1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Corn futures rebounded after hitting the bottom this week, with the closing price of the main 2509 contract at 2314 yuan/ton, up 8 yuan/ton from the previous week. The international corn price is under continuous pressure due to the good initial growth rate of US corn. In the domestic market, the auction volume of imported corn is decreasing, and the actual transaction is not ideal, with prices showing a slight downward trend. The decline has slowed down recently [7]. - Dalian corn starch futures rebounded after hitting the bottom, with the closing price of the main 2509 contract at 2658 yuan/ton, up 2 yuan/ton from the previous week. Affected by continuous losses in production, the industry's operating rate is at a low level, reducing supply pressure. However, demand is weak, and inventory has increased. The decline has also slowed down recently [11]. 3. Summary by Directory 3.1 Weekly Highlights Summary - **Corn** - Strategy: Trade short - term [6][10] - Market review: The main 2509 contract of corn futures closed at 2314 yuan/ton, up 8 yuan/ton from the previous week [7] - Outlook: High initial growth rate of US corn puts pressure on international prices. In China, auction volume is decreasing, and downstream demand is weak, with prices slightly weakening [7] - **Corn Starch** - Strategy: Participate short - term [10] - Market review: The main 2509 contract of Dalian corn starch futures closed at 2658 yuan/ton, up 2 yuan/ton from the previous week [11] - Outlook: Low operating rate due to losses reduces supply pressure, but demand is weak, and inventory has increased [11] 3.2 Futures and Spot Market - **Futures Price and Position Changes** - Corn futures' September contract rebounded after hitting the bottom, with a total position of 1067675 lots, an increase of 36775 lots from the previous week [17] - Corn starch futures' September contract rebounded after hitting the bottom, with a total position of 261814 lots, an increase of 13950 lots from the previous week [17] - **Net Position Changes of the Top Twenty** - The net short position of corn futures' top twenty increased, with this week's net position at - 32519, compared to - 30902 last week [23] - The net short position of corn starch futures' top twenty increased, with this week's net position at - 13718, compared to - 9506 last week [23] - **Futures Warehouse Receipts** - The registered warehouse receipts of yellow corn are 178283 lots [29] - The registered warehouse receipts of corn starch are 12334 lots [29] - **Spot Price and Basis** - As of July 17, 2025, the average spot price of corn is 2409.12 yuan/ton, and the basis between the active September contract and the spot average price is + 95 yuan/ton [34] - The spot price of corn starch in Jilin is 2850 yuan/ton, and in Shandong is 2900 yuan/ton, with a slight decline this week. The basis between the September contract and the Jilin Changchun spot is 192 yuan/ton [38] - **Futures Inter - monthly Spread** - The 9 - 1 spread of corn futures is 70 yuan/ton, at a medium level in the same period [45] - The 9 - 1 spread of corn starch futures is 41 yuan/ton, at a medium level in the same period [45] - **Futures Spread between Starch and Corn** - The spread between the September contracts of starch and corn is 344 yuan/ton. In the 29th week of 2025, the spread between Shandong corn and corn starch is 390 yuan/ton, narrowing 20 yuan/ton compared to last week [54] - **Substitute Spread** - As of July 17, 2025, the average spot price of wheat is 2441.33 yuan/ton, and that of corn is 2409.12 yuan/ton, with a wheat - corn spread of 32.21 yuan/ton [59] - In the 29th week of 2025, the average spread between tapioca starch and corn starch is 179 yuan/ton, widening 40 yuan/ton compared to last week [59] 3.3 Industrial Chain Situation - **Corn** - **Supply Side** - As of July 11, 2025, the domestic trade corn inventory in Guangdong Port is 83.8 tons, a decrease of 4.80 tons from last week; the foreign trade inventory is 1.1 tons, a decrease of 0.20 tons from last week. The corn inventory in the four northern ports is 230.6 tons, a decrease of 29.0 tons week - on - week, and the shipping volume is 60.2 tons, an increase of 18.40 tons week - on - week [49] - In May 2025, China's ordinary corn imports were 19.00 tons, a decrease of 86.00 tons (81.90%) compared to the same period last year, and an increase of 1.00 tons compared to the previous month [67] - As of July 17, the average inventory of national feed enterprises is 31.34 days, a decrease of 0.24 days from last week, a month - on - month decrease of 0.76%, and a year - on - year increase of 1.19% [71] - **Demand Side** - As of the end of the first quarter of 2025, the national pig inventory is 41731 million, a year - on - year increase of 2.2%. As of the end of May, the breeding sow inventory is 4042 million, a month - on - month increase of 4 million, and a year - on - year increase of 1.15% [75] - As of July 11, 2025, the self - breeding and self - raising pig farming profit is 133.87 yuan/head, and the profit from purchasing piglets is 31.6 yuan/head [78] - As of July 17, 2025, the corn starch processing profit in Jilin is - 72 yuan/ton. The corn alcohol processing profit in Henan is - 373 yuan/ton, in Jilin is - 480 yuan/ton, and in Heilongjiang is - 111 yuan/ton [83] - **Corn Starch** - **Supply Side** - As of July 16, 2025, the total corn inventory of 96 major corn processing enterprises in 12 regions is 427 tons, a decrease of 3.74% [87] - From July 10 - 16, 2025, the national corn processing volume is 53.78 tons, an increase of 0.11 tons from last week; the national corn starch output is 26.02 tons, an increase of 0.08 tons from last week; the operating rate is 50.29%, an increase of 0.15% from last week [91] - As of July 16, the total starch inventory of national corn starch enterprises is 134.6 tons, an increase of 0.90 tons from last week, a week - on - week increase of 0.67%, a month - on - month increase of 2.83%, and a year - on - year increase of 26.27% [91] 3.4 Option Market Analysis - As of July 18, the implied volatility of the options corresponding to the main 2509 contract of corn is 9.54%, an increase of 1.87% from last week's 7.67%. The implied volatility has rebounded this week and is at a slightly higher level compared to the 20 - day, 40 - day, and 60 - day historical volatility [94]

Company Overview - The company, Shanghai Kaichuang International Marine Resources Co., Ltd., specializes in deep-sea fishing, seafood processing, sales, and related trade, with main products including tuna, canned foods, and fish fillets [1] - As of March 31, 2025, the number of shareholders increased to 18,479, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Financial Performance - For Q1 2025, the company reported a revenue of 583 million yuan, representing a year-on-year increase of 5.04% [1] - The net profit for the same period was 12.92 million yuan, showing a significant year-on-year growth of 70.33% [1] - The sales gross margin stood at 32.46% [1] Market Position - The company's current rolling price-to-earnings (PE) ratio is 39.88, which is below the industry average of 42.58 and the industry median of 42.37, ranking 55th in the industry [1][2] - The total market capitalization of the company is 2.653 billion yuan [1]

证券代码：603477 证券简称：巨星农牧 公告编号：2025-064 债券代码：113648 债券简称：巨星转债 乐山巨星农牧股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 担保对象及基本情况 巨星农牧有限公司、德昌巨星农牧科 技有限公司、平塘巨星农牧有限公 司、泸县巨星农牧科技有限公司、古 蔺巨星农牧有限公司、剑阁巨星农牧 有限公司、乐山市巨星科技有限公 司、屏山巨星农牧有限公司、乐山巨 星生物科技有限公司、眉山市彭山永 祥饲料有限责任公司、广元巨星农业 被担保人名称 有限公司、叙永巨星农牧有限公司、 乐山巨星农业发展有限公司、邛崃巨 星农牧有限公司、重庆巨星农牧有限 担保对象 公司、安徽巨星农牧有限公司、南充 （一） 巨星农牧科技有限公司、川东巨星 （达州）畜牧有限公司、绵阳巨星农 业有限公司、雅安巨星农牧有限公 司、山东巨星农牧有限公司 本次担保金额 40,355.11 万元 实际为其提供的担保余额 204,370.74 万元 是否在前期预计额度内 ?是 □否 □不适用：_______ ...

长春市粮食和物资储备局局长卢天恒表示，面对粮食收购市场低迷，粮农售粮意愿不高等多重压力，长 春共派出13个检查组，维护收购市场秩序以及售粮农民的合法权益；开展整治拖欠粮款问题专项行动， 全市共组建13个排查组，排查423户粮食收储企业，避免出现新的拖欠粮款问题。 中新网长春7月18日电 (记者马海燕石洪宇)记者近日在长春采访获悉，截至2024年收购期结束，长春全 市累计入库新粮1116.5万吨，同比增加19.6万吨，粮食收购量创近10年新高。 记者随"活力中国调研行"吉林省主题采访一行近日走进长春看农业，了解到去年长春全市县域地区生产 总值实现1840亿元；当地农民人均可支配收入达到21774元，比5年前增长30%以上；2024年长春粮食产 量创历史新高，达259.9亿斤，粮食单产提高到每亩1090.2斤；长春6个产粮县(市、区)全部进入国家粮 食生产百强县。 长春还统筹开展粮食品牌建设和产销对接，推进玉米水稻产业集群建设。借力成都糖酒会、长杭对口合 作等平台，大力推介长春粮食品牌，搭建合作桥梁，累计达成购销合作约3万吨。 吉林长春国家农业高新技术产业示范区内的种植基地。中新网记者石洪宇摄 长春市农业农村局副 ...

金十数据7月18日讯，港股今日宽幅波动，震荡上升。恒指今早高开258点报24757点，此后维持窄幅波 动，在24700附近争持，随后抛盘出现大市升幅收窄。午后资金回场，大市越涨越有，再度刷新四个月 来高位。截至收盘，恒指收涨1.33%；科指收涨1.65%，恒指大市成交额2386.9亿元。盘面上，盘面上， 农产品、餐饮、SaaS概念股走强，有色金属、稳定币概念股延续强势；电子零件、苹果概念股跌幅居 前，半导体股回吐。个股方面，万洲国际(00288.HK)、金蝶国际(00268.HK)均涨超7%，中国人寿 (02628.HK)、京东健康(06618.HK)、蔚来汽车(09866.HK)涨超4%，阿里巴巴(09988.HK)涨超3%。 港股收评：恒指收涨1.33% 大市再度刷新四个月来高位 ...

利尔化学股份有限公司 证券代码：002258 证券简称：利尔化学 作用，积极推进制剂业务的发展；持续增加有效的研发投入， 建好上海研发中心，做好和成都研发中心的协同，加强对外合 作；全面推进落实《安全生产治本攻坚三年行动方案》，确保 安全生产。 3、公司对未来草铵膦的价格趋势有什么样的看法？ 答：随着草铵膦价格逐步走低，市场需求量继续增长，公 司依然看好草铵膦和精草铵膦的未来发展，但目前行业竞争依 旧激烈，公司将持续提升现有优势，稳步扩大市场份额。 4、公司精草铵膦项目建设进展？ 答：湖南津市 2 万吨/年酶法精草铵膦项目已经投产，生 产情况正常。 5、精草铵膦的市场前景如何？ 答：公司非常看好精草铵膦的市场空间，未来随着越来越 多企业产品登记的取得、市场推广开展、生产技术的改进，市 场需求的规模将持续增长。公司作为目前国内最大规模的精草 铵膦原药生产企业，将持续加快推进实施精草铵膦在海外多个 国家的登记和市场布局工作，积极做好市场铺垫。 6、公司的氯虫苯甲酰胺建设进展如何？ 答：公司非常看好氯虫的市场前景，前期在国内外做了大 量的市场布局，并花了大量精力在优化生产工艺，目前生产装 置正在有序建设之中。 7、 ...

Group 1: Industry Challenges - Jining's high-end manufacturing enterprises face development bottlenecks due to a weak local industrial chain, relying heavily on external collaboration for core components, leading to high costs and long cycles [3][4] - The local government acknowledges that if the local industrial chain's support reaches over 60%, companies could save over 2 million yuan annually [3] - The Jining Industrial and Information Technology Bureau plans to address gaps in the industrial chain to enhance local manufacturing capabilities [3] Group 2: Agricultural Sector Issues - Jining, a major producer of毛木耳 (hairy wood ear mushrooms), lacks deep processing enterprises, resulting in low added value and limited farmer income [4] - The local agricultural bureau recognizes the need for better planning and support for deep processing but admits that current efforts have not yielded significant results [4][5] Group 3: Transportation and Compliance - The Jining Transportation Bureau is addressing ongoing issues with illegal driving schools that do not comply with national standards, including the use of unlicensed instructors [4] - The bureau plans to enhance offline inspections, online monitoring, and the identification of illegal activities to ensure compliance [4] Group 4: Public Services and Community Feedback - Concerns have been raised about the early closing times of children's parks, which has led to public dissatisfaction [7] - The Jining City Investment Holding Group is working on a plan to extend the opening hours of children's parks during summer to better meet community needs [7]

央视网消息：绿色农业链最大的特点是"粮头食尾、农头工尾"，简单来说，就是串起了食物从田间地头到餐桌上的全过程。这条繁忙的链 条上有哪些环节在协同发力？《"链"上很忙》，一起了解。 绿色农业链包含农业研发、生产、加工、储运、销售、品牌、体验、消费、服务等众多环节，绿色是这条链的鲜明底色。播种环节更多使 用有机肥，生长环节采用滴灌喷灌等节水技术……绿色的种植方式让我们得到了更多绿色优质的农产品。 泰国果园到中国市场 全球供应链触手可及 在科技的推动下，绿色理念在农业领域一步步落到实处。接下来，我们把目光转向本届链博会的主宾国泰国。泰国是中国最大的榴莲供应 国，随着供应链的不断完善发展，泰国榴莲正在更快更便捷地从泰国果园进入中国市场。 近年来，随着中国、欧盟等泰国榴莲的主要进口方对"绿色榴莲"的需求上升，比如要求碳足迹标签、可追溯包装等，这让泰国榴莲产业链 的低碳化进程进一步加速，从种植、加工到物流环节均与绿色低碳关联。例如，种植环节减少化学投入，推广有机种植和生态农业；再比如榴 莲加工环节，泰国部分加工企业已试点"果壳—生物质能"项目，将废弃的榴莲果壳转化为燃料，减少对柴油的依赖。最后物流环节，泰国企业 通过"铁 ...

"去年11月差点违约，设备供应商天天催款。"张总回忆时仍心有余悸。 6月9日，济南一家农业科技公司的账户上，158万元贷款到账。这是这家扎根11年的农企，半年内第4次通过山东省政府采购合 同融资与履约保函服务平台拿到贷款。"从182万到158万，每次都赶在项目最缺钱的时候到账。" 公司责人王总电话里满是感 慨。 三次中标背后的资金焦虑 作为农林病虫害防治领域的"老兵"，这家企业近三年积极参与政府采购，中标21个项目，但2024年却遭遇成长烦恼： 政采贷 "四次输血"，精准解困 转机出现在2024年11月中旬： ✅ 首次破冰：凭260多万林业有害生物防治项目合同，获贷182万→ 完成农药、设备采购及人工等费用支付；✅ 二次加码：中 标3个总金额 330多万的项目，凭合同拿到249万贷款→支付人工以及设备、农药购置等费用 ；✅ 三次补血：100万贷款到位， 兑现农药供应商货款；✅ 四次扩容：158万支持新中标项目启动。 "最惊喜的是，一次比一次到账快，申贷流程也越来越便捷。" 张总感慨道。 从 "活下来" 到 "长得好" 如今，这家企业有了明显变化： "以前接项目要算账上还剩几个钱，现在只要看中标通知书。"王总笑 ...

| 申万行业 | 行业 | 成交额 | 比上日 | | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | | 涨跌 | （亿元） | （%） | 领涨（跌）股 | （%） | | | （%） | | | | | | 有色金属 | 1.66 | 806.93 | 82.56 | 海星股份 | 10.03 | | 钢铁 | 0.98 | 114.66 | 35.33 | 包钢股份 | 5.97 | | 煤炭 | 0.84 | 68.80 | 83.14 | 云煤能源 | 10.05 | | 基础化工 | 0.74 | 686.98 | 35.40 | 富淼科技 | 20.02 | | 国防军工 | 0.74 | 561.31 | 6.91 | 天秦装备 | 11.01 | | 交通运输 | 0.63 | 161.00 | -0.13 | 远大控股 | 10.03 | | 银行 | 0.63 | 224.10 | 25.79 | 厦门银行 | 3.27 | | 食品饮料 | 0.46 | 264.10 | 31.25 | 泸州老窖 | 3.11 | | 石油石化 | 0.3 ...