Group 1 - The event marks the beginning of a series showcasing high-quality agricultural and livestock products from Inner Mongolia in Xiong'an New Area [1][3] - Huanghe Jiziwan Company presented various specialty agricultural products, highlighting the ecological advantages and quality of regional agricultural products [3] - The company aims to establish stable partnerships with supermarkets, e-commerce, and catering enterprises in Xiong'an to promote more "Prairie Quality Products" in the Beijing-Tianjin-Hebei market [3][5] Group 2 - The event is co-hosted by the Inner Mongolia Autonomous Region Government in Beijing, the Agricultural and Animal Husbandry Department, the Cultural and Tourism Department, and the Ordos Municipal Government, featuring product exhibitions, food tastings, and supply-demand matching [5] - Huanghe Jiziwan Company is a key member of the "Prairie Quality Products" brand matrix and is actively expanding market channels and strengthening regional collaboration [5] - The participation in Xiong'an not only showcases the company's quality products but also injects new momentum into the high-quality development of Inner Mongolia's agriculture and deepens industrial cooperation between the two regions [5]

Core Insights - The article highlights the rapid growth of the Chenpi industry in Pu Bei County, with an expected increase in annual output value from over 3 billion yuan in 2022 to over 8 billion yuan by 2025 [1] - The county has 190,000 acres of large red citrus cultivation, benefiting over 20,000 households and 100,000 people [1] - The local government has invested 710 million yuan to support the development of the Chenpi industry, aiming for a 10 billion yuan industry by the end of the 14th Five-Year Plan [2] Group 1: Industry Growth - The Chenpi industry in Pu Bei County is experiencing exponential growth, with the annual output value projected to increase significantly in the coming years [1] - The county has established itself as a key player in the Chenpi market, with six villages generating over 100 million yuan in output [1] - The local government has implemented various financial tools, such as "Chenpi Loan" and "Citrus Loan," to stimulate investment in the industry [2] Group 2: Infrastructure and Investment - The county has secured over 440 million yuan in funding for infrastructure development, including the establishment of a health food industry park [2] - The park has attracted 20 leading enterprises, creating a comprehensive Chenpi industry chain that includes medicine, food, and tourism [2] - The diversification of products has led to the development of over 60 high-value-added products, expanding the industry beyond traditional Chenpi [2] Group 3: Regional Development Strategy - The Guangxi region is focusing on agricultural modernization, with over 2.3 billion yuan allocated for agricultural integration projects from 2021 to 2025 [3] - The region aims to create a modern rural industrial development system, leveraging its unique agricultural products [3] - Successful projects like Liuzhou snail noodles and Wuzhou Liu Bao tea exemplify the potential of regional agricultural brands [3]

融资融券数据显示，该股最新（11月20日）两融余额为1.26亿元，其中，融资余额为1.26亿元，本期筹 码集中以来融资余额合计增加1869.45万元，增幅为17.49%。 公司发布的三季报数据显示，前三季公司共实现营业收入12.40亿元，同比增长7.37%，实现净利润1.47 亿元，同比增长60.00%，基本每股收益为0.7700元，加权平均净资产收益率7.66%。 索宝蛋白11月21日披露，截至11月20日公司股东户数为15882户，较上期（11月10日）减少1254户，环 比降幅为7.32%。这已是该公司股东户数连续第2期下降。 证券时报·数据宝统计，截至发稿，索宝蛋白收盘价为19.20元，下跌3.71%，本期筹码集中以来股价累 计下跌6.66%。具体到各交易日，2次上涨，7次下跌。 机构评级来看，近一个月该股获1家机构买入评级。预计目标价最高的是国泰海通，11月2日国泰海通发 布的研报给予公司目标价26.50元。（数据宝） （文章来源：证券时报网） ...

Core Viewpoint - The "Longevity Code: Bama Delicacies" event aims to promote the unique agricultural products of Bama Yao Autonomous County in the Guangdong-Hong Kong-Macao Greater Bay Area, achieving over 40 million yuan in procurement and tourism cooperation intentions [8][36]. Group 1: Event Overview - The event took place on November 21, 2023, in Guangzhou, focusing on the integration of agricultural products and cultural tourism from Bama [2][3]. - Over a hundred representatives from government departments, experts, and businesses attended the event, facilitating precise connections between supply and demand [3][4]. Group 2: Economic Impact - The event resulted in procurement and cooperation intentions exceeding 40 million yuan, promoting Bama's unique industries into the Greater Bay Area market [8][36]. - Bama's Deputy County Head emphasized the importance of this platform for introducing high-quality products to a broader market and attracting investment [12][14]. Group 3: Product Promotion - The event showcased a variety of products, including health foods, cultural tourism services, and wellness experiences, highlighting Bama's ecological and health-oriented industry characteristics [22][29]. - Specific products promoted included ecological honey, selenium-rich foods, and wellness tourism packages, appealing to the health-conscious consumers in the Greater Bay Area [22][29]. Group 4: Partnership Outcomes - Nine groups of enterprises reached cooperation agreements during the event, covering areas such as agricultural product procurement and e-commerce [33]. - Notable agreements included a procurement contract worth over 16 million yuan between Guangdong Southern Rural Investment Development Co., Ltd. and Bama Lilang Mineral Water Co., Ltd. [34].

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - **Rapeseed Oil**: This week, rapeseed oil futures oscillated and closed lower. The 01 - contract closed at 9,816 yuan/ton, down 107 yuan/ton from the previous week. Although the significant decline in Canadian rapeseed exports exerts pressure, the Canadian bio - fuel production incentive plan, with rapeseed oil as the core raw material, and the agreement between Canada and Pakistan to promote rapeseed exports are positive factors. However, the possible delay of the US bio - fuel import incentive cut plan and the inventory pressure of Malaysian palm oil drag down the international oil market. Domestically, the Sino - Canadian trade negotiation has not reached an agreement on rapeseed tariffs. The supply of imported rapeseed is structurally tightened in the near term, and oil mills are mostly shut down, so rapeseed oil will continue to destock, supporting its price. But the ample supply and good substitution advantage of soybean oil limit rapeseed oil demand to mostly rigid demand. The short - term price fluctuation has increased, and short - term trading is recommended [8]. - **Rapeseed Meal**: This week, rapeseed meal futures continued to decline. The 01 - contract closed at 2,431 yuan/ton, down 59 yuan/ton from the previous week. The unexpected downward adjustment of US soybean exports by USDA triggered selling, but good domestic consumption and Chinese purchases of US soybeans support the US soybean market. Domestically, the Sino - Canadian trade negotiation has not made a breakthrough on rapeseed tariffs, restricting the import of Canadian rapeseed and rapeseed meal in the near term. With oil mills mostly shut down, the supply pressure is small. However, due to the decline in water temperature, the demand for aquaculture has weakened, and the rigid demand for rapeseed meal has decreased. Also, the ample supply and good substitution advantage of soybean meal have weakened the demand expectation for rapeseed meal. The rapeseed meal market is in a situation of both weak supply and demand. The market has declined recently with increased volatility, and short - term waiting and seeing is recommended. Attention should be paid to whether the Sino - Canadian trade policy can make a breakthrough [10]. 3. Summary by Relevant Catalogs 3.1 Weekly Summary - **Rapeseed Oil**: The 01 - contract price decreased by 107 yuan/ton compared to the previous week. The market is affected by both international and domestic factors, with short - term price fluctuations increasing. Short - term trading is recommended [8]. - **Rapeseed Meal**: The 01 - contract price decreased by 59 yuan/ton compared to the previous week. The market is in a situation of weak supply and demand, and short - term waiting and seeing is recommended [10]. 3.2 Futures and Spot Market - **Futures Price and Position**: Rapeseed oil futures rose significantly at the low level this week, with a total position of 243,824 lots, a decrease of 4,656 lots from last week. Rapeseed meal futures continued to decline, with a total position of 356,184 lots, a decrease of 116,496 lots from last week [15]. - **Top 20 Net Positions**: The top 20 net positions of rapeseed oil futures were +4,542, a slight decrease from +5,946 last week. The top 20 net positions of rapeseed meal futures changed from a net long position of +27,455 last week to a net short position of - 10,587 this week [22]. - **Futures Warehouse Receipts**: The registered warehouse receipts of rapeseed oil were 4,033 lots, and those of rapeseed meal were 0 lots [26]. - **Spot Price and Basis**: The spot price of rapeseed oil in Jiangsu was 10,160 yuan/ton, a slight increase from last week. The basis between the active contract futures price and the Jiangsu spot price was +344 yuan/ton. The spot price of rapeseed meal in Nantong, Jiangsu was 2,420 yuan/ton, a slight decrease from last week. The basis between the Jiangsu spot price and the active contract futures price was - 11 yuan/ton [35][41]. - **Futures Inter - monthly Spread**: The 1 - 5 spread of rapeseed oil was +391 yuan/ton, at a medium level in the same period in recent years. The 1 - 5 spread of rapeseed meal was +64 yuan/ton, at a medium - high level in the same period in recent years [46]. - **Futures - Spot Ratio**: The 01 - contract ratio of rapeseed oil to rapeseed meal was 4.038, and the average spot price ratio was 4.06 [49]. - **Price Spread between Oils and Meals**: The 01 - contract spread between rapeseed oil and soybean oil was 1,626 yuan/ton, and that between rapeseed oil and palm oil was 1,266 yuan/ton, both with narrow fluctuations this week. The 01 - contract spread between soybean meal and rapeseed meal was 581 yuan/ton, and the spot spread was 600 yuan/ton as of Thursday [59][65]. 3.3 Industrial Chain Situation - **Rapeseed - Supply**: As of November 14, 2025, the total inventory of rapeseed in oil mills was 0.25 tons. The estimated arrival volumes of rapeseed in November, December, and January 2025 were 1, 60, and 36.5 tons respectively. The import rapeseed spot crushing profit was +1,177 yuan/ton as of November 20. The crushing volume of coastal oil mills was 0 tons in the 46th week of 2025, with an operating rate of 0%. The total import volume of rapeseed in September 2025 was 11.53 tons, a year - on - year decrease of 85.71% and a month - on - month decrease of 13.14 tons [71][75][79][83]. - **Rapeseed Oil - Supply**: As of the end of the 46th week of 2025, the inventory of imported and crushed rapeseed oil was 48.3 tons, a decrease of 3.3 tons from last week, a month - on - month decrease of 6.40%. The total import volume of rapeseed oil in September 2025 was 15.66 tons, a year - on - year increase of 6.99% and a month - on - month increase of 1.90 tons [87]. - **Rapeseed Oil - Demand**: As of September 30, 2025, the monthly output of edible vegetable oil was 495 tons. As of October 31, 2025, the monthly retail sales of catering were 519.9 billion yuan. As of the end of the 46th week of 2025, the contract volume of imported and crushed rapeseed oil was 3.7 tons, a decrease of 0.3 tons from last week, a month - on - month decrease of 9.28% [91][95]. - **Rapeseed Meal - Supply**: As of the end of the 46th week of 2025, the inventory of imported and crushed rapeseed meal was 0.2 tons, a decrease of 0.3 tons from last week, a month - on - month decrease of 60.0%. The total import volume of rapeseed meal in September 2025 was 15.77 tons, a year - on - year decrease of 29.08% and a month - on - month decrease of 5.57 tons [99][103]. - **Rapeseed Meal - Demand**: As of September 30, 2025, the monthly output of feed was 3128.7 tons [107]. 3.4 Option Market Analysis As of November 21, the implied volatility of rapeseed meal options was 20.67%, a 0.02% increase from last week, and it was slightly lower than the 20 - day, 40 - day, and 60 - day historical volatility of the underlying asset [110].

从资金流向上来看，当日农产品加工板块主力资金净流入4413.6万元，游资资金净流入1.01亿元，散户资 金净流出1.45亿元。农产品加工板块个股资金流向见下表： 证券之星消息，11月21日农产品加工板块较上一交易日下跌1.97%，保龄宝领跌。当日上证指数报收于 3834.89，下跌2.45%。深证成指报收于12538.07，下跌3.41%。农产品加工板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000505 | 京粮控股 | 8.10 | 5.33% | 111.88万 | 9.10亿 | | 600191 | 三分彩彩 | 68'01 | 4.21% | 53.91万 | · 5.84亿 | | 600127 | 金健米业 | 7.09 | 1.14% | 82.10万 | 5.87亿 | | 000019 | 深粮控股 | 7.46 | 0.95% | 59.15万 | 4.48亿 | | 600737 | 中粮糖业 | 17.30 | -0.69% | 41.89万 ...

Core Insights - The article highlights the integration of agriculture, culture, and tourism in Zhou Ping, Shandong, showcasing a high-quality rural revitalization path through distinctive industries and cultural tourism [1][5]. Summary by Sections Agricultural Development - The Bafang Farm in Changshan Town has introduced 200 varieties of chrysanthemums, creating a "Chrysanthemum Festival" that has attracted approximately 80,000 visitors this year [2]. - The farm's chrysanthemum planting yields 1,000 pounds per acre, with an economic benefit of around 10,000 RMB per acre [2]. Cultural and Tourism Integration - Qiao Family Village has developed a model combining intangible cultural heritage workshops and unique homestays, generating an annual cultural income of 150,000 RMB [2][3]. - The village has invested 10 million RMB to transform idle old houses into heritage workshops and educational bases, with 80 units currently in use [3]. Industry and Economic Impact - The Ai Cao Industry Park has developed over 20 products from mugwort, increasing the added value by more than ten times [4]. - The park collaborates with local schools to create an educational base, receiving over 3,000 students for hands-on experiences related to mugwort culture [4]. Overall Development Strategy - Zhou Ping is leveraging its rural resources to cultivate distinctive industries through various models such as "Agriculture + Culture and Tourism," "Intangible Heritage + Industry," and "Ecology + Processing" [5].

Core Insights - Foping County, located in the Qinling Mountains, is recognized for its rich ecological environment and is known as "China's Panda County" due to its high forest coverage and being a core habitat for giant pandas [1] - The local government has partnered with Manbang Group to enhance the logistics industry, which is crucial for the efficient development of agriculture and the export of local products [1][3] Group 1: Agricultural Development - Foping County is a major production area for the medicinal herb Cornus officinalis, contributing one-sixth of the national output, and has developed a standardized processing and branding system for this product [3] - The local agricultural sector has diversified by developing various products such as Cornus officinalis liquor, honey, mushrooms, and black pork, which are gaining market popularity [3] - The county has established a significant ecological fishery industry, with the first outbound aquatic animal breeding farm in Shaanxi Province and multiple national-level healthy aquaculture demonstration sites [3] Group 2: Logistics and Infrastructure - The partnership with Manbang Group aims to leverage online resources and technology to support local logistics, enhance efficiency, and reduce operational costs for farmers and drivers [3][4] - The increasing demand for daily necessities and food due to rising tourism necessitates improved logistics to facilitate the import of goods into Foping County [3] Group 3: Technological Integration - Manbang Group operates as a "Internet + Logistics" technology enterprise, focusing on creating a digital, standardized, and intelligent logistics ecosystem [4] - The company utilizes advanced technologies such as big data, cloud computing, and artificial intelligence to enhance the logistics industry's efficiency and transparency, aiming for cost reduction and green development [4]

Group 1: Report Industry Investment Rating - The investment strategy for the industry is neutral [4] Group 2: Core View of the Report - The prices of the three major oils oscillated and declined yesterday. Recent high - frequency palm oil export data shows that the exports of major palm oil producing countries have slowed down. The market expects the contradiction in the supply - demand pattern to intensify further, and palm oil is under pressure [3] Group 3: Market Analysis Futures Market - Yesterday, the closing price of the palm oil 2601 contract was 8,646.00 yuan/ton, a decrease of 206 yuan or 2.33% compared to the previous period; the closing price of the soybean oil 2601 contract was 8,224.00 yuan/ton, a decrease of 132.00 yuan or 1.58%; the closing price of the rapeseed oil 2601 contract was 9,779.00 yuan/ton, a decrease of 34.00 yuan or 0.35% [1] Spot Market - In the Guangdong region, the spot price of palm oil was 8,670.00 yuan/ton, a decrease of 110.00 yuan or 1.25%, and the spot basis was P01 + 24.00, an increase of 96.00 yuan; in the Tianjin region, the spot price of first - grade soybean oil was 8,440.00 yuan/ton, a decrease of 100.00 yuan/ton or 1.17%, and the spot basis was Y01 + 216.00, an increase of 32.00 yuan; in the Jiangsu region, the spot price of fourth - grade rapeseed oil was 10,130.00 yuan/ton, a decrease of 30.00 yuan or 0.30%, and the spot basis was OI01 + 351.00, an increase of 4.00 yuan [1] Group 4: Recent Market Consultation Summary Palm Oil Exports - According to AmSpec, Malaysia's palm oil exports from November 1 - 20 were 828,680 tons, a 14.1% decrease from the same period last month. According to ITS, Malaysia's palm oil exports from November 1 - 20 were 831,005 tons, a 20.5% decrease from the same period last month [2] Soybean Prices - The C&F price of US Gulf soybeans (December shipment) was 505 US dollars/ton, a decrease of 5 US dollars/ton compared to the previous trading day; the C&F price of US West soybeans (December shipment) was 500 US dollars/ton, a decrease of 5 US dollars/ton; the C&F price of Brazilian soybeans (December shipment) was 490 US dollars/ton, a decrease of 9 US dollars/ton [2] Imported Soybean Premium Quotes - The premium for Mexican Gulf soybeans (December shipment) was 240 cents/bushel, unchanged from the previous trading day; the premium for US West Coast soybeans (December shipment) was 226 cents/bushel, an increase of 1 cent/bushel; the premium for Brazilian port soybeans (December shipment) was 200 cents/bushel, a decrease of 10 cents/bushel [2] Argentine Soybean Oil Prices - The C&F price of Argentine soybean oil (December shipment) was 1,181 US dollars/ton, an increase of 17 US dollars/ton compared to the previous trading day; the C&F price of Argentine soybean oil (February shipment) was 1,176 US dollars/ton, an increase of 11 US dollars/ton [2] Imported Rapeseed Oil C&F Quotes - The C&F quote for Canadian rapeseed oil (December shipment) was 1,100 US dollars/ton, unchanged from the previous trading day; the C&F quote for Canadian rapeseed oil (February shipment) was 1,080 US dollars/ton, unchanged from the previous trading day [2] Canadian Rapeseed C&F Prices - The C&F price of Canadian rapeseed (January shipment) was 531 US dollars/ton, a decrease of 6 US dollars/ton compared to the previous trading day; the C&F price of Canadian rapeseed (March shipment) was 540 US dollars/ton, a decrease of 6 US dollars/ton [2]

Core Viewpoint - The economic development of counties in Sichuan is transitioning from an unbalanced structure to a more balanced "olive-shaped" model, with significant growth in the middle-tier counties and a reduction in the number of lower-tier counties [4][6]. Economic Growth - The average GDP of counties (cities, districts) in Sichuan is projected to reach 35.37 billion yuan in 2024, an increase of 8.81 billion yuan from 2020 [3]. - The number of counties with an economic total exceeding 60 billion yuan will rise to 27 by 2024, up from 14 in 2020 [5]. - The number of counties with GDP below 20 billion yuan is expected to decrease from 106 in 2020 to 78 in 2024 [6]. Structural Changes - The economic structure is evolving from a "pyramid" shape to an "olive" shape, indicating a healthier distribution of economic strength among counties [4][6]. - The number of counties with GDP between 20 billion and 60 billion yuan has increased by 15, now totaling 78, which constitutes 42.6% of all counties in Sichuan [6]. Development Strategies - The provincial government is implementing a strategy of "grasping the strong, strengthening the middle, and uplifting the weak" to foster county-level economic development [7][9]. - Specific policies are being tailored for each county to support industrial development and infrastructure, with a focus on creating "single champions" in niche markets [7][8]. Future Outlook - The next five years will focus on maintaining growth across all 183 counties, ensuring that no county is left behind [10][12]. - The development strategy will continue to emphasize innovation and collaboration among counties with complementary industries [10][11].