1. Report Industry Investment Rating No relevant content provided in the report. 2. Core Viewpoints of the Report - Overseas, European and American financial markets were closed for holidays, while in the early morning of Thursday, the accelerating upward trend of metals continued. Japan plans to launch a record - high budget of 122 trillion yen in the new fiscal year, a 6.3% year - on - year increase. The Bank of Japan may continue to raise interest rates if the economy meets expectations. Domestically, the Ministry of Commerce will promote year - end consumption and supply guarantee, and the RMB has accelerated its appreciation at the end of the year. The A - share market has further risen [2][3]. - The performance of precious metals has diverged. Gold prices are oscillating at a high level, silver is rising, platinum prices have fluctuated sharply and then risen, and palladium prices have dropped significantly. It is expected that the precious metal market will experience increased volatility in the short term [4]. - The price of copper continues to rise due to the resonance of macro and fundamental factors. The price of aluminum is oscillating at a high level driven by the long - position atmosphere. The price of zinc is oscillating with inventory reduction providing support. The upward trend of lead prices has slowed down. The price of tin is oscillating at a high level. The price of industrial silicon is oscillating strongly. The prices of steel products are oscillating and adjusting in a situation of weak supply and demand. The price of iron ore is oscillating downward. The prices of coking coal and coke are oscillating and adjusting. The prices of soybean meal and rapeseed meal are oscillating. The price of palm oil is oscillating with a weakening rebound [4][6][8][9][11][12][13][15][16][17][18][20]. 3. Summary by Related Catalogs 3.1 Main Variety Views 3.1.1 Macro - Overseas: European and American financial markets were closed for holidays on Christmas. The Japanese government continues to expand its budget, with a planned 122 trillion yen budget in the new fiscal year, a 6.3% year - on - year increase, mainly driven by social security and defense expenditures. The Bank of Japan Governor Ueda Kazuo said that wage growth is pushing inflation steadily towards 2%, and if the economy meets expectations, the interest - rate hike path will continue [2]. - Domestic: The Ministry of Commerce will promote year - end consumption and supply guarantee. The RMB has accelerated its appreciation at the end of the year, with the offshore and onshore exchange rates breaking through 7.0 and 7.01 respectively, reaching the highest level since the end of September last year. The A - share market has further risen, with the Shanghai Composite Index reaching nearly 3960 points, and growth stocks such as the STAR Market and CSI 2000 performing better. Sectors such as commercial aerospace, large aircraft, and satellites led the gains [3]. 3.1.2 Precious Metals - The prices of precious metals have diverged. Gold prices are oscillating at a high level, silver has continued to rise, with Shanghai silver rising more than 5% at night and breaking through 18,000 yuan to a record high. Platinum prices have fluctuated sharply and then risen, while palladium prices have dropped significantly. The Guangzhou Futures Exchange has adjusted the minimum opening order quantity and trading limits for platinum and palladium futures contracts. The Sino - US rare - earth magnet export issue has received a positive response. It is expected that the precious - metal market will experience increased volatility in the short term [4]. 3.1.3 Copper - The main contract of Shanghai copper accelerated its upward movement on Thursday, while London copper was closed due to the holiday. The domestic spot market for electrolytic copper had light trading, with domestic trade copper at a discount of 330 yuan/ton. The LME inventory remained at 157,000 tons, and the COMEX inventory remained at 479,000 tons. Macroscopically, the stability of the FOMC voting committee may lead to Powell's early resignation, and Trump may advocate for a dovish Fed chair. The Bank of Japan may further raise interest rates in 2026. Industrially, the union of a copper mine in Chile may go on strike. It is expected that copper prices will remain strong at a high level in the short term [6][7]. 3.1.4 Aluminum - The main contract of Shanghai aluminum closed at 22,305 yuan/ton on Thursday, up 0.67%. The LME was closed, and the spot price decreased. The inventory of electrolytic aluminum ingots increased by 217,000 tons, and the inventory of aluminum rods increased by 15,000 tons. The continuous new high of copper prices provides impetus for aluminum prices, but the fundamental driving force is weak, and aluminum prices are oscillating at a high level [8]. 3.1.5 Zinc - The main contract of Shanghai zinc oscillated narrowly on Thursday. The spot market had light trading, and the inventory decreased to 114,700 tons, providing support for zinc prices. However, with the opening of the zinc - ore import window and the approaching of the downstream consumption off - season, it is difficult to provide upward driving force. It is expected that Shanghai zinc will oscillate mainly [9][10]. 3.1.6 Lead - The main contract of Shanghai lead oscillated strongly on Thursday. The spot market had light trading, and the inventory decreased to 17,900 tons, remaining at a low level within the year. The supply of primary and secondary lead refineries has increased, but it has not been reflected in the inventory. The lead price's upward trend has slowed down, and attention should be paid to the pressure near the previous high [11]. 3.1.7 Tin - The main contract of Shanghai tin oscillated strongly during the day and declined slightly at night on Thursday. The US has ended the chip trade investigation against China, and no additional tariffs will be imposed on Chinese chips in the next 18 months. The market lacks external - market guidance, and the downstream consumption has a negative feedback. It is expected that the inventory will continue to accumulate this week, and the tin price has a large risk of high - level adjustment [12]. 3.1.8 Industrial Silicon - Industrial silicon oscillated narrowly on Thursday. The spot price in the East China region was basically stable, and the social inventory decreased to 553,000 tons last week. The supply side is converging, and the demand side has different situations in each link. The industrial - silicon spot market has stabilized due to the rebound of futures prices. It is expected that the futures price will continue to oscillate strongly in the short term [13][14]. 3.1.9 Steel Products (Screw and Coil) - Steel futures oscillated on Thursday. The spot trading volume was 82,500 tons. The supply of five major steel products decreased by 0.1% week - on - week, the total inventory decreased by 2.8% week - on - week, and the consumption of building materials decreased by 3.2% week - on - week, while that of plates increased by 1.4% week - on - week. The overall supply and demand are weak, and it is expected that steel prices will oscillate weakly [15]. 3.1.10 Iron Ore - Iron - ore futures oscillated and adjusted on Thursday. The port - spot trading volume was 1.34 million tons. The supply is still at a high level, and the port inventory is accumulating. The demand of steel mills is weakening, and the terminal demand is in the off - season. It is expected that the futures price will be under pressure and oscillate [16]. 3.1.11 Coking Coal and Coke (Double - Coking) - Coking - coal and coke futures oscillated and adjusted on Thursday. The production of coking coal has decreased due to annual maintenance, and the downstream acceptance is not strong. The profit of coke enterprises has shrunk, and the procurement of raw coal is cautious. It is expected that the double - coking market will oscillate weakly in the short term [17]. 3.1.12 Soybean Meal and Rapeseed Meal (Bean and Rapeseed Meal) - On Thursday, the 05 - contract of soybean meal closed up 0.77% at 2,760 yuan/ton, and the 05 - contract of rapeseed meal closed up 0.04% at 2,352 yuan/ton. CBOT soybeans were closed for the holiday. Argentine farmers' soybean sales are accelerating. The weather in the Brazilian soybean - producing area is good, while the weather in the Argentine soybean - producing area may turn dry. It is expected that the domestic soybean - meal futures will oscillate in the short term [18][19]. 3.1.13 Palm Oil - On Thursday, the 05 - contract of palm oil closed up 0.31% at 8,542 yuan/ton. According to the ITS data, Malaysia's palm - oil exports from December 1 - 25 increased by 1.6% compared with the same period last month. The RMB exchange rate is strengthening. The export demand for palm oil is slightly increasing, and the short - position reduction of palm oil has a weakening rebound. It is expected that palm oil will oscillate in the short term [20]. 3.2 Metal Main Variety Trading Data - The report provides the closing data of major futures markets on December 25, including the closing price, change, change percentage, total trading volume, total open interest, and price unit of contracts such as SHFE copper, LME copper, SHFE aluminum, etc. [21] 3.3 Industrial Data Perspective - The report presents the industrial data of various metals on December 25 and 24, including the price, inventory, and other data of copper, nickel, zinc, lead, aluminum, alumina, tin, precious metals, steel products, iron ore, coking coal, coke, lithium carbonate, industrial silicon, soybean meal, etc. [22][25][27]

（来源：饲料行业信息网） 来源：饲料行业信息网 阿根廷农业部报告称，11月份阿根廷大豆加工量约为350万吨，比10月份减少50万吨或14%，与2024年 11月份持平。 若剔除用于加工的进口大豆，11月份加工的国产大豆约为320万吨，比10月份减少58万吨。这标志着油 籽加工明显放缓，而市场对大豆原料紧张的感受正在增强。 与此同时，11月阿根廷还出口了220万吨大豆。如果扣除40万吨陈豆以及30万吨进口大豆，11月阿根廷 用于加工和出口的当前年度大豆总量达到约510万吨。 在当前年度(始于4月)的头8个月，即4月至11月，阿根廷大豆压榨与出口合计达到3900万吨。若按美国 农业部的假设，有约750万吨不进入出口体系(包括留种和其他内需)，在预计总产量5030万吨的背景 下，截至12月1日，可供本年度剩下时间消费的国产大豆供应仅剩约350万吨，可用余量并不宽裕。 市场焦点正转向本年度初始库存水平，因为这将决定后半程供应是否顺畅。尽管政府在12月中旬实施下 调出口税的政策刺激，但自12月16日当周起，农户大豆日均销售量仅约7.8万吨，且呈现下降趋势。一 方面，低于或接近每吨50万比索的价格不足以激励农民积极售粮; ...

榄汁清爽亮相北 京路 丨文明集 潮汕果演绎"新 饮力"，揭西橄 市县域行⑪_南 方+_南方plus "一口解腻！橄 榄汁回甘很特 别。" 12月19日至12月 28日，文明集市 促消费系列活动 在北京路举办， 揭西展位上整齐 陈列的橄榄饮品 别具一格，清新 的橄榄香气带来 一股山野清风， 吸引了不少市民 前来消费品尝。 揭西展位也将潮 汕地区人们熟悉 的青橄榄与油 柑，创新研发成 系列即饮产品， 让揭西橄榄以时 尚、便捷的新方 式，撬开了消费 者的味蕾与市 场。 展位上，揭阳川 流不息农业发展 有限公司带来的 三款橄榄饮品格 外显眼，有主打 纯净的特浓橄榄 汁，坚持零糖零 添加，以"先涩 后甘"的经典风 味主打清热利 咽；还有追求温 和清润的油柑橄 榄汁，口感温和 清润；更有定位 佐餐场景的橄榄 酵素饮，则添加 了二次发酵的橄 榄醋，口感酸甜 清爽。三款产品 以不同的功能定 位，共同诠释了 现代健康饮品理 念。 "这是第一次 喝，一口下去有 点涩，多喝两口 就很回甘。"一 位前来尝鲜的市 民刘女士称赞 道。产品不仅吸 引了本地顾客， 许多外省游客甚 至外国友人也驻 足品尝，来自欧 洲的Eric一家品 尝后，便 ...

29.贵州政瀚园林工程有限公司 转自：贵州日报 1.贵州夫子峰农业科技（集团）有限公司 2.贵州兴常美竹业发展有限公司 3.赤水市冠萃林业有限责任公司 4.贵州初好农业科技开发有限公司. 5.六枝特区黔兴农林下经济开发有限公司. 6.贵州刺力王食品加工有限公司 7.贵州绿色田地中药材发展有限公司 8.贵州两山天麻产业（集团）有限公司 9.金沙县富钰农产品有限责任公司 10.贵州金蟾大山生物科技有限责任公司 11.贵州江口梵净山大健康产业投资有限公司 12.贵州省思南县福禄寿农业发展有限公司 13.贵州省多野农林科技有限公司 14.贵州侗乡古韵农业综合开发有限公司 15.贵州鑫安园农业科技有限公司 16.黎平华诚木业有限公司 17.黎平县雄达木业有限公司 18.华创林业（黎平）有限公司 19.镇远县黔康源生态农业发展有限公司 20.贵州省剑河县天生祥木材智能制造有限公司 21.贵州旭昇木业有限公司 22.贵州省永兴科技有限公司 23.贵州绿石屹农业发展有限公司 24.贵州贵定敏子食品有限公司 25.贵州云华农旅有限责任公司 26.贵定县云兴休闲农业旅游开发有限公司 27.贵州省潮映大健康饮料有限公司 28.贵州 ...

Group 1 - The document lists various companies in Guizhou, focusing on sectors such as agriculture, biotechnology, and pharmaceuticals [1][2][3][4][5][6][7][8][9] - Companies like Guizhou Daziran Technology Co., Ltd. and Guizhou Pharmaceutical Group are highlighted for their roles in health and wellness industries [1][5] - The presence of numerous tea and agricultural product companies indicates a strong emphasis on local agricultural development and eco-friendly practices [2][3][4][6][8] Group 2 - The document includes a variety of companies involved in the production of organic and health-related products, showcasing a trend towards sustainable and health-conscious consumer goods [2][3][5][6] - Companies such as Guizhou Tianzi Guibao Food Co., Ltd. and Guizhou Yuyuan Agricultural Development Co., Ltd. are noted for their contributions to the food and health sectors [5][6][7] - The diversity of companies listed suggests a robust ecosystem for agricultural innovation and development in Guizhou [1][2][3][4][5]

Core Viewpoint - The collaboration between Shaoxing and Leshan aims to enhance consumption, employment, and the integration of rural culture and tourism through strategic partnerships and resource sharing, marking a significant step in the East-West cooperation initiative in China [3][9]. Group 1: Consumption Assistance - The collaboration focuses on breaking down barriers in production and sales, transforming the supply chain from "disconnected" to "smoothly connected" through targeted support for local industries [3][7]. - Shaoxing has identified Leshan's local specialties and invested in improving product quality and marketability, establishing a solid foundation for consumption assistance [4][6]. - The joint branding initiative "Yuejia Youwei" has standardized 18 agricultural products, enhancing market recognition and facilitating logistics improvements that significantly reduce delivery times and costs [7][8]. Group 2: Labor Cooperation - The "Blue Eagle Project" exemplifies the shift from labor output to skill enhancement, providing vocational training that leads to immediate employment opportunities for students [8]. - A total of 2399 students have been trained under this initiative, with a high employment rate, particularly benefiting rural families [8]. - The collaboration has also created unique labor brands that promote local employment and skill development, with thousands of rural workers finding jobs in eastern regions [8][9]. Group 3: Cultural and Tourism Integration - The introduction of mutual ticketing policies and the establishment of collaborative tourism brands aim to enhance cultural exchanges and tourism development between the two regions [9][10]. - Professional platform enterprises are being leveraged to revitalize local tourism and cultural resources, creating new experiences and boosting local economies [10][11]. - Successful projects like "Ten Mile Canyon" and various themed activities have significantly increased tourist engagement and revenue, showcasing the potential of integrated rural tourism [11].

Core Insights - The article highlights the growing demand for travel and residence in rural areas of Kunming, where local villages are integrating agricultural, cultural, and tourism resources to create unique experiences that enhance both the aesthetic appeal of the villages and the income of the villagers [1] Group 1: Tourism and Economic Impact - From January to October this year, Yunnan province received 690 million tourists, with 4.16 million engaged in travel and residence, surpassing the total for the previous year and setting a new record [1] - Anning Bajie, known for its rose cultivation, has seen villagers like Liu Yanfen earn nearly 40,000 yuan from rose sales during the flowering season, significantly improving their economic situation [2] - Haiyan Village, with a history of 600 years, has revitalized its economy by introducing new business models such as homestays and cafes, attracting over 3 million visitors in 2024 and generating 1.05 billion yuan in consumption [5] Group 2: Employment Opportunities - The introduction of deep processing products like rose cakes and rose oil in villages has increased the average annual income of villagers by over 30,000 yuan [2] - The "Village Broadcasting Courtyard" initiative has allowed villagers to sell agricultural products directly to broader markets, increasing their annual income by 20,000 to 30,000 yuan [6] - In 2024, the agricultural processing industry in Kunming is expected to pay 6.767 billion yuan in wages to farmers, contributing to a total income increase of 10.188 billion yuan for villagers [6] Group 3: Innovative Business Models - Yan Ta Village has transformed abandoned houses into a combination of guesthouses and educational spaces, attracting significant tourist interest and generating over 1 million yuan for the village [3] - The integration of local resources and the development of experiential projects, such as ecological robot research and cultural studies, have created diverse income streams for villagers [3][4] - The focus on "characteristic positioning, experiential transformation, and brand marketing" has allowed local agricultural products to reach wider markets, enhancing their value [6]

Group 1 - The core viewpoint of the article highlights the achievements of Guizhou's relocation poverty alleviation efforts during the "14th Five-Year Plan" period, showcasing significant increases in income and employment rates among relocated populations [1][3]. - Since 2020, the per capita net income of relocated poverty alleviation populations in Guizhou has risen from 11,228 yuan to 16,927 yuan by 2024, indicating a substantial growth in financial well-being [1]. - The employment rate for relocated laborers stands at 96.2%, with an average of 2.4 employed individuals per household, reflecting effective job placement strategies [1][3]. Group 2 - During the "13th Five-Year Plan," Guizhou relocated 1.92 million people, with 1.83 million undergoing urban concentrated resettlement, marking it as the province with the largest relocation scale and highest urbanization concentration in China [3]. - The province has organized labor training programs to meet the employment needs of local and external enterprises, training a total of 189,900 individuals over five years [3][5]. - Guizhou has implemented 3,321 follow-up support projects related to relocation, including 1,378 industrial projects, which have generated a total of 144 million yuan in dividends and created jobs for 15,300 people [5]. Group 3 - The province has also focused on ecological restoration, implementing various projects covering 3.6378 million acres and revitalizing 2,700 old houses in the areas from which people were relocated [5]. - Guizhou has established 1,383 employment assistance workshops, employing 23,800 relocated individuals locally, and 59,200 individuals are working in public welfare positions [3][5]. - The government has taken measures to address urgent issues faced by relocated populations, including additional funding for public maintenance of housing and integrating new households into urban housing security systems [5][6].

【冠通期货研究报告】 软商品日报：晨光微露 发布日期：2025 年 12 月 25 日 棉花：12 月 24 日，配额内（关税 1%）中等质量进口棉完税成本 12863 元/ 吨，比国产标准级棉花价格低 2408 元/吨,滑准税进口棉完税成本 13892 元/吨， 比国产棉价格低 1379 元/吨。全球棉花供需宽松，棉价震荡下跌，而国内已持续 上涨一个月，内外价差持续扩大。 现货宽松下，远月种植面积结构调整引发盘面出现一定反弹，而近月出口需 求转好，而供应压力最大阶段已经过去，这使得目前棉花市场稳中偏好，但是内 外棉价差扩大，后续关注进口棉是否会有增量，短期预估震荡偏强为主，上行空 间相对受限，中长期棉花存在供应端削减后的供需边际改善。 白糖：截至当前，广西 2025/26 榨季 73 家糖厂已全部开榨，同比减少 1 家； 日榨蔗能力约 59.2 万吨，同比减少 0.2 万吨。截至目前不完全统计，25/26 榨 季云南已开榨糖厂 35 家，同比增加 5 家；预计榨蔗能力 12.32 万吨/日，同比增 加 1.26 万吨/日。 外盘休市，内盘暂无参考标的下，全天白糖处于震荡中，国内供应端逐渐进 入压榨高峰，短期 ...

Group 1 - The agricultural processing sector increased by 0.07% on December 25, with Jiahua Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3959.62, up 0.47%, while the Shenzhen Component Index closed at 13531.41, up 0.33% [1] - Jiahua Co., Ltd. closed at 16.50, with a rise of 3.84%, and a trading volume of 36,200 shares, amounting to 59.45 million yuan [1] Group 2 - The agricultural processing sector experienced a net outflow of 125 million yuan from main funds, while retail investors saw a net inflow of 116 million yuan [2] - The trading data indicates that Guonong Sugar Industry had a net inflow of 603.67 thousand yuan from main funds, but a net outflow of 737.62 thousand yuan from retail investors [3] - ST Langyuan had a net inflow of 282.36 thousand yuan from main funds, but a significant outflow of 247.49 thousand yuan from retail investors [3]