Group 1 - The integration of agriculture and cultural tourism is becoming a significant path for the layout of the entire agricultural industry chain, with a focus on modernizing agriculture and promoting collaborative development with the cultural tourism industry as a key task outlined in the 2025 Central Document No. 1 [1] - Urban investment companies are leveraging policy benefits and resource integration advantages to extend the "planting-processing-cultural tourism" full industry chain, achieving agricultural efficiency and urban-rural coordinated development through various projects [2][3] - The rural tourism market is projected to exceed 900 billion yuan by 2024, with a significant portion of the consumer base being younger generations, indicating a shift towards "light travel + deep experience" as mainstream demand [2] Group 2 - Urban investment companies possess unique advantages in integrating resources across the entire industry chain, with successful projects demonstrating significant value addition and consumer engagement [3] - The challenges faced by the "agriculture + cultural tourism" sector include homogenization of offerings and compliance with land use and ecological protection regulations, which are critical for sustainable development [4][5] - Innovative operational models, such as light asset operations and community involvement in land management, are emerging as key strategies to enhance project viability and reduce operational risks [7][8] Group 3 - The development of "agriculture + cultural tourism" is seen as a new support for rural construction, driven by policy empowerment, technological advancement, and innovative models, aiming for sustainable paths that enhance ecological beauty, industrial prosperity, and community wealth [8]

Investment Rating - The report maintains a "Buy" rating for the industry, particularly recommending stocks like Muyuan, Wens, and New Hope due to their competitive cost structures and potential for excess returns in the pig farming sector [1]. Core Insights - The report highlights a 2% week-on-week decline in live pig prices, with a significant year-on-year increase of 37.9% in the output of 20 listed pig companies in April [2]. - The report indicates that the breeding stock of sows has increased, suggesting a potential for normal profitability in pig farming in 2025, despite entering a downward price cycle [2]. - The report emphasizes the historical low valuations of leading pig farming companies, suggesting that they are well-positioned for recovery [2]. Summary by Sections 1. Market Overview - The agricultural sector index increased by 0.05% in the week of May 12-16, 2025, underperforming compared to the Shanghai Composite Index [14]. - The agricultural sector ranks 7th among 31 sub-industries in terms of performance since the beginning of 2025, with a year-to-date increase of 3.54% [14]. 2. Industry Data 2.1 Primary Agricultural Products - Corn prices are reported at 2374.90 CNY/ton, showing a week-on-week increase of 0.48% but a year-on-year decrease of 1.63% [35]. - Soybean prices remain stable at 3927.89 CNY/ton, with a year-on-year decline of 10.48% [35]. 2.2 Livestock - The average weight of pigs at slaughter remains stable at 129.71 kg, which is higher than the same period in 2023 and 2024 [2]. - The report notes that the output of listed pig companies reached 69.18 million heads in the first four months of 2025, marking a 30.1% year-on-year increase [2]. 3. Company Performance - The report lists the output of major listed pig companies, with Muyuan leading at 30.77 million heads, followed by Wens and New Hope [2]. - The report suggests that the introduction of new products in the pet food sector is driving rapid growth for domestic companies like Zhongchong and Guobao [5]. 4. Global Agricultural Trends - The global corn stock-to-use ratio for 2025/26 is projected to be the lowest since the 2015/16 season, indicating tightening supply conditions [3]. - The report forecasts a decrease in the global soybean stock-to-use ratio, reflecting similar trends in the corn market [3].

【环球时报-环球网 记者 王莉兰】"即便面临全球性挑战，中国经济仍彰显出强劲韧性。"马来西亚国家 新闻社高级记者吉硕·库玛丽·苏斯达拉姆在走访了位于内蒙古乌兰察布的七苏木国际物流园区后表 示，"中国的稳定对区域经济至关重要，其通过政策改革与内需驱动实现动态调适的能力，持续为全球 经济注入信心。" 2025年5月15日至16日，2025"走读中国"国际交流项目20余名记者在内蒙古乌兰察布相继走访察右前旗 植物工厂草莓基地、薯都凯达食品有限公司以及乌兰察布·二连浩特国家物流枢纽园区，实地探访现代 农业基地与国际贸易枢纽，从特色产业与开放格局中探寻中国经济发展密码。 在察右前旗植物工厂草莓基地，无菌化车间内的智能化管控系统令外媒记者眼前一亮。这座年产量可达 150吨的"草莓工厂"，不仅向国内一线城市供应草莓，更有25%至30%的产品远销东南亚和中东地 区。"我们的草莓在沙特市场每斤售价达400迪拉姆（约合人民币785元）。"内蒙古察右前旗农业投资公 司董事长王建伟说出的出口报价引发记者惊叹。蒙古记者伊苏·图布辛感慨："蒙古的野生草莓仅在夏季 短暂出现，这里的智能化种植技术完全颠覆了我的认知，期待能引进这项技术。" ...

研究所 生柴政策多变 美豆油冲高回落 ----国信期货油脂油料周报 2025年5月18日 研究所 目录 CONTENTS 1 蛋白粕市场分析 2 油脂市场分析 3 后市展望 研究所 Part1 第一部分 蛋白粕市场分析 一、蛋白粕市场分析 研究所 本周行情回顾：本周CBOT大豆先扬后抑，价格较前一周有所上移。周一CBOT大豆创下三个月新高，贸易紧张局势缓解以及美国农业部报告利多帮助大豆价格回升至贸易沖突前水平。美国 农业部预计2025/26年度美国大豆期末库存为2.95亿蒲式耳，分析师预计为3.62亿蒲式耳。美国农业部预计2024/25年度美国大豆期末库存为3.5亿蒲式耳，而4月份的预测是3.7亿蒲式耳，分 析师的预期是3,69亿蒲式耳。 美豆库存下调显示偏紧格局。随后美豆继续刷新高点，据知情人士透露，美国众议院税收委员会拟议的草案计划将45Z清洁燃料税收抵免政策延长至2031年12 月31日，美豆油飙升拉动美豆持续走高。周四美豆高位大幅回落，市场传闻美国可再生燃料义务（RVO）计划可能削减，环保署署长李•泽尔丁在参议院听证会中表达出的谨慎态度，引发了 对生物柴油需求前景的担忧。美豆回吐本周涨幅。与之相比，国 ...

Core Viewpoint - The company, Morning Bio-Technology Group Co., Ltd., is actively engaging with investors to discuss its business development, market strategies, and future plans, indicating a focus on transparency and investor relations [1]. Group 1: Cottonseed Business - The chairman stated that last year's losses in the cottonseed business were primarily due to market fluctuations and operational issues, but the company has implemented strategies to lock in profits during processing, effectively controlling risks [3]. - The company has achieved normal production and delivery for the current quarter's cottonseed procurement and plans to enhance gross margins by increasing protein content and optimizing production management [3]. - Although the company withdrew its application for listing the cottonseed segment on the Beijing Stock Exchange due to market changes, it remains open to pursuing this business development in the future if suitable opportunities arise [3]. Group 2: Lutein Business - The company’s secretary noted that lutein prices are currently low but are expected to rise in the future, with the company leveraging its advantages in raw materials, such as self-built planting bases and improved breeding technology, to expand market share [3]. - Despite a decrease in raw material purchase prices affecting farmers' planting enthusiasm, the company believes that long-term base construction will gradually increase its market share in the lutein sector [3]. - The trend of natural colorants replacing synthetic ones presents significant opportunities for the industry, and the company plans to actively monitor market changes to seize these opportunities [3]. Group 3: Chili Business - The company highlighted that the price sensitivity of users to chili red pigment, a food additive, is low, with price changes mainly influenced by raw material costs [4]. - The company enjoys a significant cost advantage due to high processing yields compared to peers, and the domestic chili raw material advantage has led to an increase in market share in the chili pigment business [4]. - The company is advancing its planting base in Myanmar, which is ideal for marigold cultivation, to enhance its raw material supply capabilities [4]. Group 4: Future Outlook - The company will continue to focus on its core business by enhancing core competitiveness through technological innovation, market expansion, and industry chain integration [4]. - The company emphasizes the importance of closely monitoring market dynamics and policy changes to flexibly adjust strategic directions, ensuring stable business progress [4].

Core Viewpoint - Ulanqab City in Inner Mongolia is leveraging its unique geographical advantages and rich agricultural resources to develop a distinctive agricultural product industry, becoming a key node in the global supply chain through the international logistics hub [1][14]. Group 1: Logistics Hub Development - The Ulanqab-Donghu Logistics Hub Park, established in March 2022, is the only cross-league development zone in Inner Mongolia, featuring six distinct areas including the Qisumu International Logistics Park and the Northern Land Port Logistics Park [3]. - The Qisumu International Logistics Park is positioned as a distribution center for the China-Europe Railway Express and a processing cluster for specialty agricultural products [3][11]. Group 2: Transportation Efficiency - The China-Europe Railway Express from Ulanqab has reached destinations as far as Duisburg, Germany, covering over 10,000 kilometers in approximately 25 days, showcasing the efficiency of this logistics route [5][7]. - The railway transport is noted for its higher safety compared to road transport, with ongoing operations of six regular routes connecting Ulanqab to multiple countries including Russia, Belarus, and Germany since 2016 [5][7]. Group 3: Agricultural Product Processing - Ulanqab is located in a prime agricultural zone, known for its high-quality organic products, which supports a thriving export processing industry for items like pumpkin seeds, sunflower seeds, and various vegetables [9][11]. - The logistics advantages allow for significant cost savings in transportation, exemplified by a reduction of 2,800 kilometers in transport distance for pumpkin seed processing compared to other regions, saving approximately 600 yuan per ton in logistics costs [13]. Group 4: International Cooperation and Trade - The logistics hub is increasingly recognized for its role in enhancing international cooperation and trade, particularly under the Belt and Road Initiative, positioning Inner Mongolia as a bridge between China and the world [14][15]. - Foreign journalists have highlighted the importance of Ulanqab in the global trade network, emphasizing the city's growing significance in shaping the future of Eurasian trade and economic cooperation [14].

Core Viewpoint - Gansu Province's Jinchang City is exploring a unique urban-rural integration development model, focusing on community co-construction and educational equity, while enhancing collective economic income through innovative reforms and initiatives [1][2][3]. Urban-Rural Integration - Jinchang City is implementing a "dual registration" system for farmers moving to cities, allowing them to retain rural rights while accessing urban services, thus facilitating smoother flow of urban-rural elements [2][3]. - The "village-community integration" reform in Jinchang has led to the establishment of a joint party committee, merging village and community governance, which has improved resource allocation and service delivery [3][4]. Education and Public Services - The city is restructuring its educational resources by creating "one school, two campuses" to ensure equitable access to quality education for both urban and rural students [5][6]. - Jinchang is enhancing public services through market-oriented sanitation operations in rural areas, improving environmental conditions and service efficiency [6]. Economic Development - The establishment of "common prosperity workshops" in rural areas has created 200 job opportunities, increasing household income by an average of 35,000 yuan annually [7][8]. - The integration of agricultural production and processing is being promoted through partnerships with leading enterprises, resulting in a significant increase in collective economic income from 331,600 yuan in 2023 to 454,000 yuan in 2024 [9].

Core Viewpoint - The inspection team from Xing'an League concluded a visit to Xilin Gol League, Ordos City, and Chifeng City, focusing on regional cooperation and coordinated development in Inner Mongolia [1][2]. Group 1: Inspection Activities - The inspection team visited key enterprises and industrial parks across three leagues, engaging in in-depth discussions with local government and business representatives on resource development, industrial growth, cultural tourism, modern agriculture, and urban management [2][4]. - The team emphasized the benefits gained from collaborative efforts in areas such as new energy transition, ecological governance, technological innovation, and industrial cluster development [2][6]. Group 2: Strategic Initiatives - Following the regional cooperation initiative, Xing'an League is actively promoting coordinated development by implementing a 2025 investment attraction action plan, treating investment as a top priority [5]. - The league has conducted targeted investment efforts in sectors like agricultural processing, new energy, and new chemical materials, aiming to streamline project negotiations, contracts, and production processes [5]. Group 3: Future Collaboration - The inspection has strengthened the consensus on collaborative development among the leagues, with a focus on leveraging resource and industrial advantages for mutual benefit [6]. - Xing'an League aims to transform the insights gained from the inspection into practical actions that enhance regional cooperation and drive high-quality development in energy and agriculture sectors [6].

瑞达期货研究院 「2024.05.16」 花生市场周报 研究员 ： 张昕 期货从业资格证号 F03109641 期货投资咨询 从业证书号 Z0018457 联系电话：0595-86778969 关 注 我 们 获 取 更 多 资 讯 业 务 咨 询 添 加 客 服 目录 1、周度要点小结 2、期现市场 3、产业情况 4、期权市场 「 周度要点小结」 3 来源：瑞达期货研究院 u 行情回顾：本周花生主力2510合约上涨，收涨1.55%，报收8232元/吨。 u 行情展望：供应端，由于前期进口释放，3月花生进口节奏虽有所修复，但整体进口需求较去年同期仍呈明显 下滑态势。不过样本油厂花生库存处于历史较高水平，供应较为宽松；需求端，成品油价格有所上涨，油厂压 榨利润扭亏为盈，提振市场信心。不过，下游需求表现平淡，开机率同比下降明显，同时对于现有库存多稳价 观望，贸易商按需采购，整体购销氛围平淡。另外油脂方面，南美大豆持续供应，季节性供应压力令大豆行情 承压运行；短期菜油依然供大于求格局，制约菜油价格；棕榈油产量回升，产地库存或持续改善，价格偏弱运 行。总体来说，需求表现较为平淡，且供应较为宽松，花生价格预计上行空间有 ...

美国农业部：截至5月8日当周，美国2024/2025年度豆油出口净销售为1.4万吨，前一周为1.5万吨； 2025/2026年度豆油净销售0万吨，前一周为0.1万吨；美国2024/2025年度豆油出口装船5.1万吨，前一周 为3.5万吨。 USDA干旱监测报告：截至5月13日当周，约17%的美国大豆种植区域受到干旱影响，而此前一周为 15%，去年同期为9%。 瑞达期货（002961）： 消息面 4月国内油厂开机率偏低，压榨产能较少，豆油供应趋紧，基差较为坚挺，不过随着大豆大量到港，港 口大豆库存回归正常水平，全国油厂开机率逐步提高，且二季度大豆供应充足，油厂开机率预计高位运 行，产能持续，豆油库存趋于回升。同时南美大豆持续供应市场，季节性供应压力令大豆行情承压运 行；短期菜油依然供大于求格局，制约菜油价格；棕榈油产量恢复，库存状态或持续改善，棕榈油价格 偏弱运行。因此，豆油预计震荡偏弱运行为主。 截至5月14日，国内一级豆油现货价格8215元/吨，较5月12日提高79元/吨，涨幅0.97%；较5月13日提高 66元/吨，涨幅0.81%。 机构观点 国投安信期货： 美豆油出现大幅下跌，回吐了之前的涨幅，因为RV ...