"11月上半月国内豆粕现货价格涨后趋稳，整体波动空间有限。成本端美豆期价受中国采购消息及报告 利多预期支撑走强，但国内供需保持宽松，库存高企，叠加下游刚需补库为主，现货交易平淡。"卓创 资讯（301299）豆粕市场高级分析师马梓涵表示，当前，市场焦点集中于15日即将公布的美农供需报 告，预计12月底前，在成本支撑、库存压力缓解等因素影响下，豆粕现货价格或偏强震荡运行。 卓创资讯数据显示，截至11月13日，全国豆粕现货均价为3072元/吨，较上月末上涨39元/吨，本月高低 价差为15元/吨，波动空间较为有限。 消息面上，美国农业部将于北京时间11月15日凌晨发布11月供需报告，在美政府"停摆"导致9月后再无 官方数据发布的情况下，时隔两月美农报告的公布将为市场提供关键指引，市场提前交易报告数据偏多 预期，美豆期价涨至近16个月来高点。而国内现货市场基本面持稳，供需保持宽松格局，业者静待报告 数据公布，现货交易整体平淡，使得国内豆粕现货价格窄幅偏稳震荡运行。 现货市场方面，当前原料大豆整体充裕，支撑上游企业保持较高开工水平，市场现货货源供应宽松。 卓创资讯监测数据显示，截至11月第1周，全国大豆压榨企业豆粕库存为 ...

Core Insights - The agricultural processing sector saw a rise of 0.73% on November 17, with Jingliang Holdings leading the gains [1] - The Shanghai Composite Index closed at 3972.03, down 0.46%, while the Shenzhen Component Index closed at 13202.0, down 0.11% [1] Agricultural Processing Sector Performance - Jingliang Holdings (000505) closed at 7.38, up 1.51% with a trading volume of 181,400 shares and a transaction value of 133 million [1] - Jinjian Rice Industry (600127) closed at 7.04, up 1.44% with a trading volume of 306,400 shares and a transaction value of 216 million [1] - Other notable performers include: - Shen Gen Holdings (000019) at 7.32, up 0.83% [1] - Yongshuntai (001338) at 12.37, up 0.81% [1] - Shuangta Food (002481) at 5.95, up 0.51% [1] Capital Flow Analysis - The agricultural processing sector experienced a net outflow of 267 million from institutional investors, while retail investors saw a net inflow of 186 million [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Jinjian Rice Industry (600127) had a net inflow of 14.26 million from institutional investors, but a net outflow of 17.77 million from retail investors [3] - Shen Gen Holdings (000019) experienced a slight net outflow of 0.26 million from institutional investors, with a net inflow of 7.17 million from retail investors [3] - Other stocks like An Deli (605198) and ST Jiayou (300268) also showed varied capital flows, indicating differing investor sentiments [3]

Core Viewpoint - The company, Shuangta Food (002481.SZ), is expanding its product applications beyond pet food and supplies to include health foods, nutritional products, solid beverages, plant-based meat, energy bars, breakfast cereals, and liquid plant milk [1] Group 1 - The company’s products are utilized in various sectors, including health foods and nutritional products [1] - Future product development will focus on protein peptides, oligosaccharides, modified starch, and low glycemic index (GI) products [1]

Group 1: Financial Derivatives - Investment Rating: Not provided - Core View: The technology stocks continue to face pressure, and the stock index is expected to test the support again. The bond market's unilateral trend may be entangled in the short - term [19][21] - Summary of Related Catalogs: - **Stock Index Futures**: The market remained high - volatile last week, with severe differentiation. Technology stocks are under pressure, and the stock index is expected to test the support. The basis of futures first converged and then expanded, and IC's net short - position increased. Suggested strategies include high - level oscillation, paying attention to the 60 - day moving average support, and appropriate long - position building at low levels; IM\IC long 2512 + short ETF cash - and - carry arbitrage; and bullish spread at low levels [19] - **Treasury Futures**: The 10 - month macro - financial and economic indicators are weak, and the policy expectation has slightly increased. However, the probability of monetary policy strengthening is not high. The bond market's unilateral trend is entangled. Suggested strategies include waiting and seeing; holding (TL - 3T) positions and trying to go long on the T - contract current - next quarterly spread [21] Group 2: Agricultural Products - Investment Rating: Not provided - Core View: Different agricultural products have different market trends, mainly including price fluctuations, supply - demand imbalances, etc. [25][30][34] - Summary of Related Catalogs: - **Soybean Meal**: The monthly supply - demand report has limited bullishness, and the international soybean is in a high - yield pattern. The domestic supply pressure is large, and the crushing profit is under pressure. Suggested strategies include waiting and seeing; selling wide - straddle options [25] - **Sugar**: The Brazilian sugar - making ratio has decreased, and the international sugar price has risen sharply. The global sugar production increase is being realized, and the domestic sugar price is expected to fluctuate in the short - term and may be affected by foreign prices in the long - term. Suggested strategies include short - term slightly bullish international sugar price, domestic sugar price range operation; waiting and seeing for arbitrage [30] - **Oilseeds and Oils**: The palm oil is in the off - season, and the de - stocking is slow. The soybean oil follows the overall trend, and the rapeseed oil is expected to continue de - stocking. Suggested strategies include waiting and seeing or high - selling and low - buying [34] - **Corn/Corn Starch**: The CBOT corn futures are down, and the domestic corn spot price is rising, with the futures showing a strong - side oscillation. Suggested strategies include short - term long - position building for the 12 - month CBOT corn on dips, waiting and seeing for the 01 - month contract, and waiting for dips for the 05 and 07 - month contracts; narrowing the 01 - month corn - starch spread [36] - **Hogs**: The overall supply pressure exists, and the pig price is expected to face pressure. Suggested strategies include short - position building; selling wide - straddle options [39] - **Peanuts**: The spot price is strong, but the short - term is still in the bottom - side oscillation. Suggested strategies include long - position building for the 05 - month contract on dips; 15 - month peanut reverse arbitrage; selling pk601 - P - 7600 options [41] - **Eggs**: The demand is average, and the egg price is stable with a slight decline. Suggested strategies include waiting and seeing [48] - **Apples**: The new - season apple inventory is announced, and the price is stable with a slight increase. The supply is relatively tight, and the price is expected to be strong. Suggested strategies include long - position building on dips [50] - **Cotton - Cotton Yarn**: The fundamental contradiction is not significant, and the cotton price oscillates. The new - season cotton supply is large, and the demand is in the off - season. Suggested strategies include waiting and seeing [54] Group 3: Black Metals - Investment Rating: Not provided - Core View: The steel price is in the range - side oscillation, and the double - coking coal has support at the bottom, while the iron ore is considered from a bearish perspective [59][62][64] - Summary of Related Catalogs: - **Steel**: The steel production resumes, and the steel price is in the range - side oscillation. The supply - demand structure suppresses the steel price, but the cost has support. Suggested strategies include range - side oscillation; long - position building on the coil - rebar spread; waiting and seeing [59] - **Double - Coking Coal**: The bottom has support, and the short - term drive is not obvious. The mid - term may have opportunities for long - position building on dips. Suggested strategies include waiting and seeing in the short - term; holding the coking coal 1/5 reverse arbitrage; waiting and seeing [62] - **Iron Ore**: The market is in a weak state. The supply is high in the fourth quarter, and the demand is weak. Suggested strategies include a bearish approach [64] - **Ferroalloys**: The supply and demand are both weak, and the price oscillates in the range with cost support. Suggested strategies include bottom - side oscillation; selling out - of - the - money straddle option combinations [67] Group 4: Non - ferrous Metals - Investment Rating: Not provided - Core View: Different non - ferrous metals have different trends, including price fluctuations, supply - demand changes, etc. [70][73][77] - Summary of Related Catalogs: - **Precious Metals**: The Fed issued hawkish signals, and the precious metals tumbled. The market will focus on US non - farm data and NVIDIA's performance. Suggested strategies include temporary exit and waiting and seeing [70] - **Copper**: The short - term oscillates. The Fed's hawkish remarks and supply - demand factors affect the price. Suggested strategies include waiting and seeing; long - position building at low levels in the long - term [73] - **Alumina**: Pay attention to the implementation of production cuts and beware of the selling pressure driven by the basis. The supply is in surplus, and the price may oscillate at the bottom before production cuts expand. Suggested strategies include short - term bottom - side oscillation; waiting and seeing [77] - **Electrolytic Aluminum**: Pay attention to this week's economic data, and the fundamentals are still strong. Suggested strategies include realizing profits gradually and maintaining a mid - term bullish view on dips [81] - **Cast Aluminum Alloy**: The alloy price mainly follows the aluminum price. The cost provides support, but the market trading activity has declined. [87] - **Zinc**: It oscillates in a wide range. The domestic mine is tight, and the price may be affected by macro factors. Suggested strategies include waiting and seeing; holding the SHFE long - LME short arbitrage [92] - **Lead**: It oscillates in the range. The domestic social inventory is increasing, and the price has limited upward momentum. Suggested strategies include partial profit - taking on short positions; selling out - of - the - money call options [94] - **Nickel**: The cost is loosening, and the price oscillates downward. The supply - demand surplus is obvious, and the cost support is weakened. Suggested strategies include short - position building on rebounds [97] - **Stainless Steel**: The supply and demand are both weak, and the raw materials are under pressure. The inventory is increasing, and the price may continue to decline. [100] - **Industrial Silicon**: It oscillates weakly. The demand is weakening, and the price is in the range of (8500, 9400). Suggested strategies include short - position building on rebounds [102]

Core Viewpoint - The article highlights the efforts of SPDB Yinchuan Branch in supporting the poverty alleviation and rural revitalization of Dongzigou Village, emphasizing the importance of trademark registration for local agricultural products to enhance market access and sales opportunities [1][3]. Group 1: Support Initiatives - SPDB Yinchuan Branch has been providing targeted assistance to Dongzigou Village since 2017, focusing on poverty alleviation and rural revitalization [1]. - The bank donated 132,000 yuan for three projects, including the installation of 60 solar street lights and the provision of financial aid to four households [3]. - The bank's initiatives include collaborating with local enterprises for material donations and organizing cooking skills training and job recruitment events, showcasing a comprehensive approach to community support [4]. Group 2: Agricultural Development - The village has unique geographical advantages that allow for the production of high-quality honey and buckwheat, which have significant market potential [1]. - The lack of registered trademarks has been identified as a major bottleneck for the sales of these products, limiting access to larger e-commerce platforms [3]. - A local company, Yifengyuan, is proposed to hold the trademark and manage product sales, while also ensuring quality control through partnerships with local processing enterprises [3]. Group 3: Trademark Registration - The SPDB Yinchuan Branch is actively working on the application for the "Puxiaoxiang" trademark for honey and buckwheat products, aiming to enhance the marketability of these goods [3]. - The bank plans to leverage its resources for product promotion once the trademark registration is completed, with a focus on expanding product varieties and marketing efforts [3].

Core Insights - The partnership between Hangzhou's Shangcheng District and Ganzi Prefecture's Yajiang County has led to the successful "Encounter Yajiang" consumption assistance brand, facilitating the sale of highland apples to consumers in Hangzhou [2][3] Group 1: Product Innovation and Sales - The first live-streaming sales event for highland apples resulted in over 3,000 orders, showcasing strong market demand [2] - Highland apples are noted for their rich flavor and higher nutritional content, including significantly elevated calcium and iron levels compared to regular apples [2] - The company has also developed apple juice from highland apples, emphasizing a "zero additives, pure natural" health concept, achieving stable monthly sales of over three tons, particularly popular among younger consumers [2] Group 2: Consumption Assistance Model - The "Encounter Yajiang" model represents a deepening connection between the two regions, focusing on a "government-led, market-driven, and social participation" approach to create a consumption assistance ecosystem [3] - The initiative has transformed assistance efforts from "blood transfusion" to "blood production," promoting sustainable economic development [3] - Highland apples are not only sold online but are also available in various offline channels, including a dedicated Ganzi specialty product store in Hangzhou and major retail outlets [3]

Group 1 - The 26th China Central (Hunan) Agricultural Expo is currently taking place in Changsha, where the Hunan Provincial Department of Agriculture and Rural Affairs held an investment promotion conference, signing 28 projects with a total amount of approximately 10 billion yuan [1] - Hunan ranks first in the country for rice area and production, with significant outputs in various agricultural products such as pigs, oil tea, rapeseed, citrus, tea, vegetables, and aquatic products, providing stable and high-quality raw materials for industry development [1] - The Hunan Provincial Rural Revitalization Fund, established with contributions from central, provincial, and municipal financial resources, aims to modernize the agricultural industry chain and attract targeted investments, having already invested over 1 billion yuan in the past three years [1] Group 2 - Anhui San Tiao Niu Agricultural Development Co., Ltd. operates in agriculture and agricultural machinery services across multiple provinces, expressing confidence in investing in Hunan due to the broad market for straw utilization and agricultural machinery services, along with strong government support and a favorable business environment [2] - Various cities and counties, including Zhangjiajie, Wangcheng District, Hengyang, Yueyang, Xinhua County, and Zhongfang County, showcased their unique projects at the conference, covering areas such as hybrid rice seed production, prepared vegetable production, organic waste resource utilization, and tea plantation construction [2]

二 〇 二 五 年 度 2025 年 11 月 16 日 棕榈油：短期利空暂充分，关注产地去库进程 豆油：美豆端缺乏驱动，震荡运行 李隽钰 投资咨询从业资格号：Z0021380 lijunyu@gtht.com 报告导读： 上周观点及逻辑： 期货研究 棕榈油：市场担忧马来四季度产量仍大，同时缺乏 B50 和美豆油的有效需求故事，但印度买兴转好， 产地有企稳迹象，周度震荡运行，棕榈油 01 合约周跌 0.18%，关注 8400-8600 一线支撑。 豆油：巴西产情良好，大供给环境下豆油难以出现独立驱动，跟随油脂板块震荡偏弱为主，但豆油强 劲出口需求及不可避免的去库进程使豆油在油脂品种间仍维持偏强运行，豆油 01 合约周涨 0.88%。 本周观点及逻辑： 棕榈油：马来今年产量及雨水状态整体偏好，可能使四季度产量在去年同期水平之上，10 月库存累至 近 250 万吨后，年末库存可能仍维持在 240 万吨附近的历史偏高水平，至明年四月继续去至 200 万吨左 右，但随 MPOB 报告的落地及对 B50 的再度讨论暂时呈现利空出尽的状态，市场对于 11-12 月产量仍然偏 高的交易可能已经比较充分，只要不再出现单月超过 ...

Core Viewpoint - The article highlights the successful collaboration between China's Aijiu Group and Kazakhstan in the agricultural sector, focusing on the efficient transportation and processing of Kazakh wheat to Chinese markets, which symbolizes mutual benefit and cultural exchange under the Belt and Road Initiative [1][9]. Group 1: Agricultural Collaboration - Aijiu Group has established a partnership with Kazakh farmers, utilizing an "order agriculture" model that benefits both parties by ensuring quality wheat production and stable pricing [4][5]. - The collaboration has expanded to 1.5 million acres of farmland in North Kazakhstan, showcasing the scale of agricultural cooperation [5]. Group 2: Transportation and Logistics - Aijiu Group has developed a cross-border transportation system linking North Kazakhstan to Xi'an, utilizing the China-Europe Railway Express, which allows for efficient logistics and quick delivery of agricultural products [5][7]. - The annual trade volume has increased from 30,000 tons to 100,000 tons, demonstrating the effectiveness of the optimized transportation model [7]. Group 3: Cultural Exchange - The journey of Kazakh wheat to Chinese tables also represents a cultural exchange, with local employees sharing their experiences and promoting their products in China [9]. - The presence of Kazakh students in Xi'an, such as Ainaer, highlights the personal connections and cultural ties being fostered through this agricultural partnership [9].

Core Point - The article highlights the efforts of the Wuying Miao Village in Guangxi to develop its local economy through collaboration with enterprises, leveraging cultural heritage and modern agricultural practices to create unique food products that enhance employment and income for villagers [2][4][7]. Group 1: Economic Development - Wuying Miao Village is located in a remote area with poor transportation and limited resources [2][4][7]. - The village has received support from both Liuzhou City and the Rongshui Miao Autonomous County to explore new paths for industrial development [2][4][7]. - Collaboration with enterprises in Liujang District has led to the introduction of specialty food products, allowing local ingredients to reach broader markets [2][4][7]. Group 2: Cultural and Agricultural Integration - The initiative combines local intangible cultural heritage food resources with modern agricultural characteristics [2][4][7]. - Agricultural technology is being utilized to empower local food products, helping them to "walk out of the mountains" and into the market [2][4][7]. - The production of unique food items, such as "sour bamboo shoots," is a key focus of this development strategy [2][4][7]. Group 3: Community Impact - The project aims to boost employment and increase income for local villagers [2][4][7]. - Villagers are actively involved in the production process, from harvesting to processing food items [2][4][7]. - The initiative not only supports economic growth but also promotes local culture and traditions through food [2][4][7].