证券日报网讯祖名股份9月2日在互动平台回答投资者提问时表示，公司采购的均为国内非转基因大豆。 （文章来源：证券日报） ...

Company Overview - TianKang Biological announced the resignation of Deputy General Manager Zheng Dongsheng due to personal work adjustments, effective immediately upon submission to the board [1] - After his resignation, Zheng Dongsheng will no longer hold any positions within the company or its subsidiaries [1] Financial Performance - For the first half of 2025, TianKang Biological's revenue composition is as follows: pig farming accounted for 32.2%, feed accounted for 27.51%, agricultural product processing accounted for 16.37%, corn storage accounted for 14.75%, and veterinary medicine accounted for 5.44% [1] - As of the report date, TianKang Biological has a market capitalization of 9.2 billion yuan [1]

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - The supply of peanuts is still low, and downstream demand remains weak. Short - term peanut prices are relatively stable, and peanut 11 will continue to fluctuate narrowly. The planting area is expected to increase, and the planting cost will decrease. Some peanuts have started to be listed [9]. - The spot price of peanut oil is stable, and the peanut meal has been stable recently. The theoretical profit of oil mill crushing is acceptable [9]. Group 3: Summary by Directory 3.1 First Part: Data 3.1.1 Futures Disk - PK604 closed at 7870, down 18 (-0.23%), with a trading volume of 28 (down 33.33%) and an open interest of 404 (down 0.49%) [2]. - PK510 closed at 7970, down 52 (-0.65%), with a trading volume of 10,219 (down 2.29%) and an open interest of 40,126 (down 7.65%) [2]. - PK601 closed at 7848, down 24 (-0.31%), with a trading volume of 9,209 (up 41.26%) and an open interest of 32,988 (up 3.44%) [2]. 3.1.2 Spot and Basis - Spot prices: Henan Nanyang was 8800, Shandong Jining and Linyi were 8400, Rizhao peanut meal was 3350, Rizhao soybean meal was 3000, peanut oil was 14780, and Rizhao first - grade soybean oil was 8440. The prices of peanuts and soybean oil were stable, while peanut oil dropped by 70 [2]. - Basis: The basis of Henan Nanyang was 830, Shandong Jining and Linyi were 430, and the difference between peanut oil and soybean oil was 6340 [2]. - Import prices: Sudanese peanuts were 8500, and the price was stable [2]. 3.1.3 Spread - PK01 - PK04 spread was - 22, down 6; PK04 - PK10 spread was - 100, up 34; PK10 - PK01 spread was 122, down 28 [6]. 3.2 Second Part: Market Analysis - Peanut prices in Henan and Northeast China were stable. In the Northeast, Jilin Fuyu 308 general peanuts were 3.9 yuan/jin, Liaoning Changtu were 4.0 yuan/jin. In Henan, Baisha general peanuts were 4.35 - 4.45 yuan/jin, and Shandong Junan were 4.05 yuan/jin. Imported Sudanese refined peanuts were 8500 yuan/ton. Short - term peanut spot prices are expected to be relatively stable [4]. - Most peanut oil mills stopped purchasing today. Before the suspension, the mainstream transaction price was between 7300 - 7800 yuan/ton, and the theoretical break - even price of oil mills was 8050 yuan/ton. The prices of soybean oil and peanut oil were stable. The domestic first - grade ordinary peanut oil was quoted at 14800 yuan/ton, and the small - pressed fragrant peanut oil was 16500 yuan/ton [4]. - The spot price of Rizhao soybean meal dropped to 3000 yuan/ton, down 10 yuan/ton from yesterday. The unit protein spread between peanut meal and soybean meal was relatively high, and peanut meal was weak in the short term, with a 48 - protein quote of 3260 yuan/ton [8]. 3.3 Third Part: Trading Strategies - Unilateral: Peanut 11 is oscillating at a low level. Currently, it is advisable to wait and see. One can try to buy the bottom of peanut 05 [10]. - Monthly spread: Wait and see [11]. - Options: Sell and hold pk511 - C - 8200 [12]. 3.4 Fourth Part: Related Attachments - The report provides six figures, including the spot price of Shandong peanuts, the crushing profit of peanut oil mills, the price of peanut oil, the basis between peanut spot and continuous contracts, the spread between peanut 10 - 1 contracts, and the spread between peanut 1 - 4 contracts [14][20][23].

Market Overview - The agricultural processing sector experienced a decline of 0.88% on September 2, with the Shanghai Composite Index closing at 3858.13, down 0.45%, and the Shenzhen Component Index at 12553.84, down 2.14% [1] Individual Stock Performance - The leading decliner in the agricultural processing sector was Yicheng Magic Hand (一致魔手), which fell by 4.54% to a closing price of 43.90, with a trading volume of 61,200 shares and a transaction value of 277 million yuan [1] - Other notable declines included: - Morning Light Biological (晨光生物) down 4.40% to 13.24, with a transaction value of 238 million yuan - Huazi Industry (华资实业) down 3.63% to 7.69, with a transaction value of 165 million yuan - Daodaoquan (道道全) down 2.44% to 11.18, with a transaction value of 104 million yuan [1] Capital Flow Analysis - The agricultural processing sector saw a net outflow of 83.56 million yuan from institutional investors and 13.15 million yuan from retail investors, while individual investors contributed a net inflow of 96.71 million yuan [1] - Specific stock capital flows included: - COFCO Sugar Industry (中粮糖业) with a net inflow of 175 million yuan from institutional investors, but a net outflow of 22.44 million yuan from retail investors [2] - Double Tower Food (双塔食品) had a net inflow of 1.54 million yuan from institutional investors and a net inflow of 3.16 million yuan from retail investors [2] - ST Langyuan (ST朗源) experienced a net outflow of 774,900 yuan from institutional investors but a net inflow of 310,300 yuan from retail investors [2]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - As the Fed's rate - cut expectations rise, attention should be paid to precious metals [1] - The Fed is expected to restart the easing cycle, and Powell's dovish stance paves the way for a September rate cut, making the overseas inflation rise path smoother [2] - For commodities, industrial products should be bought on dips [4] 3. Summary by Related Catalogs Market Analysis - In August, there were initial signs of rising overseas inflation. China's July economic data showed mixed performance: the official manufacturing PMI fell to 49.3, exports increased by 7.2% year - on - year in dollar terms, money supply exceeded expectations, but financing and loan data were weak, and investment data faced pressure. In August, the official manufacturing PMI rose slightly to 49.4, and the non - manufacturing sector accelerated expansion. A - shares showed a volatile and differentiated trend on September 1. In the US, the August PMI continued to improve, and the "big beautiful" bill may support subsequent consumption. The US appellate court ruled that most of Trump's global tariffs were illegal [1] - The Fed is expected to restart the easing cycle. Powell's speech at the global central bank annual meeting on August 22 turned dovish, which cleared the way for a September rate cut. In the eurozone, the August manufacturing PMI reached a 38 - month high, and factory production growth was strong [2] Commodity Analysis - The black and new energy metal sectors in China are most sensitive to the supply - side. Precious metals and agricultural products can be considered due to overseas inflation expectations. The black sector is still dragged down by downstream demand expectations, and the "anti - involution" in the non - ferrous, energy, and chemical sectors is worthy of attention. Agricultural products are driven by tariffs and inflation expectations in the short term but need fundamental signals and attention to Sino - US negotiations. On September 1, the precious metals market performed well, with silver reaching its highest level since 2011 and gold rising for the fifth consecutive day [3] Strategy - For commodities and stock index futures, industrial products should be bought on dips [4] Important News - On the afternoon of September 1, the "Shanghai Cooperation Organization +" meeting was held in Tianjin. The overall stock market showed that the Shanghai Composite Index fluctuated sideways, and the ChiNext Index rose more than 2% in the afternoon. Black - series futures fell, and the eurozone's August manufacturing PMI was 50.7. Spot gold reached $3480 per ounce [6]

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Industry Investment Rating No information provided in the report. Core Views - The international gold price is approaching its previous high, and the domestic stock and bond markets have both risen. The market is optimistic about a September interest rate cut by the Fed, and precious metals are favored as a safe - haven and investment option. Copper prices are expected to remain strongly volatile, aluminum prices are oscillating, and other metals and commodities also show different trends based on their fundamentals and macro - factors [2][3][4]. - The prices of agricultural products such as soybean meal, palm oil, etc. are also affected by factors like production forecasts, inventory changes, and macro - economic expectations, and are expected to show oscillating trends in the short term [24][26]. Summary by Relevant Catalogs 1. Metal Main Varieties Yesterday's Trading Data - Metals like copper, aluminum, zinc, lead, nickel, tin, etc. have different closing prices, price changes, trading volumes, and open interest in domestic and international futures markets. For example, SHFE copper closed at 79780 yuan/ton, up 370 yuan, with a trading volume of 150801 lots [28]. 2. Industry Data Perspective - For copper, on September 1st, SHFE copper closed at 79780 yuan/ton, up 370 yuan from August 29th. LME copper closed at 9875 dollars/ton, down 31 dollars. Other metals also have detailed data on price changes, inventory, and basis [29][30][31]. 3. Main Variety Views Macro - Overseas: European domestic demand has recovered, with the August manufacturing PMI above the boom - bust line for the first time in three years. The unemployment rate in July dropped to a historical low of 6.2%. The US dollar index has fallen, and gold prices are approaching their previous high. Domestically: China's August S&P manufacturing PMI rose to 50.5, new orders increased, and the stock market rose with a decrease in trading volume. The bond market also strengthened [2][3]. Precious Metals - International precious metal futures prices continued to rise on Monday. COMEX gold futures rose 0.84% to 3545.8 dollars/ounce, and COMEX silver futures rose 2.46% to 41.725 dollars/ounce, reaching a nearly 14 - year high. The market is optimistic about a Fed interest rate cut in September, and silver's rise is mainly due to the catch - up logic [4][5]. Copper - On Monday, SHFE copper had a narrow - range oscillation, and LME copper faced resistance after breaking through 9900. The market is affected by macro - factors such as the Fed's preventive interest rate cut expectation and China's economic data. Fundamentally, the supply of copper mines is tight, and short - term copper prices are expected to remain strongly volatile [6][7]. Aluminum - On Monday, SHFE aluminum closed at 20690 yuan/ton, up 0.1%. The macro - environment provides some support for metals, but the supply and demand of aluminum are relatively stable, and the market is waiting for more guidance with aluminum prices oscillating [8]. Alumina - On Monday, the main alumina futures contract closed at 3007 yuan/ton, down 0.07%. The supply of alumina in the north is excessive, and the inventory in warehouses is increasing, but the planned maintenance in the south provides some support, so alumina is expected to be under pressure and oscillate [10]. Zinc - On Monday, SHFE zinc had a narrow - range oscillation. Affected by the parade, the consumption of zinc is suppressed, but LME de - stocking and refinery maintenance provide support. Short - term zinc prices will maintain a narrow - range oscillation [11]. Lead - On Monday, SHFE lead had a narrow - range oscillation. The supply and demand of lead are both weak, and the social inventory is high, but refinery maintenance in September restricts the decline. Short - term lead prices are difficult to break out of the oscillating pattern [12]. Tin - On Monday, SHFE tin had a narrow - range oscillation. After the market digested the positive news of Yunnan Tin's maintenance, the supply of tin mines is still tight, but the willingness of funds to increase positions is insufficient, and short - term tin prices return to oscillating consolidation [13][14]. Industrial Silicon - On Monday, the main industrial silicon contract rebounded from a low level. The supply is passively shrinking, and the demand side shows different trends. The domestic anti - involution sentiment is repeated, and short - term futures prices are expected to oscillate within a range [15][16]. Carbonate Lithium - On Monday, carbonate lithium oscillated weakly. The supply of lithium salt is high, and the short - term price may decline, but the risk of resource - side disturbances still exists, and the market needs to be vigilant against sentiment fluctuations [17]. Nickel - On Monday, nickel prices oscillated strongly. The macro - expectation boosts nickel prices, but the fundamental support is limited, and the upside space is expected to be limited [18][19]. Crude Oil - On Monday, crude oil prices were weak, and then oscillated at a high level at night. The market is affected by geopolitical factors such as the Russia - Ukraine situation and OPEC + production policies. Short - term oil prices are expected to oscillate, and the risk of Russian oil sanctions needs to be watched [20]. Steel and Iron Ore - Steel prices are affected by production cuts during the parade, and supply has shrunk. Iron ore arrivals and shipments have increased, and demand has weakened before the parade, but the expected resumption of blast furnaces on September 4th provides support. Steel prices are expected to be weakly volatile, and iron ore prices are expected to oscillate [21][22][23]. Soybean and Rapeseed Meal - On Monday, soybean meal and rapeseed meal futures rose slightly. The US soybean market was closed for the holiday. Brazilian soybean production is expected to increase. Domestic soybean and soybean meal inventories are increasing, and short - term prices are expected to oscillate within a range [24][25]. Palm Oil - On Monday, palm oil futures rose slightly. The production of Malaysian palm oil is declining month - on - month, and exports are increasing. The Indonesian reference price has increased. The market driving force is limited, and short - term palm oil prices are expected to oscillate [26][27].

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The overall market shows a complex situation with different trends in various sectors. In the macro - financial area, the policy is favorable to the capital market, but short - term fluctuations may occur. In the commodity market, different industries have different supply - demand relationships and price trends, affected by factors such as macro - economy, industry policies, and seasonal factors [3][25]. Summary by Related Catalogs Macro - Financial Index Futures - News includes China's initiatives in AI cooperation, new energy vehicle delivery data, and EU's stance on tariffs. The trading logic is that the policy supports the capital market, and the general direction is to buy on dips, although short - term fluctuations may intensify [2][3]. - The basis ratios of IF, IC, IM, and IH in different contracts are provided [3]. Treasury Bonds - On Monday, TL, T, TF, and TS main contracts all rose. News includes the SCO summit and Hong Kong's development in green finance. The strategy is that under the background of weak domestic demand recovery and loose funds, interest rates may decline, but the bond market may fluctuate in the short term [4][6]. Precious Metals - The prices of Shanghai gold and silver, COMEX gold and silver have different trends. With the expected Fed rate cuts, precious metal prices are expected to rise, especially silver, and the gold - silver ratio may decline. It is recommended to buy silver on dips [7]. Non - ferrous Metals Copper - After reaching a high, copper prices fell back. The LME copper inventory decreased, and the domestic social inventory increased. With the high probability of Fed rate cuts and tight raw material supply, copper prices are expected to be volatile and strong in the short term [9]. Aluminum - Aluminum prices fluctuated. The domestic inventory increased, and the demand showed marginal improvement. With the Fed's dovish signal, if the inventory turns around, aluminum prices may rise more strongly [11]. Zinc - Zinc prices showed a low - level shock pattern. Zinc concentrate is in the seasonal inventory accumulation stage, and the downstream demand is weak. Although the Fed rate cut expectation is high, the industry is in an oversupply situation [12]. Lead - Lead prices are expected to be strong. The lead concentrate inventory is decreasing, and the supply is narrowing. Although the downstream demand is weak, the Fed rate cut expectation is high [13][14]. Nickel - In the short term, the macro - environment is positive, and the nickel price is expected to be supported. The nickel ore price is stable, and the prices of nickel - iron and intermediate products are expected to be strong. It is recommended to buy on dips [15][16]. Tin - Tin prices are expected to be volatile. The supply is decreasing significantly due to slow复产 and planned maintenance, while the demand is in the off - season [17]. Carbonate Lithium - Carbonate lithium prices are in a weak adjustment. With the approaching peak season of the lithium - battery industry, attention should be paid to overseas supply. The risk of a sharp decline in prices is small [18][19]. Alumina - After a sharp decline, the downward space of alumina futures prices is limited. The supply - demand pattern is oversupplied, and it is recommended to wait and see [20]. Stainless Steel - Stainless steel prices rose. With the approaching traditional consumption peak season, the demand is expected to increase, and the price is expected to be supported [21]. Casting Aluminum Alloy - Casting aluminum alloy prices may be high. The downstream is transitioning from the off - season to the peak season, the cost is supportive, and the market activity is increasing [22]. Black Building Materials Steel - The prices of rebar and hot - rolled coil showed different trends. The overall demand for steel is weak, the inventory is accumulating, and the steel price is under pressure. Attention should be paid to the terminal demand and cost support [24][25]. Iron Ore - Iron ore prices are expected to be volatile and weak. The overseas shipment is increasing, the demand is affected by blast furnace maintenance, and the inventory situation is complex [26][27]. Glass and Soda Ash - Glass prices are expected to be weakly volatile in the short term and follow the macro - sentiment in the long term. Soda ash prices are expected to be volatile in the short term and the price center may rise in the long term, but the upward space is limited [28][29]. Manganese Silicon and Ferrosilicon - The prices of manganese silicon and ferrosilicon are weak. It is recommended to wait and see for speculative positions. The black sector may be under pressure in the future [30][32]. Industrial Silicon and Polysilicon - Industrial silicon prices are expected to be weakly volatile. The supply pressure is greater than the demand support. Polysilicon prices are in a "weak reality, strong expectation" pattern and are highly volatile [34][36]. Energy and Chemicals Rubber - Rubber prices are expected to be strong in the short term. The mid - term view is bullish. The opening rates of tire enterprises show different trends, and the inventory situation is complex [38][39]. Crude Oil - Although the geopolitical premium has disappeared and the macro - environment is bearish, the oil price is undervalued. It is recommended to maintain a long - position view but not to chase the high price [40]. Methanol - Methanol supply pressure is increasing, and the market is weak. It is recommended to wait and see [41]. Urea - Urea is in a situation of low valuation and weak drive. It is recommended to buy on dips [42]. Styrene - The BZN spread has room for upward repair. After the inventory de - stocking inflection point, the styrene price may rebound [43]. PVC - PVC has a situation of strong supply, weak demand, and high valuation. It is recommended to short on rallies [45]. Ethylene Glycol - The supply of ethylene glycol is still excessive, and the mid - term inventory may accumulate. The valuation may decline [46]. PTA - The supply of PTA is in a de - stocking pattern, and the demand is improving. It is recommended to follow PX and buy on dips [47][48]. p - Xylene - The PX load is high, and the downstream PTA has many unexpected maintenance. It is recommended to follow crude oil and buy on dips in the peak season [49]. Polyethylene (PE) - PE prices may oscillate upward. The cost is supportive, the inventory is decreasing, and the demand may increase in the peak season [50]. Polypropylene (PP) - PP has a situation of weak supply and demand and high inventory pressure. It is recommended to buy on dips for the LL - PP2601 contract [51]. Agricultural Products Live Pigs - Pig prices may rise today. The supply in September may be weak, but there are potential supports. It is recommended to wait and see and pay attention to the low - level rebound [53]. Eggs - Egg prices are mostly stable. The supply pressure is dominant. It is recommended to short on rallies for the near - month contract and use the far - month reverse spread strategy [54]. Soybean and Rapeseed Meal - The cost of soybean imports is weak and stable. Domestic soybean meal may enter the de - stocking stage in September. It is recommended to buy on dips in the low - cost range [55][56]. Oils and Fats - Oils and fats prices are expected to be oscillated and strong. The fundamentals support the price center, and the palm oil may rise in the fourth quarter [57][58]. Sugar - Sugar prices are in a downward view. The domestic supply may increase, and the price depends on the external market [59][61]. Cotton - Cotton prices are expected to be volatile at a high level. The downstream consumption may improve in the peak season, and the current inventory is low [62].

Group 1 - The event "Famous, Special, Excellent Products Entering Hong Kong" was held in Ankang, aimed at connecting high-quality local products from Shaanxi with the procurement needs of Hong Kong [1] - Ankang showcased its unique products, including selenium-rich tea, konjac products, organic tofu, and local fruit wines, attracting many merchants for tasting and discussions [1] - Local companies like Ankang Longwang Spring Selenium-rich Mineral Water Co. and Pingli Gaoying Tea Co. presented their specialty agricultural products, laying the groundwork for future connections with the Hong Kong market [1] Group 2 - The delegation from the Hong Kong Pharmaceutical Chamber of Commerce visited Ankang to explore traditional Chinese medicine and health care projects, aiming to build a bridge for Shaanxi enterprises to access the Hong Kong market and connect with the global market [2] - The collaboration between Shaanxi and Hong Kong is expected to deepen in industrial cooperation and economic exchanges, promoting mutual benefits [2]

Core Viewpoint - The European Union has initiated an anti-dumping investigation against Chinese pea protein, which may impact the sales of Yantai Shuangta Food Co., Ltd. in the EU market. Group 1: Overview of the Anti-Dumping Investigation - The investigation targets high-protein pea protein with a protein content exceeding 65% on a dry weight basis, covering all types derived from peas, in all physical forms [1]. - The investigation period for dumping and injury is set from July 1, 2024, to June 30, 2025 [2]. - The trend review period for damage assessment is from January 1, 2022, until the end of the investigation period [3]. Group 2: Potential Impact on the Company - In 2024, the sales revenue from pea protein with over 65% protein content exported to the EU is expected to account for approximately 3.92% of the company's total revenue. For the first half of 2025, this figure is projected to rise to 6.48% [4]. - The company currently cannot estimate the specific impact of the anti-dumping investigation due to the uncertainty surrounding the outcome, including potential tax subjects, forms, rates, and start dates [4]. Group 3: Company's Response Strategy - The company has established a special task force and hired a professional legal team to actively respond to the investigation [5]. - The company plans to expand into emerging international markets, strengthen domestic market development, and accelerate the construction of overseas factories [5]. - The company will closely monitor the progress of this matter and fulfill its information disclosure obligations in a timely manner [5].