董事会认为，综合纯利增加主要归因于：1.于2024年12月在北京的新种植基地设置28个温室，盆栽蔬菜 农产品销量增加，所贡献的收入亦增加；2.期间并无录得上市开支；及3.主要因结算其他应收款项而拨 回贸易及其他应收款项的预期信贷亏损。 格隆汇8月25日丨富景中国控股(02497.HK)发布公告，公司预期集团截至2025年6月30日止六个月将录得 未经审核综合纯利约人民币30.0百万元至人民币35.0百万元，而上年同期则录得未经审核综合纯利约人 民币14.9百万元。 ...

于2024年12月在北京的新种植基地设置28个温室，盆栽蔬菜农产品销量增加，所贡献的收入亦增加; 截至2025年6月30日止6个月并无取得上市开支;及 主要因结算其他应收款项而拨回贸易及其他应收款项的预期信贷亏损。 董事会认为，上述截至2025年6月30日止6个月的未经审核综合纯利增加主要归因于： 智通财经APP讯，富景中国控股(02497)发布公告，预期集团截至2025年6月30日止6个月将取得未经审核 综合纯利约人民币3000万元至人民币3500万元，而截至2024年6月30日止6个月则取得未经审核综合纯利 约人民币1490万元。 ...

富景中国控股(02497)发布公告，预期集团截至2025年6月30日止6个月将取得未经审核综合纯利约人民 币3000万元至人民币3500万元，而截至2024年6月30日止6个月则取得未经审核综合纯利约人民币1490万 元。 董事会认为，上述截至2025年6月30日止6个月的未经审核综合纯利增加主要归因于： 于2024年12月在北京的新种植基地设置28个温室，盆栽蔬菜农产品销量增加，所贡献的收入亦增加; 截至2025年6月30日止6个月并无取得上市开支;及 主要因结算其他应收款项而拨回贸易及其他应收款项的预期信贷亏损。 ...

Core Insights - The article highlights the successful implementation of an "order planting + mechanized harvesting" model in the processing tomato industry in Shawan City, Xinjiang, which significantly improves operational efficiency and ensures product sales channels. Group 1: Order Planting Model - The order planting model involves signing agreements before planting, providing standardized production services to farmers, and ensuring stable sales channels and income through a guaranteed price mechanism, effectively protecting farmers' interests [5]. - This year, all 18,300 acres of processing tomatoes in Shawan City have been planted under the order model, with harvesting expected to continue until mid-September [8]. Group 2: Harvesting and Production Efficiency - Mechanized harvesting is being utilized, with tomato harvesters completing multiple processes such as picking, separating fruit from vines, and loading in one go, which enhances efficiency [1]. - A processing tomato grower reported planting 900 acres with a yield of 9 tons per acre, benefiting from comprehensive support from factory professionals throughout the entire process, from seedling preparation to harvesting [6].

Core Viewpoint - Trump is urging China to significantly increase its soybean purchases from the U.S. to reduce the trade deficit, claiming that American farmers can provide the highest quality soybeans [1][3][19]. Group 1: Trade Dynamics - In 2016, U.S. soybeans accounted for over 40% of China's soybean imports, but this changed drastically due to the tariff war initiated by Trump, which led to a 23% retaliatory tariff on U.S. agricultural products, including soybeans [5][12]. - By 2024, the U.S. soybean export value to China is projected to be approximately $12.6 billion, representing more than half of the total exports, but this is expected to decline significantly by 2025 if orders cease [7][12]. Group 2: Market Shifts - China has proactively sought stable soybean import agreements with countries like Brazil, which now supplies over 70% of China's soybean market, while the U.S. share has dropped to around 20% [10][12]. - Brazilian soybeans are approximately 15% cheaper than U.S. soybeans and do not face additional tariff barriers, making them a more attractive option for China [12][14]. Group 3: Political Implications - Trump's appeal to China reflects a sense of urgency as American farmers, particularly in Republican strongholds, face financial distress due to the trade war [7][17]. - The ongoing trade negotiations and the temporary suspension of tariffs indicate a complex relationship, with both sides retaining leverage and the potential for future negotiations remaining uncertain [21][23].

Core Viewpoint - Sichuan Mianyang Zitong County is innovatively implementing the "Rural Famous Action" to create a unique rural development path, recognized as one of the first 24 counties in China to promote typical experiences nationwide [1] Group 1: Name Optimization and Cultural Promotion - Zitong County is enhancing rural name management through a structured naming process, resulting in the collection of 205 special names and the identification of 301 unnamed locations [2] - The county has adopted an "Internet + Name" model to ensure comprehensive mapping of rural roads and points of interest, with 930 points of interest and over 2,500 nameplates established [2] - Cultural storytelling is being promoted through the publication of a name story collection and the production of promotional videos, enhancing the visibility of local culture [3] Group 2: Economic Empowerment and Community Benefits - The "Name + Industry" initiative is fostering economic growth by integrating local agricultural products with cultural branding, leading to increased income for farmers [4] - The "Name + Culture" approach is revitalizing historical landmarks and enhancing community identity through infrastructure projects [4] - The "Name + Smart" strategy is improving public services by digitizing name information and enhancing community engagement [4] Group 3: Collaborative Efforts - The government is leading the initiative by forming a dedicated leadership group and allocating 2 million yuan for the project, ensuring coordinated efforts across departments [6] - Social collaboration is being encouraged through community engagement and cultural storytelling initiatives, involving local volunteers and content creators [6] - Businesses are contributing by developing creative products that highlight local culture, thus enhancing community participation and economic benefits [7]

Core Viewpoint - The article highlights the challenges faced by American farmers due to the absence of Chinese buyers for their agricultural products, particularly soybeans, despite a record harvest season [1][3]. Group 1: Agricultural Production and Market Dynamics - American farmers are experiencing a significant increase in corn and soybean production, with most states reporting yields higher than last year [1]. - The lack of orders from China has left farmers anxious, as they had anticipated strong demand from this key market [1][3]. - The U.S. soybean market share in China has drastically declined from nearly 50% in 2016 to only 20% currently, with Brazil capturing 70% of the market [1]. Group 2: Trade Policies and Political Implications - The trade tensions initiated by President Trump's policies have led to retaliatory measures from China, resulting in decreased demand for U.S. soybeans [1]. - Trump's recent plea for increased soybean orders from China has been met with criticism, as many attribute the current market situation to his administration's trade decisions [1][3]. - The article suggests that for any improvement in trade relations, Trump must reconsider and eliminate unreasonable tariffs to rebuild trust with China [5][6]. Group 3: Future Outlook - American farmers are left hoping that China will not completely eliminate U.S. soybeans from its market, although this trend appears increasingly likely [5]. - The article emphasizes the need for cooperation between the U.S. and China, suggesting that a stable trade relationship is essential for the benefit of both nations [6].

1. Report Industry Investment Rating - No relevant content provided 2. Core View of the Report - The report suggests a bearish trading strategy for both corn and corn starch. Corn futures are in a weak trend due to increased US production and inventory, upcoming new - grain harvest in China, and sufficient supply. Corn starch futures also show a weak trend as the industry's operating rate rises while demand is in the off - season, resulting in a supply - demand imbalance [7][8][11][12] 3. Summary by Directory 3.1. Week - to - Week Summary - **Corn**: The main 2511 contract of corn futures closed at 2175 yuan/ton, down 15 yuan/ton from the previous week. The USDA raised the production and ending stocks of US corn in the 2025/26 season. The new grain in Northeast China will be on the market in September, and the supply is relatively loose. The spot market price is under pressure, and the overall trend of corn is weak [8] - **Corn Starch**: The main 2511 contract of Dalian corn starch futures closed at 2498 yuan/ton, down 24 yuan/ton from the previous week. The operating rate of the corn starch industry has rebounded, but the downstream demand is in the off - season. As of August 20, the total starch inventory of corn starch enterprises was 133.9 million tons, showing an increase in inventory. The overall trend of starch is weak [12] 3.2. Futures and Spot Market - **Futures Price and Position Changes**: The November contract of corn futures closed down with a total position of 955,265 lots, an increase of 126,808 lots from the previous week. The November contract of corn starch futures closed down narrowly with a total position of 202,789 lots, an increase of 64,168 lots from the previous week [16] - **Top 20 Net Position Changes**: The top 20 net position of corn futures was - 97,205, an increase in net short positions compared to the previous week. The top 20 net position of starch futures was - 20,670, also an increase in net short positions compared to the previous week [22] - **Futures Warehouse Receipts**: The registered warehouse receipts of yellow corn were 103,290, and the registered warehouse receipts of corn starch were 7,450 [28] - **Spot Price and Basis**: As of August 22, 2025, the average spot price of corn was 2,373.53 yuan/ton, and the basis between the November active contract of corn and the average spot price was + 198 yuan/ton. The spot price of corn starch in Jilin was 2,850 yuan/ton and 2,950 yuan/ton in Shandong, remaining stable this week. The basis between the November contract of corn starch and the spot price in Changchun, Jilin was 352 yuan/ton [33][38] - **Futures Inter - month Spread**: The 11 - 1 spread of corn was 3 yuan/ton, at a medium level in the same period. The 11 - 1 spread of starch was - 29 yuan/ton, also at a medium level in the same period [44] - **Futures Spread**: The spread between the November contracts of starch and corn was 323 yuan/ton. In the 34th week of 2025, the spread between Shandong corn and corn starch was 336 yuan/ton, a decrease of 64 yuan/ton compared to the previous week [54] - **Substitute Spread**: As of August 20, 2025, the average spot price of wheat was 2,436.5 yuan/ton, and the average spot price of corn was 2,384.71 yuan/ton, with a wheat - corn spread of 51.79 yuan/ton. In the 34th week of 2025, the average spread between tapioca starch and corn starch was 157 yuan/ton, an increase of 19 yuan/ton compared to the previous week [58] 3.3. Industrial Chain Situation - **Corn Supply**: As of August 15, 2025, the domestic trade corn inventory in Guangdong Port was 66.9 million tons, a decrease of 7.9 million tons from the previous week, and the foreign trade inventory was 0.2 million tons, a decrease of 0.1 million tons from the previous week. The corn inventory in the four northern ports was 151.1 million tons, a decrease of 26.3 million tons week - on - week. The shipping volume of the four northern ports was 32.9 million tons, an increase of 8.2 million tons week - on - week. In July 2025, China's ordinary corn imports were 6 million tons, a decrease of 103 million tons compared to the same period last year and a decrease of 10 million tons compared to the previous month. As of August 21, the average inventory of national feed enterprises was 28.85 days, a decrease of 0.76 days from the previous week [48][67][71] - **Corn Demand**: As of the end of the second quarter of 2025, the pig inventory was 424.47 million, a year - on - year increase of 2.2%. The inventory of breeding sows was 40.43 million, an increase of 10,000 compared to the previous month. As of August 15, 2025, the breeding profit of self - breeding and self - raising pigs was 28.85 yuan/head, and the breeding profit of purchased piglets was - 157.05 yuan/head. As of August 21, 2025, the corn starch processing profit in Jilin was - 46 yuan/ton, and the corn alcohol processing profit in Henan was - 685 yuan/ton, - 551 yuan/ton in Jilin, and - 168 yuan/ton in Heilongjiang [75][79][84] - **Corn Starch Supply**: As of August 20, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions was 314.7 million tons, a decrease of 7.5%. From August 14 to August 20, 2025, the national corn processing volume was 54.9 million tons, a decrease of 2.7 million tons from the previous week. The national corn starch output was 27.06 million tons, a decrease of 1.86 million tons from the previous week. The weekly operating rate was 52.3%, a decrease of 3.6% from the previous week. As of August 20, the total starch inventory of corn starch enterprises was 133.9 million tons, an increase of 0.7 million tons from the previous week [88][92] 3.4. Option Market Analysis - As of August 22, the implied volatility of the options corresponding to the main 2511 contract of corn was 9.73%, a decrease of 0.38% from the previous week. The implied volatility fluctuated and declined this week, being at a relatively high level compared to the 20 - day, 40 - day, and 60 - day historical volatilities [95]

Core Viewpoint - The article emphasizes the transformation of poverty-stricken areas and their residents from merely surviving to actively pursuing development, highlighting the importance of internal motivation and capabilities for sustainable growth in rural revitalization [1][2]. Group 1: Changes in Mindset - Residents have shifted from "waiting for food" to "striving for the future," with significant improvements in their living conditions and aspirations [2][4]. - The establishment of a complete education system in areas like the Baijiawan settlement has led to improved educational outcomes, with students achieving higher academic performance [2][5]. Group 2: Economic Development - The article illustrates how individuals like Li Guozhi have expanded their agricultural practices, leading to increased income and community engagement in farming [4][5]. - The establishment of cooperatives and the introduction of new agricultural practices have transformed local economies, as seen in places like Hebei's Dajingzi Village, where potato farming has become profitable [4][5]. Group 3: Skills and Capabilities - There is a notable shift from merely having jobs to excelling in them, with local talent and skills becoming crucial for rural industry development [6][7]. - Training programs and local initiatives have empowered residents to enhance their skills, leading to better job performance and entrepreneurship [8][9]. Group 4: Industry and Innovation - The development of new industries, such as the silver ear mushroom industry in Tongjiang County, showcases how local resources can be leveraged for economic growth [9][10]. - The integration of tourism and agriculture in places like Yunnan's Baozang Village demonstrates the potential for creating diverse revenue streams and enhancing local economies [10][11]. Group 5: Overall Impact - The cumulative effect of these changes is a significant reduction in the gap between impoverished and other regions, with rural revitalization efforts gaining momentum [11].

Core Insights - The article highlights the efforts of Lai Shui County in Hebei Province to leverage media and e-commerce for rural revitalization, particularly focusing on the promotion of local agricultural products like hemp walnuts [1][2][3] Group 1: Media and E-commerce Initiatives - Lai Shui County has implemented a "media + market linkage" strategy to enhance the sales of local agricultural products, resulting in significant sales growth for hemp walnuts [1][2] - A specialized task force has been established to learn from advanced experiences in "media +" empowerment for rural revitalization, aiming to broaden perspectives and explore new cooperation models [2] - The county has organized over 50 events this year, including product exhibitions and competitions, to promote local specialties and train over 3,000 farmers and business personnel in e-commerce skills [2] Group 2: Product Market Expansion - Traditional industries in Lai Shui, such as hemp walnuts, cloisonné, copper hot pot, and redwood furniture, are expanding their market reach beyond the Beijing-Tianjin-Hebei region to southern markets like the Guangdong-Hong Kong-Macao Greater Bay Area [3] - The sales revenue of hemp walnuts has increased by over 100 million yuan compared to the same period last year, indicating strong market demand [3]