Group 1: Core Achievements in Science and Technology - The 2024 Guangxi Science and Technology Awards recognized 160 achievements across various fields, showcasing Guangxi's robust development in scientific innovation [1] - Notable breakthroughs include the establishment of the world's first gene-edited primary liver cancer monkey model and the development of the first intravenous super-sensitive oncolytic virus, marking significant advancements in cancer treatment [2] - Enterprises played a crucial role, completing 106 of the awarded projects, which accounted for 66.3% of the total, indicating a shift from being "technology followers" to "innovation sources" [4] Group 2: Economic Impact and Contributions - The achievements from enterprises led to a substantial economic impact, generating an additional sales revenue of 420.3 billion, profits of 69.82 billion, foreign exchange earnings of 1.16 billion, and total cost savings of 16.34 billion over the past three years [4] - The innovation efforts of young scientists, such as those from Guangxi Liugong Machinery Co., Ltd. and Liuzhou Oweim Machinery Co., Ltd., have contributed significantly to the local economy, with new product sales reaching 200 million [3] Group 3: Policy and Strategic Initiatives - Guangxi has implemented several policies to enhance scientific innovation, including the "Several Measures for Deepening Scientific and Technological System Reform" and the "14th Five-Year Plan for Scientific and Technological Innovation," aimed at fostering high-quality development [5] - The establishment of the Fangchenggang International Medical Open Experimental Zone exemplifies Guangxi's strategy to create an international scientific cooperation platform, attracting numerous domestic and foreign research institutions and enterprises [5] Group 4: Future Outlook - The 2025 Guangxi Science and Technology Awards Conference serves as a starting point for future innovations, emphasizing the importance of collaboration between top scientists, emerging young talents, research institutions, and enterprises [6] - Guangxi aims to deepen open cooperation with ASEAN, positioning itself as a technological innovation hub that contributes to both regional and global development [6]

Group 1: Cotton Report Industry Investment Rating - Neutral [3] Core View - The actual sown area of U.S. cotton in the new year is higher than expected, and the supply may not show positive signs. The domestic cotton market has a tight supply-demand situation in the later stage of this year, but the new-year cotton production is expected to increase, and the demand is in the off-season [1][2]. Summary by Related Catalogs - **Market News and Important Data**: The closing price of the cotton 2509 contract was 13,745 yuan/ton, up 5 yuan/ton (+0.04%) from the previous day. The Xinjiang arrival price of 3128B cotton was 15,187 yuan/ton, up 70 yuan/ton, and the national average price was 15,212 yuan/ton, up 58 yuan/ton. The new-year actual sown area of U.S. cotton was 10.12 million acres, a year-on-year decrease of 9.5% [1]. - **Market Analysis**: The Zhengzhou cotton futures price fluctuated narrowly. Internationally, the supply-side positive factors may not appear, and attention should be paid to the weather and new cotton growth in major producing countries. Domestically, the supply-demand situation is tight in the later stage, but the new-year cotton production is expected to increase, and the demand is weak [2]. - **Strategy**: Maintain a neutral strategy. The macro uncertainty still exists, and the continuous upward space of cotton prices is restricted [3] Group 2: Sugar Report Industry Investment Rating - Neutral [6] Core View - The Zhengzhou sugar futures price followed the external market and weakened. The supply increase expectation in the Brazilian 25/26 sugar season has not changed, and the new-season production in India and Thailand is expected to increase, suppressing the ICE raw sugar price. However, the downside space of raw sugar is limited [5]. Summary by Related Catalogs - **Market News and Important Data**: The closing price of the sugar 2509 contract was 5,775 yuan/ton, down 32 yuan/ton (-0.55%) from the previous day. The spot price of sugar in Nanning, Guangxi was 6,090 yuan/ton, up 10 yuan/ton. In the first half of June, the sugarcane crushing volume in the central-southern region of Brazil decreased by 21.49% year-on-year, and the sugar production decreased by 22.12% year-on-year [4]. - **Market Analysis**: The Zhengzhou sugar futures price followed the external market and weakened. The supply pressure has been largely reflected, and the downside space of raw sugar is limited. The upside space of Zhengzhou sugar is restricted, and attention should be paid to the arrival rhythm of imported sugar and the substitute import policy [5][6]. - **Strategy**: Maintain a neutral strategy, focusing on the Brazilian sugar production estimate and the domestic import rhythm [6] Group 3: Pulp Report Industry Investment Rating - Neutral [9] Core View - The pulp futures price continued to be weak. The change in the delivery rules has little impact, and the supply is loose in the short term, while the demand is weak [8][9]. Summary by Related Catalogs - **Market News and Important Data**: The closing price of the pulp 2509 contract was 5,026 yuan/ton, down 38 yuan/ton (-0.75%) from the previous day. The spot price of Chilean Silver Star softwood pulp in Shandong was 5,950 yuan/ton, down 15 yuan/ton, and the price of Russian needles was 5,085 yuan/ton, down 20 yuan/ton [6]. - **Market Analysis**: The pulp futures price continued to be weak. The change in the delivery rules has little impact, and the supply is loose in the short term, while the demand is weak. The domestic port inventory is at a high level, and the downstream demand is weak [8]. - **Strategy**: Maintain a neutral strategy. The 09 contract is mainly priced by Russian needles and Uzbek needles, and the pulp price may be difficult to break away from the bottom in the short term [9]

品种观点 股指期货 - 6月24日A股三大指数集体走强，沪指涨1.15%收报3420.57点，深证成指涨1.68%收报10217.63点，创业板指涨2.30%收报2064.13点，沪深两市成交额达14146亿，较昨日大幅放量2920亿 [1] 焦炭 焦煤 - 6月24日焦炭加权指数震荡趋弱，收盘价1355.6元，环比下跌26.5；焦煤加权指数弱势，收盘价792.7元，环比下跌13.0 [2] - 焦炭受环保检查及焦化利润收紧等因素影响开工降低，钢厂原料备货低库存，刚需及采购需求走弱，河北及山东主流钢厂落实第四轮50 - 55元/吨提降 [3] - 焦煤因安全生产及环保检查放缓生产节奏，原煤供给环比走低，但矿山累库压力不减，库存处历史高位，钢焦企业放缓补库，中长期过剩格局难改 [3] 郑糖 - 美糖周一窄幅震荡小幅收低，受原油价格下跌影响多头平仓打压，郑糖2509月合约周二小幅走低，夜盘波动不大窄幅震荡 [3] - 2025年5月我国成品糖产量37.7万吨，同比增长59.1%；1 - 5月累计产量906.6万吨，同比增长4.9% [3] - 截止6月17日当周，对冲基金及大型投机客持有的原糖净空头仓位47141手，触及近年来高位，较之前一周增加27626手 [3] 胶 - 受原油价格大幅走低与东南亚现货报价下调等因素影响，沪胶周二震荡下行，夜盘因短线跌幅大受技术面影响震荡整理 [4] - 2025年5月中国橡胶轮胎外胎产量10199.3万条，同比下降1.2%；1 - 5月产量4.88962亿条，同比增2.8% [4] - 2025年5月中国合成橡胶产量69.9万吨，同比增加3.7%；1 - 5月累计产量353.4万吨，同比增加6.2% [4] 豆粕 - 国际市场6月24日CBOT大豆期货偏弱运行，美国中西部有利天气改善作物收成前景令价格承压，截止6月22日当周大豆优良率66%，低于预期和去年同期 [4] - 巴西全国谷物出口商协会预估6月大豆出口量达1499万吨，高于前一周预估值 [6] - 国内市场6月24日豆粕主力M2509收于3037元/吨，较前一交易日持平，5月中国从巴西进口大豆1211万吨，较去年同期激增37.5%，创下单月进口新高 [6] 生猪 - 6月23日生猪主力LH2509合约收于13905元/吨，跌幅0.29% [6] - 养殖端出栏情绪分化，中大猪认卖积极性提升，标猪认卖意愿一般，二育有滚动入场现象 [6] - 居民消费疲软，气温升高、饮食结构调整致鲜品猪肉走货差，商品猪出栏处于恢复期，猪源供应逐月递增，市场供需宽松，期货盘面上行空间受限 [6] 棕榈油 - 6月24日因中东局势缓和原油大幅回落，棕榈油期价跌2.28%，当日最高价8500，最低价8306，收盘8326 [7] - 印尼4月棕榈油出口量178万吨，较去年同期的218万吨下降，4月毛棕榈油产量448万吨，较3月增加，截至4月末库存量304万吨 [7] 沪铜 - 美联储金融监管副主席鲍曼对7月降息持开放态度，表态偏鸽，市场对降息预期提升，短暂提振铜价 [7] - 铜库存不断刷新阶段性低位，为铜价提供支撑，短期内沪铜在供应收缩预期和需求可能回暖作用下，价格下方空间有限，但需求端疲软，上方空间或受限 [7] 铁矿石 - 6月24日铁矿石2509主力合约震荡收跌，跌幅0.42%，收盘价703元 [8] - 本期铁矿海外发运量环比回升，国内到港量同步增加，供应环比宽松，钢厂高炉利润尚可按需补库，铁水产量止跌回升，短期呈震荡走势 [8] 沥青 - 6月24日沥青2509主力合约震荡下跌，跌幅5.01%，收盘价3580元 [8] - 沥青产能利用率环比回落，库存下滑，供应维持低位，出货情况改善，因中东地缘局势缓和原油价格调整，成本端上行驱动消失，短期价格震荡运行 [8] 棉花 - 周二夜盘郑棉主力合约收盘13565元/吨，6月25日全国棉花交易市场新疆指定交割（监管）仓库基差报价最低430元/吨，棉花库存较上一交易日减少74张 [8] 原木 - 6月24日2507开盘816、最低802.5、最高818.5、收盘806.5、日减仓2093手，关注806 - 820区间波动 [9] - 6月24日山东3.9米中A辐射松原木现货价格750元/方，江苏4米中A辐射松原木现货价格760元/方，较昨日持平 [9] - 1 - 5月原木进口量同比减少13.4%，5月进口量同比减少18.5%，港口原木库存逼近5个月新低，需求弱，供需无大矛盾，现货成交弱 [9] 钢材 - 6月24日rb2510收报2977元/吨，hc2510收报3099元/吨 [9] - 螺纹钢供应回升，需求季节性弱势，供增需弱基本面延续弱稳，钢价承压，但库存低位，现实矛盾有限，预计钢价维持低位震荡运行态势 [9] 氧化铝 - 6月24日ao2509收报2903元/吨 [10] - 矿端无较大扰动，国内前期停产检修企业复产，但氧化铝价格走软利润下行，对供应形成压制，利润空间或继续缩窄，底部有成本支撑 [10] 沪铝 - 6月24日al2508收报于20315元/吨 [10] - 国内电解铝生产稳定，交易所 + 社会库存小幅累库，现货升水状态维持，未锻轧铝及铝材出口量走增，下游需求进入淡季，压铸企业开工率下行，价格运行上下有限 [10]

Core Viewpoint - The company is focusing on the beverage sector by acquiring a significant stake in Asian Foods, aiming to enhance its market presence and address declining revenues in its food and beverage business [2][3]. Group 1: Acquisition Details - On June 23, the company announced plans to invest 90.28 million yuan to acquire 39.9996% of Asian Foods, gaining 100% voting rights [2]. - The acquisition is part of a strategy to strengthen its position in the beverage market, particularly with Asian Foods' flagship product, Asian Soda, which is a well-known brand in Southern China [3]. Group 2: Financial Performance - The company has faced revenue declines for two consecutive years, with a 0.29% decrease in 2023 and a projected 21.91% decrease in 2024 [3]. - In Q1 2025, the company reported a revenue of 484 million yuan, reflecting a 10.14% year-on-year decline [3]. Group 3: Business Segmentation - The largest revenue source for the company is the sugar industry, accounting for 73.14% of total revenue, while the beverage sector contributes only 14.93% [4]. - Despite the lower revenue share, the beverage segment has a significantly higher gross margin of 44.64%, compared to the sugar segment's 2.43% [4]. Group 4: Challenges and Market Position - Asian Foods is also experiencing performance pressures, with a reported revenue of 175 million yuan in 2024, down 11.17% year-on-year [4]. - The brand has struggled to maintain its market influence since the 1990s and faces challenges in product innovation and market penetration [4].

1. Report Industry Investment Ratings - The report does not explicitly provide an overall industry investment rating. However, it gives individual ratings for each commodity: - **Oils and Fats**: Oscillating [9] - **Protein Meal**: Oscillating [10] - **Corn and Starch**: Oscillating [11] - **Hogs**: Oscillating, with a long - term downward trend [12] - **Natural Rubber**: Oscillating [13] - **Synthetic Rubber**: Oscillating [15] - **Cotton**: Oscillating weakly in the short - term [16] - **Sugar**: Oscillating weakly in the long - term, with a short - term rebound [18] - **Pulp**: Oscillating [19] - **Logs**: Oscillating weakly [20] 2. Core Views of the Report - The report analyzes multiple agricultural commodities, including their current market conditions, supply - demand relationships, and future outlooks. Overall, most commodities are expected to show oscillating trends, with some facing supply pressures and others influenced by seasonal factors and policy changes. For example, hogs are expected to face increasing supply pressure in the second half of the year, while oils and fats may return to range - bound trading [12][9]. 3. Summary by Commodity Oils and Fats - **Industry Information**: SPPOMA data shows that from June 1 - 20, Malaysian palm oil production increased by 2.5% month - on - month, and from June 1 - 15, it decreased by 4% month - on - month. Shipping agencies expect Malaysian palm oil exports from June 1 - 20 to increase by 10% - 17% month - on - month [9]. - **Logic**: Due to profit - taking and favorable weather in the US soybean growing areas, US soybeans and soybean oil fell last Friday. Domestically, oils and fats trended weakly. The EPA proposal's bullish sentiment may have been released, and there are still uncertainties. US soybean planting is progressing well, and domestic soybean imports are large, with rising soybean oil inventories. Malaysian palm oil production growth in June is limited, and the export outlook is optimistic. Domestic rapeseed oil inventories are high but slowly declining [9]. - **Outlook**: The bullish impact of the EPA's biodiesel proposal may have been priced in. Given the good growth of US soybeans, normal weather, and the palm oil production season, oils and fats are likely to return to range - bound trading, with increased downward pressure recently [9]. Protein Meal - **Industry Information**: On June 23, 2025, the average import soybean crushing profit in China was 76.65 yuan/ton, a week - on - week decrease of 24.87 yuan/ton or 24.5%, and a year - on - year increase of 155.24 yuan/ton or 288.98% [10]. - **Logic**: Internationally, the Rosario Grain Exchange raised Argentina's soybean production forecast by 3 million tons. The bullish sentiment from crude oil and the EPA has been released. US soybean planting and emergence are going well, with normal to slightly above - normal precipitation expected in the next two weeks. Freight costs are rising, and South American soybean premiums are increasing. Domestically, trading sentiment has declined, and the basis in East China has weakened. Soybean arrivals will increase in the next two months, and soybean meal inventories are seasonally rising, but there is no immediate pressure. The demand for soybean meal is expected to be stable or increase slightly, but there may be a supply shortage in the fourth quarter [10]. - **Outlook**: US soybeans are expected to trade in a range due to bullish factors and lower - than - expected good - quality rates. Domestically, soybean meal supply and demand are both increasing, and the price is expected to have a short - term correction. Oil mills can sell on rallies, and downstream enterprises can buy basis contracts or fix prices at low levels [10]. Corn and Starch - **Industry Information**: According to Mysteel, the FOB price at Jinzhou Port is 2380 yuan/ton, unchanged from the previous period. The domestic average corn price is 2422 yuan/ton, an increase of 7 yuan/ton [11]. - **Logic**: Domestic corn prices are stable with a slight increase. In North China, some deep - processing enterprises lowered their purchase prices due to increased arrivals, while other regions were stable to strong. Wheat harvesting is over, and traders are selling more corn. Corn feed inventories are decreasing, indicating weak replenishment demand. South Port inventories are temporarily increasing due to weather but are expected to decline. Imported grains are tightening, and inventory reduction is expected in the 24/25 season [11]. - **Outlook**: Driven by the expected supply - demand gap, the price is expected to oscillate, but attention should be paid to the potential negative impact of import auctions [11]. Hogs - **Industry Information**: On June 23, the price of Henan's externally - bred hogs was 14.72 yuan/kg, a 1.1% increase from the previous day. The closing price of the active hog futures contract was 13980 yuan/ton, a 0.6% increase [12]. - **Logic**: In the short term, the proportion of large hogs for sale is increasing, and the average weight is decreasing. In the medium term, based on the increase in new - born piglets from January to May 2025, the number of hogs for sale is expected to increase in the second half of the year. In the long term, the production capacity remains high, and the inventory of breeding sows is increasing. The profit of self - breeding and self - raising is close to the break - even point. Demand is weak due to high temperatures, and hog weights are decreasing. In June, hog farmers started to reduce inventory, but there is resistance to low prices, and the selling rhythm is inconsistent. In the third quarter, there are expectations for peak consumption seasons. In the long term, the hog price is in a downward cycle [12]. - **Outlook**: As hog farmers reduce inventory and it is the off - season for consumption, the supply - demand balance is loose. If inventory reduction is sufficient, the supply pressure may ease, but the number of hogs for sale is expected to increase in the second half of the year [12]. Natural Rubber - **Industry Information**: On June 23, the price of RMB - denominated Thai mixed rubber in Qingdao Free Trade Zone was 13820 yuan/ton, an increase of 40 yuan. The price of domestic whole - milk old rubber was 13950 yuan/ton, an increase of 50 yuan [13]. - **Logic**: Rubber prices oscillated within a range of about 200 yuan. Although the overall commodity market corrected, rubber prices were supported by raw materials. Most Asian rubber - producing areas are in the rainy season, and raw material prices have rebounded slightly. Supply is limited due to rain and the early stage of tapping. Some tire enterprises' production has recovered, and inventory pressure has eased slightly, but the demand outlook is still weak [13]. - **Outlook**: External events are currently the main factor affecting the market, and the duration is uncertain. Rubber prices may maintain a strong - side oscillation due to the low non - standard basis [13]. Synthetic Rubber - **Industry Information**: The spot price of butadiene rubber from two major suppliers in Shandong was 11750 yuan/ton, a decrease of 50 yuan [15]. - **Logic**: With the decline in oil prices and butadiene prices, the market trended weakly. The market is mainly influenced by crude oil and the chemical sector. The overall operating rate has dropped to the lowest level since May, but inventories have increased slightly, indicating weak downstream demand. Butadiene prices oscillated in a small range last week, with a slight increase in the average weekly price. Domestic production has increased slightly, and port inventories have risen, but downstream buying is cautious [15]. - **Outlook**: Geopolitical conflicts may last at least one week, and the market may be affected. Although the fundamental downward trend remains, the market may oscillate strongly in the short term [15]. Cotton - **Industry Information**: As of June 23, the number of registered cotton warehouse receipts in the 24/25 season was 10493. The closing price of Zhengzhou Cotton 09 was 13465 yuan/ton, a decrease of 30 yuan/ton [16]. - **Logic**: In the 25/26 season, China's cotton production is expected to increase, and other major producing countries such as India and Brazil also have production growth expectations. The US cotton production depends on the third - quarter weather. The downstream market has entered the off - season, with increasing textile inventories and slower production. Cotton commercial inventories have decreased faster than in previous years, and there are concerns about tight inventories at the end of the season, supporting the basis. However, the upward momentum is weak due to weak demand and new - crop production expectations [16]. - **Outlook**: In the short term, cotton prices are expected to oscillate between 13000 - 13800 yuan/ton. There may be opportunities for reverse spreads [16]. Sugar - **Industry Information**: As of June 23, the closing price of Zhengzhou Sugar 09 was 5721 yuan/ton, an increase of 1 yuan/ton [18]. - **Logic**: The sugar market fundamentals have not changed much. The external market has priced in the expected oversupply in the new season, and the prices of domestic and foreign futures have declined. The Brazilian real has strengthened against the US dollar, and strong crude oil prices support the sugar price. Domestically, the 24/25 sugar production season has ended, and the sales rate is high, with lower inventories than last year. However, there are expectations of concentrated sugar imports. Internationally, Brazil, India, and Thailand are expected to increase production in the new season [18]. - **Outlook**: In the long term, due to the expected oversupply in the new season, sugar prices are expected to decline. In the short term, there may be a rebound [18]. Pulp - **Industry Information**: According to Longzhong Information, the previous trading day, the price of Russian softwood pulp in Shandong was 5300 yuan/ton, an increase of 50 yuan; the price of Marubeni was 5700 yuan/ton, an increase of 50 yuan; and the price of Arauco was 6050 yuan/ton, unchanged [19]. - **Logic**: Pulp futures prices rose significantly yesterday, especially for far - month contracts, mainly due to the suspension of new warehouse receipts for bleached needle - leaf pulp. However, the spot market followed the increase only slightly. Fundamentally, pulp imports remain high, and prices are still falling. Demand is in the off - season, and downstream paper enterprises' inventories are increasing, with weak procurement demand. The US dollar price is decreasing, and the current price is not attractive for large - scale inventory building. Although the reduction in deliverable varieties may support the futures price, the supply - demand situation is still loose [19]. - **Outlook**: Due to weak supply - demand fundamentals and the impact of changes in deliverable rules, pulp futures are expected to oscillate. The reasonable valuation range for the 09 contract is 5200 - 5500 yuan/ton [19]. Logs - **Industry Information**: The spot price of 4 - meter medium - grade A radiata pine logs in Jiangsu is 760 yuan/cubic meter, and in Shandong, it is 750 yuan/cubic meter [20]. - **Logic**: The log futures market has provided risk - free arbitrage opportunities, leading to increased purchases by arbitrageurs and stronger reluctance to sell among traders, driving up spot prices. The market is currently focused on the delivery logic. Near - month contracts are stable due to delivery support, while far - month contracts are returning to fundamentals. The trading volume of the 2507 contract is increasing, and the ratio of virtual to real positions is high, leading to increased volatility [20]. - **Outlook**: The supply pressure of logs is expected to ease at the end of June or early July. The demand is in the off - season from June to August. Although the spot price is supported by the clearance of old stocks, the market is expected to oscillate weakly in the short term [20].

沪深 300 指数 6 月 23 日震荡趋强，收盘 3857.90，环比上涨 11.26。 客服产品系列•日评 国新国证期货早报 2025 年 6 月 24 日 星期二 品种观点： 【股指期货】 周一（6 月 23 日）A 股三大指数集体上涨，截止收盘，沪指涨 0.65%，收报 3381.58 点；深 证成指涨 0.43%，收报 10048.39 点；创业板指涨 0.39%，收报 2017.63 点。沪深两市成交额达到 11226 亿，较上 周五放量 549 亿。 【焦炭 焦煤】6 月 23 日焦炭加权指数窄幅整理，收盘价 1391.7 元，环比上涨 9.6。 6 月 23 日，焦煤加权指数震荡整理，收盘价 818.2 元，环比上涨 12.5。 影响焦炭期货、焦煤期货价格的有关信息： 焦炭：产地煤价涨跌互现，煤矿成交有所好转，但焦价存下行预期，预计本周落地第四轮提降，焦企出货压 力较大，终端需求谨慎。 焦煤：部分事故影响的煤矿仍未复工，叠加环保影响，供应量持续收缩。受悲观预期影响，钢焦企仍保持谨 慎采购，但本周部分下游焦企适度增加采购量，煤矿销售压力缓解，部分去库明显。焦煤竞拍成交涨跌互现，市 场流拍率有所下 ...

Core Viewpoint - The construction of the Pinglu Canal is a significant opportunity for Guangxi to leverage its resource endowments, geographical advantages, and historical culture to achieve high-quality development and economic transformation [1][2]. Group 1: Investment and Progress - As of May 29, 2025, the Pinglu Canal project has completed an investment of 54.38 billion yuan, accounting for 74.8% of the total project investment [1]. - Key milestones include the successful grid connection of the Youth Hub Power Station and the completion of several bridges, indicating continuous progress in this century project [1]. Group 2: Economic Development Strategy - Guangxi aims to utilize its resource advantages and industrial foundation to focus on pillar industries that reflect its unique characteristics and have significant scale and driving force [2]. - The Pinglu Canal construction is seen as a major opportunity to enhance regional economic development by creating urban clusters and corridors based on comprehensive transportation [2]. - The canal will connect the Xijiang Golden Waterway to the Beibu Gulf International Gateway Port, significantly shortening the inland shipping route by over 560 kilometers, thus alleviating navigation pressure downstream [2]. Group 3: Sustainable Development and Innovation - The historical development of the ancient Silk Road provides insights into sustainable development, emphasizing the importance of water in determining the scale of oases and industrial growth [3]. - The integration of "Artificial Intelligence +" into various industries is crucial for Guangxi's economic development, promoting traditional industry upgrades and enhancing resilience in the industrial chain [4]. - The construction of the Pinglu Canal is expected to facilitate the growth of new industries, including information technology, new energy vehicles, and high-end equipment manufacturing, contributing to a modern industrial system [4]. Group 4: Trade and Regional Cooperation - The completion of the Pinglu Canal will open a new maritime trade route between the southwestern region and ASEAN, enhancing trade efficiency and strengthening economic ties [5]. - Guangxi is positioned as a strategic hub for trade with ASEAN under frameworks like RCEP and the China-ASEAN Free Trade Area 3.0, promoting cultural and economic exchanges [5]. - The focus on creating a unified and open market system will drive high-quality development of the canal economy, leveraging the region's unique characteristics for broader economic engagement [5].

Report Summary 1. Investment Ratings for Different Industries - Sugar: Weak and volatile [1] - Red Dates: Weak and volatile [2] - Rubber: Volatile [3] 2. Core Views - Sugar: The external market of sugar is weak due to improved supply prospects, and the domestic market is dragged down by the external market. Although there is no obvious positive driver, it is not recommended to chase short after the price drops to a low level [1]. - Red Dates: The spot price of red dates is weak and stable. The upstream growth is good, but the downstream demand is weak. The inventory pressure is strong, and the futures price may run at a low level [2]. - Rubber: The natural rubber supply is expected to increase, and the downstream demand has not improved significantly. The synthetic rubber supply may decrease, but the downstream sales are slow. Both have limited upward space [3]. 3. Summary by Related Catalogs Sugar - **Market Conditions**: SR509 contract closed at 5730 yuan/ton yesterday, down 0.31%, and the night - session closed at 5721 yuan. SR601 contract closed at 5599 yuan/ton, down 0.44%, and the night - session closed at 5584 yuan/ton [1]. - **Important Information**: ICE raw sugar 7 - month contract closed at 16.62 cents/pound, down 0.78%. The main contract of London white sugar closed at 464.4 dollars/ton, down 0.79%. In 2024/25 season, Guangxi's cumulative sugar production increased while the amount of crushed sugarcane decreased. The Indian Sugar Mills Association expects India's sugar production to reach 35 million tons in the 2025/26 season [1]. - **Market Logic**: The external market is weak due to improved supply prospects. The domestic market is dragged down by the external market, and the trading atmosphere is conservative [1]. - **Trading Strategy**: Pay attention to the support around 5700 yuan/ton for SR509 contract, and consider light - position long for non - participants. High - throw and low - suck for the 9 - 1 positive spread [1]. Red Dates - **Market Conditions**: CJ509 contract closed at 8795 yuan/ton yesterday, down 0.17%. CJ601 contract closed at 9585 yuan/ton, down 0.36% [2]. - **Important Information**: The inventory of 36 sample physical warehouses last week was 10,753 tons, up 0.80% month - on - month and 74% year - on - year. The number of red date trucks arriving at Guangdong Ruyifang market yesterday increased by 1. The prices of red dates in Hebei remained stable [2]. - **Market Logic**: The futures price fluctuated narrowly, and the spot price was weak and stable. The upstream growth was good, but the downstream demand was weak, and the inventory pressure was strong [2]. - **Trading Strategy**: Partially stop profit for previous short positions. Pay attention to the support around 8600 yuan/ton. Continuously pay attention to the reverse spread opportunity of the 9 - 1 spread [2]. Rubber - **Market Conditions**: RU2509 contract closed at 13,545 yuan/ton, down 0.81%, and the night - session closed at 13,760 yuan/ton. NR2507 contract closed at 11,965 yuan/ton, down 0.46%, and the night - session closed at 12,145 yuan/ton. BR2507 contract closed at 10,960 yuan/ton, down 1.22%, and the night - session closed at 11,305 yuan/ton [3]. - **Important Information**: The weekly average price of Shanghai full - latex decreased by 5.15%. The weekly average price of 20 - grade Thai standard rubber in Qingdao decreased by 5.19%. The capacity utilization rate of Chinese semi - steel tire and full - steel tire sample enterprises decreased. The inventory in Qingdao decreased by 0.80% [3]. - **Market Logic**: The supply of natural rubber is expected to increase, and the downstream demand has not improved significantly. The supply of synthetic rubber may decrease, but the downstream sales are slow [3]. - **Trading Strategy**: Pay attention to the support levels of RU at 13,300 yuan/ton in the short - term and 13,000 yuan/ton in the medium - term, NR at 11,500 yuan/ton, and BR at 10,500 - 10,700 yuan/ton. Consider short - term long positions [3].

Group 1 - The research emphasizes leveraging resource endowments to strengthen characteristic industries in Chongzuo, aiming for high-quality economic and social development [1] - The Shuxiang Mendi China Wood Industry Ecological City project in Chongzuo is the first mass production line for solid wood composites in the region, exporting products to Southeast Asia [2] - COFCO Chongzuo Sugar Industry Co., Ltd. is recognized as a national high-tech enterprise, leading in sugar quality and focusing on high-end sugar product development [3] Group 2 - The Shuikou Port in Longzhou County is highlighted as a key international trade port, facilitating cross-border industrial cooperation and enhancing customs efficiency [4] - The local government is encouraged to attract more enterprises for import processing, transitioning from "tunnel economy" to "industrial economy" to boost border trade [4] - The importance of completing economic and social development goals for the first half of the year is stressed, alongside enhancing investment attraction and supporting enterprises [5]

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views Overall The report analyzes various commodities in the breeding, livestock, soft commodities, and energy - chemical sectors, providing supply - demand analysis, price trend predictions, and investment strategies for each commodity. [1][6] Livestock and Soft Commodities - **Pig**: The supply of pigs is sufficient, and the speculative demand may support the pig price at the bottom. It is not recommended for farmers to short at present. Speculative clients can go long, and farmers are advised to sell at high prices. [1][2] - **Sugar**: Zheng sugar follows the weak oscillation of raw sugar. In the medium - long term, the main producing countries have an expected increase in production, presenting a near - strong and far - weak pattern. It is recommended to sell out - of - the - money call options. [4][5] Energy - Chemical - **Crude Oil**: With OPEC+ increasing production and geopolitical uncertainties, the short - term oil price is supported, but it is under pressure in the medium - term. It is recommended to sell out - of - the money put options for SC2507. [6][7] - **PVC**: The supply of PVC is increasing, while the demand is weak, and the inventory is decreasing. The price is expected to stop falling in the short - term, but the driving force for a significant increase is limited. It is recommended to close out short positions. [10][11] Summary by Commodity Pig - **Supply**: As of April 2025, the national sow inventory was 40.38 million, with a year - on - year increase of 1.3%. It is expected to remain stable or increase in May, and the supply of pigs is sufficient. [1] - **Demand**: The frozen product storage rate is at a historical low, and the demand is weak. The speculative demand may increase if the price drops, which will support the pig price. [2] - **Strategy**: Do not short for farmers; speculators can go long; farmers can sell at high prices. [2] Sugar - **International**: In the 2025/26 season, Brazil's production is affected by rainfall, while India and Thailand are expected to increase production, and the global sugar production is expected to increase by 8.6 million tons to 189.3 million tons. [4] - **Domestic**: The sales progress is accelerating, and the import is expected to increase. The short - term sugar price will be range - bound, and the long - term is in a near - strong and far - weak pattern. [5] - **Strategy**: Sell out - of - the money call options. [5] Crude Oil - **Supply**: OPEC+ will increase production by 411,000 barrels per day in July. The US shale oil production is limited, and the heavy - oil resources are tight. [6] - **Demand**: The demand from refineries is increasing, but the diesel market is not optimistic. The SPR demand of major oil - consuming countries is increasing. [8] - **Inventory**: The US commercial crude oil inventory has decreased, and the global oil inventory is expected to remain low in the second quarter. [8] - **Strategy**: Sell out - of - the money put options for SC2507. [7] PVC - **Cost**: The calcium carbide price in Inner Mongolia is stable, and the inventory is accumulating. [10] - **Supply**: The operating rate is increasing, and there will be new device production in June - July. [10] - **Demand**: The downstream stocking sentiment is weak, and the export has uncertainties. [11] - **Inventory**: The industry is in a state of destocking. [11] - **Strategy**: Close out short positions. [10]