Core Viewpoint - The domestic soybean meal prices are expected to maintain a slight upward trend in December due to rising international soybean prices, supply tightening, and stable demand [1][3][4]. Supply Side - The average price of 43% protein soybean meal in November was 3060 yuan/ton, an increase of 80 yuan/ton (2.68%) from October, and a year-on-year increase of 27 yuan/ton (0.89%) [1]. - The total soybean crushing volume in November was 8.8141 million tons, a decrease of 87,900 tons from October [1]. - Soybean imports are expected to decline seasonally, with projected arrivals of 8.64 million tons in December, 6.5 million tons in January, and 4.5 million tons in February [3]. Cost Side - The U.S. soybean market is facing export pressures, with China having purchased over 3 million tons of U.S. soybeans since October 30, accounting for 30% of the annual import expectation of 12 million tons [3]. - The market remains cautiously optimistic about U.S. soybean prices, which are expected to fluctuate at high levels, impacting domestic soybean meal prices neutrally [3]. Demand Side - The inventory of breeding pigs is at a high level, and as temperatures drop in December, the growth rate of pigs is expected to accelerate, leading to increased demand for feed [3]. - It is anticipated that the sales volume of pig feed will continue to rise in December, supporting high consumption levels of soybean meal [3]. Summary - Overall, the tightening supply and stable demand in December are expected to provide upward momentum for soybean meal prices, although the high supply levels may limit the extent of price increases [4].

Group 1: Jiangxi Ganjian County - The traditional craft of Yangbu tofu skin is revitalized by young entrepreneur Chen Wei, who returned to his hometown in 2019 to preserve this heritage [2][5] - The local government initiated a "rural CEO" program in 2022 to address development challenges, leading to Chen Wei's successful recruitment [2] Group 2: Sichuan Jiuzhaigou - Jiuzhaigou, a UNESCO World Heritage site, is located in a small county with a population of only 67,000, emphasizing the importance of ecological resource protection for the tourism industry [4] - Following the 2017 earthquake, Jiuzhaigou successfully restored its ecosystem, which is crucial for the sustainability of its tourism sector [4] - The county has developed high-quality performance programs to enhance visitor experiences and promote cultural heritage [7] - Recent infrastructure improvements, including the completion of the Chengdu-Jiuzhaigou high-speed rail and highways, have significantly reduced travel time to the area [8] Group 3: Jiangsu Changshu - Changshu is transforming into an international fashion hub by leveraging technology and cultural heritage to enhance its garment industry [10] - The city has developed a complete industrial chain from textile to design, which contributes to its efficiency in the fashion sector [10]

Group 1: Jiangxi Ganjian County - Traditional Food Revival - The traditional Yangu Coriander, known for its unique flavor, is being revitalized in Jiangxi Ganjian County, a poverty alleviation area in the region [1] - Young entrepreneur Chen Wei returned to his hometown in 2019 to preserve the traditional craft, and in 2022, he was selected as a "rural CEO" to address development challenges [3] - This 500-year-old craft not only contributes to local poverty alleviation but is also gaining popularity as part of rural revitalization efforts [5] Group 2: Sichuan Jiuzhaigou - Cultural Tourism Industry - Jiuzhaigou, a world-renowned natural heritage site, is located in a small county with a population of only 67,000, emphasizing the importance of ecological resource protection for the tourism industry [7] - Following a 7.0 magnitude earthquake in 2017, Jiuzhaigou successfully restored its ecosystem, which is crucial for the tourism sector [7] - Recent infrastructure improvements, including new railways and highways, have significantly reduced travel time to Jiuzhaigou, enhancing its accessibility [7] - The county has developed high-quality performances and cultural experiences to attract tourists, encouraging them to stay longer and engage with local culture [9] Group 3: Jiangsu Changshu - Fashion Industry Development - Jiangsu Changshu is transforming into an international fashion hub by leveraging technology and cultural heritage to enhance its industrial capabilities [12] - The city has developed a complete industrial chain from textile to design, which is key to its efficiency in the fashion sector [14]

"在平台专业团队的指导下，我们的预制菜产品不仅顺利通过了欧盟严格的检测标准，还成功拓展了东 南亚、中东等'一带一路'市场。今年1月至10月，企业出口量达100万元，实现出口业务零的突破。"近 日，广东叮叮恒兴未来食品有限公司企业负责人徐连虎表示，这一成果得益于肇庆海关联合相关部门共 同打造的肇庆优选综合检测平台所提供的全方位技术咨询服务。 该平台由肇庆海关联合肇庆市农业农村局、肇庆市贸促会共同建设，是全国首个检测服务资源一体化整 合的创新实践。平台整合了四大技术机构的核心资源，汇聚专业技术人员60人，配备仪器设备488台 套，仪器原值3600多万元，构建起了以农产品及其加工产品为重点、覆盖多领域的检测服务体系。 作为粤港澳大湾区重要的农产品供应基地，肇庆拥有罗氏虾、肉桂、大米、竹等八大特色农业全产业 链。平台深度契合肇庆特色产业发展需求，提供从种质资源保护、种植养殖监测到出口检验和出口政策 咨询的全流程服务。 肇庆海关表示，下一步将持续优化平台功能，深化与相关部门的协同联动，进一步提升检测服务效能， 为"肇货出海"注入更强动力。 南方+记者 刘亮 通讯员 李超越 "我们充分发挥海关技术优势，为企业提供'一站式 ...

Report Industry Investment Ratings - Not explicitly provided in the report Core Views of the Report - The market divergence is expected to be gradually digested during the index's shock adjustment this year, and the index is expected to rise further with the emergence of a new main line. The central Huijin's support provides a buffer, and the downside risk of the index is generally controllable. The recent market adjustment offers a layout opportunity for the index's further rise next year [1] - Asset shortage and weak economy are favorable for bond futures, but the central bank's short - term interest rate risk warning suppresses the rise [1] - The Fed's interest - rate cut expectation is rising, improving the macro - sentiment, which has an impact on various commodities Summary by Industry and Variety Macro - finance - **Stock Index Futures**: The recent market adjustment provides a layout opportunity for the index's rise next year. Traders can gradually build long positions during the adjustment and use the discount structure of index futures to increase the probability of long - term investment success [1] - **Bond Futures**: Asset shortage and weak economy are favorable, but the central bank's short - term interest rate risk warning suppresses the rise [1] Non - ferrous Metals - **Copper**: The Fed's interest - rate cut expectation is rising, the market sentiment is positive, and the industrial side provides support, so the price is running strongly [1] - **Aluminum**: The recent industrial drive is limited, but the macro - sentiment is positive, leading to a price rebound [1] - **Alumina**: The domestic production and inventory are both increasing, the fundamentals are weak, and the price is oscillating around the cost line. Attention should be paid to the change in ore prices [1] - **Zinc**: The Fed's interest - rate cut expectation is rising, the macro - sentiment is improving. The reduction in processing fees in December led to a production cut of over 30,000 tons, improving the fundamentals and supporting the price. It is oscillating strongly in the short term but faces upward pressure [1] - **Nickel**: The Fed's interest - rate cut expectation is rising, and the macro - sentiment is warming. Indonesia has restricted nickel - related smelting project approvals again. The nickel price has rebounded after position reduction. In the short term, it may oscillate with the macro - situation. It is recommended to go long at low levels in the short - term range and consider a light - position long - nickel short - stainless - steel strategy. In the medium - to - long - term, primary nickel remains in an oversupply situation [1] - **Stainless Steel**: The Fed's interest - rate cut expectation is rising, and the macro - sentiment is warming. The raw material price has stopped falling. In the short term, it is oscillating. It is recommended to focus on short - term operations and consider a light - position long - nickel short - stainless - steel strategy. Pay attention to the opportunity of selling at high levels for hedging [1] - **Tin**: The Fed's interest - rate cut expectation is rising, and the macro - sentiment is improving. Due to the tense situation in Congo and the short - term supply not being restored, the price is rising. However, considering the demand pressure, be cautious when chasing high. In the medium - to - long - term, it is still bullish. Pay attention to the opportunity of going long at low levels during the callback [1] Precious Metals and New Energy - **Gold**: Affected by the silver squeeze and the high probability of a December interest - rate cut, the price may run strongly [1] - **Silver**: The squeeze sentiment is fermenting, and the price is rising strongly. It is bullish in the short term, but be vigilant against high volatility [1] - **Platinum**: Affected by the silver squeeze, the price is expected to run strongly in the short term. The domestic futures price still has a premium over the foreign market, so the volatility may be relatively large [1] - **Palladium**: Affected by the silver squeeze, the price is expected to run strongly in the short term. The domestic futures price is higher than the foreign market. It is recommended to wait and see for unilateral trading. The medium - term long - platinum short - palladium arbitrage strategy can continue to be held [1] - **Industrial Silicon**: The northwest production capacity is resuming, and the southwest start - up is weaker than in previous years. The impact of the dry season is weakening. There is an expectation of production capacity reduction in the medium - to - long - term, and the terminal installation is increasing marginally in the fourth quarter [1] - **Polysilicon**: The production schedule decreased in November, and there was a joint production cut in the organic silicon industry. Large manufacturers have a strong willingness to support prices and a low willingness to deliver goods [1] - **Lithium Carbonate**: The traditional peak season for new energy vehicles is approaching, the energy - storage demand is strong, and the supply side is resuming production and increasing production. The macro - drive is strengthening in December, providing some rebound momentum [1] Building Materials and Steel - **Rebar**: The macro - drive is strengthening in December, providing some rebound momentum. After the futures price rises, it is beneficial for the entry of basis positive - arbitrage positions. Do not chase high for unilateral trading, and appropriate participation in spot - futures positions is recommended [1] - **Hot - Rolled Coil**: Similar to rebar, the macro - drive in December provides rebound momentum, and basis positive - arbitrage positions can be rolled and participated in. Do not chase high for unilateral trading [1] - **Iron Ore**: The near - month contracts are restricted by production cuts, but the commodity sentiment is good, and the far - month contracts still have upward opportunities [1] - **Coke and Coking Coal**: From a valuation perspective, the decline is close to the end. The downstream is expected to start a new round of replenishment around mid - December. For the strategy, take a short - term view for unilateral trading and wait and see for the medium - to - long - term. Cash - out the short - hedging positions [1] - **Glass and Soda Ash**: The supply and demand provide support, and the valuation is low, but the short - term price is driven by sentiment and fluctuates strongly. Soda ash follows glass, but the upward price resistance is relatively large [1] Agricultural Products - **Palm Oil**: The impact of floods on production is limited, and the near - month inventory pressure is large. The domestic arrival in December is expected to be large, and the basis is expected to be weak [1] - **Rapeseed**: The industry is optimistic about the supplement of Australian rapeseed and imported crude rapeseed oil. Consider short - selling opportunities [1] - **Cotton**: The cotton market is currently in a situation of "support but no drive". In the future, pay attention to the central No. 1 document's tone on direct - subsidy prices and cotton - planting areas in the first quarter of next year, the intention of cotton - planting areas next year, the weather during the planting period, and the demand during the peak season [1] - **Sugar**: The global sugar supply has changed from shortage to surplus, and the raw sugar price is under pressure. The domestic new - crop supply pressure has increased compared with the same period last year, and the Zhengzhou sugar price is expected to be under pressure and follow the raw sugar [1] - **Grain and Oil Crops**: The short - term replenishment demand of downstream low - inventory cannot be met in time due to logistics and weather factors, resulting in a phased supply - demand mismatch. The spot price is firm, and the futures price is expected to oscillate at a high level. It is recommended to be cautiously bullish [1] - **Soybean Meal**: The Chinese procurement demand supports the US market. The domestic market is expected to oscillate within a range in the short term. Pay attention to the South American weather. If there is weather speculation, it will be beneficial for unilateral trading and the spot basis [1] - **Paper Pulp**: There have been cancellations of old warehouse receipts and registrations of new warehouse receipts recently. The recovery of the demand side remains to be verified, and it is oscillating in the short term [1] - **Logs**: The fundamentals of logs have weakened, but it has been priced in the market. The profit - loss ratio of short - selling after a sharp decline in the market is low. It is recommended to wait and see [1] - **Live Pigs**: The recent spot price has gradually stabilized. Supported by demand and with the出栏体重 not yet cleared, the production capacity still needs to be further released [1] Energy and Chemicals - **Crude Oil**: OPEC+ has suspended production increases until the end of 2026, the Russia - Ukraine peace agreement is being promoted, and the US has increased a new round of sanctions against Russia [1] - **Fuel Oil**: In the short term, the supply - demand contradiction is not prominent, and it follows crude oil. The demand for catch - up work during the 14th Five - Year Plan is likely to be falsified, and the supply of Ma Rui crude oil is sufficient. The profit of asphalt is relatively high [1] - **Natural Rubber**: The raw material cost provides strong support, the basis between futures and spot is at a low level, and the middle - stream inventory may tend to accumulate [1] - **BR Rubber**: The support of butadiene price is limited. Refinery overhauls may bring a bullish expectation to the market. The supply price of mainstream butadiene rubber has been significantly reduced, but rubber factories still have profits and strong processing willingness. The high - inventory and loose fundamentals still suppress the upward price movement, but the current synthetic valuation is low. Pay attention to the subsequent rebound range [1] - **PTA**: OPEC's production increase is slowing down, the US's action expectation on Venezuela is wavering. The domestic PTA manufacturers' export prospects have improved, boosting the PX procurement sentiment [1] - **Ethylene Glycol**: The inventory is increasing, and the price is falling. The coal price is falling, and the domestic cost support for ethylene glycol continues to weaken. The domestic device commissioning expectation strongly suppresses the rise of ethylene glycol [1] - **Short - Fiber**: The price of PTA has rebounded, and the short - fiber basis has also strengthened. The short - fiber price continues to fluctuate closely following the cost [1] - **Styrene**: The Asian benzene price is still weak, the operating rates of STDP devices and reforming devices have decreased. The US gasoline demand has weakened, the price of blending oil has decreased, and the cost support for styrene has weakened [1] - **Urea**: The export sentiment has eased, and the limited domestic demand restricts the upward space. There is support from the anti - internal - roll and the cost side [1] - **Propylene**: The number of overhauls has decreased, the operating load is at a high level, and the supply pressure is relatively large. The downstream improvement is less than expected, and the high - level propylene monomer provides strong cost support [1] - **PVC**: The market is returning to fundamentals. There will be fewer subsequent overhauls, new production capacity will be released, the supply will increase, the demand will weaken, and the orders are not good [1] - **Caustic Soda**: Some alumina plants in Guangxi have started to deliver goods, and some alumina plants have delayed production. The delivery rhythm has slowed down. There will be fewer subsequent overhauls. There is a pressure of inventory accumulation in Shandong caustic soda, and the price of liquid chlorine is high. The absolute price is low, and the near - month warehouse receipts are limited, so there is a risk of a squeeze [1] - **LPG**: Geopolitical and tariff tensions have eased, and the international oil and gas market has returned to the logic of loose fundamentals. CP/FEI has recently rebounded. The ethylene device of Maoming Petrochemical in South China is planned to be overhauled, and there is an expectation of an increase in civilian supply from now to January. The combustion demand is gradually being released, and the domestic C3/C4 production and sales are smooth, with no inventory pressure. The PG price is oscillating within a range after a supplementary decline. Pay attention to the rise of the near - month price affected by natural gas and the decline of the far - month spread [1] Shipping - **Container Shipping (European Line)**: The price increase in December was less than expected, the peak - season price - increase expectation was priced in advance, and the shipping capacity supply in December was relatively loose [1]

供应预期：原料大豆供应呈现季节性回落。原料方面，根据卓创资讯对大豆到港预估以及国内压榨企业 开停机情况调研显示12月-次年2月大豆到港预计分别为864万吨、650万吨、450万吨，大豆到港预期逐 步收紧。12-1月局部地区部分工厂均有停机计划，预计届时国内供应或呈现下滑趋势，生产企业原料大 豆及豆粕库存将呈现较为明显的去库趋势，对现货价格带来一定利好支撑。 国际市场：美豆面临出口压力，关注中国采购力度。根据美国农业部数据显示，自10月30日以来，中国 已累计采购超过300万吨美国大豆，约占本年度1200万吨进口预期的30%。美豆市场对需求前景保持谨 慎乐观态度，支撑美豆期价高位震荡运行，对国内豆粕价格影响偏中性。未来市场继续关注中国采购美 国大豆的进展。 需求预期：需求端保持偏高水平。下游养殖生猪养殖存栏处于高位水平，进入12月，随着气温下降，生 猪增重速度或加快，同时陆续进入大猪需求最旺季，共同支撑饲料需求，预计12月猪料销量或继续增 加，支撑豆粕消费量保持高位水平运行。 综上所述，进入12月，供应端有所收紧，需求端相对平稳，市场宽松格局有所收敛预计对豆粕价格带来 一定上行动力，但供应端仍处于偏高水平导致豆 ...

Group 1: Key Events and Developments - French President Macron will visit China from December 3 to 5 at the invitation of President Xi Jinping [1] - The new China-Russia bilateral investment agreement will officially take effect on December 1, consisting of 20 articles covering investment protection, promotion, facilitation, and dispute resolution [1] - Silver prices have surged to a historical high, with spot silver reaching $58 per ounce for the first time, peaking at $58.84 [1] Group 2: Commodity Insights - **Crude Oil**: SC night trading rose by 0.04%. There are mixed sentiments regarding the potential restart of peace talks in Ukraine. The International Energy Agency reported that the daily supply of crude oil from nine OPEC countries in October was 23.77 million barrels, a decrease of 180,000 barrels from September [2][14] - **Copper**: Night trading for copper saw an increase. Supply remains tight, and smelting profits are at breakeven, but smelting output continues to grow. The National Bureau of Statistics indicates positive growth in power grid investment, while real estate remains weak [2][19] - **Zinc**: Night trading for zinc also increased. Zinc concentrate processing fees have declined, and while supply is tight, smelting output continues to rise. Overall, the supply-demand situation for zinc is balanced, with potential fluctuations expected [20] Group 3: Market Trends and Analysis - The U.S. stock indices fell, with the previous trading day seeing a rebound led by the non-ferrous metals sector. The market turnover was 1.89 trillion yuan, and financing balances increased by 1.484 billion yuan to 24,565 billion yuan [3][11] - The 10-year government bond yield has decreased to 1.825%, with the central bank conducting a net withdrawal of 231.1 billion yuan through reverse repos [12][13] - The market is expected to see a balanced style as the year-end approaches, with cautious funding and potential incremental policies to support the economy [3][11]

中心效果图。受访者供图 深儋科创 近日，粤琼两地相继召开重要会议，共同就深化区域合作作出战略部署。广东省委常委会召开会议，指 出要强化粤港澳大湾区与海南自由贸易港联动发展，深化产业合作，进一步推动广东与海南相向而行。 紧接着，中共海南省委八届八次全会于11月29日至30日举行，会议强调要深化广东海南相向发展，加强 同粤港澳大湾区联动，打造跨区域创新链产业链价值链。 在这一政策导向下，作为琼粤合作的"前沿阵地"，儋州工业园正以深儋合作为突破口，积极打造成为落 实"推动广东海南相向发展"战略的实践标杆。 五年蝶变 儋州工业园内，百米高度的深儋科创中心在阳光下熠熠生辉。这座形似扬帆巨轮的建筑正在进行最后的 装饰装修施工，预计年底前可投入使用，项目设计融合了儋州盐田文化底蕴与深圳创新精神，象征着两 地合作的深度与高度。在园区另一边，东华儋州智能制造产业园里，首台搭载华为鲲鹏处理器的"东华 鹏霄"国产化电脑已下线，年生产能力可达8万台。 从"荒地"到"科创门户"的跨越 五年前的儋州工业园还是另一番景象。2020年以前，园区企业绝大多数处于停产状态，产业以饲料加工 为主，基础设施薄弱、产业发展动能不足。"当时从白马井高铁 ...

Core Viewpoint - The major shareholder Wang Yuecheng of Jingliang Holdings plans to reduce his stake in the company by selling up to 5 million shares, which represents 0.69% of the total share capital, due to personal financial needs [1] Group 1 - Wang Yuecheng currently holds 39.4599 million shares, accounting for 5.43% of the total share capital [1] - The share reduction will occur within three months after a 15 trading day period from the announcement date [1] - The shares to be sold are sourced from cash payments and non-publicly issued shares acquired during asset purchases and related transactions [1]

玉米淀粉日报 2025 年 12 月 1 日 玉米淀粉日报 研究所 农产品研发报告 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2025/12/1 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 期货盘面 | | | | | | | | | | 期货 | | 收盘价 | 涨跌 | 涨跌幅 | 成交量 | 增减幅 | 持仓量 | 增减幅 | | C2601 | | 2236 | -8 | -0.36% | 604,878 | 9.89% | 950,183 | -0.98% | | C2605 | | 2273 | -3 | -0.13% | 92,557 | 6.00% | 365,288 | -2.00% | | C2509 | | 2288 | -1 | -0.04% | 6,189 | -35.94% | 22,346 | -2.75% | | CS2601 | | 2542 | -24 | -0.94% | 127,224 | 13.92% | 230,178 | -3.34% | | CS2605 ...