Group 1 - The 2026 Shanghai Spring Agricultural Products Expo and National Specialty Products event will be held from January 30 to February 2 at the Shanghai Agricultural Exhibition Center, featuring nearly 400 agricultural enterprises and cooperatives [1] - The exhibition will showcase over a thousand categories of products, including grains, oils, fresh fruits and vegetables, and livestock, creating a "one-stop" market for New Year goods [1] - A new section for national specialty products will be established, gathering 96 quality agricultural operators from 22 provinces, serving as a crucial hub connecting national agricultural products with the Yangtze River Delta market [3] Group 2 - The event will include both primary agricultural products and processed goods, catering to diverse consumer needs with local specialties and imported New Year goods [3]

Core Viewpoint - The event "Guizhou Products Enter Sichuan" aims to promote Guizhou's agricultural products in Chengdu, enhancing local culinary experiences and boosting consumer engagement in the Sichuan market [5][11][12]. Group 1: Event Overview - The promotional event will take place on February 6 in Chengdu, featuring activities such as culinary competitions, product exhibitions, and tasting sessions [5][6][10]. - The initiative seeks to integrate Guizhou's natural products into the vibrant market of Sichuan, thereby stimulating consumption and promoting high-quality Guizhou products [11][12]. Group 2: Cultural and Culinary Integration - The event highlights the complementary nature of Guizhou and Sichuan cuisines, with Guizhou's diverse agricultural products enhancing Sichuan's rich culinary culture, particularly its hot pot [16][17][40]. - A special feature of the event is the release of a "Sichuan Hot Pot Map" that identifies restaurants innovatively using Guizhou ingredients, showcasing the fusion of flavors [32][34]. Group 3: Product Showcase - Featured products include a variety of Guizhou specialties such as Douyun Maojian tea, Zunyi chili, and various fruits and meats, providing consumers with a diverse selection for the New Year [22][24][25]. - The event will also include themed exhibition areas focusing on different aspects of Guizhou's agricultural offerings, allowing attendees to explore the full spectrum of products [35][36]. Group 4: Industry Collaboration - The event aims to establish stable supply chains and market collaborations, facilitating direct negotiations between Guizhou producers and Sichuan buyers, including restaurants and retail platforms [74][76]. - A signing ceremony for production and sales cooperation will be held, emphasizing the goal of ensuring a consistent presence of Guizhou products in the Sichuan market [75][78].

Core Viewpoint - The 2026 Guangdong New Year Dish marketing campaign has launched in Shanghai, showcasing high-quality agricultural products from Qingyuan, aiming to enhance brand influence and promote cultural exchange between Guangdong and Shanghai [2][34]. Group 1: Event Overview - The event, themed "Chinese New Year · Guangdong Flavor," gathered 50 top enterprises from Guangdong, covering a wide range of festive food categories including poultry, grains, and vegetables [3][4]. - Qingyuan's local agricultural enterprises participated in the event, presenting their products as part of the "Cantonese Delicacies · Qingyuan Good Ingredients" showcase [4][23]. Group 2: Product Highlights - Qingyuan chicken was a major attraction, praised for its authentic flavor and quality, with a demonstration showing that it can be cooked simply to produce a fragrant broth [14][28]. - The event featured Qingyuan's unique rice, which is described as plump, soft, and fragrant, ideal for traditional New Year meals [24][25]. Group 3: Market Strategy - The marketing campaign aims to leverage Shanghai's status as a major consumer market to expand Qingyuan's agricultural brand influence and connect with global markets [9][10]. - The event broke traditional sales models by integrating tasting experiences, cultural displays, and industry connections, facilitating partnerships between Qingyuan enterprises and local Shanghai businesses [39][41]. Group 4: Future Prospects - Qingyuan's participation in this event is part of a broader strategy to promote high-quality agricultural development and enhance collaboration between Guangdong and Shanghai [42][43]. - The campaign will continue until February 9, allowing Shanghai residents to experience and purchase authentic Qingyuan ingredients [45].

Core Viewpoint - The event aims to promote the integration of high-quality agricultural, cultural, tourism, and commercial resources from Jinzhou into the Yangtze River Delta, injecting new momentum for rural revitalization through cross-regional collaboration [1] Group 1: Event Overview - The Jinzhou Agricultural, Cultural, Tourism, and Commercial Promotion and Specialty Product Sales Matching Conference was held in Suzhou on January 30 [1] - The event was co-hosted by the supply and marketing systems of Suzhou and Jinzhou, creating a platform for cross-regional product sales matching [1] Group 2: Exhibition and Participation - The event featured three main exhibition areas: specialty products, marine products, and cultural tourism, showcasing 115 products from 19 enterprises [1] - A dedicated matching session for Jinzhou specialty products was held, facilitating in-depth discussions among agricultural producers, buyers, and supply chain builders from both regions [1] Group 3: Outcomes and Future Plans - The event resulted in the signing of 4 projects with a total intended signing amount of 30 million yuan [1] - This Suzhou event is the first in a series of promotional activities, with future events planned in locations such as Kunshan [1] - The supply and marketing systems of Suzhou and Jinzhou aim to promote collaborative development across the entire agricultural, cultural, tourism, and commercial industry chain [1]

Core Insights - The Jilin Provincial Committee of the Chinese People's Political Consultative Conference (CPPCC) has submitted 36 proposals focusing on high-quality agricultural development, industrial growth, and energy development to support the revitalization of Jilin Province [1][2]. Agricultural Development - Jilin Province is a significant agricultural base in China, currently implementing a "billion-jin grain" capacity construction project, aiming for high-quality development in the oilseed industry and stabilizing corn prices by 2025 [2]. - The committee emphasizes the need for resource protection, infrastructure investment, and technology innovation to address challenges in agricultural development, proposing the establishment of special projects and collaborative research platforms [2][3]. Industrial Upgrading - The proposals highlight the importance of building a modern industrial system and supporting the transformation of traditional industries, particularly in the automotive and pharmaceutical sectors [4]. - Recommendations include enhancing the development of future industries, optimizing spatial layouts, and fostering innovation through cross-disciplinary collaboration [4][5]. Green Energy Transition - The Jilin Provincial Committee stresses the necessity of transitioning to a green and low-carbon energy system, particularly in the context of national energy security and the development of non-fossil energy sources [6][7]. - Specific proposals include launching a "Hydrogen Non-Chemical Application 'Icebreaking' Action Plan" and establishing a hydrogen heavy-duty truck industrial demonstration park to enhance the hydrogen energy sector [7].

Group 1 - The "Guangdong Products Going Global" campaign has successfully launched, enhancing the marketing of Guangdong's agricultural products in Beijing, providing consumers with more choices for the Spring Festival [1] - The campaign has seen significant sales growth across various platforms, with promotional activities for industrial products already taking place in multiple cities since January 15 [1] - The campaign has showcased Guangdong's unique products, such as Yingde black tea and Yangjiang peanut oil, during the provincial two sessions, highlighting the appeal of Guangdong goods to both national and global consumers [1] Group 2 - Guangdong is focusing on the development of rural specialty industries, aiming to cultivate 10 trillion-yuan, 20 hundred-billion-yuan, and over 200 ten-billion-yuan industrial clusters, emphasizing the importance of local products [2] - The "Hundred Counties, Thousand Towns, and Ten Thousand Villages High-Quality Development Project" has shown initial success, with 57 counties experiencing GDP growth rates above the provincial average, contributing to increased farmer incomes and urban-rural coordination [2] - The provincial government is encouraging the development of local economies and pillar industries, with discussions at the provincial two sessions highlighting the potential of utilizing forest resources for traditional medicine cultivation [2] Group 3 - As the Spring Festival approaches, Guangdong is launching special events for food and clothing to promote high-quality local products, aiming to expand their market reach [3] - The integration of cultural tourism with the "Guangdong Products Going Global" initiative is being emphasized, with new travel experiences being offered that combine traditional customs with modern attractions [3] - This combination of initiatives is expected to stimulate both local and macroeconomic consumption, providing a significant boost to Guangdong's economy and enhancing consumer engagement [3]

Group 1: Report's Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The 1 - month report finalized the production of US soybeans in 2025, with the output significantly lower than market expectations. The South American supply pressure, especially from Brazil's expected bumper harvest, is large. The only relatively positive factor is the potential impact of high - temperature and drought on Argentina's soybean yield [7][57][58]. - In January, the trading volume of soybean meal increased again. There was pre - holiday stockpiling demand and concerns about supply in March - April. The terminal demand is relatively stable [7][58]. - The 05 basis of the spot may be strong in February. The CBOT soybean futures may trade in a narrow range in the next month, and the upward space of domestic soybean meal 05 contract is limited. It is recommended to treat it as a narrow - range shock before the holiday, and be cautiously bearish after the rebound under the neutral assumption of soybean auction quantity and Argentina's weather [7][58][59]. Group 3: Summary by Directory Upstream: Planting and Export 1.1 Soybean Supply - The USDA January report finalized the production of US soybeans in 2025. Although the yield was high, the export decreased and the ending inventory increased, making the supply - demand relationship more relaxed. The USDA estimated that Brazil's soybean output would reach 178 million tons and Argentina's would reach 4.85 million tons [9]. - Brazil's soybean harvest is progressing, and the overall progress is normal with a strong expectation of a bumper harvest. Argentina has basically completed sowing and will enter the critical growth stage in February. The weather in southern Brazil and Argentina is a concern [10]. 1.2 Exports of Major Producing Countries - The US Department of Agriculture expects Brazil's soybean exports in 2025/26 to reach 114 million tons, with good export prospects and likely to set a new record. The export volume in December and the cumulative export volume from October showed significant year - on - year growth [17][18]. - The US Department of Agriculture predicts that US soybean exports in 2025/26 will be 42.86 million tons, a year - on - year decrease. As of January 22, the cumulative export sales volume was lower than the same period last year, and the export completion rate was also lower [19][20][22]. Mid - stream: China's Soybean Import and Pressing 2.1 China's Soybean Import - In December, China imported 8.044 million tons of soybeans. The cumulative import from October to December in 2025/26 increased by 10.6% year - on - year. It is expected to set a new record in 2025. The arrival volume is expected to decrease seasonally, and the port inventory will decline until April [27][30]. 2.2 China's Soybean Pressing and Inventory - As of January 29, the spot and futures margin of Brazilian soybeans were 350 yuan/ton and 16 yuan/ton respectively, and those of US Gulf soybeans were 38 yuan/ton and - 296 yuan/ton. The start - up rate and pressing volume are expected to remain low before the Spring Festival. The soybean inventory is in the destocking stage, and attention should be paid to the impact of soybean auctions from February to March [40][42]. Downstream: Feed and Aquaculture 3.1 Soybean Meal Transaction and Inventory - As of January 23, the domestic soybean meal inventory was 815,600 tons, a year - on - year increase of 111%. In January, the trading volume of soybean meal increased again due to pre - holiday stockpiling and concerns about future supply [44][47]. 3.2 Pig Farming - As of January 23, the average profit per pig for self - breeding and self - raising was 43.35 yuan/head, and that for purchasing piglets was 115.84 yuan/head. The pig slaughter volume from January to May is estimated, and attention should be paid to the support of the high inventory in the first quarter for soybean meal demand. The national industrial feed production in 2025 maintained a good trend, and it is expected to be close to that in 2025 in the first half of 2026 [50][51]. 3.3 Poultry Farming - At the end of January, the price of white - feather broilers was slightly strong, and the market supply was sufficient. The egg - laying hen farming profit recovered in January, and the inventory has shown a downward trend, and it is expected to decline slowly [54][55]. Later Outlook and Strategy - The supply pressure in the new year is still large. The demand for soybean meal increased in January, and the terminal demand is relatively stable. The spot basis may be strong in February. Futures may trade in a narrow range, and it is recommended to be cautiously bearish after the rebound under neutral assumptions [57][58][59]. - Strategies: Spot merchants can expect the basis to be strong in February; futures speculators can expect a narrow - range shock before the holiday and higher volatility after the holiday, and be cautiously bearish after the rebound under neutral assumptions [59]. - Important variables: China's continued purchase of US soybeans, Argentina's weather, and the frequency and quantity of imported soybean auctions [60].

Group 1 - The core event is the "Guangdong Specialty Agricultural Products Entering Shanghai" marketing activity, aimed at promoting Guangdong's unique agricultural products in Shanghai [3][5][7] - The event features over ten Guangdong enterprises showcasing a variety of products, including festive foods, grains, poultry, fresh produce, and modern marine products [8][9][10] - The initiative aims to deepen the market connection between Guangdong and the Yangtze River Delta, enhancing the "Guangdong Products Going Global" spring campaign [5][63] Group 2 - Featured products include Qingyuan chicken, Simao rice, Meizhou pomelo, and various festive delicacies, which collectively represent the rich culinary heritage of Guangdong [9][10][30] - The event emphasizes the high quality and standardization of Guangdong agricultural products, which have gained recognition due to their appealing flavors and diverse offerings [13][48] - The marketing activity is designed to cater to Shanghai residents' demand for high-quality ingredients, with many buyers expressing interest in incorporating these products into their supply chains [52][56] Group 3 - The event also includes live cooking demonstrations, allowing attendees to experience the authentic flavors of Guangdong cuisine, such as claypot rice made with Simao rice [18][24] - The promotion of Guangdong products is expected to transform them from seasonal gifts into regular items on Shanghai dining tables, thereby enhancing the brand's national presence [64] - The collaboration between Guangdong producers and Shanghai distributors is seen as a strategic move to meet the diverse needs of consumers in Shanghai [61][62]

Group 1: Agricultural Product Management - The "Commitment to Quality Certificate" management for agricultural products, including fruits and vegetables, will be implemented starting February 1, ensuring that these products do not contain banned pesticides or veterinary drugs and that residue levels of permitted substances are within limits [1] Group 2: Live E-commerce Regulation - The "Live E-commerce Supervision Management Measures" will also take effect on February 1, incorporating AI-generated content, such as digital anchors, into regulatory frameworks to prevent the spread of false information and promote the responsible use of AI in live e-commerce [2] Group 3: Cash Payment Regulations - The "Regulations on Cash Payment and Services" will be enforced from February 1, prohibiting the refusal of cash payments except in legally mandated situations, and requiring businesses to maintain adequate cash change to facilitate smooth cash transactions [3] Group 4: Promotion of Reading - The "National Reading Promotion Regulations" will be enacted on February 1, focusing on enhancing reading accessibility in underdeveloped areas and providing support for vulnerable groups, including children, the elderly, and individuals with disabilities [4] Group 5: Unified Social Credit Code - The "Unified Social Credit Code Management Measures" will be effective from February 1, establishing a unique, lifelong identification code for organizations to improve the accuracy of identification and tracking within the social credit system [5] Group 6: Administrative Law Enforcement Supervision - The "Administrative Law Enforcement Supervision Regulations" will come into force on February 1, emphasizing the need for balanced supervision and guidance in administrative law enforcement to enhance the quality and effectiveness of enforcement actions [6]

Report Industry Investment Ratings - Cotton, Pulp, Sugar, Apple, Timber: ☆☆☆ [1] - 20 - rubber, Natural Rubber, Butadiene Rubber: ★☆☆ [1] Core Views - The overall market of soft commodities shows mixed trends, with different products having their own supply - demand situations and price trends. It is recommended to take a wait - and - see approach for most products [2][3][4][5][6][7] Summary by Product Cotton & Cotton Yarn - Zhengzhou cotton futures dropped significantly today, with short - term trends likely to be volatile. The overall domestic cotton market shows strong supply and demand, but short - term trading may slow down due to the approaching Spring Festival. As of January 22, cumulative processed lint cotton was 719.0 million tons, and cumulative sales were 463.1 million tons. In December, domestic cotton imports increased. Spinning mills still have demand for raw materials, but downstream orders are average. It is recommended to wait and see [2] Sugar - Overnight, US sugar prices fluctuated. Brazil's sugar production is nearing the end, and the market focuses on the next season's production forecast. Rainfall in Brazil's central - southern region is a concern. The sugar - to - ethanol ratio is expected to decline, and Brazil's sugar production in the 26/27 season may decrease. In China, Zhengzhou sugar futures rebounded. Both production and sales progress are slow. It is recommended to wait and see [3] Apple - Apple futures prices fluctuated. Spot prices were stable. The Spring Festival stocking peak has arrived, and the sales pace has accelerated. However, the purchase of farmers' apples is less, and the supply of high - quality apples is limited. As of January 29, the national cold - storage apple inventory was 601.01 million tons, a 9% year - on - year decrease. This week's cold - storage destocking volume was 31.31 million tons, a 45.11% year - on - year decrease. The market trading logic has shifted to demand. It is recommended to wait and see [4] 20 - rubber, Natural Rubber & Synthetic Rubber - Today, the futures prices of natural rubber RU, 20 - rubber NR, and butadiene rubber BR first rose and then fell. Global natural rubber supply is entering the reduction period, and the domestic butadiene rubber plant operating rate has dropped significantly. The upstream butadiene plant operating rate continues to rise. The domestic full - steel tire operating rate decreased slightly, and the semi - steel tire operating rate increased slightly. Shandong tire enterprises' finished product inventory continues to increase. The overall rubber situation shows general demand, reduced supply, a slight decrease in natural rubber inventory, and an increase in synthetic rubber inventory. The cost support is strong, and geopolitical risks are rising. The strategy is to adjust in a volatile manner [5] Pulp - Today, pulp futures dropped significantly. Pulp is restricted by weak downstream demand, and its short - term fundamentals remain weak. As of January 29, 2026, the inventory of China's main pulp ports was 216.9 million tons, a 4.9% month - on - month increase. Downstream paper mills are cautious about high - priced raw material procurement. It is recommended to wait and see and pay attention to the support near the previous low [6] Logs - Log futures prices fluctuated. Spot prices were stable. The external market quotation was lowered, and the domestic spot price remained weak. The short - term arrival volume will decrease. As of January 23, the average daily outbound volume of logs at 13 national ports was 6.18 million cubic meters, a 194.29% year - on - year increase. The national port log inventory was 249 million cubic meters, an 11.7% year - on - year decrease. Low inventory provides some support for prices. It is recommended to wait and see [7]