Report Industry Investment Rating The document does not provide information on the industry investment rating. Core Viewpoints of the Report The report offers a comprehensive analysis of various futures markets, including financial derivatives, agricultural products, black metals, non - ferrous metals, shipping, and energy chemicals. It assesses the current market situation, influencing factors, and provides corresponding trading strategies for each sector. [17][24][56] Summary by Relevant Catalogs Financial Derivatives - **Stock Index Futures**: After a significant decline, there may be a technical rebound, but the rebound without news support may have limited height. The trading strategy is to adopt a high - selling and low - buying approach in a volatile market, wait for the spread of the discount to widen for the IM/IC long 2603 + short ETF cash - and - carry arbitrage, and use the double - buying option strategy. [20][21] - **Treasury Bond Futures**: Different maturities show differentiated performance. In the short term, it is difficult to determine whether the bond market will turn bearish. The trading strategy is to stop the short positions of TS and TF contracts at low prices and wait and see for arbitrage. [22][23] Agricultural Products - **Protein Meal**: With large supply pressure from new crops, the price of US soybeans continues to decline. The international soybean market is in a pattern of abundant supply. The trading strategy is to wait and see, narrow the MRM spread, and sell the wide - straddle option strategy. [25][26] - **Sugar**: International sugar prices are oscillating at a low level, and domestic sugar prices are weak. The Brazilian sugar supply pressure will gradually ease, and the international sugar price may bottom - out and oscillate. The domestic sugar market may still maintain a weak trend in the short term. The trading strategy is to go long on the January contract and short on the May contract, and wait and see for options. [28][32] - **Oilseeds and Oils**: The overall trend is weakly oscillating. The trading strategy is to buy on dips after the price stops falling and stabilizes, and conduct high - selling and low - buying band operations, and wait and see for arbitrage and options. [34][35] - **Corn/Corn Starch**: The spot price has declined, and the futures price is oscillating at a high level. The trading strategy is to go long on the 03 contract on dips and establish long positions on the 07 contract at low prices, and wait and see for arbitrage and options. [37][38] - **Hogs**: The spot price is under pressure, and the futures price is oscillating. The trading strategy is to adopt a short - selling strategy, and wait and see for arbitrage and sell the wide - straddle option strategy. [39][40] - **Peanuts**: The spot price has declined, and the futures price is oscillating downward. The trading strategy is to short the 03 contract lightly at high prices, wait and see for arbitrage, and sell the pk603 - C - 8200 option. [41][43] - **Eggs**: The demand is average, and the price is stable with a slight decline. The trading strategy is to go long on the far - month contracts at low prices, wait and see for arbitrage and options. [44][46] - **Apples**: The demand is average, and the price is mainly stable. The trading strategy is to wait and see, go long on the January contract and short on the October contract, and wait and see for options. [48][50] - **Cotton - Cotton Yarn**: The sales of new cotton are good, and the price is oscillating strongly. The trading strategy is to go long on dips, wait and see for arbitrage and options. [52][54] Black Metals - **Steel**: The raw materials have stopped falling and stabilized, and the steel price is oscillating. The trading strategy is to expect the price to oscillate in a range and may rebound from the bottom in the short term, short the coil - coal ratio and the coil - rebar spread at high prices, and wait and see for options. [57][58] - **Coking Coal and Coke**: They are oscillating at the bottom. The trading strategy is to wait and see, as the current situation has priced in most of the negative factors, and pay attention to the change of trading logic. [60][61] - **Iron Ore**: Adopt a bearish approach. The current supply of iron ore is abundant, and the demand is weak, so the price is expected to run weakly at a high level. [62][65] - **Ferroalloys**: The cost is supported, but the demand is suppressed. The trading strategy is to expect the price to oscillate at the bottom, wait and see for arbitrage, and sell the out - of - the - money straddle option combination. [66][67] Non - Ferrous Metals - **Gold and Silver**: The US employment market is cooling down, but under the situation of multiple factors, they are oscillating at a high level. The trading strategy is to hold long positions for Shanghai gold and Shanghai silver, wait and see for arbitrage, and buy the out - of - the - money call option. [69][72] - **Platinum and Palladium**: The non - farm payroll data is lower than expected, and they are oscillating strongly. The trading strategy is to go long on platinum and palladium at low prices, and consider the long - platinum and short - palladium arbitrage. [74][76] - **Copper**: Buy after a full correction. The US employment data shows that the labor market is cooling down, and the copper price is expected to rise in the long term. [77][80] - **Alumina**: Be vigilant against the resurgence of the "anti - involution" sentiment. The fundamental situation is still under pressure. The trading strategy is to expect the price to oscillate at a low level, wait and see for arbitrage and options. [80][83] - **Electrolytic Aluminum**: There is uncertainty in the macro - economic outlook, and the price is oscillating with a reduction in positions. The trading strategy is to expect the price to oscillate after a correction, wait and see for arbitrage and options. [84][85] - **Cast Aluminum Alloy**: There is uncertainty in the macro - economic outlook this week. The trading strategy is to oscillate with the decline of the aluminum price, conduct the AD - AL spread convergence arbitrage during the decline of the aluminum price, and wait and see for options. [87][88] - **Zinc**: Pay attention to the magnitude of overseas warehouse delivery. The trading strategy is to wait and see, as the overseas delivery has put pressure on the price, and consider the long - domestic and short - overseas strategy when the export window may open intermittently. [89][92] - **Lead**: Pay attention to the change of inventory. The trading strategy is to partially stop the profit of the short positions and hold the rest, wait and see for arbitrage and options. [93][96] - **Nickel**: As a short - position variety, it continues to decline. The trading strategy is to expect the price to decline oscillatingly, wait and see for arbitrage, and sell the out - of - the - money call option. [97][98] - **Stainless Steel**: It follows the decline of the nickel price and oscillates weakly. The trading strategy is to expect the price to decline oscillatingly, and wait and see for arbitrage. [100][101] - **Industrial Silicon**: Sell on rallies. The trading strategy is to sell on rallies, go long on polysilicon and short on industrial silicon for arbitrage, and sell the out - of - the - money call option. [102][103] - **Polysilicon**: Buy on dips. The trading strategy is to hold long positions and buy on dips, go long on polysilicon and short on industrial silicon for arbitrage, and sell the put option. [104][104] - **Lithium Carbonate**: The impact of the mining license is limited, and pay attention to the inventory data. The trading strategy is to operate cautiously at a high level, wait and see for arbitrage, and sell the out - of - the - money call option of the 2605 contract when the price rises. [105][107] - **Tin**: Pay attention to the export data of Myanmar in November. The trading strategy is to pay attention to the export data of Myanmar in November and be vigilant against the change of macro - economic sentiment, and wait and see for options. [108][111] Shipping - **Container Shipping**: MSK tested the price of 2800 in the first week. The trading strategy is to partially stop the profit of the long positions of the EC2602 contract and hold the rest, and wait and see for arbitrage. [112][114] Energy and Chemicals - **Crude Oil**: The price is close to the annual low, and the geopolitical factor is still the focus. The trading strategy is to expect the price to oscillate, the domestic gasoline is neutral, the diesel is weak, and the oil price spread is weak, and wait and see for options. [116][117] - **Bitumen**: The oil price has dropped significantly, and there are still concerns about the raw materials. The trading strategy is to expect the price to oscillate and stabilize, and sell the out - of - the - money call option of the BU2602 contract. [119][121] - **Fuel Oil**: The high - sulfur fuel oil remains weak, and the supply of low - sulfur fuel oil is frequently disturbed by the change of devices. The trading strategy is to be bearish, the low - sulfur cracking spread is weak, the high - sulfur cracking spread is weak, and wait and see for options. [121][122] - **Natural Gas**: The downward trend of LNG remains unchanged, and HH continues to correct. The trading strategy is to buy the HH2602 contract, wait and see for arbitrage, and sell the TTF call option. [124][126] - **LPG**: It is slightly stronger than oil. The trading strategy is to short the 03 contract at high prices, wait and see for arbitrage and options. [127][128] - **PX and PTA**: The PX operating rate remains high, and there is still an expectation of PTA inventory accumulation. The trading strategy is to expect the price to oscillate weakly, conduct the reverse arbitrage for the PX3, 5 & PTA1, 5 contracts, and wait and see for options. [130][131] - **Benzene and Styrene**: The supply and demand of pure benzene are loose, and the basis of styrene is loosening. The trading strategy is to expect the price to oscillate weakly, wait and see for arbitrage, and sell the out - of - the - money call option. [133][134] - **Ethylene Glycol**: Some enterprises have reduced the operating load, and the price has rebounded slightly. The trading strategy is to expect the price to oscillate weakly, wait and see for arbitrage, and sell the out - of - the - money call option. [136][137] - **Short - Fiber**: The supply and demand are weak, and the price has declined. The trading strategy is to expect the price to oscillate, wait and see for arbitrage, and sell the out - of - the - money call option. [138][140] - **Bottle Chips**: The supply and demand are relatively loose. The trading strategy is to expect the price to oscillate weakly, wait and see for arbitrage, and sell the out - of - the - money call option. [141][142] - **Propylene**: The operating rate is rising, and the inventory is at a high level. The trading strategy is to short at high prices, wait and see for arbitrage, and sell the call option. [143][144] - **Plastic PP**: The electricity consumption of the rubber and plastic industry has decreased slightly month - on - month. The trading strategy is to hold long positions for the L main 2605 contract and try to go long on the PP main 2605 contract, wait and see for arbitrage, and wait and see for options. [146][148] - **Caustic Soda**: It shows an oscillating trend. The trading strategy is to expect the price to oscillate, wait and see for arbitrage, and wait and see for options. [149][151] - **PVC**: It rebounds from the bottom. The trading strategy is to expect the price to rebound from the bottom, wait and see for arbitrage, and wait and see for options. [152][153] - **Soda Ash**: The price oscillates after the contract roll - over. The trading strategy is to wait and see, as the short - term price is expected to be stable. [155][159] - **Glass**: The price oscillates. The trading strategy is to expect the price to oscillate, wait and see for arbitrage, and wait and see for options. [157][160] - **Methanol**: It oscillates widely. The trading strategy is to expect the price to oscillate, wait and see for arbitrage, and wait and see for options. [162][163] - **Urea**: India has tendered again. The trading strategy is to expect the price to oscillate in the short term and run weakly in the medium term, and wait and see for options. [165][166] - **Pulp**: The reality is weak, but the expectation is strong. Pay attention to the registration of warehouse receipts and the change of port inventory. The trading strategy is to hold the previous short positions, wait and see for arbitrage, and wait and see for options. [169][170] - **Logs**: The fundamental situation is weakening, the futures price is inverted, and pay attention to the registration of warehouse receipts. The trading strategy is to pay attention to the opportunity of going long on the 03 contract, gradually stop the profit of the 1 - 3 reverse arbitrage, and wait and see for options. [171][175] - **Offset Printing Paper**: The supply pressure remains high, and the transmission of high pulp price is less than expected. The trading strategy is to be bearish, wait and see for arbitrage, and sell the OP2602 - C - 4100 option. [176][178] - **Natural Rubber**: The accumulation of the main visible inventory has slowed down. The trading strategy is to try to short the RU main 05 contract lightly and hold long positions for the NR main 02 contract, wait and see for arbitrage, and wait and see for options. [179][182] - **Butadiene Rubber**: The fixed - asset investment in the domestic rubber and plastic industry continues to slow down. The trading strategy is to hold long positions for the BR main 02 contract, hold the BR2602 - NR2602 spread, and wait and see for options. [183][185]

1. Industry Investment Rating - No information provided 2. Core Viewpoints - In October 2025, Brazilian factories processed 4.39 million tons of soybeans, producing 3.36 million tons of soybean meal and 0.9 million tons of soybean oil, with soybean, soybean meal, and soybean oil ending inventories of 1,126 tons, 2.51 million tons, and 0.49 million tons respectively [1] - From December 1 - 15, 2025, Malaysia's palm oil production decreased by 2.97% month - on - month, fresh fruit bunch yield per unit area decreased by 2.55%, and oil extraction rate decreased by 0.08% [1] - The expected sown area of winter rapeseed in France for the 2026/27 season will reach 1.34 million hectares, a three - year high, with a year - on - year increase of 6.4% and a 9.4% increase compared to the average of last year [1] 3. Summary by Related Catalogs Overnight Market Information - In October 2025, Brazilian factories processed 4.39 million tons of soybeans, with 3.36 million tons of soybean meal and 0.9 million tons of soybean oil produced, and the ending inventories of soybean, soybean meal, and soybean oil were 1,126 tons, 2.51 million tons, and 0.49 million tons respectively [1] - From December 1 - 15, 2025, Malaysia's palm oil production decreased by 2.97% month - on - month, fresh fruit bunch yield per unit area decreased by 2.55%, and oil extraction rate decreased by 0.08% [1] - The expected sown area of winter rapeseed in France for the 2026/27 season will reach 1.34 million hectares, a three - year high, increasing by 6.4% year - on - year and 9.4% compared to the average of last year [1] Spot Prices - The spot prices of soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from December 10 - 16, 2025 are presented in a table [2] Protein Meal Basis - No information provided [3] Oil and Fat Futures Spread - No information provided [6] Oil and Fat Basis - No information provided [8]

天眼查App显示，近日，重庆九湾河农产品加工有限公司成立，法定代表人为徐国兴，注册资本2万人 民币，经营范围为许可项目：食品生产；食品销售；食品小作坊经营；食品互联网销售；小餐饮、小食 杂、食品小作坊经营。（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以 相关部门批准文件或许可证件为准） 一般项目：食用农产品初加工；农产品的生产、销售、加工、运 输、贮藏及其他相关服务；农副产品销售；食用农产品批发；初级农产品收购；农业专业及辅助性活 动；蔬菜种植；食用农产品零售；机械设备销售；日用品销售；金属材料销售。（ 除依法须经批准的 项目外，凭营业执照依法自主开展经营活动）。 ...

（原标题："百千万工程"赋能广东，57县(市)GDP增速连续两年超全省均值） 第七场 "' 十四五 ' 广东成就 " 系列主题新闻发布会，张梦琦摄 南方财经记者张梦琦 广州报道 推动城乡区域协调发展，关系到广东走好中国式现代化之路的全局和成色。近年来，广东举全省之力推 进实施"百千万工程"，抓住县域这个发力点，推进强县促镇带村，加快农文旅体融合发展，推动城乡区 域协调发展取得阶段性重要进展。 12月16日，广东省人民政府新闻办召开第七场"'十四五'广东成就"系列主题新闻发布会，主题为"城乡区 域协调发展"，邀请相关部门负责人介绍"十四五"时期广东推进乡村全面振兴、促进城乡区域协调发展 等情况。 南方财经记者从会上获悉，实施"百县千镇万村高质量发展工程"三年来，广东57个县（市）GDP增速 连续两年快于全省平均水平，县城人口实现整体净流入，县域常住人口城镇化率由44.72%提升至 46.48%，全省城乡居民收入比从2.41∶1缩小至2.31∶1。 广东省委常务副秘书长，省委改革办、省"百千万工程"指挥办常务副主任许志晖表示，广东坚持以县域 为切入点，因地制宜、一县一策，"五级书记"一起抓，县镇村一体推进，推动" ...

Core Insights - The article highlights the transformation of rural commerce in Longnan, Gansu, where local products, particularly walnuts, are being marketed globally through e-commerce platforms, significantly boosting local economies and employment [1][3]. Group 1: E-commerce Development - Longnan's e-commerce sector has evolved from individual attempts to a comprehensive system covering production, processing, packaging, logistics, and marketing, becoming a model for e-commerce poverty alleviation in China [3][4]. - As of October 2023, Longnan's e-commerce has generated a total sales revenue of 564 billion RMB, creating over 340,000 jobs in the industry [1][3]. Group 2: Product Diversification and Innovation - Local entrepreneurs are innovating traditional walnut products, introducing items like walnut milk, walnut snacks, and skincare products, with projected sales of over 40 million RMB in 2024 for one brand [5]. - The e-commerce sector is expanding its product range to include various local specialties such as apples, garlic, and wild vegetables, with annual sales reaching 120 million RMB [4]. Group 3: Global Market Reach - Longnan's products are exported to over 30 countries and regions, including Russia, Kyrgyzstan, and the United States, facilitated by 76 registered cross-border e-commerce companies [4]. - The local government is supporting businesses in establishing overseas warehouses and stores, enhancing their international presence [4].

【冠通期货研究报告】 投资有风险，入市需谨慎。 据 Mysteel 调研显示，截至 2025 年 12 月 12 日（第 50 周），国内主要油厂 豆粕库存为 110.36 万吨，较上周同期减少 5.73 万吨，呈现边际去化趋势，但仍 处于历史同期较高水平。国内第二批进口大豆抛储今天共抛 513883 吨，成交率 62.88%，成交 323118 吨，其中山东和天津区域出现 0-100 元不等溢价，较上周 溢价水平明显回落 。 近月抛储成交仍然有较强支撑，不过市场逐渐回归理性，远月合约在预期宽 松预期下，预估仍然保持震荡走势。 油脂：ITS：马来西亚 12 月 1-15 日棕榈油出口量为 613172 吨，较上月同期 出口的 728995 吨减少 15.89%。南部半岛棕榈油压榨商协会（SPPOMA）数据显示， 2025 年 12 月 1-15 日马来西亚棕榈油单产环比上月同期减少 2.55%，出油率环比 上月同期减少 0.08%，产量环比上月同期减少 2.97%。根据 12 月 15 日提交给 美国哥伦比亚特区巡回上诉法院的一份通知，美国环保署目前预计将在 2026 年 第一季度发布最终规则，设定 2026 ...

Core Viewpoint - The company announced that its board approved a guarantee of up to 15 million yuan for its wholly-owned subsidiary, Sun Valley Foods, for feed raw material purchase contracts with Bunge (Shanghai) Management Co., Ltd. and its affiliates, to be signed by December 31, 2026 [1] Financial Performance - Sun Valley Foods is projected to generate revenue of 1.695 billion yuan and a net profit of -1.0443 million yuan in 2024 [1] - For the first nine months of 2025, the revenue is reported at 1.307 billion yuan with a net profit of 18.9559 million yuan [1] Guarantee and Risk Assessment - As of the announcement date, the total external guarantee amount provided by the company and its subsidiaries is 33 million yuan, which accounts for 0.32% of the audited net assets attributable to the parent company for 2024 [1] - There are no overdue or litigated guarantees reported [1]

研究所 农产品研发报告 玉米淀粉日报 2025 年 12 月 16 日 玉米淀粉日报 第一部分 数据 收盘价 涨跌 涨跌幅 成交量 增减幅 持仓量 增减幅 2220 -8 -0.36% 353,327 -10.99% 455,962 -7.17% 2238 -6 -0.27% 86,476 -3.96% 436,006 -0.62% 2265 -2 -0.09% 8,896 19.62% 36,497 5.69% 2502 -11 -0.44% 92,011 11.00% 138,662 -5.45% 2545 -10 -0.39% 6,605 35.69% 25,827 8.96% 2594 -14 -0.54% 206 34.64% 1,217 2.79% 期货盘面 C2601 C2605 C2509 玉米&玉米淀粉数据日报 CS2605 CS2509 现货与基差 CS2601 青冈 松原嘉吉 诸城兴贸 寿光 锦州港 南通港 广东港口 2070 2160 2310 2290 2300 2390 2440 0 0 0 0 -20 -10 -10 -195 -105 45 25 62 125 175 龙凤 中 ...

Market Overview - The agricultural processing sector experienced a decline of 2.28% on December 16, with COFCO Sugar leading the drop [1] - The Shanghai Composite Index closed at 3824.81, down 1.11%, while the Shenzhen Component Index closed at 12914.67, down 1.51% [1] Stock Performance - Key stocks in the agricultural processing sector showed varied performance, with Jingliang Holdings rising by 7.57% to close at 8.67, and COFCO Sugar falling by 7.84% to close at 17.04 [2][1] - Other notable performers included Oufujieye, which increased by 6.53%, and Yichis Magic Hand, which rose by 2.85% [1] Trading Volume and Capital Flow - The trading volume for Jingliang Holdings was 1.23 million shares, with a transaction value of 10.66 billion yuan [1] - The agricultural processing sector saw a net inflow of 68.41 million yuan from institutional investors, while retail investors experienced a net outflow of 16.49 million yuan [2][3] Individual Stock Capital Flow - Jingliang Holdings had a net inflow of 15.5 million yuan from institutional investors, while COFCO Sugar saw a significant net outflow of 74.76 million yuan from retail investors [3] - Other stocks like Jinlongyu and Oufujieye also experienced mixed capital flows, with Jinlongyu having a net inflow of 30.04 million yuan from institutional investors [3]

Core Insights - The China-Singapore Connectivity Project has successfully deepened cooperation over the past decade, facilitating trade and collaboration between China's western regions and ASEAN countries [1][2] Group 1: Project Overview - The project was officially launched in November 2015 as the third government-to-government collaboration between China and Singapore, following the Suzhou Industrial Park and Tianjin Eco-City [1] - Over ten years, the project has developed 33 innovative institutional open results, enhancing face-to-face cooperation between China’s western regions and ASEAN countries [1][2] Group 2: Achievements and Developments - The project has established five key channels: the New Land-Sea Corridor, the China-Singapore Cross-Border Financing Channel, the China-Singapore (Chongqing) International Internet Data Dedicated Channel, the Chongqing-New Singapore Air Corridor, and a cultural exchange channel [2] - As of October 2023, the New Land-Sea Corridor has reached 127 countries and regions, connecting 581 ports [2] - The project has successfully facilitated the entry of Chongqing's agricultural products into the Singapore market, achieving a trade volume exceeding 250 million yuan [4] Group 3: Future Directions - The project aims to deepen cooperation in areas such as digital trade, cross-border computing power, artificial intelligence, and green development, with a goal to create a new model for international cooperation by 2030 [7] - The initiative is expected to enhance regional economic development and provide new support for multilateral cooperation [7]