Group 1 - The Bosnian Federal Government has launched a loan guarantee support program to alleviate financing pressures on businesses [1] - The program offers credit guarantees of up to 50% of the loan principal, aimed at reducing credit risk for financial institutions [1] - The guarantee program is inclusive, covering various business entities such as artisans, individual entrepreneurs, micro, small, medium, and large enterprises, with a special focus on agriculture, food industry, and export businesses [1]

Group 1 - The trade war initiated by the U.S. against China, starting with tariffs on $34 billion worth of Chinese goods, has not achieved its intended goal of weakening China's economy, which has shown resilience through domestic demand and diversified trade partnerships [2][4] - The U.S. has continued to impose tariffs and restrictions, particularly under the Biden administration, which has focused on technology controls, especially in the semiconductor sector [4][6] - China's self-reliance in semiconductor production has increased, and despite the trade tensions, the U.S. trade deficit has not decreased, indicating that the tariffs have led to higher costs for American businesses without significant manufacturing repatriation [6][10] Group 2 - The Russia-Ukraine conflict has led to significant economic sanctions from the U.S. and Europe against Russia, but these measures have not resulted in the anticipated economic collapse of Russia, partly due to China's increased energy imports from Russia, which exceeded $240 billion in 2023 [8][10] - The sanctions have caused energy shortages in Europe, leading to increased costs for consumers and slowing economic growth in countries like Germany and France [8][12] - China's diplomatic efforts have expanded its influence, as it has maintained a neutral stance while supporting Russia through trade, which has complicated the geopolitical landscape and reduced the effectiveness of Western sanctions [10][12] Group 3 - The ongoing geopolitical tensions have led to a complex interplay where all parties—China, the U.S., and Russia—have underestimated each other's capabilities and overestimated their own leverage, resulting in a challenging situation for the U.S. and Europe [16] - China's approach has focused on self-development and global cooperation, contrasting with the more confrontational strategies of the U.S. and its allies, which has allowed China to strengthen its position in the global economy [16]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The supply-demand mismatch leads to a situation where prices are strong but volumes are weak, with seasonal support and tight supply of large pigs supporting the price center for pigs. The average price of live pigs in China as of January 16, 2026, is 12.77 CNY/kg, with a week-on-week increase of 0.19 CNY/kg and a year-on-year decrease of 3.01% [3][13] - The upcoming Spring Festival is expected to boost demand for pet products, with sales likely to improve marginally in January due to the delayed timing of the New Year shopping festival [4][25] Summary by Sections Weekly Observation - The seasonal support combined with tight supply of large pigs is expected to stabilize pig prices. The average price of white strips has recovered to 16.65 CNY/kg, and the price difference for white strips has increased to approximately 3.96 CNY/kg, indicating improved seasonal consumption support [3][13][14] Market Performance (January 12-16) - The agricultural sector underperformed the market by 2.82 percentage points, with the agricultural index declining by 3.27% while the Shanghai Composite Index fell by 0.45%. The animal health sector led the gains [6][26] Key News (January 12-16) - U.S. corn futures experienced the largest decline since 2024 due to an unexpected increase in U.S. production forecasts by the USDA. Additionally, the introduction of grandparent white feather chickens has been completely halted due to avian influenza, with no timeline for resumption [5][32] Price Tracking (January 12-16) - The average price of live pigs was 12.78 CNY/kg, up 1.19% from the previous week. The average price of piglets was 21.99 CNY/kg, up 7.85% week-on-week. The average price of white strips was 17.00 CNY/kg, also up 0.15% [7][34] Major Meat Import Volumes - In November 2025, pork imports totaled 60,000 tons, a year-on-year decrease of 34.3%. Chicken imports were 6,400 tons, down 83.7% year-on-year [53][55] Feed Production - In November 2025, the total industrial feed production in China was 28.73 million tons, reflecting a month-on-month decrease of 1.2% [56]

Core Viewpoint - Kenya has reached a preliminary trade agreement with China, allowing 98.2% of its export products to enter the Chinese market duty-free, despite U.S. pressure against such agreements [1] Group 1: Trade Agreement Details - The agreement is a result of discussions initiated by Kenya's Ministry of Investment, Trade and Industry, marking a significant milestone in Kenya's trade relations with China [1] - The deal stems from China's announcement in June of last year to implement zero tariffs for 53 African countries with which it has diplomatic relations [1] - The agreement is expected to enhance Kenya's market access to the world's second-largest economy, potentially boosting exports, attracting investments, and creating job opportunities [1] Group 2: Economic Impact - The agricultural sector in Kenya is anticipated to benefit the most from this agreement, as agriculture remains a key pillar of the Kenyan economy and a major source of employment [1] - Products such as tea, coffee, and horticultural goods are expected to see increased demand in the Chinese market as a result of the trade agreement [1] Group 3: U.S. Pressure and Diplomatic Context - Reports indicate that the U.S. has pressured Kenya to refrain from signing trade agreements with China, coinciding with Kenya's efforts to renew the African Growth and Opportunity Act [1] - Kenya's Deputy Foreign Minister has publicly denied any delays in the Kenya-China agreement negotiations, asserting that the pursuit of both the trade agreement with China and the renewal of the U.S. act are not contradictory [1]

Group 1 - Canadian Prime Minister Carney's visit to China is under significant pressure from both domestic and international fronts, impacting his plans [1] - Canada has been heavily reliant on the U.S. for trade, but this dependency has led to economic challenges, particularly due to increased tariffs on key industries like steel and lumber [3] - The Canadian economy is suffering from U.S. tariffs, with canola prices plummeting and pork producers in Manitoba losing up to 19 million CAD annually [5] Group 2 - Carney's strategy to alleviate trade pressures includes diversifying trade relationships, particularly with China, as reliance on the U.S. has proven detrimental [6] - Trump's comments threaten the importance of the USMCA agreement, which allows 80% of Canadian goods to enter the U.S. tariff-free, highlighting the precarious nature of Canada's trade relationship with the U.S. [7] - The U.S. pressure on Canada may inadvertently push Canada to strengthen ties with China, as the percentage of Canadian exports to the U.S. has decreased from 78% to 72% [9] Group 3 - Carney's visit to China reflects a broader trend among countries previously aligned with the U.S. seeking independent development paths, as seen with Argentina's recent policy shifts [11][12] - The U.S. has imposed strict conditions on Canada regarding the USMCA, further alienating Canada and prompting a search for new partnerships [14] - For Carney's visit to yield substantial results, he must demonstrate sincerity and address domestic opposition by reconsidering tariffs on Chinese electric vehicles and proposing concrete cooperation plans in agriculture and energy [16][17] Group 4 - Trump's threats have not deterred Carney but have instead clarified the U.S.'s hegemonic nature, accelerating the awakening of allies to seek their own paths [19]

Group 1 - The seventh meeting of the board of directors of Zhongnongfa Seed Industry Group Co., Ltd. was held on January 16, 2026, via communication methods, with all six directors present and voting, complying with relevant regulations [2] - The board approved the proposal to open a special account for raised funds and authorized the signing of a fund supervision agreement, with a unanimous vote of 6 in favor [2] - The company has received approval from the China Securities Regulatory Commission for the issuance of stocks to specific objects, ensuring compliance with laws and regulations regarding the management and use of raised funds [2]

Core Viewpoint - Central enterprises are transitioning from temporary support to a systematic and sustainable assistance model for rural revitalization during the "14th Five-Year Plan" period, focusing on education and industrial empowerment [1][3][5]. Education Assistance - China General Nuclear Power Group (CGN) has invested 100 million yuan to build the Bailu School, transforming it into a modern educational facility with advanced teaching spaces and resources [1][2]. - The school now has 30 elementary classes and 7 middle school classes, along with specialized "Bailu Classes" supported by CGN for curriculum development and student incentives [2]. - CGN has organized 23 research activities to broaden students' horizons, fostering aspirations among students, such as a sixth-grade student who aims to become a teacher after participating in a summer camp [2][3]. Industrial Empowerment - COFCO Group is innovating its cooperation model with farmers, engaging in large-scale planting over 3 million acres through order agriculture and cooperative planting to enhance agricultural productivity and farmers' income [4]. - The company aims to create a modern agricultural service model that integrates various agricultural sectors, providing comprehensive solutions from production to sales [4][5]. - Digital technology is being leveraged to enhance agricultural practices, as seen in the smart cultivation of Lingzhi mushrooms in Jilin Province, which has significantly improved yield rates [6]. Transition to Normalized Support - The State-owned Assets Supervision and Administration Commission (SASAC) emphasizes the need for central enterprises to shift from transitional support to a normalized assistance phase, focusing on sustainable development and effective integration with rural revitalization plans [5][6]. - The goal of normalized support is to achieve comprehensive rural revitalization, moving beyond mere poverty alleviation to fostering thriving industries, ecological sustainability, and improved living standards [6].

Group 1 - During the "14th Five-Year Plan" period, the economic total of Qingyuan surpassed 200 billion yuan [1] - Qingyuan is positioned as a charming garden in the Greater Bay Area, indicating its strategic importance [1] - The agricultural, cultural, and tourism consumption market in Qingyuan is breaking through nationally [1]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Report's Core View The report presents a detailed table of Maike Futures' basis statistics on January 16, 2026, covering various futures products across different sectors such as non - ferrous metals, precious metals, industrial products, agricultural products, and financial futures, including their basis rates, changes compared to the previous day, and basis values for different contract months [3]. 3. Summary by Related Catalogs Non - Ferrous Metals - Copper (CU): The main contract basis rate is - 0.51%, a decrease of 0.26% from the previous day. The spot price is 102,575, and the price of the main contract is 102,730 [3]. - Aluminum (AL): The main contract basis rate is - 1.12%, a decrease of 0.82% from the previous day. The spot price is 24,190, and the price of the main contract is 24,380 [3]. - Zinc (ZN): The main contract basis rate is 1.54%, an increase of 1.62% from the previous day. The spot price is 25,410, and the price of the main contract is 24,935 [3]. - Lead (PB): The main contract basis rate is - 1.31%, a decrease of 0.22% from the previous day. The spot price is 17,325, and the price of the main contract is 17,475 [3]. - Tin (SN): The main contract basis rate is - 1.62%, a decrease of 3.04% from the previous day. The spot price is 426,000, and the price of the main contract is 433,000 [3]. - Nickel (NI): The main contract basis rate is 1.92%, a decrease of 1.95% from the previous day. The spot price is 150,050, and the price of the main contract is 147,230 [3]. - Industrial Silicon: The main contract basis rate is 6.32%, a decrease of 0.12% from the previous day. The spot price is 9,250, and the price of the main contract is 8,630 [3]. - Lithium Carbonate (LC): The main contract basis rate is 2732%, an increase of 2.08% from the previous day. The spot price is 116,750, and the price of the main contract is 159,960 [3]. Precious Metals - Gold (AU): The main contract basis rate is - 0.12%, an increase of 0.17% from the previous day. The spot price is 1033.92, and the price of the main contract is 1035.20 [3]. - Silver (AG): The main contract basis rate is 0.08%, an increase of 0.08% from the previous day. The spot price is 22,684, and the price of the main contract is 22,713 [3]. Industrial Products - Rebar (RB): The main contract basis rate is 3.48%, a decrease of 0.57% from the previous day. The spot price is 3,270, and the price of the main contract is 3,160 [3]. - Hot - Rolled Coil (HC): The main contract basis rate is - 0.51%, an increase of 1.18% from the previous day. The spot price is 3,290, and the price of the main contract is 3,307 [3]. - Iron Ore: The main contract basis rate is 7.49%, an increase of 1.05% from the previous day. The spot price is 873.9, and the price of the main contract is 813.0 [3]. - Coke and Coking Coal (JIM): The main contract basis rates are - 7.45% and - 7.16% respectively, with changes of - 0.35% and 0.70% from the previous day [3]. - Steam Coal (ZC): The main contract basis rate is - 11.90%, with no change from the previous day. The spot price is 706.0, and the price of the main contract is 801.4 [3]. - Ferrosilicon (SF): The main contract basis rate is - 5.35%, an increase of 1.33% from the previous day. The spot price is 5,310, and the price of the main contract is 5,600 (estimated from basis formula) [3]. - Silicomanganese (SM): The main contract basis rate is - 1.70%, an increase of 0.83% from the previous day. The spot price is 5,770, and the price of the main contract is 5,898 [3]. - Stainless Steel: The main contract basis rate is - 0.10%, a decrease of 0.28% from the previous day. The spot price is 14,400, and the price of the main contract is 14,440 [3]. - Glass (FG): The main contract basis rate is - 6.08%, an increase of 0.86% from the previous day. The spot price is 1,020, and the price of the main contract is 1,086 [3]. Agricultural Products - Soybean (A): The main contract basis rate is - 7.69%, a decrease of 0.21% from the previous day. The spot price is 4,000, and the price of the main contract is 4,333 [3]. - Soybean Meal (M): The main contract basis rate is 12.77%, an increase of 0.45% from the previous day. The spot price is 3,090, and the price of the main contract is 2,740 [3]. - Rapeseed Meal (RM): The main contract basis rate is 8.19%, a decrease of 0.59% from the previous day. The spot price is 2,470, and the price of the main contract is 2,283 [3]. - Vegetable Oils and Oilseeds: For soybean oil (V Ol), the main contract basis rate is 7.08%, an increase of 0.20% from the previous day; for rapeseed oil, the main contract basis rate is 8.74%, a decrease of 0.21% from the previous day [3]. - Peanut (PK): The main contract basis rate is 16.13%, an increase of 0.12% from the previous day. The spot price is 9,100, and the price of the main contract is 7,800 [3]. - Palm Oil (b): The main contract basis rate is 0.84%, a decrease of 0.33% from the previous day. The spot price is 8,650, and the price of the main contract is 8,578 [3]. - Corn (C): The main contract basis rate is 1.53%, a decrease of 1.25% from the previous day. The spot price is 2,330, and the price of the main contract is 2,283 [3]. - Corn Starch (CS): The main contract basis rate is 0.19%, a decrease of 0.87% from the previous day. The spot price is 2,570, and the price of the main contract is 2,597 [3]. - Apple (AP): The main contract basis rate is - 12.82%, an increase of 1.11% from the previous day. The spot price is 8,220, and the price of the main contract is 9,807 [3]. - Egg (JD): The main contract basis rate is 14.16%, a decrease of 2.24% from the previous day. The spot price is 3,500, and the price of the main contract is 3,584 [3]. - Live Pig (LH): The main contract basis rate is 9.21%, an increase of 0.96% from the previous day. The spot price is 13,050, and the price of the main contract is 12,210 [3]. - Cotton (CF): The main contract basis rate is 8.84%, an increase of 1.01% from the previous day. The spot price is 15,972, and the price of the main contract is 14,675 [3]. - Sugar (SR): The main contract basis rate is 2.08%, an increase of 0.37% from the previous day. The spot price is 5,390, and the price of the main contract is 5,280 [3]. Chemicals - Methanol (MA): The main contract basis rate is - 0.35%, with no change from the previous day. The spot price is 2,265, and the price of the main contract is 2,273 [3]. - Ethanol (EG): The main contract basis rate is - 3.72%, an increase of 0.08% from the previous day. The spot price is 3,675, and the price of the main contract is 3,817 [3]. - PTA (TA): The main contract basis rate is - 0.95%, a decrease of 0.05% from the previous day. The spot price is 5,000, and the price of the main contract is 5,048 [3]. - Polypropylene (PP): The main contract basis rate is 3.91%, a decrease of 0.03% from the previous day. The spot price is 6,920, and the price of the main contract is 6,595 [3]. - Styrene (EB): The main contract basis rate is 1.86%, an increase of 0.19% from the previous day. The spot price is 7,235, and the price of the main contract is 7,181 [3]. - Short - Fiber (PF): The main contract basis rate is 2.28%, an increase of 1.20% from the previous day. The spot price is 6,540, and the price of the main contract is 6,460 [3]. - Plastic: The main contract basis rate is 4.94%, an increase of 1.86% from the previous day. The spot price is 7,120, and the price of the main contract is 6,785 [3]. - PVC (V): The main contract basis rate is - 3.66%, an increase of 0.20% from the previous day. The spot price is 4,690, and the price of the main contract is 4,868 [3]. - Rubber (RU): The main contract basis rate is - 2.16%, a decrease of 0.24% from the previous day. The spot price is 15,650, and the price of the main contract is 15,995 [3]. - 20 -号 Rubber (NR): The main contract basis rate is 4.16%, an increase of 0.48% from the previous day. The spot price is 13,385, and the price of the main contract is 12,940 [3]. - Soda Ash (SA): The main contract basis rate is - 4.19%, an increase of 0.72% from the previous day. The spot price is 1,143, and the price of the main contract is 1,193 [3]. - Urea (UR): The main contract basis rate is - 2.28%, an increase of 1.25% from the previous day. The spot price is 1,760, and the price of the main contract is 1,801 [3]. - Pulp (SP): The main contract basis rate is 2.37%, an increase of 1.08% from the previous day. The spot price is 5,565, and the price of the main contract is 5,436 [3]. Energy Chemicals - Crude Oil (SC): The main contract basis rate is - 4.87%, an increase of 0.10% from the previous day. The spot price is 423.2, and the price of the main contract is 448.4 [3]. - Fuel Oil (FU): The main contract basis rate is 3.79%, a decrease of 0.03% from the previous day. The spot price is 2,684, and the price of the main contract is 2,566 [3]. - Asphalt (BU): The main contract basis rate is - 2.12%, an increase of 0.03% from the previous day. The spot price is 3,100, and the price of the main contract is 3,174 [3]. - Low - Sulfur Fuel Oil (LU): The main contract basis rate is 0.60%, an increase of 1.90% from the previous day. The spot price is 3,106, and the price of the main contract is 3,074 [3]. - LPG (PG): The main contract basis rate is 19.25%, a decrease of 0.23% from the previous day. The spot price is 5,048, and the price of the main contract is 4,355 [3]. Financial Futures - CSI 300 (IF): The main contract basis rate is 0.10%, an increase of 0.06% from the previous day. The spot price is 4,751.4, and the price of the main contract is 4,752.0 [3]. - SSE 50 (IH): The main contract basis rate is - 0.08%, a decrease of 0.02% from the previous day. The spot price is 3,105.6, and the price of the main contract is 3,104.6 [3]. - CSI 500 (IC): The main contract basis rate is 0.20%, a decrease of 0.16% from the previous day. The spot price is 8,223.3, and the price of the main contract is 8,217.4 [3].

Group 1 - The meeting emphasized the importance of aligning with the goals of building a socialist international cultural metropolis and contributing to the construction of a cultural power in Shanghai [1] - The city will enhance the study and dissemination of the Party's innovative theories and promote deep integration of culture, tourism, commerce, and industry to empower high-quality economic and social development [1] - The meeting highlighted the need for continuous efforts to implement the central eight regulations and reduce formalism to allow party members more time and energy to focus on development and improving people's livelihoods [2] Group 2 - The meeting underscored the necessity of ensuring food security as a top priority, promoting urban agriculture, and advancing high-standard farmland construction [3] - It was noted that the city will deepen the implementation of the unified front work responsibility system to better integrate various stakeholders into the overall economic and social development [3] - The meeting also discussed the importance of optimizing institutional resources and deepening reforms in key areas to better serve the economic and social development of the city [3]