for immediate needs. Temporarily hold off on trading [46]. Group 9: Financial Products - A - share indexes rose, and futures contracts showed different trends. The market is concerned about the continuity of US dollar liquidity repair and the impact of the Greenland conflict on risk appetite. A - shares are expected to shift from rapid upward movement to a strong - oscillating trend [47]. - Bond prices were strong last week. In the short - term, the yield of medium - to - long - term bonds is likely to oscillate, and the short - term yield may continue to decline due to loose liquidity. There are opportunities for steepening the yield curve and flattening the ultra - steep spread [48]. Group 10: Shipping - The container shipping index (European line) oscillated last week. The "weak reality" logic suppressed the price, while CMA CGM's suspension of resuming flights provided short - term support. The market is expected to be weak - oscillating in the future, and the key factors for near - term and far - term contracts are different [21].

省政府工作报告 首提 "媒体 +" ，新宁粤桂协作 产业一线"信心 更足"！_南方+_ 南方plus 1月26日上午， 广东省十四届人 大五次会议开 幕。省政府工作 报告显示，2025 年，广东农林牧 渔业总产值增长 传播赋能到销售 转化的全链路打 通，这一赋能乡 村振兴的广东实 践，也在粤桂协 作的山海联动中 落地生根、开花 结果。 陈皮星油藤产品 过去一年，江门 市新会区与崇左 市宁明县精准对 接资源禀赋与发 展需求，创新引 入并实践"媒体 +"理念，力促拥 有七百年历史积 淀的新会陈皮产 业与宁明县特色 星油藤产业深度 融合，宁明县通 过引进国家级农 业产业化龙头企 业——江门丽宫 侨宝陈皮健康产 业发展股份有限 公司，构建"媒 体+"赋能与"研 发、工厂、销 售、仓储"四位 4.9%， "百千万 工程"实现三年 初见成效。报告 重点提及，过去 一年，"媒体 +"助力农产品品 牌升级、销量攀 升；东西部协作 工作考核连续4 年获"好"的等 次。 "媒体+"作为现 代产业发展的加 速器，实现了从 一体的"四个共 享"产业协同机 制，助力星油藤 品牌升级。 江门丽宫侨宝陈 皮健康产业发展 股份有限公司董 事 ...

|数据日报 国贸期货研究院 农产品研究中心 黄向岚 投资咨询业务资格:证监许可【2012】31号 全国主要油厂开机率(%) 全国主要油厂大豆压榨量(万吨) ==== 2020 ===== 2021 ==== 2022 ==== 2023 ===== 2024 ==== 2025 ==== 2020 ==== 2021 ===== 2022 ===== 2023 ===== 2024 ===== 2024 - 2025 · 2026 2026 250 100 200 80 开机和压榨情况 60 1 90 100 40 50 20 11/07 01/01 02/01 03/04 04/04 05/05 06/05 07/06 08/06 09/06 10/07 11/07 07/06 08/06 09/06 12/08 12/08 06/05 10/07 02/01 03/04 04/04 05/05 01/01 (万吨) ------ 2019 ----- 2020 ------ 2021 ----- 2022 ----- 2023 ------ 2024 - 2026 2025 2026 2025 == == ...

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core View - This week, the futures prices of oils and fats oscillated and rebounded. The complex news in the domestic and international oils and fats markets led to sharp fluctuations in the market. The cancellation of Indonesia's 2026 B50 plan and the expected resumption of Canadian rapeseed exports to China put pressure on the palm oil and rapeseed oil markets respectively. Currently, the domestic soybean oil spot is in a de - stocking cycle with a gradually rising price center. The fundamentals of Malaysian palm oil continue to improve, and Indonesia's continuous crackdown on illegal plantations boosts international vegetable oil prices. As the policy effects are released, the futures prices of oils and fats will oscillate strongly under the guidance of their own supply - demand fundamentals [5][9][32]. 3. Summary by Directory 3.1 Market Review - This week, the Y2605 soybean oil contract rose 0.97% to close at 8,094 yuan/ton, the P2605 palm oil contract rose 2.72% to close at 8,910 yuan/ton, and the OI2605 rapeseed oil contract fell 0.72% to close at 8,991 yuan/ton [5][31]. 3.2 Important Information - **Palm Oil**: From January 1 - 20, 2026, Malaysian palm oil exports increased by 8.6% - 11.4% month - on - month, and the production in South Malaysia decreased by 16.06% month - on - month. Malaysian palm oil rose 2.91% [6][31]. - **Soybean Oil**: The ANEC raised Brazil's January soybean export forecast by 1.6% to 3.79 million tons, a 338.3% increase from the same period last year. The Abiove predicted that Brazil's 2025/26 soybean production will reach 177.12 million tons, with exports of 111.5 million tons (a 3% year - on - year increase) and a crush volume of 61 million tons (a 4.3% year - on - year increase). US soybeans rose 1.07% this week [7][32]. 3.3 Spot Analysis - As of January 22, 2026, the spot price of Grade 4 soybean oil in Zhangjiagang was 8,620 yuan/ton, up 70 yuan/ton from the previous trading day, and it was at a relatively low level compared to the past 5 years [10]. - As of January 22, 2026, the spot price of 24 - degree palm oil in Guangdong was 8,980 yuan/ton, up 130 yuan/ton from the previous trading day, and it was at an average level compared to the past 5 years [11]. - As of January 22, 2026, the spot price of Grade 4 rapeseed oil in Jiangsu was 9,840 yuan/ton, up 70 yuan/ton from the previous trading day, and it was at an average level compared to the past 5 years [13]. 3.4 Other Data - As of January 24, 2026, the national port soybean oil inventory decreased by 46,000 tons to 934,000 tons. As of January 21, 2026, the national commercial palm oil inventory increased by 6,000 tons to 776,000 tons [17]. - As of January 23, 2026, the port imported soybean inventory was 8,497,650 tons [19]. - As of January 22, 2026, the basis of Grade 4 soybean oil in Zhangjiagang was 536 yuan/ton, up 30 yuan/ton from the previous trading day, and it was at a relatively low level compared to the past 5 years [22]. - As of January 22, 2026, the basis of 24 - degree palm oil in Guangdong was 36 yuan/ton, up 18 yuan/ton from the previous trading day, and it was at a relatively low level compared to the past 5 years [23]. - As of January 22, 2026, the basis of rapeseed oil in Jiangsu was 838 yuan/ton, up 15 yuan/ton from the previous trading day, and it was at an average level compared to the past 5 years [25].