深秋时节，寒意渐浓，扬州生态科技新城七河八岛，这两天却格外热闹。11月1日，300余名国际皮 划艇马拉松赛选手在太平河上劈波斩浪；不远处的金湾村月光米农学馆内，来自全国各地的农学专家正 围绕水稻新品种"月光米"的上市，展开一场关于城市近郊农业未来的头脑风暴。 2022年底记者首次探访泰安镇华丰村，记录下这里从"荒滩地"到"国家森林乡村"的生态蝶变；2023 年再访，见证"民宿+"业态让村民们"不出家门端上新饭碗"。如今，三度踏上这片热土，俨然发现这里 的"现代化拼图"已从零散的"亮点"，升级为联动的"版图"。 "以前种杂交稻，一亩地赚不了多少钱，现在种'月光米'，不仅有土地租金，在田里干活每天还能 赚150元。"村民老周告诉记者，"关键是跟着一起搞文旅，咱农民也成了'参与者'。" 党的二十届四中全会强调"统筹发展和安全"，落实到乡村就是既要守好生态底线，也要让农民在发 展中得实惠。如今的金湾村，早已不只有"月光米"这一张牌：50亩的"岛上务农"共享菜园刚开业，220 块标准化菜园就被抢订一空。扬州市民吕文熙带着女儿认领了地块，"周末来种菜，既能亲近自然，还 能让孩子知道粮食来之不易。"半岛北部，省花卉协会参与 ...

（文章来源：经济日报） 全面建设社会主义现代化国家，最艰巨繁重的任务在农村，最广泛最深厚的基础也在农村。"十四五"期 间，越来越多的90后、00后"归雁"回到乡村，成为"慧"种地的新农人。他们为农村注入科技力量的同 时，也带来新观念新思路。 农村稳则天下安，农业强则国家强。农业农村的现代化，将释放出巨大的创造动能和消费潜能，推动全 社会加快高质量发展。新农人们也在希望的田野上，实现自己的人生价值。青春有梦，未来可期！ 农业农村现代化关系中国式现代化全局和成色。在五年规划的字里行间，我们可以看到发展的脉 络。"十四五"时期经济社会发展主要目标提出"农业基础更加稳固"，"十五五"规划建议则明确"农业现 代化取得重大进展"。经过5年努力，农业基础进一步夯实，未来可以在现代化方面迈出更大步伐了。纸 面上的规划需要一代代人接续实施，李金阳正是其中代表性的一员。 ...

Group 1 - The overall price trend in October is expected to remain stable, with a potential recovery in CPI growth due to the National Day and Mid-Autumn Festival boosting tourism and consumption prices [1] - CPI is projected to turn positive at 0.1% year-on-year, while PPI is expected to show a slight decline, with a year-on-year drop of 2.5% [2] - Food prices are experiencing structural increases, particularly in vegetables and fruits, while pork and egg prices are declining due to reduced demand post-holidays [1][2] Group 2 - The service sector's business activity index has risen to 50.2%, indicating a slight recovery, influenced by holiday spending and upcoming promotional events [2] - The CRB index has decreased by 1.2% month-on-month, primarily due to a significant drop in Brent crude oil prices, while metal prices have increased by 3.9% [3] - Domestic industrial product prices are declining, with the South China Industrial Products Index down by 2.0% month-on-month, reflecting limited demand support [3]

Group 1: Macro Timing Strategy - The macro timing strategy has an annualized return of 7.67% as of October 31, 2025, with a Sharpe ratio of 1.45 and a Calmar ratio of 1.67, indicating a maximum drawdown of -4.60% [2][4][5] - The latest portfolio allocation includes 7.01% in CSI 300 ETF, 7.99% in CSI 500 ETF, 55.94% in government bond ETF, 11.63% in soybean meal ETF, 5.02% in non-ferrous ETF, 7.40% in gold ETF, and 5.00% in currency ETF, with no allocation to S&P 500 ETF and corporate bond ETF [7][8] Group 2: Momentum Strategy - The momentum strategy has an annualized return of 18.25% since January 2020, with a Sharpe ratio of 0.88 and a Calmar ratio of 0.64, experiencing a maximum drawdown of -28.72% [9][10] - The latest portfolio allocation includes 27.01% in Huatai-PB CSI Telecom Theme ETF, 24.92% in Fuguo CSI Tourism Theme ETF, 21.52% in Xinhua CSI Cloud Computing 50 ETF, 16.38% in Huatai-PB CSI Smart Car ETF, and 8.17% in Huaxia CSI Artificial Intelligence ETF [13][14] Group 3: Sector Rotation Strategy - The sector rotation strategy has an annualized return of 10.00% since 2020, with an excess return of 7.27% relative to CSI 300, and a maximum drawdown of -42.98% [15] - The latest portfolio includes home appliance ETF, green power ETF, steel ETF, new energy vehicle ETF, financial ETF, and agricultural ETF, while excluding non-ferrous metals ETF and transportation ETF [18][19] Group 4: Copula-Based Second-Order Stochastic Dominance Strategy - The Copula-based second-order stochastic dominance strategy has an annualized return of 14.41% since January 2020, with a Sharpe ratio of 0.68 and a maximum drawdown of -42.62% [20][24] - The latest portfolio allocation includes 5.00% in Huaxia CSI Petrochemical Industry ETF, 85.00% in Fuguo CSI 800 Bank ETF, 5.00% in Fuguo CSI All-Index Securities Company ETF, and 5.00% in Bosera CSI Oil and Gas Resources ETF [23][25] Group 5: Quantile Random Forest Technology ETF Allocation Strategy - The quantile random forest technology ETF allocation strategy has an annualized return of 13.54% since 2020, with a Sharpe ratio of 0.76 and a maximum drawdown of -29.89% [26] - The latest portfolio allocation consists of 95.63% in technology ETFs, including 4.78% in Jiahua National Communication ETF, 4.78% in Tianhong CSI Photovoltaic Industry ETF, 4.78% in Huabao CSI Military Industry ETF, 76.51% in Ping An CSI Consumer Electronics Theme ETF, and 4.78% in Fuguo CSI Technology 50 Strategy ETF [29][30]

Group 1 - The 2025 China-Africa Joint Business Council meeting focused on "sharing green development opportunities and promoting industrial prosperity" as a response to the modernization partnership actions between China and Africa [1] - The cooperation between China and Africa in the green energy sector has made significant progress, with over 1.5 GW of solar power capacity installed, meeting the electricity needs of millions of households in Africa [1] - The International Energy Agency (IEA) predicts that Africa's new energy installed capacity will exceed 80 GW from 2025 to 2030, with solar power contributing more than half of this growth [1] Group 2 - Chinese companies are leveraging technological advantages and market insights to explore new possibilities in green industry cooperation with Africa, with plans to convert solar technology and production capacity into effective collaboration [2] - JA Solar Technology Co., Ltd. has become the largest supplier of solar modules in Africa, having established the largest single solar power project in Egypt and the first centralized solar power station in Gambia [2] Group 3 - Other sectors such as equipment manufacturing and agriculture are also key areas for promoting industrial chain collaboration between China and Africa [3] - The demand for micro trucks in Africa is increasing due to urbanization, prompting companies to plan assembly factories in Africa to enhance localization rates and expand battery recycling and charging infrastructure [3] - The total trade volume between Jinhua and Africa is expected to reach 133.42 billion yuan in 2024, with over 5,000 companies engaged in import and export activities with Africa [3] Group 4 - Jinhua will continue to build platforms for industrial cooperation with Africa, focusing on localized production, technology exchange, and standard co-construction [4] - African representatives will visit Jinhua's green industry enterprises to deepen connections and promote effective collaboration in the green industry [4]

Core Viewpoint - The meeting between the Chinese Minister of Agriculture and Rural Affairs, Han Jun, and the Swedish Minister for Rural Affairs, Peter Kullgren, emphasizes the commitment to enhance practical cooperation in agriculture and rural development between China and Sweden [1] Group 1: Agricultural Trade and Investment - Both parties acknowledged the positive outcomes achieved in agricultural trade, investment, and technology cooperation [1] - China expresses willingness to leverage bilateral agricultural cooperation mechanisms to expand mutually beneficial agricultural economic exchanges [1] Group 2: Areas of Cooperation - The discussion highlighted potential collaboration in several key areas, including dairy processing, antibiotic usage and resistance research, green agriculture, and rural development [1] - Sweden shows a strong interest in enhancing cooperation with China in agricultural product trade, green low-carbon agriculture, and rural development [1] Group 3: Multilateral Frameworks - There is an intention to strengthen policy communication and position coordination within multilateral frameworks such as the Food and Agriculture Organization of the United Nations [1]

Core Viewpoint - The report emphasizes the acceleration of new growth momentum in China's economy through enhanced fiscal policies, support for innovation, and investment in key industries, while ensuring the stability of employment and market expectations [1][3]. Group 1: Fiscal Policy and Economic Growth - The fiscal policy is increasingly proactive, focusing on stabilizing employment, businesses, and market expectations, while promoting economic recovery [3][4]. - A total of 300 billion yuan in special bonds is allocated to support the replacement of consumer goods, which is expected to stimulate significant retail sales [4][15]. - The central government plans to increase its technology funding to 398.12 billion yuan in 2025, a 10% increase from the previous year, focusing on core technology and strategic industries [5][21]. Group 2: Investment and Consumption - The government aims to enhance domestic demand by boosting consumption and effective investment, with a focus on key sectors and weak links [13][16]. - The issuance of special bonds has accelerated, with 5.55 billion yuan issued in the first half of the year, completing 42.7% of the annual target [16]. - The manufacturing sector is expected to see a 10.3% increase in industrial investment, driven by government support for technological upgrades [17]. Group 3: Employment and Social Welfare - The central government allocated 667.4 billion yuan for employment support, with 6.95 million new urban jobs created in the first half of the year [27][28]. - Education spending increased by 5.9% to 2.15 trillion yuan, with a focus on improving quality and access to education [29][30]. - Basic public health service funding reached 804.35 billion yuan, enhancing health management and disease prevention efforts [32][33]. Group 4: Risk Management and Financial Stability - The government is implementing measures to mitigate financial risks, including the management of local government debt and the promotion of real estate market stability [7][9]. - A comprehensive approach to fiscal management is being adopted, including reforms in tax systems and budget execution to ensure effective use of resources [7][12]. Group 5: Innovation and Technology - The report highlights the importance of integrating technological innovation with industrial development, with a focus on enhancing research capabilities and supporting key technology projects [20][21]. - Funding for basic research is set to increase by 12.1%, emphasizing the need for original innovation and support for research institutions [21][22]. Group 6: Environmental and Social Development - The government is committed to ecological protection and sustainable development, with significant funding allocated for pollution control and ecosystem restoration [38][39]. - Social welfare programs are being expanded, with increased support for vulnerable populations and efforts to improve living standards [34][35].

Report Industry Investment Ratings No relevant content provided. Core Views - For Treasury bonds, it is expected that there will be no trending market, and caution should be maintained [5][6]. - For stock index futures, the risk of a significant decline is low, and one can choose the right time to go long [7][8][9]. - For precious metals, the short - term pricing is relatively full. After taking profit on long positions, one can wait and see [10][11]. - For rebar and hot - rolled coils, the mid - term weakness of rebar prices may be difficult to change, and hot - rolled coils may follow the same trend. Investors can focus on shorting opportunities at high levels during rebounds [12][13]. - For iron ore, the supply - demand pattern has weakened. Investors can look for shorting opportunities at high levels [15]. - For coking coal and coke, the short - term strength may continue. Investors can pay attention to buying opportunities on pullbacks [17][18]. - For ferroalloys, the short - term supply may remain in excess. One can consider long positions at low levels when the spot falls into the loss range again [20][21]. - For crude oil, the main contract should be temporarily observed [22][23][24]. - For fuel oil, one can focus on shorting opportunities for the main contract [25][26][27]. - For polyolefins, one can focus on going long opportunities [28][29]. - For synthetic rubber, it is expected to move in a range [30]. - For natural rubber, one can pay attention to going long opportunities [31][32]. - For PVC, one should focus on changes in the supply side [33][34]. - For urea, the downside space is limited [34][36]. - For PX, it may be adjusted in a range. One should pay attention to changes in crude oil and macro - policies [37]. - For PTA, it may move in a range. One should be cautious, control risks, and pay attention to oil price changes [38]. - For ethylene glycol, it may be under pressure in the short term. One should focus on port inventory and supply changes [39]. - For short - fiber, it may follow the cost to move in a range. One should control risks and pay attention to cost changes and macro - policy adjustments [40][41]. - For bottle chips, it is expected to follow the cost to move in a range. One should control risks [42]. - For lithium carbonate, pay attention to the sustainability of consumption [43]. - For copper, it is in a stage of adjustment [44][45]. - For aluminum, it is expected to run at a high level [46][47]. - For zinc, it is expected to continue the range - bound pattern [48][49]. - For lead, one should be cautious when chasing long positions [50][51]. - For tin, it may move strongly in a range [52][53]. - For nickel, it may move in a range [54]. - For soybean oil and soybean meal, one can consider exiting long positions when soybean meal continues to rise. Soybean oil can be temporarily observed [55][56]. - For palm oil, one can consider going long on pullbacks [57][58]. - For rapeseed meal and rapeseed oil, one can consider the strategy of buying near - term contracts and selling far - term contracts for rapeseed meal [59][60][61]. - For cotton, the upside space of cotton prices is expected to be limited [62][63][64]. - For sugar, the downside has certain support [65][67][68]. - For apples, one should wait and see [69][70]. - For live pigs, one can consider shorting opportunities on rebounds [71][72]. - For eggs, one can continue to hold short positions and pay attention to adding short positions on rebounds [73][74][75]. - For corn and corn starch, it is advisable to wait and see for corn, and corn starch may follow the corn market [76][77][78]. Summary by Categories Treasury Bonds - On the previous trading day, most Treasury bond futures closed down. The central bank conducted 92.8 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 249.8 billion yuan. The macro - economic recovery momentum needs to be strengthened, and the Treasury bond yield is at a relatively low level [5]. Stock Index Futures - On the previous trading day, stock index futures showed mixed performance. The domestic economic recovery momentum is weak, but asset valuations are low, and the market sentiment has warmed up. The risk of a significant decline is low [7][8]. Precious Metals - On the previous trading day, gold and silver futures rose. The US labor market has slowed down, and the Fed is expected to cut interest rates. However, the recent increase has been large, and the pricing is relatively full [10]. Rebar and Hot - Rolled Coils - On the previous trading day, rebar and hot - rolled coil futures rebounded slightly. In the medium term, the demand for rebar is still declining year - on - year, and the inventory pressure is obvious. The fundamentals of hot - rolled coils are similar [12][13]. Iron Ore - On the previous trading day, iron ore futures rebounded slightly. The demand has declined, the supply is expected to increase year - on - year in the fourth quarter, and the port inventory has risen [15]. Coking Coal and Coke - On the previous trading day, coking coal and coke futures rebounded significantly. The supply of coking coal is slightly tight, and the third - round increase in coke procurement prices has been implemented [17]. Ferroalloys - On the previous trading day, manganese silicon and silicon iron futures rose. The supply of manganese ore has increased slightly, and the cost has risen. The production of ferroalloys remains high, and the demand is weak [20]. Crude Oil - On the previous trading day, INE crude oil fluctuated slightly. The number of US oil and gas rigs has increased, and OPEC will suspend production increases next year [22][23]. Fuel Oil - On the previous trading day, fuel oil fluctuated slightly. The market expects sufficient supply, but there are also positive factors such as sanctions on Russia [25][26]. Polyolefins - On the previous trading day, the PP market in Hangzhou declined, and the LLDPE price in Yuyao partially fell. The supply is affected by maintenance, the inventory is low, and the demand is weak [28]. Synthetic Rubber - On the previous trading day, synthetic rubber futures rose. The cost is weak, the supply is affected by maintenance, and the demand from tire enterprises has declined [30]. Natural Rubber - On the previous trading day, natural rubber futures rose. The supply is affected by bad weather, the demand from tire enterprises has declined, and the inventory has decreased [31]. PVC - On the previous trading day, PVC futures fell slightly. The supply exceeds demand, and the cost and profit situation is complex. The demand in the north has entered the off - season [33]. Urea - On the previous trading day, urea futures rose. The supply has increased slightly, the demand is affected by the end of the autumn fertilizer season, and the profit has narrowed [34]. PX - On the previous trading day, PX futures rose. The short - term supply - demand structure has improved, the PXN spread is relatively strong, and the cost is affected by the fluctuating crude oil [37]. PTA - On the previous trading day, PTA futures rose. The supply load has been adjusted, the demand from polyester is stable, and the processing fee has declined [38]. Ethylene Glycol - On the previous trading day, ethylene glycol futures rose. The overall start - up load has decreased, the port inventory has increased, and the demand support is limited [39]. Short - Fiber - On the previous trading day, short - fiber futures rose. The supply remains at a high level, the demand has little change, and the cost drive has increased [40][41]. Bottle Chips - On the previous trading day, bottle chip futures rose. The processing fee has decreased, the supply load is stable, the export growth has slowed down, and it is mainly driven by cost [42]. Lithium Carbonate - On the previous trading day, lithium carbonate futures rose. The supply is at a high level, the demand from the energy storage and power battery sectors has improved, and the inventory has decreased [43]. Copper - On the previous trading day, copper futures fell. The overseas mine production is disturbed, the supply of copper concentrate is tight, and the high price suppresses consumption [44]. Aluminum - On the previous trading day, aluminum futures showed mixed performance. The supply of alumina is in excess, the electrolytic aluminum production may be affected by winter restrictions, and the consumption is under pressure [46]. Zinc - On the previous trading day, zinc futures rose. The supply of refined zinc is restricted, the demand is weak, and the inventory has decreased slightly [48]. Lead - On the previous trading day, lead futures fell. The production of primary lead is stable, the production of recycled lead recovers slowly, and the high price suppresses demand [50]. Tin - On the previous trading day, tin futures rose. The supply of tin ore is tight, the demand shows certain resilience, and the inventory has decreased [52][53]. Nickel - On the previous trading day, nickel futures rose. The market is worried about supply, the cost of nickel - iron plants is under pressure, the consumption is weak, and the inventory is at a relatively high level [54]. Soybean Oil and Soybean Meal - On the previous trading day, soybean oil and soybean meal futures rose. The trade sentiment is weak, the soybean supply is loose, the demand for soybean meal is expected to grow moderately, and the demand for soybean oil is suppressed [55][56]. Palm Oil - On the previous trading day, palm oil futures rose. The market is waiting for new data, the domestic import has decreased, and the inventory is at a medium level [57]. Rapeseed Meal and Rapeseed Oil - On the previous trading day, the price of rapeseed oil rose, and the price of rapeseed meal was stable. The Canadian rapeseed price has declined, and the domestic inventory of rapeseed and its products is at different levels [59][60]. Cotton - On the previous trading day, domestic cotton futures fluctuated slightly, and the overseas cotton price fell. The Sino - US trade relationship is favorable in the medium - long term, but the short - term is affected by harvest pressure [62][63]. Sugar - On the previous trading day, domestic sugar futures fluctuated, and the overseas sugar price rose. The Brazilian sugar production is expected to increase, and the global sugar supply may be in surplus [65]. Apples - On the previous trading day, domestic apple futures rebounded slightly. The opening price is higher than last year, the inventory is lower, and the quality of this year's apples is poor [69]. Live Pigs - On the previous trading day, the national average price of live pigs rose slightly. The supply is increasing, the demand is weak, and the cost is at a low level [71]. Eggs - On the previous trading day, the price of eggs was stable. The egg - laying hen inventory is at a high level, the supply is sufficient, and the consumption support is weak [73]. Corn and Corn Starch - On the previous trading day, corn and corn starch futures rose. The new - season corn harvest is almost complete, the supply pressure is high, the demand is growing slightly, and the inventory of corn starch is at a high level [76][77][78].

2025年9月25—26日，世贸组织农业委员会在瑞士日内瓦召开第113次会议。商务部、国家发展改革委和 常驻世贸组织代表团派员参会。会议审议了成员农业政策和通报，就巴厘关税配额部长决定第二次三年 审议等问题进行了讨论。中方就美国与欧盟、日本、印尼和越南等成员达成的双边经贸协议世贸合规性 表达关注，呼吁成员共同维护最惠国待遇等世贸组织基本原则。中方还就农业补贴政策等问题回应了其 他成员关注。 ...

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