Group 1: ESG Ratings and Trends - In 2024, 26% of Chinese companies saw their MSCI ESG ratings upgraded, marking a historical high, with the upgrade ratio significantly exceeding the downgrade ratio [1] - Over the past five years, the MSCI ESG ratings of A-share listed companies in China have shown a steady improvement and a notable increase in the proportion of leading companies [1] - The proportion of companies in the MSCI China A-share index with upgraded ESG ratings reached 36.8%, with the number of companies rated as globally leading (AA and above) doubling from 7.2% to 14% [1] Group 2: ESG Committees and Guidelines - Ten A-share listed companies, including Zejing Pharmaceutical and Lianang Micro, have released ESG committee guidelines [2] - Some companies, such as Shanghai Jiubai and Zhidema, have revised parts of their guidelines [2] Group 3: ESG Indices - China Securities Index Co., Ltd. launched the CSI 2000 ESG Benchmark Index and the CSI 2000 ESG Leading Index [3] - The CSI 2000 ESG Benchmark Index excludes the bottom 20% of companies by ESG score from the CSI 2000 sample, while the Leading Index selects the top 30% of companies by ESG score within each industry [3] Group 4: Legal Issues and Penalties - Golden Dragon Fish's subsidiary, Guangzhou Yihai, was convicted of contract fraud and fined 1 million yuan, with a joint compensation responsibility for economic losses amounting to 1.881 billion yuan [4] - Anhui Sanhe Sihzi Tongle Liquor Co. was fined 10,000 yuan for falsely labeling production dates on its products [5] - Keg Precision Machinery's general manager was sentenced to one month of detention with a three-month probation for dangerous driving [6]

研究所 农产品研发报告 玉米淀粉日报 2025 年 11 月 25 日 玉米淀粉日报 第一部分 数据 | 玉米&玉米淀粉数据日报 | | | | | | | | 2025/11/25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 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 | | 2242 | 22 | 0.98% | 791,802 | -0.94% | 1,015,768 | 4.24% | | C2605 | | 2263 | -1 | -0.04% | 115,839 | 6.16% | 359,634 | 2.85% | | C2509 | | 2275 | -8 | -0.35% | 4,815 | 17.64% | 19,572 | 8.17% | | CS2601 | | 2556 | 21 | 0.82% | 159,970 | 1.28% | 254,397 | 5.23% | | CS2605 | ...

Market Overview - The A-share market saw all three major indices rise, with the Shanghai Composite Index closing at 3870.02 points, up by 0.87%, and a total trading volume of 722.79 billion yuan [1] - The Shenzhen Component Index closed at 12777.31 points, up by 1.53%, with a trading volume of 1089.36 billion yuan [1] - The ChiNext Index closed at 2980.93 points, up by 1.77%, with a trading volume of 522.45 billion yuan [1] Sector Performance Top Performing Sectors - The gaming sector led the gains with an increase of 3.89%, totaling a trading volume of 205.98 million hands and a net inflow of 31.15 billion yuan [1] - The communication equipment sector rose by 3.66%, with a trading volume of 196.87 million hands and a net inflow of 3.65 billion yuan [1] - The education sector increased by 3.10%, with a trading volume of 54.45 million hands and a net inflow of -0.69 billion yuan [1] Underperforming Sectors - The airport and shipping sector declined by 0.98%, with a trading volume of 108.54 million hands and a net outflow of -0.35 billion yuan [1] - The military equipment sector fell by 0.53%, with a trading volume of 242.96 million hands and a net outflow of -3.76 billion yuan [1] - The aquaculture sector decreased by 0.48%, with a trading volume of 150.85 million hands and a net outflow of -0.16 billion yuan [1]

Core Insights - Fresh agricultural products, particularly fresh corn, are becoming increasingly popular on consumer tables, transforming traditional perceptions of corn as merely a grain crop [2][3] - The development of fresh agricultural products is characterized by improved supply chains, technological advancements, and a focus on consumer experience [4][7] Fresh Corn Industry - Northeast China is the largest production area for fresh corn, with Heilongjiang, Jilin, and Inner Mongolia accounting for over 40% of the national planting area [3] - Fresh corn varieties include sweet corn and waxy corn, with a focus on short growth periods and high nutritional value [2] - The planting area for fresh corn in Guangdong Province is expected to exceed 2 million acres in 2024, utilizing winter fallow fields for off-season production [3] Supply Chain and Preservation - A cold chain system is essential for maintaining the flavor of fresh corn, with techniques such as "differential pressure precooling" reducing temperature quickly to preserve quality [4] - Innovations in processing have led to products like vacuum-packed corn and frozen corn kernels, enhancing shelf life and product value [4] Standardization and Local Experience - Companies like Yuanji Cloud Dumplings emphasize freshness as a core competitive advantage, with dumplings made and sold within three hours [5][6] - Local agricultural experiences, such as vegetable banquets in Hebei, attract tourists and promote direct sales of fresh produce [6] Technological Innovations - Advances in food preservation technology allow products like "fresh rice" to have a shelf life of 9 to 12 months at room temperature, expanding market opportunities [7] - The introduction of new varieties, such as "fruit lotus," capitalizes on unique climatic advantages to gain market share [7] Consumer Trends and Future Outlook - The shift in consumer preferences from merely filling to enjoying diverse and healthy food experiences drives the growth of fresh agricultural products [8] - The industry faces challenges in brand building and quality enhancement for established products, while also needing to explore new markets for niche products [8]

Report Industry Investment Rating The provided documents do not contain information about the report industry investment rating. Core Viewpoints of the Report The report analyzes the market conditions of various financial derivatives and commodity futures, including stock index futures, Treasury bond futures, precious metals, container shipping index, non - ferrous metals, black metals, and agricultural products. It provides insights into market trends, influencing factors, and offers corresponding operation suggestions for each sector. Summary by Directory Financial Derivatives Financial Futures - **Stock Index Futures**: A - share market showed a bottom - rebound, with the TMT sector warming up. The four major stock index futures contracts rose and fell differently, and the basis discount was repaired. Due to the uncertainty of the Fed's December interest - rate cut decision and the market being in a re - pricing adjustment, it is recommended to wait and see [2][3][4]. - **Treasury Bond Futures**: The funds were looser, and the Treasury bond futures continued to fluctuate narrowly. The short - term bond market is in a box - shock stage. It is recommended to operate within the range and for short - position investors to speed up the position - shifting pace [5][6]. Precious Metals - **Gold and Silver**: The voices in the Fed supporting interest - rate cuts increased, and precious metals strengthened. In the medium - long term, the bull market of precious metals will continue, but short - term market fluctuations may intensify. Gold is expected to fluctuate between 4000 - 4150 dollars, and silver is recommended to go long lightly if it rises [7][9][10]. Container Shipping Index (European Line) - **EC**: The spot market is cold, but the SCFIS European line index rose sharply after the market, so it is expected to rise slightly in the short term [11]. Commodity Futures Non - Ferrous Metals - **Copper**: The interest - rate cut expectation is uncertain, and the copper price fluctuates narrowly. The medium - long - term supply - demand contradiction supports the copper price, and the main contract is recommended to be in the range of 85500 - 86800 [12][15]. - **Alumina**: The market fluctuates at a low level, and the supply contraction and inventory accumulation slowdown indicate that the market's worst over - supply pressure may be approaching the end. The main contract is expected to operate between 2700 - 2850 [15][17]. - **Aluminum**: There is a confrontation between strong expectations and weak reality, and the aluminum price is expected to fluctuate at a high level. The main contract is recommended to be in the range of 21100 - 21700 [17][19]. - **Aluminum Alloy**: The price follows the adjustment of the aluminum price, and the supply of scrap aluminum is tight. The main contract is expected to fluctuate between 20300 - 20900 [19][21]. - **Zinc**: The supply reduction expectation provides support, and the zinc price fluctuates. The main contract is recommended to be in the range of 22200 - 22800 [22][25]. - **Tin**: The supply side remains tight, and the tin price fluctuates at a high level. It is recommended to go long on dips [25][29]. - **Nickel**: The price repairs upward from a low level, driven by upstream production cuts and low valuations. The main contract is expected to fluctuate between 116000 - 120000 [29][31]. - **Stainless Steel**: The price fluctuates weakly, with raw materials under pressure and insufficient demand. The main contract is recommended to be in the range of 12200 - 12600 [33][35]. - **Lithium Carbonate**: The market sentiment cools down, and the price is expected to fluctuate weakly. It is recommended to wait and see [36][39]. - **Polysilicon**: The spot price stabilizes, and the futures price fluctuates. It is recommended to go long around 50000, and hold or close the sell - put option [40][41]. - **Industrial Silicon**: The spot price falls, and the futures price fluctuates. The main price is expected to fluctuate between 8500 - 9500 [42][44]. Black Metals - **Steel**: The apparent demand recovers, and the steel price is expected to stabilize. The rebar is recommended to be in the range of 3000 - 3200, and the hot - rolled coil is recommended to be in the range of 3250 - 3400 [44][46]. - **Iron Ore**: The shipping and arrival increased, the port inventory decreased, and the iron ore price fluctuates upward. The futures price is expected to fluctuate upward under the discount [51][53]. - **Coking Coal**: The price of coking coal in the origin decreased, and the demand for replenishment was bearish. It is recommended to view it as a weak - side shock, with the range of 1050 - 1150, and recommend the arbitrage of going long on coke and short on coking coal [54][57]. - **Coke**: After the fourth price increase, there is an expectation of a price cut. It is recommended to view it as a weak - side shock, with the range of 1550 - 1700, and recommend the arbitrage of going long on coke and short on coking coal [58][63]. Agricultural Products - **Meal Products**: The domestic soybean meal supply is abundant, and the cost side lacks substantial benefits. The prices of soybean meal and rapeseed meal in the spot market changed, and the trading volume of soybean meal increased [64].

Core Insights - Fresh agricultural products, particularly fresh corn, are becoming increasingly popular on consumer tables, transforming traditional perceptions of corn as merely a grain crop [1][2] - The fresh corn industry is characterized by new varieties and smart agricultural practices, with a significant focus on enhancing flavor and extending shelf life through cold chain logistics and innovative processing techniques [3][4] Group 1: Fresh Agricultural Products Development - Fresh corn is defined as a type of corn that is harvested before the kernels fully mature, offering a new value proposition as a fresh vegetable [1][2] - The northeastern region of China, particularly Heilongjiang, Jilin, and Inner Mongolia, accounts for over 40% of the country's fresh corn planting area, with a focus on glutinous and sweet corn varieties [2] - In Guangdong, the planting area for fresh corn is expected to exceed 2 million acres in 2024, utilizing winter fallow fields for off-season cultivation [2] Group 2: Cold Chain and Preservation Techniques - The fresh corn supply chain is implementing a "preservation battle," emphasizing the importance of cold chain logistics to maintain flavor and extend shelf life [3] - Techniques such as "differential pressure pre-cooling" can reduce corn temperature to below 5 degrees Celsius within 2 hours, decreasing loss rates by approximately 15% [3] - Innovative processing methods are being adopted, such as vacuum packaging and frozen corn products, to enhance product value and shelf life [3] Group 3: Standardization and Local Experience - Companies like Yuanji Cloud Dumplings are leveraging standardization in production, with dumplings made and sold within three hours, showcasing a robust supply chain [4] - The agricultural cooperative in Sima Village offers a unique local dining experience with a variety of fresh vegetables, attracting tourists and generating significant sales [5] Group 4: Technological Innovations and Market Trends - Technological advancements are enabling products like shelf-stable rice that can last 9 to 12 months at room temperature, expanding the market for fresh agricultural products [6] - The introduction of new varieties, such as "fruit lotus," is capitalizing on unique climatic advantages to gain market share [6] - The shift in consumer preferences from merely filling up to seeking quality and diverse food experiences is driving the growth of fresh agricultural products [6][7]

Group 1: Economic Development and Income Growth - The per capita net income of Taiziping Village increased from over 7,000 yuan to 13,000 yuan in five years, with collective economic accumulation exceeding 1.3 million yuan [1] - The village transformed over 200 houses into a homestay cluster and developed multiple one-day tour routes, leading to stable income for villagers through agritourism [1] - The local cold-water fish farming industry produced over 300 tons of high-quality fish annually, contributing to collective economic growth and job creation [1][3] Group 2: Industry Strengthening and Agricultural Innovation - The establishment of an automated mushroom greenhouse significantly improved the yield and quality of mushrooms, with the brand value of "Zhashui Mushrooms" surpassing 5 billion yuan [2] - The region has developed a complete mushroom industry chain, transitioning from traditional farming to deep processing products [2][3] Group 3: Ecological and Tourism Development - The construction of "Qinling Mountain Water Villages" has been pivotal in promoting tourism, with villages like Zhujiawan winning the title of "World's Best Tourism Village" [5] - The city has built 901 eco-friendly villages and invested over 4.22 billion yuan in rural road construction, enhancing connectivity between scenic spots and villages [5][6] Group 4: Governance and Community Engagement - The introduction of "cloud-based" party service centers in 128 villages has improved grassroots governance, addressing community issues effectively [6] - The "Moral Bank" system in Tan'an County has fostered community engagement and improved village aesthetics, with a high conflict resolution rate of 99.3% [7]

Core Insights - Fresh agricultural products, particularly fresh corn, are becoming increasingly popular on consumer tables, transforming traditional perceptions of crops like corn [2][3] - The industry is witnessing advancements in supply chain management, standardization, and technological innovations that enhance product quality and consumer experience [4][8] Group 1: Fresh Agricultural Products Overview - Fresh corn is categorized as a fresh agricultural product, which includes minimally processed items that retain their original flavor and appearance, such as vacuum-packed sweet corn and fresh rice [2] - The fresh corn industry is characterized by a focus on new varieties and smart agricultural practices, with major production areas in Northeast China accounting for over 40% of the national planting area [3] Group 2: Supply Chain and Preservation Techniques - A comprehensive cold chain system is essential for maintaining the flavor of fresh corn, with techniques like pressure pre-cooling and temperature-controlled transportation reducing spoilage by approximately 15% [4] - Innovations in processing have led to products like vacuum-packed corn and fresh corn juice, which enhance shelf life and add value to the products [4] Group 3: Standardization and Local Experience - Companies like Yuanji Cloud Dumplings emphasize freshness as a core competitive advantage, with a rapid production process that ensures products are sold within three hours of preparation [5] - Local agricultural cooperatives are creating unique dining experiences, such as vegetable banquets, which attract tourists and promote local produce [6] Group 4: Technological Innovations and Market Trends - Technological advancements are enabling products like shelf-stable rice that can last 9 to 12 months at room temperature, expanding the market for fresh agricultural products [7] - The rise of "fruit-like vegetables" reflects a shift in consumer preferences towards healthier and more diverse food options, indicating a growing market for fresh agricultural products [7][8] Group 5: Future Outlook - The fresh corn industry faces challenges in brand building and quality enhancement, while niche products like fresh silver ear mushrooms require strategies to attract younger consumers [8]

Core Viewpoint - The article highlights the significant role of financial support from Agricultural Bank of China (ABC) in promoting the development of the tourism and agricultural industries in Tibet, particularly in the Zaxi Qudeng community and surrounding areas. Financial Support and Community Development - The Agricultural Bank of China has provided over 10 million yuan in loans to 111 families in the Zaxi Qudeng community, enabling the establishment of 85 Tibetan-style guesthouses, which has increased local residents' disposable income to 34,000 yuan per capita last year [2][3] - The bank's financial services have been tailored to meet the needs of local farmers and herders, with a total agricultural loan balance of 63.1 billion yuan as of September 2025, an increase of 16 billion yuan since the end of 2021 [2][3] Industry-Specific Financial Products - ABC has introduced specialized loan products such as "Qingke Industry Loan," "Yak Industry Loan," "Smart Animal Husbandry Loan," and "Rural Tourism Loan" to support the development of highland characteristic industries [3] - The balance of rural industry loans has reached 47.8 billion yuan, facilitating the transition of industries like Qingke and yak meat processing from small-scale operations to larger, more professional enterprises [3] Micro and Small Enterprises Support - The bank has provided significant financial backing to small and micro enterprises, with a balance of loans to private enterprises exceeding 74.7 billion yuan, benefiting 360,000 private businesses [5] - The balance of loans for inclusive small and micro enterprises has reached 28.5 billion yuan, maintaining an annual growth rate of over 20% [5] Innovative Financial Services - ABC has enhanced its inclusive financial service system, establishing 365 branches in rural areas, which account for 70% of its total branches, and 5,528 service points in counties and below, covering all towns in the region [6] - The introduction of mobile financial service vehicles has improved accessibility, allowing farmers and herders to conduct banking transactions conveniently [6] Long-term Commitment to Economic Development - Over the past 30 years, ABC has invested nearly 730 billion yuan in the real economy of Tibet, with over 260 billion yuan allocated to agricultural loans [7] - The bank aims to continue providing high-quality financial services to support the socio-economic development of Tibet [7]

Report Industry Investment Rating No relevant information provided. Core Viewpoints The report comprehensively analyzes the market trends, supply - demand situations, and price movements of soybeans, soybean meal, and soybean oil in both domestic and international markets. It emphasizes the importance of factors such as weather conditions in South American soybean - producing areas, US soybean export demand, and domestic inventory changes in China for market dynamics [8][15][23]. Summary by Directory 1. Market Review - **Soybeans**: As of November 21, the CBOT soybean 01 contract closed at 1126.50 cents per bushel, up 0.36% from the previous week. The price was affected by factors like NOPA's higher - than - expected US soybean crush in October and USDA's report of soybean sales to China. The US soybean harvest rate was 96%, slightly lower than historical and five - year average levels. The supply was expected to be sufficient, but the cumulative year - on - year decline in exports widened [8]. - **Soybean Meal**: CBOT soybean meal prices fell. The 12 - contract closed at $315.8 per short - ton, down 1.83%, and the 01 - contract at $319.8 per short - ton, down 1.20%. DCE soybean meal 01 contract closed at 3012 yuan per ton, down 2.59%. The decline was due to factors such as USDA's soybean sales report to China and high domestic inventory. Spot basis fluctuated slightly higher [13][15]. - **Soybean Oil**: CBOT soybean oil prices rose slightly. The 12 - contract closed at 50.28 cents per pound, up 0.26%, and the 01 - contract at 50.61 cents per pound, up 0.26%. DCE soybean oil 01 contract closed at 8190 yuan per ton, down 0.80%. The decline was affected by falling prices of related domestic vegetable oils and high domestic inventory. Spot basis remained volatile [20][23]. 2. Production Area Weather - **Brazil**: In the past week (11.14 - 11.21), rainfall was slightly lower than normal, and temperatures in the southern part were lower. In the next week (11.23 - 11.30), both rainfall and temperatures in the southern part are expected to be lower than normal [25][27]. - **Argentina**: In the past week (11.14 - 11.21), rainfall and temperatures were normal. In the next week (11.23 - 11.30), rainfall is expected to be lower than normal, and temperatures higher [33][35]. 3. International Supply and Demand - **US Soybeans**: - **Crop Conditions**: As of November 16, the harvest rate was 95%, lower than last year's 98% and the five - year average of 96% [40]. - **Export Inspection & Sales**: The weekly export inspection volume met expectations, but the cumulative year - on - year decline widened. The 25/26 annual export sales met expectations, and the cumulative year - on - year decline narrowed [41]. - **Soybean Crush**: In August 2025, the crush volume was 5940000 tons, up 18.19% year - on - year. As of October, the cumulative crush volume in the 25/26 season was 426 million bushels, up 12.8% year - on - year [43]. - **D4 RINs Price**: As of November 21, it was 100.5 cents, down 0.75 cents from November 14 [51]. - **Other News**: The US Department of Energy reorganized, prioritizing oil and nuclear resources [53]. - **Brazilian Soybeans**: - **Yield Forecast**: Various institutions' forecasts for the 25/26 season range from 167.683455 million tons to 178.5 million tons [55]. - **Sowing Progress**: As of November 15, the sowing rate was 69.0% according to CONAB. Different states had different sowing progress and crop conditions [55][56]. - **Export Sales**: Anec raised the November export forecast to 4.71 million tons. As of the second week of November, the cumulative export in 2025 was 102.91 million tons, up 7.49% year - on - year [61]. - **Soybean Premium**: As of November 21, the premium quotes showed mixed trends [63]. - **Soybean Crush Profit & Volume**: The crush profit rose this week. In September 2025, the crush volume was 4.144 million tons, down 11.05% year - on - year [66][69]. - **Inventory**: As of September, the oil mill's soybean inventory was 14.39 million tons, up 12.36% year - on - year; the soybean oil inventory was 526000 tons, up 52.27% year - on - year; and the soybean meal inventory was 2.52 million tons, down 2.79% year - on - year [71]. - **Argentine Soybeans**: - **Sowing Progress**: As of November 20, the sowing rate was 25%. The sowing area forecast for the 25/26 season was lowered [74]. - **Farmer Sales**: The weekly sales of farmers increased. As of the 46th week of 2025, the 2025 sales progress was 82%, and the 2026 pre - sale progress was 6.2% [78]. - **Export Sales**: In October 2025, the soybean export volume was 1.296 million tons, up 1217.5% year - on - year. The export volumes of soybean meal and soybean oil also increased [81]. - **Soybean Crush Profit & Volume**: The crush profit fell this week. In October 2025, the crush volume was 4.036 million tons, down 2.66% year - on - year [85][87]. - **Inventory**: As of November 1, the oil mill's soybean inventory was 2798823 tons, up 10.07% year - on - year; the soybean oil inventory was 296624 tons, down 14.94% year - on - year; and the soybean meal inventory was 1050328 tons, up 7.44% year - on - year [89]. 4. Domestic Supply and Demand - **Soybean Oil Supply and Demand**: - **Import Procurement**: In October 2025, China imported 9.4025 million tons of genetically modified soybeans. As of October, the cumulative import was 95.1637 million tons, up 6.86% year - on - year [94]. - **Inventory**: As of November 14, the port inventory was 9.926 million tons, down 408000 tons week - on - week; the oil mill inventory was 7.4771 million tons, down 142400 tons week - on - week [95]. - **Arrival and Crush**: The arrival volume decreased, while the crush volume and operating rate increased [100]. - **Trading Volume**: The trading volume decreased this week [103]. - **Production and Apparent Consumption**: Both production and apparent consumption increased [104][106]. - **Inventory**: As of November 14, the commercial inventory was 1.1485 million tons, down 0.87 million tons week - on - week [108]. - **Soybean Meal Supply and Demand**: - **Production and Apparent Consumption**: Both production and apparent consumption increased [111]. - **Inventory**: The oil mill's inventory decreased, while the feed mill's physical inventory days increased [113]. - **Trading and Pick - up**: Both trading volume and pick - up volume increased [116]. - **Downstream Demand**: The losses in pig - raising and piglet - purchasing increased, and the pig price and pig - grain ratio decreased [118]. - **Warehouse Receipts**: As of November 21, the registered warehouse receipts on the DCE were 40357 lots [120]. 5. Domestic and International Oil Futures and Spot Prices, and Spreads - **Basis, Monthly Spreads, and Variety Spreads**: Analyzed the basis, monthly spreads of soybean oil and soybean meal, and variety spreads such as soybean oil - palm oil and rapeseed oil - soybean oil [124][129][132]. - **FOB Quotes**: Provided FOB quotes for soybean oil, soybean meal from different regions [137][139][140]. - **CFTC Positions**: Showed the net long positions of managed funds in CBOT soybean, soybean meal, and soybean oil [142][143].